UNIVERSAL REGISTRATION DOCUMENT 2023

2 THE GROUP’S BUSINESSES Insurance in France

2.2 INSURANCE IN FRANCE

2.2.1

ECONOMIC ENVIRONMENT AND MARKET TRENDS

climate claims reached 6.5 billion euros in 2023 for insurers in France, a very high level compared to the average of 3.7 billion euros in the 2010s.

In 2023, premium income of French insurance is 254 billion euros, up +5.9% compared to 2022 (source: France Assureurs). For the first time, life insurance premium income exceeded the threshold of €150 billion, at €153.3 billion, up +5.4% compared to 2022. Among life insurance products, the savings/pensions plans (PER) continued its momentum with assets under management reaching 74.6 billion euros, up +13.7 billion euros compared to 2022. In health and death & protection, premium income increased by +6.8% to €29.8 billion, with a +8.0% increase in health and a +5.4% increase in protection. In individual health, 2023 was characterized by a clear recovery in activity (+13.4%) and by more moderate lapses (+2.9%). In protection, 2023 was marked by a dynamism of funeral insurance contracts but conversely by a decline in dependency contracts. Property and casualty insurance premium income amounted to €70.8 billion in 2023 and increased by +6.5% compared to 2022. In motor insurance, premium income increased by +5.2% while claims decreased by -4.1%. For multi ‑ risk home insurance, premium income was up +5.3%, for a number of contracts that increased by +1.3%, and lthe claims ratio increased by +5.1% due in particular to a succession of climate events that affected France. It should be noted that the cost of

2.2.2

COMPETITION AND POSITIONING

On the mature insurance market in France, many insurance companies offer products comparable to Groupama’s products, sometimes through the same marketing techniques. The Group is in competition with insurance companies, mutuals, and bancassurance companies and may face competition on the savings market from asset Managers, independent asset the size, power, and quality of the distribution networks, particularly in advisory services; ❯ the range of products offered, their quality, and the capacity for innovation; ❯ prices; ❯ service quality; ❯ management advisors and other financial institutions. The difference lies primarily in the following criteria:

financial management performance; ❯ brand reputation and awareness; ❯ attractiveness of products to customers. ❯

Groupama generated €13.9 billion in premium income in France in 2023. The table below shows the change in Groupama’s ranking in France, the number 9 French multi ‑ line insurer in 2023: French ranking 2023 2022 Insurance 9 8 P&C 3 3 L&H 13 14 (1)

Source: L’Argus de L’Assurance – December 2023. (1)

2.2.3 PROPERTY AND CASUALTY INSURANCE

Groupama generated €6.7 billion in premium income in property and casualty insurance in France as at 31 December 2023.

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES