UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

2.3.2

List of entities included in the scope of combination and changes

2.3.5

Internal transactions between companies combined by Groupama

The list of the entities included within the combination scope of the Group’s financial statements and changes to that scope are described in Note 41 to the financial statements.

All transactions within the Group are eliminated. When these transactions affect combined net income, profits and losses as well as capital gains and losses are 100% eliminated then divided between the interests of the combining company and the non ‑ controlling interests in the Company having generated the net income. When eliminating losses, the Group ensures that the value of the disposed asset is not permanently changed. The elimination of impacts of internal transactions involving assets brings them down to their value when they entered the combined balance sheet (consolidated historical cost). Consequently, inter ‑ company transactions on the following must be eliminated: reciprocal receivables and payables as well as reciprocal income and expenses; ❯ notes receivable and notes payable are offset but, if the receivable is discounted, the credit facility granted to the Group is substituted for the note payable; ❯ transactions affecting commitments received and given; ❯ inward reinsurance, outward reinsurance, and retrocessions; ❯ co ‑ insurance and co ‑ reinsurance operations and pooled management; ❯ broker and intermediation transactions; ❯ contractual sharing of premium income of group contracts; ❯ reserves for the write ‑ down of equity interests funded by the Company holding the securities and, if applicable, reserves for contingencies and charges recognised because of losses suffered by exclusively controlled companies; ❯ transactions on forward financial instruments; ❯ capital gains and losses from internal transfer of insurance investments; ❯ intra ‑ Group dividends. ❯

2.3.3 Uniformity of accounting principles Groupama Assurances Mutuelles’ combined financial statements are presented consistently for the entity formed by the companies included within the combination scope, taking into account the characteristics inherent in consolidation and the financial reporting objectives required for consolidated accounts (predominance of substance over form, elimination of local tax accounting entries). Restatements under the principles of consistency are made when they are material. Balance sheet items are translated into euros (the functional and presentation currency of the Group’s financial statements) at the official exchange rate on the balance sheet date, with the exception of capital and reserves, excluding income, which are translated at historic rates. The Group share of the resulting unrealised foreign exchange adjustment is recorded under “Unrealised foreign exchange adjustments”, and the remaining balance is included in “Non ‑ controlling interests”. Transactions on the income statements are translated at the average rate. The Group share of the difference between income translated at the average rate and income translated at the closing rate is recorded under “Unrealised foreign exchange adjustments”, and the remaining balance is included in “Non ‑ controlling interests”. 2.3.4 Conversion of financial statements of foreign companies

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES