UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

For CGU goodwill in Central and Eastern European countries, a combined increase of 100 basis points in the discount rate and yield rate would lead to a hedging surplus of €525 million (whereas a drop of 100 basis points would result in a hedging surplus of €528 million). On this same CGU, the sensitivity test on the long ‑ term growth rate would result in a hedging surplus of €504 million if it were to fall by 50 basis points (the surplus would be €549 million with an increase of 50 basis points). For the goodwill of the CGU of the Greek subsidiary, Groupama Phoenix, an increase of 100 basis points in the discount rate would lead to a shortfall of €35 million (whereas a decrease of 100 basis points in the discount rate would result in a surplus of €7 million). The sensitivity test on a drop in the long ‑ term growth rate of 50 basis points would result in a hedging shortfall of €22 million (the shortfall would be €11 million with an increase of 50 basis points).

For the CGU of the Italian subsidiary Groupama Assicurazioni, the sensitivity test on an increase of 100 basis points in the discount rate would lead to a surplus of €297 million, while a decrease of 100 basis points would result in a surplus of €587 million. The test on a decrease in the long ‑ term growth rate of 50 basis points would result in a surplus of €391 million, whereas an increase of 50 basis points would give a surplus of €461 million. For the CGU of the French subsidiary, Gan Assurances, the sensitivity test on an increase of 100 basis points in the discount rate would lead to a surplus of €560 million, while a decrease of 100 basis points would result in a surplus of €960 million. The test on a decrease in the long ‑ term growth rate of 50 basis points would result in a surplus of €675 million, whereas an increase of 50 basis points would give a surplus of €789 million. The simultaneous occurrence of all adverse or favourable scenarios would have an impact nearly identical to the aggregate of the individual impacts.

2.2 Goodwill – Detail by cash ‑ generating unit

31.12.2023

Foreign exchange adjustment

Gross value

Impairment

Net value

(in millions of euros)

Central and Eastern European countries

1,031

(502)

(225)

304

Italy

781

(228)

553

Greece

131

(48)

83

Total International

1,943

(778)

(225)

940

Groupama Gan Vie

470

0

470

Gan Assurances

196

0

196

Financial businesses, property and other insurance companies

36

0

36

Total France and Overseas

701

0

701

CLOSING VALUE

2,645

(778)

(225)

1,641

31.12.2022

Foreign exchange adjustment

Gross value

Impairment

Net value

(in millions of euros)

Central and Eastern European countries

1,031

(502)

(232)

297

Italy

781

(228)

0

553

Greece

131

(48)

0

83

Total International

1,943

(778)

(232)

934

Groupama Gan Vie

470

0

0

470

Gan Assurances

196

0

0

196

Financial businesses, property and other insurance companies

36

0

0

36

Total France and Overseas

701

0

0

701

CLOSING VALUE

2,645

(778)

(232)

1,635

where OTP Bank is active, €79 million in 2010, €51 million in 2011, and €260 million in 2012;

Goodwill impairment amounted to €778 million as at 31 December 2023 and related to the following CGUs: countries of Eastern and Central Europe for a total of €502 million, including: €113 million in 2009 corresponding to start ‑ up risk in the emerging countries of Eastern Europe ❯

Greece: €39 million in 2011 and €9 million in 2012; ❯ Italy: €102 million in 2019 and €126 million in 2020. ❯

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES