UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

8.6 Breakdown of the bond portfolio The presentations below pertain to only bond investments held directly or through consolidated mutual funds and do not take into account other investments with similar features (bond mutual funds, rate mutual funds, bond funds, etc.).

8.6.1 Bond portfolio by rate The table below shows the Group’s exposure to interest rate risks at the close of each fiscal year.

31.12.2023

31.12.2022

Fixed rate Variable rate

Total

Fixed rate Variable rate

Total

(in millions of euros)

Securities measured at fair value through equity (recyclable)

44,576

1,596

46,171

43,447

1,121

44,568

Securities measured at fair value through net income

2,287

748

3,036

1,661

821

2,483

Securities valued at amortised cost

0

0

0

0

0

0

TOTAL BOND PORTFOLIO

46,863

2,344

49,207

45,108

1,942

47,051

The figures presented for 31 December 2022 are pro forma .

8.6.2 Bond portfolio by maturity The profile of the annual maturities of the bond portfolios, including consolidated mutual funds, is as follows:

31.12.2023

31.12.2022

1 ‑ 5 years > 5 years

1 ‑ 5 years > 5 years

< 1 year

Total

< 1 year

Total

(in millions of euros)

Securities measured at fair value through equity (recyclable) Securities measured at fair value through net income

3,575 15,987 26,609 46,171 4,414 15,360 24,794 44,568

231

562 2,243 3,036

364

606 1,513 2,483

Securities valued at amortised cost

0

0

0

0

0

0

0

0

TOTAL BOND PORTFOLIO

3,806 16,549 28,852 49,207 4,778 15,966 26,306 47,051

The figures presented for 31 December 2022 are pro forma . The distribution of the bond portfolio thus shows that the types of investments favoured by the Group are primarily long ‑ term bonds (over 5 years) with fixed rates.

8.6.3 Bond portfolio by type of issuer

31.12.2023

31.12.2022

(in millions of euros)

Bonds issued by EU states and public and semi ‑ public sectors Bonds issued by non ‑ EU states and public and semi ‑ public sectors

28,135

28,391

235

157

Corporate bonds

20,825

18,490

Other bonds (including bond funds)

11

13

TOTAL BOND PORTFOLIO

49,207

47,051

The figures presented for 31 December 2022 are pro forma .

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Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES