UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

31.12.2023

31.12.2022

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

(in millions of euros)

Assets measured at fair value through equity (recyclable) Bonds and other fixed ‑ income securities Loans, deposits, and other investments FVOCI Total Assets measured at fair value through equity (recyclable) Assets measured at fair value through equity (non ‑ recyclable) Assets measured at fair value through net income Equities and other variable ‑ income securities Non ‑ consolidated property company units Equities Total equities and other variable ‑ income investments Bonds and other fixed ‑ income securities Shares in fixed ‑ income mutual funds Total bonds and other fixed ‑ income investments Total assets measured at fair value through net income Total investments valued at fair value Bonds and other fixed ‑ income securities Loans, deposits, and other investments Total financial investments measured at amortised cost Total unit ‑ linked property investments Shares in other mutual funds Cash mutual funds Unit ‑ linked mutual funds Loans, deposits, and other investments

45,295

558

318 46,171 43,492

796

279 44,568

1,371

14

80 1,465

626

174

87

887

46,666

572

399 47,637 44,118

970

367 45,455

2,558

0

498 3,056 1,634

0

457 2,091

2,558

0

498 3,056 1,634

0

457 2,091

1

0

0

1

1

0

0

1

0

21

206

227

0

70

167

237

1,206

10 2,059 3,275 1,868

13 1,683 3,563

1,207

31 2,265 3,504 1,869

83 1,850 3,802

993 1,294

749 3,036

849 1,178

455 2,483

3,594

65 1,160 4,820 4,527

121 1,016 5,664

4,587 1,359 1,909 7,855 5,377 1,299 1,471 8,147

7,978

0

154 8,132 5,424

0

0 5,424

11,752

0

86 11,839 10,753

0

51 10,805

59

164

35

258

214

37

23

275

25,584 1,554 4,450 31,588 23,637 1,419 3,396 28,452

74,808 2,126 5,347 82,281 69,390 2,389 4,219 75,998

0

0

0

0

0

0

0

0

68

3

0

71

13

0

45

58

68

3

0

71

13

0

45

58

0

0

67

67

0

0

85

85

Derivative assets and liabilities

5 (290)

0 (285)

16 (621)

(0)

(604)

TOTAL FINANCIAL ASSETS AND LIABILITIES

74,881 1,839 5,414 82,134 69,419 1,768 4,349 75,537

The figures presented for 31 December 2022 are pro forma . As these are investments in unit ‑ linked contracts, the risk is borne by policyholders. Derivatives posted to assets totalled €14 million, and derivatives posted to liabilities in the balance sheet totalled €299 million as at 31 December 2023. The level 2 and level 3 financial investments (excluding unit ‑ linked) comprise: for equities, mainly units of private equity funds, unlisted equities, units of unlisted loan funds, and units of infrastructure funds; ❯ for bonds, mainly in bonds and structured products not listed on an active market, the compensation of which is indexed to indices, baskets of equities, or rates; ❯

Private equity, infrastructure, or loan fund units are valued based on the latest net asset values communicated by the Manager (and subject to an audit conducted at least annually), adjusted for known flows between the date of this valuation and the close. The valuation of unlisted equities is based on several methods, such as the discounted cash flow techniques or the restated net asset method. For bonds and structured products, a liquidity test is conducted on a regular basis. In the event of a presumption of illiquidity, a valuation search is performed on other platforms (FININFO, BLOOMBERG, REUTERS, and UBS DELTA). If the data are not consistent or not available on a platform, a valuation of the for derivatives, mainly fixed ‑ rate payer or receiver swaps against rate, inflation, or currency indexation. ❯

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Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES