UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

counterparties is used. If these counterparty valuations are not available, a valuation based on a model using observable (level 2) or extrapolated (level 3) data is used. If two consistent valuations are available, the security is then classified as level 2. Where only one valuation is available, the security is classified as level 3. Derivatives are valued on the basis of models using observable market data. The obtained valuations are compared at each close with the valuations of counterparties in order to assess potential differences. This difference at 31 December 2023 was negligible.

The fair value hierarchy of investment property assets is included in Note 5. Note that financial investments and investment properties classified as level 3 represent 7.2% of total investments of the insurance businesses. As at 31 December 2023, transfers from level 1 to level 2 totalled €11 million and concerned four securities. In the opposite direction, 13 bonds were transferred from level 2 to level 1 for a total of €312 million.

31.12.2023

Assets measured at fair value through equity (non ‑ recyclable)

Assets measured at fair value through equity (recyclable)

Financial investments valued at amortised cost

Assets measured at fair value through net income

Deri vative assets and liabilities

Bonds and other fixed income securities

Non consoli

Loans, deposits, and other invest ments

Equities and other variable income securities

Equities and other variable income securities

Bonds and other fixed income securities

Shares

Loans, deposits, and other invest ments

Unit linked property invest ments

Bonds and other fixed income securities

Loans, deposits, and other invest ments

dated property company units

Shares in other mutual funds

in fixed

income mutual funds

Cash mutual funds

(in millions of euros) LEVEL 3 OPENING AMOUNT Change in unrealised capital gains/losses recognised in: gains and losses recognised directly in shareholders’ equity ❯ net income ❯

279

87

457

0 167 1,734 455 1,016

0

23

85

0

45

(0)

0

0

0

2

86 (46)

46

68

0

(2)

0

0

0

(20)

(0)

35

0 0

(0)

0 0

0

0

0 0

0 0

0 0

0 0

0 0

0 0

Transfer to level 3

1

0

0

3

29

62

Transfer out of level 3

(19)

(20)

0

0

0 (20)

(46)

0

0 (22)

0

0 (45)

0

Change in scope of consolidation

(0) 53

0 8

0 0

0

0

0

9

0

0

0

0 0

0 0

0 0

Acquisitions

100

54 381 412 161

86

34

21

Divestments/ Redemptions

(24)

(39)

(1)

0 (20)

(37)

(55)

(135)

0

(1)

(37)

0

(0)

0

Foreign exchange adjustments LEVEL 3 CLOSING AMOUNT

0

(0)

0

0

(0)

(0)

(0)

0

(0)

0

0

(0)

(0)

318

80

498

0 206 2,145 749 1,160 154

35

67

0

0

0

The figures presented for the opening are pro forma .

252

Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES