UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

The Group makes use of various derivatives:

However:

variable ‑ rate indexed swaps, to protect the bond portfolio against an increase in rates; ❯ fixed ‑ rate swaps to hedge variable ‑ rate indexed underlyings; ❯ currency or inflation ‑ indexed swaps. The economic aim of this strategy is to invest in fixed ‑ rate euro bonds; ❯ currency futures used to hedge currency risk; ❯ forward purchases of French sovereign bonds to hedge reinvestment risk. ❯

the foreign exchange risk hedge of one of the holdings denominated in a foreign currency is documented as a fair value hedge; ❯ hedges against reinvestment risk via forward purchases of bonds have been documented as cash flow hedges since 31 March 2022. ❯

Most of these derivatives are not recorded as hedging transactions in the sense of IFRS 9. The consideration of counterparty default risk in determining the fair value of financial instruments, in accordance with IFRS 13, does not have a significant impact on the fair value of derivatives due to the collateralisation mechanism put in place by the Group. Note 10 Investments in related companies and joint ventures under the equity method

31.12.2023 31.12.2022 Equivalent value Share of income Equivalent value Share of income

(in millions of euros)

STAR

70

2

79

2

GROUPAMA - AVIC Property Insurance Co.

92

3

93

5

TOTAL

163

5

172

7

Groupama AVIC Property Insurance Co is the result of the joint venture between Groupama and the AVIC group. This company sells non ‑ life insurance products in the People’s Republic of China. ❯

The Group holds a number of stakes in the following insurance companies: STAR in Tunisia, a leader in the Tunisian insurance market, jointly owned with the Tunisian government; ❯

The key figures for these various companies are provided in the tables below.

10.1 Significant data pursuant to IFRS 12

31.12.2023

Insurance service income

Underwriting reserves

Shareholders’ equity

Net income

Total assets

(in millions of euros)

STAR

116

7

279

450

121

Groupama - AVIC Property Insurance Co.

433

4

214

533

171

31.12.2022

Insurance service income

Underwriting reserves

Shareholders’ equity

Net income

Total assets

(in millions of euros)

STAR

117

8

256

408

119

Groupama - AVIC Property Insurance Co.

432

3

207

495

174

The figures presented for 31 December 2022 are pro forma . The Group has opted for temporary exemption from the rule on consistency of accounting policies ordinarily required by the IAS 28 standard, and as stipulated under paragraph 20 O (b) of the amendments to IFRS 4 “Applying IFRS 9, Financial Instruments with IFRS 4, Insurance Contracts” and “Extension of the Temporary Exemption from Applying IFRS 9”. These

amendments allow insurance groups that have elected to defer application of IFRS 9, and that consolidate their related companies using the equity method to preserve the financial statements prepared by such related companies for the purposes of producing their consolidated financial statements.

254

Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES