UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

Note 17 Information on employee benefits – Defined ‑ benefit plans

17.1 Principal actuarial assumptions

31.12.2023

31.12.2022

United Kingdom Other

United Kingdom Other

France

Total

France

Total

(in millions of euros)

Actuarial debt

367

255

26

648

330

274

25

629

Fair value of hedging assets

52

227

0

278

44

256

0

301

Net actuarial debt

315

29

26

370

286

17

25

328

Limitation on recognition of hedging assets

0

0

0

0

1

0

0

1

Net Liabilities

315

29

26

370

287

17

25

329

Principal actuarial assumptions Financial assumptions Discount rate

4.20% 5.20% NS

3.60% 4.40% NS

Yield expected from plan assets

4.20% 5.20% NS

3.60% 4.40% NS

Expected salary/pension increase

2.45% 2.80% NS

2.04% 2.80% NS

Staff turnover

6.39% NA

NS

6.56% NA

NS

18 to 34 years ❯ 35 to 44 years ❯ 45 to 54 years ❯ 55 and older ❯

3.17% NA

NS

3.00% NA

NS

1.35% NA

NS

1.22% NA

NS

0.00% NA

NS

0.08% NA

NS

Note that in the United Kingdom, the Groupama Insurance Company Limited (GICL) pension fund was transferred to Groupama Assurances Mutuelles following the sale of the subsidiary in 2012. Only staff turnover rates for France are material in the context of the consolidated financial statements.

The discount rate used at 31 December 2023 to value actuarial commitments is the interest rate on high ‑ quality corporate bonds.

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES