UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

19.5 Discount rate The yield curves used to discount estimated future cash flows as at 31 December 2022 and 31 December 2023 are presented by country in the tables below:

31.12.2023

Entity

Currency

1 year

5 years

10 years

20 years

30 years

France Life

EUR

3.8%

2.8%

2.9%

2.9%

2.8%

France Non ‑ Life

EUR

4.1%

3.0%

3.1%

3.1%

2.9%

Italy

EUR

[3.7%; 3.8%]

[2.6%; 2.7%]

[2.7%; 2.8%]

[2.7%; 2.8%]

[2.7%; 2.7%]

Greece

EUR

[3.5%; 3.8%]

[2.4%; 2.8%]

[2.5%; 2.9%]

[2.5%; 2.9%]

[2.5%; 2.8%]

Hungary

HUF

[6.9%; 7.1%]

[6.3%; 6.5%]

[6.4%; 6.6%]

[6.5%; 6.7%]

[6%; 6.2%]

Bulgaria

BGN

[4%; 4.3%]

[2.9%; 3.3%]

[3%; 3.4%]

[3%; 3.4%]

[3.1%; 3.4%]

Romania

RON

[6.2%; 6.3%]

[6.2%; 6.3%]

[6.3%; 6.4%]

[5.7%; 5.7%]

[5%; 5.1%]

31.12.2022

Entity

Currency

1 year

5 years

10 years

20 years

30 years

France Life

EUR

3.6%

3.6%

3.5%

3.2%

2.9%

France Non ‑ Life

EUR

3.9%

3.9%

3.9%

3.5%

3.1%

Italy

EUR

[3.6%; 3.7%]

[3.6%; 3.7%]

[3.5%; 3.6%]

[3.2%; 3.3%]

[2.9%; 3%]

Greece

EUR

[3.3%; 3.6%]

[3.3%; 3.6%]

[3.2%; 3.5%]

[2.9%; 3.2%]

[2.7%; 2.9%]

Hungary

HUF

[14%; 14.3%]

[10%; 10.3%]

[9%; 9.3%]

[8.5%; 8.8%]

[7.5%; 7.7%]

Bulgaria

BGN

[3.8%; 4.2%]

[3.7%; 4.2%]

[3.7%; 4.1%]

[3.4%; 3.8%]

[3.2%; 3.6%]

Romania

RON

[7.5%; 7.5%]

[8.1%; 8.2%]

[9.1%; 9.1%]

[7.9%; 7.9%]

[6.7%; 6.7%]

19.6 Impact of insurance contracts recognised in the period for the first time

31.12.2023

31.12.2022

Total

Total

Of which impact of insurance contract transfer and business combination

Of which impact of insurance contract transfer and business combination

Non onerous contracts

Non onerous contracts

Onerous contracts

Onerous contracts

Total

Total

(in millions of euros)

Acquisition costs

(98)

0

(98)

0

(38)

0

(38)

0

Claims and other insurance expenses Valuation of present value of cash outflows Valuation of present value of cash inflows

(578)

(9)

(587)

0

(776)

(9)

(784)

0

(676)

(9)

(685)

0 (813)

(9)

(822)

0

880

(0)

880

0 1,008

(0)

1,008

0

Non ‑ financial risk adjustment

(20)

(5)

(25)

0

(21)

(5)

(26)

0

Contractual service margin (CSM)

(184)

0 (184)

0 (173)

0 (173)

0

Losses recognised on initial recognition

0

(14)

(14)

0

0

(14)

(14)

0

The figures presented for 31 December 2022 are pro forma .

270

Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES