UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

29.2 Investment income net of management expenses by asset type

31.12.2023

31.12.2022

Income and expenses

Proceeds of disposal*

Income and expenses

Proceeds of disposal*

Change in fair value

Change in reserves

Change in fair value

Change in reserves

(in millions of euros)

Total

Total

Property

123

57

(334)

(154)

121 471

(6)

587

Equities

89 (106)

(2)

2 (18)

72

0

4

(0)

76

Bonds

1,354 (56)

213 (11)

1,501 1,388 (95)

(358)

(21)

914

Bond mutual funds

126

38 281

0 445 105 (114)

(864)

0 (873)

Equity mutual funds

38

57 773

0 868

43 (104)

(1,508)

(0)

(1,568)

Mutual funds: Cash from repurchase agreements

4 148

4

156

0

(1)

2

1

Other cash mutual funds

2

80

20

102

(2)

1

(0)

Derivatives

50 (53)

344

341

46

36

5

87

Other investment income

144 (11)

(82)

(3)

47 180

(6)

227

1 401

Investment income

1,931 155 1,550 (347)

3,288 1,956 185 (2,490)

(26)

(375)

Investment expenses

(787)

(787)

(378)

(378)

Financial income net of expenses 1,144 155 1,550 (347)

2,501 1,578 185 (2,490)

(26)

(753)

of which adjustments to income and expenses net of unit ‑ linked items

47 953

(62)

(1,750)

* Net of impairment reversals or value adjustments and depreciation.

The figures presented for 31 December 2022 are pro forma .

Note 30 Financial result from insurance and reinsurance contracts

31.12.2023

31.12.2022

(in millions of euros)

Financial income or expenses from insurance contracts issued recognised in the income statement Capitalised interest on insurance contracts

(203)

(63)

Impact of change in fair value of items underlying contracts (VFA)

(1,851)

771

Impact of changes in interest rates and other financial assumptions

(0)

0

Financial result from insurance contracts issued

(2,053)

708

Financial income or expenses from reinsurance contracts held recognised in the income statement Capitalised interest on reinsurance contracts

18

0

Impact of changes in interest rates and other financial assumptions

0

0

Financial result from reinsurance contracts held

18

0

TOTAL FINANCIAL RESULT FROM INSURANCE AND REINSURANCE CONTRACTS RECOGNISED IN THE INCOME STATEMENT

(2,036)

708

The figures presented for 31 December 2022 are pro forma .

285

Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES