UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

Note 38 Commitments given and received

31.12.2023

31.12.2022

(in millions of euros)

Endorsements, securities, and guarantees received

52

44

Other commitments received

112

353

Total commitments received, excluding reinsurance

164

397

Reinsurance commitments received

1,038

892

Endorsements, securities and guarantees given

3,657

3,450

Other commitments for securities, assets, or revenues

1,785

1,728

Other commitments given

993

1,594

Total commitments given excluding reinsurance

6,435

6,772

Reinsurance commitments given

591

526

Securities belonging to protection institutions

0

0

Other securities held on behalf of third parties

0

0

Other commitments received excluding reinsurance totalled €112 million in 2023, compared with €353 million in 2022. This change is mainly explained by the maturing of bond ‑ lending transactions (collateralisation mechanism). At the end of 2023, this item consisted mainly of a promise to sell on a property. Endorsements, securities, and guarantees given totalled €3,657 million, consisting mainly of the following transactions: €175 million in guarantees on the reinsurance and co ‑ reinsurance obligations of the Group’s subsidiaries; ❯ pledged securities worth €3,368 million for life insurance contracts. ❯ Other commitments on securities, assets, or income consist of subscriptions to venture capital funds (“FCPR”). The remaining €1,785 million corresponds to the difference between the investment commitment of the subscribers and the total of calls for funds actually received. Other commitments given amounted to €984 million. They consist mainly of the following items: securities given as collateral under the collateralisation mechanism put in place to guarantee unrealised capital gains or losses on derivatives are also recorded as off ‑ balance ‑ sheet commitments, reflected in the financial statements as €307 million of commitments given in respect of hedging unrealised capital losses on derivatives; ❯

Commitments given in respect of reinsurance totalled €591 million and mainly comprised securities given as pledges commitments given for property work orders for €309 million; ❯ as part of the issue of mutual certificates, the General Meetings of the regional mutuals voted to authorise a €637 million issue. At 31 December 2022, €2 million of the authorised issue remained to be issued by the regional mutuals. Furthermore, it is advisable to note the maximum amount of mutual certificates able to be bought is set at 10% of the total mutual certificates. ❯ Groupama Holding Filiales et Participations, in its capacity as main shareholder, undertakes to give Cofintex 6 the financial support necessary for the normal continuation of its business, in accordance with the notion of continuity of operations. Trigger clauses Groupama Assurances Mutuelles Groupama Assurances Mutuelles benefits from “trigger” clauses on the payment of interest on its four redeemable subordinated instrument (TSR) debt issues. It must therefore defer the payment of interest in the event of a regulatory deficiency in accordance with the provisions of the Solvency II Directive. Deferred interest will be interest arrears. provisional sales agreements of €106 million mainly in the subsidiary Société Forestière Groupama; ❯ under reinsurance treaties. Unvalued commitments

289

Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES