UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

The monitoring of sustainability risks on assets is based on a set of indicators highlighting the trajectory of Groupama’s exposures with regard to them and in particular carbon intensity, green share, exposure to transition and/or physical risks depending on the nature of the assets.

4.3 Financial investment portfolio by maturity The profile of the annual maturities of bond portfolios is given in Note 8.6.2 to the annual financial statements. Financing debt by maturity The principal features of financial debt, as well as its breakdown by maturity, are provided in Note 18 – Financial debt – to this document. Estimated undiscounted future cash flows by maturity The estimated undiscounted future cash flows by maturity are as follows: 4.4 4.5 At the end of 2023, the level of interest rates kept the bond portfolio in the red. Nevertheless, the liquidity of the portfolios remains good. In addition to the cash reserves in the portfolios, the work carried out on a line ‑ by ‑ line basis shows significant capacities for divestment without net capital losses, particularly in Groupama Gan Vie.

4. 4.1

Liquidity risk Type of liquidity risk exposure

4.2 Risk management Stress tests are regularly conducted on both assets and liabilities in order to ensure that in the event of a simultaneous increase in benefits payable and interest rates, the Group is able to meet its commitments in terms of both assets to dispose of and any realisations of capital losses. underwriting cash flow projections in a central scenario; ❯ sensitivity scenarios on technical assumptions (production, claims ratio). ❯ The overall liquidity risk is analysed using the asset/liability approach, which defines the cash requirement to be held as an asset based on the liquidity requirements imposed by liabilities, using:

31.12.2023

1 ‑ 2 years 2 ‑ 3 years 3 ‑ 4 years 4 ‑ 5 years > 5 years

≤ 1 year

Total

(in millions of euros)

Insurance contracts Liabilities - Direct participation contracts

2,502

2,828

2,217

2,290

2,316 57,708 69,861

Liabilities - other

7,092

2,289

1,550

1,240

1,023

7,037 20,231

TOTAL INSURANCE CONTRACTS

9,594

5,117

3,767

3,530

3,340 64,745 90,092

31.12.2022

1 ‑ 2 years 2 ‑ 3 years 3 ‑ 4 years 4 ‑ 5 years > 5 years

≤ 1 year

Total

(in millions of euros)

Insurance contracts Liabilities - Direct participation contracts

2,800

2,337

2,272

2,347

2,364 59,146 71,266

Liabilities - other

6,556

2,198

1,494

1,154

917

6,353 18,672

TOTAL INSURANCE CONTRACTS

9,356

4,535

3,766

3,501

3,281 65,499 89,938

4.6 Liabilities relating to insurance contracts payable on demand The amounts of liabilities relating to insurance contracts payable on demand (redeemable PM) are presented below:

31.12.2023

31.12.2022

Amounts payable on demand

Amounts payable on demand

Car

Car

(in millions of euros)

Liabilities related to insurance contracts under the VFA model

44,860

50,531

44,494

49,174

301

Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES