UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS

Report of the statutory Auditors on the combined financial statements

7.2 REPORT OF THE STATUTORY AUDITORS ON THE COMBINED FINANCIAL STATEMENTS This is a free translation into English of the statutory auditors report on the combined financial statements issued in French, and is provided solely for the convenience of English speaking readers. This report should be read in conjuction with, and construed in accordance with, Frenchlaw and professional audited standards applicable in France. (Financial year ending 31 December 2023)

PricewaterhouseCoopers Audit 63, rue de Villiers 92208 Neuilly ‑ sur ‑ Seine Cedex

Mazars Tour Exaltis 61, rue Henri Régnault 92400 Courbevoie

To members

OPINION

In compliance with the assignment entrusted to us by your general meeting, we have audited the combined financial statements of Caisse Nationale de Réassurance Mutuelle Agricole Groupama for the year ended 31 December 2023, as attached to this report. We certify that the combined financial statements are, in accordance with IFRS as adopted in the European Union, regular and sincere and give a fair picture of the results of the operations in the past financial year as well as the financial position and assets, at the end of the financial year, for all the persons and entities included in the consolidation. The opinion expressed above is consistent with the contents of our report to the Audit and Risks Committee.

BASIS OF OPINION

Audit framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under these standards are set out in the section of this report entitled "Statutory Auditors’ Responsibilities for the Combined Financial Statements". Independence We conducted our audit in accordance with the rules of independence set out in the French Commercial Code and in the Code of Ethics for Statutory Auditors for the period from 1 January 2023 to the date of issue of our report, and in particular we have not provided any services prohibited by Article 5(1) of Regulation (EU) No 537/2014. Observation Without qualifying our opinion, we draw your attention to the changes in accounting policy relating to the recognition of insurance contracts and financial instruments, as described in note 2.2.1.1 to the combined financial statements, which sets out the impact of the first application of IFRS 17 "Insurance contracts" and IFRS 9 "Financial instruments" as of January 1, 2023. st

JUSTIFICATION OF ASSESSMENTS - KEY POINTS OF THE AUDIT

In accordance with the requirements of articles L. 821 ‑ 53 and R. 821 ‑ 180 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we bring to your attention the key points of the audit relating to the risks of material misstatement which, in our professional judgement, were the most significant for the audit of the combined financial statements for the year, as well as our responses to these risks. These assessments were made in the context of our audit of the combined financial statements taken as a whole and of the formation of our opinion expressed above. We do not express an opinion on any individual component of these combined financial statements.

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES