UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS

Report of the statutory Auditors on the combined financial statements

Valuation of unlisted financial instruments (classified as level 3 under IFRS) and non ‑ unit ‑ linked investment property (See notes 3.2.1, 3.2.2, 5.2 and 8.7 to the combined financial statements)

Answers provided by the joint statutory auditors during the audit In order to assess the reasonableness of the estimated values used for financial instruments classified as level 3 under IFRS 13 and for investment property other than unit ‑ linked property, our audit approach was based on the information provided to us by your company and included the following work: compare the value adopted with the net asset value of the management company, the last transactions observed on the market for the security under review, or a comparable security where possible, or the valuations communicated by the counterparties; ❯ when the security was valued on the basis of an internal model: ❯ analysis of the relevance of the assumptions and parameters used, ● critical review of the construction of the model and the data used for valuation, ● carrying out an independent cross ‑ assessment using our own models; ● for investment property (excluding U/L), we compared the value used with the appraised value determined by an independent expert. For certain assets, we carried out an independent valuation or a contradictory review of the assumptions used to calculate fair value. ❯

Key point of our audit

As part of its activities as an insurance group, Groupama holds financial instruments that are not listed on an active market, classified as level 3 in the fair value hierarchy in accordance with IFRS 13, as well as investment property. Assets classified as level 3 represented €5,414 million on the assets side of the Group’s combined balance sheet at 31 December 2023. These instruments are recognised at fair value on the basis of internal valuation models whose parameters are not observable or cannot be corroborated by market data. The valuations obtained may be subject to additional value adjustments to take account of certain market, liquidity or counterparty risks. The fair value of investment property, excluding unit ‑ linked securities, was €3,662 million at 31 December 2023. The fair value of property investments is determined on the basis of an appraisal carried out every five years or less and reviewed annually by an independent expert. The techniques used by management to value these instruments involve a significant degree of judgement in the choice of methodologies, assumptions and data used. In view of the materiality of the amounts outstanding and the significant degree of management judgment involved in determining market value, we consider that the valuation of unlisted financial instruments (classified as level 3 under IFRS 13) and the valuation of investment property excluding unit ‑ linked securities is a key point in the audit.

SPECIFIC CHECKS

In accordance with professional standards applicable in France, we have also carried out the specific verifications required by law and regulations on the information given in the management report of the management report. We have no matters to report as to its fair presentation and consistency with the combined financial statements.

OTHER VERIFICATIONS OR INFORMATION REQUIRED BY LAWS AND REGULATIONS

Presentation format for combined financial statements to be included in the annual financial report In accordance with the professional practice standard on statutory auditors’ procedures relating to the annual and consolidated financial statements presented in accordance with the Single European Electronic Information Format, we have also verified compliance with this format defined by European Delegated Regulation no. 2019/815 of 17 December 2018 in the presentation of the combined financial statements intended for inclusion in the annual financial report referred to in I of Article L. 451 ‑ 1 ‑ 2 of the Monetary and Financial Code, prepared under the responsibility of the Chief Executive Officer. As these are combined financial statements, our work includes verifying that the mark ‑ up of these financial statements complies with the format defined by the aforementioned regulation. Based on our work, we conclude that the presentation of the combined financial statements for inclusionin the annual financial report complies, in all material respects, with the single European electronic reporting format. Due to the technical limitations inherent in the macro ‑ tagging of the combined financial statements in accordance with the Single European Electronic Reporting Format, the content of certain tags in the notes to the financial statements may not be rendered identically to the combined financial statements attached to this report. Furthermore, it is not our responsibility to verify that the combined financial statements that will be included by your company in the annual financial report filed with the AMF correspond to those on which we have performed our work.

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES