UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Annual financial statements and notes

1 Significant events of the year

1.1 (a)

Financial strength Financial rating

On 20 July 2023, the Board of Directors of Groupama Assurances Mutuelles approved the appointment of Olivier Larcher as Deputy Chief Executive Officer of Groupama Assurances Mutuelles.

(b) Aggregate cat bond On 19 June 2023, Groupama obtained €100 million in aggregate reinsurance protection for its climate risk exposures in France. The Group, the first insurance group in Europe to undertake a cat bond in 2023, is thus continuing to diversify its climate insurance cover in France. Governance At its meeting of 9 June 2023, the Board of Directors of Groupama Assurances Mutuelles elected François Schmitt as Chairman of the Board of Directors of Groupama Assurances Mutuelles for a term of three years. He succeeds Jean ‑ Yves Dagès, who had held this position since 2012. The Board of Directors also reappointed Thierry Martel as Chief Executive Officer of Groupama Assurances Mutuelles. 1.2 On 30 May 2023, Fitch Ratings affirmed Groupama’s Insurer Financial Strength (IFS) rating of “A+” with a “Stable” outlook. The rating confirmation mainly reflects Groupama’s strong capitalisation and leverage, as well as its very solid business profile.

1.3 Inclement weather The second half of 2023 was particularly marked by severe weather. Storms Ciaran and Domingos, which hit France in early November, led to claims for a total cost of €1.3 billion, according to France Assureurs. Also in November, the Hauts ‑ de ‑ France region endured heavy rainfall, resulting in devastating floods. According to estimates by the Caisse Centrale de Réassurance (source: CCR publication of 26 January 2024), the cost of damage amounted to €625 million, at least 50% of which reimbursed by the CCR, as a state of natural disaster was declared for more than 200 municipalities. The international subsidiaries of Groupama Assurances Mutuelles (particularly in Italy and Greece) were also affected by very significant inclement weather during the summer of 2023. The intragroup treaties of Groupama Assurances Mutuelles, as the Group’s reinsurer, were impacted by these various weather ‑ related claims. The total cost of the current weather ‑ related loss experience for Groupama Assurances Mutuelles was around €800 million and just under €500 million net of external protections.

2 Post ‑ balance sheet events

Groupama Assurances Mutuelles has no significant post ‑ closing events.

3 Accounting principles, rules and methods

3.1 Underwriting operations Groupama Assurances Mutuelles is engaged mainly in the following reinsurance operations: the reinsurance of each of the regional mutuals under the reinsurance agreement entered into with each of them; ❯ Groupama Assurances Mutuelles’s corporate financial statements are prepared and presented in accordance with the general accounting principles provided for in Articles L. 123 ‑ 12 to L. 123 ‑ 22 of the French Commercial Code and the provisions of the French Insurance Code and the regulations of the ANC (French accounting standards authority) no. 2015 ‑ 11 of 26 November 2015 et seq. relating to the annual financial statements of insurance undertakings.

Groupama Assurances Mutuelles also carries out non ‑ life insurance operations in co ‑ insurance and co ‑ reinsurance groupings. Since the Antilles Guyane regional mutual is not licensed to conduct insurance operations, Groupama Assurances Mutuelles directly replaces this mutual to cover these operations. Under this principle, the corresponding figures reported in the financial statements contain the information reported as “direct business” after deducting “custody of the regional mutual”. the reinsurance of other entities of the Group in France and internationally. ❯

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Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES