UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Annual financial statements and notes

Note 10 Subordinated liabilities

“Subordinated liabilities”, which stood at €3,009.4 million as at 31 December 2023, is detailed as follows: perpetual subordinated debt in euros issued in May 2014 at a fixed rate of 6.375% until the first call date for a par value of €1,100 million, with the possibility for Groupama Assurances Mutuelles to apply an early redemption from May 2024. A partial redemption of a nominal amount of €228.9 million took place in October 2022; ❯ TSR issued in September 2018 for a nominal value of €500 million at a fixed rate of 3.375% for a 10 ‑ year term and for which the issue premium is recorded as a deduction from the nominal value issued and amortised on a straight ‑ line basis over the life of the bond; ❯

TSR issued in September 2019 at a fixed rate of 2.125%, with a term of ten years and a nominal value of €500 million; ❯ TSR issued in January 2017 for a nominal value of €650 million at a fixed rate of 6% over a period of ten years. The nominal difference remaining to be amortised as at 31 December 2023 was €4.7 million; ❯ TSR issued in July 2021 for a nominal value of €500 million at a fixed rate of 0.75% for a 7 ‑ year term and for which the issue premium is recorded as a deduction from the nominal value issued and amortised on a straight ‑ line basis over the life of the bond. In addition, this issue was carried out for the first time in a “green” format and will therefore be backed by projects in favour of the ecological and energy transition. ❯

Note 11 Underwriting reserves of non ‑ life insurance

11.1 Breakdown of gross underwriting reserves

31.12.2023

31.12.2022

Inward reinsurance from regional mutuals

Inward reinsurance from regional mutuals

Pool and CDA (1)

Other inward reinsurance

Pool and CDA (1)

Other inward reinsurance

Total

Total

(in thousands of euros)

Reserves for unearned premiums

11,043 259,011 163,767 433,821 10,860 245,181 181,579 437,620

Reserves for claims

162,915 4,755,149 1,304,285 6,222,349 174,091 4,532,721 1,267,300 5,974,112

Reserves for profit ‑ sharing

122

122

196

196

Equalisation reserves

2,208 101,609 40,588 144,405

2,299 103,364 44,040 149,702

Other underwriting reserves

32,094 937,355 89,789 1,059,238 38,288 997,667 96,029 1,131,984

TOTAL

208,260 6,053,124 1,598,550 7,859,935 225,538 5,878,933 1,589,144 7,693,614

Including underwriting reserves related to contracts written by the Antilles ‑ Guyane regional mutual exempt from licensing. (1)

care portfolio - rate of continued long ‑ term care – and a technical rate of 1.81% (75% weighted average). Actuarial reserves for increasing risks, covering future claims (likely current value of the insurer’s and policyholders’ commitments), have been determined on the basis of experience data on the long ‑ term care portfolio - rate of beneficiary deaths, differentiated impact per product and continued long ‑ term care – and a underwriting rate of 0.90% intended to reflect the current financial environment. An annual test of sufficiency of long ‑ term care reserves is conducted. In particular, it includes any anticipations of price revisions. Equalisation reserves Groupama Assurances Mutuelles recorded an allocation to equalisation reserves of €5.7 million as at 31 December 2023 as well as a stability fund reserve write ‑ back of -€11 million.

Measurement of reserves for non ‑ reported and late claims (IBNR) Outstanding claims reserves totalled €6,222 million as at 31 December 2023. These reserves are valued using an actuarial approach, defined in accordance with a Group methodology. By means of valuations of final costs based on payment or cost triangles (depending on the risk segment), this method determines the sufficient amount of outstanding claims reserve. This valuation includes the valuation of delinquent claims and expected recoveries in its approach. Long ‑ term care Total reserves relating to long ‑ term care risk were €399.3 million as at 31 December 2023 (of which €260.9 million is the reserve for increasing risks). Actuarial reserves for annuities and reserves for claims payable, covering claims in progress, have been determined on the basis of experience data on the long ‑ term

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Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES