UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Annual financial statements and notes

Note 18 Investment income and expenses

31.12.2023

31.12.2022

Companies with equity link

Companies with equity link

Type of income (in thousands of euros) Investment income Investment income

Other origins

Other origins

Companies

Total

Companies

Total

288,451

924 34,314 323,688 278,763

1,526 19,872 300,161

Investment income

279,451

924

7,105 287,480 226,265

1,526

2,035 229,826

Income from real estate investments Income from other investments Other financial income

9,000

(254)

8,746 50,330

(254)

50,076

27,463 27,463

2,168

18,091 20,259

Other investment income

12,150

332

3,245 15,727 285,187

52

4,905 290,144

Profits on the sale of investments

32,601 32,601

3

8,671

8,674

Total investment income

300,601

1,256 70,160 372,016 563,953

1,578 33,448 598,979

Investment expenses Internal and external investment management expenses and financial expenses

17,099

146,274 163,373

8,572

157,194 165,766

Other investment expenses

10,659

44

4,821 15,524

328

48

6,165

6,541

Losses on the sale of investments

89

(181)

(92)

282,051

1,551 283,602

Total investment expenses

27,847

44 150,914 178,805 290,951

48 164,910 455,909

NET INVESTMENT INCOME 272,754

1,212 (80,754)

193,211 273,002

1,530 (131,462)

143,070

provision write ‑ back of €276.6 million on Cofintex 17 shares in connection with the internal restructuring of this entity. The decrease in “Profits from realised investments” and “Losses from realised investments” included capital losses of -€282.1 million as at 31 December 2022 on equity securities, including -€276.8 million in capital losses on the sale of Cofintex 17 shares.

The increase in “Investment income” is due to an increase in dividend distributions from subsidiaries in 2023 of €51.6 million, partially offset by the absence of dividends from property companies. The decrease in “Other investment income” and “Other investment expenses”, which include net write ‑ backs of allocations to provisions for long ‑ term impairment, is mainly related to the recognition as at 31 December 2022 of a

Note 19 Other non ‑ underwriting income and expenses

Other non ‑ underwriting income and expenses of -€24.7 million mainly consist of general expenses broken down based on their initial recognition by type.

Note 20 Extraordinary income and expenses

The 2023 extraordinary income presents an expense of -€85.5 million and mainly consists of subsidies paid in connection with the financing of major programmes to the Group’s entities, as well as various non ‑ recurring extraordinary expenses, the main ones of which relate to the coverage of a run ‑ off pension fund in a former international subsidiary as well as a tax provision relating to old disputes.

349

Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES