UNIVERSAL REGISTRATION DOCUMENT 2023

1 OVERVIEW OF THE GROUP Key figures

1.2.3 TIES BETWEEN THE GROUP’S ENTITIES

Relations between the regional mutuals and Groupama Assurances Mutuelles are governed by: an Internal reinsurance agreement between the regional mutuals and Groupama Assurances Mutuelles with terms updated every year. This agreement is described in more detail in §3.7.2; ❯ a security and solidarity agreement between all the regional mutuals and Groupama Assurances Mutuelles (“agreement defining the security and solidarity mechanisms of the Caisses de Réassurance Mutuelle Agricole”). This agreement is described in more detail in §3.7.1. ❯

The subsidiaries are bound by capital ties. Moreover, in exchange for a certain degree of operational autonomy, each of the subsidiaries is subject to the requirements and obligations defined by the Groupama Assurances Mutuelles environment, particularly in terms of control.

1.3 KEY FIGURES

1.3.1 GROUPAMA COMBINED SCOPE

The following table shows financial disclosures and ratios from the Group’s combined financial statements. The combined financial statements were prepared in accordance with the IFRS as adopted by the European Union. It provides a view of the

entire scope of consolidation of the mutuals, including the Groupama Assurances Mutuelles capital ownership scope of consolidation.

2023 2022 pro forma

2022 IFRS 4

2021 IFRS 4

(in millions of euros)

(1)

Premium income

17,036

15,943

15,931

15,477

of which France insurance

13,936

13,253

13,237

12,860

of which international insurance

2,887

2,479

2,483

2,377

of which financial activities

213

211

211

240

(2)

Non ‑ life combined ratio

96.8% 100.4% 99.4% 98.3%

(3)

Economic operating income

627

306

349

461

Net income

510

13

454

493

Financial structure and soundness Group’s IFRS equity

9,862

8,783

7,502

10,659

Total balance ‑ sheet

91,949

86,316

94,721

104,469

(4)

Debt ratio

21.8%

22.8%

25.1%

27.8%

(5)

Solvency 2 margin

267% 282% 282% 271%

Rating

Fitch Ratings

A+

A+

A+

A

Insurance premiums written and income from financial businesses. (1) See glossary in this Universal Registration Document (page 382). (2)

Economic operating income equals net income adjusted for realised capital gains and losses, long ‑ term impairment provision allocations and write ‑ backs, and unrealised capital gains and losses on financial assets measured at fair value for the P&C, Health & Protection, financial and holding businesses (all such items are net of corporate income tax). Also adjusted are non ‑ recurring items net of corporate income tax, impairment of goodwill (net of corporate income tax), and external financing expenses. (3) Debt excluding cash of holdings, as a share of book value of shareholders’ equity excluding re ‑ evaluation reserve (including subordinated liabilities and minority interests). (4) Solvency 2 margin coverage, with a transitional measure on Groupama Gan Vie’s underwriting reserves. (5)

On 30 May 2023, Fitch Ratings confirmed Groupama’s financial strength rating of “A+” with a stable outlook. This rating confirmation reflects the Group’s continued very strong capitalisation, solid financial performance, and excellent sales profile in France.

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES