Groupama // Universal Registration Document 2022

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OVERVIEW OF THE GROUP Key figures

1.3.2 ALTERNATIVE PERFORMANCE INDICATORS (API)

1.3.2.1 Definitions 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 (all such items are net of profit sharing and corporate income tax). Also adjusted are non ‑ recurring items net of corporate income tax, impairment of value of business in force, impairment of goodwill (net of corporate income tax), and external financing expenses. The economic operating income and the combined non ‑ life ratio are alternative performance indicators (“API”) in the light of the ESMA guidelines and the AMF position published in 2015. These alternative performance indicators are used by the Group to analyse its operating trends, financial performance, and financial position and to provide investors with additional information considered useful and relevant to the Group’s results.

1.3.2.2 Reconciliations The reconciliation of economic operating income and the combined non ‑ life ratio with the line of the financial statements of the corresponding period or its subtotal or the nearest total is presented in the tables below. The combined ratio is the sum of the all ‑ years net loss experience and the rate of operating costs. The all ‑ years net loss experience is the ratio between underwriting expenses for all years, gross of reinsurance, plus the reinsurance balance and earned premiums, gross of reinsurance. The rate of operating costs is the ratio between operating general expenses and earned premiums, gross of reinsurance. The combined non ‑ life ratio relates to the non ‑ life business.

2022

2021

2020

(in millions of euros)

Economic operating income

349

461

306

(1)

Net realised capital gains

315

135

118

(1)

Allocation to reserves for long ‑ term impairment

(29)

(20)

(32)

(1)

Gains or losses on financial assets recognised at fair value

(43)

58

45

Other expenses and income

(51)

(89)

(85)

Financing expenses

(54)

(53)

(49)

Net income from discontinued businesses

(34)

0

0

Goodwill impairment

0

0

(125)

Net income

454

493

177

(1) Amounts net of profit sharing and corporate tax.

Non ‑ life business

2022

2021

2020

All ‑ years net loss experience

71.9%

70.5%

70.9%

Operating expense ratio

27.5%

27.8%

27.8%

Combined ratio

99.4%

98.3%

98.7%

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES