Groupama // Universal Registration Document 2022

6

EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

(a) Changes on interest rate markets On the sovereign bond market, monetary tightening on both sides of the Atlantic and the rise in inflation expectations led to a rapid rise in rates. The 10 ‑ year OAT rose from 0.2% to 3.11%. This sharp upward movement especially affected the countries perceived to be the most vulnerable, resulting in a significant increase in rate differentials between eurozone

countries. These spreads remained contained thanks to the anti ‑ fragmentation tool initiated by the ECB and certified as a Transmission Protection Instrument (TPI). The spread between Italian and German 10 ‑ year yields started the year at 128 basis points and ended the year at 214 basis points. In the United States, the US 10 ‑ year began the half ‑ year period at 1.51% and ended at 3.88% at the end of December.

SOVEREIGN 10 ‑ YEAR YIELDS, %

5

5

4

4

3

3

2

2

1

1

0

0

-1

-1

Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

Germany

France

Italy

Spain

Japan

UK

US

The performance of the indices was affected by the ECB’s announcement of the end of its purchases of credit securities and the impact of tighter monetary policies on corporate debt costs. The high ‑ yield segment performed less poorly because of lower interest ‑ rate sensitivity and a higher embedded yield. On investment ‑ grade bonds, risk premiums increased from 55

to 129 basis points at the end of June and ended 2022 at 90 basis points. The trend was the same in the high ‑ yield segment, with premiums increasing from 282 to 525 basis points in June to end the year at 380 basis points. The US credit markets were no exception, with the high ‑ yield segment seeing its risk premium increase by 100 basis points over the year to 400 basis points.

PERFORMANCE OF CREDIT INDICES

5

0

-5

-10

-15

-20

-25

Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

EUR IG

EUR HY

US IG

US HY

(b) Equity market developments The equity markets were affected by the rise in volatility on all financial markets in a context of growing fears about the risk of an economic recession. The European and US indices posted poor performances, in particular growth stocks (-29% on the

MSCI World Growth index), which fell significantly more than other stocks. The Japanese equity markets benefited from an environment of a much less abrupt rise in rates and the weakness of the yen.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES