Groupama // Universal Registration Document 2022

6

EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

The performance of the emerging market index was largely affected by China and the strict lockdown measures coupled with fears weighing on the property sector.

However, the eurozone equity index fell less sharply than the S&P500, negatively affected by its growth and technology bias.

PERFORMANCE OF EQUITY INDICES (IN LOCAL CURRENCY)

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

S&P 500

TOPIX

Europe Stoxx 300

MSCI Emerging Markets

142

Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES