Groupama // Universal Registration Document 2022

6

EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

6.1.4 ANALYSIS OF FINANCIAL STATEMENTS

6.1.4.1 Summary of activity and income Premium income (in millions of euros)

Like ‑ for ‑ like change

31.12.2021 pro forma

31.12.2021

31.12.2022 Actual change

Property and casualty insurance - France

5,842

5,842

6,166

5.6% 5.6%

Groupama Gan Vie

4,786

4,786

4,790

0.1% 0.1%

Life and health insurance in France – excluding Groupama Gan Vie

2,233

2,233

2,281

2.1% 2.1%

Total Insurance - France

12,860

12,860

13,237

2.9% 2.9%

Property and casualty insurance - International

1,641

1,484

1,787

8.9% 20.4%

Life and health insurance - International

736

688

696

-5.4% 1.1%

Total Insurance - International

2,377

2,173

2,483

4.4% 14.3%

Financial businesses

240

240

211

-12.1% -12.1%

GROUPAMA Total

15,477

15,273

15,931

2.9% 4.3%

Total Insurance

15,237

15,033

15,720

3.2% 4.6%

of which Property and casualty insurance

7,483

7,326

7,953

6.3%

8.6%

of which Life and health insurance

7,755

7,707

7,767

0.2%

0.8%

Pro forma data as at 31 December 2021: It was necessary to restate some 31 December 2021 data to enable a comparison and analysis to be made of changes between the two periods. At the international level, pro forma premium income as at 31 December 2021 included the reclassification of the activity of the Turkish subsidiaries as a held ‑ for ‑ sale business (impact: -171 million euros). For those entities that do not use the euro as their functional currency (Romania and Hungary), the exchange rate effects are neutralised in the pro forma data; the actual figures as at 31 December 2021 were converted based on the exchange rate as at 31 December 2022. In the rest of the document, figures are expressed on a like ‑ for ‑ like basis and with constant exchange rates. The data with constant exchange rates correspond to the comparison between the actual data as at 31 December 2022 and the actual data as at 31 December 2021, converted at the average exchange rates as at 31 December 2022.

As at 31 December 2022, Groupama’s combined premium income from insurance increased 4.6% to €15.7 billion on a like ‑ for ‑ like basis (+3.2% in actual data) compared with 31 December 2021. Including the financial businesses, the Group’s combined premium income was up 4.3% on a like ‑ for ‑ like basis (+2.9% in actual change) at €15.9 billion. In property and casualty insurance, premium income increased (+8.6%), with growth both in France (+5.6%) and internationally (+20.4%). Business was driven by insurance for individuals and professionals (+7.3%, including +2.1% in France and +22.7% internationally), which benefited from the sustained growth in the passenger vehicle segment in the international subsidiaries (+11.1%, including +1.7% in France and +27.8% internationally, especially in Romania). Insurance for businesses and local authorities rose by 8.0% (of which +7.7% in France and +9.0% internationally) thanks to the good performance of the business and local authorities casualty segment (+11.6%), both in France (+11.5%) and internationally (+11.8%). These increases were partly due to the price adjustments necessary to cope with the change in the macroeconomic environment, which weighed on the loss experience, and partly by targeted development areas in certain segments, entities, or countries. Life and health insurance premium income increased by 0.8% as at 31 December 2022, with the good performance of group

life and health insurance (+7.6%) offsetting the decline in the individual life and health insurance business (-2.6%). The premium income of Groupama Gan Vie, home to the savings/ pensions business in France, remained stable over the period, with the good performance of group insurance (+8.3%) offsetting the decline in individual savings/pensions (-6.6%). Other life and health insurance business activities in France increased 2.1%. This is explained mainly by the growth in the individual health insurance segment (+3.1%). International life and health insurance premium income rose by 1.1%, with the decline in individual savings/pensions business (-8.0% and nearly 55% of life and health insurance premiums) dampening the growth in group retirement (+41.4%) and health insurance (individual and group: +15.5%). Insurance premium income in France represented 83.1% of the Group’s overall business over the period, whereas international insurance premium income amounted to 15.6% of total premium income. The Group’s financial businesses represented 1.3% of total revenue. Revenue from these businesses amounted to €211 million as at 31 December 2022. The following results are presented without Turkey, whose results have been reclassified to discontinued operations (IFRS 5). The 2021 data are pro forma.

145

Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES