Groupama // Universal Registration Document 2022

6

EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

(a) Property and casualty insurance

P&C - France

Insurance premium income (in millions of euros)

31.12.2021

31.12.2022

Change %

Regional mutuals

4,217

4,396

4.2%

Groupama Assurances Mutuelles

18

33

81.7%

Gan Assurances

1,266

1,295

2.3%

Other entities

341

442

29.8%

TOTAL

5,842

6,166

5.6%

Property and casualty insurance premium income (46.6% of premium income in France) increased 5.6% to €6,166 million as at 31 December 2022. Insurance for individuals and professionals rose by 2.1% to €3,451 million ( i.e. , more than 55% of premiums written in property and casualty insurance). This increase was driven by growth in the passenger vehicle insurance segment (+1.7% to €1,638 million) and the home insurance segment (+3.5% to €1,091 million). Insurance for businesses and local authorities (€1,082 million and 18% of the portfolio) increased by +7.7%, driven by the good performance of the business and local authorities casualty segment (+11.5% to €568 million) and the fleet segment (+3.9% to €514 million). The growth of the agricultural sector (+7.0%) and assistance (+43.6% in connection with the recovery in the leisure travel business) segments should also be noted. Premium income of regional mutuals in property and casualty insurance (€4,396 million) grew 4.2% over the period, mainly under the effect of price increases. The good performance of the business and local authorities casualty segment (+11.5% to €445 million) and the agricultural sector segment (+6.8% to €1,000 million) are also worth noting. The home insurance business grew +3.5% to €891 million due to the price effect, as the portfolio decreased slightly (-22,000 policies at the end of December 2022). Similarly, the passenger vehicle insurance business increased (+2.4% to €1,247 million with a portfolio down 20,000 policies over the period).

Premium income at Groupama Assurances Mutuelles, which is home to some nationwide business activities (in particular, brokerage) via reinsurance and the share in professional pools (Gareat, Assurpol, etc.) totalled €33 million as at 31 December 2022 versus €18 million in the previous period. Premium income for Gan Assurances increased 2.3% to €1,295 million as at 31 December 2022. This change was driven by the good performance in the core target of Gan Assurances: business and local authorities insurance (+8.4%). The individual insurance market posted growth of 0.8% under the effect of growth in the home insurance (+3.3%) and construction (+6.4%) segments, but was diminished by the decline in the passenger vehicle insurance business (-0.5%). Groupama Assurance ‑ Crédit et Caution posted premium income of €59 million as at 31 December 2022, up 18.4% from the previous period, in connection with the development of new business. Mutuaide Assistance’s premium income as at 31 December 2022 was up by 43.6% at €280 million, driven by the very strong recovery in the leisure travel business. Société Française de Protection Juridique’s premium income grew by 7.8% to €103 million as at 31 December 2022 because of the development of partnerships.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES