Groupama // Universal Registration Document 2022

6

EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

(b) Life and health insurance

L&H France

Insurance premium income (in millions of euros)

31.12.2021

31.12.2022

Change %

Groupama Gan Vie

4,786

4,790

0.1%

Regional mutuals

2,075

2,119

2.1%

Groupama Assurances Mutuelles

11

11

3.1%

Gan Assurances

142

147

3.3%

(1)

Other entities

5

4

-22.3%

TOTAL

7,019

7,071

0.7%

(1) Including Assu ‑ Vie.

Life and health insurance premium income (53.4% of premium income in France) increased 0.7% to €7,071 million. The Group’s life and capitalisation premium income in France decreased by 5.3% over the period, under the effect of the decline in individual savings/pensions (-6.6%), broken down into a 14.3% decrease in unit ‑ linked savings/pensions (after two years of exceptional production and in a macroeconomic environment less conducive to UL production) and a slight growth of 3.3% in business in euros. After including arbitrage operations (euros to UL at -€196 million), Fourgous transfers (€97 million), and UL net inflows (€809 million), the rate of actuarial reserves in UL individual savings remained very high at 29.6% (compared with 31.9% as at 31 December 2021). This slight decline had no impact on the underlying trend that has been underway for many years. It was due to a base effect linked to changes in the financial markets (unit ‑ linked reserves are measured at market value, unlike reserves for euro ‑ denominated policies). Health and bodily injury premium income as at 31 December 2022 was 6.3% higher than in the previous period, driven by increases in premium income from health segments (+4.1% of which individual health: +3.1% and group health: +5.6%) and

group acceptances (+39.0%). The Group’s net inflows in France were negative at -€553 million as at 31 December 2022, compared with -€565 million during the previous period. Premium income of the networks comprising Groupama Gan Vie remained stable at €4,790 million as at 31 December 2022 under the effect of the very good performance in the Health and Protection insurance segments. By business line, Groupama Gan Vie’s premium income was mostly generated from individual insurance (55.4%), with written premiums of €2,653 million, 5.7% less than as at 31 December 2021. As mentioned above, the economic environment explains the decline in the individual savings/pensions business (-6.6%). Group insurance (44.6% of business) was up 8.3% at €2,137 million, mainly because of the growth in the inward reinsurance (+39.0%) and health insurance (+7.5%) segments. The decline in the Group retirement segment (-10.5%) is explained by the recording of exceptional single premiums in 2021. By component, group retirement posted 46.2% growth in UL premium income and a 45.9% decrease in business in euros.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES