Groupama // Universal Registration Document 2022

6

EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

The breakdown of the Groupama Gan Vie entity’s premium income by network is as follows:

2022 ‑ 2021

31.12.2021

31.12.2022

Actual

Actual

Change

(in millions of euros)

Regional mutuals

1,527

1,384

-9.4%

General agents

793

724

-8.7%

Brokerage

1,536

1,721

12.1%

Gan Patrimoine

415

439

5.8%

Gan Prévoyance

515

506

-1.7%

Other

1

17

>100%

TOTAL

4,786

4,790

0.1%

Individuals

2,813

2,653

-5.7%

of which UL savings/pensions

1,379

1,181

-14.3%

of which savings/pensions (in euros)

1,060

1,097

3.5%

Groups

1,972

2,137

8.3%

TOTAL

4,786

4,790

0.1%

Premium income of the network of regional mutuals amounted to €1,384 million as at 31 December 2022, down 9.4% compared with the previous period. Individual insurance business totalled €1,332 million (-9.8%) in line with the decrease in individual savings/pensions. The segment’s premium income now stands at €1,224 million, including €564 million for UL vehicles and €660 million for euro ‑ denominated vehicles. Group insurance premium income totalled €51 million, compared with €49 million for the previous period. The Gan Assurances network posted premium income of €724 million as at 31 December 2022, down 8.7% from the previous period. This change is mainly due to the decline in written premiums in individual savings/pensions (-15.9%), which breaks down into €135 million in premium income on euro ‑ denominated vehicles and €112 million on UL vehicles. The group insurance business remained fell 5.7% over the period to €364 million. The brokerage network had premium income of €1,721 million as at 31 December 2022, up 12.1% compared with 31 December 2021, mainly under the effect of the growth in the inward insurance (+11.7%), health insurance (+41.3%), and protection insurance (+8.9%) segments. Meanwhile, the group retirement segment was down (-15.1%). As a reminder, the 2021 fiscal year benefited from a non ‑ recurring exceptional single premium. Premium income for the Gan Patrimoine network was up 5.8%, totalling €439 million as at 31 December 2022, driven by growth in the individual savings/pensions segment (itself up +6.0%).

The Gan Prévoyance sales network contributed €506 million to Group premium income as at 31 December 2022, a 1.7% decrease compared with the previous period. The good performance in individual savings (+10.8%) failed to offset the decline in the individual retirement activity (-3.9%). In life and health insurance, premium income for regional mutuals (€2,119 million) was up 2.1% compared with the previous period. Individual life and health insurance increased by 2.7%, driven by growth in the health segment (+2.9% to €1,239 million), which benefited from price increases. Group life and health insurance remained stable over the period. The increase in group protection (+12.1% to €42 million) was diminished by the decline in the municipal personnel insurance business (-1.6% to €180 million). Gan Assurances had a 3.3% increase in premium income from life and health insurance (mainly individual health) to €147 million as at 31 December 2022. The Caisses Fraternelles generated €2 million as at 31 December 2022, a 37.7% decrease from the previous period. The discontinued business of the subsidiary Assu ‑ Vie decreased 1.8% compared with 31 December 2021. Its premium income (consisting only of periodic premiums in run off) amounted to €2 million as at 31 December 2022. In life and health insurance, economic operating income in France was €409 million in 2022 compared with €298 million in 2021.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES

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