Groupama // Universal Registration Document 2022

6

EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

6.1.4.3 International activity and earnings The following results are presented without Turkey, whose results of -€35 million have been reclassified to discontinued operations (IFRS 5). The 2021 data are pro forma.

31.12.2021 pro forma

31.12.2022

International premium income (in millions of euros)

L&H

P&C

Total

L&H

P&C

Total

Italy

394

831

1,225

350

831

1,181

Greece

75

84

158

93

84

178

Hungary

171

189

359

189

220

409

Croatia

2

2

7

7

Romania

25

305

330

33

570

603

Bulgaria

13

17

30

13

21

34

Gan Outre ‑ Mer

9

59

68

10

60

70

TOTAL

688

1,484

2,173

696

1,787

2,483

The Group’s international combined premium income was €2,483 million as at 31 December 2022, up 14.3% from 31 December 2021. Property and casualty insurance premium income totalled €1,787 million as at 31 December 2022, a 20.4% increase compared with the previous period. This growth was driven by the passenger vehicle segment (+27.8%, accounting for nearly 65% of written premiums in property and casualty insurance), which grew in nearly all geographical areas (especially in Romania because of the failure of a major player in the market in the second half of 2021, resulting in natural market flows towards the other players in the portfolio), with the exception of Italy, which was subject to sustained competitive pressure on the market but also presented encouraging signs on a few segments at the end of the period. The strong performance of the business and local authority insurance segment (+9.0%), particularly in Italy, Hungary, and Romania, is also worth noting. Life and health insurance premium income increased by 1.1% to €696 million, combining contrasting trends by segment. Individual life and health insurance decreased 3.4% over the period as a result of the decline in individual savings/pensions (-8.0%, or nearly 55% of life and health insurance written premiums), mainly in Italy. Group life and health insurance increased by 27.7% to €126 million, due to the growth of the pension segment (+41.4%), particularly in Greece (+56.9%),

and group health (+28.1%), particularly in Romania. The economic operating income of the insurance business in the International scope was €109 million as at 31 December 2022, compared with €60 million as at 31 December 2021. The economic operating income of the property and casualty insurance business represents a profit of €79 million compared with €42 million as at 31 December 2021. The combined ratio in property and casualty insurance was down 0.4 points at 98.7%. This change was mainly due to favourable liquidations over prior fiscal years. The current loss experience increased mainly due to the return to normal frequency following the lockdown period of the previous fiscal year and the impact of inflation (very marked in certain geographical areas) on the average cost of claims. The cost of reinsurance was down 0.5 points at 2.9%. The operating expense ratio improved by 2.1 points to 34.9%. The economic operating income of the life and health insurance business amounted to €30 million as at 31 December 2022, compared with €19 million in the previous period. Non ‑ life personal insurance deteriorated, with the combined ratio increasing by 8.4 points to 99.4% due to the increase in the frequency of claims (end of the 2021 lockdown period). On the other hand, the underwriting income of the life insurance segment improved, driven by the financial results.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES

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