Groupama // Universal Registration Document 2022

6

EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

6.1.4.4 Financial businesses (in millions of euros)

2022 ‑ 2021 change

31.12.2021

31.12.2022

Net banking income, net of cost of risk and long ‑ term financial instruments Other operating income and expenses and non ‑ underwriting current income and expenses

195

160

(35)

-18.2%

(109)

(105)

4

4.0%

Other items

(24)

(13)

11

45.1%

Economic operating income

62

42

(20)

-32.6%

Other operations net of corporate income tax GROUP NET INCOME

62

42

(20)

-32.6%

The economic operating income of financial and banking businesses totalled +€42 million in 2022 versus +€62 million in 2021. These figures include Groupama Asset Management’s income of €35 million as at 31 December 2022, with a decline of -€20 million over the period due to non ‑ recurring variable

management fees, which returned to a more usual level. The economic operating income of the other entities (Groupama Immobilier, Groupama Épargne Salariale, and Groupama Gan Reim) represented +€7 million in income in 2022.

6.1.4.5 Groupama Assurances Mutuelles and holdings (in millions of euros) 31.12.2021

2022 ‑ 2021 change

31.12.2022

Other operating income and expenses and non ‑ underwriting current income and expenses

(120)

(148)

(28)

-23.0%

Recurring financial income (after corporate income tax)

11

(21)

(32)

<-100%

Other items

41

51

10

25.3%

Economic operating income

(69)

(118)

(49)

-71.6%

Capital gains realised net of corporate income tax

(3)

114

117

>100%

Allocations to reserves for long ‑ term impairment net of corporate income tax Gains or losses on financial assets recognised at fair value net of corporate income tax

(5)

(5)

-7.4%

8

(8)

<-100%

Financing expenses

(53)

(54)

(1)

-2.6%

Other operations net of corporate income tax

(38)

(6)

32

84.6%

Result excluding discontinued operations

(159)

(70)

89

56.2%

Net income from discontinued businesses

1

(1)

-86.1%

GROUP NET INCOME

(158)

(70)

89

56.0%

Groupama Assurances Mutuelles is the head entity of the Group and is the central body. It acts as a holding company by holding (directly or indirectly) all of the Group’s French and international subsidiaries. In respect of this role, Groupama Assurances Mutuelles directs the operating activities of the Group and is the focal point for internal and external financing. The financial result is broken down on a normalised basis for the underwriting business. The expenses allocated to that business correspond to the share of costs and expenses of general management, functional departments, and shared non ‑ underwriting expenses. The economic operating income of holding companies was a loss of €118 million in 2022 compared with -€69 million as at 31 December 2021. This was mainly due to the change in

operating expenses and a lower allocation of notional financial income to the holding activity. Other items correspond to tax on recurring income. The net income of holding companies was a loss of -€70 million as at 31 December 2022 compared with a loss of -€158 million as at 31 December 2021. This result was impacted by the increase in the non ‑ recurring financial margin (+€109 million) mainly due to capital gains realised on properties. Other transactions net of tax generated an expense of -€6 million compared with income of -€38 million in the prior year. As a reminder, the 2021 fiscal year included the loss recognised following the sale of Orange Bank (-€32 million).

157

Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES