Groupama // Universal Registration Document 2022

6

EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

The Group’s net income breaks down as follows:

Net income (in millions of euros)

31.12.2021

31.12.2022

Total Insurance - France

543

422

Total Insurance - International

57

94

Financial businesses

62

42

Holding company activities

(100)

(70)

Other

(70)

(34)

TOTAL NET INCOME - GROUPAMA

493

454

The “Other” line corresponds to income from discontinued businesses in Turkey, which totalled -€34 million in 2022 compared with -€16 million in the previous period. In addition, in 2021, this line included the net income from the sale of Orange Bank for -€54 million.

6.1.4.6 Combined balance sheet As at 31 December 2022, Groupama’s combined balance sheet totalled €94.7 billion, compared with €104.5 billion in 2021, a decrease of 9.3%. Goodwill Goodwill remained stable at €1.6 million as at 31 December 2022. Other intangible assets Other intangible assets totalling €412 million as at 31 December 2022 ( versus €407 million in 2021) are composed primarily of amortisable portfolio securities (€13 million) and computer software. The change in this item is related to software activations and amortisation for the period. Investments (including UL investments) Insurance investments totalled €78.7 billion in 2022 compared with €91.7 billion in 2021, down 14.2%. The Group’s unrealised capital gains (including property) (a) (b) (c)

decreased €11.3 billion to -€1.4 billion (compared with +€9.9 billion in unrealised capital gains at the previous close) because of the unrealised capital gains on bonds in a context of gradually rising rates. By asset segment, the bond portfolio posted unrealised capital losses of -€4.2 billion. Unrealised gains from equities and property were +€0.7 billion and +€2.1 billion respectively. Unrealised capital gains on financial assets (excluding property) totalled -€3.6 billion, with -€1.1 billion attributable to the Group (after profit sharing and taxes) versus €2.2 billion as at 31 December 2021. These amounts are recorded in the financial statements in the revaluation reserve. Unrealised property gains attributable to the Group (net of tax and deferred profit sharing) totalled +€0.96 billion compared with +€0.97 billion as at 31 December 2021. The Group elected to account for investment and operating property according to the amortised cost method. Unrealised property gains were thus not recorded in the accounts. The equity share of total investments at market value was 9.5% as at 31 December 2022 versus 8.7% as at 31 December 2021, taking an economic view.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES