Groupama // Universal Registration Document 2022

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EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

Earned contributions reached €3,020.2, up 6.1% (€172.4 million) compared with 2021 (€2,847.8 million). This change came mainly from: inward reinsurance from the regional mutuals, up €86 million (+3.7%) to €2,429.6 million; ❯ contributions ceded to Groupama Assurances Mutuelles by the Group’s subsidiaries (€550.1 million), up €72.8 million compared with 2021, including €53 million contributed by Groupama Asigur ă ri (in connection with the new quota ‑ share treaty set up by Groupama Assurances Mutuelles with its Romanian subsidiary); ❯ as well as premium income from other operations (professional pools, partnerships, etc.), which increased by €13 million from 2021, of which €4 million came from the Gareat pool and €2 million came from the international Grand Courtage portfolio. ❯ Claims expenses (excluding claims management expenses), annuities, and other underwriting reserves totalled -€2,593 million, a deterioration of -€701 million, resulting from: an expense for the current fiscal year of -€2,738 million, a change of -€738 million from 2021: ❯ in climate risks: -€892 million, an increase of -€493 million compared with 2021, ■ but also marked by an increase in attritional loss experience under the effect of inflation, which weighed on the cost of claims, particularly on quota ‑ share treaties; ■ and a decrease in reserves releases on prior years of -€15 million (+€107 million versus +€122 million in 2021). Note that the favourable effect of the rise in rates was partially offset by the impact of inflation on the cost of claims. ❯ The reinsurance balance (including retrocessions) improved by +€485 million in connection with the particularly high weather ‑ related loss experience in 2022 (nearly €620 million in weather ‑ related claims were charged to reinsurers). After taking into account the commissions paid to ceding entities for €500 million, the net underwriting margin before general expenses was income of +€204 million, down €48 million from 2021. Operating expenses for Groupama Assurances Mutuelles

6.1.8.2 Balance sheet The balance sheet of Groupama Assurances Mutuelles as at 31 December 2022 totalled €15,697 million, up €393 million compared with 2021. Shareholders’ equity represented €4,003 million and consisted of mutual certificates for €3,618 million, retained earnings of €276 million, and income for the fiscal year of +€110 million. Subordinated liabilities amounted to €3,006 million ( versus €3,232 million in 2021). A partial redemption of €229 million was carried out on the perpetual deeply subordinated bond, the par value of which was €1,100 million before this transaction. Reserves for contingent liabilities totalled €52 million, including €34 million in reserves for pensions and similar commitments. Gross underwriting reserves increased by €674 million to €7,694 million. Underwriting reserves ceded and retroceded increased by €578 million to €1,970 million. The largest asset item on the Groupama Assurances Mutuelles balance sheet consists of investments, with a net book value of €12,782 million. The unrealised gain on investments was €2,754 million. totalled -€308 million, up -€31 million. To cover a number of investments in regulatory and business projects. Financial income was positive at +€143 million. The positive change of +€71 million came from the increase in recurring financial income (particularly dividends) for €20 million. The rest was related to non ‑ recurring transactions that had marked 2021. Extraordinary income amounted to -€46 million (-€21 million in 2021). The “tax” line represents net income of €117 million and resulted from the position of Groupama Assurances Mutuelles as the parent of the tax consolidation group. The tax group recorded a group corporate income tax expense of -€12 million (included in the net tax income of the Groupama Assurances Mutuelles entity). The corporate net income for the fiscal year was thus €110 million.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES