Groupama // Universal Registration Document 2022

7

FINANCIAL STATEMENTS Combined financial statements and notes

Note 11 Investments in related companies and joint ventures under the equity method

31.12.2022 31.12.2021 Equivalent value Share of income Equivalent value Share of income

(in millions of euros)

Orange Bank

(22)

STAR

85

3

84

3

GROUPAMA - AVIC Property Insurance Co.

93

5

93

3

TOTAL

178

8

177

(16)

The Group holds a number of stakes in the following insurance companies: STAR in Tunisia, a leader in the Tunisian insurance market, jointly owned with the Tunisian government; ❯ Groupama AVIC Property Insurance Co is the result of the joint venture between Groupama and the AVIC group. This company sells non ‑ life insurance products in the People’s Republic of China. ❯

As a reminder, during the previous fiscal year, the Orange group acquired Groupama’s 24.14% stake in Orange Bank via Compagnie financière d’Orange Bank 30 September 2021. The key figures for these various companies are provided in the tables below.

11.1 Significant data pursuant to IFRS 12

2022

Underwriting reserves

Shareholders’ equity

Premium income

Net income

Total assets

(in millions of euros)

(1)

STAR

118

8

256

408

119

(2)

Groupama - AVIC Property Insurance Co.

437

3

207

495

174

(1) Actual 2022 data for premium income and 2021 for underwriting reserves and assets/Estimated data for income and shareholders’ equity. (2) Actual data.

2021

Underwriting reserves

Shareholders’ equity

Premium income

Net income

Total assets

(in millions of euros)

(1)

STAR

112

6

251

403

111

(2)

Groupama - AVIC Property Insurance Co.

331

1

188

498

180

(1) Actual 2020 data on underwriting reserves, total assets, and shareholders’ equity/Estimated 2021 data for the result and 2021 actual data for premium income. (2) Actual data

The Group has opted for temporary exemption from the rule on consistency of accounting policies ordinarily required by the IAS 28 standard, and as stipulated under paragraph 20 O (b) of the amendments to IFRS 4 “Applying IFRS 9, Financial Instruments with IFRS 4, Insurance Contracts” and “Extension of the Temporary Exemption from Applying IFRS 9”. These

amendments allow insurance groups that have elected to defer application of IFRS 9, and that consolidate their related companies using the equity method to preserve the financial statements prepared by such related companies for the purposes of producing their consolidated financial statements.

230

Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES