Groupama // Universal Registration Document 2022

7

FINANCIAL STATEMENTS Combined financial statements and notes

Note 15 Deferred profit sharing

15.1 Deferred profit sharing assets

31.12.2022

31.12.2021

France International

Total

France International

Total

(in millions of euros)

Deferred profit ‑ sharing assets

1,811

146

1,956

3

3

TOTAL

1,811

146

1,956

3

3

15.2 Deferred profit sharing liabilities

31.12.2022

31.12.2021

France International

Total

France International

Total

(in millions of euros)

Reserve for deferred profit sharing of insurance policies

5

5

4,716

4,716

Reserve for deferred profit sharing of financial contracts

88

88

TOTAL

5

5

4,716

88

4,804

Deferred policyholder assets are principally due to unrealised losses on bond portfolios in application of the shadow accounting principle. A recoverability test has been performed to demonstrate the Group’s ability to offset the deferred policyholder assets against future policyholder profit ‑ sharing. The recoverability test of the deferred profit ‑ sharing asset mentioned in the Group’s principles aims to demonstrate that the profit ‑ sharing will be available to the insured in the future will make it possible to absorb the unrealised capital losses of investment assets by taking into account the likely impacts on the insured’s behaviour according to a financial environment considered reasonable. The Group thus carried out a future returns projection test in which the growth rate of the equity markets is on the order of 5.5% in the long term and in which the bond reinvestment rates amount to around 3% from 2023 to 2027, then converge towards 3.35% in 2032. Sensitivity analyses were conducted

and demonstrated, on the one hand, that cash flows remain positive and that it is not necessary to realise capital losses to make payments, and on the other hand, that the financial margin remains positive. In addition, the rate of deferred profit sharing is determined entity by entity (based on regulatory requirements). It is based on the real rate of sharing of investment income between policyholders and shareholders and corresponds to the average real rates over the past three years. This average prevents the inclusion of non ‑ recurring, atypical factors in the calculation. In the particular case of Groupama Gan Vie, the deferred profit ‑ sharing rate is determined using a prospective sharing rate method based on three ‑ year business plans. The rates used in France at 31 December 2022 fall within a range of 69.13% to 85.84%, with 69.13% for Groupama Gan Vie.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES