Groupama // Universal Registration Document 2022

7

FINANCIAL STATEMENTS Combined financial statements and notes

Note 19 Risk of reinsurer insolvency

Outward reinsurance consists of transferring to the reinsurer a portion of the risks accepted by the ceding company. They are regularly reviewed to monitor and limit the credit risk on third ‑ party reinsurers. The Reinsurance Securities Committee examines and approves the list of reinsurers accepted for all external outward reinsurance. This list is reviewed in its entirety at least twice a year. During the year, continual monitoring is performed to adapt the internal ratings of the reinsurers to changes that may occur to them that would modify their solvency assessment. For any given

reinsurance placement, any reinsurer approached for an outward reinsurance outside Groupama must first be on the list of the Group Security Committee. Approved reinsurers must have a rating compatible with the type of business reinsured, depending on whether they have a short or long accounting run ‑ off. Insurance underwriting reserves and assigned receivables are shown below, by rating, according to the three largest rating agencies (Standard & Poor’s, Fitch Ratings, and Moody’s).

31.12.2022

AAA

AA

A

BBB

< BBB Not rated

Total

(in millions of euros)

Share of reinsurers in non ‑ life insurance reserves Share of reinsurers in life insurance reserves Share of reinsurers in reserves for financial contracts with discretionary profit sharing Share of reinsurers in reserves for financial contracts without discretionary profit sharing Receivables from outward reinsurance operations

1,461

498

5

90

2,054

11

15

54

81

139

22

10

171

TOTAL

1,612

535

5

154

2,305

31.12.2021

AAA

AA

A

BBB

< BBB Not rated

Total

(in millions of euros)

Share of reinsurers in non ‑ life insurance reserves Share of reinsurers in life insurance reserves Share of reinsurers in reserves for financial contracts with discretionary profit sharing Share of reinsurers in reserves for financial contracts without discretionary profit sharing Receivables from outward reinsurance operations

1,125

186

1

103

1,415

11

15

53

79

139

20

11

171

TOTAL

1,275

221

1

168

1,664

The total share of unrated reinsurers equates in the main to outward reinsurance to professional reinsurance pools, especially ASSURPOL, ASSURATOME, GAREAT and Réunion Aérienne, which are not subject to any rating.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES