Groupama // Universal Registration Document 2022

7

FINANCIAL STATEMENTS Combined financial statements and notes

Note 25 Information pertaining to personnel benefits – defined ‑ benefit plans

25.1 Principal actuarial assumptions

31.12.2022

31.12.2021

France United Kingdom Other

Total

France United Kingdom Other

Total

(in millions of euros)

Actuarial debt

330

274

25

629

417

409

29

855

Fair value of hedging assets

44

256

301

34

450

484

Net actuarial debt

286

17

25

328

383

(41)

29

371

Limitation on recognition of hedging assets

1

1

41

41

Net Liabilities

287

17

25

329

383

0

29

412

Principal actuarial assumptions Financial assumptions Discount rate

3.60% 4.40% NS

0.80% 1.70% NS

Yield expected from plan assets

3.60% 4.40% NS

0.80% 1.70% NS

Expected salary/pension increase

2.04% 2.80% NS

1.92% 3.00% NS

Staff turnover

18 to 34 years ❯

6.56%

NA

NS

5.75%

NA

NS

35 to 44 years ❯

3.00%

NA

NS

2.66%

NA

NS

45 to 54 years ❯

1.22%

NA

NS

1.12%

NA

NS

55 and older ❯

0.08%

NA

NS

0.00%

NA

NS

In addition, the general increase negotiated at the end of 2022 exclusively for 2023 – by 4% for most of the Group’s entities in France – has been included in the basis of the calculation of provisions for pensions and similar obligations. Note that in the United Kingdom, the Groupama Insurance Company Limited (GICL) pension fund was transferred to Groupama Assurances Mutuelles following the sale of the subsidiary in 2012.

Only staff turnover rates for France are material in the context of the consolidated financial statements. The discount rate used at 31 December 2022 to value actuarial commitments is the interest rate on high ‑ quality corporate bonds.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES