Groupama // Universal Registration Document 2022

7

FINANCIAL STATEMENTS Combined financial statements and notes

Note 36 Investment income net of management expenses

36.1 Investment income net of investment expenses – by operating segment

31.12.2022

31.12.2021

France International

Total

France International

Total

(in millions of euros)

Interest on deposits and financial investments income

1,621

183

1,804

1,659

175

1,834

Gains on foreign exchange transactions

72

20

92

50

36

86

Income from differences on redemption prices as yet not received (premium/discount)

128

9

137

129

2

131

Income from property

140

140

110

1

111

Other investment income

Investment income

1,961

212

2,173

1,948

214

2,162

Interest on deposits received from reinsurers

(2)

(2)

(1)

(1)

Losses on foreign exchange transactions

(87)

(21)

(107)

(22)

(24)

(46)

Amortisation of differences in redemption prices (premium ‑ discount)

(194)

(18)

(213)

(209)

(25)

(234)

Depreciation and reserves on property

(112)

(5)

(118)

(111)

(6)

(117)

Management expenses

(297)

(18)

(315)

(341)

(18)

(359)

Investment expenses

(692)

(63)

(755)

(684)

(73)

(757)

Held for trading

124

(3)

121

28

4

32

Available ‑ for ‑ sale Held to maturity Other

92

29

121

227

17

244

469

1

470

112

112

Capital gains (losses) from sales of investments, net of impairment reversals and write ‑ backs

684

27

712

367

22

389

Held for trading

(121)

(33)

(154)

111

19

130

Derivatives

(12)

(12)

12

12

Adjustments on unit ‑ linked policies

(1,909)

(90)

(1,999)

1,236

55

1,291

Change in fair value of financial instruments recorded at fair value by income

(2,041)

(123)

(2,165)

1,359

74

1,433

Available ‑ for ‑ sale

(27)

(3)

(30)

(18)

(1)

(19)

Held to maturity Receivables and loans

(1)

(1)

(4)

(4)

Change in impairment losses on financial instruments

(27)

(3)

(31)

(22)

(1)

(23)

TOTAL

(116)

50

(66)

2,968

235

3,203

As at 31 December 2022, investment income net of management expenses amounted to -€66 million compared with €3,203 million as at 31 December 2021. This change was mainly due to the unfavourable financial environment.

260

Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES