Groupama // Universal Registration Document 2022

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FINANCIAL STATEMENTS Annual financial statements and notes

2 Post ‑ balance sheet events

Groupama Assurances Mutuelles has no significant post ‑ closing events.

3 Accounting principles, rules and methods

Groupama Assurances Mutuelles’s corporate financial statements are prepared and presented in accordance with the general accounting principles provided for in Articles L. 123 ‑ 12 to L. 123 ‑ 22 of the French Commercial Code and the provisions of the French Insurance Code and the regulations of the ANC (French accounting standards authority) no. 2015 ‑ 11 of 26 November 2015 et seq. relating to the annual financial statements of insurance undertakings.

3.1 Underwriting operations Groupama Assurances Mutuelles is engaged mainly in the following reinsurance operations: the reinsurance of each of the regional mutuals under the reinsurance agreement entered into with each of them; ❯ the reinsurance of other entities of the Group in France and internationally. ❯ Groupama Assurances Mutuelles also carries out non ‑ life insurance operations in co ‑ insurance and co ‑ reinsurance groupings. Since the Antilles Guyane regional mutual is not licensed to conduct insurance operations, Groupama Assurances Mutuelles directly replaces this mutual to cover these operations. Under this principle, the corresponding figures reported in the financial statements contain the information reported as “direct business” after deducting “custody of the regional mutual”. 3.1.1 Contributions Premiums for the year relate to direct business and mainly to inward insurance. They include: contributions for the fiscal year, net of cancellations; ❯ variation in premiums still to be written; ❯ variation in premiums to be cancelled. ❯ These premiums are corrected for variation in unearned premiums and constitute the amount of earned premiums. 3.1.2 Reserve for unearned premiums The reserve for unearned premiums for all policies in force at the fiscal year ‑ end shows the share of premiums written and premiums yet to be written relating to the risk coverage in effect for the year or years following the reporting year. It is calculated pro rata temporis.

3.1.3 Costs relating to the insurance business Costs relating to the insurance business are recorded according to their nature. They are classified for the presentation of the financial statements according to the purposes of the claims management costs, acquisition costs, administration cost, investment costs, and other technical costs. Acquisition and administration costs mainly include: commissions paid by Groupama Assurances Mutuelles to the regional mutuals. These are determined pursuant to the provisions stipulated in the reinsurance agreement with the regional mutuals and are calculated based on the earned premiums that Groupama Assurances Mutuelles accepts from the regional mutuals; ❯ commissions assessed on direct business and other inward reinsurance business. ❯ 3.1.4 Deferred acquisition costs A portion of the general expenses of Groupama Assurances Mutuelles allocated for the acquisition of contracts and commissions on direct and accepted business is posted to assets in the balance sheet. This is the share of acquisition expenses pertaining to unearned premiums. 3.1.5 Claims The claims expense for the period consists primarily of: services and expenses paid for in connection with direct business or that accepted under reinsurance treaties which equate the claims paid net of remedies to be received for the year plus periodic annuity payments. They also include claims ‑ related expenses. These claims also include periodic payments of annuities managed directly by Groupama Assurances Mutuelles, as well as management costs from the distribution of general expenses; ❯ the reserves for claims in direct business and inward reinsurance business represent the estimate, net of projected claims receivable, of the cost of all unpaid claims at the end of the year, both declared and undeclared. These ❯

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES