Groupama // Universal Registration Document 2022

7

FINANCIAL STATEMENTS Annual financial statements and notes

Long ‑ term financial instruments outstanding Groupama Assurances Mutuelles no longer has any long ‑ term financial instruments outstanding following the unwinding of the swaps associated with the Zen bond in September 2022.

contracts underwritten by Rampart (Le Mans Re and MMA portfolios); the unconditional guarantees granted by Groupama Assurances Mutuelles to Gan Assurances, which require it to supply if applicable the financial means necessary to satisfy the payment of claims relating to insurance policies signed by said companies; these guarantees were designed to improve the debt ratings of these companies and terminated during fiscal year 2012, but rights and obligations under these guarantees remain. Groupama Assurances Mutuelles is also responsible for commitments of this type given previously by the CCAMA to Group entities (some of which have been divested) that have since been cancelled but for which certain rights and obligations still exist; ❯ certain specific guarantees granted during the transfer of the Gan Eurocourtage brokerage portfolio to Allianz; ❯ the fundamental and specific guarantees granted when Groupama Banque securities were contributed to Compagnie Financière d’Orange Bank. ❯

Other unquantified and unlimited commitments received and given

Before or during the year, Groupama Assurances Mutuelles also granted or obtained unquantified or unlimited commitments involving notably: the letter of intent written by Groupama Assurances Mutuelles to the Comité des Etablissements de Crédit et des Entreprises d’Investissement (CECEI) as part of the creation of Groupama Épargne Salariale; ❯ the assumption by Assurances Mutuelles of the guarantee given by Groupama Reassurance to Sorema NA (now General Security National Insurance Company) regarding the payment of all obligations stemming from two retrocession ❯

Note 17 Operating income statement by source

31/12/2022

31/12/2021

RUN ‑ OFF and CDA

RUN ‑ OFF and CDA

Inward reinsurance

Inward reinsurance

Total

Total

(in thousands of euros)

Earned premiums

86,464 2,976,249 3,062,712

85,654 2,803,610 2,889,264

Claims expense

65,143 2,639,799 2,704,942

37,672 1,844,909 1,882,581

Charges from other underwriting reserves

20,977

40,768

61,745

5,458 (30,214)

(24,756)

Change in the equalisation reserve

53

24,424

24,477

145 (13,764)

(13,619)

Profit sharing

0

0

0

0

25

25

A- Underwriting result

42,350 401,642 443,992

53,585 914,749 968,334

Acquisition costs

141 361,371 361,512

19 343,610 343,629

Administrative costs

0 252,402 252,402

0 240,722 240,722

Other underwriting costs and income

(51)

169,407 169,356

(485)

165,682 165,197

B- Net acquisition and management expenses

90 783,181 783,270

(466)

750,014 749,548

C- Allocated investment income

0

83,492

83,492

0

41,785

41,785

D- Reinsurance result

24,049 (277,972)

(253,924)

20,777 206,481 227,258

UNDERWRITING RESULT (A ‑ B+C+D)

18,212 (20,075)

(1,863)

33,274

39

33,313

335

Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES