Groupama // Universal Registration Document 2022

7

FINANCIAL STATEMENTS Annual financial statements and notes

Note 18 Investment income and expenses

31/12/2022

31/12/2021

Companies with equity

Companies with equity

Type of income (in thousands of euros) Investment income Investment income

Related Companies

Related Companies

link Other origins

Total

link Other origins

Total

278,763

1,526 19,872 300,161 254,289

960 23,412 278,661

Investment income

226,265

1,526

2,035 229,826 241,264

960

242,224

Income from real estate investments

50,330

(254)

50,076 12,527

13 12,540

Income from other investments Other financial income

2,168

18,091 20,259

498

23,399 23,897

Other investment income

285,187

52

4,905 290,144 13,754

61

7,357 21,172

Profits from the realisation of investments

3

8,671

8,674

1,002

5,186

6,188

Total investment income

563,953

1,578 33,448 598,979 268,043

2,023 35,955 306,021

Investment expenses Internal and external investment management costs and financial expenses Other investment expenses Losses from the realisation of investments

8,572

157,194 165,766

8,410

127 158,227 166,764

328

48

6,165

6,541 42,095

9,752 51,847

282,051

1,551 283,602

21 15,704 15,725

Total investment expenses

290,951

48 164,910 455,909 50,505

148 183,683 234,336

NET INVESTMENT INCOME

273,002

1,530 (131,462)

143,070 217,538

1,875 (147,728)

71,685

The decrease in “Investments income” is due to a decrease in dividend distributions from subsidiaries in 2022 of -€12.4 million. “Other investment expenses” and “Other investment income” include net write ‑ backs of reserves for long ‑ term impairment for +€281.3 million as at 31 December 2022. They consist mainly of a reserve write ‑ back of €276.6 million for the Cofintex 17 shares associated with the internal restructuring of this entity.

“Profits from realised investments” and “Losses from realised investments” include capital losses of -€282.1 million on equity securities. They were also explained by a capital loss of - €276.8 million on the sale of Cofintex 17 shares. Overall, the Cofintex 17 operation is neutral on the corporate income of Groupama Assurances Mutuelles.

Note 19 Other non ‑ underwriting income and expenses

Other non ‑ underwriting expenses of -€19.3 million mainly consist of general expenses broken down by budget control.

Note 20 Extraordinary income and expenses

The 2022 extraordinary income presents an expense of -€45.6 million and mainly consists of subsidies paid in connection with the financing of major programmes to the Group’s entities for -€20,7 million as well as various non ‑ recurring extraordinary expenses, the main ones of which relate to the coverage of a run ‑ off pension fund in a former international subsidiary for €23.3 million.

336

Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES