Groupama // Universal Registration Document 2022

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OVERVIEW OF THE GROUP Key figures

1.2.3 TIES BETWEEN THE GROUP’S ENTITIES

Relations between the regional mutuals and Groupama Assurances Mutuelles are governed by: an Internal reinsurance agreement between the regional mutuals and Groupama Assurances Mutuelles with terms updated every year. This agreement is described in more detail in § 3.7.2; ❯ a security and solidarity agreement between all the regional mutuals and Groupama Assurances Mutuelles (“agreement defining the security and solidarity mechanisms of the Caisses de Réassurance Mutuelle Agricole”). This agreement is described in more detail in § 3.7.1. ❯

The subsidiaries are bound by capital ties. Moreover, in exchange for a certain degree of operational autonomy, each of the subsidiaries is subject to the requirements and obligations defined by the Groupama Assurances Mutuelles environment, particularly in terms of control.

1.3 KEY FIGURES

1.3.1 GROUPAMA COMBINED SCOPE

The following table shows financial disclosures and ratios from the Group’s combined financial statements. The combined financial statements were prepared in accordance with the IFRS as adopted by the European Union. It provides a view of

the entire scope of consolidation of the mutuals, including the Groupama Assurances Mutuelles capital ownership scope of consolidation.

2022

2021

2020

(in millions of euros)

(1)

Premium income

15,931

15,477

14,445

of which France insurance

13,237

12,860

12,011

of which international insurance

2,483

2,377

2,245

of which financial activities

211

240

189

(2)

Non ‑ life combined ratio

99.4%

98.3%

98.7%

(3)

Economic operating income

349

461

306

Net income

454

493

177

Financial structure and soundness Shareholders’ IFRS equity

7,502

10,659

10,704

Total balance sheet

94,721

104,469

104,702

(4)

Debt ratio

25.1%

27.8%

26.9%

(5)

Solvency 2 margin

282%

271%

244%

Rating

Fitch Ratings

A+

A

A

(1) Insurance premiums written and income from financial businesses. (2) See glossary in this Universal Registration Document (page 373).

(3) Economic operating income equals net income adjusted for realised capital gains and losses, long ‑ term impairment increases and write ‑ backs, and unrealised capital gains and losses on financial assets recognised at fair value (all such items are net of profit sharing and corporate income tax). Also adjusted are non ‑ recurring items net of tax, impairment of value of business in force and impairment of goodwill (net of tax). (4) Debt excluding cash of holdings, as a share of book value of shareholders’ equity excluding re ‑ evaluation reserve (including subordinated liabilities and minority interests). (5) Solvency 2 margin coverage, with a transitional measure on Groupama Gan Vie’s underwriting reserves.

On 10 June 2022, Fitch Ratings raised Groupama’s financial strength rating to “A+” with a stable outlook. This rating upgrade reflects the Group’s very strong capitalisation in 2021, solid financial performance, and an excellent sales profile in France.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES