HALF YEAR 2019 RESULTS Analysts Conference Call 30 August 2019 - PowerPoint PPT Presentation

HALF YEAR 2019 RESULTS Analysts Conference Call – 30 August 2019

GROUPAMA GROUP HY 2019 Results Gro Groupama ma as at t 30 June June 2019 2019 KEY FIGURES € 224m € 9.5bn € 106m Insurance Economic Premium income Net Income Operating Income 152% € 9.7bn A, Positive outlook Groupama – combined perimeter Solvency margin IFS rating – Fitch Ratings Group’s IFRS equity ( 269% with transitional measure) C 2

GROUPAMA GROUP HALF YEAR 2019 RESULTS 1. Solid performance at 30/06/2019 2. Appendices 3

GROUPAMA GROUP HY 2019 Results Business perfo rforman rmance PREMIUM INCOME Total premium income Premium income breakdown +1.0% Premium income 30/06/18 Like-for-like € 9,5bn 30/06/19 € 9,4bn In € m Δ proforma P&C 5,188 5,246 +1.1% France 4,308 4,391 +1.9% International 880 855 -2.9% L&H 4,089 4,130 +1.0% France 3,701 3,766 +1.8% International 388 364 -6.2% Groupama – combined perimeter Total Insurance 9,277 9,377 +1.1% 30/06/18 30/06/19 Financial businesses 88 82 -6.0% proforma ABR : assurance de biens et responsabilité Total – Groupama 9,365 9,459 +1.0% AP : assurance de personnes 4

GROUPAMA GROUP HY 2019 Results Business perfo rforman rmance PREMIUM INCOME IN FRANCE AND OUTSIDE FRANCE Premium income Premium income Premium income breakdown France International International +1.9% € 8.2bn € 8.0bn Like-for-like -3.9% In € m 30/06/19 Δ € 1.3bn € 1.2bn Italy 669 -11.6% CEEC (Hungary, 331 +4.4% Romania, Bulgaria) Other countries (1) 218 +12.3% 30/06/18 30/06/19 proforma Total Insurance - Groupama – combined perimeter 1,219 -3.9% International (1) mainly Turkey and Greece 30/06/18 30/06/19 proforma 5

GROUPAMA GROUP HY 2019 Results Business perfo rforman rmance LIFE & HEALTH INSURANCE L&H Premium income Share of unit-linked in Financial Leeway individual savings reserves (Groupama Gan Vie) (France) +1.0% Inforce business € 4.1bn € 4.1bn 2,1% 25.3% 27.1% +110 pb 1% 30/06/19 9.0% 7.1% new business +160 pb Groupama – combined perimeter 1,6% Dec 11 Dec 12 Dec 18 June 19 0% No guaranted 30/06/18 30/06/19 rate proforma 30/06/19  yields on assets GGVie  average guaranted rate 6

GROUPAMA GROUP HY 2019 Results Business perfo rforman rmance PROPERTY & CASUALTY INSURANCE Non-life combined ratio Non-life combined ratio P&C Premium income Group France +1.1% € 5.3bn 97.9% 97.8% 96.3% 98.1% € 5.2bn 30/06/18 30/06/19 proforma 70.1% 69.7% Net claim ratio Non-life combined ratio Net cost ratio International 106.3% Groupama – combined perimeter 99.5% 28.0% 28.2% 30/06/18 30/06/19 30/06/18 30/06/19 proforma 30/06/18 30/06/19 proforma proforma 7

GROUPAMA GROUP HY 2019 Results Gro Group resu results ts ECONOMIC OPERATING INCOME Insurance operating Breakdown of Groupama P&C - operating income operating income result - France + € 36m Total In € m Int’l France P&C € 235m In € m 30/06/18 30/06/19 € 199m 30/06/18 56 30 86 Insurance 242 224 30/06/19 85 -16 69 30/06/18 30/06/19 Financial 20 15 LH - Operating income activities Insurance operating France result - International Total In € m Int’l Groupama – combined perimeter Other Holdings -45 -54 L&H GGVIE entities Total € 43m - € 12m 30/06/18 57 86 143 13 156 TOTAL 217 185 30/06/19 60 90 150 4 154 30/06/18 30/06/19 8

GROUPAMA GROUP HY 2019 Results Group resu Gro results ts NET INCOME Net income Breakdown of Groupama net income - € 100m In € m 30/06/18 30/06/19 € 206m Economic operating income 217 185 Net realised capital gains (1) 84 46 Long-term impairment losses on financial -2 -6 € 106m instrument (1) Gains or losses on financial assets booked at -13 4 fair value (1) Financing expenses -27 -34 Groupama – combined perimeter Net profit from disposal activities -2 0 Other costs and income -51 -88 30/06/18 30/06/19 Net income 206 106 (1) amounts net of profit sharing and tax 9

GROUPAMA GROUP HY 2019 Results Balance sheet ASSET BREAKDOWN Asset portfolio * Asset portfolio breakdown* Unrealised capital gains € 76.6bn Equities € 73.7bn 5.8% In € bn 31/12/18 30/06/19 Cash Others 5.2% 2.0% Fixed 5.2 7.5 Property income 5.8% Equities 0.6 0.9 30/06/19 Property 2.2 2.2 Total 8.0 10.5 Groupama – combined perimeter Fixed income 81.2% 31/12/18 30/06/19 * Fair value, excluding unit linked, repurchase agreements and minorities 10

GROUPAMA GROUP HY 2019 Results Balance sheet GROUP’S EQUITY Group’s IFRS equity Change in Group’s IFRS equity (in € m) (in € m) € 9.7bn € 8.9bn 1,099 9,711 +106 1,099 +709 +27 1,994 -14 1,285 8,884 6,618 6,501 Groupama – combined perimeter Group's equity Revaluation Mutualist Net income Others Group's equity 31/12/18 30/06/19 31/12/18 reserve certificates 30/06/19 core group's equity * revaluation reserve subordinated debts Mutual Certificates: outstanding amount of € 567m as at 30/06/19 * Core Group’s equity: initial capital, retained earnings 11

GROUPAMA GROUP HY 2019 Results Balance sheet SOLVENCY RATIO Solvency ratio with and without Solvency ratio roll-forward ratio w/o transitional measure transitional measure (in € bn) 297% +1.5 pt +0.5 pt -24 pts 269% 167% 12.9 12.4 152% +7 pts 167% 152% 9.4 9.1 6.0 5.6 4.6 4.3 Groupama – combined perimeter w/o transitional with transitional w/o transitional with transitional measure measure measure measure 31/12/18 Net income Mutual Market Others 30/06/19 certificates environment 30/06/19 31/12/18 Eligible own funds Capital requirement (SCR)

GROUPAMA GROUP HY 2019 Results Groupama’s IFS S rati rating RATING UPGRADED TO ‘A’, POSITIVE OUTLOOK Groupama IFS rating & outlooks - Fitch Ratings On 20 June 2019, Fitch Ratings upgraded Groupama's Insurer Financial Strength (IFS) Rating to 'A' with ‘Positive’ outlook A positive A- “The upgrade reflects Groupama’s sustained A- positive strong capitalisation and leverage, and strong stable earnings profile. The ratings also reflect BBB+ Groupama’s very strong business profile in the BBB stable French insurance sector, and a strong investment positive & asset risk score. The Positive Outlook reflects Fitch's expectations that Groupama will BBB− Groupama – combined perimeter consolidate its strong capitalisation and leverage stable positon in 2019-20 ”. Dec-2013 Dec-2014 Dec-2015 May-2017 April-2018 June-2019 Source: Fitch Ratings ‘ press release’

GROUPAMA GROUP HALF YEAR 2019 RESULTS 1. Solid performance at 30/06/2019 2. Appendices • Solvency: contribution to SCR and eligible own funds • Asset portfolios • Subordinated debts 14

GROUPAMA GROUP HY 2019 Results Appendices CONTRIBUTION TO SCR, ELIGIBLE OWN FUNDS AND SENSITIVITIES Sensitivities Contribution to SCR Eligible Own Funds (1) 31/12/18 by risk o/w « grandfathered » Sub. Debts interest rate Tier 2 14% (4% of EOF) -19 pts 9% -50pb o/w « grandfathered » interest rate sub. Debts +13 pts 20% +50pp (10% of EOF) 30/06/19 44% Tier 1 w/o diversification 86% equity markets effect -11 pts -25% o/w mutual 9% certificates equity markets (5% of EOF) + 9 pts 11% 7% +25% Groupama – combined perimeter corporate spreads + 5 pts + 75 pb Market risk Counterparty default risk 30/06/19 Life underwriting risk Health underwriting risk (1) Scope w/o financial activities Non-life underwriting risk Operational risk 15

GROUPAMA GROUP HY 2019 Results Appendices FIXED INCOME PORTFOLIO AT 30/06/2019 Market value Breakdown by issuer’s rating Breakdown by type of issuer 1.0% 42.9% Sovereign debts 16.0% 26.8% Corporate debts, non 20.6% financial 18.5% Financial debts 5.7% 4.1% 64.5% Others AAA AA A BBB HY Breakdown by subordination Breakdown by geographical area Sovereign debts Corporate debts, non financial Financial debts Groupama – combined perimeter 3.5% o/w France o/w France 3.7% o/w Italy 55.2% 9.8% 38.8% Senior 22.2% 31.9% Covered 17.8% 39.3% Subordinated 56.5% Others o/w Spain o/w Italy 68.9% 8.6% 11.6% 57.1% 2.2% o/w Spain 1.5% 16 Other € zone countries "Core" (France, Germany, Netherlands) Rest of the world

GROUPAMA GROUP HY 2019 Results Appendices EXPOSURE TO € ZONE SOVEREIGN DEBTS 31/12/18 30/06/19 Unrealised Unrealised Unrealised Unrealised capital capital Cost value Fair value capital Cost value Fair value capital gains or gains or gross gross gains or gross gross gains or In € m losses losses amount amount losses net amount amount losses net gross gross amount amount amount amount Spain 2,193 2,842 649 78 2,202 3,119 917 126 Ireland 10 11 1 0 10 11 1 0 Italy 7,148 8,084 936 146 6,971 8,243 1,273 219 Portugal 13 14 0 0 9 10 1 0 Groupama – combined perimeter Greece - - - - - - - - Total 9,365 10,951 1,586 225 9,192 11,383 2,191 345 17