2023 02 16 Preliminary version : Non audited consolidated financial statements 2022

CONTENTS

Consolidated balance sheet

3

Consolidated income statement

5

Consolidated statement of comprehensive income

6

Statement of changes in equity

7

Consolidated statement of cash flows

8

Basis of preparation

9

Significant events

10

Scope of consolidation

12

Accounting principles

15

Note 1. Goodwill

40

Note 2. Other intangible assets

41

Note 3. Insurance business investments

42

Note 4. Receivables arising from banking activities

47

Note 5. Investments in associates

47

Note 6. Tangible assets

48

Note 7. Receivables arising from insurance and reinsurance operations

49

Note 8. Other assets

50

Note 9. Cash and cash equivalents

50

Note 10. Share capital

50

Note 11.Share-basedpayments

51

Note 12. Revaluation reserves

52

Note 13. Provisions for liabilities and charges

52

Note 14. Employee benefits

53

Note 15. Financing liabilities

57

Note 16. Lease liabilities

58

Note 17. Liabilities relating to insurance contracts

58

Note 18. Payables arising from banking activities

58

Note 19. Deferred tax

59

Note 20. Payables arising from insurance and reinsurance operations

60

Note 21. Other liabilities

60

Note 22. Revenue

61

Note 23. Claim expenses

62

Note 24. Overheads by function

63

Note 25. Expenses from banking activities

63

Note 26. Income and expenses from ceded reinsurance

63

Note 27. Investment income, net of management expenses (excluding finance costs)

64

Note 28. Other operating income and expenses

65

Note 29. Income tax expense

65

Note 30. Breakdown of net income by segment

66

Note 31. Earnings per share

69

Note 32. Group's headcount

69

Note 33. Related parties

69

Note 34. Key management compensation

71

Note 35. Breakdown of audit fees

72

Note 36.Off-balancesheet commitments

72

Note 37. Operating leases

73

Note 38. Relationship between parent company and subsidiaries

73

Note 39. Entry into the scope of consolidation

74

Note 40. Events after the reporting period

74

Note 41. Risk management

75

(in thousands of euros)

Notes

Dec. 31, 2022

Dec. 31, 2021

Gross written premiums

1,698,270

1,462,424

Premium refunds

(142,109)

(121,336)

Net change in unearned premium provisions

(28,697)

(28,451)

Earned premiums

22

1,527,464

1,312,637

Fee and commission income

158,582

140,691

Net income from banking activities

70,414

64,400

Income from services activities

55,510

50,130

Other revenue

22

284,506

255,221

Revenue

1,811,970

1,567,858

Claims expenses

23

(476,779)

(280,456)

Policy acquisition costs

24

(304,747)

(259,317)

Administrative costs

24

(314,460)

(270,990)

Other insurance activity expenses

24

(69,824)

(66,243)

Expenses from banking activities, excluding cost of risk

24/25

(14,331)

(13,103)

Expenses from services activities

24

(102,998)

(89,674)

Operating expenses

24

(806,361)

(699,327)

Risk cost

25

308

76

UNDERWRITING INCOME BEFORE REINSURANCE

529,138

588,150

Income and expenses from ceded reinsurance

26

(146,610)

(314,288)

UNDERWRITING INCOME AFTER REINSURANCE

382,529

273,862

Investment income, net of management expenses (excluding finance costs)

27

40,105

42,177

CURRENT OPERATING INCOME

422,634

316,039

Other operating income and expenses

28

(9,116)

(3,177)

OPERATING INCOME

413,518

312,862

Finance costs

(29,605)

(21,477)

Share in net income of associates

(0)

(0)

Badwill

(0)

(0)

Income tax expense

29

(100,561)

(67,511)

CONSOLIDATED NET INCOME BEFORE NON-CONTROLLING INTERESTS

283,352

223,874

Non-controlling interests

(244)

(57)

NET INCOME FOR THE YEAR

283,107

223,817

Earnings per share (€)

31

1.90

1.50

Diluted earnings per share (€)

31

1.90

1.50