b'Our teams hard work has enabled us Losses and Natural Disasters to combine performanceon the Rise and profitability.Eversincethepandemic,theinsuranceindustryhasbeengrappling with a series of ongoing claims-related challenges. Supply chain failures, coupled with high inflation and an increase in major weather events, have had a significant impact on the cost and severity of losses. Despitethischallengingenvironmentforthepropertyandcasualty insurance industry, Promutuel Insurance once again exceeded its goals. We recorded a loss ratio of 55%, despite major weather events such as the wind storm of May 22, and the huge winter storm of December 23 Not only did we exceed the $1 billion mark for the first time this past year,that generated significant losses for Groupe Promutuel. In other words, with$1.06billioninwrittenpremiums,wealsosurpassedourgrowththe steps taken in recent years to refine our risk selection, along with our target for policies issued. Reaching the $1 billion written premiums markgeographic representation, have stood us in good stead. was a significant milestone for Groupe Promutuel and represents a 7% increase over 2021, mainly due to the increase in insurance premiums Asdamageinsurers,weareespeciallyconcernedabouttheimpact anunavoidablemeasuretoensureabalancebetweenthebenefitsof climate change on our insured members and, ultimately, on Groupe paid, which are higher due to the impact of inflation on claims costs andPromutuelslong-termviability.Industryregulatorsarealsopaying premiums collectedas well as a slight increase in the number of policiesattention to this issue and have already announced plans to draw up new issued as a result of the excellent retention rate for insured members.guidelines in this respect. In light of this, we have proactively committed to Despitetheincreaseinclaimscosts,PromutuelInsurancesawclaimimplementing an ambitious corporate social responsibility (CSR) strategy. frequency decline. This allowed us to end 2022 with insurance earningsIt builds on what we already do, and identifies the material, environmental, of $83 million, more than double our target. Our outstanding insurancesocial, and governance challenges that we, like our industry peers, will earnings, coupled with the positive impact of our pension plan revaluation,face, as well as the initiatives we will focus on in the future so that we largely offset the negative impact of equity markets on our investmentcan take meaningful action and continue being a responsible corporate performance,therebylimitingthenegativeeffectsoncomprehensivecitizen. income, which stood at $28 million.Thehardworkbyallmembersofourteamthispastyearallowed ustocombineperformanceandprofitabilityunderverychallenging socioeconomic conditions. These results leave us well positioned in the property and casualty insurance industry and well placed to undertake 3the transformational projects we have in the pipeline to meet our strategic| t or Re 2 l nnua A 22 p 20goals for the years ahead.'