GROUPAMA / 2018 Registration document

1 OVERVIEW OF THE GROUP STRATEGY

1.3.3

CONSOLIDATED SCOPE/COMBINED SCOPE DATA RECONCILIATION

Premium income/revenue ı

2018

2017

(in millions of euros)

Consolidated premium income/revenue

10,650

10,304

Premium income/revenue - regional mutuals

5,663

5,541

Internaltransactions/operations:

Groupama Assurances Mutuelles

(2,046)

(2,024)

Groupama Gan Vie

0

0

Groupama Asset Management

(4)

(2)

Combined premium income/revenue

14,263

13,819

ı

Net income

2018

2017

(in millions of euros)

Consolidated netincome

319 123

87

Net income -regional mutuals

206

Net income -Groupama Assurances Mutuelles

(3)

0

Net income -realestatecompanies

11

0

Net income -holdings

(1)

Combined net income

450

292

STRATEGY 1.4 The conversion of Groupama SA into Groupama Assurances Mutuelles in June 2018 restored the Group’s consistency based on its three levels of mutualisation: the local mutual, the regional mutual, and the national mutual. This new organisationmakes it possible to have better suited legal and financial resources to potentially grow via operations for mutual insurance or for profit. By unifying its values and organisation, the Groupama group is demonstrating its commitment to its mutual insurance background and to timeless human values such as solidarity, accountability,engagement, and optimism and is using them in an ambitious savings project for its members andcustomers. Converting our central body from a limited company to a mutual insurance company gives Groupama the strategic flexibility it needs to keep growing internally and externally. All our efforts will focus on the success of two major strategies that contribute to fulfilling our purpose “to enable as many people as possible to build their lives confidently”: cultivating our pioneering spirit to constantly reinvent our way of helping our customers build their lives confidently with the goal of being incomparable in order to promote our values and ensure our developmentand sustainability and becoming a centre of consolidation of mutual insurance in France.

In a profoundly changing environment, the Group is showing renewed momentum for strong, shared ambitions. The Group’s strategic programme is based on four priorities: highly satisfied customers, profitable development, a culture of efficiency, and committedemployees.Each of the Group’s entities has developed the strategic programme at its own level on the basis of a roll-out pack. Their employees were involved in the development of the workstreamsof this programme intheir OperationalStrategicPlans (OSP).

1.4.1.

AN ENVIRONMENT UNDERGOING PROFOUND CHANGE

In a context of significant change, Groupama is facing external constraints that it has to take on board and transform into opportunities as partof the Group’s strategic programme: a difficult economic climate affecting the demand for insurance ❯ and putting pressureon the economic model of insurers; very strong competition in a world where the GAFAs are setting ❯ new standardsfor customer relations;

10 REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES