GROUPAMA / 2018 Registration document

5

RISK FACTORS AND RISK MANAGEMENT

5.1

5.2

RISK FACTORS

124

RISK MANAGEMENT

AND SENSITIVITY ANALYSES

134

5.1.1 5.1.2

124

Riskfactorsrelatingtothe

insurancebusiness

5.2.1

Organisationofriskmanagementwithin

Riskfactorsrelatingtothe financialmarkets, the financialstrengthrating,thevaluation ofassets andotherrelatedaspects

134 137 140 146 147 148

theGroup

125 129

Insurancerisks 5.2.2 Marketrisks 5.2.3 Liquidityrisk 5.2.4

5.1.3 5.1.4

Groupama’s

internal

riskfactors

Riskfactorsrelatingtothedynamicregulatory

andcompetitiveenvironment

131

5.2.5 5.2.6

Riskofreinsurer

insolvency

Operating,

legal,regulatory,andtaxrisks

123

REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES