GROUPAMA / 2018 Registration document

6 EARNINGS AND FINANCIAL POSITION DIVIDEND DISTRIBUTION POLICY

DIVIDEND DISTRIBUTION POLICY 6.2

The following statements are purely historical, as Groupama AssurancesMutuelles, since its conversion into a 'Caisse Nationale de Réassurance Mutuelle Agricole'on 7 June 2018,no longerhas any capital.

6.2.1

DIVIDENDS PAID OVER THE PAST THREE FISCAL YEARS

Total dividends distributed eligible for reduction

Total dividends distributed not eligible for reduction

Fiscal years

Total dividends distributed

2017

€14,005,418.41

€3,382.46

€14,002,035.96

2016

None

None

None

2015

€14,261,596.16

€4,918.13

€14,256,678.03

6.2.2

DISTRIBUTION POLICY

The dividends paidby Groupama SA were paid in euros. The dividend proposal was submitted to the General Meeting after the allocation of the earnings is proposed by the Board of Directors. Groupama SA determined its dividend distribution policy on the basis of its consolidated current income minus subsidies paid to regional mutuals. When considering the dividend to be paid for a given year, Management sought to reconcile (i) the prudent management of capital, (ii) the reinvestment of past earnings to support the development of businesses and (iii) the objectives set by the controlling shareholder.

Note that 99.98% of the dividend was paid to the controlling shareholderof Groupama SA,and 0.02%was paid to the minority shareholders. On the day of the conversion of the Company into a National Agricultural Reinsurance Mutual, a form of company without capital, the Groupama SAshares held by the minority shareholders were cancelled. The shares held by the member mutuals were converted into mutual certificates. Going forward, the Company will be able to pay, under certain conditions, remuneration for these mutual certificates (see section 6.3 below).

FY 2017

FY 2016

FY 2015

Overalldividend

€13.9 million

€0

€14.3 million

Dividend per share

€0.034

€0

€0.035

Consolidated net income

€87 million

€79 million

€133 million

Distribution rate

15.9%

Notapplicable

10.7%

6.2.3

STATUTE OF LIMITATIONS

Dividends not claimed within five years are subject to the statute of limitations. They then revert to the Public Treasury, pursuant to Article L. 1126-1of the French General Public PropertyCode.

176

REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES

Made with FlippingBook flipbook maker