GROUPAMA / 2018 Registration document

FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

Socially responsible investment strategy (d) At the beginning of December 2018, the Groupama group reaffirmed its desire to support the ecologicaland energy transition to a less carbon-basedeconomy. The Group no longer invests in and is graduallywithdrawingfrom any companywhose turnover or energy production mix is more than 30% based on coal. With regard to fossil fuels, the Group is committed to not investing in any company whose oil sands account for more than 15% of total reserves. In addition, the Group intends to invest €1 billion over three years in financing the energy transition.Through these strong

commitments, which go beyond the regulatory obligations, Groupama reaffirms the timeless values that have defined its identity for more than 100 years – responsibility, solidarity, and engagement – and is part of the approach to allow as many

people as possible to buildtheir lives confidently.

Post-balance sheet events

1.2 None.

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CONSOLIDATION PRINCIPLES, METHODS AND SCOPE

Explanatory note 2.1 Groupama Assurances Mutuelles is a National Agricultural ReinsuranceMutual, a special form of mutual insurance company, wholly owned by the Caisses Régionales d’Assurances et de Réassurances Mutuelles Agricoles and the Caisses Spécialisées (“Specialised Mutuals”, regional mutuals), which form the Mutual InsuranceDivision of Groupama.GroupamaAssurancesMutuelles is domiciled in France. Its registered offices are at 8-10, rue d’Astorg,75008, Paris, France. The primary functions of Groupama Assurances Mutuelles, the central body of the Group network, the sole reinsurer for the regional mutuals, and the holding company for the Equity Management Divisionof the Groupamagroup, are asfollows: to ensure thecohesion andproper operationof the network; ❯ to exercise administrative, technical and financial control over ❯ the structure and management of the organisations within the Groupama network; to define and implement the operational strategy of the ❯ Groupama group in collaborationwith the regional mutuals and in line with the strategies defined by the Mutual Insurance Advisory Board; to reinsurethe regional mutuals; ❯ to direct all subsidiaries; ❯ to establish the external reinsurance programme for the entire ❯ Group; to take all necessary measures to ensure solvency and ❯ compliance with the commitmentsof each of the organisations within the networkand of the entire Group; to preparethe consolidated andcombined financial statements. ❯ The consolidated accounts of Groupama Assurances Mutuelles incorporate the reinsurance ceded by the regional mutuals as well as the activityof the subsidiaries. The combined financial statements relate to the Groupama group and include all local mutuals, regional mutuals, Groupama AssurancesMutuelles,and its subsidiaries. The Company is governed with respect to its activities by the provisions of the French Commercial Code and the French Insurance Code, and is subject to the supervision of the French Prudential ControlAuthority(ACPR).

Relationships among the various entities of the Group are governed bythe following: within the Groupama Assurances Mutuelles Division, by capital ❯ ties. The subsidiariesincluded in this division are consolidatedin the financial statements. Moreover, in exchange for a certain operational autonomy, each of the subsidiaries is subject to the requirements and obligations defined by the Groupama Assurances Mutuelles environment, particularly in terms of control; in the Mutual InsuranceDivision: ❯ by an internal reinsurance agreement that links the regional ■ mutuals to Groupama AssurancesMutuelles, by a security and solidarity plan between all the regional ■ mutuals andGroupamaAssurances Mutuelles. of the consolidated accounts The consolidated financial statements as at 31 December 2018 were approved by the Board of Directors, which met on 14 March 2019. For the purposes of preparing the consolidated financial statements, the financial statements of each consolidated entity are prepared consistently and in accordancewith the International FinancialReportingStandardsand the interpretationsapplicableas at 31 December 2018 as adopted by the European Union, the principal terms of which are applied by Groupama Assurances Mutuelles asdescribed below. The standards and interpretations with mandatory application for fiscal years opened on or after 1 January 2018 have been applied for the preparation of the Group’s financial statements as at 31 December 2018. They have had no significant effect on the Group’s financial statements as at 31 December 2018. The standards andinterpretations concernedare the following: IFRS 15: revenue recognition; ❯ amendments to IFRS 2: classification and measurement of ❯ share-based payment transactions; amendmentsto IAS 40: transferof investment property; ❯ IFRIC 22: Foreign currency transactions and advance ❯ consideration. General presentation 2.2

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES