GROUPAMA / 2018 Registration document

FINANCIAL STATEMENTS ANNUAL FINANCIAL STATEMENTS AND NOTES

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SIGNIFICANT EVENTS OF THE YEAR

Financial strength

converted into a national agricultural reinsurance fund with the status of mutual insurance company, commonly known as Groupama Assurances Mutuelles. The conversion of Groupama SA into Groupama Assurances Mutuelles has no impact on the Group’s solvency nor on commitments undertaken with regard to holders ofits debts. This conversion simplifies the Group’s organisation and makes it consistent overall based on its three levels of mutualisation: local, regional and nation-wide mutuals. By unifying its values and organisation, the Groupama group is demonstrating its commitment to its mutual insurance background, which is being used in an ambitious savings project for its members and customers. This new organisationwill enable the Group to have the legal and financial resources to potentially grow via operations for mutual insurance or forprofit. Following the creation of Groupama Assurances Mutuelles, the Board of Directors confirmed its trust in the current leadership at its first meeting on 7 June 2018 by reappointingJean-YvesDagès, Chairman of the Board of Directors, and Thierry Martel, CEO of Groupama, to continueto performtheir roles.

1.1 Financial rating

On 29 October 2018, Fitch Ratings confirmed the “A-” Insurer Financial Strength (IFS) ratings of GroupamaAssurancesMutuelles and its subsidiaries and raised the outlook associated with these ratings to “Positive”. The agency had raised the outlook from “Stable” to “Positive” on19 April 2018. Issue of subordinated instruments On 17 September 2018, Groupama placed subordinated instruments with a maturity of 10 years with institutional investors for a total of €500 million with an annual coupon of 3.375%. The new instrument was a big success among institutional investors with an order book oversubscribed nearly three times. This operation contributes to the active management of Groupama’s capital by taking advantageof market opportunities.

Governance

1.2

On 7 June 2018, under the Sapin 2 law of 9 December 2016 on transparency, the fight against corruption, and modernisation of the economy, Groupama SA, the Group’s central body, was

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POST-BALANCE SHEET EVENTS

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None.

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ACCOUNTING PRINCIPLES, RULES AND METHODS

The corporate financial statements of Groupama Assurances Mutuelles are prepared and presented in accordance with the general accounting principles provided for in Articles L. 123-12 to L. 123-22 of the French Commercial Code and the provisions of the French InsuranceCode and the regulationsof the ANC (French accountingstandardsauthority) no 2015-11of 26 November2015 relating to the annual financial statements of insurance undertakings. 3.1 Groupama Assurances Mutuelles is engaged mainly in the following reinsuranceoperations: the reinsurance of each of the regional mutuals under the ❯ reinsurance agreemententered into witheach of them; Underwriting operations

the reinsurance of other entities of the Group in France and ❯ internationally. Groupama Assurances Mutuelles also carries out non-life insurance operations in co-insurance and co-reinsurance groupings. Since the Antilles Guyane regional mutual is not licensed to conduct insurance operations, Groupama Assurances Mutuelles directly replaces this mutual to cover these operations. Under this principle, the corresponding figures reported in the financial statements contain the information reported as “direct business” after deducting “custody of the regionalmutual”.

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES