GROUPAMA / 2018 Registration document

OVERVIEW OF THE GROUP HISTORY OF THE COMPANY

Major events of 2011 included the eurozonedebt crisis, particularly in Greece, and the significantdeteriorationof the financial markets, which affected Groupama’s financial position. Against this background, the Group implemented measures in 2012 to strengthen its solvency margin while reducing the sensitivity of its balance sheet to financial market fluctuations. Groupama thus adjusted its scope of activities by selling Gan Eurocourtage’s non-life business, Gan Eurocourtage’s maritime business in France, the Spanish subsidiary, and the non-life insurance subsidiary in theUnitedKingdom. In 2013, the Group finalised the adjustment of its scope with the disposal of 100% of the capital of Groupama Private Equity in January and the disposal of its 51% stake in the British brokerage firm Bollington in March. In April, Groupama reinforced its partnership with the Chinese Group AVIC to support the strong growth of Groupama AVIC Insurance on the agricultural insurance market andin the rural sector inChina. In addition, the law of 26 July 2013 on the separation and regulationof banking businessesestablishedGroupamaSA as the central body of the network of agricultural insurance and reinsurance companies and mutuals (hereinafter the Groupama network). The General Meeting of 11 June 2014 modified Groupama SA’s bylaws to include inits corporate purposeits role as centralbody. In December 2015, Groupama was the first mutual insurer to launch the mutual insurance certificates authorised by the Social and Solidarity Economy law of July 2014. The regional mutuals thus acquired the necessary financial resources to invest in the territories and develop a new long-term, quality relationship with their members based on trust. As of the end of 2016, all the regional mutualshave issuedmutual certificates. In April 2016, Orange and Groupama signed an agreement to develop an unprecedented 100% mobile banking product. In October 2016,the French and European regulatory and prudential authoritiesauthorisedOrange’s acquisitionof 65% of the capital of

Groupama Banque, renamed Orange Bank on 16 January 2017. The Orange Bank offering available in France since the second half of 2017 in the Orange distribution network will also be distributed in the Groupamagroup’s networks in 2018. In December 2016, the “Sapin II” law on transparency, the fight against corruption, and modernisation of the economy was published, putting in place the legislative framework required for the conversion of Groupama group’s central body into a mutual insurance company (SAM) with an implementation period of 18 months. On 7 June 2018, Groupama SA, the Group’s central body, was converted into a national agricultural reinsurancemutual, a special form of mutual insurance company, commonly known as Groupama Assurances Mutuelles. Prior to this conversion: Groupama SA sold its direct insurance portfolio to Gan ❯ Assurances in November 2017, given that Groupama Assurances Mutuelles can only engage in reinsurance by virtue of its bylaws; in December 2017, Groupama SA contributed most of its ❯ insurance and service subsidiariesto GroupamaHolding Filiales et Participations,a holding companywith the status of insurance group company, while maintaining direct ownership of the financial subsidiaries, real estate companies, and some equity stakes; Groupama Holding and Groupama Holding 2 were taken over ❯ by Groupama SA on7 June 2018, prior to its conversion. This conversion simplifies the Group’s organisation and makes it consistent overall based on its three levels of mutualisation: local, regional, and nationwide 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.

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5 REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES