GROUPAMA / 2018 Registration document

4 CORPORATE SOCIAL RESPONSIBILITY (CSR) GROUPAMA’S 2018 EXTRA-FINANCIAL PERFORMANCE REVIEW For more than 15 years, Groupama, a financial player in the economy’s long-term development, has been involved in promoting Socially Responsible Investment (SRI), through its third-party asset management subsidiary, Groupama Asset Management. Its expertise in analysis and research, its management products and its mobilisation within many French and international representative environments make it one of the recognised leadersin this field. In addition to rolling out this specific SRI strategy, GroupamaAsset Management has established a global objective of ensuring the widespread integration of ESG issues into all management operations (1) . This policy of integratingESG criteriawill be gradually applied to the financial management of the Group’s assets. Groupama Asset Management believes that by promoting the integration of ESG issues into the macroeconomic and microeconomicanalysis of its investments, it potentially optimises not only the management of risks but also the sources of added value and long-termvalue creation of investmentportfolios through its policyof Responsible Investment (RI). To affirm this commitment, Groupama AM established an ESG Strategy Department in 2018 to accelerate the integration of ESG into all portfolios.

The ESG assets concerned in the application of this dual strategy (SRI/RI) are divided intothree categories: SRI funds or mandates in the strict sense of the terms managed ❯ through the application of “best in class” management processesor recognisedas SRI by the CIES (French inter-union employee savingscommittee); RI moneymarket funds: this representsa significantshare of the ❯ assets managed by the money market unit; ad hoc committees decide on the exclusion in principle of certain securities (issuers using tax havens, etc.) and at the same time promote investment in specific structures (co-operative banks, mutualist structure institutions, etc.); the RI category, which includes funds or mandates managed ❯ according to specific ESG charters, practising exclusion in principleor being managedusing sustainable benchmarks. Total investments incorporating ESG criteria reached €23.9 billion as of 31 December 2018, or 24% of total assets managed by GroupamaAM. This total representsan increase from the previous fiscal yeardue to the rise in RI moneymarket assets.

2017 Of which external customers

2018 Of which external customers

SRI andRI assetsundermanagement at 31 December (in billionsof euros)

23.1

8.6

23.9

9.9

Shareof SRIandRI in totalassetsunder management (%)

23%

8.2% 24%

10%

In addition, theSICAV Euro CapitalDurable (eurozoneequities)and the GroupamaCrédit Euro ISR fund (eurozonebonds), which were awarded the new SRI label in 2016 supported by the public authorities (this local label followed the Novethic label) following an audit by AFNOR, had their two labels renewed for fiscal years 2017 and2018 after follow-up audits byAFNOR. The responsiblemanagement of Groupama Immobilier’s assets is also presented in the report relating to Article 173 and “Acting for the environment” sectionof this report. Groupama Asset Management has been a member of UNEP-Fi since 2002 (Asset ManagementWorking Group), Chairman of the Sustainable Finance and Responsible Investment Forum of AFG (FrenchManagementAssociation)and the ResponsibleInvestment Committee of the AFG, and a member of the FIR (Responsible Investment Forum) and the EUROSIF. Jointly with Groupama AssurancesMutuelles,GroupamaAsset Managementis a member

of the ORSE (Observatory on corporate social responsibility) in which it contributesto the workof the Finance Club. GroupamaÉpargne Salariale, as a business line departmentof the Group, is also positioned in a CSR approach, for its offering of financial vehicles intended for the 131,000 employees of 14,300 customer companies. Groupama Épargne Salariale offers SRI funds, accredited by the CIES (French inter-union employee savings committee).In 2018, the assets under managementof SRI funds grew by more than 8% last year to reach around €1.2 billion. At the same time, the number of electronic statements increased to almost 23%. In 2019, the launch of online subscriptionwill also help reduceGroupama ÉpargneSalariale’s paper consumption. The Company is continuing to develop “Solutions Épargne Salariale”, the website of reference for employee savings for VSEs and SMEs (www.solutions-epargnesalariale.fr is the first website in France entirelydedicatedto employee savings).

The policy of integratingESG criteria into the financialmanagementof the Group’sassets is graduallyappliedto the universeof Europeanmedium/long-termassets (1) (credit bonds and equities). At first, this integration was implemented for the managementof Euro/Europeequities only within open or dedicated mutual funds managedby GroupamaAsset Management,held by the Groupamagroup’sentitiesand/ordisseminatedto outsidecustomers.Starting in 2010,this integrationwas graduallyextendedto the managementof credit bonds (companies)and Europeansovereigndebts (States).The scope of assets integratingan ESG approach(RI assets) thus involvesall securitiesand moneymarketfundsheld directly orindirectly.

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES