GROUPAMA / 2019 Universal Registration Document

First page Table of contents Next page Last page

1. OVERVIEW OF THE GROUP	5
1.2 ORGANISATION OF THE GROUP AND GROUPAMA ASSURANCES MUTUELLES	8
1.2.1 GENERAL ORGANISATION	8
1.2.2 SIMPLIFIED ORGANISATION CHART OF THE GROUP’S MAIN SUBSIDIARIES AS OF 31 DECEMBER 2019	9
1.2.3 TIES BETWEEN THE VARIOUS GROUP ENTITIES	10
1.3 KEY FIGURES	10
1.3.1 CONSOLIDATED SCOPE OF GROUPAMA ASSURANCES MUTUELLES	10
1.3.2 GROUPAMA COMBINED SCOPE	11
1.3.3 CONSOLIDATED SCOPE/COMBINED SCOPE DATA RECONCILIATION	12
1.4 STRATEGY	12
1.4.1 AN ENVIRONMENT UNDERGOING PROFOUND CHANGE	12
1.4.2 A GROUP WITH SOLID STRENGTHS	13
1.4.3 A STRATEGIC PROJECT BASED ON FOUR FOCUSES	13
1.5 HUMAN RESOURCES	14
1.5.1 SOCIAL POLICY	14
1.5.2 GROUP CONSOLIDATED WORKFORCE (FRANCE & INTERNATIONAL)	18
1.5.3 COMMITMENTS TO PERSONNEL	19
2. THE GROUP’S BUSINESSES	21
2.1 GROUPAMA, A MULTI-LINE AND MULTI-CHANNEL INSURER	22
2.1.1 STRUCTURE OF CONSOLIDATED PREMIUM INCOME	22
2.1.2 FRENCH NETWORKS	23
2.1.3 INTERNATIONAL NETWORKS	23
2.2 INSURANCE IN FRANCE	24
2.2.1 ECONOMIC ENVIRONMENT AND MARKET TRENDS	24
2.2.2 COMPETITION AND POSITIONING	24
2.2.3 PROPERTY AND CASUALTY INSURANCE	24
2.2.4 LIFE AND HEALTH INSURANCE	26
2.3 INTERNATIONAL INSURANCE	28
2.3.1 ITALY	28
2.3.2 TURKEY	28
2.3.3 GREECE	29
2.3.4 CENTRAL AND EASTERN EUROPEAN COUNTRIES (CEEC)	29
2.3.5 OVERSEAS TERRITORIES	29
2.3.6 CHINA	29
2.4 FINANCIAL BUSINESSES	30
2.4.1 GROUPAMA ASSET MANAGEMENT	30
2.4.2 GROUPAMA IMMOBILIER	30
3. CORPORATE GOVERNANCE AND INTERNAL CONTROL	31
3.1 DISCLOSURES ON CORPORATE GOVERNANCE	32
3.1.1 BOARD OF DIRECTORS	32
3.1.2 COMMITTEES OF THE BOARD OF DIRECTORS	50
3.1.3 ASSESSMENT OF THE BOARD OF DIRECTORS	54
3.1.4 VERIFICATION OF THE SITUATION OF OUTSIDE DIRECTORS WITH REGARD TO THE CRITERIA OF INDEPENDENCE ADOPTED BY THE COMPANY, RESULTING FROM THE AFEP-MEDEF CODE OF CORPORATE GOVERNANCE AND APPENDED TO THE INTERNAL BYLAWS	55
3.1.5 MUTUAL INSURANCE ADVISORY BOARD	55
3.1.6 EXECUTIVE MANAGEMENT	55
3.1.7 OTHER INFORMATION	57
3.2 DELEGATIONS OF AUTHORITY AND POWERS	58
3.3 COMPENSATION OF DIRECTORS	58
3.4 INTERNAL CONTROL PROCEDURES	60
3.4.1 CONTROL ENVIRONMENT	60
3.4.2 INTERNAL CONTROL ORGANISATION AT THE GROUP LEVEL	60
3.4.3 RISK GOVERNANCE	64
3.4.4 GROUP COMPLIANCE	66
3.5 RELATED-PARTY TRANSACTIONS	67
3.6 MAJOR CONTRACTS	67
3.7 FEES OF THE STATUTORY AUDITORS	67
3.8 STATUTORY AUDITOR’S SPECIAL REPORT ON RELATED-PARTY AGREEMENTS	68
4. CORPORATE SOCIAL RESPONSIBILITY (CSR)	71
4.1 GROUPAMA CSR POLICY	72
4.2 DECLARATION OF EXTRA-FINANCIAL PERFORMANCE	73
4.2.1 LA RSE AU COEUR DE NOTRE MODÈLE D’AFFAIRES	73
4.2.2 ENJEUX RSE ET RISQUES ASSOCIÉS	75
4.2.3 ADAPTATION AU CHANGEMENT CLIMATIQUE : L’EMPREINTE ÉCOLOGIQUE DU GROUPE	86
4.2.4 TABLEAUX ET NOTE	89
4.3 REPORT OF ONE OF THE STATUTORY AUDITORS ON THE DECLARATION OF EXTRA-FINANCIAL PERFORMANCE	96
5. GROUP RISK FACTORS	101
5.1 THE GROUP’S MAIN RISKS	102
5.1.1 FINANCIAL MARKET RISKS	102
5.1.2 INSURANCE RISKS	103
5.1.3 OPERATIONAL RISKS	105
5.2 ORGANISATION OF RISK MANAGEMENT WITHIN THE GROUP	106
6. EARNINGS AND FINANCIAL POSITION	109
6.1 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS	110
6.1.1 ENVIRONMENT	110
6.1.2 SIGNIFICANT EVENTS OF FISCAL YEAR 2019	112
6.1.3 POST-BALANCE SHEET EVENTS	113
6.1.4 ANALYSIS OF FINANCIAL STATEMENTS	114
6.1.5 DEBT	129
6.1.6 RISK MANAGEMENT AND RELIABILITY OF FINANCIAL INFORMATION	129
6.1.7 FINANCIAL FUTURES POLICY	131
6.1.8 ANALYSIS OF THE ANNUAL FINANCIAL STATEMENTS FOR THE FISCAL YEAR	131
6.1.9 OUTLOOK	133
6.2 DIVIDEND DISTRIBUTION POLICY	134
6.2.1 DIVIDENDS PAID OVER THE PAST THREE FISCAL YEARS	134
6.2.2 DISTRIBUTION POLICY	134
6.2.3 STATUTE OF LIMITATIONS	134
6.3 CHARACTERISTICS OF THE MUTUAL CERTIFICATES AND REMUNERATION POLICY	135
6.3.1 LEGAL REGIME FOR MUTUAL CERTIFICATES	135
6.3.2 CHARACTERISTICS OF THE MUTUAL CERTIFICATES ISSUED BY GROUPAMA ASSURANCES MUTUELLES	135
6.3.3 REMUNERATION POLICY	135
6.4 CASH AND GROUP FINANCING	136
6.4.1 CASH AND CASH EQUIVALENTS	136
6.4.2 ISSUER’S FINANCING STRUCTURE	136
6.4.3 EMPLOYMENT AND CASH	137
6.5 ADMINISTRATIVE, JUDICIAL, OR ARBITRATION PROCEEDINGS	137
7. FINANCIAL STATEMENTS	139
7.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES	140
7.1.1 CONSOLIDATED BALANCE SHEET	140
7.1.2 CONSOLIDATED INCOME STATEMENT	142
7.1.3 STATEMENT OF NET INCOME AND GAINS (LOSSES) RECOGNISED DIRECTLY IN GROUP’S EQUITY	143
7.1.4 CHANGE IN GROUP’S EQUITY	144
7.1.5 CASH FLOW STATEMENT	145
7.1.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	147
7.2 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS	262
7.3 ANNUAL FINANCIAL STATEMENTS AND NOTES	266
7.3.1 BALANCE SHEET	266
7.3.2 OPERATING INCOME STATEMENT	268
7.3.3 NON-OPERATING INCOME STATEMENT	269
7.3.4 COMMITMENTS RECEIVED AND GIVEN	270
7.3.5 RESULTS OF THE PAST FIVE FISCAL YEARS	271
7.3.6 NOTES TO THE ANNUAL FINANCIAL STATEMENTS	272
7.4 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS	298
8. LEGAL INFORMATION	303
8.1 COMPANY INFORMATION	304
8.1.1 IDENTIFICATION	304
8.1.2 CURRENT STATUTORY PROVISIONS	304
8.1.3 INTERNAL BYLAWS OF THE BOARD OF DIRECTORS	313
8.2 INFORMATION CONCERNING SHARE CAPITAL AND PRINCIPAL SHAREHOLDERS	322
8.2.1 SHARE CAPITAL BEFORE CONVERSION	322
8.3 PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT, FINANCIAL DISCLOSURES AND FOR AUDITING THE FINANCIAL STATEMENTS	324
8.3.1 PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT	324
8.3.2 DECLARATION BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT	324
8.3.3 PERSON RESPONSIBLE FOR THE FINANCIAL DISCLOSURE	324
8.3.4 PERSONS RESPONSIBLE FOR AUDITING THE FINANCIAL STATEMENTS	324
8.4 AVAILABLE DOCUMENTS	325
GLOSSARY	327
CONCORDANCE TABLE WITH THE HEADINGS REQUIRED BY DELEGATED REGULATION (EU) N° 2019/980	328
CONCORDANCE TABLE WITH THE DISCLOSURES REQUIRED IN THE ANNUAL FINANCIAL REPORT	330

Made with FlippingBook Ebook Creator