GROUPAMA / 2019 Universal Registration Document

6 EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

Business activities 6.1.2.2 Partnerships (a)

Property (c) On 3 October 2019, the Groupama group announced the sale of 79, avenue des Champs-Élysées by its subsidiary Groupama Immobilier to the Norwegian sovereign wealth fund Norges Bank Investment Management for €613 million. This transaction is emblematic of the Group’s property asset valuation work and its property strategy. Socially responsible investment strategy (d) As a mutual insurer and responsibleinvestor, the Groupamagroup places climatechangeat the heart of its commitments. At the end of April 2019, the Groupama group and Natixis innovated with a unit-linked product committed to the energy transition. As part of a proactive approach to combating global warming, Natixis and Groupama Gan Vie, a subsidiary of the Groupama group, have partnered to launch the first green debt instrument,100%committedto the energy transition. On 19 September 2019, the Groupama group, Crédit Agricole Assurances,and the Banquedes Territoiresannouncedthe signing of an agreement under which the Banque des Territoires and Groupamawill acquire a stake in Prédica EnergiesDurables (PED), a subsidiary of Crédit Agricole Assurances dedicated to investments in renewable energy production assets, alongside Engie, a leaderin solar andwind energy production in France. Acquisition (e) On 31 October 2019, the Groupama group announced the acquisition by its Bulgarian subsidiary Groupama Zhivotozastrahovaneof the life insurance company Express Life Insurance from DSK Bank EAD & ExpressbankAD, subsidiariesof OTP Bank Plc. The Express Life Insurance integration process is expected to be completed in 2020. With this transaction, Groupama is expected to double its market share in Bulgaria and reach the number 3 position in the borrower insurance segment and thenumber 5 position in the life accident insurance sector.

In early January 2019,Orangeand Groupamasignedan agreement to create a joint venture called Protectline, operating in remote surveillance of property. This partnershipwill enable Groupama to strengthenits existing activity in this sector and Orange to become a full player in this market, taking a new step in its multi-service operator strategy. At the end of January 2019,Groupama partnered with MiiMOSA, the first crowdfundingplatform dedicated to agriculture and food, to offera financingsolutionto its agricultural members. At the beginningof April 2019,the Groupamagroup entered into a partnership with WINCHApps to offer a fully digital individualised social review to itscorporate savings andpensionscustomers. On 5 November 2019, the Groupama group partnered with Paylead to enable its member customers to save for their retirement effortlessly. By signing this partnership with Paylead, a specialist in banking data, the Groupama group is affirming its innovation policyaround retirementproducts. On 17 December2019, the Groupama group and Milleis Banque announced the signing of a partnership dedicated to wealth managementcustomers.This agreementaims to offer Groupama’s wealth management customers access to the private banking services offered by Milleis Banque, an independentplayer in asset management in France. The partnershipwith Milleis Banque adds to the services already offered to customers and members in France, giving them access to a wide range of products and solutionswith variousrisk profiles. On 19 December 2019, La Banque Postale and the Groupama group announcedthe signing of a memorandumof understanding for La Banque Postale to acquire Groupama’s 35%stake in La Banque Postale IARD and the extensionof their cooperationin the areas of legal protectionand assistance. Amaline (b) Amaline’s insurance portfolio was transferred to the regional mutuals,with this residual structurebecomingan insurancebroker. The entity’s plan isto develop the partnership activity.

6.1.3

POST-BALANCE SHEET EVENTS

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111 Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES