GROUPAMA / 2019 Universal Registration Document

2 THE GROUP’S BUSINESSES International Insurance

Romania 2.3.4.2 The Romanianmarket was up +4.8% in life insurance and +8.8% in non-life insurance at the end of September 2019. GroupamaAsigurarigeneratedpremium income of €229 millionas of 31 December2019, driven in equal amountsby bancassurance, brokers,independentagents,and the direct network.Propertyand casualty insurance represents the bulk of business with premium income of €212 million. Bulgaria 2.3.4.3 At the end of 2019, premium income from the Bulgarian subsidiaries Groupama Zastrahovane and Groupama Jivotozastrahovaneamounted to €19 million, including €11 million in property and casualty insurance.

2.3.3

GREECE

The Greek market recovered with growth of -0.7% in non-life insuranceand an increase of +17% in life insuranceas of the end of September 2019. The €151 millionin premium incomeas of 31 December2019 was generatedmainly bybrokersand exclusivebranches. Property and casualty insurancepremium income was €90 million and represented60% of the business.In life and health insurance, Groupama Asfalistiki generated premium income of €61 million.

2.3.4

CENTRAL AND EASTERN EUROPEAN COUNTRIES (CEEC)

Groupama’spremium income for countries in Central and Eastern Europe amounted to €618 million as of 31 December 2019. The Group holdsleading positions in Hungary and Romania.

2.3.5

OVERSEAS TERRITORIES

Gan Outre-Mer remains one of the major insurance players in the Pacific (New Caledonia,French Polynesia,Wallis and Futuna),with premium incomeof €65 millionas of 31 December2019, including €56 million fromproperty andcasualtyinsurance.

Hungary 2.3.4.1 The Hungarian market was up +17.1% in non-life insurance and +3.8% in life insurance at the end of September 2019. GroupamaBiztositogeneratedpremium income of €370 millionas of 31 December2019 via a highly diversified distribution network of branches, banking partnerships, brokers, and online subscription sites. As of 31 December 2019, life and health insurance represented €181 million, and property and casualty insurance represented €188 million.

2.3.6

CHINA

In China, the Groupama AVIC joint venture continued to develop during 2019 and is now ranked number 2 among foreign non-life insurers on the Chinese market, with premium income of €287 million (1) as of 31 December 2019.

Entity accounted for under the equity method in the consolidated financial statements of Groupama Assurances Mutuelles. (1)

27 Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES