GROUPAMA / 2019 Universal Registration Document

2 THE GROUP’S BUSINESSES Financial businesses

2.4

FINANCIAL BUSINESSES

2.4.1

GROUPAMA ASSET MANAGEMENT

2.4.2

GROUPAMA IMMOBILIER

The core activities of Groupama Immobilier are the valuation of assets under management, the property management of assets and providing advice to companies of the Group and third parties. In particular, Groupama Immobilier manages property assets held by Groupama Assurances Mutuelles and its French subsidiaries, representing a total value of €4 billion as of 31 December 2019. These assets include commercial property (68%), residential property (20%), mainly in Paris and its immediate suburbs, operational property (8%), and forests (4%). GroupamaImmobilierhas ISO 9001certification(2015 version) and ISO 14001 (2015 version) for investment, management, and valuation of property assets: acquisitions, major projects, marketing, propertyand technical management, and sales. In 2019, the portfoliomanagementcompanyGroupamaGan REIM, a subsidiaryof GroupamaImmobilier(60%) and GroupamaGan Vie (40%), continued its development by creating a new property investment vehicle dedicated to logistics assets: Groupama Gan Logistics.

Groupama Asset Management, a subsidiary dedicated to asset management, is ranked number 9 among French asset management companies (AFG ranking – December 2018). GroupamaAsset Managementposted income of €163 millionas of 31 December 2019. Assets under management amounted to €105.3 billion, including 22% on behalf of external customers. The robustness of subscription flows and the good performance delivered by management reinforce the direction given to the development strategy in recent years, between diversification of customer targets and geographical diversification through the internationalisation of the management offering. The management quality and the performance of its funds were recognisedagain in 2019. For the 34 th  Corbeilles“Mieux Vivre Votre Argent”, Groupama Asset Managementreceived the “Gold trophy for best management company over 1 year”. In particular, equity and convertible bond management received 11 awards this year, reflecting an expertise in the Small and Mid-Cap, Euro/Europe segments as wellas internationalequities. In 2019, in line with the Group’s policy and values, Groupama Asset Managementemphasisedthe deployment of the integration of ESG (environmental,social, and governance)criteria into all of its financial analyses and investment vehicles. New funds were launched to provide a solution for customers who want to make sustainable investments (G Fund Future for Generations and G Fund Green Bonds). In addition, three funds were awarded the ISR label at the end of 2019. This label process will be undertaken more broadlyon the offeringof funds.

28 Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES