GROUPAMA / 2019 Universal Registration Document

1 OVERVIEW OF THE GROUP History of the company

In December 2010, Groupama and the Chinese group AVIC (Aviation Industry Corporation of China) signed an agreement on the creation of a joint venture to expand activities in the non-life insurance segment in the People’s Republic of China. Already active in Sichuan province since 2003, Groupama intends to accelerate its development on a market, the rapid expansion of which should make it a major growth centrefor the Group. Major events of 2011 includedthe eurozonedebt crisis, particularly in Greece, and the significantdeteriorationof the financial markets, which affected Groupama’s financial position. Against this background, the Group implemented measures in 2012 to strengthen its solvency margin while reducing the sensitivity of its balance sheet to financial market fluctuations. Groupama thus adjusted its scope of activities by selling Gan Eurocourtage’s non-life business, Gan Eurocourtage’s marine business in France, the Spanish subsidiary, and the non-life insurance subsidiary in the United Kingdom. In 2013, the Group finalised the adjustment of its scope with the disposal of 100% of the capital of Groupama Private Equity in January and the disposal of its 51% stake in the British brokerage firm Bollington in March. In April, Groupama reinforced its partnership with the Chinese Group AVIC to support the strong growth of Groupama AVIC Insurance on the agricultural insurance marketand in the rural sector in China. In addition, the law of 26 July 2013 on the separation and regulation of banking businessesestablishedGroupama SAas the central body of the network of agricultural insurance and reinsurance companies and mutuals (hereinafter the Groupama network). The General Meeting of 11 June 2014 modified Groupama SA’s bylaws to include in itscorporate purpose its role ascentralbody. In December 2015, Groupama was the first mutual insurer to launch the mutual insurance certificates authorised by the Social and SolidarityEconomylaw of July 2014.The regionalmutualsthus acquiredthe necessaryfinancialresourcesto invest in the territories and develop a new long-term, quality relationship with their members based on trust. As of the end of 2016, all the regional mutualshave issued mutualcertificates. In April 2016, Orange and Groupama signed an agreement to develop an unprecedented 100% mobile banking product. In October 2016,the French and European regulatory and prudential authoritiesauthorisedOrange’s acquisitionof 65% of the capital of Groupama Banque, renamed Orange Bank on 16 January 2017. The Orange Bank offering available in France since the second half

of 2017 in the Orangedistributionnetworkwill also be distributedin the Groupama group’snetworksin 2018. In December 2016, the “Sapin 2” law on transparency, the fight against corruption, and modernisation of the economy was published,putting in place the legislativeframeworkrequiredfor the conversion of Groupama group’s central body into a mutual insurance company (SAM) with an implementation period of 18 months. On 7 June 2018, Groupama SA, the Group’s central body, was converted into a national agricultural reinsurancemutual, a special form of mutual insurance company, commonly known as Groupama Assurances Mutuelles. Prior tothis conversion: Groupama SA sold its direct insurance portfolio to Gan ● Assurances in November 2017, given that Groupama AssurancesMutuellescan only engagein reinsuranceby virtue of its bylaws; in December 2017, Groupama SA contributed most of its ● insurance and service subsidiariesto GroupamaHolding Filiales et Participations,a holding companywith the status of insurance group company, while maintaining direct ownership of the financial subsidiaries, real estate companies, and some equity stakes; GroupamaHoldingand GroupamaHolding2 were taken over by ● Groupama SA on 7 June 2018, prior to itsconversion. This conversion simplifies the Group’s organisation and makes it consistent overall based on its three levels of mutualisation: local, regional and nationwide mutuals. By unifying its values and organisation, the Groupama group is demonstrating its commitment to its mutual insurance background, which is being used in an ambitious savings project for its members and customers. In connection with this conversion, the Group has defined its purpose, which guides and inspires the Group’s current and future directions:“We are here to allow as many people as possible build their livesconfidently”. As a responsible investor, the Groupama group places climate change at the heart of its commitments.On 19 September2019, Groupama made a commitment to acquire 18% of the capital of Predica Energies Durables (PED), a subsidiary of Crédit Agricole Assurances dedicated to investments in renewable energy productionassets alongsideEngie. PED is an investmentvehicle in onshore windand solarassets in France.

5 Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES