GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

First page Table of contents Next page Last page

1. OVERVIEW OF THE GROUP	3
1.1 HISTORY OF THE COMPANY	4
1.2 ORGANISATION OF THE GROUP AND GROUPAMA ASSURANCES MUTUELLES	6
1.2.1 GENERAL ORGANISATION	6
1.2.2 SIMPLIFIED ORGANISATION CHART OF THE GROUP’S MAIN SUBSIDIARIES AS OF 31 DECEMBER 2020	7
1.2.3 TIES BETWEEN THE VARIOUS GROUP ENTITIES	8
1.3 KEY FIGURES	8
1.3.1 CONSOLIDATED SCOPE OF GROUPAMA ASSURANCES MUTUELLES	8
1.3.2 GROUPAMA COMBINED SCOPE	9
1.3.3 CONSOLIDATED SCOPE/COMBINED SCOPE DATA RECONCILIATION	10
1.3.4 ALTERNATIVE PERFORMANCE INDICATORS (API)	10
1.4 STRATEGY	12
1.5 HUMAN RESOURCES	13
1.5.1 SOCIAL POLICY	13
1.5.2 GROUP CONSOLIDATED WORKFORCE (FRANCE & INTERNATIONAL)	16
1.5.3 COMMITMENTS TO PERSONNEL	17
2. THE GROUP’S BUSINESSES	19
2.1 GROUPAMA, A MULTI-LINE AND MULTI-CHANNEL INSURER	20
2.1.1 STRUCTURE OF CONSOLIDATED PREMIUM INCOME	20
2.1.2 FRENCH NETWORKS	21
2.1.3 INTERNATIONAL NETWORKS	21
2.2 INSURANCE IN FRANCE	22
2.2.1 ECONOMIC ENVIRONMENT AND MARKET TRENDS	22
2.2.2 COMPETITION AND POSITIONING	22
2.2.3 PROPERTY AND CASUALTY INSURANCE	22
2.2.4 LIFE AND HEALTH INSURANCE	24
2.3 INTERNATIONAL INSURANCE	26
2.3.1 ITALY	26
2.3.2 TURKEY	26
2.3.3 GREECE	27
2.3.4 CENTRAL AND EASTERN EUROPEAN COUNTRIES (CEEC)	27
2.3.5 OVERSEAS TERRITORIES	27
2.3.6 CHINA	27
2.4 FINANCIAL BUSINESSES	28
2.4.1 GROUPAMA ASSET MANAGEMENT	28
2.4.2 GROUPAMA IMMOBILIER	28
3. CORPORATE GOVERNANCE AND INTERNAL CONTROL	29
3.1 DISCLOSURES ON CORPORATE GOVERNANCE	30
3.1.1 BOARD OF DIRECTORS	30
3.1.2 COMMITTEES OF THE BOARD OF DIRECTORS	48
3.1.3 ASSESSMENT OF THE BOARD OF DIRECTORS	52
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	52
3.1.5 MUTUAL INSURANCE ADVISORY BOARD	53
3.1.6 EXECUTIVE MANAGEMENT	53
3.2 DELEGATIONS OF AUTHORITY AND POWERS	56
3.3 COMPENSATION OF DIRECTORS	56
3.4 INTERNAL CONTROL PROCEDURES	58
3.4.1 CONTROL ENVIRONMENT	58
3.4.2 INTERNAL CONTROL ORGANISATION AT THE GROUP LEVEL	58
3.4.3 RISK GOVERNANCE	62
3.4.4 GROUP COMPLIANCE	64
3.5 RELATED-PARTY TRANSACTIONS	65
3.6 MAJOR CONTRACTS	65
3.7 FEES OF THE STATUTORY AUDITORS	65
3.8 STATUTORY AUDITOR’S SPECIAL REPORT ON RELATED-PARTY AGREEMENT	66
4. CORPORATE SOCIAL RESPONSIBILITY (CSR)	69
4.1 GROUPAMA CSR POLICY	70
4.2 DECLARATION OF EXTRA-FINANCIAL PERFORMANCE	72
4.2.1 CSR AT THE HEART OF OUR BUSINESS MODEL	72
4.2.2 CSR ISSUES AND ASSOCIATED RISKS	74
4.2.3 ADAPTING TO CLIMATE CHANGE: THE GROUP’S ECOLOGICAL FOOTPRINT	91
4.2.4 TABLES AND NOTE	94
4.3 REPORT OF THE INDEPENDENT THIRD-PARTY ORGANISATION ON THE DECLARATION OF EXTRA-FINANCIAL PERFORMANCE	101
5. GROUP RISK FACTORS	105
5.1 THE GROUP’S MAIN RISKS	106
5.1.1 FINANCIAL MARKET RISKS	106
5.1.2 INSURANCE RISKS	107
5.1.3 OPERATIONAL RISKS	108
5.1.4 COVID-19	109
5.2 ORGANISATION OF RISK MANAGEMENT WITHIN THE GROUP	110
6. EARNINGS AND FINANCIAL POSITION	113
6.1 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS	114
6.1.1 ENVIRONMENT	114
6.1.2 SIGNIFICANT EVENTS OF FISCAL YEAR 2020	116
6.1.3 POST-BALANCE SHEET EVENTS	118
6.1.4 ANALYSIS OF FINANCIAL STATEMENTS	118
6.1.5 DEBT	134
6.1.6 RISK MANAGEMENT AND RELIABILITY OF FINANCIAL INFORMATION	134
6.1.7 FINANCIAL FUTURES POLICY	136
6.1.8 ANALYSIS OF THE ANNUAL FINANCIAL STATEMENTS FOR THE FISCAL YEAR	136
6.1.9 OUTLOOK	139
6.2 DIVIDEND DISTRIBUTION POLICY	140
6.2.1 DIVIDENDS PAID OVER THE PAST THREE FISCAL YEARS	140
6.2.2 DISTRIBUTION POLICY	140
6.2.3 STATUTE OF LIMITATIONS	140
6.3 CHARACTERISTICS OF THE MUTUAL CERTIFICATES AND REMUNERATION POLICY	141
6.3.1 LEGAL REGIME FOR MUTUAL CERTIFICATES	141
6.3.2 CHARACTERISTICS OF THE MUTUAL CERTIFICATES ISSUED BY GROUPAMA ASSURANCES MUTUELLES	141
6.3.3 REMUNERATION POLICY	141
6.4 CASH AND GROUP FINANCING	142
6.4.1 ISSUER’S FINANCING STRUCTURE	142
6.4.2 EMPLOYMENT AND CASH	143
6.5 ADMINISTRATIVE, JUDICIAL, OR ARBITRATION PROCEEDINGS	143
7. FINANCIAL STATEMENTS	145
7.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES	146
7.1.1 CONSOLIDATED BALANCE SHEET	146
7.1.2 CONSOLIDATED INCOME STATEMENT	148
7.1.3 STATEMENT OF NET INCOME AND GAINS (LOSSES) RECOGNISED DIRECTLY IN GROUP’S EQUITY	149
7.1.4 CHANGE IN GROUP’S EQUITY	150
7.1.5 CASH FLOW STATEMENT	151
7.1.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	153
7.2 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS	267
7.3 ANNUAL FINANCIAL STATEMENTS AND NOTES	271
7.3.1 BALANCE SHEET	271
7.3.2 OPERATING INCOME STATEMENT	273
7.3.3 NON-OPERATING INCOME STATEMENT	274
7.3.4 COMMITMENTS RECEIVED AND GIVEN	275
7.3.5 RESULTS OF THE PAST FIVE FISCAL YEARS	276
7.3.6 NOTES TO THE ANNUAL FINANCIAL STATEMENTS	277
7.4 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS	305
8. ADDITIONAL INFORMATION	309
8.1 COMPANY INFORMATION	310
8.1.1 IDENTIFICATION	310
8.1.2 CURRENT STATUTORY PROVISIONS	310
8.1.3 INTERNAL BYLAWS OF THE BOARD OF DIRECTORS	319
8.2 INFORMATION CONCERNING SHARE CAPITAL AND PRINCIPAL SHAREHOLDERS	328
8.2.1 SHARE CAPITAL BEFORE CONVERSION	328
8.3 REGULATORY ENVIRONMENT	330
8.3.1 SOLVENCY RULES	330
8.3.2 DISTRIBUTION OF INSURANCE	330
8.3.3 REGULATORY FRAMEWORK FOR PERSONAL DATA PROTECTION	331
8.3.4 ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM	331
8.3.5 ACCOUNTING STANDARDS	331
8.3.6 OTHER REGULATIONS	332
8.4 PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT, FINANCIAL DISCLOSURES, AND FOR AUDITING THE FINANCIAL STATEMENTS	333
8.4.1 PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT	333
8.4.2 DECLARATION BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT	333
8.4.3 PERSON RESPONSIBLE FOR THE FINANCIAL DISCLOSURE	333
8.4.4 PERSONS RESPONSIBLE FOR AUDITING THE FINANCIAL STATEMENTS	333
8.5 AVAILABLE DOCUMENTS	334
8.6 GLOSSARY	335
8.7 CONCORDANCE TABLES	336
8.7.1 CONCORDANCE TABLE WITH THE HEADINGS REQUIRED BY EU REGULATION NO 2019/980	336
8.7.2 CONCORDANCE TABLE WITH THE DISCLOSURES REQUIRED IN THE ANNUAL FINANCIAL REPORT	339

Made with FlippingBook - Online Brochure Maker