GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

6

EARNINGS AND FINANCIAL POSITION

6.1

CHARACTERISTICS OF THE MUTUAL CERTIFICATES AND REMUNERATION POLICY Legal regime for mutual certificates 6.3.1 Characteristics of the mutual certificates 6.3.2 issued by Groupama Assurances Mutuelles 6.3

MANAGEMENT REPORT OF THE BOARD OF DIRECTORS

114

141

Environment 6.1.1

114 116 118 118 134

141

Significant events of fiscal year 2020 6.1.2 Post-balance sheet events 6.1.3 Analysis of financial statements 6.1.4

141 141

Debt 6.1.5

Remuneration policy 6.3.3

Risk management and reliability of 6.1.6 financial information

134 136

6.4

CASH AND GROUP FINANCING

142

Financial futures policy 6.1.7

Analysis of the annual financial 6.1.8 statements for the fiscal year

Issuer’s financing structure 6.4.1 Employment and cash 6.4.2

142 143

136 139

Outlook 6.1.9

6.5

ADMINISTRATIVE, JUDICIAL,

6.2

DIVIDEND DISTRIBUTION POLICY

140

OR ARBITRATION PROCEEDINGS 143

Dividends paid over the past 6.2.1 three fiscal years

140 140 140

Distribution policy 6.2.2 Statute of limitations 6.2.3

113 Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES