GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT

1 OVERVIEW OF THE GROUP History of the Company

1.1

HISTORY OF THE COMPANY

In 2007, the Group’s internationaldevelopment intensifiedwith the acquisitionof the insurer NuovaTirrena,which held some 2% of the Italian non-life insurance market, strengthening the Group’s subsidiary in Italy. In the United Kingdom, the Group acquired two new brokers (Bollington Group and Lark Group). In 2007 and 2008, Groupama made strong advances in Central and Eastern Europe by acquiring the Greek insurer Phoenix Metrolife and Romanian insurance companies BT Asigurari and Asiban, and by strengthening its positions in Turkey, through the acquisition of insurance companies Güven Sigorta and Güven Hayat. Groupama also entered into a strategic partnership with OTP Bank, the leading independent bank in Central Europe, resulting in distribution agreements in nine countries and the acquisition of OTP’s insurance operations (OTP Garancia), the leadingcompanyin Hungary,as well as its insurancesubsidiariesin Bulgaria, Romania and Slovakia. Groupama also acquired a 35% stake in STAR, the leading company in the Tunisian insurance market. With a view to gaining an urban customer base and new distribution channels in France, in mid-2008 Groupama launched “Amaguiz.com”, a new brand intended for web sales only. In 2009, Groupama signed a partnership agreement with La Banque Postale for the distribution of non-life insurance products via a joint venture using La Banque Postale’s networks. The creationof GroupamaGan Vie, through the merger/takeoverof Groupama Vie and Gan EurocourtageVie by Gan AssurancesVie and the transfer of the portfolios of Gan Patrimoine and Gan Prévoyance, enabled the consolidationof the Group’sactivities into a single company in France. The Group’s French banking businesses have also been pooled through the merger of Groupama Banque and Banque Finama. At international level, the Group merged its Italian, Hungarian, Romanian and Turkish subsidiaries in order to strengthen its positions on all those markets. In 2010, the Group implementeda large number of partnershipsin various areas. In the bancassurancemarket, the partnership agreement signed with La Banque Postale in 2009 resulted in the creation of a joint enterprise, La Banque Postale Assurances IARD, which is 65%-held by La Banque Postale and 35% by Groupama. At the end of 2010, this companylaunchedits non-life insuranceproducts (motor, home, legal protection) via remote-sellingchannels (internet and telephone), then progressively through La Banque Postale’s network of offices beginning in 2011. 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 centre for the Group.

The creationof Groupamais a story that goes back more than one hundred years. The startingpoint was the Act of 4 July 1900, which allowed the birth, then the subsequent organisation of the agricultural mutual insurance movement in France. The Agricultural Mutual Insurance Companies (Assurances Mutuelles Agricoles)were created to protect and serve the farmers who at that time represented 80% of the nation’s wealth. In the 20 th century, they became the leading Europeanagricultural insurer (source: internal). The AssurancesMutuelles Agricoles very quickly realised the need to reinvent themselvesand open themselvesup to other insurance markets and, more recently, to the banking business, in order to continue their vocation of serving the interests of agriculture and passing on the tradition of mutual insurance. In 1963, the Assurances Mutuelles Agricoles opened up their The name “Groupama”was created in 1986, bringing together all the entities of an insurance group that had adapted to the new economic conditions and the globalisation of the financmialarkets. In 1995, policyholders who were not part of the agricultural world – covered at the time by SAMDA, a subsidiary of Groupama created in 1963 to insure “non-agricultural”customers – became full members of their mutual. In 1998, on conclusionof a privatisationprocedure involvingmajor international groups, Groupama acquired Gan, a group whose business activities complemented those of Groupama. The acquisition resulted in the creation of one of the leading French multi-line insurers. In 2001, seeking to extend its services to includebankingproducts, the Group joined forces with Société Générale, the leading French retail banking institution, with a view to creating a multi-channel bank for Groupama’s customers (Groupama Banque). Groupama plans to become a global player in financial insurance-banking. Also in 2001, the Boardof Directorsof the CentralMutual approved a structure consolidating the regional mutuals. A number of growth acquisitions were initiated in 2002 in France (acquisition of CGU Courtage, merged with and into Gan Eurocourtage)and at the internationallevel (acquisitionof Plus Ultra Generales in Spain). In 2003, the regional mutuals rolled out a banking product to Groupama’s members. The Group also obtained a non-life insurance licence for China. In addition, the Group’s national entities were restructured to be better adapted to its growth strategy. The Fédération Nationale Groupama was created and Groupama SAbecame the exclusive reinsurer of the regional mutuals following the dissolution of the Central Mutual, the Caisse Centrale des Assurances Mutuelles Agricoles. In 2006, Groupama acquired the Spanish subsidiariesof a French group, the Turkish insurancegroup Basak, the 6 th -largest insurer in Turkey (source: Foreign Economic Relations Division, 2006 data), as well as the British broker Carole Nash. business to the entire non-life insurance segment. In 1972, they started a life insurance business.

4 Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES