Groupama // 2021 Universal Registration Document

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1. OVERVIEW OF THE GROUP3
1.1 HISTORY OF THE COMPANY4
1.2 ORGANISATION OF THE GROUP AND GROUPAMA ASSURANCES MUTUELLES6
1.2.1 GENERAL ORGANISATION6
1.2.2 SIMPLIFIED ORGANISATION CHART OF THE GROUP’S MAIN SUBSIDIARIES AS OF 31 DECEMBER 20217
1.2.3 TIES BETWEEN THE GROUP’S ENTITIES8
1.3 KEY FIGURES8
1.3.1 GROUPAMA COMBINED SCOPE8
1.3.2 ALTERNATIVE PERFORMANCE INDICATORS (API)9
1.4 STRATEGY10
1.4.1 OUR CORPORATE PURPOSE10
1.4.2 OUR CSR APPROACH10
1.4.3 OUR PILLARS OF TRANSFORMATION10
1.4.4 OUR PERFORMANCE PODIUMS11
1.4.5 OUR MUTUAL INSURANCE DYNAMIC11
1.5 HUMAN RESOURCES11
1.5.1 SOCIAL POLICY11
1.5.2 GROUP WORKFORCE (FRANCE & INTERNATIONAL)14
1.5.3 COMMITMENTS TO PERSONNEL15
2. THE GROUP’S BUSINESSES17
2.1 GROUPAMA, A MULTI-LINE AND MULTI-CHANNEL INSURER18
2.1.1 STRUCTURE OF PREMIUM INCOME18
2.1.2 FRENCH NETWORKS19
2.1.3 INTERNATIONAL NETWORKS19
2.2 INSURANCE IN FRANCE20
2.2.1 ECONOMIC ENVIRONMENT AND MARKET TRENDS20
2.2.2 COMPETITION AND POSITIONING20
2.2.3 PROPERTY AND CASUALTY INSURANCE20
2.2.4 LIFE AND HEALTH INSURANCE22
2.3 INTERNATIONAL INSURANCE24
2.3.1 ITALY24
2.3.2 TURKEY24
2.3.3 GREECE25
2.3.4 CENTRAL AND EASTERN EUROPEAN COUNTRIES (CEEC)25
2.3.5 OVERSEAS TERRITORIES25
2.3.6 CHINA25
2.4 FINANCIAL BUSINESSES26
2.4.1 GROUPAMA ASSET MANAGEMENT26
2.4.2 GROUPAMA IMMOBILIER26
3. CORPORATE GOVERNANCE AND INTERNAL CONTROL27
3.1 DISCLOSURES ON CORPORATE GOVERNANCE28
3.1.1 BOARD OF DIRECTORS28
3.1.2 COMMITTEES OF THE BOARD OF DIRECTORS46
3.1.3 ASSESSMENT OF THE BOARD OF DIRECTORS50
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 BYLAWS51
3.1.5 MUTUAL INSURANCE ADVISORY BOARD51
3.1.6 EXECUTIVE MANAGEMENT51
3.1.7 OTHER INFORMATION53
3.2 DELEGATIONS OF AUTHORITY AND POWERS54
3.3 COMPENSATION OF DIRECTORS54
3.4 INTERNAL CONTROL PROCEDURES56
3.4.1 CONTROL ENVIRONMENT56
3.4.2 INTERNAL CONTROL ORGANISATION AT THE GROUP LEVEL56
3.4.3 RISK GOVERNANCE60
3.4.4 GROUP COMPLIANCE62
3.5 RELATED-PARTY TRANSACTIONS63
3.6 MAJOR CONTRACTS63
3.6.1 AGREEMENT FOR A SECURITY AND SOLIDARITY SYSTEM63
3.6.2 REINSURANCE AGREEMENT64
3.7 FEES OF THE STATUTORY AUDITORS65
3.8 STATUTORY AUDITOR’S SPECIAL REPORT ON RELATED-PARTY AGREEMENTS65
4. CORPORATE SOCIAL RESPONSIBILITY (CSR)67
4.1 GROUPAMA CSR POLICY68
4.2 DECLARATION OF EXTRA-FINANCIAL PERFORMANCE69
4.2.1 CSR AT THE HEART OF OUR BUSINESS MODEL69
4.2.2 CSR ISSUES AND ASSOCIATED RISKS71
4.2.3 ADAPTING TO CLIMATE CHANGE: THE GROUP’S ECOLOGICAL FOOTPRINT88
4.2.4 EUROPEAN TAXONOMY91
4.2.5 TABLES AND NOTES95
4.3 REPORT OF THE INDEPENDENT THIRD-PARTY ORGANISATION ON THE DECLARATION OF EXTRA-FINANCIAL PERFORMANCE104
5. GROUP RISK FACTORS109
5.1 THE GROUP’S MAIN RISKS110
5.1.1 FINANCIAL MARKET RISKS110
5.1.2 INSURANCE RISKS111
5.1.3 OPERATIONAL RISKS113
5.1.4 WAR IN UKRAINE113
5.2 ORGANISATION OF RISK MANAGEMENT WITHIN THE GROUP114
6. EARNINGS AND FINANCIAL POSITION117
6.1 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS118
6.1.1 ENVIRONMENT118
6.1.2 SIGNIFICANT EVENTS OF FISCAL YEAR 2021120
6.1.3 POST-BALANCE SHEET EVENTS120
6.1.4 ANALYSIS OF FINANCIAL STATEMENTS121
6.1.5 DEBT135
6.1.6 RISK MANAGEMENT AND RELIABILITY OF FINANCIAL INFORMATION135
6.1.7 FINANCIAL FUTURES POLICY137
6.1.8 ANALYSIS OF THE ANNUAL FINANCIAL STATEMENTS FOR THE FISCAL YEAR137
6.1.9 OUTLOOK140
6.1.10. GROUPAMA’S 2021 DECLARATION OF EXTRA-FINANCIAL PERFORMANCE140
6.2 DIVIDEND DISTRIBUTION POLICY141
6.2.1 DIVIDENDS PAID OVER THE PAST THREE FISCAL YEARS141
6.2.2 DISTRIBUTION POLICY141
6.2.3 STATUTE OF LIMITATIONS141
6.3 CHARACTERISTICS OF THE MUTUAL CERTIFICATES AND REMUNERATION POLICY142
6.3.1 LEGAL REGIME FOR MUTUAL CERTIFICATES142
6.3.2 CHARACTERISTICS OF THE MUTUAL CERTIFICATES ISSUED BY GROUPAMA ASSURANCES MUTUELLES142
6.3.3 REMUNERATION POLICY142
6.4 CASH AND GROUP FINANCING143
6.4.1 ISSUER’S FINANCING STRUCTURE143
6.4.2 EMPLOYMENT AND CASH144
6.5 ADMINISTRATIVE, JUDICIAL, OR ARBITRATION PROCEEDINGS144
7. FINANCIAL STATEMENTS145
7.1 COMBINED FINANCIAL STATEMENTS AND NOTES146
7.1.1 COMBINED BALANCE SHEET146
7.1.2 COMBINED INCOME STATEMENT148
7.1.3 STATEMENT OF NET INCOME AND GAINS (LOSSES) RECOGNISED DIRECTLY IN GROUP'S EQUITY149
7.1.4 CHANGE IN GROUP'S EQUITY150
7.1.5 CASH FLOW STATEMENT151
7.1.6 NOTE TO THE COMBINED FINANCIAL STATEMENTS153
7.2 STATUTORY AUDITORS’ REPORT ON THE COMBINED FINANCIAL STATEMENTS262
7.3 ANNUAL FINANCIAL STATEMENTS AND NOTES266
7.3.1 BALANCE SHEET266
7.3.2 OPERATING INCOME STATEMENT268
7.3.3 NON-OPERATING INCOME STATEMENT269
7.3.4 COMMITMENTS RECEIVED AND GIVEN270
7.3.5 RESULTS OF THE PAST FIVE FISCAL YEARS272
7.3.6 NOTES TO THE ANNUAL FINANCIAL STATEMENTS273
8. ADDITIONAL INFORMATION305
8.1 COMPANY INFORMATION306
8.1.1 IDENTIFICATION306
8.1.2 CURRENT STATUTORY PROVISIONS306
8.1.3 INTERNAL BYLAWS OF THE BOARD OF DIRECTORS315
8.2 INFORMATION CONCERNING SHARE CAPITAL AND PRINCIPAL SHAREHOLDERS324
8.2.1 SHARE CAPITAL BEFORE CONVERSION324
8.3 REGULATORY ENVIRONMENT326
8.3.1 SOLVENCY RULES326
8.3.2 DISTRIBUTION OF INSURANCE326
8.3.3 REGULATORY FRAMEWORK FOR PERSONAL DATA PROTECTION327
8.3.4 ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM327
8.3.5 ACCOUNTING STANDARDS328
8.3.6 OTHER REGULATIONS328
8.4 PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT, FINANCIAL DISCLOSURES, AND FOR AUDITING THE FINANCIAL STATEMENTS329
8.4.1 PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT329
8.4.2 DECLARATION BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT329
8.4.3 PERSON RESPONSIBLE FOR THE FINANCIAL DISCLOSURE329
8.4.4 PERSONS RESPONSIBLE FOR AUDITING THE FINANCIAL STATEMENTS329
8.5 AVAILABLE DOCUMENTS330
8.6 GLOSSARY331
8.7 CONCORDANCE TABLES332
8.7.1 CONCORDANCE TABLE WITH THE HEADINGS REQUIRED BY EU REGULATION NO 2019/980332
8.7.2 CONCORDANCE TABLE WITH THE DISCLOSURES REQUIRED IN THE ANNUAL FINANCIAL REPORT335

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