Groupama // 2021 Universal Registration Document

6 EARNINGS AND FINANCIAL POSITION Dividend distribution policy

6.2

DIVIDEND DISTRIBUTION POLICY

The following statements are purely historical, as Groupama Assurances Mutuelles, since its conversion into a national agricultural reinsurance mutual on 7 June 2018, no longer has any capital.

6.2.1

DIVIDENDS PAID OVER THE PAST THREE FISCAL YEARS

development of businesses and (iii) the objectives set by the controlling shareholder. Note that 99.98% of the dividend was paid to the controlling shareholder of Groupama SA, and 0.02% was paid to the minority shareholders. On 7 June 2018, the day of the conversion of the Company into a national agricultural reinsurance mutual, a form of company without capital, the Groupama SA shares held by the minority shareholders were cancelled. The shares held by the member mutuals were converted into mutual certificates. Going forward, the Company will be able to pay compensation for these mutual certificates under certain conditions (see section 6.3 below).

No dividend was distributed during the last three fiscal years.

6.2.2

DISTRIBUTION POLICY

The dividends paid by Groupama SA were paid in euros. The dividend proposal was submitted to the General Meeting after the allocation of the earnings is proposed by the Board of Directors. Groupama SA determined its dividend distribution policy on the basis of its consolidated current income minus subsidies paid to regional mutuals. When considering the dividend to be paid for a given year, Management sought to reconcile (i) the prudent management of capital, (ii) the reinvestment of past earnings to support the

6.2.3

STATUTE OF LIMITATIONS

Dividends not claimed within five years are subject to the statute of limitations. They then revert to the Public Treasury, pursuant to Article L. 1126-1 of the French General Public Property Code.

141 Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES