Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Combined financial statements and notes

Related parties Note 45

Related party disclosures relate to intra-group transactions and balances not eliminated on consolidation. Therefore, only intra-group transactions with equity-accounted entities that are not eliminated in the Group’s accounts are reported below.

in a controlled manner: mobilising the necessary workforce and seeing to it that they are trained, applying the quality charter, deploying an internal control system as well as a system to fight money laundering, etc. This distribution agreement will end on 4 October 2028 and is renewable for three-year periods. A periodic compensation agreement (b) This agreement supplements the distribution agreement on the points needing periodic updating: annual production targets of each of the distributors, compensation, quality objectives, etc. The distributors are compensated from the net banking income generated by the products held by customers less the payment processing costs and a percentage of the distribution costs related to the bank’s remote sales centre. From 1 January to 30 September 2021, the net banking income earned by Orange Bank under these agreements amounted to €57.9 million. The fees earned for all of the Groupama group’s entities amounted to €4.8 million.

Orange Bank 1. The relations between Orange Bank, of which Groupama Assurances Mutuelles indirectly held 21.74% of the capital at 30 September 2021, and the Group’s entities are governed by a distribution agreement, periodic compensation agreements, and IOBSP mandates. Distribution agreement (a) A distribution agreement was entered into between Groupama Assurances Mutuelles and Orange Bank, which each of the distributing entities of the Groupama group, including the regional mutuals, join individually. This agreement defines the respective roles of the bank and the distributor relating to the marketing of Orange Bank’s banking products. The distributor is licensed by Orange Bank to market its products within the framework of the financial intermediary mandate (IOBSP) setting out the delegated operations that the distributor is solely authorised to perform. Delegated operations are operations to present Orange Bank’s banking products and to support customers who wish to subscribe to these products (for example, consumer credit), as Orange Bank has the sole capacity to accept requests to subscribe to its banking products. By joining this agreement, each distributor undertakes a number of commitments aimed at achieving the banking business growth plan

2.

Other entities including entities consolidated using the equity method

Other agreements between Groupama Assurances Mutuelles, its subsidiaries, and the regional mutuals with respect to entities consolidated using the equity method have no significant impact on the Group’s accounts.

Employees of consolidated companies Note 46

This note is presented in section 1.5.2 of this Universal Registration Document.

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Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES