Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Annual financial statements and notes

Significant events of the year 1

1.1 Financial rating (a)

Financial strength

a factor of nearly two. The objective is to contribute to a growing green bond market and to stimulate the market for investments and sustainable financing.

On 21 June 2021, Fitch Ratings maintained Groupama’s ‘A’ rating and upgraded its outlook to ‘Positive’. The revision of the outlook to ‘Positive’ reflects Fitch’s expectations that Groupama will strengthen its strong capitalisation in 2021–2022 while maintaining a solid operating performance.

Governance 1.2 At its meeting of 17 June 2021, the Board of Directors of Groupama Assurances Mutuelles reappointed Jean-Yves Dagès and Jean-Louis Pivard as Chairman and Vice-Chairman, respectively, of the Board of Directors of Groupama Assurances Mutuelles for three years. It also reappointed Thierry Martel as CEO of Groupama Assurances Mutuelles.

Green subordinated instruments (b)

On 7 July 2021, Groupama launched its first green subordinated instrument issue for a total of €500 million, maturing in 2028. The annual coupon is 0.75%. The new instrument was a big success among institutional investors, with an order book oversubscribed by

Post-balance sheet events 2

None.

Accounting principles, rules and methods 3

Underwriting operations 3.1 Groupama Assurances Mutuelles is engaged mainly in the following reinsurance operations: the reinsurance of each of the regional mutuals under the ❯ reinsurance agreement entered into with each of them; the reinsurance of other entities of the Group in France and ❯ internationally. Groupama Assurances Mutuelles also carries out non-life insurance operations in co-insurance and co-reinsurance groupings. Since the Antilles Guyane regional mutual is not licensed to conduct insurance operations, Groupama Assurances Mutuelles directly replaces this mutual to cover these operations. Under this principle, the corresponding figures reported in the financial statements contain the information reported as “direct business” after deducting “custody of the regional mutual”.

Groupama Assurances Mutuelles’s corporate financial statements are prepared and presented in accordance with the general accounting principles provided for in Articles L. 123-12 to L. 123-22 of the French Commercial Code and the provisions of the French Insurance Code and the regulations of the ANC (French accounting standards authority) No. 2015-11 of 26 November 2015 et seq. relating to the annual financial statements of insurance undertakings.

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Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES