UNIVERSAL REGISTRATION DOCUMENT 2023
Groupama // Universal Registration Document 2023
GROUPAMA ASSURANCES MUTUELLES DOCUMENT D’ENREGISTR EMENT UNIVERSEL 2020 incluant le rapport financier annuel GROUPAMA ASSURANCES MUTUELLES UNIVERSAL REGISTRATION DOCUMENT 2023 Including the annual financial report
CONTENTS
Overview of the Group
3
Group Risk Factors
167
1
5
1.1 History of the Company
5.1 The Group’s main risks
4
168
1.2 Organisation of the Group and Groupama Assurances Mutuelles
5.2 Organisation of risk management within the Group
6 8
172
1.3 Key figures 1.4 Strategy
10 12
1.5 Human resources
Earnings and financial position 175 6.1 Management report of the Board of Directors 176 6.2 Dividend distribution policy 199 6.3 Characteristics of the mutual certificates and remuneration policy 199 6.4 Cash and group financing 200 6.5 Administrative, judicial, or arbitration proceedings 201
6
The Group’s businesses 2.1 Groupama, a multi ‑ line and multi ‑ channel insurer 2.2 Insurance in France 2.3 International Insurance 2.4 Financial businesses
17
2
18
20 24 25
Financial statements
203
7
Corporate governance and internal control
3
27 28 56 57
7.1 Combined financial statements and notes 7.2 Report of the statutory Auditors on the combined financial statements 310 7.3 Annual financial statements and notes 317 7.4 Statutory auditors’ report on the annual financial statements 353 204
3.1 Disclosures on Corporate Governance 3.2 Delegations of authority and powers
3.3 Compensation of Directors
3.4 Gender equality policy applied to the Group’s management bodies
59 59 67 67
3.5 Internal control procedures 3.6 Related ‑ party transactions
3.7 Major contracts
Additional information 8.1 Company information 8.2 Information on the capital 8.3 Regulatory environment
357
8
3.8 Statutory auditors’ special report on regulated agreements
69
358 377 377
8.4 Persons responsible for the Universal Registration Document, financial disclosures, and for auditing the financial statements
Corporate social responsibility (CSR) 4.1 Groupama sustainable Policy 4.2 Declaration of Extra ‑ financial Performance 4.3 Report by one of the statutory auditors on the declaration of extra ‑ financial performance
4
71
380 381 382 383
72
8.5 Available documents
8.6 Glossary
73
8.7 Concordance tables
163
GROUPAMA ASSURANCES MUTUELLES
UNIVERSAL REGISTRATION DOCUMENT
INCLUDING THE ANNUAL FINANCIAL REPORT
2023
This universal registration document was filed on 30 April 2024 at the French Financial Markets Authority ( Autorité des Marchés Financiers ), as competent authority under Regulation (EU) No. 2017/1129, without prior approval, in accordance with Article 9 of that Regulation. The universal registration document may be used for the purpose of offering securities to the public or for the admission of securities to trading on a regulated market if it is supplemented by a securities note and, where appropriate, a summary and all amendments to the universal registration document. The whole is approved by the AMF in accordance with Regulation (EU) No. 2017/1129.
The universal registration document may be used for the purpose of a public offering of securities or the admission of securities to trading on a regulated market if it is supplemented by a note relating to securities and, where applicable, a summary and any amendments to the universal registration document. The package is approved by the AMF in accordance with Regulation (EU) No. 2017/1129. If referred to a website in this Universal Registration Document, the content of this website is not part of the universal registration document. Except for information, documents and other elements expressly incorporated by reference in this universal registration document, no information, document or element from the Company’s website (www.groupama.com) or from any other source forms part of this universal registration document.
This is a free translation into English of the French Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) and which is provided solely for the convenience of English readers.
1
Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES 2
1
OVERVIEW OF THE GROUP
1.1
1.4
HISTORY OF THE COMPANY
4
STRATEGY
10 10 10 10
1.4.1 Our corporate purpose 1.4.2 Our sustainability approach 1.4.3 Our pillars of transformation 1.4.4 Our performance podiums 1.4.5 Our mutual insurance dynamic
1.2
ORGANISATION OF THE GROUP AND GROUPAMA ASSURANCES MUTUELLES
6 6
11 11 11
1.2.1 General organisation
1.2.2 Simplified organisation chart of the Group’s main subsidiaries as at 31 December 2023 1.2.3 Ties between the Group’s entities
1.4.6 Our ambition
7 8
1.5
HUMAN RESOURCES
12 12 15 16
1.5.1 Social Policy
1.5.2 Group workforce (France & International)
1.3
KEY FIGURES
8 8 9
1.5.3 Commitments to personnel
1.3.1 Groupama combined scope
1.3.2 Alternative Performance Indicators (API)
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
1 OVERVIEW OF THE GROUP History of the Company
1.1
HISTORY OF THE COMPANY
The creation of Groupama is a story that goes back more than one hundred years. The starting point 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 century, they became the leading European agricultural insurer (source: internal). The Assurances Mutuelles Agricoles very quickly realised the need to reinvent themselves and open themselves up to other insurance markets and, more recently, to other services including banking business lines, in order to continue their vocation of serving the interests of agriculture and passing on the tradition of mutual insurance. In 1963, the Agricultural Mutual Insurance Companies opened up their business to the entire non ‑ life insurance segment. In 1972, they started a life insurance business. 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 financial markets. In 1995, policyholders who were not part of the agricultural world – at the time covered by SAMDA, a subsidiary of Groupama created in 1963 to insure “non ‑ agricultural” customers – became full members of their mutual. In 1998, on conclusion of a privatisation procedure involving major 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 include banking products, the Groupama group (“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 Board of Directors of the Central Mutual 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 international level (acquisition of Plus Ultra Generales in Spain). In 2003, the regional mutuals rolled out a banking offering 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 SA became 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 subsidiaries of a French group, the Turkish insurance group Basak, and the British broker Carole Nash. th
In 2007, the Group’s international development intensified with the acquisition of the insurer Nuova Tirrena, 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 purchase 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 leading company in Hungary, as well as its insurance subsidiaries in 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 products via a joint venture using La Banque Postale’s networks. The creation of Groupama Gan Vie, through the merger/ takeover of Groupama Vie and Gan Eurocourtage Vie by Gan Assurances Vie and the transfer of the portfolios of Gan Patrimoine and Gan Prévoyance, enabled the consolidation of the Group’s business activities into a single company in France. The Group’s French banking businesses were also 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 implemented a large number of partnerships in various areas. In the bancassurance market, 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. 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 in a market whose rapid expansion should make it a major growth centre for the Group. Major events of 2011 included the eurozone debt crisis, particularly in Greece, and the significant deterioration of the financial markets, which affected Groupama’s financial position.
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
1 OVERVIEW OF THE GROUP History of the Company
Against this background, the Group implemented measures in 2012 to strengthen its solvency margin while reducing the sensitivity of its balance sheet to financial market fluctuations. Groupama thus adjusted its scope of activities by selling Gan Eurocourtage’s non ‑ life business, Gan Eurocourtage’s marine business in France, the Spanish subsidiary, and the non ‑ life insurance subsidiary in the United Kingdom. In 2013, the Group finalised the adjustment of its scope with the divestment of 100% of the capital of Groupama Private Equity in January and the divestment of its 51% stake in the British brokerage firm Bollington in March. In April, Groupama reinforced its partnership with the Chinese Group AVIC to support the strong growth of Groupama AVIC Insurance on the agricultural insurance market and in the rural sector in China. In addition, the law of 26 July 2013 on the separation and regulation of banking activities established Groupama SA as the central body of the network of agricultural insurance and reinsurance companies and mutuals (hereinafter the Groupama network). The General Meeting of 11 June 2014 modified Groupama SA’s bylaws to include in its corporate purpose its role as central body. In December 2015, Groupama was the first mutual insurer to launch the mutual certificates authorised by the Social and Solidarity Economy law of July 2014. The regional mutuals thus acquired the necessary financial resources to invest in the territories and develop a new long ‑ term, quality relationship with their members based on trust. As at the end of 2016, all the regional mutuals have issued mutual certificates. In April 2016, Orange and Groupama signed an agreement to develop an unprecedented 100% mobile banking product. In October 2016, the French and European regulatory and prudential authorities authorised Orange’s acquisition of 65% of the capital of Groupama Banque, renamed Orange Bank on 16 January 2017. The Orange Bank offer is available in France in the Orange distribution network and the Group’s networks. In December 2016, the “Sapin 2” law on transparency, the fight against corruption, and modernisation of the economy was published, putting in place the legislative framework required for the conversion of the Group’s central body into a mutual insurance company (SAM) with an implementation period of 18 months. On 7 June 2018, Groupama SA, the Group’s central body, was converted into a national agricultural reinsurance mutual, a special form of mutual insurance company, commonly known as Groupama Assurances Mutuelles. Prior to this conversion: Groupama SA sold its direct insurance portfolio to Gan Assurances in November 2017, given that Groupama Assurances Mutuelles can only engage in reinsurance by virtue of its bylaws; ❯ in December 2017, Groupama SA contributed most of its insurance and service subsidiaries to Groupama Holding Filiales & Participations, a holding company with the status of insurance group company wholly owned by Groupama SA; ❯
This conversion simplifies the Group’s organisation and makes it consistent overall based on its three levels of mutualisation: local, regional, and nationwide mutuals. By unifying its values and organisation, the Group is demonstrating its commitment to its mutual insurance background, which is being used in an ambitious savings project for its members and customers. In connection with this conversion, the Group has defined its purpose , which guides and inspires the Group’s current and future directions: “We are here to allow as many people as possible build their lives confidently”. As a responsible investor, the Group places climate change at the heart of its commitments. On 19 September 2019, Groupama made a commitment to acquire 18% of the capital of Predica Energies Durables (PED), a subsidiary of Crédit Agricole Assurances dedicated to investments in renewable energy production assets alongside Engie. PED is an investment vehicle in onshore wind and solar assets in France. In 2020, the Group committed to a definitive phase ‑ out of thermal coal in its investment portfolios, by 2030 at the latest for corporate issuers in European Union and OECD countries. On 7 April 2020, Groupama sold its entire stake in Banque Postale Assurances IARD. However, La Banque Postale and Groupama announced the extension of their cooperation in the areas of legal protection and assistance. On 11 June 2020, Groupama announced the launch with Vinci of the construction of The Link, Total’s future headquarters in Paris La Défense. The planning and work are expected to take five years. At the end of this period, Total will take delivery of the property and will be a tenant of The Link for a renewable term of 12 years. In July 2021, Groupama announced the signing of an agreement between its Italian subsidiary Groupama Assicurazioni and FairConnect for the divestment of G ‑ Evolution and the establishment of a long ‑ term strategic partnership for the provision of connected insurance solutions. The transaction was completed on 30 December 2021. The Groupama group announced that its Hungarian subsidiary Groupama Biztosító will complete the acquisition of OTP Osiguranje, the Croatian subsidiary of OTP Bank, on 31 August 2021. On 30 September 2021, Groupama sold its entire stake in Orange Bank but remains committed to a distribution partnership for a banking offer with Orange Bank until 2028. On 1 December 2022, Groupama sold its Slovak segment to the insurance company Union. On 3 May 2023, the Groupama sold its insurance businesses in Turkey to Axa. Groupama SA retained direct ownership of the financial subsidiaries, property companies, and some equity stakes; ❯ Groupama Holding and Groupama Holding 2 were taken over by Groupama SA on 7 June 2018. ❯ (1)
(1) This purpose is outside the statutes and must therefore not be understood within the meaning of Article 1835 of the French Civil Code.
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
1 OVERVIEW OF THE GROUP
Organisation of the Group and Groupama Assurances Mutuelles
1.2 ORGANISATION OF THE GROUP AND GROUPAMA ASSURANCES MUTUELLES
SIMPLIFIED LEGAL ORGANISATION CHART
Combined scope
Groupama Assurances Mutuelles **
100%
Regional mutuals *
Groupama Holding Filiales et Participations
Financial subsidiaries
Insurance – France
Local mutuals
French services
International subsidiaries
Reinsurance relationship
* 9 regional mutuals in metropolitan France, 2 overseas mutuals, and 2 specialised mutuals. ** as reinsurer of the regional mutuals under a quota treaty, GMA cover around 30% of the portfolio of the regional mutuals.
1.2.1 GENERAL ORGANISATION
Groupama Assurances Mutuelles, a national agricultural reinsurance mutual, is a legal structure without capital, the central body of the Groupama network. Its main missions are as follows: to ensure the cohesion and proper operation of the organisations within the Groupama network; ❯ to ensure the application of the legislative and regulatory provisions relating to the organisations within the network; ❯ to exercise administrative, technical, and financial control over the structure and management of the organisations within the Groupama network; ❯ to define and implement the Groupama group’s operational strategy, in consultation with the regional mutuals; ❯ to reinsure the regional mutuals; ❯ to direct all subsidiaries; ❯ to establish the external reinsurance programme for the entire Group; ❯ to prepare the combined financial statements. ❯ The Company is governed with respect to its businesses by the provisions of the French Insurance Code and, by reference, certain provisions of the French Commercial Code and is subject to the supervision of the French Prudential Supervision and Resolution Authority (ACPR).
The Group has a governance method that empowers everyone involved within the organisation. Members elect their representatives at the local level (27,000 elected representatives), who in turn elect their representatives at the regional and national levels. The Directors, who are all policyholders of the mutual insurance company, control all the Boards of Directors of the entities within the mutual insurance group. They select the Managers, who handle operating activities. The elected representatives thus participate in all of the Group’s decision ‑ making bodies, whether for local (2,400), regional (9 regional mutuals in metropolitan France, 2 overseas mutuals and 2 specialised mutuals), or national mutuals, through the Boards of Directors of Groupama Assurances Mutuelles and its main direct or indirect subsidiaries. The combined scope of the Groupama group, of which Groupama Assurances Mutuelles is the parent company, includes all of the Group’s entities and the regional mutuals for 100% of their business activities. As of 1 January 2021, the Group no longer prepares consolidated financial statements, which only covered the business of Groupama Assurances Mutuelles, the subsidiaries, and approximately 37% of the business of the regional mutuals, which is captured by the Internal Reinsurance mechanism.
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
1 OVERVIEW OF THE GROUP
Organisation of the Group and Groupama Assurances Mutuelles
1.2.2 SIMPLIFIED ORGANISATION CHART OF THE GROUP’S MAIN SUBSIDIARIES AS AT 31 DECEMBER 2023
GROUPAMA ASSURANCES MUTUELLES
100%
Groupama Holding Subsidiaries and Participations
FINANCIAL BUSINESSES PROPERTY BUSINESSES
insurance
SERVICES
INTERNATIONAL
Italy
Groupama Assicurazioni Spa
100%
100%
Gan Assurances
100% (1)
Cofintex 2
Roumania
100%
2.52%
Groupama Asigurari SA
100%
Groupama Immobilier
97.48%
Groupama Gan Vie
Overseas
Gan Outre-Mer IARD
100%
100%
60%
Cofintex 6
100%
40% (2)
Gan Patrimoine
Groupama Gan Reim
Hungary
100%
Groupama Biztosító
85%
CapsAuto
Groupama Asset Management
100%
Croatia
100%
Gan Prévoyance
100%
Groupama Osiguranje
20.39%
Rent A Car
Groupama Épargne Salariale
Bulgaria
100%
Amaline Assurances
100%
Groupama Zastrahovane (non-vie)
100%
Mutuaide Services
100 % (1)
Groupama Zhivotozastrahovane (vie)
100%
100%
Mutuaide Assistance
100%
Juritravail
Greece
Groupama Assurance Crédit & Caution
Groupama Phoenix Hellenic Insurance Company SA
100%
100%
Sévéane
Tunisia
Société Française de Protection Juridique
100%
35%
Star
50%
China
Groupama Avic Property Insurance Co.Ltd
50%
Directly and indirectly. (1) Indirectly by Groupama Assurances Mutuelles - Directly by Groupama Gan Vie. (2)
A more exhaustive list of the Group’s main subsidiaries is presented in note 41 to the combined financial statements.
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
1 OVERVIEW OF THE GROUP Key figures
1.2.3 TIES BETWEEN THE GROUP’S ENTITIES
Relations between the regional mutuals and Groupama Assurances Mutuelles are governed by: an Internal reinsurance agreement between the regional mutuals and Groupama Assurances Mutuelles with terms updated every year. This agreement is described in more detail in §3.7.2; ❯ a security and solidarity agreement between all the regional mutuals and Groupama Assurances Mutuelles (“agreement defining the security and solidarity mechanisms of the Caisses de Réassurance Mutuelle Agricole”). This agreement is described in more detail in §3.7.1. ❯
The subsidiaries are bound by capital ties. Moreover, in exchange for a certain degree of operational autonomy, each of the subsidiaries is subject to the requirements and obligations defined by the Groupama Assurances Mutuelles environment, particularly in terms of control.
1.3 KEY FIGURES
1.3.1 GROUPAMA COMBINED SCOPE
The following table shows financial disclosures and ratios from the Group’s combined financial statements. The combined financial statements were prepared in accordance with the IFRS as adopted by the European Union. It provides a view of the
entire scope of consolidation of the mutuals, including the Groupama Assurances Mutuelles capital ownership scope of consolidation.
2023 2022 pro forma
2022 IFRS 4
2021 IFRS 4
(in millions of euros)
(1)
Premium income
17,036
15,943
15,931
15,477
of which France insurance
13,936
13,253
13,237
12,860
of which international insurance
2,887
2,479
2,483
2,377
of which financial activities
213
211
211
240
(2)
Non ‑ life combined ratio
96.8% 100.4% 99.4% 98.3%
(3)
Economic operating income
627
306
349
461
Net income
510
13
454
493
Financial structure and soundness Group’s IFRS equity
9,862
8,783
7,502
10,659
Total balance ‑ sheet
91,949
86,316
94,721
104,469
(4)
Debt ratio
21.8%
22.8%
25.1%
27.8%
(5)
Solvency 2 margin
267% 282% 282% 271%
Rating
Fitch Ratings
A+
A+
A+
A
Insurance premiums written and income from financial businesses. (1) See glossary in this Universal Registration Document (page 382). (2)
Economic operating income equals net income adjusted for realised capital gains and losses, long ‑ term impairment provision allocations and write ‑ backs, and unrealised capital gains and losses on financial assets measured at fair value for the P&C, Health & Protection, financial and holding businesses (all such items are net of corporate income tax). Also adjusted are non ‑ recurring items net of corporate income tax, impairment of goodwill (net of corporate income tax), and external financing expenses. (3) Debt excluding cash of holdings, as a share of book value of shareholders’ equity excluding re ‑ evaluation reserve (including subordinated liabilities and minority interests). (4) Solvency 2 margin coverage, with a transitional measure on Groupama Gan Vie’s underwriting reserves. (5)
On 30 May 2023, Fitch Ratings confirmed Groupama’s financial strength rating of “A+” with a stable outlook. This rating confirmation reflects the Group’s continued very strong capitalisation, solid financial performance, and excellent sales profile in France.
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
1 OVERVIEW OF THE GROUP Key figures
1.3.2 ALTERNATIVE PERFORMANCE INDICATORS (API)
1.3.2.2 Reconciliations The reconciliation of economic operating income and the non ‑ life combined ratio with the line of the financial statements of the corresponding period or its subtotal or the nearest total is presented in the tables below. The combined ratio is the sum of the all ‑ years net loss experience and the rate of operating costs. The all ‑ years net loss experience is the ratio between the gross reinsurance insurance expenses for all years (including technical and non ‑ allowable costs), to which the reinsurance balance is added, and insurance revenues (gross reinsurance). This indicator is calculated on the scope of contracts evaluated in PAA in IFRS 17. The rate of operating costs is the ratio of technical and non ‑ allowable expenses to gross reinsurance insurance revenues (on the PAA model alone in IFRS 17).
1.3.2.1 Definitions Economic operating income equals net income adjusted for realised capital gains and losses, long ‑ term impairment provision allocations and write ‑ backs, and unrealised capital gains and losses on financial assets measured at fair value for the P&C, Health & Protection, financial and holding businesses (all such items are net of corporate income tax). Also adjusted are non ‑ recurring items net of corporate income tax, impairment of goodwill (net of corporate income tax), and external financing expenses. The economic operating income and the non ‑ life combined ratio are alternative performance indicators (“API”) in the light of the ESMA guidelines and the AMF position published in 2015. These alternative performance indicators are used by the Group to analyse its operating trends, financial performance, and financial position and to provide investors with additional information considered useful and relevant to the Group’s results.
2023 2022 pro forma
2022
2021
(in millions of euros)
Economic operating income
627
306
349
461
(1)
Net capital gains realised
(43)
96
315
135
(1)
Allocation to reserves for long ‑ term impairment
(60)
(14)
(29)
(20)
(1)
Gains or losses on financial assets recognised at fair value
84
(237)
(43)
58
Other expenses and income
(38)
(49)
(51)
(89)
Financing expenses
(54)
(54)
(54)
(53)
Net income from discontinued business activities
(6)
(34)
(34)
0
Goodwill impairment
0
0
0
0
Net income
510
13
454
493
Amounts net of profit sharing (in 2021 and 2022) and corporate tax. (1)
2023 2022 pro forma
2022
2021
All ‑ years net loss experience
68.8%
72.5%
71.9%
70.5%
Operating expense ratio
28.0%
27.9%
27.5%
27.8%
(2)
Combined ratio
96.8% 100.4% 99.4% 98.3%
(2) IFRS 17combined ratio for the PAA model in 2023 and in 2022 pro forma.
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
1 OVERVIEW OF THE GROUP Strategy
1.4 STRATEGY
The Groupama group’s strategy is supported and embodied by the Vision programme. This strategic programme consists of six complementary elements, which form a coherent whole guiding the Group’s actions:
Part 4 of this document presents a summary of our sustainability policy as well as Groupama’s Non ‑ Financial Performance Statement (DPEF). This statement sets out the implementation of this policy for fiscal year 2023.
our corporate purpose; ❯ our sustainability approach; ❯ our pillars of transformation; ❯ our performance podiums; ❯ the mutual insurance dynamic; ❯ our ambition. ❯
OUR PILLARS OF TRANSFORMATION
1.4.3
Our five pillars of transformation are our response to the Group’s long ‑ term challenges and the structural changes in society. They allow us to adapt our organisation and our business lines over time in order to stay one step ahead and anticipate future developments. To enable each of our customers and members to build their lives with confidence, the quality of the support we provide to them is a priority. Pillar 1: Rekindling the customer relationship Customer satisfaction is at the heart of the Group’s concerns.It is both a mutual insurance requirement and a commitment from each of our companies. To be one of the favourite insurers in France, the Group has chosen to establish a unique, differentiating relationship with our customers based on proactive advising. The circumstances in recent years have provided an opportunity for the Group to re ‑ express its attachment to this attentive and human relationship. In line with the dynamic begun several years ago, the Group has continued its efforts to develop human, proactive, non ‑ commercial contacts with its customers and members. In 2023, more than 1 million customers and members were contacted as part of this initiative. Pillar 2: Growth drivers through services Our development in services is a priority. Our ambition is to support our customers with solutions combining insurance, services, and prevention. In 2023, the Groupama Habitat Protect remote surveillance offering was once again promoted, and sales continued to increase compared with 2022 despite an unfavourable environment. At the same time, a number of experiments were set up with a view to supporting our customers and members in the changes they are facing (climate change, ageing society, energy transition, etc.). Lastly, the continuation of the Volt’terre open innovation programme with its five regional, themed startup accelerators demonstrates the Group’s drive for innovation in services and support solutions. This programme enabled several experiments to be launched, some of which have been made permanent and incorporated into our offerings this year.
1.4.1
OUR CORPORATE PURPOSE
1.4.2 The transformation of Groupama SA into Groupama Assurances Mutuelles in June 2018 restored the Group’s consistency based on three levels of mutualisation: local, regional, and national. The Group wished to mark this transformation by reaffirming its corporate purpose: “We are here to allow as many people as possible build their lives confidently. To do this, we rely on humane, caring, responsible communities”. This corporate purpose explains why our Group has been in existence for over 100 years and embodies the mutualism of the future, a beacon of hope for future generations. The Groupama group is thus demonstrating its commitment to its mutual insurance background and to the human values of solidarity, accountability, engagement, and optimism to use them in an ambitious economic venture for its members and customers to enable as many people as possible to build their lives with confidence. In line with its corporate purpose, the Group has defined its CSR approach, which defines how we want to act to build a sustainable economic development model in line with our values. The Group defined its priorities for 2022 ‑ 2024 based on five pillars and foundations: strengthening a human, proactive, responsible relationship, offering protection solutions in response to changes in the environment and lifestyles, actively contributing to the sustainable development of local life, a clear public sustainable savings and investments policy shared throughout the Group, and commitment – a committed group where everyone acts proudly in line with our values (reducing the carbon footprint of our operations, giving our employees a rewarding experience, which in turn ensures their full commitment, a “native” CSR approach, and responsibility). Through this sustainability approach, the Group affirms its action as a responsible and trusted player, attentive to its impact on society and the environment. OUR SUSTAINABILITY APPROACH
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
1 OVERVIEW OF THE GROUP Strategy
1.4.5
OUR MUTUAL INSURANCE DYNAMIC
1.4.4 Pillar 3: Making Groupama a leading brand The objective of this pillar is to promote the Groupama brand throughout our territories and to make it a true strategic asset for the Company. This involves developing the brand’s performance in terms of both awareness and image, in line with our corporate purpose, and our verifiable evidence in the field. Convinced that evidence is more important than words, the Group emphasises its concrete commitment in the field, which includes networks of elected representatives and employees. For example, among our prevention actions, more than 134,000 people were trained in the “Gestes qui Sauvent” (life ‑ saving techniques) as at the end of 2023 with Group ‑ wide deployment. Pillar 4: Developing our industrial model to make it more efficient The continuous improvement of our industrial model should allow the Group to control its operating costs while offering better service quality to our customers. This is reflected in the drive for greater operational efficiency, notably through the digitalisation and simplification of processes, the modernisation of tools, and the development of synergies and greater interoperability between the Group’s various entities. All this work continued during 2023 with the progress of deployments in the entities (including finalisation of the deployment of the new NEO workstation with more than 11,000 customer relations staff in the regional mutuals) as well as the opening of new fronts. To ensure that the strategic plan’s implementation is a collective success, mobilising the Group’s employees to benefit all is essential. Every day, our energy and talent contribute to strengthening our efficiency in serving our customers. In 2023, the gradual rollout of community training and the introduction of group campaigns around the employer brand and short ‑ staffed sectors allow each entity to capitalise on the power of the collective. Pillar 5: Mobilising talent to serve our customers and Group’s transformation The five podiums correspond to the Group’s precise, quantified business objectives for the 2022–2024 period. They guide short ‑ term arbitrage operations and set a common course: on the markets to be developed as a priority (professional and corporate market, agricultural market), on the business lines to be intensified (life and health insurance), and on our ambitions in terms of customer loyalty and profitability. As such, in terms of profitability, the Group set the goal of achieving economic operating income of €1 billion over the 2022–2024 period. OUR PERFORMANCE PODIUMS
1.4.6 The mutual insurance dynamic supports all these objectives by reaffirming the essential role of our network of 27,000 elected representatives, who are present throughout the country and embody our local roots and the value of mutual aid on a daily basis in our 2,400 local mutuals. Initiated by the Mutual Insurance Advisory Board (described in section 3.1.6) following the Group’s re ‑ mutualisation, the mutual insurance dynamic aims to mobilise the community of elected representatives in the service of the corporate purpose and transforms this energy into a differentiating force for the Group. In 2023, priority was given to change management around the various community tools and methods made available to elected representatives in order to anchor the use of these tools in everyday life and transform the commitment of elected representatives into an asset for our company and our members. To accelerate the pace of its transformation, the Group has set the goal of: “To build the mutual insurance group that champions customer support”. This ambition, fully consistent with our values and purpose, complements the framework of the Vision programme. Common to all the Group’s entities and resolutely customer ‑ focused, this ambition is in line with the transformations undertaken in recent years and sets an ambitious course for the Group and its various entities in France and internationally over the long term. Work has been undertaken to adapt the Group’s strategic roadmap and accelerate transformations in line with this ambition. OUR AMBITION
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
1 OVERVIEW OF THE GROUP Human resources
1.5 HUMAN RESOURCES
1.5.1 SOCIAL POLICY
switched to flex per team at the Nanterre Campus. Employee workspaces were redesigned to add brightness, collaborative areas, and a feeling of togetherness after all the teams were approached to take account of their specific needs and wishes. Building on this success, Groupama opened a second Campus in Mérignac, covering 12,000 m and bringing together 800 Bordeaux ‑ based employees of Groupama Gan Vie, GMA, G2S, Gan Assurances, Gan Prévoyance, and Groupama Centre ‑ Atlantique. The findings are similar and very positive overall, as confirmed by the results of the 2023 poll of the teams concerned. In 2023, the combined companies hired 3,521 employees under permanent contracts (excluding 158 mobility and business transfers), including 3,050 in France, to strengthen their sales networks and customer relations and management platforms and reinvigorate the management and expert teams as well as the auditing, internal control, and steering functions: 20.23% of the new staff are under 26 years of age, 7.1% are 50 and over and 15.8% of new hires resulted from the conversion of fixed ‑ term contracts into permanent contracts. Against this backdrop, the Group has strengthened its employer communications based on its corporate purpose. The tagline “Being there for others, I’ve decided to make it my job” is based on the Groupama brand message and complemented by a call to action “Want to give meaning to your skills?”, which can encourage candidates to apply. Our new campaign highlights what makes us proud: our sector, the starting point of “Great Stories”. It is all about standing out from our competitors by promoting our mutualist DNA and what makes us special: we give priority to people; we recruit people/ personalities who are at the service of our customers. An app allows employees to create their own posters and communicate them internally or via social networks. Externally, Groupama continued to develop its LinkedIn account, which now has 89,000 subscribers, and opened an Instagram account to attract young people, with 1,550 followers already. Programme ‑ related marketing campaigns were carried out in 2023, in particular to meet the recruitment needs for sales profiles: each time, they significantly increased visits (x 2) and applications (+150%) on the groupama ‑ gan ‑ recrute.com website. Groupama also continued to work on promoting jobs in short supply through social network campaigns dedicated to Managers, auditors, actuaries, etc. to provide details about these career opportunities and raise awareness of the advantages of working for Groupama. Viewed by tens of thousands of people, they lead to a sharp rise in job applications. Another highlight of 2023 was the return of several Jobmeetings in the regions and at the Nanterre Campus. During these get ‑ togethers, which are actual Groupama/Gan recruitment fairs, candidates learn about our company, discuss opportunities with representatives of the business lines they would like to work in, and receive support from our HR teams and teams of external experts in their job search. 2
To meet its strategic ambitions, improve its performance, and therefore meet the expectations of its members and customers, Groupama invests in people. The principles of the human resources policy are shaped by the Group’s corporate purpose, based on social responsibility and made possible by the lasting commitment of its 31,376 employees, confirmed at a record level (78%) by the 2023 edition of the internal opinion poll. As at 31 December 2023, the regional mutuals, Groupama Assurances Mutuelles (GMA), and its subsidiaries had 29,240 employees. The Group Human Resources Department manages and coordinates corporate policies and is at the head of the HR functional reporting line in accordance with the established distribution of responsibilities between the Group HR Department and the Company ‑ level HR Departments. Each company manages its human resources and its social policy as locally as possible, in line with the policy principles and the overall strategy defined for the Group. Group/company cohesion has been strengthened by ongoing coordination between the HR Departments on the HR operational committee and especially those in the Paris area. This makes it possible to provide harmonised and equitable responses for all employees so that they can work in complete safety and under the best possible conditions, remotely or on site, individually or collaboratively. Building on the momentum created in 2020, the highlight of 2023 was the integration of teleworking and hybrid working and management methods (in ‑ person/remote). Teleworking now concerns the vast majority of employees in all entities in France, under dedicated agreements and measures, with most of them teleworking two days a week. Within the UES, the implementation of individual addenda signed by employees concerns 71% of the 7,000 employees, with 86% of them choosing the option of two days a week. At GMA, 95% of employees telework, 93% of whom for two days a week. More broadly, the digitalisation of working methods and the employee experience has become widespread: Digital Collaborative Space (DCS) solutions are used on a daily basis, Manager or employee meetings are conducted on Teams or in hybrid mode, recruitment and onboarding processes are partly digitalised, some training modules are completed remotely, and digital communication has been significantly developed (newsletters, podcasts, digital workplaces). It is in this context that the Group is carrying out the “Escale” project in the Paris area. It concerns 11 companies and has been carried out in stages from June 2021 to 2024. It aims to take into account the deployment of new working methods and the balance to be found between on ‑ site and teleworking while controlling our property costs. It is based on the principle of “flex per team”, allowing each team to have its own space at a rate of 70% (7 workstations for 10 employees). After GMA made the switch in late 2022, Groupama Gan Vie, Gan Assurances, Gan Patrimoine, Gan Prévoyance, and Groupama Épargne Salariale
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
1 OVERVIEW OF THE GROUP Human resources
As part of its work on relations with schools, the “Game’Up” mobile app created by Groupama Loire Bretagne was offered to the other regional mutuals. Based on stories, it allows players to discover the world of insurance and meet three people who embody our business lines. This investment in the Group’s attractiveness is supplemented by work on integration, aimed at building loyalty from the moment the employee arrives or even before. Like the Group’s other companies, GMA has overhauled its onboarding process with a one ‑ year course offered to all new employees. The “WelcomeApp”, a mobile app for newcomers, creates a link with employees as soon as the contract is signed and offers, before their actual arrival, an interactive introductory course to learn about the values, history, and projects of the Group and GMA. Internal mobility (geographical and/or functional) is a key driver of employee and company performance. In 2023, nearly 2,000 employees in France benefited from it. The Mouvy intranet, an internal mobility site open to all Group employees, was redesigned to be more intuitive with enhancements to its content to help employees plan their career development. It incorporates two major new features: the monthly “Les Belles Mobilités” podcast to listen to personal accounts and get advice from people who have had successful mobility experiences; ❯ Jobmaker, a coaching tool serving our employees’ ambitions, to boost their career development efforts. The Group agreement on inter ‑ company transfers provides for dedicated mechanisms: support measures, posting of job ads on Mouvy, reduced time frames for transfers, etc. ❯ With regard to the end of employment contracts, the consolidated companies had 3,200 departures of employees on permanent contracts (excluding 186 transfers), including 2,591 in France: 40.6% resigned, 22.6% left during their probation period, 16.7% retired, 10.0% were laid off, 9.4% had contract terminations, 0.5% passed away, and 0.1% left under voluntary redundancy plans. The Group HR Department’s “Payroll and HR Studies” scope was expanded according to the plan established in 2017: from 6 companies managed in 2016 to 18 in 2022. In June 2023, 9,037 of the Group’s 25,634 employees in France (35% of the total workforce) were managed there. A large group of standardised HR tools was therefore put together in five years, with many positive implications in terms of application of HR policies, processes, and costs. Every year, CERH processes more than 100,000 pay slips and the associated social and tax reporting obligations with the help of a uniform set of rules and tools. This significant size in the French market also makes it possible to attract attention from publishers. This expansion also aims to apply adapted digital solutions: electronic safes, digitisation of personnel records, Electronic Document Management (EDM), digitisation of incoming mail, and electronic signing of contracts. Approximately 80,000 documents are now processed using EDM by the HR functions. More than 5,800 electronic signatures were produced, including a majority of teleworking agreements. However, the digitalisation of signatures is still an area for development.
In June 2023, at 11 HR management centres in France (CERH for GMA and subsidiaries, nine regional mutuals in mainland France and Groupama Océan Indien), the tool harmonisation rates were 100% for electronic safes, 90% for EDM, 90% for electronic signatures, and 90% for desktop publishing and contract management. The Group HR Department is also working on other projects to pool and digitalise HR tools: the production of an Individual Social Review (BSI), which provided each GMA and GGVie employee in early 2023 with a detailed snapshot of their compensation, benefits, and social protection. The aim of this tool is to clarify the various components of the overall compensation package, promote a fair perception of compensation and benefits, and retain talent; ❯ the overhaul of RSI processes (2023 campaign) to secure and streamline exchanges and decisions regarding individual compensation reviews for GMA and Groupama Gan Vie. The aim is to modernise the decision ‑ support tool for the annual salary review, via SAAS mode access, and establish fluid communication (real ‑ time display of data input). This new process was implemented in November 2023. ❯ Training is also a major component of the HR dynamic of the Group’s companies: in France, they invested more than 1 million hours of training (all types combined) for all employees, representing around 40 hours of training per trained employee, in 2023. The investment represents more than €60 million for the combined scope. Thus, after a period marked by an evolution in training methods, 2023 confirmed a high level of training in the Group’s companies. The Synergies programme continued to develop new coordinator courses. Five courses have been created, with and for the regional mutuals, and have hit their stride: on the professional market: more than 35 courses completed for nearly 400 trained professional advisors; ❯ on the corporate market: part 1 (CAE situation): 25 sessions for 226 trained employees; part 2 (PPI situation): 27 sessions for 274 employees; part 3 (technical/personalised): nearly 400 trainees; ❯ on the agricultural market: more than 15 courses completed for 140 trained agricultural advisors; ❯ on the local authorities & associations market: modular course (personalised), more than 1,700 trainees; ❯ on institutional leadership (built in partnership with the DRIOM): 1 course initiated in 2023. ❯ st With regard to the corporate part, the Mission Managers and PEP’S programmes are continuing with the same interest from companies and their learners while maintaining high levels of satisfaction. At the same time, the Objectif Dirigeant programme reinforces the training opportunities for the Group’s senior executives and senior Managers: in 2023, 150 of them took part in the Journées d’Actualité économiques et Sociales and 53 in the business line and personal development training modules. The Talents et Compétences programme rounds out the initiative: in 2023, six modules were organised for a total of 98 participants. Lastly, the Being Stronger Together (BST 2.0) programme, delivered entirely in English, promotes Group cultural integration and personal development.
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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES
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