UNIVERSAL REGISTRATION DOCUMENT 2023

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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 AT 31 DECEMBER 20237
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 SUSTAINABILITY APPROACH10
1.4.3 OUR PILLARS OF TRANSFORMATION10
1.4.4 OUR PERFORMANCE PODIUMS11
1.4.5 OUR MUTUAL INSURANCE DYNAMIC11
1.4.6 OUR AMBITION11
1.5 HUMAN RESOURCES12
1.5.1 SOCIAL POLICY12
1.5.2 GROUP WORKFORCE (FRANCE & INTERNATIONAL)15
1.5.3 COMMITMENTS TO PERSONNEL16
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 GREECE24
2.3.3 CENTRAL AND EASTERN EUROPEAN COUNTRIES (CEEC)25
2.3.4 OVERSEAS TERRITORIES25
2.3.5 CHINA25
2.4 FINANCIAL BUSINESSES25
2.4.1 GROUPAMA ASSET MANAGEMENT25
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 BOARD46
3.1.3 CHANGES IN THE MEMBERSHIP OF THE BOARD OF DIRECTORS AND THE COMMITTEES IN 202350
3.1.4 ASSESSMENT OF THE BOARD OF DIRECTORS51
3.1.5 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
3.1.6 MUTUAL INSURANCE ADVISORY BOARD52
3.1.7 EXECUTIVE MANAGEMENT52
3.1.8 OTHER INFORMATION56
3.2 DELEGATIONS OF AUTHORITY AND POWERS56
3.3 COMPENSATION OF DIRECTORS57
3.4 GENDER EQUALITY POLICY APPLIED TO THE GROUP’S MANAGEMENT BODIES59
3.5 INTERNAL CONTROL PROCEDURES59
3.5.1 CONTROL ENVIRONMENT59
3.5.2 INTERNAL CONTROL ORGANISATION AT THE GROUP LEVEL60
3.5.3 RISK GOVERNANCE64
3.5.4 GROUP COMPLIANCE65
3.6 RELATED‑PARTY TRANSACTIONS67
3.7 MAJOR CONTRACTS67
3.7.1 AGREEMENT FOR A SECURITY AND SOLIDARITY SYSTEM67
3.7.2 REINSURANCE AGREEMENT67
3.8 STATUTORY AUDITORS’ SPECIAL REPORT ON REGULATED AGREEMENTS69
4. CORPORATE SOCIAL RESPONSIBILITY (CSR)71
4.1 GROUPAMA SUSTAINABLE POLICY72
4.2 DECLARATION OF EXTRA‑FINANCIAL PERFORMANCE73
4.2.1 SUSTAINABILITY AT THE HEART OF OUR BUSINESS MODEL74
4.2.2 SUSTAINABILITY ISSUES AND ASSOCIATED RISKS THAT ALREADY TAKE CSRD INTO ACCOUNT79
4.2.3 SOCIAL AND SOCIETAL ISSUES AND ASSOCIATED RISKS80
4.2.4 ENVIRONMENTAL ISSUES AND CLIMATE CHANGE ADAPTATION93
4.2.5 EUROPEAN TAXONOMY104
4.2.6 SUBCONTRACTING AND SUPPLIERS117
4.2.7 FIGHT AGAINST CORRUPTION, INFLUENCE PEDDLING, MONEY LAUNDERING, TERRORIST FINANCING, AND TAX EVASION118
4.2.8 TABLES120
4.2.9 METHODOLOGICAL NOTE160
4.3 REPORT BY ONE OF THE STATUTORY AUDITORS ON THE DECLARATION OF EXTRA‑FINANCIAL PERFORMANCE163
5. GROUP RISK FACTORS167
5.1 THE GROUP’S MAIN RISKS168
5.1.1 FINANCIAL RISKS168
5.1.2 INSURANCE RISKS169
5.1.3 OPERATIONAL RISKS171
5.1.4 SUSTAINABILITY & CSR RISKS171
5.1.5 WAR IN UKRAINE AND THE MIDDLE EAST172
5.2 ORGANISATION OF RISK MANAGEMENT WITHIN THE GROUP172
6. EARNINGS AND FINANCIAL POSITION175
6.1 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS176
6.1.1 EUROPEAN MACROECONOMIC AND FINANCIAL ENVIRONMENT176
6.1.2 SIGNIFICANT EVENTS OF FISCAL YEAR 2023178
6.1.3 POST‑BALANCE SHEET EVENTS178
6.1.4 ANALYSIS OF FINANCIAL STATEMENTS179
6.1.5 DEBT192
6.1.6 RISK MANAGEMENT AND RELIABILITY OF FINANCIAL INFORMATION192
6.1.7 FINANCIAL FUTURES POLICY195
6.1.8 ANALYSIS OF THE ANNUAL FINANCIAL STATEMENTS FOR THE FISCAL YEAR195
6.1.9 OUTLOOK198
6.1.10 GROUPAMA’S 2023 DECLARATION OF EXTRA‑FINANCIAL PERFORMANCE198
6.2 DIVIDEND DISTRIBUTION POLICY199
6.3 CHARACTERISTICS OF THE MUTUAL CERTIFICATES AND REMUNERATION POLICY199
6.3.1 LEGAL REGIME FOR MUTUAL CERTIFICATES199
6.3.2 CHARACTERISTICS OF THE MUTUAL CERTIFICATES ISSUED BY GROUPAMA ASSURANCES MUTUELLES199
6.3.3 REMUNERATION POLICY199
6.4 CASH AND GROUP FINANCING200
6.4.1 ISSUER’S FINANCING STRUCTURE200
6.4.2 EMPLOYMENT AND CASH201
6.5 ADMINISTRATIVE, JUDICIAL, OR ARBITRATION PROCEEDINGS201
7. FINANCIAL STATEMENTS203
7.1 COMBINED FINANCIAL STATEMENTS AND NOTES204
7.1.1 COMBINED BALANCE SHEET204
7.1.2 COMBINED INCOME STATEMENT206
7.1.3 STATEMENT OF NET INCOME AND GAINS (LOSSES) RECOGNISED DIRECTLY IN GROUP’S IFRS EQUITY207
7.1.4 STATEMENT OF CHANGES IN GROUP'S IFRS EQUITY208
7.1.6 NOTES TO THE COMBINED FINANCIAL STATEMENTS211
7.2 REPORT OF THE STATUTORY AUDITORS ON THE COMBINED FINANCIAL STATEMENTS310
7.3 ANNUAL FINANCIAL STATEMENTS AND NOTES317
7.3.1 BALANCE SHEET317
7.3.2 OPERATING INCOME STATEMENT319
7.3.3 NON‑OPERATING INCOME STATEMENT320
7.3.4 COMMITMENTS RECEIVED AND GIVEN321
7.3.5 RESULTS OF THE PAST FIVE FISCAL YEARS323
7.3.6 NOTES TO THE ANNUAL FINANCIAL STATEMENTS324
7.4 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS353
8. ADDITIONAL INFORMATION357
8.1 COMPANY INFORMATION358
8.1.1 IDENTIFICATION358
8.1.2 CURRENT STATUTORY PROVISIONS358
8.1.3 INTERNAL BYLAWS OF THE BOARD OF DIRECTORS369
8.2 INFORMATION ON THE CAPITAL377
8.2.1 NON‑EQUITY INSTRUMENTS377
8.2.2 SHARES HELD BY THE COMPANY OR ITS SUBSIDIARIES377
8.2.3 OTHER EQUITY INSTRUMENTS377
8.3 REGULATORY ENVIRONMENT377
8.3.1 SOLVENCY RULES377
8.3.2 DISTRIBUTION OF INSURANCE378
8.3.3 REGULATORY FRAMEWORK FOR PERSONAL DATA PROTECTION378
8.3.4 ANTI‑MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM379
8.3.5 ACCOUNTING STANDARDS379
8.3.6 OTHER REGULATIONS380
8.4 PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT, FINANCIAL DISCLOSURES, AND FOR AUDITING THE FINANCIAL STATEMENTS380
8.4.1 PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT380
8.4.2 DECLARATION BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT380
8.4.3 PERSON RESPONSIBLE FOR THE FINANCIAL DISCLOSURE381
8.4.4 PERSONS RESPONSIBLE FOR AUDITING THE FINANCIAL STATEMENTS381
8.5 AVAILABLE DOCUMENTS381
8.6 GLOSSARY382
8.7 CONCORDANCE TABLES383
8.7.1 CONCORDANCE TABLE WITH THE HEADINGS REQUIRED BY EU REGULATION NO 2019/980383
8.7.2 CONCORDANCE TABLE WITH THE DISCLOSURES REQUIRED IN THE ANNUAL FINANCIAL REPORT386

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