UNIVERSAL REGISTRATION DOCUMENT 2023

6 EARNINGS AND FINANCIAL POSITION Management report of the Board of Directors

SIGNIFICANT EVENTS OF FISCAL YEAR 2023

6.1.2

6.1.2.4 Responsible investments At the end of June 2023, the Group published its ESG Climate report to its website. Recognising the key role played by the oil and gas and thermal coal sectors in decarbonising the economy, and in response to various calls to step up commitments on fossil fuels, Groupama strengthened its policy on non ‑ conventional fossil fuels and tightened the criteria for its thermal coal exit policy by lowering the absolute thresholds for annual production and installed capacity: reduction of the production threshold from 20 MT to 10 MT; ❯ reduction of the absolute threshold of installed capacity from 10 GW to 5 GW. ❯ (a) Low ‑ carbon offer Groupama created the first borrower insurance dedicated to low ‑ carbon agricultural projects. In early December 2023, the new Groupama “Low ‑ Carbon Borrower” offering was incorporated into agricultural projects certified by Stock CO , a carbon offsetting operator. The aim is to protect the financing of a project if the operator is no longer able to operate. Inclement weather The second half of 2023 was particularly affected by severe weather events. Storms Ciaran and Domingos, which hit France in early November, triggered claims for a total cost of €1.3 billion, according to France Assureurs. Also in November, the Hauts ‑ de ‑ France region was struck by heavy rainfall that caused devastating floods. According to the estimates of the Caisse Centrale de Réassurance (source: CCR publication of 26 January 2024), the cost of damage in France amounts to €625 million, of which a share corresponding to approximately 50% would be covered by the natural disaster mechanism (a natural disaster was declared for more than 200 municipalities). The international subsidiaries of Groupama Assurances Mutuelles (especially in Italy and Greece) were also affected by very significant bad weather during the summer of 2023. The intragroup agreements of Groupama Assurances Mutuelles, as the Group’s reinsurer, were activated by these various weather ‑ related claims. The total cost of the current weather loss experience for Groupama amounts to around €1.3 billion, or €967 million net of external protection. 2 (b)

6.1.2.1 (a)

Financial soundness

(b) Aggregate climate reinsurance cover On 19 June 2023, Groupama secured aggregate reinsurance protection of €100 million to safeguard its climate exposures in France for the period June 2023 to June 2024. The reinsurer issued a cat bond to cover itself. As the first insurance group in Europe to set up such a structure in 2023, the Group is continuing to diversify its climate cover in France. Governance At its meeting on 9 June 2023, the Board of Directors of Groupama Assurances Mutuelles elected François Schmitt as Chairman of the Board of Directors of Groupama Assurances Mutuelles for three years. He succeeds Jean ‑ Yves Dagès, who had held this position since 2012. The Board of Directors also renewed Thierry Martel’s term as Chief Executive Officer of Groupama Assurances Mutuelles. Partnerships As part of the reform of supplementary social protection in the French civil service (PSC), on 23 June 2023 Groupama, MNH and MGEN announced an alliance to meet the challenges of protecting state hospital workers. The three partners will work together to bid on tenders organised by health institutions to increase protection for their staff. Divestment On 3 May 2023, the Groupama group sold its insurance activities in Turkey to Axa. In a context of hyperinflation, which would have required significant capital injections, Groupama group decided to focus its investments on other European countries and regions where it is already established by supporting its business activities in Bulgaria and Romania, which are experiencing strong growth. It also recently established itself in Croatia and Slovenia, in connection with the partnership established since 2008 with the Hungarian bank OTP. 6.1.2.2 6.1.2.3 (a) (b) Financial rating On 30 May 2023, Fitch Ratings affirmed Groupama’s Insurer Financial Strength (IFS) rating at “A+” with a “Stable” outlook. The rating affirmation mainly reflects Groupama’s strong capitalisation and leverage, together with its very solid business profile. Business

POST ‑ BALANCE SHEET EVENTS

6.1.3

CNP Retraite and Groupama Gan Vie entered into an agreement to switch the share reinsured by Groupama Gan Vie with effect from 1 January 2024.

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Universal Registration Document 2023 GROUPAMA ASSURANCES MUTUELLES