UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

1.1 Regional mutuals As autonomous legal entities, regional mutuals implement their own internal control measures and manage their risks in compliance with the Group’s standards. These systems are adapted to each regional mutual based on its organisation, its activities, and its resources, under the authority of its Senior Management. Regarding organisation and governance, the roles and responsibilities of the administration and executive management bodies, key functions, and operational or Support Departments involved in risk management are specified in the risk policies. The Group Risk Management, Control, and Compliance Department supports the regional mutuals in monitoring and implementing Group standards. All of the risk management and permanent control/Compliance Managers from regional mutuals are also part of this plan and meet regularly at information exchange and best practices forums (workgroups, theme ‑ based workshops and training), run by the Group Risk Management, Control, and Compliance Department; work relating to the implementation of Pillar 2 of Solvency II is also handled there. Regional mutuals are reinsured under an exclusive reinsurance agreement between them and Groupama Assurances Mutuelles (General Reinsurance Regulations). The General Reinsurance Regulations of the regional mutuals are one of the main risk management mechanisms. The principles and rules of reinsurance are set out in the reinsurance contracts of the Group and entities. For risks related to the distribution of banking products and life insurance, the regional mutuals apply the risk management procedures defined by Groupama Gan Vie, in conjunction with the Risk Management, Control, and Compliance Department. Similar mechanisms are in place at the entity level. In addition, a committee for the implementation and sharing of objectives, decisions, and best practices between the Group’s entities has been set up. This Audit, Risk Management, Control, and Compliance Operational Implementation Committee (Comop ARCC) is run by the Group Risk Management, Control, And Compliance Department and the Group General Audit Department, with the Group Legal Department also involved. It brings together the regional mutuals, the French insurance subsidiaries, and Groupama Supports & Services (G2S). As for the international scope, meetings (four times a year), led by the Group Risk Management Department, are organised to discuss methodologies, Group schedules, and the various risk issues of the subsidiaries and/or the Group with the risk Managers of the international subsidiaries. the Capital Management Committee: consisting of the Deputy Managing Director in charge of finance, actuarial, auditing, and risk activities, the Director of Risk Management, Control, and Compliance, the Director of Financial Operations and Investments, the Director of Financing, the Director of ALM, and the representative of the international department in charge of monitoring international subsidiaries. ❯

Groupama Assurances Mutuelles and its subsidiaries

1.2

Subsidiary risk is monitored in three ways:

All of the Risk and internal control Managers from French and international subsidiaries are part of the plan and meet regularly at information exchange and best practices forums (workgroups, theme ‑ based workshops and training), run by the Group Risk Management, Control, and Compliance Department. The Groupama Assurances Mutuelles Board of Directors, with the assistance of the Audit and Risk Management Committee, nearly half of whose members are Independent Directors, is responsible for the validation and monitoring of the risk management strategy, its implementation and future directions, the validation of risk policies, the review of the consistency of internal control mechanisms, risk monitoring, and reviews of internal audit work. Lastly, the Board of Directors, particularly through the Groupama Assurances Mutuelles Audit and Risk Committee, is included in the Group’s various tasks for the application of the Solvency 2 directive, including work relating to ORSA particularly with the validation of stress scenario assumptions and the examination of the ORSA report for ratification by the Board of Directors. monitoring by each subsidiary or the Groupama Assurances Mutuelles G2S joint venture as part of the responsibility of its Directors and in accordance with Group standards. Following the example of the regional mutuals, the Risk Management, Control, and Compliance Department supports Groupama Assurances Mutuelles and its subsidiaries in monitoring and implementing the internal control and risk management procedure. As regards Groupama Gan Vie more particularly, the Regulatory and Environmental Management Committee addresses all of this subsidiary’s compliance issues. ❯ inter ‑ company monitoring by the Groupama Assurances Mutuelles business, functional and Support Departments specialising in the area in question, as indicated above; ❯ ongoing monitoring by departments in the division to which it is attached: ❯ Group Financial Department for financial subsidiaries, ■ Group Insurance and Services Department for the non ‑ life insurance subsidiaries, the French service subsidiaries, and Groupama Supports & Services, ■ Groupama Gan Vie’s Senior Management for the life insurance subsidiary and the distribution subsidiaries Gan Patrimoine and Gan Prévoyance, ■ International Subsidiaries Department for foreign subsidiaries; ■

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Document d’Enregistrement Universel 2023 GROUPAMA ASSURANCES MUTUELLES