Groupama // Universal Registration Document 2022

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1. OVERVIEW OF THE GROUP3
1.1 HISTORY OF THE COMPANY4
1.2 ORGANISATION OF THE GROUP AND GROUPAMA ASSURANCES MUTUELLES7
1.2.1 GENERAL ORGANISATION7
1.2.2 SIMPLIFIED ORGANISATION CHART OF THE GROUP’S MAIN SUBSIDIARIES AS OF 31 DECEMBER 20228
1.2.3 TIES BETWEEN THE GROUP’S ENTITIES9
1.3 KEY FIGURES9
1.3.1 GROUPAMA COMBINED SCOPE9
1.3.2 ALTERNATIVE PERFORMANCE INDICATORS (API)10
1.4 STRATEGY11
1.4.1 OUR CORPORATE PURPOSE11
1.4.2 OUR CSR APPROACH11
1.4.3 OUR PILLARS OF TRANSFORMATION11
1.4.4 OUR PERFORMANCE PODIUMS12
1.4.5 OUR MUTUAL INSURANCE DYNAMIC12
1.5 HUMAN RESOURCES12
1.5.1 SOCIAL POLICY12
1.5.2 GROUP WORKFORCE (FRANCE & INTERNATIONAL)16
1.5.3 COMMITMENTS TO PERSONNEL17
2. THE GROUP’S BUSINESSES19
2.1 GROUPAMA, A MULTI‑LINE AND MULTI‑CHANNEL INSURER20
2.1.1 STRUCTURE OF PREMIUM INCOME20
2.1.2 FRENCH NETWORKS21
2.1.3 INTERNATIONAL NETWORKS21
2.2 INSURANCE IN FRANCE22
2.2.1 ECONOMIC ENVIRONMENT AND MARKET TRENDS22
2.2.2 COMPETITION AND POSITIONING22
2.2.3 PROPERTY AND CASUALTY INSURANCE22
2.2.4 LIFE AND HEALTH INSURANCE24
2.3 INTERNATIONAL INSURANCE26
2.3.1 ITALY26
2.3.2 GREECE26
2.3.3 CENTRAL AND EASTERN EUROPEAN COUNTRIES (CEEC)27
2.3.4 OVERSEAS TERRITORIES27
2.3.5 CHINA27
2.4 FINANCIAL BUSINESSES28
2.4.1 GROUPAMA ASSET MANAGEMENT28
2.4.2 GROUPAMA IMMOBILIER28
3. CORPORATE GOVERNANCE AND INTERNAL CONTROL29
3.1 DISCLOSURES ON CORPORATE GOVERNANCE30
3.1.1 BOARD OF DIRECTORS30
3.1.2 COMMITTEES OF THE BOARD OF DIRECTORS48
3.1.3 CHANGES IN THE MEMBERSHIP OF THE BOARD OF DIRECTORS AND THE COMMITTEES IN 202252
3.1.4 ASSESSMENT OF THE BOARD OF DIRECTORS53
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 BYLAWS53
3.1.6 MUTUAL INSURANCE ADVISORY BOARD54
3.1.7 EXECUTIVE MANAGEMENT54
3.2 DELEGATIONS OF AUTHORITY AND POWERS57
3.3 COMPENSATION OF DIRECTORS57
COMPENSATION AND BENEFITS FOR MEMBERS OF THE BOARD OF DIRECTORS OF GROUPAMA ASSURANCES MUTUELLES57
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 LEVE60
3.5.3 RISK GOVERNANCE64
3.5.4 GROUP COMPLIANCE66
3.6 RELATED‑PARTY TRANSACTIONS67
3.7 MAJOR CONTRACTS67
3.7.1 AGREEMENT FOR A SECURITY AND SOLIDARITY SYSTEM67
3.7.2 REINSURANCE AGREEMENT68
3.8 STATUTORY AUDITOR’S SPECIAL REPORT ON RELATED‑PARTY AGREEMENTS70
AGREEMENTS TO BE SUBMITTED TO THE GENERAL MEETING FOR APPROVAL70
4. CORPORATE SOCIAL RESPONSIBILITY (CSR)73
4.1 GROUPAMA CSR POLICY74
4.2 DECLARATION OF EXTRA‑FINANCIAL PERFORMANCE75
4.2.1 CSR AT THE HEART OF OUR BUSINESS MODEL75
4.2.2 CSR ISSUES AND ASSOCIATED RISKS78
4.2.3 ADAPTING TO CLIMATE CHANGE: THE GROUP’S ECOLOGICAL FOOTPRINT101
4.2.4 EUROPEAN TAXONOMY105
4.2.5 TABLES AND NOTES111
4.3 REPORT BY ONE OF THE STATUTORY AUDITORS ON THE DECLARATION OF EXTRA‑FINANCIAL PERFORMANCE124
5. GROUP RISK FACTORS129
5.1 THE GROUP’S MAIN RISKS130
5.1.1 FINANCIAL MARKET RISKS130
5.1.2 INSURANCE RISKS132
5.1.3 OPERATIONAL RISKS133
5.1.4 WAR IN UKRAINE134
5.2 ORGANISATION OF RISK MANAGEMENT WITHIN THE GROUP135
6. EARNINGS AND FINANCIAL POSITION139
6.1 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS140
6.1.1 ENVIRONMENT140
6.1.2 SIGNIFICANT EVENTS OF FISCAL YEAR 2022143
6.1.3 POST‑BALANCE SHEET EVENTS144
6.1.4 ANALYSIS OF FINANCIAL STATEMENTS145
6.1.5 DEBT159
6.1.6 RISK MANAGEMENT AND RELIABILITY OF FINANCIAL INFORMATION159
6.1.7 FINANCIAL FUTURES POLICY162
6.1.8 ANALYSIS OF THE ANNUAL FINANCIAL STATEMENTS FOR THE FISCAL YEAR162
6.1.9 OUTLOOK165
6.1.10 GROUPAMA’S 2022 DECLARATION OF EXTRA‑FINANCIAL PERFORMANCE165
6.2 DIVIDEND DISTRIBUTION POLICY166
6.2.1 DIVIDENDS PAID OVER THE PAST THREE FISCAL YEARS166
6.2.2 DISTRIBUTION POLICY166
6.2.3 STATUTE OF LIMITATIONS166
6.3 CHARACTERISTICS OF THE MUTUAL CERTIFICATES AND REMUNERATION POLICY167
6.3.1 LEGAL REGIME FOR MUTUAL CERTIFICATES167
6.3.2 CHARACTERISTICS OF THE MUTUAL CERTIFICATES ISSUED BY GROUPAMA ASSURANCES MUTUELLES167
6.3.3 REMUNERATION POLICY167
6.4 CASH AND FINANCING OF THE GROUP168
6.4.1 ISSUER’S FINANCING STRUCTURE168
6.4.2 EMPLOYMENT AND CASH169
6.5 ADMINISTRATIVE, JUDICIAL, OR ARBITRATION PROCEEDINGS169
7. FINANCIAL STATEMENTS171
7.1 COMBINED FINANCIAL STATEMENTS AND NOTES172
7.1.1 COMBINED BALANCE SHEET172
7.1.2 COMBINED INCOME STATEMENT174
7.1.3 STATEMENT OF NET INCOME AND GAINS (LOSSES) RECOGNISED DIRECTLY IN GROUP’S IFRS EQUITY175
7.1.4 CHANGE IN GROUP’S IFRS EQUITY176
7.1.5 CASH FLOW STATEMENT177
7.1.6 NOTE TO THE COMBINED FINANCIAL STATEMENTS179
7.2 STATUTORY AUDITORS’ REPORT ON THE COMBINED FINANCIAL STATEMENTS298
7.3 ANNUAL FINANCIAL STATEMENTS AND NOTES302
7.3.1 BALANCE SHEET302
7.3.2 OPERATING INCOME STATEMENT304
7.3.3 NON‑OPERATING INCOME STATEMENT305
7.3.4 COMMITMENTS RECEIVED AND GIVEN306
7.3.5 RESULTS OF THE PAST FIVE FISCAL YEARS308
7.3.6 NOTES TO THE ANNUAL FINANCIAL STATEMENTS309
7.4 STATUTORY AUDITORS’ REPORT ON THE ANNUAL340
8. ADDITIONAL INFORMATION345
8.1 COMPANY INFORMATION346
8.1.1 IDENTIFICATION346
8.1.2 CURRENT STATUTORY PROVISIONS346
8.1.3 INTERNAL BYLAWS OF THE BOARD OF DIRECTORS357
8.2 INFORMATION ON THE CAPITAL366
8.2.1 NON‑EQUITY INSTRUMENTS366
8.2.2 SHARES HELD BY THE COMPANY OR ITS SUBSIDIARIES366
8.2.3 OTHER EQUITY INSTRUMENTS366
8.3 REGULATORY ENVIRONMENT367
8.3.1 SOLVENCY RULES367
8.3.2 DISTRIBUTION OF INSURANCE368
8.3.3 REGULATORY FRAMEWORK FOR PERSONAL DATA PROTECTION368
8.3.4 ANTI‑MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM369
8.3.5 ACCOUNTING STANDARDS369
8.3.6 OTHER REGULATIONS370
8.4 PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT, FINANCIAL DISCLOSURES, AND FOR AUDITING THE FINANCIAL STATEMENTS371
8.4.1 PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT371
8.4.2 DECLARATION BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT371
8.4.3 PERSON RESPONSIBLE FOR THE FINANCIAL DISCLOSURE371
8.4.4 PERSONS RESPONSIBLE FOR AUDITING THE FINANCIAL STATEMENTS371
8.5 AVAILABLE DOCUMENTS372
8.6 GLOSSARY373
8.7 CONCORDANCE TABLES374
8.7.1 CONCORDANCE TABLE WITH THE HEADINGS REQUIRED BY EU REGULATION NO 2019/980374
8.7.2 CONCORDANCE TABLE WITH THE DISCLOSURES REQUIRED IN THE ANNUAL FINANCIAL REPORT377

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