Groupama // Universal Registration Document 2022

5

GROUP RISK FACTORS The Group’s main risks

5.1.4

WAR IN UKRAINE

5.1.3.3 Reputational risk The Group is a major economic player in France (media visibility). It insures 12 million customers, employs 31,000 people, and is linked to all sectors of economic activity in France, whether as an insurer or an investor. Its reputation may be harmed by unfavourable media coverage (articles in the press or on the Internet) or by litigation in connection with a claim. It may be threatened by defamatory information about its financial position, its management, its handling of a health crisis or natural disaster, its duty to advise, a publicised dispute, or a brand partnership. For example, the increase in consumer programmes with a large TV/radio audience and the use of social media, where all customers can express themselves, has led to an increase in the number of publicised disputes likely to harm the confidence essential to the Group’s business. For the Group, the reputational risk is considered “moderate”.

The war in Ukraine, which began on 24 February 2022 with the invasion by Russian troops on Ukrainian territory, has created a great instability in the international environment, the outcome of which is currently unknown. Despite the Group’s non ‑ significant exposures to these two countries and Belarus, there is a risk of economic and financial impacts for the Group. The armed conflict between these two countries and its uncertainties have disrupted growth forecasts around the world with its impacts on commodities, energy, production, and supply chains, fuelling the inflationary environment and having global repercussions on the financial and commodity markets.

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES