Groupama // Universal Registration Document 2022

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CORPORATE GOVERNANCE AND INTERNAL CONTROL Major contracts

The amendments made to the reinsurance agreement in recent decades were prompted by two factors: changes in the structure of the mutuals (successive combinations, opening up the membership and takeover of the non ‑ agricultural risk portfolio previously managed by the subsidiary SAMDA) that changed their size and therefore their holding capacity; ❯ certain risk categories (major weather ‑ related events, imbalance in industrial risks, etc.) required greater empowerment of the mutuals in terms of underwriting control and the costs of claims by increasing their holdings in those areas. ❯

risks are classified in such a way as to differentiate between the solutions provided through reinsurance; the reinsurance agreement is a coherent and balanced whole that must be assessed in terms of its intended purpose and overall effects and not by isolating any one of its components from this context; in any event, this approach of placing the agreement in perspective is not opposed to a segmented, technical attitude to risks and to the reinsurance terms associated with them; ❯ the Internal Reinsurance terms currently applicable are the result of amendments made over time to make this system fully effective in terms of its economic purpose of offsetting and controlling risks; ❯ the ongoing pursuit of this purpose has resulted in involving Groupama Assurances Mutuelles in the insurance business of the Groupama regional mutuals in a balanced and controlled way. ❯

In summary:

the reinsurance agreement covers all the risks underwritten by the regional mutuals; in order to take account of their specific characteristics in terms of protection needs, all the ❯

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Universal Registration Document 2022 - GROUPAMA ASSURANCES MUTUELLES