Annual report 2012 - Groupama · Having successfully emerged from a diffi cult period, Groupama is now ready to move forward and continue to satisfy its members and customers

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Annualreport

2012

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Annual report produced by the Group Communication Department

Concept design:

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FOR MORE INFORMATION, VISIT THE WEBSITE

www.rapportannuel.groupama.com

Annualreport

2012

Documents available at www.groupama.com

€14.2bn TURNOVER IN 2012

€6.3bn IN SHAREHOLDERS’

EQUITY

13 Million MEMBERS AND CUSTOMERS

35,000 EMPLOYEES, INCLUDING

27,000 IN FRANCE

No.1 MUTUAL INSURER IN FRANCE

AND 8TH LARGEST FRENCH INSURER

04 Overview of the Group06 Joint interview with the Chairman and the Chief Executive Offi cer08 Interview with the Deputy Chief Executive Offi cer and Financial statements10 Governance

17 Motivated to constantly improve customer satisfaction18 Internet – a key tool for the future19 A culture of proximity

Placing the customer at the heart of our business1

29 CSR: Five strategic focuses for the Group30 A responsible employer31 The Groupama Health Foundation32 Cultural patronage and Sports sponsorship

Addressing the challenges of our time3

21 Improved performance 22 Strategic partnerships23 The Group’s business lines in 201227 A prevention culture

Searching for business performance2

A collective withthree core beliefs


Having successfully emerged from a diffi cult period, Groupama is now ready to move forward and continue to satisfy its members and customers. As a leader in many of its markets, the Group can draw on the diversity of its culture and its expertise to address new challenges. Pragmatism, a collective approach, exchange and innovation – all advantages of a modern mutualism enabling it to continue developing the values it shares with its members, customers and employees: Responsibility, Proximity and Solidarity.

A key player in insurance and banking

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DISRUPTION AND INNOVATIONpage 20

watch the program

MORE THAN 55 YEARS OF PREVENTIONpage 28

watch the program

Parlons direct

VISIT THE WEBSITE Tw

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DISRUPTION AND INNOVATIONpage 20

watch the program

MORE THAN 55 YEARS OF PREVENTIONpage 28

watch the program

Parlons direct

VISIT THE WEBSITE Tw

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We have produced a webcast to mark the publication of our annual report. Visit the site to watch interviews with Jean-Yves Dagès, Chairman of the Groupama National

Federation, Thierry Martel, Chief Executive Offi cer and Christian Collin, Deputy Chief Executive Offi cer, conducted by journalist Ruth Elkrief. You will also fi nd the web-documentaries associated with each of these interviews. You will also fi nd online a complete version of the annual report, which details and illustrates the information summarised in this document.

A YEAR OF REFOCUSINGpage 8

watch the program

MUTUAL INSURANCE IN A TIME OF CRISISpage 16

watch the program

E TO WATCH THE WEBCASTwww.rapportannuel.groupama.com

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Our brands

The multi-line insurance network of Groupama Regional Mutual branches provides a complete range of insurance and banking products and services. Its well-established social and economic regional presence, recently strengthened in urban areas, relies on close to 2100 branches and 7800 salespeople.www.groupama.fr

€5.2BN IN TURNOVER IN 2012

Gan AssurancesWith more than 1000 branches and 330 insurance agents, Gan Assurances moved up from fi fth to fourth place among multi-line insurance networks in 2012, as a result of its policy of creating points of sale. Mainly based in medium-sized cities, the company offers a complete range of insurance, banking, employee savings, oversight, etc. for professionals, companies and individuals.www.ganassurances.fr

€2.36BN IN TURNOVER IN 2012

Gan EurocourtageThrough its network of 1000 partner brokers, Gan Eurocourtage distributes group insurance solutions – provident, health and retirement savings – in response to corporate needs, whether of business leaders or employees, both executives and non-executives.www.gan-eurocourtage.fr

€848M IN TURNOVER IN 2012 FOR GROUP INSURANCE

Gan PatrimoineThe 400 Gan Patrimoine agents are asset management experts, offering solutions for diversifying the investments of high-end customers. Gan Patrimoine’s new collective blog increases its visibility on the internet and promotes its expertise, with articles posted on various social networks: Twitter, Viadeo, Linkedin, etc.www.ganpatrimoine.fr

€415M IN TURNOVER IN 2012

Gan PrévoyanceSpecialists in individual social protection, the 1000 Gan Prévoyance in-house advisors distribute provident, retirement and health solutions to customers including a high proportion of professionals.www.ganprevoyance.fr

€565M IN TURNOVER IN 2012

Amaguiz.comExclusively dedicated to direct insurance sales, Amaguiz distributes Motor, Home and Health insurance products online. www.amaguiz.com

AT THE END OF 2012, JUST FOUR AND A HALF YEARS AFTER ITS LAUNCH, AMAGUIZ HAD NEARLY 190,000 POLICIES IN ITS PORTFOLIO.

PROPERTY AND LIABILITY INSURANCE

€7.1bn IN TURNOVER

50.2% of the Group‘s turnover in 2012 with an increase in the number of policies in the Motor portfolio (+13,000 policies) and Home portfolio (+32,000 policies) in France.

LIFE AND HEALTH INSURANCE


47.8% of the Group’s activity in 2012, with impressive performances in France in health and bodily injury (+5.7%).

FINANCIAL AND BANKING ACTIVITIES


• A comprehensive range of products and services offered by Groupama Banque, which continues to grow with an increase of more than 10% in outstanding customer loans and deposits;

• Growth of 8% in outstanding loans and deposits by Groupama Asset Management;

• Growth of 15% in outstanding loans and deposits by Groupama Epargne Salariale.

> PRESENTATION OF THE GROUP

Our business lines

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Italy€1,490 M

Portugal€69 M

Turkey€398 M

Greece€167 M

Hungary €302 M

Romania €181 M

Bulgaria €10 M

Tunisia35% stake in largest

Tunisian insurer, STAR.

Creation of a joint venture

with AVIC (Aviation Industry

Corporation of China), with

each partner owning 50%.

Gan Overseas€110 M

China

A LEADER IN INSURANCE IN FRANCEIn France, Groupama is present in all areas of insurance,

banking and fi nancial services, with an innovative

range of services covering all the needs of individuals,

companies, professionals, associations and local

authorities. Its positions are strong in these

various markets.

OPERATIONS ESTABLISHED IN 11 COUNTRIESInternational operations represent a profi table vehicle

for growth for Groupama, which is the leader in Hungary

and Romania and has strong positions in property and

casualty on the Italian and Turkish markets. The Group has

also positioned itself on high-potential emerging markets,

particularly China.

9 Regional Mutuals1 Loire Bretagne2 Centre Manche3 Paris Val de Loire4 Nord-Est5 Grand Est6 Centre-Atlantique7 Rhône-Alpes Auvergne8 d’Oc9 Méditerranée

2 Specialist MutualsMisso (Forestry)Tobacco producers

2 Overseas mutualsFrench West Indies/Guiana Indian Ocean

An international presence

8,000 employees in international subsidiaries

6million customers outside

France

€2.7bnin international turnover

No. 1 Agricultural insurer

No. 1 Individual

Health insurer

No. 1 insurer of Local

Authorities

No. 2 Motor insurer

No. 3 Home insurer

No. 3 insurer

of Professionals

3535%

TTuni€110 M

2

13

4

5

76

8

9

Map of locations

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«Large-scale projects 100% completed

in 2012»Jean-Yves DagèsGroupama Chairman

Joint interview with the directors

Thierry MartelChief Executive

Offi cerJean-Yves Dagès

Chairman of Groupama

Groupama has experienced an unprecedented crisis. What is your assessment of this diffi cult period?Thierry Martel: These diffi culties started with the Greek crisis. Previously, no-one could have imagined that a eurozone country would be unable to meet its commitments. Groupama found itself exposed

to risks outside of its core business, a situation complicated by an unsuitable governance system. Nevertheless, the Group increased the number of its customers and members in both 2011 and 2012. A distinction should therefore be made between the crisis caused by an unusual set of circumstances and insurance activities, which continued to grow.

Jean-Yves Dagès: The reason our members and customers have remained loyal, the reason there are even more of them at the end of 2012 than in 2011, is not only because our products are perfectly tailored to their needs, but also because they have confi dence in Groupama. They were kept constantly informed of the Group’s position and measures put in place to turn it around. This shared trust is one of the strengths of mutual insurance.

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«Large-scale projects 100% completed

in 2012»Jean-Yves DagèsGroupama Chairman

Joint interview with the directors

Thierry MartelChief Executive

Offi cerJean-Yves Dagès

Chairman of Groupama

Groupama has experienced an unprecedented crisis. What is your assessment of this diffi cult period?Thierry Martel: These diffi culties started with the Greek crisis. Previously, no-one could have imagined that a eurozone country would be unable to meet its commitments. Groupama found itself exposed

to risks outside of its core business, a situation complicated by an unsuitable governance system. Nevertheless, the Group increased the number of its customers and members in both 2011 and 2012. A distinction should therefore be made between the crisis caused by an unusual set of circumstances and insurance activities, which continued to grow.

Jean-Yves Dagès: The reason our members and customers have remained loyal, the reason there are even more of them at the end of 2012 than in 2011, is not only because our products are perfectly tailored to their needs, but also because they have confi dence in Groupama. They were kept constantly informed of the Group’s position and measures put in place to turn it around. This shared trust is one of the strengths of mutual insurance.

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What is the Group’s position now the crisis has passed?J-Y. D.: Firstly, I would like to emphasise that every-thing we announced at the start of 2012, we achieved. Groupama has restored its fi nancial solidity, adopted an effective and sustainable system of governance and is again in a position to pursue its growth, in France and in the various countries where it occupies strong positions.

T. M.: The Group has always respected its business fundamentals by placing the policyholder at the heart of its concerns. With the fi nancial turbulence now behind us, all the work carried out on the ground is continuing to pay off. We may not be immune from the problems of growth and market instability, but our proximity to our members and customers allows us to constantly improve our response to their needs – and that is the key to success for an insurer.

And what are policyholders’ needs today?T. M.: In 2012, we conducted a survey of French people’s needs in terms of insurance. The results were fairly straightforward. In a crisis context, insurance plays a special role in securing budgets. At the same time, purchasing power becomes more stretched. Solutions must therefore satisfy increased needs for the best pos-sible price. Their capacity to innovate means that the three Group brands – Groupama, Gan and Amaguiz – are in step with these needs. In Health, for instance, we are preparing to launch a product covering essential needs and avoiding superfl uous cover, which will result in a very attractive price. Groupama has always been a pioneer. Take, for instance, inclusion of assistance in insurance policies, which has now become standard, or motor policies based on mileage initiated by Amaguiz.Another recent innovation is the partnership with Météo France to offer the Predict service to local authorities, for which Groupama is the leading insurer, enabling them to anticipate climatic events.

You mentioned the power of mutual insurance. Is this compatible with the economic necessities of our time?J-Y. D.: Not only is it compatible, it is the very defi -nition of the modern mutual approach that together – members, employees and the Group’s management – we are building each day. From the time it was foun-ded, Groupama has associated proximity, solidarity and effi ciency, without which nothing is possible, in favour of farmers. Today, as an OPA (agricultural trade association), we are still promoting their inte-rests at a European level and continue to innovate, as Thierry Martel emphasised, to respond to their

changing needs and, more broadly, those of all our policyholders. Our election system gives real legitimacy to our board of directors, creating a direct link between actions on the ground and strategic refl ections.

And what are your forecasts for 2013?T. M.: We must and we will continue to improve the operational effi ciency mentioned by Jean-Yves Dagès. The actions carried out in 2012 have given us the means to achieve this.

J-Y. D.: Of course, uncertainty remains in an envi-ronment which offers little visibility. But we do have the potential to improve our profi tability and we are ready to transform our challenges into opportunities.

« Restored fi nancial strength»

Thierry MartelChief Executive Offi cer

USE THE FLASH CODE TO DISCOVER THE REPORT

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Analysts have welcomed Groupama’s fi nancial recovery. Has its solidity been entirely restored?Christian Collin: Yes, clearly it has. The Group has recovered its room for manoeuvre, its balance sheet is robust and at the start of 2013 it found itself rea-dy to move forward once more. We acted in three ways to achieve this result. The fi rst decision was diffi cult: we sold some of our subsidiaries and busi-nesses. All these transactions were completed out in just a year, which is a record time, under satisfac-tory conditions from not only a fi nancial but also a labour relations perspective. The second focus was improving our risk profi le. The sale of shares, obli-gations and real-estate assets made us much more resilient to market fl uctuations. Finally, we set up a major cost reduction programme. This brought results, with €180m of savings achieved in 2012, representing a 6.5% reduction in our overheads, a very impressive result which is worth highlighting. Overall, our solvency margin at the end of the fi nancial year was 180% of the regulatory minimum, a level exceeding the target we had set ourselves.

Will your cost reduction programme lead to a review of your labour relations commitments and the support provided to the Groupama Health Foundation?C. C.: No, for the good reason that one of Groupa-ma’s strengths is its commitment to its workforce, society and the environment, which is part of its core identity. We have therefore implemented an ambitious plan in this fi eld. This is broken down

into numerous initiatives, particularly the develop-ment of high value-added social and environmental products and services. Groupama is also one of the fi rst companies to have taken strong positions in relation to socially responsible investments. These now represent €10bn, or 13.5% of our assets under management. We are also pursuing initiatives in fa-vour of regions and to reduce our carbon footprint, with the target of a 20% reduction in CO2 emissions within fi ve years.

Plans for a stock-market fl otation have been mentioned by Groupama. What stage are you at with this now?C. C.: We have decided to abandon it. Why? Be-cause it is diffi cult to reconcile being a listed com-pany with our identity as a mutual insurer. However, we must take into account European supervisory bodies’ increasingly strict requirements in terms of capital, which insurers are obliged to comply with in order to carry out their business. That is why we are considering a number of solutions, particularly mutual insurance certifi cates, a new equity instru-ment for mutual insurers.

Is profi tability a major objective for you?C. C.: Our fi rst objective is the satisfaction of our members and customers. But to ensure they conti-nue to remain satisfi ed, we have also set ourselves the priority target of pursuing profi table growth. This means that from 2013 we want to increase our technical and operational profi tability. Many actions are underway to achieve this. We are working on a new strategic plan which will be presented in the second half of 2013.

«Ready for future challenges»

> INTERVIEW OF CHRISTIAN COLLIN

Christian CollinDeputy Chief Executive Offi cer.


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Analysts have welcomed Groupama’s fi nancial recovery. Has its solidity been entirely restored?Christian Collin: Yes, clearly it has. The Group has recovered its room for manoeuvre, its balance sheet is robust and at the start of 2013 it found itself rea-dy to move forward once more. We acted in three ways to achieve this result. The fi rst decision was diffi cult: we sold some of our subsidiaries and busi-nesses. All these transactions were completed out in just a year, which is a record time, under satisfac-tory conditions from not only a fi nancial but also a labour relations perspective. The second focus was improving our risk profi le. The sale of shares, obli-gations and real-estate assets made us much more resilient to market fl uctuations. Finally, we set up a major cost reduction programme. This brought results, with €180m of savings achieved in 2012, representing a 6.5% reduction in our overheads, a very impressive result which is worth highlighting. Overall, our solvency margin at the end of the fi nancial year was 180% of the regulatory minimum, a level exceeding the target we had set ourselves.

Will your cost reduction programme lead to a review of your labour relations commitments and the support provided to the Groupama Health Foundation?C. C.: No, for the good reason that one of Groupa-ma’s strengths is its commitment to its workforce, society and the environment, which is part of its core identity. We have therefore implemented an ambitious plan in this fi eld. This is broken down

into numerous initiatives, particularly the develop-ment of high value-added social and environmental products and services. Groupama is also one of the fi rst companies to have taken strong positions in relation to socially responsible investments. These now represent €10bn, or 13.5% of our assets under management. We are also pursuing initiatives in fa-vour of regions and to reduce our carbon footprint, with the target of a 20% reduction in CO2 emissions within fi ve years.

Plans for a stock-market fl otation have been mentioned by Groupama. What stage are you at with this now?C. C.: We have decided to abandon it. Why? Be-cause it is diffi cult to reconcile being a listed com-pany with our identity as a mutual insurer. However, we must take into account European supervisory bodies’ increasingly strict requirements in terms of capital, which insurers are obliged to comply with in order to carry out their business. That is why we are considering a number of solutions, particularly mutual insurance certifi cates, a new equity instru-ment for mutual insurers.

Is profi tability a major objective for you?C. C.: Our fi rst objective is the satisfaction of our members and customers. But to ensure they conti-nue to remain satisfi ed, we have also set ourselves the priority target of pursuing profi table growth. This means that from 2013 we want to increase our technical and operational profi tability. Many actions are underway to achieve this. We are working on a new strategic plan which will be presented in the second half of 2013.

«Ready for future challenges»

> INTERVIEW OF CHRISTIAN COLLIN

Christian CollinDeputy Chief Executive Offi cer.


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COMBINED FINANCIAL STATEMENTS P&C COMBINED RATIO

Groupama Property and Casualty

2012 25.7% 76.3% 102.0%

2011 27.0% 70.9% 97.9%

France Property and Casualty

2012 25.1% 77.2% 102.3%

2011 26.8% 72.0% 98.8%

International Property and Casualty

2012 27.1% 74.3% 101.4%

2011 27.0% 68.8% 95.8%

Net costs ratioNet claims ratio

Key fi gures 2012

INSURANCE TURNOVER

in millions of € 2011 2012 Like-for-likeProperty and liability 9,097 7,130 +3.2%

France 5,903 5,134 +4.6%

International 3,194 1,995 -0.3%

Personal (1) 7,866 6,795 -10.3%

France (1) 6,768 6,063 -10.4%

International 1,099 731 -9.4%

Total Insurance 16,962 13,924 -3.9%

(1) Excluding discontinued operations: Assuvie, €6M at 31/12/12 vs. €8M at 31/12/11

in millions of € 2011 2012 Turnover 14,760 14,197

Recurring net income (1) - 1,822 91

Net income - 1,762 - 589

Combined ratio (Property and Casualty) 97.5% 102.0%

Shareholders’ equity 5,264 6,280

Solvency margin (2) 107% 179%

Net realised gains (3) - 961 5,101

Debt ratio 29.1% 28.5%

(1) Net income before non-recurring restructuring expenses(2) According to Solvency I(3) Shareholders’ portion: €1.4 billion in 2012 compared with €130 million in 2011

20122011(1)

179%

107%

SOLVENCY MARGIN - Up 72 points

Margin requirementExcess margin

(1) Including impact of merger between Silic and Icade, including issue of Gan Eurocourtage preferential shares

+ 72 pointsChange related to

• implemented restructuring

measures• good market performance at

the end of the year

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Amaury Cornut-Chauvinc, Deputy Vice-ChairmanGroupama Méditerranée

Jean-Yves Dagès,ChairmanGroupama d’Oc

François Schmitt,Deputy ChairmanGroupama Grand Est

Michel Baylet,Vice-ChairmanGroupama Centre-Atlantique

Monique Aravecchia, DirectorGroupama Méditerranée

Rémy Losser, Director (Board Member)Groupama Grand Est

Jean-Louis Pivard,Vice-Chairman TreasurerGroupama Rhône-Alpes Auvergne

Daniel Collay,Vice-ChairmanGroupama Paris Val de Loire

Michel L’Hostis,Vice-ChairmanGroupama Loire Bretagne

Jean Boucard,DirectorGroupama Centre-Atlantique

Marilyn Brossat,DirectorGroupama Rhône-Alpes Auvergne

Dominique Boucherit,DirectorGroupama Centre-Atlantique

Jean-Pierre Ramaget, DirectorGroupama Grand Est

Gérard Ropert,DirectorGroupama Loire Bretagne

Pascal Pommier,DirectorGroupama Paris Val de Loire

Robert Fau,DirectorGroupama d’Oc

Marie-Ange Dubost,DirectorGroupama Centre Manche

Joseph Ehrhart,DirectorGroupama Grand Est

Jean-Claude Nigon,DirectorGroupama Rhône-Alpes Auvergne

Guy Lavigne,DirectorGroupama d’Oc

Jean-Yves Le Dromaguet,DirectorGroupama Loire Bretagne

Benoît Vauxion,DirectorGroupama Paris Val de Loire

Jean-Yves Tessier,DirectorGroupama Loire Bretagne

Bernard Rousseaux, DirectorGroupama Nord-Est

A representative team

> BOARD OF DIRECTORS OF THE GROUPAMA NATIONAL FEDERATION

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Amaury Cornut-Chauvinc, Deputy Vice-ChairmanGroupama Méditerranée

Jean-Yves Dagès,ChairmanGroupama d’Oc

François Schmitt,Deputy ChairmanGroupama Grand Est

Michel Baylet,Vice-ChairmanGroupama Centre-Atlantique

Monique Aravecchia, DirectorGroupama Méditerranée

Rémy Losser, Director (Board Member)Groupama Grand Est

Jean-Louis Pivard,Vice-Chairman TreasurerGroupama Rhône-Alpes Auvergne

Daniel Collay,Vice-ChairmanGroupama Paris Val de Loire

Michel L’Hostis,Vice-ChairmanGroupama Loire Bretagne

Jean Boucard,DirectorGroupama Centre-Atlantique

Marilyn Brossat,DirectorGroupama Rhône-Alpes Auvergne

Dominique Boucherit,DirectorGroupama Centre-Atlantique

Jean-Pierre Ramaget, DirectorGroupama Grand Est

Gérard Ropert,DirectorGroupama Loire Bretagne

Pascal Pommier,DirectorGroupama Paris Val de Loire

Robert Fau,DirectorGroupama d’Oc

Marie-Ange Dubost,DirectorGroupama Centre Manche

Joseph Ehrhart,DirectorGroupama Grand Est

Jean-Claude Nigon,DirectorGroupama Rhône-Alpes Auvergne

Guy Lavigne,DirectorGroupama d’Oc

Jean-Yves Le Dromaguet,DirectorGroupama Loire Bretagne

Benoît Vauxion,DirectorGroupama Paris Val de Loire

Jean-Yves Tessier,DirectorGroupama Loire Bretagne

Bernard Rousseaux, DirectorGroupama Nord-Est

A representative team

> BOARD OF DIRECTORS OF THE GROUPAMA NATIONAL FEDERATION

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RA2012_210x297_UK.indd 10 29/04/13 20:55

trade association) and promotes mutual-insurance principles within the Group. The Chairman of the Groupama National Federation is Jean-Yves Dagès, elected on 14 December 2012. On the same day, Mr Dagès, Chairman of Groupama d’Oc, one of the nine Regional Mutuals, was elected Chairman of Groupama S.A. and Groupama Holding. The National Federation’s Chief Executive Offi cer is also the Chief Executive Offi cer of Groupama S.A.

The 47 members of the Groupama National Federation represent Groupama members. Their role is to defi ne and monitor the Group’s overall strategy. Two representatives of the Jeunes Agriculteurs (Young Farmers Association) sit on the Board as auditors. The elected representatives, who are involved at a local level on a daily basis, also participate in strategic choices at the highest level. This body also acts as an OPA (agricultural

Annie Bocquet, Vice-ChairmanGroupama Nord-Est

Jean-Marie Bayeul,Vice-Chairman and SecretaryGroupama Centre Manche

Jérôme Zanettacci,Director (Board Member)Groupama Méditerranée

Patrick Seguin,Director (Board Member)Groupama Rhône-Alpes Auvergne

Jean-Louis Barthod,DirectorGroupama Grand Est

Guy Bernardie,DirectorGroupama d’Oc

Christophe Buisset,Director (Board Member)Groupama Paris Val de Loire

Daniel Boittin,Director (Board Member)Groupama Centre Manche

Olivier de Baglion,Director (Board Member)Groupama Centre-Atlantique

Dominique Gourras,DirectorGroupama Méditerranée

Didier Foucque, DirectorGroupama Océan Indien

Alain Huet,DirectorGroupama Centre Manche

Jean-Yves Lhériau, Director (Board Member)Groupama Loire Bretagne

Jean-Pierre Decool,Director (Board Member)Groupama Nord-Est

Didier Laluet,Director (Board Member)Groupama d’Oc

Jean Jarnac,DirectorGroupama Antilles-Guyane

Jean-Louis Laffrat,DirectorGroupama Nord-Est

Joël Lafontaine,DirectorGroupama Centre Manche

Jacques Depeyre,DirectorGroupama Rhône-Alpes Auvergne

Hugues Dazard,DirectorGroupama Nord-Est

Pierre Volle,DirectorGroupama Méditerranée

Lionel Véquaud,DirectorGroupama Centre-Atlantique

François Desnoues,DirectorGroupama Paris Val de Loire

11

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Groupama S.A.’s Board of Directors

> GOVERNANCE

Implementation of the decisions of the Board of Directors is the responsibility of the Federation’s Chief Executive Offi cer, who is also the Chief Executive Offi cer of Groupama S.A. Groupama S.A. implements the Group’s strategy according to the priorities defi ned by the National Federation.

Groupama S.A., whose shareholders are the Regional Mutuals, has four areas of responsibility:

Implementing the Group’s operational strategy which based on the general prin-ciples defi ned by the National Federation;

Steering the reinsurance system for all entities (Regional Mutuals and the Group);

Steering and monitoring subsidiaries’ activities and managing risks;

Preparing the Group’s fi nancial state-ments.

Groupama S.A. also manages a direct insurance business.In keeping with the notion of shared responsibility, which is one of the Groupama’s founding principles, the roles of Chairman and Chief Executive Offi cer are split.

Since 24 October 2011, Groupama S.A.’s General Management functions have been performed by Thierry Martel, Chief Executive Offi cer, and Christian Collin, Deputy Chief Executive Offi cer.

Groupama S.A.’s Board of Directors has 14 members:

nine representatives of the sharehol-ders, the Regional Mutuals;

three external directors who contri-bute the additional necessary skills to enrich its strategic analyses;

two employee representatives.

Its decisions are prepared by three specialised committees, the fi rst two chaired by an independent director: the Audit and Risk Management Commit-tee, the Agreements Committee and the Compensation and Appointments Committee.

From left to right:

Jean-Louis PivardVice-ChairmanGroupama Rhône-Alpes AuvergneDaniel CollayDirectorGroupama Paris Val de LoireMichel BayletDirectorGroupama Centre-AtlantiqueBruno RostainIndependant DirectorAmaury Cornut-ChauvincDirectorGroupama MéditerranéeMaria FrigaraDirectorelected by Groupama S.A. employeesJean-Yves DagèsChairmanGroupama d’OcBrigitte HomoDirectorelected by Groupama S.A. employeesAnnie BocquetDirectorGroupama Nord-Est

François SchmittDirector Groupama Grand EstJean-Marie BayeulDirector Groupama Centre MancheCaroline Grégoire Sainte-MarieIndependant DirectorMichel L’HostisDirector Groupama Loire BretagneAnne BouverotIndependant Director

12

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Groupama S.A.’s Board of Directors

> GOVERNANCE

Implementation of the decisions of the Board of Directors is the responsibility of the Federation’s Chief Executive Offi cer, who is also the Chief Executive Offi cer of Groupama S.A. Groupama S.A. implements the Group’s strategy according to the priorities defi ned by the National Federation.

Groupama S.A., whose shareholders are the Regional Mutuals, has four areas of responsibility:

Implementing the Group’s operational strategy which based on the general prin-ciples defi ned by the National Federation;

Steering the reinsurance system for all entities (Regional Mutuals and the Group);

Steering and monitoring subsidiaries’ activities and managing risks;

Preparing the Group’s fi nancial state-ments.

Groupama S.A. also manages a direct insurance business.In keeping with the notion of shared responsibility, which is one of the Groupama’s founding principles, the roles of Chairman and Chief Executive Offi cer are split.

Since 24 October 2011, Groupama S.A.’s General Management functions have been performed by Thierry Martel, Chief Executive Offi cer, and Christian Collin, Deputy Chief Executive Offi cer.

Groupama S.A.’s Board of Directors has 14 members:

nine representatives of the sharehol-ders, the Regional Mutuals;

three external directors who contri-bute the additional necessary skills to enrich its strategic analyses;

two employee representatives.

Its decisions are prepared by three specialised committees, the fi rst two chaired by an independent director: the Audit and Risk Management Commit-tee, the Agreements Committee and the Compensation and Appointments Committee.

From left to right:

Jean-Louis PivardVice-ChairmanGroupama Rhône-Alpes AuvergneDaniel CollayDirectorGroupama Paris Val de LoireMichel BayletDirectorGroupama Centre-AtlantiqueBruno RostainIndependant DirectorAmaury Cornut-ChauvincDirectorGroupama MéditerranéeMaria FrigaraDirectorelected by Groupama S.A. employeesJean-Yves DagèsChairmanGroupama d’OcBrigitte HomoDirectorelected by Groupama S.A. employeesAnnie BocquetDirectorGroupama Nord-Est

François SchmittDirector Groupama Grand EstJean-Marie BayeulDirector Groupama Centre MancheCaroline Grégoire Sainte-MarieIndependant DirectorMichel L’HostisDirector Groupama Loire BretagneAnne BouverotIndependant Director

12

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Group Executive Committee

The Group Executive Committee participates in the preparation and operational monitoring of the Group’s strategy which it implements while ensuring operational coordination of all activities. The Committee is composed of the managing direc-tors of the Regional Mutuals and the principal directors of Groupama S.A.

It is chaired by the Chief Executive Offi cer of Groupama S.A. and meets monthly. Specialised operating com-mittees (COMOP) help prepare docu-mentation for the Group Executive Committee and apply GEC directives.

These committees focus their work on six areas: business lines, development, IT, fi nance, human resources and com-munications.

Philippe SorretDirector of French SubsidiariesDaniel GaboriauChief Executive Offi cer Groupama Nord-Est (until 30/06/2013)Jean-Paul HueChief Executive Offi cer Groupama Centre MancheAstrid PanosyanGeneral SecretaryFrançois GoutagneuxChief Executive Offi cer Groupama Rhône-Alpes Auvergne (until 31/03/2013)Sylvain BurelDirector of Group CommunicationMichel LungartDirector of Insurance, Banking and ServicesChristian CochennecChief Executive Offi cer Groupama Loire BretagneAlain KahnChief Executive Offi cer Groupama MéditerranéeChristian CollinDeputy Chief Executive Offi cer Groupama S.A.Gérard JoallandChief Executive Offi cer Groupama d’Oc

Benoit MaesGroup Chief Financial Offi cerThierry MartelChief Executive Offi cer Groupama S.A.Fabrice HeyrièsGroup Human Resources DirectorChristophe GraberChief Executive Offi cer Groupama Grand EstPierre CordierChief Executive Offi cer Groupama Centre-AtlantiqueEric GelpeChief Executive Offi cer Groupama Paris Val de LoireFrancis ThomineDirector of Group Supports and Services (as of April 2, 2013 succeeds F. Goutagneux)Dominique UzelDirector of International Subsidiaries

13

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Management Committee

> COMITÉ DE DIRECTION GÉNÉRALE

The Steering Committee, which meets weekly, is made up of nine members representing Groupama SA’s main departments. This committee assists Groupama S.A.’s Chief Executive Offi cer in the management of the company.

implementation of the Groupa-ma S.A.’s strategy in a way that is consistent with the Group’s overall strategy and risk monitoring;

management of subsidiaries, in France and abroad;

preparation and validation of operational decisions;

determination of the priority focuses for the company’s various departments;

monitoring of their application.

Thierry Martel,Chief Executive Offi cer Groupama S.A.

Marc Fosseux, Director, Groupama National Federation

Cécile Daubignard, Group Strategy Director

René Cado, Audit, Risks and Internal Control Director

Sylvain Burel,Director of Group Communication

Philippe Sorret,Director of French Subsidiaries

Fabrice HeyrièsGroup Human Resources Director

Francis Thomine, Director of Group Supports and Services*

Astrid Panosyan,General Secretary

Benoît Maes, Group Chief Financial Offi cer

Dominique Uzel,Director of International Subsidiaries

Michel Lungart,Director of Insurance, Banking and Services

Christian Collin, Deputy Chief Executive Offi cer Groupama S.A.

> GOVERNANCE

* as of April 2, 2013: Chief Executive Offi cer - Groupama Rhône-Alpes Auvergne

14

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Management Committee

> COMITÉ DE DIRECTION GÉNÉRALE

The Steering Committee, which meets weekly, is made up of nine members representing Groupama SA’s main departments. This committee assists Groupama S.A.’s Chief Executive Offi cer in the management of the company.

implementation of the Groupa-ma S.A.’s strategy in a way that is consistent with the Group’s overall strategy and risk monitoring;

management of subsidiaries, in France and abroad;

preparation and validation of operational decisions;

determination of the priority focuses for the company’s various departments;

monitoring of their application.

Thierry Martel,Chief Executive Offi cer Groupama S.A.

Marc Fosseux, Director, Groupama National Federation

Cécile Daubignard, Group Strategy Director

René Cado, Audit, Risks and Internal Control Director

Sylvain Burel,Director of Group Communication

Philippe Sorret,Director of French Subsidiaries

Fabrice HeyrièsGroup Human Resources Director

Francis Thomine, Director of Group Supports and Services*

Astrid Panosyan,General Secretary

Benoît Maes, Group Chief Financial Offi cer

Dominique Uzel,Director of International Subsidiaries

Michel Lungart,Director of Insurance, Banking and Services

Christian Collin, Deputy Chief Executive Offi cer Groupama S.A.

> GOVERNANCE

* as of April 2, 2013: Chief Executive Offi cer - Groupama Rhône-Alpes Auvergne

14

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A collective with three core beliefsFrom Regional Mutuals to the Group’s governance bodies, Groupama’s teams are motivated by common goals. Our operating principles, shared by all elected representatives and employees, ensure that every aspect of our work is based on three core beliefs: placing the customer at the heart of our business, searching for business performance and addressing the challenges of our time.

15

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Striking facts 2012

1Placing the customer at the heart of our business

MUTUAL INSURANCE IN A TIME OF CRISIS

In 2012, Groupama focused more than ever on customer satisfaction. This approach was based on listening to and understanding the needs they expressed: in addition to satisfaction surveys, a study was carried out for Groupama by OpinionWay on the French and their approach to insurance and the crisis. Two key fi ndings emerged: their desire to maintain or reinforce cover for their risks and their concerns regarding cost. Groupama responded by offering local advice and tailored solutions, effi cient services and competitive rates!

69% of French people want to maintain their insurance policies, while 13% want to increase or enhance them.

11% of French people plan to cancel some of their policies.

81% of French peoplebelieve it is more important to be insured now than a year ago.

The new “Pay as you drive” offer, from Amaguiz, incorporating the latest generation telematics on-board unit, won the Product Innovation award at the Trophées de l’Assurance in October 2012.

S

Lifetime repair guarantee and personalised meeting between the repairer and the policyholder:

a brand-new, innovative CapsAuto service launched in 2012.

16

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Striking facts 2012

1Placing the customer at the heart of our business

MUTUAL INSURANCE IN A TIME OF CRISIS

In 2012, Groupama focused more than ever on customer satisfaction. This approach was based on listening to and understanding the needs they expressed: in addition to satisfaction surveys, a study was carried out for Groupama by OpinionWay on the French and their approach to insurance and the crisis. Two key fi ndings emerged: their desire to maintain or reinforce cover for their risks and their concerns regarding cost. Groupama responded by offering local advice and tailored solutions, effi cient services and competitive rates!

69% of French people want to maintain their insurance policies, while 13% want to increase or enhance them.

11% of French people plan to cancel some of their policies.

81% of French peoplebelieve it is more important to be insured now than a year ago.

The new “Pay as you drive” offer, from Amaguiz, incorporating the latest generation telematics on-board unit, won the Product Innovation award at the Trophées de l’Assurance in October 2012.

S

Lifetime repair guarantee and personalised meeting between the repairer and the policyholder:

a brand-new, innovative CapsAuto service launched in 2012.

16

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Groupama Emeklilik and Groupama Sigorta (Turkey) both named insurance

company of the year 2012 in Turkey by World Finance magazine – an award which particularly recognised progress in terms of productivity, innovative products and customer-oriented approaches.

Characteristics of mutual insurance

Mutual insurance is all about proximity and availability. It is also about responsibility and solidarity. Transparency. And modernity. Who is best placed to talk about it? Members. Visit the web site to hear what they have to say.

Democracy in action

Being a Groupama member means having an opportunity to become involved in the mutual insurer. Each year, the 500,000 members of the Group elect their representatives. A democratic system guaranteeing shared confi dence.

Listening and performance

A Groupama policyholder who has just suffered a serious loss deals not simply with a salesperson, but somebody capable of helping them, with formalities and with life. That is what modern mutual insurance is about – effectiveness as much as listening.


POPULAR PRODUCTS AND SERVICESThe trust of our members and customers in the Group’s brands, products and services was demonstrated once again in 2012.

Their loyalty during a diffi cult period for the Group is evidence of their satisfaction, with the Property and Casualty portfolio continuing to grow in 2012 in France (+13,000 motor insurance policies and +32,000 home insurance policies).

TAILORED PRODUCTSThis quest for customer satisfaction is part of the company’s core identity and a decisive distinguishing factor on mature and highly competitive markets such as France, where Groupama already has strong positions. That is why, helped by its local presence and attentiveness to customers, as well as its capacity to innovate, the Group is investing in research and development for new and effective solutions in line with market expectations.

LEADING AGRICULTURAL INSURER IN FRANCEThe fundamental approach applies in the agricultural sector, which illustrates Groupama’s commitment to its customers and members. Groupama is the leading agricultural insurer in France and intends to retain this position by innovating for members from the agricultural sector, as it has always done since its creation, both in the private and professional segments. In a context of falling government aid, the climate-related insurance policies offered in recent years are a good illustration of the Group’s creativity and expertise in responding to new needs.

In crop and livestock insurance, Groupama carried out a pilot project among cattle-breeders, in partnership with the Institut de l’Elevage (Livestock-breeders’ Institute), in order to verify the operational principles of the “Pastures” policy, insurance against the impact of climatic events on the production of fodder.

Motivated to constantly improve customer satisfaction

Groupama Asigur ri (Romania) recognised for its quality of service by Primm magazine and

named “most dynamic agricultural insurer” at the National Agriculture Forum.

Groupama Garancia (Hungary) awarded the Superbrands award for the fourth time in a row by an independent panel of judges, from among 95,000 national patents.

312

17

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Striking facts 2012

> PLACING THE CUSTOMER AT THE HEART OF OUR BUSINESS

INTERNET – A KEY TOOL FOR THE FUTUREGroupama is building on its integrated digital presence, a lever for interaction with its members and customers. Along with the branches and call centres, the internet presents products and offers online services which are accessible at all times. In 2012, more than 20 million web-users each month visited its range of internet tools, featuring new services responding to their needs. These include groupama.fr or ganassurances.fr for quick quotes, assuredentreprendre.fr dedicated to VSEs and SMEs, the brand-new amaguiz.com site (more interactive and customised user journey, optimised subscription, new features, etc.) accessible from any device (mobile, tablet, PC, etc.). At the same time, the Group is continuing to attract followers on social networking sites, with more than 200,000 fans drawn to Cerise, prevention and sailing sponsorship.

Groupama-es.fr, the new Employee Savings site, responds to savers’ needs, particularly by allowing them to make payments via bank card or standing order and to carry out arbitrages in a few clicks.

www.deexit.net, the social protection blog of Gan Eurocourtage, dedicated to partner brokers. Created in 2008, and winner of the Argus d’Or for innovation in 2009, Deexit will be fi ve years old in 2013 and remains a unique forum for discussion of important social protection topics.

AlintAuto on forms part of an original online campaign launched by Groupama Asigurari (Romania): a fun application which makes it possible to win gifts.

My Groupama, the new application designed by Groupama Assicurazioni (Italy)

for smartphones and tablets, offers numerous possibilities in Provident. E.g. defi ning when it is possible to draw a pension and how much it will be.

18

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Striking facts 2012

> PLACING THE CUSTOMER AT THE HEART OF OUR BUSINESS

INTERNET – A KEY TOOL FOR THE FUTUREGroupama is building on its integrated digital presence, a lever for interaction with its members and customers. Along with the branches and call centres, the internet presents products and offers online services which are accessible at all times. In 2012, more than 20 million web-users each month visited its range of internet tools, featuring new services responding to their needs. These include groupama.fr or ganassurances.fr for quick quotes, assuredentreprendre.fr dedicated to VSEs and SMEs, the brand-new amaguiz.com site (more interactive and customised user journey, optimised subscription, new features, etc.) accessible from any device (mobile, tablet, PC, etc.). At the same time, the Group is continuing to attract followers on social networking sites, with more than 200,000 fans drawn to Cerise, prevention and sailing sponsorship.

Groupama-es.fr, the new Employee Savings site, responds to savers’ needs, particularly by allowing them to make payments via bank card or standing order and to carry out arbitrages in a few clicks.

www.deexit.net, the social protection blog of Gan Eurocourtage, dedicated to partner brokers. Created in 2008, and winner of the Argus d’Or for innovation in 2009, Deexit will be fi ve years old in 2013 and remains a unique forum for discussion of important social protection topics.

AlintAuto on forms part of an original online campaign launched by Groupama Asigurari (Romania): a fun application which makes it possible to win gifts.

My Groupama, the new application designed by Groupama Assicurazioni (Italy)

for smartphones and tablets, offers numerous possibilities in Provident. E.g. defi ning when it is possible to draw a pension and how much it will be.

18

RA2012_210x297_UK.indd 18 29/04/13 20:57

“Using concrete case studies, our new site assuredentreprendre.fr

aims to give a voice to professionals and offer them expert advice on their daily issues. In the fi rst episode in the series, the interviewee, a retailer from Toulon who has suffered a fi re, des-

cribes the solutions implemented by his multi-line insurance agent to fi nd new premises and protect his business. This evidence-based approach, combi-ned with a dynamic format, effectively promotes the expertise and proximity of agents and all partners throughout the Gan Assurances network.”

www.assuredentreprendre.fr

HISTORIC LOCAL ROOTSGroupama was created in 1900 by a group of farmers who shared the same challenges and needs. To secure their livelihoods in the face of the risks inherent to their activity, they decided to pool their resources in a “Caisse Locale”, a Local Mutual. It is from these origins that Groupama has retained Proximity as a key value, along with Solidarity and Responsibility. Groupama’s mutual beliefs were developed through local initiatives and it has preserved its local roots, with the maintenance and development of an unrivalled presence on the ground.

The Group’s structure therefore remains highly decentralised, with Local Mutuals being the embodiment of a mutually supportive approach to life and its key components. Even more importantly, operational proximity is guaranteed by the election of customer-members within these Local Mutuals and the company’s management structure, as members of the Board of Directors in Regional Mutuals and the Groupama National Federation.

DAILY ASSISTANCEBy ensuring the closest possible match between policyholders’ needs and the solutions offered to them, this culture of proximity constitutes one of the Group’s most valuable strengths. Listening to people and respecting them and their individual circumstances are not only at the centre of its culture, but also its business. Its clearly stated vocation is to protect, support and promote individual and corporate projects. Its regional networks allow it to operate as a partner close to its customers, available on a daily basis to support them.

DELIBERATE CONTACTIn order to be even closer to its customers and make their lives easier, Groupama has spent several years developing multi-channel distribution (local branches, internet, call centres, etc.). This allows all policyholders to contact their insurer by whatever method they choose, while always benefi ting from the best products and pricing, whatever their point of entry.

A culture of local presence

Natural solidarityFrom proximity comes solidarity: the pooling of resources in a single Local Mutual creates a genuine feeling of solidarity. Any customer taking out a policy with a Local Mutual becomes part of this solidarity movement.

Marie-Christine Rouard, Head of Communications, Gan Assurances

«Assuré d’entreprendre offers expert advice through examples and testimonials.»

3,600 Local Mutuals 50,000

elected directors

300,000 members take part in Local Mutuals’ Annual

General Meetings

Groupama is expanding its networks of expert partners and advices to reinforce proximity. A fi nal example is the increasing number of hearing-aid professionals in the new Sévéane network (network of health professionals formed jointly with PRO BTP), reducing policyholders’ out-of-pocket expenses.

With remote surveillance and remote assistance, Groupama is expanding its role as an insurer by providing day-to-day local services. The overhaul of its Activeille.fr site facilitates contact with remote surveillance advisors.

755,000 assistance cases

processed by Mutuaide in 2012. The number of Groupama Assistance benefi ciaries now stands at 45 million people.

19

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Striking facts 2012

2Searching for business-line performance

“MyCaps”, the application from CapsAuto, dedicated to Motor repairs, improves claims handling by making it possible to fi ll in the availability of the workshop and replacement vehicles as well as the key dates of the repair.

DISRUPTION AND INNOVATIONIONNN

To create more value for customers and members, Groupama is focusing its strategy on business performance. In an unstable economic and fi nancial environment, winning market share means tighter management of technical profi tability. That makes it a priority to segment pricing, monitor portfolios and control costs. With the continuation of a partnerships policy favouring operational effi ciency as well as technological and marketing innovations.

400,000 digitised items of mail handled at two dedicated sites.

18 framework agreements signed with suppliers.

€28.5M savings achieved on purchases in 2012 for a managed volume of €454m.

A new structure for FMB (France Maintenance Bâtiment), strengthening proximity management and the compensation in kind service in Home insurance, particularly including calls to policyholders at key moments in the process to check they understand how their claim is being handled.

20

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Striking facts 2012

2Searching for business-line performance

“MyCaps”, the application from CapsAuto, dedicated to Motor repairs, improves claims handling by making it possible to fi ll in the availability of the workshop and replacement vehicles as well as the key dates of the repair.

DISRUPTION AND INNOVATIONIONNN

To create more value for customers and members, Groupama is focusing its strategy on business performance. In an unstable economic and fi nancial environment, winning market share means tighter management of technical profi tability. That makes it a priority to segment pricing, monitor portfolios and control costs. With the continuation of a partnerships policy favouring operational effi ciency as well as technological and marketing innovations.

400,000 digitised items of mail handled at two dedicated sites.

18 framework agreements signed with suppliers.

€28.5M savings achieved on purchases in 2012 for a managed volume of €454m.

A new structure for FMB (France Maintenance Bâtiment), strengthening proximity management and the compensation in kind service in Home insurance, particularly including calls to policyholders at key moments in the process to check they understand how their claim is being handled.

20

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OPTIMISED INTERNAL SERVICESThe merging of IT, Purchasing and Logistics within Groupama Support and Services (G2S) has led to joint policies being established by the three business lines, economies of scale, particularly through the implementation of joint methods and tools and the development of specialist and complementary expertise between services. In 2012, the Information Systems Department continued to streamline and modernise applications, while implementing major projects to improve the quality of operations.

REDUCTION IN OVERHEADSThe Purchasing Department proposes, implements and manages purchasing policies by using quality, cost and lead-time levers on a Group scale to reduce overheads and so achieve long-term economic effi ciency. In 2012, the Purchasing Department’s calculated savings were €28.5m for a managed purchasing volume of €454m.

LOGISTICS OPTIMISATIONThe Logistics Department is responsible for ope-rational properties, general services and operating risk to achieve long-term economic effi ciency for the benefi t of Group companies. This Department was restructured in 2012 to create three new Departments: the Site Services Department, the Pooled Services Department and the Electronic Document Management Department.

Improved performance

Groupama Asigur ri (Romania) offers its customers

self-assessment of small Home insurance claims, with inspection of damages by telephone or by email and the policyholder’s bank account credited within 72 hours.

Tomorrow is already here

When Groupama innovates, it is to evolve its products and solutions in accordance with its different markets, in order to respond to policyholders’ new expectations. Its objective is to anticipate the future.

A product range targeting the essential

The new range of Health insurance products being developed by Groupama incorporates even greater modularity. It will therefore enable its policyholders to cover their key risks while benefi ting from particularly attractive rates.

Speed and participation

In an increasingly fast-paced world, innovations are quickly copied. That is why it is important to develop them in a few months – an area in which Groupama is more than an expert thanks to its long experience and its participatory approach. Find out more on the website.


With the “Entreprendre” project, Gan Assurances is strengthening its presence in the VSE/SME market, while maintaining its market

share for individuals. Since 2012, multi-line insurance agents have been able to offer products repositioned and packaged for priority segments. The project also gives them greater technical and commercial responsibility and wider underwriting powers.

21

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Striking facts 2012

of the close relationship between Gan

Assurances and chartered accountants – key contacts for business leaders – who draw on the expertise of multi-line insurance agents and representatives.

10%of Group members have taken a course

with Groupama’s partner Centaure and a fall in the frequency of their Motor claims has been observed.

PRODUCT ENHANCEMENT AND RESOURCE SYNERGIESGroupama’s partnerships produce concrete advantages for members and customers by enhancing products and services, as well as for performance, through synergies between complementary resources. These long-term collaborations contribute to increasing sales, boosting operational effi ciency and enhancing expertise. In terms of commercial partnerships, distribution of insurance policies by La Banque Postale continues to be a success: 519,000 policies sold in two years.

NUMEROUS AGREEMENTS IN THE AGRICULTURAL SECTORThese agreements often go beyond a commercial framework to encompass consultancy services. This is illustrated by the work carried out in 2012 with partners in the agricultural sector: the FNSEA (National Federation of Agricultural Workers’ Unions) regarding new cover for its professional civil liability in relation

to Legal Advice services; the APCA (Permanent Assembly of the Chambers of Agriculture) regarding its civil liability in relation to its plant protection recommendations; the Institut de l’Élevage (Livestock-breeders’ Institute), with a pilot test among breeders regarding a “Pastures” policy; and the Fédération Nationale des Groupements de Défense Sanitaire (National Federation of Health Protection Groups) in order to analyse their new responsibilities.

NEW AGREEMENTS OUTSIDE FRANCEIn Turkey, distribution agreements were signed with Türkiye Finans bank and with Ak Portföy, a leader in asset management. In Italy, following the agreement with Tercas for the banking network to sell life insurance products, a bancassurance project was fi nalised with Cassa di Risparmio di Asti. In China, which is seeing particularly strong growth in insurance activities, the Group is pursuing the promising development of its joint-venture with Avic (Aviation Industry Corporation of China).

Strategic partnershipsShared services centresThese centres are often created with networks of experts such as Sévéane, providing health insurance advice and quotations, created with Pro BTP (6 million benefi ciaries) and the information and prevention portal for VSEs/SMEs and local authorities set up with Cegid (leading French management software publisher).

> SEARCHING FOR BUSINESS-LINE PERFORMANCE

60 years

22

RA2012_210x297_UK.indd 22 29/04/13 20:57

Striking facts 2012

of the close relationship between Gan

Assurances and chartered accountants – key contacts for business leaders – who draw on the expertise of multi-line insurance agents and representatives.

10%of Group members have taken a course

with Groupama’s partner Centaure and a fall in the frequency of their Motor claims has been observed.

PRODUCT ENHANCEMENT AND RESOURCE SYNERGIESGroupama’s partnerships produce concrete advantages for members and customers by enhancing products and services, as well as for performance, through synergies between complementary resources. These long-term collaborations contribute to increasing sales, boosting operational effi ciency and enhancing expertise. In terms of commercial partnerships, distribution of insurance policies by La Banque Postale continues to be a success: 519,000 policies sold in two years.

NUMEROUS AGREEMENTS IN THE AGRICULTURAL SECTORThese agreements often go beyond a commercial framework to encompass consultancy services. This is illustrated by the work carried out in 2012 with partners in the agricultural sector: the FNSEA (National Federation of Agricultural Workers’ Unions) regarding new cover for its professional civil liability in relation

to Legal Advice services; the APCA (Permanent Assembly of the Chambers of Agriculture) regarding its civil liability in relation to its plant protection recommendations; the Institut de l’Élevage (Livestock-breeders’ Institute), with a pilot test among breeders regarding a “Pastures” policy; and the Fédération Nationale des Groupements de Défense Sanitaire (National Federation of Health Protection Groups) in order to analyse their new responsibilities.

NEW AGREEMENTS OUTSIDE FRANCEIn Turkey, distribution agreements were signed with Türkiye Finans bank and with Ak Portföy, a leader in asset management. In Italy, following the agreement with Tercas for the banking network to sell life insurance products, a bancassurance project was fi nalised with Cassa di Risparmio di Asti. In China, which is seeing particularly strong growth in insurance activities, the Group is pursuing the promising development of its joint-venture with Avic (Aviation Industry Corporation of China).

Strategic partnershipsShared services centresThese centres are often created with networks of experts such as Sévéane, providing health insurance advice and quotations, created with Pro BTP (6 million benefi ciaries) and the information and prevention portal for VSEs/SMEs and local authorities set up with Cegid (leading French management software publisher).


60 years

22

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The Group’s business lines in 2012INDIVIDUAL HEALTH, PROVIDENT, LIFE AND RETIREMENT INSURANCEINDIVIDUAL HEALTH:

€1,406 M in turnoverInitiatives and innovations. Awarded four “excellence” labels by insurance comparison website Les Dossiers de l’Epargne in Health and Provident, Groupama strengthened its position as the leading individual complementary health insurer. In complementary health insurance, 2012 was a year of initiatives to provide members and customers with easier access to treatment, to reduce the amount they pay and to improve services.

Third-party payment now covers the whole of France and all authorised cost centres. Partnerships with health professionals have been reinforced: creation of a network of hearing-aid professionals, development of dental and optical partner services and the Optique Solidaire association, dedicated to policyholders aged over 60 on low incomes.

INDIVIDUAL PROTECTION:

€710 M in turnover

LIFE AND RETIREMENT SAVINGS:

€2,754 M in turnover In Individual Retirement Savings, the Group suffered from larger outfl ows than in previous periods, as did the market as whole. Against a backdrop of falling interest rates, the Group has implemented a policy designed to boost yields from customers’ life insurance savings. Thanks to these initiatives, the proportion of turnover of unit-linked policies in individual savings stands at 14%.

COLLECTIVE INSURANCE

€1,782 M in turnoverSustained growth in Health Group Insurance activity increased by 1.9% in 2012. The increase is signifi cant in Health due to pricing increase measures applied to the portfolio at the start of the year, combined with continued sustained growth The situation was less favourable in Group Pensions, with a fall in turnover particularly due to increased taxation on “Top-hat” pension plans (articles 39).

Services : A range that makes the difference The Group’s range of services is an effective lever for fostering loyalty and winning new market share. Its extensive range of services relies on the expertise of specialised and innovative subsidiaries.

Centaure Road risk preventionProfessional training has increased in a market in which small and medium-sized companies’ have reduced their training budgets. Investments in products and professionalism generate a distinct advantage. At the end of 2012, Groupama took over the chairmanship of the Centaure €11.6m in turnover (+4%) – Nearly 43,000 trainees received training

CapsAutoAutomobile mobility solutionsDespite a reduction in the claims experience, CapsAuto’s income has increased signifi cantly with an 11% increase in repairs carried out following motor claims.. The average repair cost has remained stable (up across the market). Two innovative services were launched in 2012: lifetime repair guarantees and personalised meetings.Nearly 175,000 repairs managed for a network of 1,000 repairers

GROUP INSURANCE

€13.9bnin turnover

PROPERTY AND CASUALTY

INSURANCE

€7.1bnin turnover

LIFE AND HEALTH INSURANCE

€6.8bn in turnover

23

RA2012_210x297_UK.indd 23 29/04/13 20:57

Striking facts 2012

added services with the CapsAuto network of repairers, multi-channel distribution, active communications policy increasing brand recognition, banking distribution partnerships, constant innovation including the forthcoming roll-out of a new pricing offer in France.

HOME & LEGAL PROTECTION INSURANCEHOME:

32,000 polices in France

€1,058 M in turnover Offensive strategy. Groupama is the leading Home insurer in France by turnover and third by number of policies (12% of market share). Since 2010, its growth in this business line has outperformed the market. The Group has a number of decisive levers, including a network of 3100 branches, multi-channel distribution,

EMPLOYEE SAVINGS

€1,738 Min assets under management Groupama Epargne Salariale recorded its best year ever in 2012 Gboth in terms of number of new customers (+1590 companies) and assets under management. These increased 14% to €890m, €749m of which is invested in SRI funds (+17.1% in a year). Groupama confi rmed its position as the third highest contributor in the ranking of companies whose funds are certifi ed by the CIES (the French inter-union employee savings committee) and stands out as one of the most dynamic players offering PERCO retirement schemes (almost 23% of assets under management).

MOTOR INSURANCE


€2,877 M in turnover Stronger positions. Groupama again continued its growth on the French market this year. C The Group’s growth has outperformed the market since 2008. It is one of the leaders in France: second largest Motor insurer with 3.9 million vehicles insured (+0.3%) and an increase of almost 5% in turnover. This success is particularly remarkable given the diffi cult economic environment, including a depressed automobile market. The Group is able to survive this climate due to its commercial levers: comprehensive range of products at competitive prices, range of value-

FMBCompensation in kind in Home insuranceMajor changes were implemented in 2012 by the France Maintenance Bâtiment subsidiary, with a new structure to strengthen local management and customer service. New services were launched, particularly including repair of electrical damage. The average repair cost remained stable despite the increase in VAT.33,900 repair assignments carried out by 1,250 listed companies.

Mutuaide AssistanceTailored assistanceMutuaide Assistance exceeded its targets in 2012, obtaining approval to offer a comprehensive range to the travel industry and creating an organisation dedicated to managing insurance and assistance cover for bank cards.Sixth largest French assistance provider 180m in turnover (+10%)755,000 cases processed

distribution partnerships with La Banque Postale, a range of products and services with attractive pricing conditions. Its most notable innovations include renewable energy cover for photovoltaic panels, wind turbines and heat pumps, green appliance replacement insurance, the fi re and theft prevention service in the Amaguiz Home range and inclusion in the policy of equipment connected to buildings (aerials, satellite dishes, etc.).

LEGAL PROTECTION:

€61.4 M in turnover In Legal Protection, growth of 15.50% was accompanied by the launch of new products for professionals and companies. The new ZEN policy offers wider protection (optional employment tribunal and fi scal and social cover and help researching grants and subsidies, crisis communications, etc.).


24

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Striking facts 2012

added services with the CapsAuto network of repairers, multi-channel distribution, active communications policy increasing brand recognition, banking distribution partnerships, constant innovation including the forthcoming roll-out of a new pricing offer in France.

HOME & LEGAL PROTECTION INSURANCEHOME:


€1,058 M in turnover Offensive strategy. Groupama is the leading Home insurer in France by turnover and third by number of policies (12% of market share). Since 2010, its growth in this business line has outperformed the market. The Group has a number of decisive levers, including a network of 3100 branches, multi-channel distribution,

EMPLOYEE SAVINGS

€1,738 Min assets under management Groupama Epargne Salariale recorded its best year ever in 2012 Gboth in terms of number of new customers (+1590 companies) and assets under management. These increased 14% to €890m, €749m of which is invested in SRI funds (+17.1% in a year). Groupama confi rmed its position as the third highest contributor in the ranking of companies whose funds are certifi ed by the CIES (the French inter-union employee savings committee) and stands out as one of the most dynamic players offering PERCO retirement schemes (almost 23% of assets under management).

MOTOR INSURANCE


€2,877 M in turnover Stronger positions. Groupama again continued its growth on the French market this year. C The Group’s growth has outperformed the market since 2008. It is one of the leaders in France: second largest Motor insurer with 3.9 million vehicles insured (+0.3%) and an increase of almost 5% in turnover. This success is particularly remarkable given the diffi cult economic environment, including a depressed automobile market. The Group is able to survive this climate due to its commercial levers: comprehensive range of products at competitive prices, range of value-

FMBCompensation in kind in Home insuranceMajor changes were implemented in 2012 by the France Maintenance Bâtiment subsidiary, with a new structure to strengthen local management and customer service. New services were launched, particularly including repair of electrical damage. The average repair cost remained stable despite the increase in VAT.33,900 repair assignments carried out by 1,250 listed companies.

Mutuaide AssistanceTailored assistanceMutuaide Assistance exceeded its targets in 2012, obtaining approval to offer a comprehensive range to the travel industry and creating an organisation dedicated to managing insurance and assistance cover for bank cards.Sixth largest French assistance provider 180m in turnover (+10%)755,000 cases processed

distribution partnerships with La Banque Postale, a range of products and services with attractive pricing conditions. Its most notable innovations include renewable energy cover for photovoltaic panels, wind turbines and heat pumps, green appliance replacement insurance, the fi re and theft prevention service in the Amaguiz Home range and inclusion in the policy of equipment connected to buildings (aerials, satellite dishes, etc.).

LEGAL PROTECTION:

€61.4 M in turnover In Legal Protection, growth of 15.50% was accompanied by the launch of new products for professionals and companies. The new ZEN policy offers wider protection (optional employment tribunal and fi scal and social cover and help researching grants and subsidies, crisis communications, etc.).


24

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Activeille & Présence verteRemote surveillance and remote assistanceActiveille.fr has undergone a redesign providing users with a more comprehensive presentation of remote surveillance and allowing them to contact Activeille advisors. A remote property monitoring product was launched with MACSF and a partnership was agreed with an insurance broker for remote surveillance of a chain of optical stores.Activeille: More than 30,000 subscribers (4,000 customers installations in 2012)Présence Verte: 100,000 policyholders

AGRICULTURAL RISKS INSURANCE

€1,003 M in turnover Commitment of a leader. As a leader in agricultural insurance, Groupama is permanently adapting its range of insurance products and its management of risks to respond to farmers’ needs. The opening up of markets and the decline in government aid are increasing their sensitivity to unforeseen events, e.g. lower revenues, higher costs, increase in climatic events, etc. Groupama is responding by offering effective solutions in line with farmers’ needs, as demonstrated by its 3% growth in this market in 2012.

The Group contributes to debate within the agricultural sector regarding changes to the Common Agricultural Policy and the Agricultural Modernisation Act, with two main objectives – extension of climatic multi-risk insurance for harvests in order to ensure the system’s long-term

future; and the quest for an appropriate response to fodder insurance – and, more broadly, contributes to debate among OPAs (agricultural trade associations) in relation to risk management. Groupama is therefore continuing, more than ever, to make a long-term commitment to farmers.

TRADESMEN, SHOPKEEPERS AND SERVICE PROVIDERS

€383 M in turnover A profi table market and a clear ambition. As the third largest player in this high-potential market with its two brands Groupama and Gan, the Group benefi ts from crucial advantages in pursuing its growth (local sales networks, a comprehensive product range, development of affi liates and partnerships, etc.). It plans to acquire additional market share via two major projects – Cap ACPS for the Groupama brand and Entreprendre for Gan Assurances – aiming to win and

FOR THE FULL PRESENTATION, VISIT THE WEBSITE


retain customers, particularly by providing customers with a range of products for their life, health and professional insurance needs.

SMEs, LOCAL AUTHORITIES AND ASSOCIATIONS

€1,101M in turnover A leading player. Building on its strong reputation to pursue its development, Groupama offers products tailored to the specifi c needs of local authorities, politicians and local civil servants, in both insurance and prevention. Groupama’s Corporate insurance business is focused on agricultural cooperatives and SMEs, with some of the broadest solutions on the market. The Group offers Associations a special product covering risks to directors, employees and volunteers.

25

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Striking facts 2012

trainees improving their driving skills each year by experiencing a simulated accident in specially equipped vehicles in one of the Centaure network’s 12 road risk prevention centres in France.

10,000 young people from agricultural colleges take the “10 de Conduite Rurale” training course in the risks of driving farm vehicles.

The creation of a kit and a CD-ROM to combat

domestic accidents is helping to fi ght this major killer (19,000 deaths a year).

More than 40,000

GROUPAMA BANQUE

€84M contribution to Group turnoverSuccess and awards. In a bleak economic climate, Groupama Banque continued its growth with several notable successes, including: marketing of Élancio 2012, an account with a progressive interest rate, which proved popular with the sales networks and their customers; an increasing range of loans, contrary to the market trend, thanks to a strong position, new tools and innovative processes; fi ve “excellence” labels awarded by comparison website Les Dossiers de l’Epargne for the quality of its products; the Mieux Vivre Votre Argent Corbeille d’Or award for the one-year performance of its range of UCITS; and its high level of its customer satisfaction (89%) reported in quality surveys at the end of the year.

Financial businessesGROUPAMA ASSET MANAGEMENT

€90.4bn in assets under management, 16% of which for external clients Assets under management up 8%. As at 31 December 2012, Groupama AM’s assets under management stood at €90.4bn, up 8% in a year. Groupama AM ranks seventh among asset management companies in France, and in 2012 received the Fundclass Prize for the best European asset management company for its seven-year returns in its 41 to 70 rated funds category (Fundclass Awards 2012). Management processes were reviewed to offer greater clarity and effi ciency and an investment solutions division was created to develop the most relevant solutions and respond to the management objectives of its customers, with the Group foremost among them.

GROUPAMA IMMOBILERExpert in real-estate asset management. The Group’s real-estate portfolio (investments and operations), combined with the holdings of clients which have entrusted management of their properties to Groupama Immobilier, represents €3.57bn.

GROUPAMA PRIVATE EQUITYSale to the ACG Group. Groupama Private Equity was sold to the ACG Group at the start of 2013. In 2012, its activities represented €1.6bn of commitments managed for various Groupama entities and third-party institutional investors.


26

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Striking facts 2012

trainees improving their driving skills each year by experiencing a simulated accident in specially equipped vehicles in one of the Centaure network’s 12 road risk prevention centres in France.

10,000 young people from agricultural colleges take the “10 de Conduite Rurale” training course in the risks of driving farm vehicles.

The creation of a kit and a CD-ROM to combat

domestic accidents is helping to fi ght this major killer (19,000 deaths a year).

More than 40,000

GROUPAMA BANQUE

€84M contribution to Group turnoverSuccess and awards. In a bleak economic climate, Groupama Banque continued its growth with several notable successes, including: marketing of Élancio 2012, an account with a progressive interest rate, which proved popular with the sales networks and their customers; an increasing range of loans, contrary to the market trend, thanks to a strong position, new tools and innovative processes; fi ve “excellence” labels awarded by comparison website Les Dossiers de l’Epargne for the quality of its products; the Mieux Vivre Votre Argent Corbeille d’Or award for the one-year performance of its range of UCITS; and its high level of its customer satisfaction (89%) reported in quality surveys at the end of the year.

Financial businessesGROUPAMA ASSET MANAGEMENT

€90.4bn in assets under management, 16% of which for external clients Assets under management up 8%. As at 31 December 2012, Groupama AM’s assets under management stood at €90.4bn, up 8% in a year. Groupama AM ranks seventh among asset management companies in France, and in 2012 received the Fundclass Prize for the best European asset management company for its seven-year returns in its 41 to 70 rated funds category (Fundclass Awards 2012). Management processes were reviewed to offer greater clarity and effi ciency and an investment solutions division was created to develop the most relevant solutions and respond to the management objectives of its customers, with the Group foremost among them.

GROUPAMA IMMOBILERExpert in real-estate asset management. The Group’s real-estate portfolio (investments and operations), combined with the holdings of clients which have entrusted management of their properties to Groupama Immobilier, represents €3.57bn.

GROUPAMA PRIVATE EQUITYSale to the ACG Group. Groupama Private Equity was sold to the ACG Group at the start of 2013. In 2012, its activities represented €1.6bn of commitments managed for various Groupama entities and third-party institutional investors.


26

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STRENGTHENING PERSONAL AND PROPERTY SECURITYFor Groupama, pursuing a wide-ranging prevention policy means encouraging the emergence of responsible attitudes to address current and future risks, while being economically effi cient. Groupama’s teams carry out a wide range of prevention actions, from technical prevention (risk inspections of companies, advice on electrical and alarm installations, etc.) to institutional prevention aimed at the general public, whether customers or not (road safety awareness for school children, prevention of domestic accidents, talks on sleep and nutrition).

At Groupama, prevention has been developed over time through a wide range of innovative and original individual and group initiatives, designed to strengthen personal and property security across all private and professional risks.

These prevention actions are rolled out in accordance with a specifi c strategy developed by the Group, which contributes expertise and legitimacy:

Integration of dedicated resources: teams of prevention inspectors, Centaure centres, specialist services subsidiaries (remote surveillance, etc.) to continuously manage the quality delivered;

Outstanding partnerships with leading players: Predict Services, National Gendarmerie, Météo France, motorway management companies, etc.;

Local initiatives based on an exceptional regional network of 3600 Local Mutuals and 50,000 elected representatives.

A prevention culture

A culture of proximity and responsibilityOver time, prevention has become embedded in Groupama’s risk culture. Driven by the strong convictions of its members, employees and elected representatives, it is closely linked to the Group’s business expertise. It favours anticipation and long-term actions, in the name of members and customers.

11,291 days of prevention work carried out by Groupama teams in 2012 (excluding Centaure Centres).

100,825 people externally (customers and non-customers) who have benefi ted from awareness-raising, information or training initiatives in prevention or safety in 2012.

5,742 employees who have benefi ted from awareness-raising, information or training initiatives in prevention or safety in 2012.

A MARKET-LEADING WEBSITEThese initiatives can be viewed on the Vivons Prévention site which lists the actions carried out by Regional Mutuals and Group subsidiaries in France and abroad and offers information packs on a wide range of prevention topics.www.vivons-prevention.com

FIVE KEY AREASThis prevention policy takes a formalised approach in fi ve key areas:

Road risk prevention;

Agricultural prevention;

Health prevention;

Prevention of domestic accidents;

Prevention within companies and local authorities.

Groupama has carried out dozens of initiatives in each of these fi elds designed to promote risk prevention attitudes among their benefi ciaries.

27

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Striking facts 2012

3Addressing the challenges of our time

For Groupama, being a powerful and modern mutual insurance group is as much about addressing new social challenges as operational performance. This commitment applies in all areas of corporate social responsibility (CSR), particularly human resources, with actions in favour of equality, diversity and quality of working life, and community relations, especially through its Health Foundation and its corporate giving initiatives.

74% of the Group’s employees feel that their company respects diversity (Groupama-Ipsos survey – 2012)

13.3% of assets classed as SRI (socially responsible investments) in 2012 compared with 5.6% in 2009

MORE THAN 55 YEARS OF PREVENTION

3,327 objects recovered by Groupama

Assicurazioni during a massive collection of equipment and electronic goods among employees.

36% of bumpers repaired in

2012 instead of being replaced, reducing CO2 emissions and waste, boosting workforce skills and increasing customer satisfaction and loyalty.

132 patients’ associations supported by the Groupama Health Foundation since its creation in 2000

439 projects carried out over 12 years by 26 researchers

€7.6m national and regional commitment to the Groupama Health Foundation

202 associations make up the Alliance Maladies Rares, a partner of the Groupama Health Foundation.

28

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Striking facts 2012

3Addressing the challenges of our time

For Groupama, being a powerful and modern mutual insurance group is as much about addressing new social challenges as operational performance. This commitment applies in all areas of corporate social responsibility (CSR), particularly human resources, with actions in favour of equality, diversity and quality of working life, and community relations, especially through its Health Foundation and its corporate giving initiatives.

74% of the Group’s employees feel that their company respects diversity (Groupama-Ipsos survey – 2012)

13.3% of assets classed as SRI (socially responsible investments) in 2012 compared with 5.6% in 2009

MORE THAN 55 YEARS OF PREVENTION

3,327 objects recovered by Groupama

Assicurazioni during a massive collection of equipment and electronic goods among employees.

36% of bumpers repaired in

2012 instead of being replaced, reducing CO2 emissions and waste, boosting workforce skills and increasing customer satisfaction and loyalty.

132 patients’ associations supported by the Groupama Health Foundation since its creation in 2000

439 projects carried out over 12 years by 26 researchers

€7.6m national and regional commitment to the Groupama Health Foundation

202 associations make up the Alliance Maladies Rares, a partner of the Groupama Health Foundation.

28

RA2012_210x297_UK.indd 28 29/04/13 20:57

At the 27th Marathon des Sables, Groupama employees ran for Valentine, a mentally disabled teenager. This is one example among many of the individual initiatives carried out within the Group with its support.

in donations

from discovery walks organised by Groupama Nord-Est in favour of a rare diseases charity. Many initiatives of this type are carried out locally by Regional Mutuals.

tonnesof CO2 equivalent

already achieved through the Editique Locale (rationalisation of printing) project currently being rolled out within the Group.

More than€15,000

Prevention is better than cure

Zero risk does not exist. With one exception: prevention. In other words, preparing properly in advance and acting accordingly. That is Groupama’s approach, as illustrated recently with the launch of Predict Service.

Tackling risk

In association with Météo France, Groupama is helping local authorities to address fl ooding risk. Dedicated structures have been put in place to secure a school, close certain roads, open a drop-in centre, etc.

Permanent monitoring

As a local mayor testifi es in a report on the web site, Predict Service provides information in real time. This allows time to alert the local population, offer reassurance… and save lives!


ONGOING COMMITMENTIncorporating sustainable development challenges into commercial activities and relations with its stakeholders is an ongoing commitment for Groupama. The Ethics and Sustainable Development Department collaborates with the departments involved in the programmes, particularly through the coordination of a network of 50 correspondents in the Group. Ethical questions are governed by an Ethics Charter and an Ethics Committee made up of Group directors.

A FORMALISED APPROACHThe Social and Environmental strategy for the period 2013-2015 has fi ve focuses, each broken down into targets.

Being a responsible insurer: offering products and services with added social and environmental value and ranges of SRI (socially responsible investment) products;

Combatting rare diseases with the Groupama Health Foundation: stepping up research efforts, encouraging employee commitment to the Foundation and developing local initiatives in favour of local associations and regional researchers;

Pursuing and promoting development actions in regions and civil society: implementing a wide-ranging prevention policy in order to encourage responsible attitudes and promote regions’ economic and social development, by encouraging responsible local partnerships;

Being a responsible employer: promoting gender equality, combatting discrimination and encouraging quality of working life;

Respecting the environment: reducing our carbon footprint and consumption of paper.

Corporate Social Responsibility: Five strategic focuses for the Group

People at the heart of initiativesGroupama forges its identity based on mutualist values, placing people at the heart of its initiatives. Sustainable development fi ts in naturally with the company’s strategy.

A reduction of 10.1

29

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Striking facts 2012

> ADDRESSING THE CHALLENGES OF OUR TIME

“Groupama also developed new initiatives to promote diversity and

equality in 2012. This commitment allowed France to recruit more than 800 disabled employees in seven years. Again in France, 56% of promotions to management level in 2012 concerned women, increasing the proportion of women in management to 44% and 20% among senior management.

At the end of 2011, labour and management representatives enhanced the agreement relating to equality of family and parental rights, promotion of work-life balance and professional equality between men and women, with alignment of contractual rights between married employees and those in a civil partnership or common law marriage.”Fabrice Heyriès,

Group Human Resources Director.

«The policy to promote diversity and equality in the Group generates concrete initiatives with conclusive results.»

Each company manages its HR policy as locally as possible, in line with the action principles defi ned by the Group.

MANAGEMENT TAILORED TO THE WORKFORCEIn order to improve performance and control operating costs, Group companies have implemented measures to reduce or even freeze recruitment for certain categories of employee, and the non-replacement of some leavers.

In 2012, approximately 2000 new employees on long-term contracts – 75% of whom were salespeople – joined the Group.

PRIORITY ON TRAINING AND MOBILITY Mobility is a key vehicle for performance and involved more than 2000 employees in France. The internal job vacancy website Mouvy, which won the 2011 Cegos intranet award for “e-HR and management”, is available to all employees. Groupama is pursuing the implementation of

A responsible employer

Recognised social performanceThe Vigéo audit recognised the Group’s social performance by positioning it at an “evident” level in the fi elds of HR and human rights. The 2012 Survey also found that 74% of employees feel that their company respects diversity.

35,000employees, including 27,000 in France and 8000 internationally.

its Strategic Operational Planning, which defi nes training as a priority. e-training is being expanded, with 15,000 employees in France trained online. Group companies are rolling out the Team Manager Mobilisation programme, whose objective is to expand managers’ vision of the Group, particularly through the search for a balance between performance and quality of working life.

ACTIVE LABOUR RELATIONS Implemented as part of the Group Works Council, the Group Labour Relations Commission and the European Works Council, as well as within each company, labour relations focus particularly on the Group’s economic and fi nancial situation, business disposals and employment. They also concentrate on the implementation of the Group agreement on Quality of Working Life, through actions to prevent, address and reduce psychosocial risks.

WAGES POLICY AND SOCIAL COVERRegarding the collective wages policy, profi t-sharing measures are implemented in all Group companies. Employees also benefi t from health and provident insurance as well as employee and medium – or long-term retirement savings plans (PEE, PERCO, etc.) to contribute to their retirement.

79% of employees are

proud to work for the Group and 78% are ready to do more for the success of their company *

72% underline the support brought by their manager *

4.2% of the payroll invested in training in France (more than two-thirds of employees involved).

More than 550,000 visits and 105,000 applications submitted via the groupama-gan-recrute.com site.

12,000 employees have signed up to PERCO (the collective retirement savings plan).

12,000 employees already interviewed using Groupama Talents, an application to support individual appraisals designed to identify and retain talents, which continues to be rolled out.

*Groupama-Ipsos survey 2012

Groupama invests in people and pursues an HR policy based on social responsibility and employee commitment.

30

RA2012_210x297_UK.indd 30 29/04/13 20:57

Striking facts 2012

> ADDRESSING THE CHALLENGES OF OUR TIME

“Groupama also developed new initiatives to promote diversity and

equality in 2012. This commitment allowed France to recruit more than 800 disabled employees in seven years. Again in France, 56% of promotions to management level in 2012 concerned women, increasing the proportion of women in management to 44% and 20% among senior management.

At the end of 2011, labour and management representatives enhanced the agreement relating to equality of family and parental rights, promotion of work-life balance and professional equality between men and women, with alignment of contractual rights between married employees and those in a civil partnership or common law marriage.”Fabrice Heyriès,

Group Human Resources Director.

«The policy to promote diversity and equality in the Group generates concrete initiatives with conclusive results.»

Each company manages its HR policy as locally as possible, in line with the action principles defi ned by the Group.

MANAGEMENT TAILORED TO THE WORKFORCEIn order to improve performance and control operating costs, Group companies have implemented measures to reduce or even freeze recruitment for certain categories of employee, and the non-replacement of some leavers.

In 2012, approximately 2000 new employees on long-term contracts – 75% of whom were salespeople – joined the Group.

PRIORITY ON TRAINING AND MOBILITY Mobility is a key vehicle for performance and involved more than 2000 employees in France. The internal job vacancy website Mouvy, which won the 2011 Cegos intranet award for “e-HR and management”, is available to all employees. Groupama is pursuing the implementation of

A responsible employer

Recognised social performanceThe Vigéo audit recognised the Group’s social performance by positioning it at an “evident” level in the fi elds of HR and human rights. The 2012 Survey also found that 74% of employees feel that their company respects diversity.

35,000employees, including 27,000 in France and 8000 internationally.

its Strategic Operational Planning, which defi nes training as a priority. e-training is being expanded, with 15,000 employees in France trained online. Group companies are rolling out the Team Manager Mobilisation programme, whose objective is to expand managers’ vision of the Group, particularly through the search for a balance between performance and quality of working life.

ACTIVE LABOUR RELATIONS Implemented as part of the Group Works Council, the Group Labour Relations Commission and the European Works Council, as well as within each company, labour relations focus particularly on the Group’s economic and fi nancial situation, business disposals and employment. They also concentrate on the implementation of the Group agreement on Quality of Working Life, through actions to prevent, address and reduce psychosocial risks.

WAGES POLICY AND SOCIAL COVERRegarding the collective wages policy, profi t-sharing measures are implemented in all Group companies. Employees also benefi t from health and provident insurance as well as employee and medium – or long-term retirement savings plans (PEE, PERCO, etc.) to contribute to their retirement.

79% of employees are

proud to work for the Group and 78% are ready to do more for the success of their company *

72% underline the support brought by their manager *

4.2% of the payroll invested in training in France (more than two-thirds of employees involved).

More than 550,000 visits and 105,000 applications submitted via the groupama-gan-recrute.com site.

12,000 employees have signed up to PERCO (the collective retirement savings plan).

12,000 employees already interviewed using Groupama Talents, an application to support individual appraisals designed to identify and retain talents, which continues to be rolled out.

*Groupama-Ipsos survey 2012

Groupama invests in people and pursues an HR policy based on social responsibility and employee commitment.

30

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A PUBLIC-INTEREST CAUSEThree millions people in France and 25 million in Europe are affected by rare diseases. Since 2000, Groupama has been committed to this cause which is completely in line with its role as a responsible and mutual insurer. The three main focuses of the Groupama Health Foundation are support for research, ending patient isolation and the distribution of information about little-known diseases. Its role is to support associations working in the fi eld and young researchers.

SUPPORT FOR HOSPITALISED CHILDRENThe Groupama Health Foundation disseminates information to facilitate the diagnosis of rare diseases, helping charities to communicate about them by producing specifi c documentation, creating their website and organising forums. It contributes to ending the isolation of patients and

their families by offering support for hospitalised children, as well as help providing schooling and purchasing IT equipment for patients’ independence.

A 100,000-EURO GRANTThe Foundation promotes medical research by offering young researchers a Hope Grant (“Bourse de l’Espoir”) of 100,000 euros over three years. In 2012, the 26th Hope Grant was awarded to Erika Fontaine for her work into vascular Ehlers Danlos syndrome, a connective tissue disorder.

The Groupama Health Foundation also awarded its second Social Integration prize to the Fièvre Méditerranéenne Familiale charity for its Serious Game project, a fun and interactive game helping adolescents with Familial Mediterranean Fever to fi nd out about the symptoms of the disease. Once identifi ed, treatment is proposed, and the dosage is determined by the adolescent and their carers.

Groupama Health Foundation 12 years’ commitment against rare diseases

Decisions approved by a panel of expertsThe commitment priorities and selection of projects are defi ned by the board of trustees, which includes recognised players from the healthcare world who offer their skills and validate the foundation’s choices.

Responsible products The products offered by the Group’s brands address major social issues, including retirement, health, assistance and dependency. In the future, these solutions will need to incorporate signifi cant added social and environmental value. Groupama encourages its members and customers to adopt environmentally-friendly behaviour (Pay As You Drive in Motor and cover for renewable energy-producing equipment and green appliance replacement insurance in Home) as well as implementing solidarity schemes in Optics and Health. In asset management, in addition to deploying a specifi c SRI strategy, Groupama Asset Management includes Environmental, Social and Governance criteria in the analysis of its investments.

Action Madagascar – a collective commitmentOrganised as an association, Action Madagascar’s aim is to develop, promote and facilitate initiatives taken by Regional Mutuals to provide educational, social and humanitarian help on a volunteer basis and encourage the spread of mutualist values in agricultural and rural areas of Madagascar. Initiated in 1995 in the Centre-Manche

region, this project took on a national dimension in 2005 at the invitation of the Groupama National Federation. Nine Regional Mutuals are currently managing 28 educational and healthcare projects in the country, which is one of the poorest in the world.

31

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Striking facts 2012

> SPONSORSHIP AND GROUPAMA GAN FOUNDATION

GROUPAMA GAN FOUNDATION – 25 YEARS SUPPORTING CINEMAThe Foundation is one of the leading private partners of French cinema. It has a dual role: contributing to protecting the world’s cinematic heritage and supporting the development of contemporary cinema. This work is recognised as essential, as demonstrated by the many awards it has won, including an Oscar du Mécénat three times and the Grand Mécène Or from the French Ministry of Culture and Communications in 2007.

HERITAGE AND NEW CREATIVITYSince its creation, the Foundation has provided its support for the restoration of numerous cinematic masterpieces. Three restorations were carried out in 2012: Documenteur by Agnès Varda, Tell Me Lies by Peter Brook and Lola by Jacques Demy. Each year, the Foundation awards a 67,600 euro production grant to fi ve or six fi rst fi ction fi lm projects – support which is viewed as a label of quality. In 2012, Le Chat du Rabbin by Joann Sfar and Antoine Delesvaux (2008 special prize) won a César for Best Animation Film. The Foundation also partners around 20 festivals, from Gindou in the Lot, to Chengdu in central China, via La Rochelle, Belfort, Amiens, Istanbul, Lisbon and Hong Kong.

A LEGENDARY VICTORY FOR GROUPAMA 4The fi rst French crew to compete in the Volvo Ocean Race (formerly the Whitbread Round the World Race) since Eric Tabarly in 1994, Franck Cammas on board Groupama 4 won a legendary victory on 7 July, 2012 – 26 years after the race was won by L’Esprit d’Equipe. The crew skippered by Franck Cammas made steady progress over each of the nine legs to win over the specialist British, American and Spanish crews in this fully-crewed round-the-world yacht race. On board Groupama 4, ultra-fast with the wind behind her, the French crew struck the right balance between strategic boldness and tactical control despite a dismasting during the fi fth leg between Auckland and Itajai (Brazil), when it was in the lead.

Having gained a dominant position in the coastal races, the French took fi rst place in the general rankings two-thirds of the way through the race before winning the epic leg between Lisbon and Lorient before a heroic homecoming in Galway on 7 July, 2012 at the end of the eighth edition of the most demanding of the round-the-world races.

A NEW CHALLENGETHE 2016 OLYMPIC GAMESHaving won the last Volvo Ocean Race, Groupama and Franck Cammas are now preparing for the 2016 Olympic Games. In 2013, they will be taking their positions on the starting line of the Class C World Championships and the Tour de France à la Voile.

Franck Cammas named sailor of the year 2012.

Cultural patronage and Sports sponsorship

6 young directors received screenplay assistance in 2012: Jean Breschand,

Dyana Gaye, Rachid Hami, Franco Lolli, Hadar Morag and Fred Nicolas.

More than 150 fi rst fi lm screenplays received and studied each year.

155 fi rst feature fi lms supported.

More than 30 fi lms restored

More than 20 festivals supported

Sponsor of the CinémathèqueTo underline its commitment, since 2010 Groupama has been a “major sponsor” of the Cinémathèque Française (French fi lm archive). Following the Brune/Blonde, Kubrick and Metropolis exhibitions, in 2012 Groupama supported the Tim Burton and Les Enfants du Paradis exhibitions.

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Striking facts 2012

> SPONSORSHIP AND GROUPAMA GAN FOUNDATION

GROUPAMA GAN FOUNDATION – 25 YEARS SUPPORTING CINEMAThe Foundation is one of the leading private partners of French cinema. It has a dual role: contributing to protecting the world’s cinematic heritage and supporting the development of contemporary cinema. This work is recognised as essential, as demonstrated by the many awards it has won, including an Oscar du Mécénat three times and the Grand Mécène Or from the French Ministry of Culture and Communications in 2007.

HERITAGE AND NEW CREATIVITYSince its creation, the Foundation has provided its support for the restoration of numerous cinematic masterpieces. Three restorations were carried out in 2012: Documenteur by Agnès Varda, Tell Me Lies by Peter Brook and Lola by Jacques Demy. Each year, the Foundation awards a 67,600 euro production grant to fi ve or six fi rst fi ction fi lm projects – support which is viewed as a label of quality. In 2012, Le Chat du Rabbin by Joann Sfar and Antoine Delesvaux (2008 special prize) won a César for Best Animation Film. The Foundation also partners around 20 festivals, from Gindou in the Lot, to Chengdu in central China, via La Rochelle, Belfort, Amiens, Istanbul, Lisbon and Hong Kong.

A LEGENDARY VICTORY FOR GROUPAMA 4The fi rst French crew to compete in the Volvo Ocean Race (formerly the Whitbread Round the World Race) since Eric Tabarly in 1994, Franck Cammas on board Groupama 4 won a legendary victory on 7 July, 2012 – 26 years after the race was won by L’Esprit d’Equipe. The crew skippered by Franck Cammas made steady progress over each of the nine legs to win over the specialist British, American and Spanish crews in this fully-crewed round-the-world yacht race. On board Groupama 4, ultra-fast with the wind behind her, the French crew struck the right balance between strategic boldness and tactical control despite a dismasting during the fi fth leg between Auckland and Itajai (Brazil), when it was in the lead.

Having gained a dominant position in the coastal races, the French took fi rst place in the general rankings two-thirds of the way through the race before winning the epic leg between Lisbon and Lorient before a heroic homecoming in Galway on 7 July, 2012 at the end of the eighth edition of the most demanding of the round-the-world races.

A NEW CHALLENGETHE 2016 OLYMPIC GAMESHaving won the last Volvo Ocean Race, Groupama and Franck Cammas are now preparing for the 2016 Olympic Games. In 2013, they will be taking their positions on the starting line of the Class C World Championships and the Tour de France à la Voile.

Franck Cammas named sailor of the year 2012.

Cultural patronage and Sports sponsorship

6 young directors received screenplay assistance in 2012: Jean Breschand,

Dyana Gaye, Rachid Hami, Franco Lolli, Hadar Morag and Fred Nicolas.

More than 150 fi rst fi lm screenplays received and studied each year.

155 fi rst feature fi lms supported.

More than 30 fi lms restored

More than 20 festivals supported

Sponsor of the CinémathèqueTo underline its commitment, since 2010 Groupama has been a “major sponsor” of the Cinémathèque Française (French fi lm archive). Following the Brune/Blonde, Kubrick and Metropolis exhibitions, in 2012 Groupama supported the Tim Burton and Les Enfants du Paradis exhibitions.

32

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Annual report produced by the Group Communication Department

Concept design:

Photography credits: Groupama: LABAT Jean-François, BLAISE Bernard, VIOLIER Patrick - Direction de la Communication: Droits réservés; Shutterstock: lightpoet, LOSEVSKY Pavel, SMOKOVSKY Ljupco: Droits réservés; Stockbyte: Droits réservés; Studio Zedda: ZEDDA Yvan: Droits réservés; PWP: Droits réservés; Juice Images/Corbis: Droits réservés.

Groupama contributes to the protection of the environment by choosing printers referenced “Imprim’vert” and paper sourced from sustainably managed forest.

Document printed by Groupama using PEFC certifi ed paper.

FOR MORE INFORMATION, VISIT THE WEBSITE


Annualreport

2012

Documents available at www.groupama.com

€14.2bn TURNOVER IN 2012

€6.3bn IN SHAREHOLDERS’

EQUITY

13 Million MEMBERS AND CUSTOMERS

35,000 EMPLOYEES, INCLUDING

27,000 IN FRANCE

No.1 MUTUAL INSURER IN FRANCE

AND 8TH LARGEST FRENCH INSURER

04 Overview of the Group06 Joint interview with the Chairman and the Chief Executive Offi cer08 Interview with the Deputy Chief Executive Offi cer and Financial statements10 Governance

17 Motivated to constantly improve customer satisfaction18 Internet – a key tool for the future19 A culture of proximity

Placing the customer at the heart of our business1

29 CSR: Five strategic focuses for the Group30 A responsible employer31 The Groupama Health Foundation32 Cultural patronage and Sports sponsorship

Addressing the challenges of our time3

21 Improved performance 22 Strategic partnerships23 The Group’s business lines in 201227 A prevention culture

Searching for business performance2

A collective withthree core beliefs


8-10, rue d’Astorg – 75383 Paris Cedex 08 – 306 522 616 RCS Pariswww.groupama.com

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Annualreport

2012
