innovation and SUSTAINABLE COMMITMENTS

usiness REPORT2008innovation andSUSTAINABLE COMMITMENTS

contentsGROuPaMa, an eFFiCienT eCOnOMiC MOdeL01_Profile02_Message from the Chairman04_Interview with the Chief Executive Officer06_Group governance12_A European leadership strategy18_Profitable growth and financial soundness (key figures)25 - FOCus On innOvaTiOnGROuPaMa, an insuReR COMMiTTedTO THe LOnG TeRM36_Groupama, a story of sustainable development38_ A mutual insurance group with strong principles of action,dedicated to satisfying its customers and members40_Prevention, a culture of responsibility48_ A human resources policy based on commitment,innovation and responsibility49_Groupama, a responsible investor51_Groupama, an insurer committed to society53_Sports sponsorshipsusTainabLe GROWTH based OndiveRsiFied aCTiviTies54_Increasing our leadership in France76_Stepping up our international growth86_ Solid fundamentals in asset managementand financial activities

GRoupama, a benchmaRk playeRwith stRonG, diveRsified positionsc5.6 billionIn EquITy CAPITAl (GrOuP SCOPE)c16.2 billionIn rEvEnuES(uP +9.2% In 2008 – GrOuP SCOPE)PrEMIuM InCOME FrOM InSurAnCE:(GrOuP SCOPE)52%FOr PrOPErTy And CASuAlTy InSurAnCE48%FOr lIFE And hEAlTh InSurAnCEc342 millionIn nET PrOFIT (GrOuP SCOPE)(KEy FIGurES AS AT 31 dECEMbEr 2008)business activities in fRancenumber 1AGrICulTurE, hOME, lOCAl AuThOrITIES,IndIvIduAl hEAlTh*, EvErydAy ACCIdEnTSAnd lEGAl PrOTECTIOn InSurErnumber 2MArInE And TrAnSPOrT InSurEr**number 3MOTOr And COMMErCIAl InSurEr* Excluding mutual insurance companies coming under French code 45and provident insurance institutions** Including inward business.

International business activities31.6%of the consolidated revenuesof Groupama S.A.13 countriesin Europe, Asia and Africa: Italy, Spain,Great Britain, Portugal, Turkey, Greece,Hungary, Romania, Slovakia, Bulgaria,China, and Vietnam. 35% stake in Tunisia’snumber 1 insurance companyASSET MANAGEMENTc81.3 billionmanaged by Groupama Asset Management(as at 31 December 2008)Simplified organisation chartof the GroupmembersNb 1mutual insurance company in France15 thEuropean insurer38,500employees6 thranking French insurer16millionmembers and customersLocal mutualsRegional mutuals99.9% (1)GroupamaNationalFederationGroupama S.A.100Subsidiaries(France, International,Finance)Reinsurance relationshipMembershipEquity management relationship–– Group scopeThe combined financial statements relate to the Group, which is composed of all thelocal mutuals, the regional mutuals, Groupama SA and its subsidiaries.–– Consolidated scope: future listed vehicleThe consolidated financial statements of Groupama SA include the insurance cededby the regional mutuals (40% of their premium income) and the business of the subsidiaries.(1) The regional mutuals are held by Groupama S.A. through controlling holdingcompanies.

A EUROPEAN LEADERFOCUSED ON CUSTOMERSATISFACTIONThe mutual insurance company created on the initiative of farmers at thebeginning of the last century has now become a multi-line, multi-channelinsurance and banking group, with services for everyone – individuals,professionals, businesses and local authorities. First and foremost, Groupamaupholds member and customer satisfaction as the prime requirement for itssuccess. The Group’s entire strategy is guided by the objective of offering,through economic performance, the best service at the best price.➜ An efficient economic model➜ An insurer committed to the long term➜ Sustainable growth based ondiversified activitiesGroupama’s growth is based on the principle of shared initiatives, whichoriginated with agricultural mutual insurance. Local presence and humancontact, individual and shared responsibility as well as solidarity, arepart and parcel of our approach at every level of the company’s organisationand in all our activities, as is clear to our elected representatives,members, customers and employees. Groupama has become aninternational Group, which is expanding in France and in the buoyantmarkets of Southern, Central and Eastern Europe and Asia. It is guidedby a long-term vision favouring prudent management. The Group hasclearly opted for sustainable and profitable growth in an approachencompassing social responsibility and risk diversification, to guaranteeits long-term development and independence.

002 GROUPAMA2008 Activity ReportMESSAGE fromJean-Luc baucherelChairman of Groupama“A Group movingforward but stayingtrue to its values„

GROUPAMA2008 Activity Report003MessageResults which validateour choicesWhile the first financial cracks appeared in2007, the year 2008 was marked by the accelerationof the financial and economic crisis.Despite this situation, Groupama continuedto produce quality results which once againsupport the appropriateness of its choices andeconomic model: Group business is up more than9%, economic operating income is up 66.1%,continued financial soundness, and net incomewhich dropped due to the financial crisis but isstable at +€342 million.Underlying trends unchangedThe current economic situation has not modifiedthe underlying trends on which we have built ourdevelopment strategy. Current social changessuch as longer life expectancy, increasingurbanisation, growing consumerism, newtechnologies and the financial difficulties of majorsocial security schemes generate growing needs,particularly in terms of life and health insuranceproducts – retirement savings, health and providentinsurance – and services. In addition,a European insurance market is progressivelyemerging.Moreover, given the increasing pressure fromcompetition, gaining a significant size on theEuropean market will enable Groupama to increaseits investment capacities and therefore developits innovations, in order to offer its customersefficient solutions.The current turmoil will probably require us tomake some adjustments, while preserving ourambition to become one of Europe’s top teninsurance companies. With determination, wewill push ahead with the implementation of ourdeployment strategy in France and the Group’sinternational development, while improving theefficiency of our management. Our objective isto continue to produce sustainable profitablegrowth year after year, by offering innovative,quality services which meet the expectations ofour members and customers. This is the onlyway to guarantee the ongoing development andindependence of our Group.The quality of our governance, characterised bythe sharing of responsibilities among executiveand non-executive managers, is a precious assetto ensure our long-term development. To this end,we welcomed a fourth independent director to theBoard of Groupama S.A. in 2008.A commitment to proximity,responsibility and solidarityThe quality of our Group is not solely appreciatedthrough figures and strategic policies.It is also expressed in the values behind the dailyperformance of our activities. In our actions, wehave always remained true to our principleswhich are proximity, solidarity and responsibility.The handling of the damage left by thesevere storm which hit the southwest of Franceon 24 January this year is a concrete illustrationof this. Our employees, our elected representatives,our inspectors and our appraisers immediatelymoved into action to reassure people,find solutions and deploy the required resourcesto enable each of our policyholders to face thefuture with confidence.These collective successes and commitmentswould not have been possible without everyone’scommitment, which is a proof of our solidity.2008 / 2009Groupama pushes aheadwith its strategyIn 2008, the Board of Directors confirmedthe strategy which has been resolutelyimplemented over the past few years:• to consolidate and strengthen theGroup’s market positions in France;• to develop the Group internationallythrough organic growth as well asacquisitions.While increasing efficiency, in order toconstantly achieve a high performancelevel.

004 GROUPAMA2008 Activity ReportInterviewJEAN azémaChief Executive Officer of Groupama“Quality resultsdespite the crisis”

GROUPAMA2008 Activity Report005InterviewUnder the current unstableeconomic and financialconditions, how do you analyseGroupama’s results?Given the period we are going through, it isimportant to put everything into perspective.The pace of growth of our revenues doubledbetween 2007 and 2008. Over the space of fouryears, it increased from €13.4 billion to €16.2 billionfor the combined Group scope. In 2005, oureconomic operating income was €157 million.It now stands at €661 million. The combinedratio dropped 1 point in 2008 to 98.7%. While itwas affected by the financial market downturn,the net income remained positive, thereby maintaininga satisfactory return on equity. The Groupis still financially sound.These results are the fruit of the sustainable profitablegrowth policy that we have been steadilyimplementing over the past few years.What performance hasGroupama achievedon its domestic andinternational markets?In France, we recorded a 2.2% rise in revenues.Life and health insurance revenues grew2.3%, while the market recorded an 8.7% drop(source: FFSA). As at 31 December 2008, theretail bank had 445,000 customers. We haveinvested in a policy focused on a stronger brandname and major national campaigns. We havealso opened new branches, particularly in Paris,based on a new concept and we have updatedthe Regional Mutuals’ website.In addition we are continuing to innovate, forexample with Groupama Renfort – the antisetbackinsurance – and the launch of the newInternet trademark www.amaguiz.com. Over15,000 motor insurance contracts were signedin the space of a few months. Soon, this channelwill also be offering home insurance, healthinsurance and other products.International growth was up +39%, thanks tonew acquisitions. We have entered into a strategicpartnership with the Hungarian OTP Bankfor all of the Central and Eastern Europe zoneand we have acquired its insurance subsidiariesin Hungary, Romania, Slovakia and Bulgaria. Wehave acquired Asiban in Romania and strengthenedour presence in Turkey with the purchaseof Güven. We have also acquired a 35% stake inStar, Tunisia’s leading insurance company.The investments made in the Group’s variouscompanies have also contributed to its growth;examples include the development of direct sellingon the Internet in Spain and Great Britain andthe launch of new products. Good performancewas achieved in the main activities such as motorinsurance (+5.4%), home insurance (+9%), and inseveral countries (Spain +12.2%; Turkey +20.7%;Great Britain: +6%).There is therefore no reasonto change policies in 2009?We are keeping to the same principles. In October2006, we had targeted the tripling of our 2005economic operating income, the stabilising ofthe combined ratio between 98% and 102%and growth in revenues of 7% a year between2005 and 2009. By the end of 2008, we hadexceeded our objectives in terms of operatingincome. The combined ratio is within the targetedrange. Only the growth in revenues is below target– but market conditions changed since then –with average annual growth of 6.5%.Our priorities for 2009: we are clearly focused oncontinued organic growth in France and internationally,by consolidating the companies wehave just acquired, by investing in distribution,networks, the Internet and product innovationand by continuing to develop our banking activity;we will improve and consolidate synergies,particularly with regard to finance, reinsurance,IT systems, the sharing of business expertiseand the creation of common platforms. We willalso continue to mobilise our employees aroundour objectives with an ongoing concern for oursocial responsibility.Our Group’s ambitions remain intact. Groupamais aiming for growth and profitability, so that it canrank among Europe’s top 10 insurance playersby 2012.2008HIGHLIGHTS• +9.2%: individual life insurancepremiums in France (written premiums).• +39%: international revenues(€3.9 billion).• +66.1%: Group’s economic operatingincome (€661 million).• +€342 million: net profit despitethe crisis.• Prudent management, to ensurethe Group’s soundness and protectthe interests of those who put theirtrust in us: concerning bonds, over 93%of the portfolio is composed of securitiesrated > A; no “toxic” products suchas subprimes; high-quality equityand real-estate portfolios.

006 GROUPAMA2008 Activity ReportGROUP GOVERNANCEA governAncemethod whichempowerseveryoneThe Group has a governancemethod which empowers everyoneinvolved within the organisation.Members elect their representativesat the local level (68,000 electedrepresentatives), and they in turnelect their representatives atthe regional and national levels.The board members, who areall policyholders of the mutualinsurance company, controlall the Boards of Directors of theentities within the mutual insuranceGroup. They select the managerswho handle operating activities.The elected representatives thusparticipate in all of the Group’sdecision-making bodies, whetherlocal (5,400 local mutuals),regional (11 regional mutualsin Metropolitan France, 2 overseasmutuals and 2 specialised mutuals)or national through the federationsand the Boards of Directorsof Groupama S.A. andits subsidiaries.Rthe chAiRmen’scommitteeAnd the boARdcommittee37 Jean-yves lHÉRIAUGroupama Loire Bretagne38 Rémy lOssERGroupama Alsace39 Jean-Claude NIGONGroupama Rhône-Alpes Auvergne1 2 43 5 6 710 Michel HABIGGroupama Alsace11 Jérôme ZANETTACCIGroupama Alpes-Méditerranée12 Régis BlONdyGroupama Centre-AtlantiqueRdiRectoRs27 2829 30 3140 Guy PEllETIERGroupama Centre Manche41 yves PERRINGroupama Centre-Atlantique13 Georges CHARRONGroupama Loire Bretagne14 Jean-Charles COURTOIsGroupama Centre Manche15 Jean-Pierre dECOOlGroupama Nord-Est19 2010 11122127 François dEsNOUEsGroupama Paris Val de Loire28 Marie-Ange dUBOsTGroupama Centre Manche29 didier FOUCQUEGroupama Océan Indien19 Monique ARAVECCHIAGroupama Alpes-Méditerranée20 Olivier dE BAGlIONGroupama Centre-Atlantique21 Jean-louis BARTHOdGroupama Grand Est30 dominique GOURRAsGroupama Sud31 Jean-luc HENRyGroupama Sud37 38 39 40 41

GROUPAMA2008 Activity Report007Group governance8 91 Jean-luc BAUCHERElchairman,Groupama Loire Bretagne2 Francis AUssATActing chairman,Groupama d’Oc3 Robert dROUETActing Vice-chairman,Groupama Centre Manche4 Jean BAlIGANdVice-chairman,Groupama Rhône-Alpes Auvergne13 14 15 16 17 1822 Guy BERNARdIEGroupama d’Oc23 daniel BOITTINGroupama Centre Manche24 Alain BRUNETGroupama Paris Val de Loire32 3342 Jean-louis PIVARdGroupama Rhône-Alpes Auvergne43 Pascal POMMIERGroupama Paris Val de Loire44 Jean-Pierre RAMAGETGroupama Grand Est25 Jean-yves dAGÈsGroupama d’Oc26 Hugues dAZARdGroupama Nord-Est34 35 3645 Bernard ROUssEAUXGroupama Nord-Est46 Patrick sEGUINGroupama Rhône-Alpes Auvergne47 lionel VEQUAUdGroupama Centre-Atlantique5 Michel BAylETVice-chairman,Groupama Centre-Atlantique6 Annie BOCQUETVice-chairman,Groupama Nord-Est7 Amaury CORNUT-CHAUVINCVice-chairman, secretary of the board,Groupama Sud8 s olange lONGUETVice-chairman treasurer,Groupama Paris Val de Loire16 Jean-Marc FABREGroupama d’Oc22 23 24 25 2632 Jean JARNACGroupama Antilles-Guyane33 Michel l’HOsTIsGroupama Loire Bretagne34 Jean-louis lAFFRATGroupama Nord-Est17 Jean-Paul NIEUTINGroupama Paris Val de Loire18 Jean-Jacques ROZIERGroupama Rhône-Alpes Auvergne35 didier lAlUETGroupama d’Oc36 Jean-yves lE dROMAGUETGroupama Loire Bretagne42 43 44 45 46 479 François sCHMITTVice-chairman,Groupama Grand EstBoard of Directors of Fédération nationale Groupama at 31 March 2009.Fédération nationaleGroupamaThe association that groups together the regionalmutuals, constitutes the institutional centre: it representsthe members and is thus responsible fordefining and controlling the main strategies of theGroup. It also performs the role of a ProfessionalAgricultural Organisation (Organisation ProfessionnelleAgricole - OPA) and ensures that mutual insuranceprinciples are developed and promoted.the BoArd of directorsIt has 47 directors, with 5* representatives perregional mutual in Metropolitan France, and onerepresentative for each of the two overseas mutuals.Two representatives of the Young Farmers sit onthe Board as non-voting members. This Boardmet 8 times in 2008.The Board’s activities are enhanced by the studiesand assessments carried out by committees.compensAtion of directorsThe directors provide their services free ofcharge. During the year ended 31 December2008, Fédération nationale granted the membersof its Board of Directors €580,788 (taxablegross) in the form of compensatory paymentsfor time spent. Directors are also reimbursed fortheir expenses.the executive committeeImplementation of the decisions of the Board ofDirectors and management of Fédération nationaleare the responsibility of the Chief ExecutiveOfficer of Groupama S.A., who is also the ChiefExecutive Officer of Fédération nationale.* The target plan for the merging the regional mutualsin Metropolitan France specifies a total of 9 mutuals.

008 GROUPAMA2008 Activity ReportGROUP GOVERNANCEGroupama S.A.Groupama S.A. is a limited company that is almostwholly owned, indirectly, by the regional mutuals.Its business activitiesare the following• to define and implement the Group’s operationalstrategy in collaboration with the regionalmutuals and in line with the strategies definedby Fédération Nationale Groupama;• to reinsure the regional mutuals and the subsidiaries(internal reinsurance);• to direct all subsidiaries;• to introduce the Group’s external reinsuranceprogramme.Groupama S.A. is in charge of directing, overseeingand coordinating the Group’s policies.Financial statementsof the Group and of Groupama S.A.The Group’s financial statements (combinedscope) cover all business activities of all Groupentities and regional mutuals; the consolidatedfinancial statements of Groupama S.A. includethe reinsurance business ceded by the regionalmutuals (approximately 40% of their revenues) aswell as the business activities of the subsidiaries.This entity will be listed on the stock exchange ifthe Group’s future growth requires it.Administrationand general managementGroupama S.A. is administered by a Board ofDirectors whose function is to determine the company’sbusiness strategies and ensure that theyare implemented by the Executive Management.Groupama S.A.’s Board of Directors consists of17 directors of whom 11 represent the controllingshareholder, 4 are independent external directors,appointed by the Ordinary General Meeting for aperiod of 6 years, and 2 are elected by the company’semployees for a period of 4 years.The Board of Directors met 11 times in 2008.Groupama S.A.’s Board of Directors has establishedthree specialized committees whose functionis to prepare for the Board’s work: the Auditand Accounts Committee, the Agreements Committeeand the Compensation and AppointmentsCommittee; the first two are presided over by anindependent external director.In keeping with its original principle of sharedresponsibility, the Board of Directors has optedfor the separation of the duties of Chairman andChief Executive Officer. The company’s generalmanagement is entrusted to an Executive ManagingDirector within the meaning of the NRE Act*.Balanced, lasting and exlusivefinancial ties between GroupcompaniesIn addition to the internal reinsurance agreement(see page 38), there are distribution agreementsthat control the ties between Groupama S.A., itssubsidiaries and the regional mutuals, particularlyfor life insurance products and retail banking. Allof those agreements are established under thecontrol of the Agreements Committee, chairedby an independent external director who ensuresthat the agreements are legally sound and that theinterest of each of the parties is respected.* French New Economic Regulations Act (loi sur les nouvellesrégulations économiques - NRE) of 15 May 2001.Committees of the board:• Audit and accounts committee: Michel Baylet,Amaury Cornut-Chauvinc, Frédéric Lemoine(chairman), Anne Bouverot, Philippe Vassor.• Compensation and appointments committee:Francis Aussat (chairman), Robert Drouet, AnnieBocquet, Solange Longuet, Frédéric Lemoine.• Agreements committee: Jean Baligand,François Schmitt, Jean Salmon, PhilippeVassor (chairman).

GROUPAMA2008 Activity Report009Group governanceR1 2 31 Jean-Luc BAUCHERELChairman,Groupama Loire Bretagne3 Francis AUSSATDirector,Groupama d’Ocboardof directors2 Michel BAYLETVice-Chairman,Groupama Centre-Atlantique4 Jean BALIGANDDirector,Groupama Rhône-Alpes Auvergne45 66 Amaury Cornut-chauvincDirector,Groupama Sud5 Annie BOCQUETDirector,Groupama Nord-EstIN 20087 Robert DROUETDirector,Groupama Centre Manche8 Michel HABIGDirector,Groupama Alsace9 Solange LONGUETDirector,Groupama Paris Val de Loire10 Francois SCHMITTDirector,Groupama Grand Est11 Jérôme ZANETTACCI*Director,Groupama Alpes-Méditerranée78 91011To improve its operation, the Board of Directorsof Groupama S.A. welcomed a 4 th independentexternal director, Ms Anne Bouverot.121314 1512 Anne BOUVEROTIndependent non executuve Director,14 Jean SALMONIndependent non executuve Director,13 Frédéric LEMOINEIndependent non executuve Director,15 Philippe VASSORIndependent non executuve Director,16 1716 Henri DurandDirector elected by Groupama S.A employees,Groupama S.A.17 Christian GARINDirector elected by Groupama S.A employees,Groupama S.A.*Nomination submitted for notification by the General Assembly of 27 May 2009.Corporate governance, the compensation ofdirectors, the organisation of internal controland risk management are described in theRegistration Document.

010 GROUPAMA2008 Activity ReportGroup governanceTHE GROUP EXECUTIVE COMMITTEEpArticipAtionin theprepArAtionAnd operAtinggroup’sstrAtegyThe Group Executive Committee (GEC) participatesin the preparation and operational monitoringof the Group’s strategy. It implements thestrategy and ensures operational coordination ofall the entities’ activities.The Group Executive Committee is composedof the managing directors of the regional mutualsand the principal directors of Groupama S.A.It is chaired by the Managing Director ofGroupama S.A. It meets once a month for a day.There are specialised operating committees(COMOP) — business lines, development,information technology, finance and humanresources — whose members include the appropriateexecutives from the Group’s entities. Theycontribute to the preparation of project files for theGroup Executive Committee and propose stepsto be taken on an operational level in accordancewith the strategies.1234567891011121314151617181_Olivier BlONdEl managing director Groupama Paris Val de Loire 2_Christophe BUsO managing director Groupama centre-Atlantique 3_Philippe CARRAUd managing director Groupama d’oc 4_Patrice CHEREAU* managing director GroupamaLoire bretagne 5_Claude dOllÉ managing director Groupama Alsace 6_yves EVENO managing director Groupama Alpesméditerranée7_daniel GABORIAU managing director Groupama nord-est 8_Francois GOUTAGNEUX managing director GroupamaRhône-Alpes Auvergne 9_Jean-Paul HUE managing director Groupama centre manche 10_Gérard JOAllANd managing directorGroupama Grand est 11_Alain KAHN managing director Groupama sud 12_Jean AZÉMA chief executive officer Groupama s.A.13_Christian COllIN corporate secretary - strategy & hR Group (Groupama s.A.) 14_Jean-François lEMOUX managing directorinternational (Groupama s.A.) 15_Helman le PAs de sÉCHEVAl Group chef financial officer (Groupama s.A.) 16_Thierry MARTElmanaging director insurance france (Groupama s.A.) 17_Francis THOMINE managing director, it division 18_Jean-Marc VERVEllEmanaging director commercial and institutional insurance (Groupama s.A.) // *christian cochennec from June, 10 th 2009 onwards.

GROUPAMA2008 Activity Report011Group governanceGroup governanceTHE GROUPAMA s.A.’s sTEERING COMMITTEEgroupAmA s.A.steeringAuthorityThe Steering Committee (Comité de DirectionGénérale - CDG) assists Groupama S.A.’s ChiefExecutive Officer in the management ofGroupama S.A. It implements the strategy ofGroupama S.A. within the framework of the Group’sgeneral strategies and coordinates the Frenchand international subsidiaries. As the entity thatprepares and approves the operating decisionsmade by Groupama S.A., it sets the major prioritiesfor the work of the various divisions of GroupamaS.A. and monitors the implementation of thesedecisions.1_Jean AZÉMA chief executive officer 2_Christian COllIN corporatesecretary - strategy & hR Group 3_Jean-François lEMOUX managingdirector international 4_Helman le PAs de sÉCHEVAl Group chie ffinancial officer 5_Thierry MARTEl managing director insurance france6_Francis THOMINE managing director, Groupama it division 7_René CAdOGroup general audit and actuarial director 8_Maurice FAURE directorfédération nationale Groupama 9_Frédérique GRANAdO director, externalcommunications 10_Benoît MAEs managing director Gan Assurances11_Jean-Marc VERVEllE managing director commercial and institutionalinsurance1234567891011The Committee is made up of 11 members andmeets every 2 weeks with the representatives ofGroupama S.A.’s major divisions and the ChiefExecutive Officer.compensAtion of the memBersof the steering committeeThe members of the Groupama S.A. SteeringCommittee received total gross compensation,including benefits in kind, of €4,706,415, including€1,062,500 in variable compensation.

012 GROUPAMAActivity Report 2008A EUROPEANDEVELOPMENT STRATEGYAn unchangedambition :to be rankedamong Europe’stop 10 insurancecompaniesGroupama aims to become oneof Europe’s leading insurancecompanies by 2012. This ambitionwhich has been at the heart of theGroup’s strategy for several yearsis once again reasserted. The linesof action to achieve this goal areclearly defined: to consolidate anddevelop our positions in France,accelerate our organic and externalinternational growth, and improveour profitability through increasedefficiency. Given the more difficulteconomic and financial conditions,the challenge is to use our assetsto even greater advantage, primarilyour size and our economic model.The financial crisisand Groupama’smanagementA prudent approach whichreinforces the Group’sfinancial soundnessThe financial crisis which prevailed in 2008 gaverise to a considerable rise in the cost of credit forprivate issuers and a drop of nearly 43% on thestock markets (CAC 40 in Paris). Like all otherinsurance companies, Groupama was affected bythis turmoil, particularly because of IFRS. Thesestandards require that the fair value of certainfinancial assets be recognised through financialincome and/or equity even if they haven’t beensold. Despite this, the Group’s business and fundamentalsremain very sound. This soundnesspartly rests on a prudent and stringent assetmanagement policy which follows strict prudentialrules in terms of diversification, spread and liquidity.Groupama thus kept away from the so-called“toxic” structured, simple or complex products;moreover, hedge funds account for less than 1%of its investments. For the past four years, theGroup had deemed American subprime investmentsin the real estate sector extremely risky;accordingly, it did not invest in them and is notaffected by that particular downturn. Likewise, theGroup is not exposed to American monolines ormortgage refinancing agencies. For over a yearnow, the Group’s discerning financial experts havefavoured securities which are the least sensitiveto market fluctuations, to the detriment of financial-sectorsecurities. Their approach resultedin the keeping of a large proportion of liquiditiesand investments in businesses with healthybalance sheets and little debt.In terms of investment, our mode of operationinvolves financial committees for each entity,then for the Group as a whole. We have developeda comprehensive system of checks whichhave been further reinforced in 2008.Higher rate of returnon life insuranceDespite the difficult economic situation,in 2008 the Group provided its customerswith higher rates of return on its lifeinsurance contracts than in 2007. Throughstringent management targeting steadysustainable growth, these rates variedbetween 4.5 and 4.6%.• Groupama Vie achieved a rate of returnof 4.5% for the euro range and 4.6% forthe euro fund of Groupama Modulation.• Gan Assurances achieved the sameperformance levels: 4.5% for Libertance 95and 4.6% for Chromatys (Actif Général fund).This increased return on savings issignificant for policyholders, given thelower performance of the life insurancemarket in 2008.Hurricane reinsurance coverageVia the reinsurance company Swiss Re,Groupama issued a “cat bond” of€200 million on the financial market.This securitisation operation is aimed atcovering part of the Group’s “hurricane” riskin France. This innovative arrangement –the first product of its kind in France focusedon covering hurricane risk – is also asupplement to traditional reinsurance.For Groupama, the objective is to be bettercovered in the event of a catastrophic stormin France, within a financial arrangementthat protects the reinsurer against defaulting.The cover is rated AAA.

GROUPAMAActivity Report 2008013A Europeandevelopment strategyGroupama, a sound Group• Limited asset depreciation (€159 million,net of profit sharing and corporate tax)in view of the financial market downturn.• The Group’s statutory solvency margin(using the same method as in 2007)is 122% covered, despite the sharp dropin the markets and the Group’s significantinternational growth.If the additional elements of assessment weretaken into account, as published by ACAM (1) ,the margin would stand at 149%.(1)Taking account of the subordinated debt excludeddue to statutory capping, equalisation reserves,a high prudential margin for non-life insurancereserves, and the profit-sharing reserve.Insurance business in France :a satisfactory yearfor Groupama2008 has been a satisfactory year for theGroup in France. In fact, the Group was lessaffected by the drop in business due to thecrisis than the market as a whole. Revenuesfrom current operations increased 2.2%while the market receded 6.2%*. This growthis the fruit of the ambitious developmentplans launched in 2006/2007 and whichare now operational: +2.3% in life and healthinsurance (excellent performance in a marketwhich was down 8.7%*), +2.1% in propertyand casualty insurance (in line with themarket which grew 2.3%*).*Source : FFSAOur vision of the marketA competitivebut structurally buoyant,European insurance marketOver the long term, our environment is determinedby underlying trends which spread across ourmodern societies. These include trends such asincreasing urbanisation, consumer versatility, longerlife expectancy with its social and economicimpacts and the government’s gradual withdrawalfrom social security systems, which create newneeds. These changes, along with a growingaversion to risk, are an opportunity for the Groupto strengthen its businesses, particularly in termsof health insurance, provident insurance andretirement products.In those fields, Groupama has recognisedknow-how and legitimacy as well as a solidpositioning. Taking account of the expectationsof its customers and members, the Group adaptsits offerings in line with consumer behavioursto better meet their lifelong needs. Those behav-iours are tending towards harmonisation acrossEurope due to increasing economic integration.While the power of information technology is callinginto question the issue of territoriality, Groupamais convinced that tomorrow its domestic marketwill no longer be national but European. Suchis the purpose of our international developmentstrategy. Acquiring a European size is themeans of capitalising on our know-how, achievingsynergies and diversifying risks.This is a major asset to withstand ever strongercompetitive pressure which requires increasinglysophisticated resources to offer innovativeand efficient solutions suited to our customers’needs. This critical size is essential to guaranteeour independence and continuity in the face ofthe consolidation of the insurance sector underwayover recent years.

014 GROUPAMAActivity Report 2008Our strategic choicesPushing ahead with developmentTo become one of Europe’s leading insuranceplayers, Groupama intends to consolidate anddevelop its positions in France, accelerate itsinternational growth and increase its profitability.It deploys this strategy by making use of itsmain assets, its size and its general-purposeand diversified economic model. Groupamastrives to consolidate its first asset and optimisethe second. For this purpose, it has abalanced portfolio of property insurance and lifeand health insurance, an extensive, faithful anddiversified clientele, two high-profile brands, multichanneldistribution, and stakes in all insurancelines with leading positions in several of them.The Group’s financial soundness and flexibilitygive it the means to develop.Becoming France’s “benchmarkinsurance company”Groupama intends to strengthen its positionsand gradually become the “benchmark insurancecompany” on the French market. TheGroup is already the No. . 1 insurer for individualhealth, agriculture and local authorities, the No. . 1home insurer, the No. . 2 French player in marineand transport insurance, and the No. . 3 motor andcommercial insurer. We thus need to strengthenour positions on the strategic individual motor/home insurance market and boost our growthin life/health insurance for individuals and institutions.We also need to increase our presencein the insurance market for professionalsand VSE-SMEs and consolidate our position asleading agricultural insurer. Moreover, the Groupis continuing to develop its banking offer, strivingto win new customers and extend its servicesto existing ones, using an ever more integratedcommercial approach.• Boosting organic growth, particularly in urbanareas. The Group will continue its significantmarketing and communication efforts to supportits Groupama, Gan and Amaguiz brandsand improve its customer knowledge. It willalso continue to diversify its customer portfolioin cities of over 100,000 people and in certainhigh-potential customer segments, while developingits historical positions with other typesof customers. Organic growth also involvesimproving the efficiency of the sales networks:increasing the commercial productivity and sizeof the networks and putting greater emphasison the multi-channel approach.

GROUPAMAActivity Report 2008015A Europeandevelopment strategy• Improving our property and casualty insuranceproducts. The product and service offer mustbecome a real differentiation factor, throughinnovation in risk products for individuals,professionals and enterprises, and through thesystematic integration of services in the offering.The Group will take position in new distributionchannels, such as direct selling – amaguiz.comand groupama.fr – and partnerships.• Growing on the life and health insurance market.The Group is getting ready to take advantageof the forthcoming regulatory changes andthe emergence of new provident needs. It alsointends to rely on a comprehensive, innovativesavings offering to consolidate the potential of itscustomer portfolio in this area. At the sametime, it will continue to adapt its life insurancenetworks, for example through the developmentof networks of asset management advisers,and enhance its offering through new partners.• Continuing to develop its banking activitiesto increase the number of bank accounts andvolume of outstanding loans.Successful internationalgrowthThe Group is continuing its international growth.This is proving successful since revenues frominternational activities have increased from 18.8%of the total revenues of Groupama S.A. in 2004to 31.6% in 2008 (once the business activities ofthe latest acquisitions have been recorded overa full year). Its strategy is now giving rise to theconsolidation of its major positions in Italy, Spainand Great Britain in order to have more weight oneach market, the set-up of operations in highgrowth areas – Central and Eastern Europe andthe Mediterranean area – and moves into Vietnamand China within the scope of a long-term vision.2008 was an eventful year in terms of acquisitions.The signing of a strategic partnership withthe Hungarian OTP Bank in Central Europe wasaccompanied by the acquisition of an 8% stakein the bank’s equity capital and takeover of itsinsurance subsidiary OTP Garancia. The Groupalso moved into Slovakia and Bulgaria. Furthermore,Groupama increased its presencein Turkey with the acquisition of Güven Sigortaand in Romania with the purchase of Asiban. InTunisia, the Group acquired a 35% stake in Star,the country’s leading insurance company.Internationalacquisitionsin 2007• Italy: Nuova Tirrena, transforming Groupamainto Italy’s No. . 9 non-life insurer (in 2007).• Greece: Phoenix, No. . 8 non-life insurerand No. . 10 life insurer.• Romania: BT Asigurãri, No. . 9 non-lifeinsurer and No. . 12 life insurer.• Great Britain: Bollington and Larkbrokerage firms.In 2008• Hungary (signed in February):OTP Garancia, No. . 3 Hungarian insurerand its subsidiaries in Bulgaria, Romaniaand Slovakia.• Romania (signed in April): Asiban,Asiban, No. . 3 Romanian insurer.• Great Britain: acquisition of brokerage firms.• Turkey (signed in June): Güven, No. . 1agricultural insurer and No. . 5 non-life insurer.• Tunisia (signed in July): strategic partnerof Star, No. . 1 in non-life insurance andNo. . 9 in life insurance.

016 GROUPAMAActivity Report 2008Groupama is staying on track:• Continued organic growth in Franceand internationally.• Consolidation, improvement and searchfor stronger synergies.• Ongoing mobilisation of employeesin a socially responsible group.Groupama intends to continue its efforts tobecome a global player to anticipate the emergenceof a European insurance market, developgrowth links, and benefit from a size effect withdiversified risks. However, for 2009, the Groupwill put the emphasis on organic growth, like inFrance. Several targets have been set, such as:• The successful integration or merger of the companiesacquired over the past few years: merger ofNuova Tirrena and Groupama Assicurazioni in Italy,Güven and Basak Groupama in Turkey, GroupamaBiztosito and OTP in Hungary, and BT Asigurãri,Asiban and OTP Garancia in Romania to createthe No. . 3 player on the Romanian market.• Improving commercial efficiency: Boostinggrowth after the merger of the various companies.Profitable growthand increased synergiesGroupama intends to satisfy its members andcustomers by focusing on profitable growth.This is what gives us the investment capacitiesrequired to innovate, and enables us to achieveeconomies of scale and reduce costs in orderto be competitive on increasingly stiff markets.The constant efforts made to increase profit-

GROUPAMAActivity Report 2008017A Europeandevelopment strategyability help to further increase our self-financingcapacities and strengthen the Group’s financialsoundness in an economic situation which is nowmore difficult. The Group will thus make furtheruse of the synergies between its various entitiesto capitalise on its size.In France, a service division will be created forall Group companies. New pricing and subscriptiontools will also be deployed for the sales networks.Outside France, synergies will be increasedthrough new regional cooperation and the sharingof business expertise among entities andwith Groupama SA. Groupama Systèmesd’Information, the economic interest entity (GIE)which manages all of the Group’s IT systems inFrance, will take on an international dimension, bypooling means of production and gradually harmonisingthe subsidiaries’ application systems.A common platform managed by GroupamaSystèmes d’Information will also be createdfor all Central European countries. In anothereffort to rationalise costs, the Group will finalisethe bank merger in 2009, push aheadwith the convergence of the IT systems of theGroup’s French companies and deploymentof the Apogée* programme for all of the Group’soperating processes (for all types of after-salesservice activities: management of claims, production/underwriting,etc.). The rationalisationof the Group’s purchasing policy will also continue.*APOGEE: Amélioration des Processus Opérationnelsde Groupama et des Entreprises (improving the operationalprocesses of Groupama and companies).Groupama has become an international Groupand must upgrade its operational organisationand methods accordingly, with respect to itsbusiness lines and employees. This process isalready well underway within our Group.For Groupama, the human resource policy is akey lever to achieve its ambition, by securing thetalent required for the Group’s development andmobilising employees on the strategic objectives,in an approach encompassing social responsibility.(See the principles and actions of our HRpolicy on page 44).

GROUPAMAActivity Report 2008019Improvement in the combined ratioKey figures for the GroupAcceleration in growth:increase in revenues(€bn)13.414.214.9+ 9.2%16.22005 2006 2007 2008property and liability insurance101.5% 98.5%94.9% 99.4%99.7% 98.7%29.5% 30.2%28.3% 28.5%29.1% 29.6%72% 68.3%66.6% 70.9%70.6% 69.1%2007 2008 2007 20082007 2008France International Total• In France, the net combined ratio improved by3.0 points compared to 2007, boosted by asharp fall in net claims experience. It should benoted that in 2007, claims experience in Francewas hit by numerous climatic events (such ashurricane Dean and tropical cyclone Gamede,and an earthquake in West Indies etc). Theoperating expenses ratio rose largely due to anincrease in marketing and advertising costs.• In the International business, the net combinedratio deteriorated by 4.5 points, principally dueto a worse net claims experience ratio mainly inrelation to recent acquisitions.Net expense ratioNet claims ratioChange in economic operating profitstrong growth in economic operatingprofit (€ million)157351398+ 66.1%6612005 2006 2007 2008(€ million )18630711– 106Life and health insurance398Property and casualty insuranceInvestment and banking activitiesHolding activities+ 66.1%6612007 20084353731– 148Economic operating profit=Net profit group share–net realised capital gains and losses (shareholders’ share)net of corporate income tax–increases and write-backs to long-term impairment provisions(shareholders’ share) net of corporate income tax–unrealised capital gains and losses on financial assetsrecognised at fair value (shareholders’ share)net of corporate income tax–extraordinary items net of corporate income tax–impairment of goodwill and intangible assets,net of corporate income taxThe property and casualty business economicoperating profit rose +21.5%, boosted by strongunderwriting results (the 2008 Group combinedratio amounted to 98.7% down 1 point comparedto 2007) and by a rise in recurring investmentincome.Life and health insurance economic operatingprofit came in up +€249 million. A major proportionof this increase arose from a sharp improvementamounting to +€183 million before tax inthe underwriting margin net of health and othernon-life bodily injury. Indeed, the net combinedratio on these activities fell by 6.9 points (93.7% in2008 down from 100.6% in 2007) both in Franceand internationally. Investment activities turned ina €1 million economic operating profit in 2008,despite being hit by the financial crisis, whichaffected the asset management activities,considerably in this respect. Holding companyactivities: the rise in interest costs and expenseson mergers and acquisitions had a negativeimpact on the results for the year.

020 GROUPAMAActivity Report 2008A balanced portfolioNet profit hit by the crisislife and health insurance10%49% 16%5%9%6%5%Individual Retirement Savings Personal Provident InsuranceIndividual Health Insurance Group Retirement SchemeGroup Provident Scheme Group Health Other (indiv+group)property and liability insurance13%14%38%6%€ million 2007 2008 ChangeInsurance operating profit 493 808 + 63.9%Investment activities operating profit 11 1 NAHolding company operating profit – 106 – 148 – 39.6%Total operating profit (1) 398 661 + 66.1%Net realised capital gains 572 67 – 504Long-term impairment provisions 0 – 159 – 159Gains and losses on financial assetsrecognised at fair value19 – 190 – 210Other costs and income – 51 – 37 + 27.5%Net profit 938 342 – 63.5% (2)(1) Economic operating profit (see appended definitions).(2) Down – 56.9% excluding capital gains on SCOR shares in 2007 (€144 million)Net profit is down -56.9% without taking intoaccount the 2007 sale of SCOR shares.In the international financial crisis, the rise inoperating profit was completely offset by theimpact of the financial crisis, which amounted to€873 million after profit sharing and corporateincome tax that can be broken down as follows:• A sharp fall in net realised capital gains andlosses. 2007 was boosted by €144 million innon-recurring capital gains from the sale ofSCOR shares and by a €158 million in capitalgains unlocked through the sale of the TourGan building, whereas there was no equivalentcapital gain in 2008;• A reduction in assets measured in the IFRSaccounts based on the fair value through incomemethod compared to 2007;• Net provision charges for long-term impairment.3%prudent asset management14%8%4%Breakdown of the asset portfolio (1)Investment income(€ million) (2)3,2373,419• Very secure bond portfolio comprising over93% of investments rated better than A.Motor insurance Home insurance Individual and businessproperty damage Fleets Construction Businesses and localauthorities property damage Transport Other68.3%20.5%2,1382,282• No toxic assets.• Under-valued but high-quality equity portfolio.0.1%11.1%3733574604672663132007 2008• High-quality real estate concentrated in Parisand surrounding suburbs.(1) Market value excluding unit linked investments.(2) Before management fees.Bonds Equities Real estate OtherBonds Equities Real estate Other

GROUPAMAActivity Report 2008021Breakdown in group net profitStrong and high-quality balance sheetKey figures for the Group(€ million)621366France insuranceand services1512007 2008Internationalinsurance50 11 1158InvestmentactivitiesHoldingactivities– 53 – 3 – 21Other938Total342Balance sheet accounts€ million 2007 2008 VariationShareholders’ equity 8,511 5,562 – 34.6%Subordinated debt 1,245 1,245 –Gross underwriting reserves 70,007 69,150 – 1.2%Total balance sheet 94,881 91,777 – 3.3%Solvency margin (1) 277% 122% – 155 ptsUnrealised gains (losses) (2) 8,335 1,161 – 86.1%Debt ratio (3) 17.1% 28.3% + 11.2 pts(1) Estimate of the solvency margin based on European standards (Solvency I).(2) Shareholders’ share: €440 million vs. €3.53 billion at the end of 2007.(3) Excluding SILIC.Prudent asset managementExposure (€ million) 31/12/07 31/12/08US securitisationsUS subprime 0 0US ABS (consumer ABS) 92 85European securitisationsCLO/CDO 0 12RMBS 467 218CMBS – 23MonolinesDirect (debt or equity) 0 0Turnaround in bonds 125 90Lehman Brothers September 2008Equities 0Bonds 5Derivative products 1Madoff December 2008Indirect 8Insurance investments stood at €72.5 billion, down€7.1 billion from €79.6 billion as at 31 December2007 due to the fall in the financial markets. Notethat over 93% of balance sheet investments aremeasured at market value in accordance with IFRS.This environment naturally has an impact on theGroup’s unrealised capital gains. The –€6.4 billionreduction in unrealised capital gains on equitieswas caused by the fall in the equity markets (e.g.the CAC 40 index slumped –42.7%).Group shareholders’ equity automatically reducedin accordance with IFRS.The Group regulatory solvency margin (based onthe identical calculation method compared to 2007)stands at a satisfactory level despite the slump inthe financial markets and the Group’s considerableexpansion abroad. Including the additionalitems as published by ACAM, the margin wouldbe 149%.Effective and prudent investment managementallowed the Group to post relatively modest impairmentcharges of just 0.2% of the investmentsdespite the huge swings on the financial markets.The Group’s exposure to complex structured or“toxic” products that are currently causing problems(subprimes, monolines, Madoff, etc.) is nilor negligible.

022 GROUPAMA2008 Activity ReportStrong resultsKey figures for Groupama S.A.Profitablegrowthand financialstrengthThe consolidated financialstatements of Groupama S.A. includethe insurance ceded by the regionalmutuals (about 40% of premiumincome) and the business of thesubsidiaries. Premium income keptby the regional mutuals is thereforenot consolidated in these financialstatements.€ million Groupama S.A. consolidation scopePremium income FranceInternational premium incomeAsset management and Investment activities9,1423,937362+2.1%+39.0%+3.4%TOTAL revenues 13,441 +10.8%Operating profit (1) 561 +49.6%Combined ratio propertyand liability insurance98.0% + 0.5 ptNET PROFIT 273 –65.6% (3)ROE (2) 12.2% –10.3 pts (4)Debt ratio(excluding Silic and holding companies’ cash)40.5% +17.2 pts(1) Economic operating profit (see appended definitions)*. (3) down –57.9% excluding Scor.(2) Based on shareholders’ equity. (4) down –6.5 pts excluding Scor.Strong diversification abroadBreakdown of revenuesFrance/International68.4%31.6%31.12.2008 proforma(Asiban, OTP, Güven annualised)Growth in all activitiesRevenues by activity(€ MILLION)12,1333508415,3941,9903,557+ 10.8 %+3.4%+6.4%+16.2%13,4413621,1252007 20085,5112,8133,631In a difficult environment, the sharp growth inbusiness, operating profit, up nearly +50%, andlimiting the combined ratio to 98% reflect thesuccess of our business plans and investmentprogrammes. More than ever, this strong performanceand the fact that net profit hold upwell attest to the Group’s capacity to developduring downturns.• Counter-cyclical performance in life insurance.• Deposits holding up well.• Initial return on investment for the plans launchedin 2007 (CAP 2008).• Growth in property and liability insurance premiumincome similar to market growth in a tough competitiveenvironment.• Growth in Groupama Banque in line with objectives:445,000 new customers in 2008.• Groupama Asset Management results hit by thefinancial markets.FranceInternationalAsset management and Investment activities International life andhealth insurance France life and health insurance and discontinuedactivities International property and liability France property andcasualty insurance

GROUPAMA2008 Activity Report023Insurance: surgein operating profitProperty and casualty insurance:combined ratios (1) in line with our objectivesKey figures forGroupama S.A.Insurance operating profit (1)(in cm)129469 (2)+50.3%705 (2)359–2 pts98.9% 96.9%+1 pt29.7% 30.7%69.2% 66.2%–3 pts+4.5 pts99.4%94.9%28.3% 28.5%+0.2 pt66.6% 70.9%+4.3 pts+0.5 pt97.5% 98.0%29.2% 29.7%+0.5 pt68.3% 68.3%The property and liability insurance economicoperating profit increased by +1.8% to €346 million,boosted by 13.2% growth in recurring investmentincome, which was largely due to recent acquisitions,and a stable net combined ratio of 98.0%.The life and health insurance economic operatingprofit increased by +€230 million as at31 December 2007.3402007Life and health insuranceProperty and liability insurance20083462007 2008 2007 20082007 2008France International and Overseas Total Groupama S.A.Operating expenses ratio Claims experience ratio(1) Combined ratio = (net claims expense + operating expenses) / net earned premiums(1) Economic operating profit (see appended definitions).(2) Insurance operating profit does not include the operatingprofit of investment activities, banking and holdingcompanies.Net profit hit by the crisis€ million 2007 2008 ChangeOperating profit from life and health insurance 129 359 >100%Operating profit from propertyand casualty insurance340 346 +1.8%Operating profit from investment activities and banking 11 1 N/AOperating profit from holding activities –105 –145 –38.1%Economic operating profit 375 561 49.6%Net realised capital gains (1) 484 34 –€450 mImpairment provision charges (1) 0 –138 –a138 mGains and losses on financial assets recognised14 –147 –a162 mat net fair value (1)Other costs and income –80 –37 53.8%Net profit 793 273 –65.6% (2)(1) Shareholder’s share (net of profit sharing and corporate income tax).(2) Down –57.9% excluding capital gains on SCOR shares in 2007 (€144 million).In the international financial crisis, the rise in operatingprofit was completely offset by the impact ofthe financial crisis, which amounted to €750 millionnet of profit sharing and corporate income tax.Groupama S.A. consolidated shareholders’ equityautomatically fell under IFRS to €3.2 billion downfrom €5.9 billion as at 31 December 2007.

GroupamaInnovationMagazine of innovationFocus oninnovationAmaguiz.comGroupama launches“pay as you drive”Page 29PartnershipGroupama and Cegidcreate a joint-venturePage 30

026Why innovate?By Jean Azéma, Groupama’sChief Executive OfficerDITOrialn a globalised economy, a company’s capacity forI innovation is a key factor in its competitiveness andadaptability. For Groupama, innovating primarilymeans being attentive to the needs and expectationsof its members and customers. It also means being ableto decipher the changes in our societies to better anticipatethe risks it generates and provide appropriate solutions.As a forerunner and pioneer in risk prevention since 1955,and through local presence to protect people and property,Groupama has turned innovation into a major leverof differentiation and leadership. For the Group, findingideas, transforming those ideas into products and services,successfully marketing them, and constantly improvingits organisation and processes are ways of ensuring itsdevelopment and continuity. The Group confirmed this overrecent years by being the first to offer a direct home andvehicle repair service and by launching one of the firstoffers of personal assistance services offer under the nameFourmi Verte. It has continued to confirm this stance withthe recent launch of its direct insurance site Amaguiz.com and its Groupama Renfort cover for major setbacks.As further proof that innovation is ingrained in its culture,Groupama also took part in the creation of the Chairof Entrepreneurial Innovation – in partnership withhigher education institutions, enterprises and charteredaccountants – tasked with helping and supporting headsof VSE-SMEs in their choices. Groupama has also set upa pilot experiment of participative innovation involvingall employees. This section provides an overview of ourlatest innovations for the benefit of our customers.

GROUPAMA2008 Activity Report027Groupama innovationGroupama launches the 1 st alert servicevia a satellite beacons a world first, Groupama has reached a new stage in the field of personal protectionand assistance by offering an optimal safety level thanks to the emergencyAbeacon deployed by Sécurité Sans Frontières (SSF). This new global servicefocused on finding and assisting people in emergency situations rests on the carrier’sactivation of an emergency beacon weighing 280 grams. The assistance operations arelaunched by SSF as soon as the distress signal is received. Mutuaide Assistance – theGroupama subsidiary specialised in assistance – handles the emergency assistance andrepatriation operations. For the first time, expatriates, tourists and hikers now have cuttinedgetechnology coupled with personal assistance and emergency services worldwide.Groupama Santé Active always offering more!s France’s leading personal healthA insurer*, Groupama has launched anew version of its spearhead solutionGroupama Santé Active (Gan Evolution Santéfor the Gan Assurances network). This is a customisedoffer which enables everyone to choosea health cover suited to their age and situation;it offers more choice in terms of available cover,including alternative medicine, and affords betterprotection in the event of hospitalisation. Thereare no less than 180 possible cover combinationsto choose from, according to each person’sneeds and budget, for city healthcare, dental andoptical care and hospitalisation costs – a thirdnewly created healthcare module. Other strongpoints include emphasis on prevention (dietaryconsultation, coverage of vaccines not availableunder the national health service, free annualdental check-up, help to stop smoking) andthe coverage of healthcare not available underthe national health service such as osteopathy,dental implants and visual defect operations,not to mention access to a partner network of1,400 opticians and over 3,200 dental surgeons.The solution also includes support services followingchildbirth, health problems or the deathof a loved one.* Excluding mutual insurance companies coming underFrench code 45 and provident insurance institutions.

028Amaguiz.com, 100% Internet-based insuranceecoming the new-generation Internet-basedinsurer, recognised asBthe benchmark player – such is theobjective that Groupama set itself when itlaunched “Amaguiz.com” in July 2008. Abrand dedicated entirely to direct sales.In July 2008, Groupama launched its subsidiarydedicated to direct insurance salesvia the Internet. With its new “Amaguiz.com”site, its goal is to meet the needs of customerswanting an adaptable offer, at a pricecalculated according to their needs and atruly personalised relationship. The customers?A relatively young, urban populationof Internet users among whom Groupamawishes to increase its clientele. The site, whichHelp in findinga vehicle withAuto Nuevouto Nuevo is a service whichA enables customers whose vehiclehas been scrapped or stolento find a new or used vehicle with orwithout additional financing (such as a bankloan via Groupama Banque), instead offinancial compensation.was launched on 1 July 2008, rests on aspecific economic model based on the offerof a “customised” products and servicesoffering. By using a different approach tothe insurance business, “Amaguiz.com” canoffer extremely competitive prices. With thebacking of Groupama, the brand is bankingon personalised customer relationships andservices via the Internet. Thus, right from theinitial quote phase, the customer is assignedan adviser for the duration of his/her contract.Following on from its “pay as you drive” motorinsurance, Amaguiz will gradually extend itsrange to cover all personal needs. An innovativehome insurance offer is expected inthe first half 2009, followed by health coverand everyday accident cover.• Spain: with Clickseguros.com, GroupamaSeguros is the leading 100% internetbasedinsurer on the Spanish market. Internetusers can take out motor insuranceand deal with all aspects of their claims onthe web, with the help of a virtual assistantor a call centre if they wish.• Also in Great Britain: Groupama Insuranceshas launched Clickinsurance, aninternet sales channel for Multi-Risk Homeinsurance.Help with vehicleresale, the little extra thatmakes a big differencen a booming used vehicle market, Groupama is innovatingI and enhancing its range of products and services to coverthe entire lifecycle of a vehicle. By offering its policyholdersa 6-month mechanical breakdown cover on their vehicle if theysell it to a private individual, Groupama simply makes it easier forthem to sell their vehicle by securing the trust of potential buyers.As a finishing touch, if the buyers decide to insure their vehiclewith Groupama, the cover is extended free of charge for another6 months. A totally reassuring competitive advantage.

GROUPAMA2008 Activity Report029Groupama innovationCoping with major setbackss confirmed by numerous surveys,A in France the drop in buying poweris currently people’s prime concern.Because numerous people want toprotect themselves against life’s setbacks,Groupama has created “Groupama Renfort”.According to an IFOP-Groupama survey,68% of French people are confident in theirfuture. Yet 55% would take out personalinsurance – if it existed – to protect themselvesagainst a financial setback due to ajob loss, long period of sick leave or nonpaymentof a maintenance allowance. Tomeet these new expectations, Groupamahas designed “Groupama Renfort” – the firstinsurance and service product to protectone’s budget. A single contract covers lossof income due to the three above-mentionedevents. Policyholders receive financial compensationas well as appropriate advice toget back on their feet – legal cover, assistanceservices to draft a CV for example anduseful information.Customised “pay as youdrive”, motor insurance offerhe “pay as you drive” concept – well-known in Great Britain and Italy – is partT of the key offering from Amaguiz.com. Through the installation of a device inthe vehicle, this system makes it possible to offer each customer a contract inkeeping with their vehicle use. An attractive proposition when increased fuel costs and adrop in purchasing power incite people to drive less. On a monthly basis, the cost of theinsurance comprises a flat-rate subscription fee plus a per-kilometre fee based on theprice agreed in the contract. The price per kilometre is calculated according to the typeof vehicle and the driver’s history, like in a classic insurance contract. With its adaptable,consumption-based pricing, “pay as you drive” is a new way of buying insurance, in linewith the current vehicle cost-control requirements.

030 GROUPAMA2008 Activity ReportPartnership with Cegid:timely solution to meet theexpectations of the VSE-SMEsroupama – France’s No. 3 SMEinsurance provider – and its GanGAssurances subsidiary intend toincrease their share of the VSE-SME market and establish closer relationswith chartered accountants. To this effect,at the end of 2007 the Group entered into aninnovative partnership with Cegid, France’sleading management software publisher.Given the increasingly complex social, fiscaland legal requirements, business managersand accountants need “intelligent” informationand decision-making tools. The partnershipwith Cegid has given rise to the creationand supply of five innovative solutions whichprovide chartered accountants with a technologicallead and access to new expertiseand business channels.DManager status: tool to simulate theimpacts of a change from employeestatus to self-employed status in termsof remuneration and social securitycoverage.creation of an Innovation Department:DComptanoo services: two informationand service portals dedicated to entrepreneursand chartered accountants.DCollective Agreements: enhancementof the services offered by Cegid’s payrollsoftware, in terms of social security, toincrease the firm’s expertise, provide itwith better coverage for its missions andsave time in their implementation.DMarketing module for the accountingfirm: customer segmentation tool whichenables the firm to identify the needsand expectations of managers of VSE-SMEs.DTraining modules covering the handlingof these new tools and providing businessspecificexpertise on their environment.The copyrights for these new tools andservices are held by a joint-venture equallycontrolled by Groupama S.A. and CegidGroup.In December 2008, Groupama increased itsstake in the equity capital of the softwarepublisher to 23.86%.In 2007, Groupama S.A. set up a dedicated department to boost innovation initiatives, for innovation,within the scope of the Group’s strategy and projects.Gan Assurances,the national partnerof Réseau Entreprendreo assert its positioning with entrepreneurs setting up newT businesses or taking over existing ones, Gan Assuranceshas entered into a national partnership with Réseau Entreprendre.Its advisers will thus support the efforts undertaken by thisnetwork and offer their skills to project leaders to help them withthe successful set-up of their businesses. As a major player in theset-up of new companies, Gan Assurances’ clientele comprises over151,000 compagnies.

Deexit, thesocial securityblogn September 2008, Gan Eurocourtage,a Groupama subsidiaryIdedicated to brokerage, launcheddeexit.net, a blog dedicated to brokers workingin partnership with its Group InsuranceMarket Department. Given the extremely complexand constantly changing social securitysituation, Deexit brings brokers together on adaily basis and allows specialists to compareviewpoints, obtain information and debatecurrent professional issues.Every week, a lawyer specialising in social law,experts and managers of Gan Eurocourtageintroduce and lead a debate attended by brokersfrom Paris and French provincial areaswho visit the blog on a regular basis.Branchesof a third kindn 27 May 2008, Groupama ParisO Val de Loire opened the first of its20 insurance shops in the Frenchcapital. This is an unprecedented insuranceconcept-store model which focuses on convivialityand the interactive presentation ofproducts. This innovative approach fits intothe scope of one of Groupama’s strategicobjectives – to capture urban markets.

Conqueringnew horizons

Proximityresponsibilitysolidarity5,400Local mutualsAN INSURERCOMMITTED TOTHE LONG TERMcreated in84%of the employees Trustin the future of the Group1900P. 36_A sustainable development storyA policy of prevention ofP. 38_Satisfying our members and customers in the long termP. 40_Prevention, a culture of responsibilityc4.5 Mcontribution from the Fondation Groupama pour la santé50 years oldP. 44_A human resource policy based on employeecommitment, innovation and social responsibilityP. 48_A responsible investorP. 48_Eco-responsible buyer and consumer500,000 %credit line for customers of l’ADIE** Association pour le droit à l’initiative économiqueP. 49_A partner involved in economic and social developmentP. 51_Sponsorship: priority to health and cultureP. 53_Sports patronage

GROUPAMA2008 Activity Report035A committed insurerA lasting commitment to peopleGroupama, a mutual insurance group and locally-basedinsurer, is naturally socially responsible,by way of its very mission – providing supportin the face of life’s challenges, whether professionalor private – and the way it performs itsrole in a spirit of local effort, responsibility andsolidarity. Concern for individuals is at the heartof the Group’s vocation; it is the company’s veryreason for being.At Groupama, a commitment to social responsibilityfor over 50 years has resulted in high investmentin prevention, the source of our business’s socialresponsibility activities. This strategic orientationhas a major effect on the implementation of thefirm’s three pillars of social responsibility:• from an economic standpoint, seeking theGroup’s long-term growth and sustainableeconomic performance, specifically throughefficient governance. The Group’s history testifiesto its adaptability, pragmatism, and abilityto meet its customers’ long-term needs.Groupama confirms its responsible commitmentto offering products that address society’smajor challenges, such as managing social protectionissues (retirement, healthcare), longerlife expectancies (assistance, dependent care)and the needs of daily life. Specifically, for itspolicyholders, the responsibility approach ofthe insurance business line yields an activepolicy of preventing risks in terms of road safety,health, and home safety, both in the companyand through locally-based groups;• from a social standpoint,Groupama combats the risks of discrimination,provides care for people with disabilities, andsupports equal opportunity: adherence to theUnited Nations Global Compact; the diversitycharter; signing of an agreement on diversity andpeople with disabilities; application of a Codeof Ethics; signing of the national agreement toemploy youths from underprivileged areas; thelaunch of an opinion survey among all workers;preventive health measures for employees, etc.Moreover, with its high level of recruitment andcentralised structure, Groupama is participatingin the dynamics of its territories; as a good corporatecitizen, Groupama prevents social exclusionand has instituted measures to discourageinequality through numerous solidarity partnerships(with ADIE for micro-credit, with the MadagascarSolidarity Association, against medicaldesertification and illiteracy). The commitmentfor the common good also takes the form of scientificand cultural patronage (Groupama HealthFoundation, Groupama Gan Cinema Foundation,Risk Foundation);• from an environmental standpoint, Groupama isengaged in preventing environmental risks amongfarmers, manufacturers and locally-based authoritiesand offers an entire range of agreementscovering the repair of environmental damage.This respect for the environment may also beseen in its desire to reduce the direct impactof the Group’s management of its facilities.Created in 2008, the Groupama S.A. Ethics andSustainable Development Department is responsiblefor promoting and coordinating initiativesat Group level. This department benefits from acapacity for action and mobilisation, specificallyby promoting a network of correspondents fromall Group entities (regional mutuals, French andinternational subsidiaries).2009 was marked by the implementation of aGroup code of ethics. This will contribute to unitingand mobilising Group employees around itsaction principles, defining Groupama’s commitmentto ethics, and directing it towards goodpractices and the rules of conduct to be followedwith regard to members and customers, suppliers,among employees, and vis-à-vis the Company,the Group and society.All these elements contribute to the Company’ssocial responsibility approach, whichwill continue to be applied throughout theGroup.Sustainable Development WeekFrom 1 to 7 April 2008 Groupama participatedfor the first time in National SustainableDevelopment Week. To increase awareness andmobilise the Group’s employees as to the stakesof this issue, on this occasion Groupama soughtto emphasise its efforts involving health, roadsafety and eco-responsible behaviour.

036 GROUPAMA2008 Activity ReporthistoryGroupama,a story ofsustainabledevelopmentFrom the birth of agriculturalmutual insurance to Groupama’semergence as a leading insurerin France, its developmentillustrates its ability to adaptand anticipate, dedicating itselfto member satisfaction. Createdin the 19th century to protect andserve farmers, agricultural mutualinsurance companies graduallybecame the main Europeanagricultural insurance method.Today, Groupama is a major multilinemutual insurance, banking andfinancial services group, with a widerange of customers and internationalactivities. The story continues…1900ANAGRICULTURALINSURANCEMUTUALDevelopment ofagricultural mutualinsurance and locallybasedmutuals.Agriculture represents80% of nationalwealth.1963A MULTI-LINEINSURERCoverage of allproperty risks;the Group quicklybecomes the leadinginsurer of Frenchcommunes.1972Launch of lifeinsurance.1986The largestagricultural insurancemutual takes thename Groupama.1995OPENING OF THESHAREHOLDERSTRUCTUREOpening ofmembership to allpolicyholders.1998A FRENCHLEADER ININSURANCEAND FINANCEAcquisition of Gan,France’s 4 th -largestinsurance company.The Group thuscontributes directlyto the restructuring ofthe French insurancesector. It is amongthe largest multi-lineinsurers in France.

GROUPAMA2008 Activity Report037history of the Group2005-2008Early2000sThe Group confirmsits profitable growthstrategy andundertakes a majorreorganisation, tooptimise its economicmodel and increaseefficiency.2001Plan to consolidatethe Regional Mutuals,reducing them from18 to 9 integratedmutuals.2002Acquisition in Spainand strengtheningof the brokeragedivision in France,by purchasing CGUCourtage. Creationof Groupama Banque.2003Launch of bankingservices.2004Overhaul of theGroup’s centralorganisation, toadapt it to the growthstrategy. The CentralMutual disappeared,with its roles distributedamong two divisions:Groupama S.A. andFédération NationaleGroupama.2005Opening of theboard of directorsof Groupama S.A.to external directorsand creation ofboard committees.Acquisition of Clinicarein Great Britain.2006Authorisation byFédération NationaleGroupama to issueGroupama S.A. stockto finance its futuregrowth.toward a europeaninsurance leaderGrowth in French cities: a programme aimedat conquering the private banking insurancemarket, launch of direct internet sales throughAmaguiz.com. Acceleration of internationaldevelopment in dynamic, high-potentialregions: acquisitions in Spain, Turkey, Greece,romania. Acquisitions of Nuova Tirrena inItaly, OTP Garancia in Hungary and Asibanin romania. Banking insurance agreementsin Central and Eastern Europe.Acquisition of brokerage firms in Great Britain.Acquisition of interests in Tunisia.Opening of the firstbranch in China.

038 GROUPAMA2008 Activity ReportA committed insurerSatisfyingour membersand customersin the long termCreated at its members’ initiativeand on their behalf, the satisfactionof its members and customers isthe first condition of Groupama’ssuccess. In performing all itsfunctions, its goal is to offer the bestservice at the best price to meet itsmembers’ needs. It incorporatesaction principles to guide itsdevelopment and the long-termdirection of its services.Original governanceGroupama is a group controlled by electedmember policyholders who are directors of themutual. As both customers and business operators,they seek attractive and competitive servicesand long-term Group performance. In turn,the executive teams provide operational managementof the business, in accordance withthe principle of shared responsibility betweenthe management and executive functions. Ourgroup’s governance is guided by the principlesof proximity, responsibility and solidarity thatpermeate our entire organisation. Pragmatismas a long-term policy that guides the Group inits choices, and a constant search for efficiencyand economic performance contribute directly toGroupama’s success. These are linked largely bythe presence of a stable membership structure,the regional mutuals.Local mutuals, the foundationof the territorial organisationin FranceOver 300,000 members participate each year inmember meetings to elect their local representatives,who in turn elect their regional and nationalrepresentatives. Local mutuals – there are 5,400of them – are the link that insure members of thesurrounding areas. At higher levels, regional mutuals,which are fully operating businesses engagedin all insurance functions, provide sales networksof employees and representatives, as well as managementservices. The directors of local mutualsappoint representatives to the departmental Federation(or Union), while directors of the regionalmutuals appoint representatives (374) to the generalmeeting of the national Federation.Shared action principlesLocal efforts are expressed through the commitment,in the territories, of 68,000 directors electedfrom local and regional mutuals, and through thedensity of the Groupama sales networks, with3,500* points of sale. This fosters a close relationshipwith customers and deep knowledgeof their profiles and needs. This presence, combinedwith the resulting quality of service, allowsthe Group to be extremely responsive and toconstantly adjust its services. This undoubtedlyexplains why it benefits from higher-than-averagecustomer loyalty. At all levels of Groupama’smuch decentralised organisation, individual andcollective responsibility is the rule: in effect, thepolicyholder representatives are responsible fortheir actions and consequences to those whoengaged them. Finally, solidarity is a basic, historiccomponent. This is illustrated through thedevelopment of services adapted to the needs,prevention, treatment and settlement of claims,as well as the internal reinsurance system of themutual insurance division. Human and financialsolidarity is particularly valuable after the occurrenceof natural disasters.* Including Gan points of sale.The mutual insurance division’sinternal reinsurance systemThis mechanism, which encourages theunderwriting of high-quality risks, allows them tobe mutualised, optimising the cost of protectionand thus increasing underwriting capacity. Thisreinsurance system is the financial backbone ofan insurance mutual.External reinsuranceGroupamaS.A.Reinsurance of regional mutuals*40% of premium ceded15** regionalmutualsReinsurance of local mutuals95% of premium ceded5,400 local mutuals* One internal agreement of reinsurance: the samefor all regional mutuals, separate from reinsuranceof local mutuals.** 11 regional mutuals in metropolitan France,2 overseas mutuals and 2 specialist mutuals.

GROUPAMA2008 Activity Report039A committed insurerGroupama’s power of mobilisation:Hurricane Klaus in southwest FranceOur employees, elected representatives,adjusters and assessors were immediatelymobilised to the field on the weekend of24 January 2009, to reassure individuals,identify solutions, and make available resourcesto provide for the future. Going into crisis mode,they mobilised the teams in the affected territorialdepartments; in the morning on Sunday the 25 th ,adjusters made their first assessment rounds;telephone support resources and agencies werestrengthened in order to meet with policyholdersand receive their notifications under the bestpossible conditions; teams from other regionswere brought in to supplement local personneland further assist policyholders in more efficientlyfiling their claims. As an exception, in view ofthe seriousness of this event, the Groupama,Gan Assurances and Gan Eurocourtage regionalmutuals waived the contractual “hurricane”deductibles for individuals.InnovationIn its role as an insurer, Groupama is involvedin the daily management and assessment ofrisks, whether involving major societal challengessuch as healthcare, dependent care or retirement,lifestyle changes, or extraordinary eventssuch as natural disasters or attacks. By listeningto its customers’ needs, the Group seeks tooffer responses that meet their expectations.The Group’s economic performance allows it toinnovate and invest in offering new benefits andservices to those who rely on it. Groupama is particularlyactive in developing a policy of servicesrelated to the insurance business, and in developingindividual services.Closer to policyholderexpectations: Customersatisfaction surveysThe Group regularly takes satisfaction surveys ofits customers to better understand their expectationsand respond to them through tailor-madeaction plans. These may cover all customers, orbe more specifically targeted.• Survey of farmersCovering the entire customer/insurer relationship,the 2008 farmer survey showed overall satisfactionof 85%, up since 2004. Strong points:agencies and sales advisers, claims processingand the extent of the policies offered. Receiveddocuments seem clear to policyholders, whonevertheless indicate they would like even closerfollow-up and faster policy renewals.• “Claims” surveysQuestionnaires are sent by mail after each autoand homeowner claim. In 2008, 35,556 Groupamamembers and 8,616 Gan Assurances customersanswered the auto questionnaire. For homeownerclaims, 26,215 members and 6,343 customersanswered. Strong points: new Auto Presto servicesfor cars and repairs of water damage, dueto their simplicity and the immediate responsethat is offered.• Other surveysSatisfaction surveys are regularly carried outby a number of entities certified by the Groupunder ISO quality standards. They participatein an ongoing improvement process, which isat the heart of the ISO approach. In addition tonational surveys managed at national level, oneoffor recurring surveys are carried out by regionalentities. These give rise to action points for localimprovement and are used in the context ofinternal dialogue.Protectionof individuallibertiesGroupama has appointed an InformationTechnology and LibertiesRepresentative (CIL) to the CNILThrough this appointment – which isvoluntary not obligatory – Groupama hasactively committed to complying with basiclaw on protecting the individual libertiesof its employees, members and customers.The appointment of a CIL is an effectivemeans of ensuring proper application of theinformation technology and liberties act withinthe Group. No computerised processingcontaining personal data may be carried outunless compliance is validated by the CIL,who maintains a regularly updated list.The CIL disseminates the InformationTechnology and Liberties culture withinthe Group. He seeks to ensure respectfor data security and confidentiality.He seeks compliance with exercising therights of access, correction and objectionby the individuals whose data is beingprocessed.

040 GROUPAMA2008 Activity Reporta committed insurerPrevention,a cultureof responsibilityAs a forward-thinking and innovativecompany, for over 50 yearsGroupama has been developingan active policy of risk preventioncentred on protecting individualsand assets. Originally rural, becauseof the Group’s origins, preventionis being gradually extended to allrisks faced by its members andcustomers. This falls fully within aframework of social responsibilityand sustainable development.As an approach shared at all levels of the organisation, in the long term, riskmanagement and prevention falls within the context of individual or group actionsvery often renewed from year to year. Anticipating the emergence of new risks,Groupama adapts and continues to innovate through its assessment and processingtechniques, know-how, advising, information support and assistance in the crisismanagement it offers its policyholders.Agricultural preventionA major player in the area of rural prevention,Groupama is committed to better managementof agricultural risks to address farmers’ concernswith regard to liability and the economic survivalof their businesses.For over 50 years, Groupama has been developinga technical prevention division, bringing togethermulti-disciplinary specialists in risk engineeringand management: protection of individuals,assets, activities, and production tools.The following are a few examples of prevention in theservice of operational sustainable development:• In fire, selecting the most appropriate constructionmaterials and techniques, advising on themaintenance of electrical and gas facilities, fieldvisits to assist policyholders in including safetymeasures in their construction plans, etc.• In the area of managing technical alarms (monitoringvital production functions, carbon monoxidedetection, process shutdown, and heatingmanagement in specialised breeding facilitiesor atmospheric controls in storage facilities,etc.), Groupama’s advice and recommendationsreduce accidents, thus preserving theentire production structure.• Against acts of vandalism, advice on preventativemeasures also contributes to operational protection.There are a number of recommendationson measures of prevention: a study of locking systems,the securing of facilities for storing so-called“sensitive” or high added-value products, etc.• Regarding risks of threat to the environment, goodpractice guides for building sites for agro-pharmaceuticalproducts or retainers for the storage of

GROUPAMA2008 Activity Report041A committed insurerhazardous liquid products, prepared in collaborationwith the profession’s technical institute, Arvalis– Plant Institute, contributing directly to preservingthe natural environment. Groupama takes specificmeasures to promote the protection of waterresources and combat pollution.To improve behaviour regarding operational safety,the “Prevention Attitude” guide is distributed toemployers of manual workers, to increase theiremployees’ awareness. Containing a set of filesfor each operational activity (signage for agriculturalmachinery, mechanical maintenance, etc.),this guide is supplemented regularly and incorporatesnew files on safety measures to be takenwhen working in the proximity of electrical lines,and green work spaces for landscape workers.They point out certain daily operational risks,offering common sense rules for improving jobbehaviour and preventing accidents.Asbestos is also the subject of specific documentationdeveloped with the OPPBTP (ProfessionalPrevention Agency for Buildings and PublicWorks) and the Ministry of Agriculture, to ensurethe safety of individuals and procedures duringthe demolition of agricultural buildings containingasbestos.In 2007, Groupama initiated a Gas Quality Code topromote gas quality at breeding facilities, in partnershipwith the French Gas Association (AFG),the French Butane and Propane Committee,and FL Formation. It was first deployed in 2008,through training sessions for installers.More generally, studies and work carried outamong a number of different partners (Arvalis,AFG, Promotelec and Consuel pour l’électricité,etc.) were formalised through the creation of technicaldocuments, online tools to aid in decision-making, and the implementation of measures andprotocols to be followed to increase operationalsafety; these preventive actions went as far as thecreation of online certification requirements.The transport and driving of agricultural vehiclesis the subject of an entire series of preventiveactions. Combining the National Police, Claas,Total and Groupama, the operation “Rural Driving10” is directed at students from agriculturalschools and initiates them in the controlled drivingof agricultural vehicles. It is also necessary tooffer young people essential advice on acquiringgood reflexes. No one can allow a farmer to die ora young person to become disabled for life. Thus,one of the purposes of this task is to increaseawareness of the professional and completelysafe use of tractors and other agricultural equipment.Each year, for nearly 30 years, a nationalcompetition, the “France Academic Championship,”rewards the best.Also, a local approach for the preventative managementof risks in the context of the Land BusinessCode has been specifically designed foryoung farmers in the start-up phase.Road safetyEach year Groupama allocates over €4 million toits road safety activities by promoting efforts toassist drivers throughout their entire lives.12 Centaure driving centres, created jointly byGroupama, Caisse des Dépôts et Consignations,and Sociétés Françaises d’Autoroutes, educateover 40,000 trainees each year by offering“blank” simulations of basic risk situations. 2008witnessed the complete overhaul of educationalclassroom support and the development of a newline of products to assist in preventing road risksfor local companies and associations.This stage is based around three pillars:• drivers, driving habits, knowledge, and restrictions(specifically in terms of vision and perceptionof the environment);• the vehicle: its active and passive safety devices,and maintenance. A 10-point safety inspectionis also carried out on the driver’s vehicleduring this stage;• the environment: the geography of the road, itssurroundings, obstacles to estimating distance,traps to be noticed, and the principles of ecodrivingto preserve the environment.Pedagogical knowledge “Initiation into roadsafety”. To assist primary school teachers in theirtask of teaching road safety, Groupama has createda complete kit to prepare students for thePrimary Education Road Certificate and thusincrease the awareness of future drivers.“Young Driving 10”. This operation, organisedby the Gendarmerie Nationale, Renault,Total, Centaure and Groupama, trains some10,000 young people aged 15 to 18 each year inroad safety, in order for them to better anticipateand avoid hazards, with a summary of the basicrules of driving. From 1995 to the present, over120,000 young students have discovered automobiledriving and received the benefits of theAdvanced Driving Apprenticeship.Post-licence education seminars, at Centaurecentres are intended for youths who have beendriving for less than three years.Through these efforts, each year 25,000 youngpeople are trained in preventing road risks.“Roll-car” demonstrations held on various occasionsto increase awareness of the need for safetybelts.“No age limit for driving well”. Since 1998, in partnershipwith the Fédération Nationale des Clubsdes Aînés Ruraux (National Federation of RuralSeniors Clubs), this prevention programme hasbeen developed to assist the elderly in driving aslong as possible under safe conditions.

042GROUPAMA2008 Activity ReportGroupama encourages bio-energyIn 2008 Groupama initiated technical studies to promote assistance in decision-making, and in the sizingand securing of new renewable energy production facilities. True specifications, with appropriate preventionmeasures and implementation recommendations, thus meet the needs of members who invest in renewableenergy production, such as photo-voltaic or methanisation facilities, thermal captors, heat pumps, etc.Junior Safety for children aged 7 to 12Groupama is committed to a four-year national effort, from 2008 to 2011, to increase awareness of thedangers of the coastal areas and to protect the marine environment, in partnership with the National SeaRescue Society (Société Nationale des Secours en Mer - SNSM). Under the name “Sauvegarde Junior”, thissafety operation is aimed at children aged 7 to 12. During the summer holidays, at beaches as well as leisurecentres, an entertaining programme is offered to children, who may then supplement their knowledge bygoing on the operation’s dedicated website: www.sauvegardejunior.com.In 2008, to contribute to the obligation to equipall vehicles with a reflective vest and an indicatortriangle, certain local mutuals have offeredkits to their policyholders. The Group has alsopursued driver awareness of major risk factors(alcohol, alertness at the wheel, specific risksrelated to driving 2-wheeled or quad vehicles,safety belts and car seats, etc.), as well as regulatorymeasures involving updated licences, andtechnical skills.Preventative healthToday’s policyholders demand health benefits thatnot only reimburse them when they are ill, but also,increasingly, help them remain in good health.The Groupama Active Health and Gan HealthEvolution services in the Gan Assurances networkmeet this demand by offering numerouspreventative measures, some of which are notreimbursed under the mandatory system. Suchis the case, for example, with certain vaccineswhich, even when prescribed by doctors, are notreimbursed by Social Security; dental checkupsoffered each year to all policyholders, regardlessof age; preventive treatment of children’s cavities;measures to help people stop smoking; andnutritional consultations to supplement the dietaryregime offered online.But Groupama goes even farther: to better assistpolicyholders in preventative measures, it must getcloser to them; this is what allows for Groupama’sdense network of elected mutual insurers who regularlymeet throughout France, holding conferencesby specialists on various preventation topics.In 2008, these conferences involved several thousandpeople, particularly on 2 topics that are veryimportant to public health:• Nutrition, which included information and prac-tical advice on good eating habits and healthconsequences; and• Sleep, with numerous recommendations forsleeping better using simple and natural methodswithout having to resort to medications.On the issue of sleep, in 2007 Groupama,in partnership with Mutualité Sociale Agricole,initiated an experiment reducing the use of benzodiazepines(sleeping drugs) by the elderly. Carriedout by general practitioners in the Ardennes,this experiment yielded encouraging results: Oneout of two patients suspended their treatmentafter one year.This innovative work was published in the magazine“Le Concours Médical” in March 2008, bythe “Bulletin du Conseil National de l’Ordre desMédecins” in May 2008, and promoted by theHigh Health Authority (Haute Autorité en Santé -HAS), which also published it on its website, toinform all French physicians of its results.At the same time, Groupama has continued itsactive collaboration with other entities engagedin high-level preventative health activities, includingthe Association of Preventative Health Insurers(Assureurs Prévention Santé - APS), of whichthe Group is one of the main contributors. Thisassociation, financed by FFSA supplementaryhealth insurers, is dedicated to encouragingany initiative aimed at preserving and improvinghealth. Under the auspices of its medicalcommittee, chaired by Professor Morel, in 2008the APS distributed several hundred thousandfree files or brochures discussing some fortypreventative health topics; for example, oneof the latest topics that appeared concernedthe prevention of suicide among adolescents.It has also engaged in specific communicationsactivities on the topic of obesity amongchildren and adolescents, a critical issue for

GROUPAMA2008 Activity Report043A committed insurerthe health of future generations: in particular,see “Bloob,” a blog designed and producedby and for adolescents on the topic of excessweight and obesity.Finally, for a number of years the Group hassupported projects relating to health care,prevention and medical research, through theactivities of the Groupama Health Foundation(see page 51).Prevention ofenvironmental risksAdvise, information and specific services:Groupama is engaged in preventing environmentalrisks through farmers, manufacturers andlocal authorities. More specifically, to combat therisks of environmental pollution, Groupama offersa range of policies (including the Garden policy aswell as the Gan Eurocourtage environmental riskinsurance policy) covering the civil liability of companies,local authorities and farmers against environmentalthreats, as well as the costs involvedin preventing and repairing damage.To cover risks of climate-related events, Groupamahas developed a particularly innovative product:the Climats service, which allows farmers to insurethemselves against loss of production resultingfrom a climatic event. Groupama has implementeda state-of-the-art agricultural-climatic monitoringservice based on satellite images.Groupama encourages virtuous ecological behaviouramong individuals and companies by applyingprinciples of eco-behaviour in the Centauretraining sessions, offering products such as “PayAs You Drive” (insurance per kilometre driven), orincluding in its multi-risk home insurance offeringscoverage for residential systems that producerenewable energy. Groupama also practices apromotional property damage rate policy for HQE(Haute Qualité Environnementale - High EnvironmentalQuality) buildings or for those havingreceived an energy label.Food safetyIn the face of health and contamination risks,Groupama and its specialised partners assistfarmers, agro-food specialists, and green tourismpractitioners to improve the safety of their productionand transformation lines. This approachgives priority to prevention: a prior audit of healthrisks, recommendations for improvement, accessfor manufacturing customers to the specialisedhealth monitoring website “Amalys-news.com,”assistance in crisis management, and an innovativecontamination insurance service.Industrial and local authoritiesrisksBy not limiting itself to claim indemnification,Groupama has positioned itself as a partneradvisorof companies and regional authorities inanalysing and controlling risks as early as possible.For companies, risk audits are thus carriedout followed by the implementation of preventionplans. The Group’s prevention specialists interveneduring the implementation or lifetime ofthe policies. They also increasingly work uponcustomer request, on engineering and technicalassistance assignments. At the same time,the department in the Groupama S.A. preventiondivision dedicated to research and innovation isalso active in two topics in the agro-food area,bio-energy and silo security, in partnership withCoop de France-Métiers du Grain.Numerous initiatives involving information andtraining have also been taken up, specifically forlocal authorities. Published in 2002 and regularlyupdated, Guide Info-Maires, a town-hallinformation guide, also assists elected officialsin addressing the growing risks and complexityof municipal management. It informs them ofregulatory changes concerning liability, throughpractical advice and summary notes on sensitiveissues and useful recommendations for prevention.In 2008, new brochures were published onthe topics of photo-voltaic panels for the RenewableEnergies chapter, and compulsory safetytraining and maintenance risks for the Job Safetychapter. The partnership between Groupamaand Prédict Services, a company specialising indesigning flood-prevention programmes, continuedin 2008.preventionPleasure-boat protectionGroupama Transport, which insures10,000 pleasure boats, has developed aninnovative partnership with the NormandyNautical Institute, which in addition tooffering services, aims to improve thesector’s claims ratios through preventionand training.Prevention of domesticaccidentsA number of efforts to increase awarenessof domestic risks have been initiatedamong the general public: inspectionsof electrical facilities, demonstrations inthe use of fire extinguishers, publicationof practical guides, safety of privatepools, etc. The publication of a brochure− CD-ROM entitled “Stopping ElectricalFires” and actions to increase memberawareness on the installation of smokedetectors were both the results of suchefforts. These initiatives are aimed atinforming and increasing the awarenessof members and policyholders andanticipating regulatory changes. Regardingsmoke detectors, Groupama offers aservice (detectors linked to a monitoringcentre) to its policyholders to protecttheir houses even when they are away.Other efforts are being considered toanticipate regulatory changes and assistpolicyholders on a daily basis.

044 GROUPAMA2008 Activity Reporta committed insurerA humanresourcespolicy basedon employeecommitment,innovationand socialresponsibilityTo carry out its strategy of profitableand sustainable growth, Groupamainvests in developing individualtalent and mobilising collectiveintelligence, developing a humanresources policy based on employeecommitment and trust, innovationand social responsibility.Through its 38,500 employees, Groupama, a leading employer, is building itsfuture, both in France and internationally. In 2008, its workforce in France grewslightly (27,400 employees, up +2.1%) and experienced sharp growth internationally(11,100 employees, now representing 30% of the Group’s work force).Each company manages its human resources and social policy as closely aspossible to the ground, consistent with the action principles and guidelines definedfor the Group. The Group’s human resources department manages and promotescorporate policies and programmes to the service of the Group’s strategy.Committed employees and managers,mobilised in the service of the Group’s ambitionsIn 2008, Groupama, together with Ipsos,performed an opinion survey of all its employeesin France and internationally. The response ratewas 74%, testifying to employee confidence,loyalty and high level of commitment towardthe Group and its businesses.2008 opinion survey: a high levelof confidence and commitment• 84% are confident about the Group’s future,• 77% feel they have complete responsibilityand 84% see clear objectives (set within thecontext of individual interviews),• 80% state they are willing to do more to contributeto their business’s success,• 80% are proud to work for the Group and 73%would recommend their company to a friendlooking for a job,• 72% are satisfied with the job conditionsand their employee benefits,• 70% are satisfied with the balance betweentheir private and professional lives.The lessons of this survey have been widely communicatedand shared with the teams in all theGroup’s businesses. Based on these results, theHR/communications directors, managers andteams have mobilised to identify and implementspecific actions, in response to the expectationsexpressed by employees.Management training centred onthe Group’s strategy, synergies,performance and internationalaccessIn 2008 the Group successfully completedits second edition of Groupama Tomorrow,a seminar aimed at expanding its managers’vision of the Group, its diversity and the changesit is experiencing or seeking to experience. After8 working sessions, 1,100 members of seniormanagement, including 80 from international subsidiaries,worked together on the Group’s strategicchallenges and managerial dynamics.In 2008, based on this key action, which will becontinued for a third year in 2009/2010, GroupamaUniversity initiated the consolidation of the Mobilisationof Team Managers seminars based on theGroup’s strategy and performance among all its8,000 field managers.The Group also continued to deploy its 2 trainingcourses known as “BADGE,” aimed at strengtheningits managers’ skills:• Advanced Managerial Training (FormationSupérieure des Managers - FSM), a oneyearblock-release course organised with theESSEC,• Mission Manager, with the ESCP-EAP, intendedfor field managers with high potential.

GROUPAMA2008 Activity Report045A committed insurerAn active and sustainedrecruitment policyPriority given to professionaldevelopment and mobilityIn 2008, the Group’s businesses recruited2,500 new full-time employees in France, including600 executives. The goal is, on one hand, tostrengthen the sales networks and customer relationsplatforms and, on the other hand, to expandthe management and specialists teams (actuarial,management control, marketing, information technology,etc.). 55% of new employees are under30 and 55% are women.The Group places emphasis on its communicationsto affirm its position as a leading employer. Tothis end, in 2008 it implemented strong employercommunication campaigns under the sustainablecommitment project, deployed in the media, onthe web, and in new recruiting channels. Theseactions generated significant traffic and numerouscandidates on the online groupama-gan-recrute.comrecruiting site, a community tool thatshows job postings available in all the Group’sbusinesses.At the same time, the Group has intensified itsrelations and partnerships with educational establishments.As with its involvement in the RiskFoundation (a joint creation with Paris-DauphineUniversity of an Individual Risks chair), it combinedwith Artem (major educational establishments ofNancy) to create an innovation chair. In the samespirit, Groupama signed a partnership with theDefense Ministry aimed at facilitating the returnof members of the military to civilian life.Within the Group, internal mobility is designed asa means for employees to enrich their professionalcareers and for businesses to more quickly gainthe skills they need. By comparing experiencesand knowledge, it also promotes more responsiveand innovative organisations.In 2008, internal transfers involved 1,500 employeeswithin the Group. The Mouvy website is aninternal online recruitment site. It regularly postsbetween 400 and 450 job offerings and allowsall Group employees to become familiar with andtake opportunities, apply online and thus buildtheir professional career paths.This recruiting and mobility system allows theGroup to monitor growth in its activities andmanage its employment policies, for example,by anticipating the consequences of the seniorboomon the Group’s workforce and by allowingthe most experienced employees − seniors,members of staff − to contribute fully to theGroup’s plans and development.Developing everyone’s skillsThe Group has invested approximately €60 millionin training in France, i.e., some 6% of payroll, includingsome 5% in expenditures in lieu of taxes. Thiscovers three out of four employees, in every professionalcategory.E-training, a response to the availability of employeesand their geographic distribution, continues to gainin popularity: 12,500 employees took part in “online”training in 2008 (i.e., 20,000 hours of training).In line with the Group’s development prioritiesin France, and to strengthen employee skills,the training is supplemented by measuresaimed at strengthening the expertise of thesales networks and their marketing efficiency.This priority is fully expressed in the training supplementof the Cap 2008 project, a new sales pushby the Groupama’s regional mutuals.Preparing the managersof tomorrowIdentifying and preparing the managers of tomorrow,increasing the loyalty of internal talent andattracting external skills are major challenges tothe success of the Group’s strategy, managingits plans and directing its businesses.A dedicated programme allows the Group to attainthe skills it needs on a responsive and forwardlookingbasis, within a national and internationalcontext of “talent wars”. The method is basedon the creation of “nurseries”, holding personnelreviews in each business, and running theGroupama Talent application.Moreover, 42 employees, selected by the CareersTechnical Committee, have participated in the“Goal – Managers” programme, preparing themto occupy positions of senior responsibility withinthe Group in the future. This programme includestraining modules by area of expertise (finance,insurance, banking, marketing, IS, HR) and personneldevelopment modules, such as geopoliticsand inter-cultural management.

046 GROUPAMA2008 Activity ReportAccelerated internationalisation of the Group’shuman resourcesThe Group’s international staff witnessed sharpgrowth in 2008, as a result of a number of acquisitionsin Hungary, Bulgaria, Slovakia, Romaniaand Turkey. 11,000 Group employees, i.e., 30%of the total workforce, now work internationally,in 13 countries besides France.Regarding its strategic ambitions, the internationalisationof the Group’s human resources wasa priority activity in 2008. From this perspective,the Group implemented an active transferpolicy and applied a number of programmes builtaround 3 pillars:training, advice and servicesoffered by Groupama UniversityAll corporate managerial training programmeshave been opened up to employees of all subsidiariesand their content supplemented by aninternational vision: integration seminars, theGroupama Demain seminar, FSM (AdvancedManagerial Training), group training, etc. TheGroup is also preparing its 3,000 senior officersto meet international challenges.Secondment and expatriationprogrammes, with customisedassistance proceduresAn active policy of international transfers and theopening up of international career prospects haveallowed for rapid staffing of the new subsidiaries’management teams:• accelerated international transfers of senior executivesand managerial staff, with a customisedassistance programme named Overview of theWorld (“Grand Angle du Monde”)• implementation of a programme of short-termsecondments (4-6 months), international staffingfor potential young officers and senior executives,with some thirty assignments identified and someten employees already involved.Efforts to promotethe development of aninternational cultureThe Group is also developing an internationalculture through the bilingual and multicultural Kiosqueand Université intranet sites, and via OdysséeInternational, the Group’s internal newsletter, whichis translated into all Group languages.2008 was also marked by Groupama University’slaunch of the Academy for Languages and Cultures,in which the following will be implemented:– a common English language test,– customised language training.

GROUPAMA2008 Activity Report047A committed insurerStrengthened commitment as a responsible employerIn 2008 the Group made an effort to engage insocially responsible dialogue among all the Group’sbusiness and corporate bodies, and to specify itscommitments in terms of social responsibility andcombating discrimination.Groupama also offers all its employees a long termsocial and human plan, marked by initiatives inthe area of health or the offering of group retirementsolutions.In 2008 it also strengthened its commitment as acitizen-friendly, non-discriminatory employer andpromoter of solidarity, by taking up new initiativesand, in particular, signing a Group agreement ondiversity and equal opportunity.SOCIALLY RESPONSIBLE DIALOGUEIn 2008, social dialogue in all the Group’s businessesresulted in the entering into of agreementson employment, work hours and salaries. Thus,salary negotiations in 2009 were anticipated and,at the end of 2008, resulted in the conclusion ofa national agreement, supplemented by agreementsfor almost every business.At the same time, Groupama has sought for anumber of years to develop methods, in its agreementson work hours, to reconcile professionaland personal life, and since 2007 has negotiatedan agreement to take working conditions intoaccount in its measures and plans for a largenumber of businesses operating in France.A commitment to promotediversity and fightagainst discriminationBy extending its membership, in 2007, to theDiversity Charter, for all of 2008, within the SocialDialogue Commission of the Group’s Committee,implemented in late 2007, the Group engagedin negotiating an agreement on Diversityand Equal Opportunity, which was signed on24 October 2008.Its conclusion commits all the Group’s Frenchbusinesses to apply various policies in 4 areas:– cultural diversity,– professional equality between men and women,– employment of disabled workers,– age management.The Group’s diversity representative establishesand promotes the network of diversity representativesamong the Group’s businesses.The Group has engaged in a very active policyof increasing awareness in all those involved −management, HR professionals and corporatepartners − of the challenges and risks. In all, over200 employees, as well as 48 corporate partners,have received a full day’s training.At the same time, the Group has continued its mobilisationfor jobs and the social inclusion of disabledworkers, by appointing their Handicap representative,to establish a network around the correspondingnational group, and by developing initiatives to recruitand promote the inclusion of these employees.Moreover, Group businesses have multiplied partnerships,as well as their participation in specialisedseminars and forums. In all, over a period of 5 years,nearly 200 disabled employees have been hired onopen-ended (CDI) or fixed-term (CDD) employmentcontracts, internships or on temporary basis.Through continuing work on the issue of professionalequality between men and women, the Group hasequipped itself with the tools and methods neededto identify and assess compensation gaps, based onwhich each business negotiated (either as part of thecompulsory annual negotiations, or through a specificagreement) the ways and means of absorbingany gaps that might be found, and has been giventhe necessary budget.Finally, Groupama has adapted a code of ethics,which all businesses are gradually applying,specifically including, under “rules of conduct”,the areas of diversity and non-discrimination.NEIGHBOURHOOD HOPE PLANOn 15 May 2008, Groupama, together with thepublic authorities, signed the neighbourhood hopeplan. Within this context, the Group’s businessesin France hired over 500 full-time and temporaryemployees from the Sensitive Urban Regions(Zones Urbaines Sensibles - ZUS), including276 youths under age 26, i.e., nearly 3 times itsinitial annual commitment. After committing tothis agreement, several Group businesses haveengaged in local actions, for example:“100 businesses, 100 women” (Groupama GrandEst), assisting in social inclusion in the FACEFoundation (Groupama Alpes-Méditerranée),and the athletic patronage of young people facingdifficulties (Groupama Alsace), etc.

048 GROUPAMA2008 Activity ReportA committed insurerGroupama,a responsibleinvestorFor several years, GroupamaAsset Management, the Group’sasset management company,has been engaged in promotingSocially Responsible Investment(SRI), in accordance withthe principles of sustainabledevelopment applied to finance.A strategy forthe long termConvinced that sustainable development appliedto financial management, i.e., SRI is perfectlycompatible with seeking long-term financial performance,Groupama Asset Management createdEuro Capital Durable in 2001. The first euroSICAV rated “AAA” by the rating agency Novéthicin 2005, Euro Capital Durable is today one of thetop-rated euro SICAVs in the “European equities”category (Grands Prix Eurofonds 2009).The subsidiary then strengthened its researchdivision by adapting its methodology and creatinga portfolio rating tool. Since then, it has deployedits SRI approach throughout its entire portfolioin accordance with its commitment to follow theResponsible Investment Principles defined bythe United Nations.A tool to assist in decision-makingTo guide its investments with a view to improvingfinancial performance, Groupama Asset Managementthen extended the scope of research andanalysis to extra-financial analysis based on theevaluation of environmental, social and governancecriteria. Relying, therefore, on a systemicapproach to a business or government entity, SRIhas become a virtual tool in the decision-makingprocess. It constitutes an evolving reference aspart of a constructive dialogue between issuersand investors.Continuing innovationIn December 2008, Groupama Asset Managementonce again innovated by launching EuroCrédit ISR. Its management objective is two-fold:offering financial performance, and offering nonfinancialquality superior to those of its benchmarkindex. This fund is aimed at investors seekingto add a sustainable development dimensionto their investment, with active management ofa medium/long-term bond portfolio invested inprivate, Euro-zone issuers.Groupama,ecologically,responsible buyerand consumerConsistent with the Group’s strategy,since 2007 the Group’s logistics andprocurement department has beenengaged in an ambitious strategy of“eco-responsible procurement” toreduce the business’s environmentalimpact. Reflecting this, GroupamaSystèmes d’Information promotesgreen information technology.DEEPENINGTHIS APPROACHThe approach initiated in 2007 is aimed at incorporatingthe notion of eco-responsibility into thecompany’s daily procurement and consumptionactivities. After drafting a guide for eco-responsibleprocurement that defines applicable rulesand recommends the implementation of indicatorsrelating specifically to buildings, transport,waste and, of course, procurement, the Group’sLogistics and Procurement Department is nowengaged in a process of deepening this approach.To this end, several initiatives were taken in 2008:performance of energy diagnostics for operationalbuildings, launch of a plan to replace traditionalincandescent bulbs with low-consumptionbulbs, increased use of vehicles emitting less than160 g. of CO 2 /km 2 , offering fair-trade beverages,and the creation of video-conferencing rooms.Other efforts and tools will be applied in 2009 tocontinue increasing internal awareness amongdecision-makers and employees as to the stakesof sustainable development.Green IT APPROACHFor its part, the inter-company venture GroupamaSystèmes d’Information has strengthenedits policy of controlling energy consumption at itsfacilities by favouring a Green IT approach. In thisspirit, the inter-company venture recommendscertain simple measures that can be taken byeveryone, such as putting computers on standby,and committing to recycling materials at theend of their useful life.See also page 100 for the approach to environmentalchallenges by Groupama Immobilier,and page 107 for the environmental informationtable.

GROUPAMA2008 Activity Report049A committed insurerPartnership with AdieIn late 2007, Groupama joigned forces with ADIE(Association for the Right to Free Enterprise) tofacilitate access to credit for individuals in disadvantagedand isolated rural areas who wish tocreate businesses. This programme, known asPADRE (Adie Economic Rural Development PilotProgramme) specifically resulted in financial supporttotalling €150,000 over three years, as wellas implementation of a line of credit by BanqueFinama, which was increased in 2008 to a totalof €500,000 (at the same preferential rate of1%). In the field, thanks to its regional networkof both elected officials and sales teams, Groupamacontributed to enhancing the application ofpilot projects launched in Creuse, Cantal, Deux-Sévres and Vienne, with the participation of tworegional mutuals.As a result of this strong local involvement, Groupamadirectors and employees are important linksfor ADIE: they are familiar with financing needsin the field, and may therefore act as advisors. In2008, the PADRE programme granted 162 ruralmicro-credits to 133 customers.Health Country (Pays de Santé)Since early 2009, Groupama and Mutualité SocialeAgricole started a three-year test of a new locallybasedcare organisation in Dordogne and in theArdennes, in response to the medical desertificationthat threatens certain rural territories. HealthCountry (Pays de Santé) is a joint approach, supplementingsolutions that have already been implemented,such as multi-disciplinary health centresor certain tax incentives. The goal is to maintainhigh-quality care in a viable and permanent frameworkpromoting the mutualisation of servicesand collaboration between healthcare professionals.A preliminary assessment of local healthneeds, carried out among patients, doctors, electedofficials and local institutions, will allow healthcareprofessionals and the population to identifya range of “à la carte” services to be offered todoctors. This may include assistance in administrativeand office management tasks to free updoctors’ time, as well as facilitating collaborationbetween healthcare professionals, doctors andallied health professionals in a multidisciplinarypatient approach. This type of task is particularlybeneficial in terms of preventing and monitoringchronic illnesses. Access to care is a major publichealth challenge. The Groupama and MSA initiativeA committed insurerA partnerinvolved ineconomicand socialdevelopmentGroupama’s regional origins favoura commitment to associationsthat deepen its activity or sharecommon values. Within thiscontext, the Group has developedsolid relationships to assist thepopulations in question, both inFrance and internationally.

050 GROUPAMA2008 Activity Reporthas been noted and encouraged by the Ministryof Health and Sports.“Madagascar SOLIDARITÉ”Groupama and Aînés Ruraux (the “Rural Elders”)have entered into solid partnership relations withthe population of Madagascar. In 1995, aware ofthe situation of the island’s farmers and their families,elected officials from the Groupama CentreManche and representatives of Aînés Ruraux ofOrne, Sarthe and Mayenne resolved to act by supportingeducation. Since 1996, containers filledwith school books, tools, medical materials, andbicycles have been sent to Madagascar. A portionof the financing is covered by a partnershipwith bakeries in Lonlay-l’Abbaye in Orne, whichmake boxes of cakes for the association, theprofits from the sales of which benefit the fundraisingeffort. In 2004, a national association,“Madagascar Solidarité” was founded to promotethe implementation of new partnerships. Today,“Madagascar Solidarité” is partnered with tenregional mutuals, the MISSO (the forest insurer)and Aînés Ruraux. They are developing 21 projectsin the areas of education – literacy, agriculturaltraining, etc. – and healthcare.International activitiesOur foreign subsidiaries are also heavily involvedin socially responsible activities: for example,our British subsidiary Groupama Insuranceshas developed original patronage programmes.These activities consist both of financial donationsand also providing volunteer assistants toassociations involved in helping children, fightingcancer or combating illiteracy.So-called “community” actions, participating inlocal life, are also highly encouraged: these takethe form of donating furniture and computers tohomes for disadvantaged children, time spentpreparing a garden for a nursery school, offersof internships in businesses for the socialisationof young delinquents, or managers offeringsimulated employment interviews to prepare localyoung people for jobs.Moreover, in terms of the environment, GroupamaInsurances has developed recycling programmes(chairs, bottles, paper, computers, etc.) inall its offices and is working actively to reduce itscarbon footprint.

GROUPAMA2008 Activity Report051A committed insurerA committed insurerThe Group is committed through its two foundationsSponsorship:PRIORITISING healthand cultureThrough these two foundations, Groupamahas elected to invest extensively in both culturaland social patronage. In each of these areas,the Group has committed to offering financialresources for its ambitions and mobilising itsemployees.Groupama Health FoundationCreated in 2000 for Groupama’s centenary, thisfoundation is completely dedicated to combatingrare diseases.• Conquering rare diseasesDeveloping information on these diseases, supportingpatient associations to monitor diseasesand promoting medical research. These tasks,which have remained unchanged since thebeginning, reflect three of the ten priorities ofthe 2005-2008 national rare diseases plan.Since its creation, the foundation has financedover 160 projects (some €4.5 million),including 97 through contributions from theregional mutuals. In addition, the Group hasprovided numerous sources of logistical supportto associations, gifts of computers, andcontributions from Group employees as volunteersor contributors of their professional skillsto projects.• Facilitating diagnostics through a broader disseminationof informationDisseminating information on rare diseases is anessential task contributing to improving diagnostics.Through this, the foundation assists patientassociations by offering patients, as well as medicaland allied health organisations, simple andpractical information on little-known diseases. Inso doing, the foundation has created a collectionof works on rare diseases. Moreover, the “gold”label of accessibility to the foundation’s websiteby the vision-impaired was renewed by the certificationbody Accessiweb.Finally, the preparation of a foundation brochurepresenting testimonies from patients, associationheads, doctors and researchers contributed toraising the general public’s awareness of measuresto combat rare diseases.• Breaking free from isolation, restoring a “dynamicof life”In 2008, the Groupama Regional Mutuals mobilisedtheir departmental federations and localmutuals around actions to support projects involvingpatient associations. Through this support,families of patients have been able to conversewith the medical authorities during informal,friendly meetings, associations have organisedregional activities to increase the general public’sawareness of certain diseases and with the participationof elected officials and employees ofthe regional mutuals, seminars on the diseasesof individuals have been held in the provinces. Inall, 3,000 individuals have been trained in subjectsrelated to rare diseases.• Financing researchIn 2008, after the third call for candidates for“The Hopes of the Groupama Health Foundation,”winner Anne Rieusset, an Inserm doctoralcandidate at the Mediterranean Neurology instituteat Montpellier, received recognition for herresearch project on a rare and complex disease:Prader-Willi syndrome, which is characterised bya lack of control over nutritional satiety, leading tobehavioural difficulties. She will receive a scholarshipof €15,000 per year for three years.Moreover, through the actions of the local mutuals,hundreds of individuals are contributing theirtalents and financial resources to research intorare diseases, at athletic or cultural events.Groupama’s commitment to societyis designed for the long term,and is consistent with the naturalcourse of its actions. It is in thisspirit that the Group promotes twoactive commitments: combatingrare diseases and supportingcinematography throughthe Groupama Health Foundationand the Groupama GanFoundation for Cinema.

052 GROUPAMA2008 Activity ReportThe Groupama Gan Foundation forCinema continues its effortsCreated over 20 years ago, the Groupama GanFoundation for Cinema is one of the largest privatepartners of French cinema and one of the bestknown business foundations in France. It supportsthe development of contemporary cinema, in theareas of production, distribution and operations,contributing to preserving the world’s cinematographicpatrimony. Acknowledged as essential,given the precarious condition of numerous masterpiecesof the past and the difficulties encounteredin producing and distributing feature films,its patronage its also relevant with regard to boththe attention it gives to project quality and to thewide range of support it offers. The foundation’sspirit is there. Assisting in the emergence of newforms of cinema – while ceaselessly inquiring intothe best methods of implementation to accomplishthis – makes this a place of experimentationand innovation.Thus, in terms of assisting in creation, and thesupport afforded to award-winners employed inproduction, it provides a contribution which reachesfar beyond that of the financial structuringto allow producers to continue developing projectswith other partners. Today, this support isconsidered a sign of quality. A subsidy of €67,600euros is allocated to each project. Over more than20 years, the foundation has thus supported over130 films and assisted over 100 producers.Similarly, its support for over thirty cinematographicproductions per year in France and abroadcombines quality of programming, thematic diversityand geographic distribution. The foundationoffers financial assistance, organises specialshowings, and awards prizes, such as the UnCertain Regard − Groupama Gan Foundation forCinema Prize at the Cannes Film Festival.Finally, the foundation regularly offers assistancein restoring numerous masterpieces of globalcinema.Supporting art and culturealso means:Groupama, as a Patron of the Paris Opera, assiststhe Opera in extending its influence and developingthroughout the world.In 2008, by enabling the Middle Ages Museumin exhibiting a work of major interest, a 14 th -centuryivory chest, Groupama naturally extendedits commitment to preserving cultural heritage tobe handed down to future generations.This year, Jacques Tati will be honoured inFrance through several major cultural events.Groupama is the official sponsor of the exhibit“Jacques Tati, 2 periods, 3 movements,” atthe Cinémathèque Française. The foundationis also restoring “Les vacances de Mr Hulot”(Mr Hulot’s Holiday) which will be re-releasedin theatres in July. It had previously preserved“Jour de fête” (The Big Day), “PlayTime” and“Mon oncle” (My Uncle).

GROUPAMA2008 Activity Report053Sports patronageSports patronageSportspatronageconqueringnew horizonsAfter an extraordinary season in 2007, on 24 January2008 Franck Cammas and his team launched theirassault on the Jules Verne Trophy.On 18 February,after 24 hours of difficult sailing but still several hoursahead of the benchmark time for the record, theTrimaran Groupama 3 capsized after a breakdownalong the New Zealand coast. The team, safe andsound, was repatriated less than 4 hours after capsizingin southern New Zealand.True to its commitment to Franck Cammas and histeam for the past 10 years, Groupama renewedits trust by resolving to resume the assault on theJules Verne Trophy as soon as possible.Once again, commitment and solidarity, the twinpillars of the Group’s action principles, find alltheir meaning in this new challenge. This responseallowed the trimaran to be repatriated inrecord time, since less than 2 months after theincident, Groupama 3 was returned to its originalworkshop at Vannes.After ten months in the shop and 50,000 hours ofwork, Groupama 3 is back in its natural elementfor a campaign of attempts on records in 2009that will take it to the Mediterranean, the Atlantic,and finally around the world in November forthe Jules Verne Trophy.For its part, Groupama 2 has brought homethe SNSM Trophy, and Franck Cammas, underGroupama’s colours, has become the FrenchChampion and is ranked second in the worldin Formula 18.The 2009 Team Groupama scheduleTraining in the Mediterranean and visit to Groupamafacilities in Turkey, Greece, Italy, France,Tunisia, Spain and Portugal.Records with Groupama 3May: attempt at the Mediterranean record:Marseille-Carthage.Record to beat: 17 hours, 56 minutes and13 seconds.From 7 July:North Atlantic record: New York – Cap LizardRecord to beat: 4 days, 3 hours, 57 minutes,54 seconds.From 1 November:Jules Verne Trophy: Around the World with acrew, past the 3 capes.Record to beat: 50 days, 16 hours, 20 minutes,4 seconds.In addition to these deep-sea voyages, the Groupamateam will participate in the complete iSharesCup circuit in Extreme 40, consisting of sixchallenges in France, England, Germany, Italy,Holland and Spain.Groupama’s athletic patronage also includesactivities carried out by regional mutualsand certain French and international subsidiaries.Highly visible partnerships havebeen entered into in football, rugby andbasketball.Through its sports patronage,Groupama has developed apowerful source of image,motivation and consistency. Foreleven years, its oceanic adventurehas illustrated the commitment,innovation and risk control that markthe very foundations of Groupama’sdaily activities.

SUSTAINABLEGROWTHBASEDONDIVERSIFIEDACTIVITIESInsurance and servicesin FranceWith its diversified local distributionnetworks, Groupama offers its membersand customers – whether privateindividuals, professionals, local authoritiesor businesses – solutions combininginsurance, services and bankingproducts. Groupama is No. 3 in Francefor non-life insurance and No. 9 for lifeand health insurance.Breakdown of revenues(France – Group scope)54%c11,933 million2008 CONTRIBUTION TO REVENUESGROUP SCOPEc457* million2008 CONTRIBUTION TO net INCOMEGroupe SCOPEc9,142 million2008 CONTRIBUTION TO REVENUESSCOPE groupama s.a.c383* million2008 CONTRIBUTION TO net INCOMESCOPE groupama s.a.Life and health insuranceProperty insurance46%*Including the operational results of Groupama S.A.P. 56_IT and logistics synergiesP. 58_Insurance and services in FranceP. 76_International insuranceP. 86_Asset management and financial activities• Individual health insurance• Individual provident insurance,pension and life insurance• Group and employee savings• Retail banking• Everyday motor insurance• Everyday home insurance• Services• Agricultural insurance• Professional insurance• Commercial and local authoritiesinsurance• Marine and transport insurance

055Internationalinsurance*Asset management andfinancial activitiesGROUPAMA2008 Activity ReportOur diversifiedactivityAt the end of 2008, Groupama was activein 13 countries, mainly in Europe. TheGroup is expanding in activities where ithas recognised know-how, also beingdeveloped in France. Its clientele mainlyconsists of private individuals, farmers,professionals and SMEs.Breakdown of revenuesc3,937 millionCONTRIBUTION TO REVENUESGROUP SCOPE AND Groupama S.A.c51 millionCONTRIBUTION TO net INCOMEGroupe SCOPE AND Groupama S.A.85%of the business stems from Italy,Spain, Great Britain and TurkeyFor the management of its investments,Groupama relies on a network of specialisedasset management firms. Onthe strength of its expertise in this field,the Group aims to develop its third-partyasset management business.Amount of assets managed(In ebn)c362* millionCONTRIBUTION TO REVENUESGROUP SCOPE AND Groupama S.A.c1* millionCONTRIBUTION TO net INCOMEGroupe SCOPE AND Groupama S.A.* Including Groupama Epargne Salariale and Groupama Banque.29%81.34.21.7Life and health insuranceProperty insurance71%Securities (managed by Groupama Asset Management)Real estate (managed by Groupama Immobilier, *excluding assets managed by regional mutuals)Unlisted assets (managed by Groupama Private Equity)* Including Overseas.• Bulgaria• China• Greece• Hungary• Italy• Overseas territories• Portugal• Romania• Slovakia• Spain• Tunisia• Turkey• UK• Vietnam• Securities• Real estate• Capital investment• Group bank andlegacy management

056 GROUPAMA2008 Activity ReportIT and logistics synergiesIT and logistics:strategicsupportIT systemsIn support of the Group’s development and economic performance, GroupamaSystèmes d’Information strives to make the IT system a lever for the success ofthe business lines and quality of customer relations. All synergies are used to bestadvantage as IT becomes a differentiating factor in France and progressively inother countries.Economic performanceand operational excellenceIn 2008, Groupama SI achieved its objectives,particularly concerning quality of service, thanksto the roll-out of Real-Time Support – a systemaimed at ensuring maximum availability of applications– as well as the upgrade of project engineeringprocesses. Other initiatives have alsobeen instrumental, such as the repatriation ofactivities and skills, the Apogée programme andthe new mode of horizontal management of thedeployment of major application versions. Nowcovering the entire Group (French and internationalactivities), Groupama SI must rise to newinternational challenges, particularly by offeringinternational subsidiaries comprehensive solutionsin terms of operation, hosting and back-up.A first success was achieved with the Frenchhosting of the IT system of the Italian subsidiaryNuova Tirrena.The efforts made over recent years to pool applicationsystems and rationalise technical infrastructureshave resulted in considerable savings.In 2008, Groupama continued to reduce its ITexpenses by 5% in relation to the previous year,while its coverage has greatly increased and the ITinvestments supporting the Group’s growth haveremained stable. The savings made include unitdevelopment costs which dropped nearly 10%over the past two years.Business line synergiesIn Non-life insurance, the implementation of theregional mutuals IT migration/merger programmecontinued with the integration of Groupama CentreAtlantique and Groupama Centre Manche. Tenregional mutuals now have access to all of theGroup’s software, with Sigma for non-life insuranceback-office management, providing rapidaccess to community business products andreducing IT costs.Two migration projects concerning entities comingunder the International Department were launched,with the deployment of the Sigma solutionfor Groupama Océan Indien and that of the Clevasoftware solution for Groupama Antilles-Guyaneand Gan Outre-mer.

GROUPAMA2008 Activity Report057IT and logistics :strategic supportParticipation in innovative, promising projectsGroupama SI actively contributes to several projects which generate synergieswithin the Group. These include: the rationalising of accounting systems,the SEPA project concerning a common system for euro-denominated paymentinstruments, the launch of Amaguiz with a “pay-as-you-drive” (insurance per kmtravelled), the SMART project (a new subscription management tool) which willhave a significant impact on business, the Cegid-Groupama partnership aimedat offering new products and services to enterprises and their consultants, etc.In individual life insurance, the implementationof the first two stages of Rivage – a strategicprogramme for the convergence of individuallife insurance back-offices by 2010 – took placeas planned. The first stage focused on installingthe base and technical infrastructure whilethe second involved the 2009 marketing of ahigh-end unit-linked product for Groupama Vieand Gan Patrimoine. The application will enablethese companies to share the same productsand market new offers more quickly.In Group and health insurance, Groupama SIfinalised the convergence of the Group insuranceback-offices with the Accapulco programme.Concerning health insurance, the Sigma andSaphir upgrades made it possible to market anew common individual health product – GroupamaSanté Active and Gan Evolution Santé 2– for both brands.Group logistics and purchasingThe Group’s Logistics and Purchasing Department, composed of GroupamaLogistique and Autama, is tasked with capitalising on the Group’ssize and common specifications in a concerted way and managing bulkpurchases for the Group as a whole.The Group’s Logistics and Purchasing Department constantly strives toachieve cross-cooperation and synergies in France and internationally.Concerning purchases, it accounted for savings of €20.8 million out ofnegotiated purchases totalling €135.5 million and a gain of €14 million fromthe rationalising of operating sites by Groupama Logistique.As service provider to the Group’s numerous entities, GIE Logistique fullycontributes to the economic performance of Groupama, via the supply ofoperating and administrative premises, archiving, the design and printingof business forms, the rationalising of supplies and devising of businesscontinuity plans. GIE Logistique constantly adapts its service offeringsand processes to meet its customers’ expectations and increase its competitiveness.In line with the Group’s needs and development, GroupamaLogistique strives to find new opportunities for synergies in France andinternationally, particularly by developing expertise centres in order to providebetter advice to Group entities and generate savings.Groupama Systèmes d’Information and the Group’s Logistics and PurchasingDepartment are strongly committed to an ambitious eco-responsibleapproach (see “Groupama, an eco-responsible buyer and consumer”,on page 48).

058GROUPAMA2008 Activity ReportActIvItIEs / fRANcEdevelopment ofnetworks andbusiness linesDiversified, complementary networksTo market a comprehensive range of insurance and banking products and servicesin keeping with the expectations of its members and customers, Groupama relieson a variety of well-established, diversified, complementary distribution channelsthroughout the French territory.groupama regional mutualsContribution to Group revenues: €6.5 billion(including Groupama Vie)ces, their deep social and economic rooting restson the 5,400 local mutuals and 68,000 local electedpolicyholders.regional mutuals1c6.5 billionCONTRIBUTION TO GROUP NET PROfIT(INClUDING GROUPAMA VIE)237 849 1051161 Loire Bretagne2 Centre Manche3 Paris Val de Loire4 Nord-Est5 Grand Est6 Alsace7 Centre-Atlantique8 Rhône-Alpes Auvergne9 Oc10 Sud11 Alpes-MéditerranéeSpécialised mutuals:• Misso (forestry)• Tobacco producersOverseas mutuals:• French West Indies• Indian OceanRegional mutual branchesThe progressively redeployed multi-line networksof regional mutuals comprise 2,230 branchesand 7,500 salaried sales representatives to offera comprehensive range of insurance and bankingproducts; fewer branches in 2008 than in 2007,but a stronger presence in trading areas andurban areas. Now equipped with better resour-cAP 2008 PROGRAmmE tO BOOst cOmmERcIAL DEvELOPmENt“goal – enterprises project”This initiative, which was set up in 2007, aims toboost the development of the regional mutuals’business with SMEs, through the Group’s comprehensiverange of high-performance productsand services.The CAP 2008 programme, designed in 2007 and aimed at conquering the private banking insurance market,was fully deployed in 2008:• Innovative products of products and customer services set up gradually. Simple, easy-to-understand rangesof insurance, banking and everyday services. Innovation through the Groupama Renfort cover for “life’s majorsetbacks” and the “resale help” benefit.• Greater commercial efficiency of the network, through major training and upgrade initiatives and the settingupof a network specialised in asset management.• Enhancement of call centres and deployment of the groupama.fr website for multi-channel distribution, inline with customer needs.• Opening of new branches in large city centres and setting-up of a “standing” network of travelling home advisers.• New communications approach. New baseline: “Always there for me” (“Toujours là pour moi”), emblematicfigure: Cerise; significant increase in advertising.

GROUPAMA2008 Activity Report059Activities / Francegan assurancesc2.4 billioncontribution TOGroup premium incomegan eurocourtagec1.5 billioncontribution TOGroup premium incomespEcialisED gan NETWORKSc1.1 billioncontribution TOGroup premium incomeGAN ASSURANCESContribution to Group revenues: €2.4 billion.Gan Assurances multi-line insurance agentsThe Gan Assurances network is the 5 th biggestin France; it is a multi-line network whose outletsare mainly located in small and medium-sizedtowns and cities. With the support of six regionaldepartments, nearly 1,000 agents, 2,000 branchemployees and 330 sales representatives provideprofessionals and SMEs with a comprehensiverange of insurance and banking products. In2008, Gan Assurances completed the deploymentof its Enterprise Project aimed at improvingthe commercial efficiency of its network. At thesame time it has been pushing ahead with theHorizon 2009 cost rationalisation plan.GAN EUROCOURTAGEContribution to Group revenues: €1.5 billion.A network dedicated to brokersGan Eurocourtage – France’s No. 3 player in thisfield – develops group insurance solutions withbrokers, aimed at businesses of all sizes, as wellas non-life insurance solutions for businesses andprivate individuals. With its six regional sites, GanEurocourtage manages a network of 2,000 brokersacross the country. In 2008, the subsidiarywon the brokers’ awards – like in all previousyears since the beginning of those awards – forthe best Life Insurance Extranet and top-rankingNon-Life Extranet.SPECIALISED GAN NETWORKSContribution to Group revenues: €1.1 billion.Networks specialised in life and health insurancefor individualsThe 600 officers of Gan Patrimoine provide assetholdingcustomers with advice on the managementand hand-down of their assets. The1,400 salaried advisors of Gan Prévoyance offersalaried and self-employed customers supplementarypersonal social cover. Since 2006, thesenetworks have been managed by a commondepartment, in order to achieve major synergies.SPECIALISED SUBSIDIARIES FOR EACHBUSINESS LINEGroupama Transport, Groupama Protection Juridique,Mutuaide Assistance and Groupama Assurance-Crédit(total contribution to Group revenues:€398 million), as well as Groupama Banque andGroupama Epargne Salariale, take part in theGroup’s activities with products and services integratedinto the network. Several of these entitiesalso develop an external clientele.DEPLOYMENT OF ASSET MANAGEMENTACTIVITIESThe Group provides its asset-holding customerswith a specialised network of asset managementadvisors, the expertise of asset managementengineers and a dedicated solution in terms oflife insurance, banking and real estate. This offeringcomprises customised services and advice,based on a comprehensive vision of the customer;it operates according to an “open architecture”concept, i.e. by searching throughout the market –not solely in-house – for the solutions best suitedto the customer’s needs and profile, when appropriate.AMAGUIZ.COM, A NEW WEBSITE FORDIRECT SALESIn July 2008, Groupama successfully launchedAmaguiz.com, its new direct selling siteon the Internet. Its objective is to turn it into thenew direct insurance benchmark. Based on acompletely new economic model, the site mainlytargets Internet buyers, i.e. an urban clientele in theupper socio-professional category (CSP+), in the25-50 age bracket, wishing to take advantage ofa highly adaptable offer, pricing in keeping with itsneeds and a remote yet personalised relationship.Amaguiz.com started off with a motor insuranceoffer. This will rapidly extend to home insurance,gradually followed by other products to cover allindividual customer needs.

060GROUPAMA2008 Activity ReportActivities / FranceLife and healthinsuranceIndividual health insuranceIn France’s still unsettled national health insurance system, Groupama has continuedto fulfil its role as the leading player on the individual supplementary health insurancemarket. It has upgraded and enhanced its key product “Groupama Santé Active”and launched promising experiments which have enabled it to consolidate itspositions, despite stiff competition.INDIVIDUAL HEALTH INSURANCEc1.1 billionCONTRIBUTION TOGROUP PREMIUM INCOME+ 20,000NEW CONTRATS1,183,000 ACTIVE CONTRATS(at 31/12/2008)INDIVIDUAL INSURANCEAs France’s No. 1 individual supplementaryhealthcare insurer with 1.8 million policyholders,Groupama posted revenues of €1.1 billion andconsolidated its market share. It managed toadd a further 20,000 new contracts to its portfolio,for a total of 1,183,000 active contracts at31 December 2008.An upgraded and enhanced offerBased on the conclusions of a survey conductedat the end of 2006 on consumer expectations, theGroup launched a new version of its key GroupamaSanté Active product in 2008 – a contractopen to everyone, with no any age limit, no waitingperiod and no medical questionnaire. Severalmajor innovations were introduced. To enableeveryone to choose their own cover accordingto their needs, the adaptability of the offer hasbeen increased. And a new module dedicatedto hospitalisation costs has been added to thetwo existing ones: that covering general practionercare and that covering dental care andoptical equipment. The policyholder now hasa choice of 180 cover combinations. Moreover,in order to promote prevention and improve ourcustomers’ everyday comfort, new items havebeen covered since 2008, even though they arenot covered by the national health service. Theyconcern areas which help to improve everydaycomfort and prevention: osteopathy, vaccination,stopping smoking, nutritionist consultation,periodontology, prevention of tooth decay, etc.The third-party paiement system has also beenexpanded. These improvements were praised byDossiers de l’Epargne and awarded two labelsof excellence.EXPLORING New avenuesWithin the scope of its research projects, in 2008Groupama continued its experimentation with theDuo card in the aim of modernising and increasingthe security of the third party paiements systemby automating it. This solution, which simplifiesadministrative work, was welcomed by the pharmaciststaking part in project.Another experiment concerns the so-called“Babusiaux” experiment whose results will besubmitted to the Commission Nationale Informatiqueet Libertés at the beginning of 2009.It consists in managing, with partner opticians,the requests for payment of optical expenses inan anonymous way. The work carried out hasdemonstrated the interest of a system based onthe separation of the members’ ID data and thedata concerning their visual defects: the policyholderbenefits from optimal cover, the healthprofessional benefits from simplified and securerelations with Groupama, which in turn optimisesthe automation of its management channels.Reducing CONSUMPTION OF sleeping pillsIn partnership with Mutualité Sociale Agricole,Groupama has brought together doctors within“quality circles” to encourage them to reducetheir prescription and therefore the use ofbenzodiazepines (sleeping pills) by elderly people.This experiment proved extremely successful.After one year, one patient out of two hadstopped their treatment. And those that unable tostop completely reduced their consumption by anaverage of 60%.

GROUPAMA2008 Activity Report061Activities / FranceProvident, retirement and individual life insuranceDespite the market downturn, the Group posted good performance in 2008 inretirement savings, through a stringent financial management policy favouringsafe, regular performance. It also consolidated its positions in individual providentinsurance, particularly through the sharp rise in everyday accident cover.Groupama RenfortGroupama Renfort provides a simple responseto the French population’s great concern withrespect to major setbacks that may arise dueto unemployment, illness or divorce. Until now,no offer on the market had covered those threerisks at the same time. By offering an incomesupplement in the event of unemployment, longtermillness or non-payment of a maintenanceallowance, the Group is innovating by taking aposition in an area where it is widely recognised– everyday life and proximity. In addition tofinancial compensation, Groupama Renfort alsooffers assistance, to get the customers back onthe right track.Sharp growth in retirementsavings in a depressed marketIn 2008, Groupama’s revenues from individual retirementsavings amounted to €3.3 billion. The 9%increase is all the more remarkable since the Frenchindividual life insurance market dropped 12% overthe year. In 2008, the Group had a market shareof 3.1%. In a context marked by the stock marketcrisis, the Group’s stringent financial managementpolicy, which favours safe, regular performance,resulted in an increase in net return in 2008: 4.60%on the euro funds of the multi-vehicle contractsand 4.50% on the main contracts in euros. TheGroup networks which provide advice and sellindividual life insurance – the Groupama regionalmutuals networks and the Gan networks targetingprivate individuals – contributed to this growth,with the support of various advertising campaigns.In addition to the deployment of the ModulationCAP 2008 investment formulas, the “épargnegagnante” advertising campaign of January 2008was a big success. This single operation resultedin 29,200 deposits, totalling € 336 million(Groupama Vie).For life insurance, the competition from the Livret Asavings account, which was particularly stiff in2008, should ease in 2009, as the rate of returnon that savings product was reduced to 2.5% inFebruary. Groupama will continue to innovate andoffer new products. A high-end product should belaunched for Groupama Vie and Gan Patrimoinein 2009 and Gan Assurances in 2010.New leap for everyday accidentcoverThe Group is a benchmark player on the individualprovident insurance market. In an ever morecompetitive environment, its ongoing developmentin everyday accident cover (GAV) boosted providentinsurance revenues to €633 million in 2008.With 322,100 contracts, the portfolio increased13% in relation to 2007. With a market share ofover 10%, Groupama is the leading insurancecompany in this sector. Putting great emphasison the long-term care insurance market, Groupamais the top-ranking insurer in this sector interms of number of people insured, with a marketshare estimated at 16.4%. In 2008, the portfolioincreased a further 1.6%, with a total of 224,500contracts on the inventory. Groupama is currentlytaking an active part in the public authoritythink-tank on the “5 th risk and long-term careof the elderly”.The year 2008 was marked by the launch of GroupamaRenfort – a new product covering loss ofincome in the event of major setbacks – andÉnergie Prévoyance essentielle, a tax-deductiblepack specifically aimed at new entrepreneurs.Groupama also entered into a partnership withthe broker Le Vœu Funéraire for the distributionof funeral solutions through its network of funeralhomes. With these solutions, funeral servicesare integrated in the insurance policies. Lastly,an advertising campaign was set up to promotethe agreement signed in 2007 with the FédérationNationale des Services de Remplacement.In 2009, the product ranges will be upgradedand enhanced.individuAL RETIREMENT SAVINGSc3.3 billionPREMIUM INCOMEEVERYDAY ACCIDENT COVER322,100contrats IN PORTFOLIO

062 GROUPAMA2008 Activity ReportGroup insurancec1.3 billionrevenuesGROUP INSURANCE & EMPLOYEE SAVINGS PLANSGroup insuranceWith 2008 revenues amounting to €1.3 billion for the Group, group insuranceoffers good opportunities in terms of growth and profitability. The lines of businesscovered by group insurance (Health, Provident and Retirement insurance) areamong the most attractive on the market in terms of annual growth, profitabilityand market size.With the current ageing of the population and thedifficulty encountered by national social securitysystems in meeting the needs of the populationin terms of pensions, health insurance and longtermcare, a certain gradual transfer of those risksto insurance companies is likely to be expected.Moreover, while the market for large businesses ismature, there is significant potential for capturingmarket share with professionals, as well SMEs andVSEs that are still in the take-up phase.A comprehensive, highperformanceproduct rangeThe Group provides each of its networks with anupgraded and comprehensive range, with a goodpositioning in terms of cover, services and pricing:a high-performance range as confirmed forexample by the awarding of a new Label d’Excellenceby Dossiers de l’épargne to the new healthoffering providing healthcare cover to managersholding a majority interest in their company.Operational entitiesSTAYING on trackGan Eurocourtage Vie and Groupama Vie arepushing ahead with their strategy targeting bigbusinesses. Gan Assurances Vie is also a majorplayer in the VSE segment, notably through partnershipswith Cegid and REUNICA.At the same time, the Regional Mutuals are furtherstrengthening their position in group insurancethrough the distribution of all products in the globalretirement, provident and health products.In addition, the Group has been able to benefitfrom the appointment of ANIPS, a Group partnerprovident institution, on the branch agreementto implement a provident and health system fornon-management agricultural producers. Thisendeavour has given rise to numerous bids inlocal calls for tenders, some of which have metwith success.In terms of commercial success, a noteworthyexample is the winning of the CCAS* tender forthe set-up of supplementary provident cover.Moreover, within the scope of the overhaul ofthe civil service social security cover, the ONFhas decided to list Groupama for the health andprovident cover of its personnel and the healthcover of its retirees.*Caisse centrale d’activités sociales du personnel (Centralmutual for social activities of personnel).Partnerships• Partnership with Association GSC to offer redundancycover to company directors and entrepreneurs(corporate officers, managers with amajority interest, tradesmen and shopkeepers)not covered by UNEDIC. Association GSC, which

GROUPAMA2008 Activity Report063Activities / Francebrings together the employer organisations whoare members of MEDEF, CGPME and UPA, offersthis cover through a pool of insurance companiesof which Groupama is the lead underwriter.The product offers two levels of compensation,going up to 70% of income, three options concerningthe duration of the compensation (12, 18 or24 months) and services to help the insured finda new job or buy back pension rights. A specificproduct allows entrepreneurs to join the GSCplan within three years of the business set-upor takeover.Since its creation, 80,000 entrepreneurs havejoined the plan. The plan’s 30 th anniversary willbe the occasion for Groupama to strengthenthis partnership, notably through the setting-upof a new product and development of a totallyupdated IT system.• Partnership with software publisher Cegid Group,for the joint development of innovative collaborativetools and services, the contents of which willenable businesses and their consultants to savetime, use their information to better advantage,make decisions more quickly, have easier accessto the data they need for their development andensure the security of all their procedures. Soon,a site dedicated to National Collective Agreementsand the new software developed jointly with Cegid,will enable chartered accountants to offer theircustomers appraisals of their companies’ liabilitiesfor retirement benefits (IFC). The objectiveis to offer chartered accountants an integratedcollaborative tool capable of calculating thosecommitments and to ask an insurer to establishthe financing plans. Accordingly, the charteredaccountants will be able to advise their businesscustomers to make reserves for those employeeliabilities and unlock them through an insurancecontract to take advantage of income tax cuts,thereby developing Groupama’s IFC insurancebusiness. The work carried out in connectionwith the Cegid partnership will also give rise to thelaunch of the Conventions-Experts portal in April2009. It will give chartered accountant access toan information service on contractual modificationsaffecting the provident cover as well as anews section on the Group’s provident insuranceproducts. These tools, which will benefit fromdata inputs by the Group’s staff, will supplementthose already offered by Cegid. They will providethe Group with possibilities for new contact withVSEs or SMEs for group insurance.Social economyCreated in March 2008, the Social EconomyDepartment – dedicated to relations with peerplayers in the field of supplementary social securityor coming under French mutual insurance code“45” – strengthened and broadened the partnershipwith Réunica, particularly through the launch ofthe joint venture specialised in retirement savings,Réunima. It also strengthened ties with Agricathrough a joint strategy for branch agreements in thefield of agriculture and resumed the development ofAnips whose offers can now be distributed throughthe regional mutuals. In addition, other joint projects,notably in industrial and financial fields, are understudy and could be finalised in 2009.

064GROUPAMA2008 Activity ReportEmployee savings plansIn France more than 50% of employees subscribe to an employee savings plan.In addition to the tax benefits it affords, it has become a key element of employeemotivation and loyalty building. Favouring a comprehensive social approach, theGroup opts for customised solutions suited to each company’s situation.COMPANY SAVINGS PLANSc151 millionTOTAL DEPOSITS 20085% increase in deposits despitethe crisisIn 2008, Groupama Épargne Salariale had arecord year in terms of deposits, which totalled€151 million. This amount is slightly above thatof the previous year, despite the accumulation ofunfavourable factors: the unblocking of contributionsin the first half of 2008, the economic andfinancial crisis underway in the second half, etc.The stability of deposits, despite the crisis, is partlydue to the launch of an employee savings productdedicated to VSEs in Groupama’s regionalmutuals. This offer enables company directors toaccumulate capital which is exempt from incometax and social contributions. In 2009, it was awardedthe 2009 Label of Excellence, the highestdistinction of the Dossiers de l’Épargne.Ongoing dialogue with allstakeholdersIncreasingly customised communication operationsaimed at unit-holding employees – deposit slips,account statements, letters – produced significantresults in terms of deposits. As for businesses,they can view their outstanding balances andtransactions on the Groupama Épargne Salariale’ssecure website. Lastly, within the scope of therelationships entered into with trade unions andemployers, Groupama Épargne Salariale wasinvolved in the set-up or extension of joint intercompanyemployee savings plans in Paris andits surrounding areas.• Increased account management activity withthe 22,000 accounts of Banque de Franceemployees: in 2008, Groupama ÉpargneSalariale became the Banque de Franceaccount custodian. A new prestigious customerattesting to the quality of management ofGroupama Épargne Salariale.• Increase in the number of networks distributingthe Groupama Épargne Salariale offer. Thenetworks of Gan Prévoyance, Gan Patrimoineand Réunima – born out of the partnershipbetween Groupama and Réunica – have beenadded to the existing networks of Groupamaregional mutuals, Gan Assurances and GanEurocourtage to market the Groupama ÉpargneSalariale offer.

GROUPAMA2008 Activity Report065Activities / FranceGroupama Banque, valuable synergiesThe development of Groupama Banque continued in 2008, despite the crisis. The customers’ highlevel of satisfaction and the quality of the bank’s product range were acknowledged and saluted by thepress. The merger with Banque Finama, planned for the fourth quarter 2009, should further strengthenthe Group’s banking activity.Activity driven by creditSix years after its launch, the retail banking activity continued to develop in2008. The customer portfolio increased 20% (445,000) and sight depositswere up 12.2%. The bank’s activity was mainly driven by credit – in particularconsumer credit – with outstanding loans up 57.8%. As a result, the netbanking income rose 29%. This performance confirms the pertinence ofGroupama’s choice to position itself as a multi-channel banking insurancecompany and single interface with its customers and members.GROUPAMA BANQUE+20%PORTFOLIORETAIL BANKING ACTIVITYStrong commercial dynamicsThere have been numerous commercial innovations and initiatives: the newDésirio student loan at a preferential rate, the “P’tit malin” savings accountfor children up to the age of 12, consumer credit available online. With LivretA savings accounts available as from January 2009, the bank entered intoa partnership with Sygma Banque to offer debt consolidation. In addition,the motor insurance campaign combining attractive credit rates with insuranceadvantages has been highly successful. Lastly, the bank now has anew logo and new graphic charter. Another successful operation: distanceselling, set up in 2006, has really taken off with 18,300 loans produced in2008 (including 8,600 brought in by the network) versus 9,000 in 2007.In 2009, Groupama Banque intends to post a further 30% growth, despitethe recession, thanks to the commercial synergies between insuranceand banking activities. The subsidiary should benefit from the merger withBanque Finama (see page 90), planned for the fourth quarter.Recognition and satisfactionA survey conducted in December 2008 by EnovResearch revealed the very high level of overallcustomer satisfaction, with over 84% of peoplebeing satisfied and 77% of the people surveyedready to recommend the services of GroupamaBanque to their families and friends.+29%NET BANKING INCOME

066 GROUPAMA2008 Activity ReportActivities FrancePropertyand casualtyinsuranceEveryday motor insuranceIn 2008, on a highly competitive market, Groupama upgraded, simplified andsupplemented its range of products and services. The Group also made asignificant step forward in direct selling on the Internet with the successful launch ofAmaguiz.com which has become its third distribution line in France.NON-LIFE INSURANCE AND SERVICESIn a particularly difficult environment – increasinglyconcentrated market, downward pressure onprices, proliferation of services provided with thecover – Groupama is developing a comprehensiveand modular approach to best meet its customers’needs, in close keeping with their budgets. It thusintends to lastingly assert itself as the partner ofchoice for its customers’ everyday banking andinsurance requirements. With its diversified rangeof services, the Group strives to simplify their livesand save them time: 0 Km assistance, courtesycar provision and tracking of repairs with AutoPresto, mechanical breakdown cover, help withresale, financing via Groupama Banque, etc. Inaddition to the usual services, preferential ratesare extended for the rental of a vehicle and assistanceis available to find a new or used vehicle(through the Auto Nuevo service).In 2008, Groupama insured 3.8 million privatepassenger vehicles and commercial vehiclesof less than 3.5 tonnes (excluding companyfleets), with a net annual gain of nearly 17,000contracts (23,000 if we add the Amaguiz.comcontracts signed in 2008) in comparison with2007. However, due to competitive pressure, revenuesremained practically stable at €1.3 billion*.With 10% of the market, the Group remains France’sNo. 3 player in this sector.*€1.5 billion including other vehicles (excluding fleets).InnovationsAt the beginning of July 2008, Groupama launchedthe website Amaguiz.com, a new line of direct distributionthrough the Internet, with the objective ofbecoming the new direct insurance benchmark.This launch fits in with the Group’s policy to furtherdevelop its business with a clientele of urban families.The strong point of the motor insurance offeris a “pay as you drive” approach with a competitiveprice and adaptable cover to provide “customised”motor insurance. Three formulas are available.Each comprises a first level of cover – driverbodily injury cover and assistance with a deductiblebased on distance driven – to which the customercan add other personalised options. Anotheradvantage is that an adviser is assigned to eachcustomer, right from the initial sale through to theend of the contract. Also, the entire subscriptionis done online, including the electronic signing ofthe contract. Lastly, Amaguiz offers the possibilityof cancelling the contract at any time, withouthaving to wait for the anniversary date. These arenew concepts on the insurance market.

GROUPAMA2008 Activity Report067Activities / FranceMOTOR INSURANCE+ 23,000nEW Contracts(INCLUDING amaguiz.com contracts)Amaguiz.com is already a success, with15,000 contracts concluded in the space of only afew months, i.e. a figure which is double that of thecompany’s business plan forecast. Initially limitedto motor insurance, Amaguiz.com will broadenits scope of action in 2009 with home insuranceand life/health insurance offers.The year 2008 was also marked by the launchof the new CAP 2008 motor insurance offer.Conduire is a solution which offers a wide rangeof cover and services suited to each person. It isenhanced with event-related offers aimed at meetingcustomer needs for the resale or purchase ofa vehicle: 6-month breakdown cover extendedby the insured to the buyer or help with findinganother vehicle through the Auto Nuevo service.At the same time, Groupama has continued itsmajor efforts in the field of prevention (see page 41of the activity report).c1.3 billionPREMIUM INCOME3 rd playerIN FRANCE IN THIS SECTORWorry-free post-accident proceduresThe Auto Presto service deployed across Francesince 2002 and offered by our subsidiaryCapsAuto is meeting with growing success,particularly through its “mobility within the hour”solution in the event of an accident, as well asthe handling and tracking of all repairs whichare guaranteed for 3 years. Nearly 130,000customers took advantage of the service in2008. And the rate of satisfaction of the peoplehaving used the service is 96%. The Auto PrestoPro/Privilège service, which offers the loan ofan equivalent-category courtesy vehicle, is alsodeveloping in a highly satisfactory way.

068 GROUPAMA2008 Activity ReportServicesThe offering of ancillary services with insurance contracts is a strategic avenue ofdiversification for Groupama who wishes to assist its customers in all aspects oftheir everyday lives. Its specialised subsidiaries work for the Group’s networks aswell as for external distributors. A guarantee of efficiency and competitiveness.mutuaide assistancec32 millioncontributing TO GROUP REVENUES474,000CASES HANDLEd In 2008Assistance, remote monitoring,remote alarmsMutuaide Assistance is in charge of assistanceservices for the entire Group. Its growth continuedin 2008 with revenues of €113.2 million(contributing €32 million to Group revenues) and474,000 cases handled. The bulk of the activityconcerns assistance to vehicles, followed byhome care, call rerouting and assistance to personsduring their travels. Mutuaide’s know-howin medical assistance for major sports eventswas once again recognised. The subsidiary waschosen to provide medical assistance for the“Trans-oriental” rally from St. Petersburg to Beijingin June 2008.Activeille’s remote property surveillance servicesfor individuals, professionals and local communitieshave been certified by APSAD, making itpossible to tackle the high end of the market.The subsidiary’s business continued to grow in2008 with revenues up 5%. Activeille installedits equipment in the premises of 3,000 customersin 2008.The Présence Verte monitoring centre increasedits number of connections. In 2008 it had over25,000 customers for property security and75,000 for personal security (elderly or handicappedpersons). A total of 6,300 new customerswere fitted with the equipment in 2008. Revenuesamounted to €5.3 million, up 7% in relationto 2007. In 2008, Présence Verte obtained thecertification ISO 9001 version 2000.Compensation in kindFrance Maintenance Bâtiment, France’sNo. 2 building repair company, handled over26,500 assignments in 2008. Its revenues amountedto €2.6 million, up 1.3% in relation to 2007.The large number of abnormal climatic events –floods, storms, extremely cold weather – demonstratedthe value of this service. The damage washandled by the 700 companies listed by FranceMaintenance Bâtiment and the work was carriedout in compliance with a commitment charterconcerning prices, lead times and quality.For compensation in kind concerning vehicles,see Everyday Motor Insurance.Personal servicesLaunched in 2006 in partnership with MSA andFamilles Rurales, the Fourmi Verte personal servicesplatform is meeting with growing success.présence verte25,000CUSTOMERS FOR PROPERTY SECURITY75,000CUSTOMERS FOR PERSONAL SECURITYactiveille3,000cUSTOMERS INSTALLED IN 2008france maintenance bâtiment700COMPANIES LISTED26,500ASSIGNMENTS IN 2008

GROUPAMA2008 Activity Report069Activities / FranceEveryday home insuranceIn 2008, Groupama maintained its position on a matureand highly competitive market. A broader range of services,which meet real customer expectations, helped to increaserevenues.hOMEc769 millionREVENUES1 stPLAYER IN franceIn 2008, it boosted its development and handled11,000 calls. Fourmi Verte, which offers allhome services covered by France’s 2005 Borlooplan – from childminding to ironing as well asgardening or computer assistance – is availablevia a dedicated platform managed by MutuaideAssistance.A new personal services distribution companywas launched in 2008 to enable big companiesto provide those services to their customers inan “integrated” way. This entity can act as therequestor’s single contact, from the ordering ofthe service through to the sending of the tax reliefvoucher. Major partnerships have been signedand the members of Groupama will be able totake advantage of those services within the scopeof their contracts.Legal protectionIn 2008, with premium income* amountingto €153.6 million, the Group consolidated itsleading position in France for legal protection,a cover managed by the regional mutuals as wellas Groupama Protection Juridique. The revenuesof Groupama Protection Juridique increased8.6% in terms of written premiums. Groupamadeployed cover aimed at professionals for alllitigious situations; since October 2008, in partnershipwith BNP Lease Group, Groupama ProtectionJuridique has been distributing a productaimed at professionals and covering the mostdifficult business disputes. It provides a servicedelivering immediate legal information without restrictionon a simple call. For private individuals, aproduct covering divorce costs has been developed.Groupama members will now get assistancein areas which had never before been coveredby insurance.*For the company.In 2008, the Group insured some 3.6 million homes. Revenues increased1.4% to €769 million, which means that Groupama is France’s No. 1 playeron that market. To facilitate its policyholders’ everyday lives, Groupamaconstantly upgrades its offers with customised products and services. Anew range of products was thus launched in 2008. Being simpler and easierto understand, it cuts down the number of formulas to three – Eco, Comfortand Tranquillity – which it supplements with the inclusion of additionalcover such as the “new equipment replacement value” and personal/homeservices. Groupama increasingly believes in the development of a broaderrange of ancillary services to attract customers and secure their loyalty.These include everyday services, repair of property damage, assistanceservices, emergency repairs (plumbing, electricity, locks, heating, air conditioning),assistance services (“Fourmi verte”) and the “Allô travaux” service,which makes it possible to call on a network of FMB-approved companiesfor home renovation and cleaning, independent from any claim. In 2009, ahome insurance product will be available on Amaguiz.com, Groupama’s newonline distribution website which already handles the direct selling of motorinsurance through the Internet.New cover available soonIn the upcoming months, Groupama intends to offer new solutions, notably tocover the breakdown of household appliances and audiovisual equipment on theone hand, and equipment producing renewable energy (solar installations, heatpumps, wind turbines, and heat collectors) on the other.

070GROUPAMA2008 Activity ReportKeeping pace with major agricultural changesAs the undisputed long-standing leader in agricultural insurance with a 60%market share, Groupama continued to provide farmers with appropriate coverin 2008. The sharp price fluctuations which hit the agricultural industry did notaffect revenues from liability and property damage insurance.Agricultural insuranceAgricultural insurance was little affected by the fluctuationsin prices, expenses and revenues whichmarked the year 2008. Revenues increased 5.4% to€840 million. The rise mainly stems from the increasein the cover of assets for climate risks. The MultipleClimate Risk Insurance for Crops continued itssharp growth, with 2,200 new “Climats” contracts.With a portfolio of 65,000 contracts, Groupamahas a market share of nearly 90% for that product.Revenues from the “property damage” and “tractorsand agricultural equipment” markets remainedstable with fewer claims in these areas. Moregenerally, in keeping with the drop in the population,the specialisation of activities and complexity of therisks, Groupama is constantly adapting its productsto meet farmers’ needs.Update of the agriculturalinsurance rangeFollowing the launch of Climats in 2005, Groupamarecently launched Titane Pro, the contractdedicated to tractors and agricultural equipmentwhich makes it possible to insure these items separately.The updating of the agricultural range is continuing,particularly in the fields of property damage andliability insurance, with the launch of Referencewhich enables farmers to efficiently control newrisks through:• the modification of third-party liability cover inkeeping with the new environmental and healthand safety rules;• the set-up of an offer specially dedicated tothe production of renewable energies;• specific cover for the numerous diversificationactivities: direct sale of farm products, “agro-tourism”,etc.• dedicated services: information, legal assistanceand advice on prevention.The Reference offer will be marketed on a progressivebasis in 2009, with the active mobilising of the teamsof the regional mutuals and their sales networks.Moreover, the Group was quick to react on theregulatory changes announced in August 2008.In December, it offered a solution combiningclimatic insurance and emergency savings, via theCompte d’Epargne Professionnelle (MRC CLIMATS– CEP 2009). The objective is to get customersto appreciate the synergy of this offer and launchthe marketing of banking products for professionals.

GROUPAMA2008 Activity Report071Activities / FranceProgressive footholdThe professionals market, which employs 34% of France’s working population, isa complex and highly coveted market on which Groupama is continuing to gainnew customers. The active partnership policy developed by Groupama in theNGO sector makes it a forefront player.Lastly, in 2009, the Earth Enterprise Charter (laCharte Terre Entreprise), upholding the Group’swish to assist young farmers in their start-up phase,will be added to the changes underway on thestart-up procedures.Anticipating ADJUSTMENTS TO THEcommon AGRICULTURAL POLICYDiscussions are underway within the Group totake account of adjustments to the CommonAgricultural Policy (CAP) within the scope of the“CAP’s Health Check”. These open the possibilityof increased support in the management of crisesand risks, for which insurance policies could bethe reference solution. The stakes are crucial sincethey involve inventing new tools to protect farmers’revenues and enable them to better manageclimatic and health risks as well as the increasingvolatility of their revenues.AGRICULTURAL INSURANCEc840 millionREVENUES+ 5.4 %COMPARED TO 200760%MARKET SHAREMULTIPLE RISK INSURANCEFOR CROPS65.000contracts climatsProfessional insuranceEver-growing professionalsmarketThe professionals market represents 93% ofthe 2.8 million enterprises registered in Francein January 2007. Being essentially made up ofenterprises with less than 10 employees, it representsnearly 5 million people and generates 24% ofthe enterprises’ total added value. With an annualgrowth rate averaging 13% (327,400 start-ups in2008), the professionals market compensates forthe closing down of businesses with more than10 employees. This market, which comprises tradesmen,shopkeepers, self-employed professionalsand service providers in a variety of fields, isdisparate but profitable. The professional multi-riskinsurance market, which grows 2% a year on average,amounted to nearly €1.570 billion in 2008and is a potential growth area for Groupama. Itprovided the Group with revenues of €221 million,a figure which remained practically stable despitethe increase in the number of contracts. This stabilityis due to the gradual transfer of the multi-riskportfolio of construction industry professionals tothe “Construire” product.Construction insurancein linE with sustainabledevelopmentDespite the business slowdown – the constructionindustry suffered a sharp drop in the number ofnew projects in the second half of 2008 – constructioninsurance revenues managed to hold steadyat €2.46 billion, practically in line with the 2007figure. On this highly technical market, the Groupachieved better-than-market growth (+3%), reapingthe fruits of its development strategy targetingtradesmen and the small business segment.Groupama posted revenues of €205 million. Tobring insurance in line with sustainable development,the Group adapted its Artisans and Entreprisesdu BTP offers to take part in the developmentof a “green construction” industry.Over one million non-profitmakingassociationsWith 70,000 new associations being created everyyear since 2001, non-profit-making associationsplay an essential role in France’s economy, with acombined budget of €59 billion. Active in extremelyvaried sectors, they provide employment fornearly one person out of ten in the private sector,i.e. 1.9 million people and increasingly carry outpublic service missions, which are delegated tothem. On the strength of its well-established localpresence and fitting offers, Groupama is one ofthe leading insurers of non-profit-making associations,thanks to partnerships with large federations.Its revenues in this area amounted to€23 million, up 2%. Within the scope of Groupama’spartnership with Cegid, work has started onthe creation of a portal dedicated to non-profitmakingassociations in an effort to boost revenues.

072GROUPAMA2008 Activity Reportentreprises(PROPERTY DAMAGE, LIABILITY, GARAGEs)c562 millionREVENUESBusinesses and local authoritiesAs the leading provider of non-life insurance to local authorities and No. 3 insurerof SMEs, the Group upholds its stringent risk analysis policy and systematicprevention procedure as the bases of an ongoing relationship of trust built with itscustomers. The proper control of its results is an asset for the profitable growthof its business.CAR FLEETc353 millionREVENUES+ 7.3 %COMPARED TO 20073 rdINSURER OF SMEsBusinesses, a lucrative marketOver recent years the business market has yieldedparticularly good results in the fields of propertydamage and car fleet insurance. Third-partyliability insurance also posted good growth withresults close to equilibrium. On that market, Groupamaposted car fleet insurance revenues of €353million in 2008, up 7.3% (+8% for the regionalmutuals) and €562 million* in property damageinsurance, down 1.9%, in line with market trends(drop in property damage insurance, rise in liabilityinsurance). The Group’s controlled growthessentially rests on scheduled commercial initiativesand assisting customers with exports. Maintainingbalanced results is another priority. Thisrequires development in the fields of preventionand services to better stand out from competitors.It also implies greater control of overhead coststhrough the improvement of IT tools.*Property damage, liability and garages.“ Objectif Entreprises” projectThe “Objectif Entreprises” project gave salesteams the opportunity to present a revised rangeof contracts and services for car fleets, thirdpartyliability cover for company directors andenvironmental liability cover (Garden contract).The innovative “Carences d’apport” insurancecovers the loss of income of agro-food manufacturersand cooperatives caused by climaticevents affecting crops. Moreover, a new Groupamaproduct aimed at SMEs focuses on renewableenergy cover.Automotive risk preventionThe Centaure network, open to individuals andemployees of local authorities and businesses,makes a significant contribution to road safety(see Prevention section on page 41).

GROUPAMA2008 Activity Report073Activities / FranceLOCAL AUTHORITIES:groupama, 1 ST PLAYER IN THE MARKETc220 millionREVENUES, INCLUDINGc132 millionIN DAMAGES, ANDc88 millionFOR LOCAL AUTHORITYPERSONNEL INSURANCEGroupama, the partner of localauthoritiesAs an everyday partner, the Group has a comprehensiveapproach to the needs of local authorities,providing them with insurance, financialservices and prevention solutions. In 2008, itsrevenues amounted to€220 million, of which€132 million stemmed from damage insuranceand €88.4 million from municipal personnel insurance(assurance du personnel communal - APC).The year was marked by the launch of a new product– “Profil Elus” – which offers liability coverand legal protection covering all mandates of anelected representative. This product, which waslaunched at the time of the municipal electionsof March 2008, proved highly successful sincemore than half the municipalities subscribed to it.On a broader scale, the Group has extended itsdevelopment target to municipalities of 5,000 to50,000 people using a scoring approach which willsubsequently be applied to inter-municipal structures.Lastly, in collaboration with “Mairie 2000”and the departmental mayors’ associations, theregional mutuals organised numerous meetingsof elected representatives on the topics of localauthority insurance, the third-party liability of electedrepresentatives and the third-party liability ofmunicipalities. These meetings will continue in2009 to present and support the launch of newproperty damage and third-party liability offers aswell as a new supplementary APC offer.Lastly, in a credit insurance market closely tied tothe changes in economic activity and characterisedat the end of 2008 by the effects of the crisison the number of claims, the Group increasedits revenues by 7% (contribution of GroupamaAssurance-Crédit amounting to €27 million).This rise marks a strong deviation in relation tocurrent trends. It illustrates the efficiency of thedeployment conducted by regional mutuals withspecialised sales representatives. Furthermore,the conference held in October at the GlobalFood Marketplace (SIAL) concerning paymentlead times and the French law on the modernisationof the economy (LME Act) was a greatsuccess. In 2009, the demand for credit insuranceshould benefit from the increased risk ofcompany default, particularly concerning exports,but technical conditions will remain difficult. Tosupport agro-food enterprises through the crisisANIA (representing the food industry) and Groupamaset up a mediation group in January 2009which supplements the Ricol procedure introducedthe public authorities.New: A green contractGroupama’s Garden contract provides businessesand local authorities with third-party liability coverin the event of environmental damage affectingthird parties. It also covers environmental damageprevention and repair costs, in keeping with theEuropean directive. A new version is under study,to cover the costs of soil bioremediation and restorationof the policyholder’s property as well asoperating losses after a pollution incident.

074GROUPAMA2008 Activity ReportGroupama Transport, France’s No. 2 playerGroupama Transport is the Group company dedicated to maritime and transportinsurance. The subsidiary, which is the No. 2 player on the French market,consolidated its presence in provincial areas and continued its internationaldevelopment using a customer-focused approach. In 2008, revenues were backup, after the economic slowdown of 2007. They stand at €301 million.Marine and transport insuranceRevenues from Marine activitiesback on a growth pathIn 2008, revenues increased by a significant €25million, going from €206 million to €231 million. Therise is partly due to the development in PleasureBoating, Cargo and Transport/Logistics activities.The year’s increase in claims was offset by particularlyeffective reinsurance cover. The increasingnumber of incidents of piracy off the coast of Somaliacontributed to the change in practices on theFrench market, which will now consider these as“war risks”. The cost paid by Groupama Transportwas relatively small. On the Port market, thesubsidiary launched a cover for “environmentaldamage”, as a supplement to the third-party liabilitycover, as well as a specific “Garden” coverfor the cost of restoration of the fauna and florafollowing environmental damage.Move into Baltic countriesAn agreement was signed with the specialisedbroker Marine M.I.S. for the opening of a GroupamaTransport branch in Riga. This is not a totally newventure since a local team was already on site anda business flow had been developing over recentyears between MIS and Groupama Transport (LeHavre). This sixth foreign establishment shouldserve as a base to develop subscriptions in thecountries of this region.Aviation and Space activitieson the riseThe end of 2008 was marked by a turnaroundwith respect to the drop in premium rates. Theimprovement of the exchange rate also contributedto a significant increase in revenues(nearly €70 million). The basic loss ratioremained satisfactory on active pools. However,the Waig run-off pool had a negativeimpact on the results of the branch due

GROUPAMA2008 Activity Report075Activities / Franceto the transfer of reinsurance surcharges(-€2.3 million). These surcharges were bookedagainst the equalisation reserves which were thusused for the first time since its set-up in 2002.Closer partnership withGroupama SegurosGroupama Transport and Groupama Seguroshave strengthened their alliance. The two partnersdecided to set up a specific Transport team withinGroupama Seguros, composed of an equal numberof employees from the two companies. They alsosigned an automatic co-insurance agreement andopened up a Groupama Transport entity in Spainto boost business development on the Transport/Logistics market, which is strategic for GroupamaTransport.groupama transportc301 millionrevenuesincludingmarine activitiesc231 millionrevenuesaviation AND SPAcE ACTIVITIESc70 millionREVENUES

076 GROUPAMA2008 Activity ReportActivities / InternationalA newinternationaldimensionStrong diversification abroadIntensified international development has resultedin a 39% increase in premium income in 2008, to€3.9 billion. Insurance activities outside France,which accounted for 18.8% of Groupama SA’sconsolidated premium income in 2004, now represent31.6%, including new acquisitions consolidatedon a full-year basis. Organic growth wasalso significant, increasing 6.4% (+8% in life andhealth insurance, +5.8% in property and casualtyinsurance).Performance by subsidiariesin all business linesInternationally, Groupama’s positioning is essentiallythat of an individual insurance provider. In thesebusiness lines, subsidiaries are posting good results.In motor insurance, premium income is up +5.4%.In 2008, the number of insured vehicles internationallyexceeded that of vehicles insured in France(3.8 million). Premium income from insurance forhomeowners, individual life and health and groupinsurance were up +9%, +3.3% and +17.4%, respectively.Momentum of developmentand acquisitionsCertain subsidiaries posted sharp increases interms of organic growth: Spain: +12.2%; GreatBritain: +6%; Turkey: +20.7%; Romania: +13.8%.The Group has also continued to pursue externalgrowth deals to strengthen its positions inSouthern and Central Europe: the acquisitionof OTP Garancia in Hungary, the strategic partnershipwith OTP Bank, the leading independentbank in Central Europe, and the acquisitionof Asiban in Romania offer important prospectsfor the Group in Central and Eastern Europe; inTurkey, Groupama acquired Güven, the leader inagricultural risks, and in Tunisia the Group hastaken an equity interest (35%) in the country’sinsurance leader, STAR.Within Groupama S.A., four regional divisions*− Southeast Europe, Southwest Europe and theMaghreb, Central and Eastern Europe, and Asiaand Overseas − have been created to optimisethe management and promote the developmentof subsidiaries.*Not including establishments in Great Britain.Groupama and international:a strategy of growthand integration➜ Group ambitions• Anticipate the emergence of a globalEuropean market• Rely on growth links• Take advantage of the effect of the sizeand risk diversification➜ Strategic objectives• Develop the Group’s position in thecountries where it is active• Become a leading player in new markets➜ Pillars of development• Incorporate and merge companies alreadyacquired (Italy, Hungary, Romania, Turkey)• Invest in distribution• Develop new and existing banking insuranceagreements (OTP Bank; Banca Transilvaniain Romania; Ziraat Bank in Turkey; Bancajain Spain)

INtERNAtIONALc3.9 billionPREMIUM INCOME (AT 31.12.2008)GROUPAMA2008 Activity ReportActivities / international07711countriesIN EUROPE AND AfRICA2 countriesIN ASIAAND OVERSEASBUlGARIA GROUPAMA zASTRAHOVANIE*GREECE GROUPAMA PHœNIxHUNGARY GROUPAMA GARANCIA BIzTOSITO*ITAlY GROUPAMA ASSICuRAzIONI AND NuOVA TIRRENA*PORTUGAl GROUPAMA SEGUROSROUMANIA GROUPAMA ASIGuRARI*SlOVAKIA GROUPAMA POISTOVNA*SPAIN GROUPAMA SEGUROSTUNISIA STARTURKEY BASAK GROUPAMA, GüVEN* AND GüNES SIGORTAUK GROUPAMA INSURANCESsUBsIDIARIEs IN tHEINtERNAtIONAL PREmIUm INcOmE25%14%35%11%8%7%AT 31.12.2008Italy Spain UK TurkeyCEEOther countries*endorsing Groupama brand during 2009.

078 GROUPAMA2008 Activity ReportSouth-Eastern EuropeSIGNIFICANT EVENTSItalY➜ €1,391 million, +2.6% (like-for-like): combinedpremium income of Groupama Vita, GroupamaAssicurazioni and Nuova Tirrena.Incorporation of subsidiariesItaly has become the Group’s largest market outsideFrance. Thanks to the acquisition of NuovaTirrena in 2007, the largest deal executed by theGroup since 1998, Groupama tripled in size in Italyand has become the tenth-largest non-life insurer.This is a major stage in the Group’s internationaldevelopment.The merger with Groupama Assicurazioni is nowconfirmed and will be finalised in 2009, after completingdeals to unwind the activities of its formerproprietary group. The management of the newentity is in place. The teams are consolidated anda merger plan based on a unique model in termsof structure, brand, networks and products hasbeen launched. After completing this process, atthe end of the second half of 2009, Groupama willhave a network of over 800 agents in Italy.Significant progress in lifeand health insuranceIn life and health insurance, premium income totalled€425 million up +7.9%. In a declining market,traditional individual savings grew +27.7%, duein part to the positive growth of bank channels,as well as to the success of the guaranteed rateproduct launched in late 2008. The property andcasualty insurance business line is stable.TurKEY➜ €444 million: premium income of BasakGroupama and Güven (consolidated premiumincome over 1 month; €121 million onan annualised basis), +20.7% (on a like-forlikebasis).➜ 36% equity interest in Günes Sigorta.A leader in the Turkish marketLess than three years after acquiring the Basakcompanies, Basak Groupama is one of the leadersin the Turkish market, thanks to its sales recoveryand reorganisation plan. In 2008, to strengthensynergies, the Basak Groupama Sigorta (nonlife)and Basak Sigorta Emeklilik (life) teams werecombined in a modern building located in theheart of an Istanbul business district. At the sametime, the Group has continued to strengthen itspositions. By acquiring the agricultural insuranceleader Güven Sigorta and Güven Hayat, it rose tofifth place among property insurers with a 7.4%market share and consolidated its second-placeranking in the life insurance market with a 17.4%market share. The distribution agreement signedwith Union Centrale des Coopératives du CréditAgricole de Turquie (UCCCAT) offers it a networkof 1,926 cooperatives.Innovation and differentiationPlaying the innovation and differentiation card insales – consolidation of distribution, strengtheningof ties with Ziraat Bank, creation of a brokerage-specificorganisation, offering of newproducts, particularly in motor and multi-line fire– Basak Groupama posted growth in its propertyand casualty insurance line of +13% in 2008. Lifeand health insurance proved to be very dyna-

GROUPAMA2008 Activity Report079ItalYc1.39 billionturKEYc444 milliongrEECEc150 millionActivities / internationalpremium income uppremium income uppremium income+2.6%+20.7%in comparison to 2007on a like for like basisin comparison to 2007on a like for like basismic, growing nearly 32%. The contribution of theTurkish subsidiaries to the Group’s results is nowlargely positive and increasing significantly, to€23 million (excluding Günes Sigorta).GrEECE➜ €150 million: premium income of GroupamaPhoenix.Sharp improvement in the salesnetworkThe fiscal year 2008 was marked by the earthquakein the Peloponnese in June and studentriots in the country’s major cities in December.These two events produced significant propertydamage, but did not divert Groupama Phoenixfrom its priorities. Following its reorganisation atthe end of 2007, the regional entities of the subsidiaryare now focusing on the monitoring andpromotion of the sales network, as well as onthe development of new products. In 2008, aspart of its efforts to promote sales recovery, theGroupama Phoenix subsidiary thus continuedits launch of new products for SMEs (multi-riskinsurance for offices, hotels and manufacturers)and individuals (multi-risk home insurance, providentinsurance, health and life). To contribute tothis development, its share capital was increasedby €41 million in 2008.Towards a recoveryRanked 8 th in 2008 in the Greek property damagemarket and 10th in the life market, GroupamaPhoenix earned premium income of €150 million,down 4.5% for the year. A trend toward recoverywas nevertheless identified in the final months ofthe year. Groupama Phoenix’s contribution to theGroup’s results was negative but by only half theamount of 2007.

080 GROUPAMA2008 Activity ReportSouth-West Europe and the MaghrebSpainc976 millionpremium income up+12.2%in comparison to 2007portugalc82 millionpremium incomeSpain➜ e976 million: premium income of GroupamaSeguros (+12.2%).Priority on internal growthIn 2008, Groupama Seguros focused oninternal growth and continued investment indistribution. As part of its action plan, the subsidiarymet or exceeded its goals. It continuedits implementation of the Nexus programmewith the opening of new exclusive agencies,increasing their number to 118 at 31 December2008. It also strengthened its employeenetwork with some 100 sales representativesat the end of 2008. Finally, it emphasised theprofessionalism and loyalty of its networks.Moreover, Clickseguros, the brand dedicatedto online auto insurance sales, got up to “cruisingspeed”, with over 1,400 policies signedeach month. Several marketing campaignssupported this production level in the secondhalf. Clickseguros is the largest 100% internetinsurance site in the Spanish market. Internetusers can take out motor insurance and dealwith all aspects of their claims on the web,with the help of a virtual assistant if they wish,or even a call centre. Finally, in January 2009Groupama Seguros signed an exclusive MRHbanking insurance agreement with the thirdlargestSpanish savings bank, Bancaja, for aten-year period.Momentum in premium incomeThe subsidiar y earned premium incomeof €976 million, up 12.2% over 2007 on aSpanish market up 7.6%. Thanks to stronggrowth in group life and health, personallife and health grew 23%, while the propertyand casualty branch fully benefited fromthe contribution of new business throughClickseguros in a flat market (+0.9%). Indeed,Clickseguros contributed €5.8 million inmotor premium income. Groupama Seguros’contribution to the Group’s consolidatedresults totalled €103.5 million, up 7.2% overthe previous year.Portugal➜ €82 million: Premium income of GroupamaSeguros.An increasinglycompetitive marketGroupama Seguros in Portugal offers amulti-line business line distributed throughnetworks of agents and bank-insurers.In 2008, to boost sales, Groupama Segurosopened up new commercial establishments:one agency and two offices in the outskirtsof Lisbon and a new agency at Funchal,the capital of Madeira. Nevertheless, premiumincome was down €82 million, due toa life market dominated by bank insurance.

GROUPAMA2008 Activity Report081Activities / internationalLife and health insurance premium incomewas up €76 million and showed particularstrength in group health insurance. Inproperty and casualty insurance, in a stagnantmarket, Groupama Seguros’ activity rose 3.7%,due to the MRH branches and businessproperty.TunisiA➜ €115 million: premium income of STAR(non-consolidated).In October 2008, Groupama completed a dealallowing it to acquire 35% of the share capitaland voting rights of STAR (Société Tunisienned’Assurances et de Réassurances) for a totalof €72 million.STAR is a leader in the Tunisian insurancemarket, holding 1 st place in property insurancewith a market share of 29% and 9 th placein life insurance with a market share of 5%.STAR benefits from the largest distributionnetwork in the country with 11 branches,146 agents and 16 non-exclusive brokers. It has660 employees.It is a major player in a market experiencingaverage annual growth of 10% since 1995,and which should see significant growthin the years to come. Groupama’s intentis to make this par tnership a solid andprofitable link in the Mediterranean andinternational network, which the Group isseeking to expand.Great Britain➜ €544 million: premium income of GroupamaInsurances, +6% like-for-like.strengthened of distributionFollowing the takeover of three specialisedbrokers, Carole Nash, Bollington Group andLark Group, in a market largely dominatedby this distribution method, in 2008 the Britishsubsidiary continued its investment policy toconsolidate the brokerage division. At the startof the year, it acquired the small specialisedfirms Compucar, Griffiths Good and ChoiceQuote.Groupama Insurances thus strengthenedits operational control by consolidatingits brokers around a controlling holdingcompany, GUK Broking Services Limited.Through Clickinsurance, it also launchedan online multi-risk home insurance saleschannel. Distributing its products througha network of brokers and now on the Internet,Groupama Insurances earned premiumincome of €544 million, up 6%, of which€432 million was in property and casualtyinsurance and €112 million in life andhealth insurance, essentially group policies.Groupama Insurances’ contribution tothe Group’s consolidated results was apositive €23.1 million, and GUK BrokingServices’ contribution was €4 million.tunisiAc115 millionpremium income (not consolidated)GREAT BRITAINc544 millionpremium income up+6%in comparison to 2007(on a like for like basis)

082 GROUPAMA2008 Activity ReportCentral and Eastern EuropeaCquisition AND PARTNERSHIPThe acquisition of OTP Garancia in Hungaryand the strategic partnership with OTP Bank,the largest independent bank in CentralEurope, were signed in Februar y 2008.This agreement was obtained by Groupamaafter a competition between major insuranceplayers in Europe. For Groupama, this dealconstitutes a major strategic advance,affording it the opportunity to increase itsactivities in high-potential insurance markets.In the Central and Eastern Europe countries aswell, the insurance penetration rate (insurancepremium ratio/GDP) is 3%, while it is over 8% inthe 15 countries of Europe.OTP Garancia is the 5 th -largest company inHungary’s life insurance market and No. 4 inthe non-life insurance market. This acquisitionwill allow the Group to consolidate its positionsin this country and develop in markets wherethe Group was not active; its recently createdsubsidiaries are active in Romania, Bulgariaand Slovakia.Simultaneous with this acquisition, a long-termbancassurance and assurbanque agreement wasentered into. This is an exclusive, 20-year distributionagreement with OTP Bank, covering thenine countries in which it is active.Finally, this deal includes the taking of a strategicequity interest in OTP Bank.This partnership offers the possibility of sharingin the conquest of new markets.Within this context, Groupama has thus gainedaccess to 9 countries:• two countries in which the Group is alreadyactive: Hungary and Romania;• two countries where it was not representedbut where OTP Garancia had subsidiaries:Bulgaria and Slovakia;• Russia and the Ukraine;• and three smaller markets expected to experiencesignificant growth: Croatia, Serbia andMontenegro.Hungary➜ €96 million: premium income of GroupamaBiztosito and OTP Garancia (consolidatedpremium income over 3 months), €354 millionover a full year.Goal: to become the 3 rd -largestHungarian insurerBy purchasing OTP Garancia, the insurance subsidiaryof the Hungarian bank OTP, Groupamaclimbs to 4 th place in non-life insurance (11%market share) and 5 th in life insurance (9% marketshare) in the Hungarian market. The total premium

GROUPAMA2008 Activity Report083slovakiac6 millionpremium income in full yearActivities / internationalbulgariac9 millionpremium income in full yearHUngaryGroupama biztosito AND OTP garanciac96 millionpremium income(e354 Million in full year)romaniabt asigurari, otp garancia AND asibanc157 millionpremium income(e272 Million in full year) up+13.8%in comparison to 2007income of Groupama Biztosito and OTP Garanciawas €96 million, as OTP Garancia was not consolidateduntil after 1 October 2008. The process ofmerging the subsidiaries Groupama Biztosito andOTP Garancia was initiated in the second half of2008, giving rise to Groupama Garancia Biztositoon 6 April 2009. With 1.33 million customers and anetwork of 150 agencies, 2,500 sales representatives,450 brokers and the contribution from thenetwork of the 400 OTP Bank cash machines, itis one of Hungary’s largest multi-channel insurancecompanies. In 2008, Groupama GaranciaBiztosito earned pro-forma premium income ofHUF 89 billion (€354.1 million) and net incomeof HUF 11.5 billion (€45.7 million).Romania➜ €157 million: premium income of BT Asigurãri,OTP Garancia (premium income consolidatedover 3 months) and Asiban (premiumincome consolidated over 5 months), +13.8%;€272 million on an annualised basis.A major playerAfter BT Asigurãri, which was taken over at theend of 2007, the Group’s development acceleratedin this country in 2008 with the acquisition ofOTP Garancia Asigurãri, through the agreementwith OTP Bank, and that of Asiban through fourRomanian banks in April. This puts the Group atNo. 3 in Romania with a market share of 12% innon-life and 6% in life, representing a total of 500branches, 2,800 employees and 9,300 agents.Launched very quickly, the plan to merge the subsidiariesBT Asigurãri and Asiban should be completedin September 2009, subject to approvalby the regulatory authorities. The new entity willbe named Groupama Asigurãri. The employeesand customers of OTP Garancia Asigurãri areexpected to join them. The sustained growthin property and casualty insurance (+17.5%)concerned all segments. It allowed it to posttotal premium income of €157 million, up 13.8%over 2007.Bulgaria and Slovakia➜ Bulgaria: €5 million: premium income of DSKGarancia (premium income consolidated over5 months; €9 million on an annualised basis).➜ Slovakia: €1 million: premium income of OTPGarancia (premium income consolidated over3 months; €6 million on an annualised basis).These companies’ organisation and distributionnetworks are in the process of beingreorganised, and the Slovakian subsidiaryadopted the Groupama Poist’ovna brand on5 March 2009.

084 GROUPAMA2008 Activity ReportAsia and OverseasChinA➜ €2 million: premium income of Groupama S.A.Chengdu.➜ €20 million: premium income of Gan AssurancesIARD Hong Kong.A step towards life insuranceIn China, the Group is active in Sichuanprovince through a non-life branch positionedin industrial multi-line (SME) and individualhealth, and is represented in Hong Kong byanother non-life branch.2008 was marked by the earthquake of 12 Maythat hit southwest China, particularly Sichuanprovince. This resulted in thousands of deaths,and the damage was considerable. Althoughearthquake risk is excluded from its policies,Groupama contributed financially to thecompensation payments, through Sichuanprovince and its private insurers. At thesame time, the Group obtained authorisation toestablish a life insurance representation officein Beijing. This office, opened in March 2009, isan initial stage prior to filing a request for a lifeinsurance license. After growing sharply over theyear, Groupama Chengdu’s premium incometotalled some €2 million.The Group also holds a property insurancesubsidiary of Gan Assurances IARDin China, the portfolio of which consists ofdirect business and inward business fronting.The main underwriting activities are in accident,health and multi-line third-party liability.In 2008, this entity’s premium income totalled€20 million, up 15% over 2007.VietnamEncouraging resultsGroupama operates in Vietnam through a non-lifesubsidiary, Groupama Vietnam General, whichearned premium income of €171.2 thousand, up70% over 2007. Restoration of the distributionagreements entered into with Banque Agricoledu Vietnam allowed Groupama Vietnam Generalto post its first encouraging results.Gan Outre-Mer➜ €92 million: premium income (+8.4%).Gan Outre-Mer remains one of the largestoverseas insurance players, with strongnon-life positions in its markets. In fact, the entityholds a 30% market share in New Caledonia,15% in Polynesia and 15% in the West Indies.Its premium income increased 8.4% in 2008,both in the Pacific (+9% to €53 million) and inthe West Indies region (+10% to €39 million).

GROUPAMA2008 Activity Report085Activities / internationalcHinagroupama inSurancE(gan iarD Hong kong)c20 millionpRemium incomegan outrE-mErfRench West indiespAcificc92 millionpRemium incomecHinagroupama S.a. cHEngDu BrancHc2 millionpRemium income+8.4%in compARison to 2007viEtnam+70%pRemium income in compARison to 2007chinAGROUPAMA INSURANCE (GAN IARD HONG KONG)GROUPAMA S.A. CHENGDU BRANCHBUREAU GROUPAMA CHINA BEIJINGvietnAmGROUPAMA VIETNAM

086 GROUPAMA2008 Activity ReportActivities / Asset managementand financial activitiesGroupama Asset Management:renowned and appreciated know-howThe Group’s asset management subsidiary has certainly been affected bythe financial crisis, but has come through it well due to its prudent and wellinformedinvestment policy. The quality of its investment teams has won it a numberof awards. International development and socially responsible investment areits growth areas.Prudentmanagementto supportthe strengthof our customerassetsThe investment policy put in placeby Groupama complies withstrict prudential guidelinesin terms of asset diversification(bonds, equities and real estate),spread and liquidity.Investment decisions are basedon rigorous selection of qualityassets and are taken so asto foster stable and ongoinghigh performance.The strength of our customerassets, both in our insuranceand banking businesses,is fundamental. Toxic productsare totally absent from the Groupassets under management.In 2008 Groupama Asset Management postedhigh-quality performance against the backdropof a market that suffered considerable losses.This subsidiary figures amongst the very fewasset management firms that continued tocollect funds in all three of the classic assetclasses (money market, bonds and equities).Groupama Asset Management investment policybased on strict prudential rules has meant that,for nearly 4 years now, it has steered clear ofinvestments linked to the US (subprime) market,monolines or mortgage refinancing agencies andstructured products, both simple and complex.Given the highly depressed markets, the totalamount of funds under management fell by 7.5%in 2008 over 2007, and totalled €81.3 billion,collection of new funds remained positive at€5.3 billion and total funds under managementfor non-group customers continued to grow(+15.6% to €14.8 billion, i.e. 18% of funds undermanagement). As at 31 December 2008, bondsaccounted for 58% of funds under managementagainst 13% for equities and 29% for miscellaneous,money-market and alternative investments.In 2008, Groupama Asset Managementrevenues and those of its multi-managementsubsidiary amounted to €124.5 million.However, their contribution to Group net profit, at€14.6 million, fell by a half compared to 2007 dueto the slump in the financial markets.Renowned know-howThe management quality at Groupama AssetManagement, its anticipation of the marketupheavals and their consequences havebeen saluted by institutional investors. In thefinal quarter of 2008, this subsidiary was rankednumber one amongst asset management firmsin the delegated management rankingsdetermined by Image et Finance in a survey of125 French institutional investors. GroupamaAsset Management also held its 6 th placeamongst French management firms in theP&I/Watson Wyatt World 500 classificationas at 31 December 2007. Its know-how isappreciated and has won a large number ofprizes and awards.Numerous awards in 2008• Grands Prix Eurofonds-Fund Class awards:No. 1 French and European managementfirm in its class.• Lipper Fund Awards France: best all roundgeneralist promoter over 3 years acrossall categories.• Victoires des Sicav awarded by La Tribune-Morningstar: 2 nd best group overall; 2 nd bestgroup in the large bond product range; 4 th bestgroup in the large equity product range.• Seals of approval and other awards from MieuxVivre Votre argent: 11 seals of excellence,7 seals of regularity and 3 seals forPerformance. 2 nd in the insurance awardfor performance over one year and 5 th in theaward for long term performance over 5 years.• Grand prix awards from Agefi: Gan Francecame in 3 rd in the French equities category.• Trophies awarded by Revenu:Gold award for the “euro zone equities”,“diversified funds” and “internationalbonds over 3 years” product ranges(Insurer category); Silver award for overallperformance over 3 years (Insurer categories);Bronze award for overall performance over10 years (Insurer categories).

GROUPAMA2008 Activity Report087c81.3 billionassets under management(at 31.12.2009)Activities / Assetmanagement andfinancial activitiesEnhancement of our SRI productrangeIn full compliance with the Group’s policies andvalues, Groupama Asset Management now integratesSocially Responsible Investment (SRI) practicesin all its asset management. Individual stockanalysis includes a review of corporate governanceand highlights the main social and environmentalissues (see Groupama, a responsible investorpage 48).International growth2008 saw opportunities for Groupama Asset Managementto put its expertise at the disposal of someof the Group’s foreign entities, especially in theUnited Kingdom, Greece and Italy. The companyalso strengthened its business in Europe through itsItalian subsidiary by winning a number of tenders.A branch office was opened in Madrid in May2008. Even though 2009 promises to be adifficult year, Groupama Asset Managementnevertheless is more than prepared to face it,especially due to the quality of its research,analysis and management capabilities and toits excellent reputation with institutional investors.Following on from recent successes,further development in Europe, especially in Italy,will be one of our priorities.New awards won in 2009• Grand Prix Eurofonds awards: No. 1 French andEuropean management firm in its category forthe 3 rd consecutive year; Euro Capital Durable,top prize in France, 2 nd prize in Europe.• Lipper Funds Awards France: best all roundgeneralist promoter over 3 years across allcategories.• Victoires des Sicav awards from La Tribune-Morningstar: best overall group; 2 nd best groupin the large equity product range; France Gan,Groupama Croissance and Groupama FranceStock figure in the top 10 in the “Equities –major French capitalisations” category.• Seals of approval awarded by Mieux Vivre Votreargent: 13 seals for excellence out of 38,5 regularity seals and 3 seals for performance.

088 GROUPAMA2008 Activity ReportGroupama Immobilier: holding up wellThis is a service company specialised in the management of property and forestassets particularly for the Group’s insurance companies. Groupama Immobilierposted €215.7 million (rental income) in 2008, up 0.8% over 2007. The year sawa complete halt to the ongoing rise in property values seen over the last ten years.However the decline of just – 3% was moderate as a result of the high qualityof the property assets in the portfolio, which acts as a shock absorber in timesof crisis.c4.2 billionreal estate estimated valueQuality assetsAt the end of 2008, Groupama Immobiliermanaged an asset portfolio amounting to a totalsurface area of 650,000 m 2 valued at €4.2 billion.The portfolio consisted of 68% office spacelocated mainly in the Paris region, 30% dwellingsand 2% forestry. Great importance hasalways been placed on the quality of relations withcustomers whether they are agents or tenants.This contributed to Groupama Immobilier holdingup so well. The company is, in addition, certifiedISO 9001-2000 for the totality of its propertymanagement activities. In 2009, the economicslowdown is likely to bring about a further declinein property values and a worsening of the rentalmarket. Given all this, Groupama Immobilierhas decided to bring all its expertise to bear soas to make the appropriate arbitrage decisionson properties and meet the requirements of itstenants and satisfy landlords’ need for capital.Priority to be given to sustainabledevelopmentGroupama Immobilier has taken a lead in environmentalissues. For acquisitions and new constructions,for example, for target assets to be acceptable theymust comply with the criteria laid down for obtainingthe HQE (high environmental quality) label. A workinggroup tasked with making all staff aware of sustainabledevelopment issues has also drawn up an“Eco-responsibility” guide, which has been followedup by the implementation of concrete measures inthe workplace such as management of lighting andthe use of photocopiers, etc. In 2009, GroupamaImmobilier has undertaken to make an energy diagnosisof a test office location in collaboration withan outside service provider. The aim is to explore allthe means possible to improve energy savings andwaste disposal. This work will serve as a referencebase in order to deploy acceptable solutions in otherhigh energy-consuming locations.This subsidiary is assisting Groupama Transportin the construction of its new head office buildingcompliant with the HQE label.

GROUPAMA2008 Activity Report089Groupama Private Equity: well-informed strategyIn 2009, Finama Private Equity will change its corporate name to Groupama PrivateEquity. The current crisis has brought about a sharp drop in business activityboth in terms of investment and divestment frequencies and in capital raising.Private equity portfolios have suffered indirectly from the decline in stock marketvalues on a delayed action basis. The slowdown in economic activity has alsoaffected the companies in which these funds hold stakes. Nevertheless, FinamaPrivate Equity has been able to consolidate performance through its positioningand strategy.Activities / Assetmanagement andfinancial activitiesc1.7 billionassets under managementThe crisis environment, which had begun toaffect major LBO transactions from summer2007 onwards, finally caught up with privateequity as a whole by mid 2008. Even so, fundsunder management at Finama Private Equityhave continued to grow in volume. Theyamounted to €1.7 billion at the end of 2008,up €154 million, or around 10%, comparedto end of 2007. Growth here is mainly dueto the fund of funds business transacted byQuartilium. It is mainly attributable to an additionalsubscription of €50 million made by an existinginvestor in a dedicated fund and by the launchat the end of the year of two new fund of fundtheme funds, distressed and infrastructures, for€30 million and €60 million respectively. At theend of 2008, Groupama SA represented 55% ofcapital deployed, the regional mutuals 7%, andnon-group clients 38%.In view of the current climate, 2009 is likely tosee a relatively low level of capital raising anda depressed level of investment activity. Companystaff will be concentrating their attentionon existing portfolio investments.Fund of funds businesswell placedWith the crisis, the spread of performance betweenplayers will accentuate. This situation should, intime, be structurally favourable to Quartilium’sfund of fund activity by allowing it to differentiatequality when selecting underlying funds, in theknowledge that only a quarter of all teamsoutperform the market.Prominent positioningof direct investmentsBy virtue of their small cap positioning, the FinamaPrivate Equity direct funds turned out to be wellequipped to face up to the crisis.Acto Mezzanine, which is building up a diversifiedportfolio of stakes in companies with lowdebt ratios, should hold up well in the economicclimate of 2009 and benefit from the declinein banking debt so as to improve its terms andconditions for future investments. As a resultof its investment strategy, Acto Capital shouldbe relatively sheltered from market excessesgiven that it seeks out mainly French SME’s insolid business sectors with the least possibleexposure to business cycles and for whichbanking debt is currently not available.Capital investors’ charterIn June 2008, Finama Private Equity signedthe AFIC* Capital investors charter, whoseaim is to unite the market players aroundessential values such as the long termdevelopment of companies, the responsibilitiesthey have to assume such as consultancyand audit, and the undertakings such asstrengthening social dialogue.* Association française des investisseurs en capital(French association of capital investors).

090 GROUPAMA2008 Activity ReportGroup banking entitiesBanque Finama: renowned quality of serviceThis is the Group’s banking entity for all Groupama regional mutuals and companiesbut it also has its own clientele, developed mainly through concentration on wealthmanagement and services to corporate clients and agricultural enterprises. Inspite of the crisis, this subsidiary grew its business in 2008. It will merge withGroupama Banque in the fourth quarter of 2009.c101 billionSECURITIES IN CUSTODYA merger with reasonThe merger between Banque Finama andGroupama Banque will allow all customers –private individuals, professional, companies andGroup entities – to access a complete range ofbanking services via one single bank. Accountmanagers will increase their productivity by havingonly one contact to deal with and bank staff willsee their career prospects widen. On a financiallevel, equity capital devoted to our bankingactivities will be better utilised. The new entitywill be called Groupama Banque.Growth and diversificationBanque Finama consolidated and grew its businessin 2008, posting net banking revenues up3.7%, at €70 million (including dividends fromasset management subsidiaries). The fall in thefinancial markets and the economic slowdownat year-end did, however, have an effect on itssecurities business and the level of funds andinvestment securities in custody, including negotiabledebt instruments, which have slumped to€101 billion. The payment instruments businessescontinued to progress at a rate somewhat lowerthan recent years. The investment and third-partymanagement businesses were hit badly by the40% fall on the financial markets. On the otherhand, the private banking arm has continued toopen new accounts and to create new links withthe Groupama and Gan networks. The bankingarm for professional and corporate clients hada splendid year in all of its business activities. Itaccentuated its direct approach to the corporateclient market. Corporate Finance, which advisescompanies on equity transactions, confirmed itsposition in the cooperative sector by succeedingin a series of transactions in this segment, notablythe sale of the Laiteries de Saint-Malo dairy concern.Banking products designed for agriculturalplayers have been on offer since March 2008 tomembers of the regional mutuals. By the end of2009, all network entities will be able to marketthese new banking products to members.Higher performingquality toolsSeveral moves to improve the organisation andsecurity levels in our business begun in 2007 continuedinto 2008: Basel II, IFRS, Target II migration,the pooling of cash resources amongst the mainGroupama SA subsidiaries and the productionof a new tool for the custodianship of securitiesand attendant products.Banque Finama also participates actively in the SEPAproject which sets out to put in place a range ofeuro-denominated payment instruments that iscommon to all European coutries and to develop asystem of payments that is compliant with the beststandards. The bank was able to generateand receive the new SCT pan-European girotransfers as early as 28 January 2008, the dateof the market launch.The ongoing search for quality remains at the heartof our strategy. The renewal in February 2008of the ISO 9001 2000 certification for the managementof our cashless payment instrumentsprovides further confirmation of this.The merger with Groupama Banque, planned for1 October 2009, will assist in the developmentof business and cost synergies whilst anchoringour banking activity securely within the GroupamaGroup. The new entity will also hold the assetmanagement subsidiaries currently held byBanque Finama.

MembersGROUPAMA2008 Activity Report091our organisation5 400 Local mutuals11 Regional mutualsMembershipOur organisationHolding100%99.9% (1)Groupama S.A.Fédération nationaleGroupamaInsurance and services in France Finance InternationalGroupama VieLegal Protection(GroupamaProtection Juridique)Credit Insurance(GroupamaAssurance-Crédit)Marine andTransport (GroupamaTransport)Gan AssurancesGan EurocourtageGan PatrimoineGan PrévoyanceAmaguiz (Amaline)Employee savings(Groupama épargneSalariale)Assistance (Mutuaide)Compensation in kind(FMB)Accident management(CapsAuto)Remote surveillance(Présence Verteand Activeille)Motor repair trainingcentre (CESVI France)Driving centres(Centaure)Groupama Banque**Groupama AssetManagementGroupama Immobilier(Real Estate)Groupama PrivateEquityBanque Finama**SpainGroupama SegurosItalyGroupama AssicurazioniNuova Tirrena*United KingdomGroupama InsurancesTurkeyBasak Groupama, Güven*,Günes Sigorta (36 %)PortugalGroupama SegurosGreeceGroupama PhoenixHungaryGroupama GaranciaBiztosito*RomaniaGroupama Asigurari*BulgariaGroupama Zastrahovanie*RéunimaSlovakiaGroupama Poistovna*China (Sichuan)Groupama Chengdu BranchChina (Hong Kong)Gan Hong Kong BranchReinsurance linkCapital link(1) 0.1% of Groupama S.A.’s equity is owned by the employees and exclusive agents.*Endorsing Groupama brand during 2009.**Banque Finama will merge with Groupama Banque in the fourth quarter of 2009.Consolidated entities for the year 2008 are mentionned in the notes of the Group Accountsdocument (Group scope) and in the Registration document of Groupama S.A. (Consolidated scope).VietnamGroupama VietnamOverseasGan Outre-merTunisiaStar (35 %)

092 GROUPAMA2008 Activity ReportEmployee InformationThis table covers Groupama S.A. and its subsidiaries, and the IT and logistics economic interest groupings (GIE).CategoriesTotal remuneration and benefits of all types paid to eachsenior manager during the yearTotal compensation and benefits of all types received by thesemanagers during the year on behalf of controlled companiesas defined in Art. L. 233-16List of all managers and the duties performed by eachof these managers for any company during the yearTotal employeesNew hires under open-ended (CDI) andfixed-term (CDD) contractsDepartures of employees with open-ended contracts (CDI)CommentsSee the Groupama S.A. Registration Document.See the Groupama S.A. Registration Document.See the Groupama S.A. Registration Document.On a consolidated basis, there were 22,658 employees as at 31 December:– 11,578 in France including French overseas territories and departments;– and 11,080 in International subsidiaries.These employees can be separated into the following categories:– 48% men and 52% women;– 55% non-managers 45% managers.The number of new recruits in France totalled 1,304 under open-ended contracts, of whom 421 were salespeople.As at 31 December 2008, there were also 470 fixed-term contracts in place (or 4% of all French employees, upfrom 3.4% in 2007).1,041 employees left the company representing 9% of employees with open-ended contracts in France.Of those, 32% accounted for resignations and 21% for retirements.Overtime There were 19,600 overtime hours in France during 2008.OutsourcingOrganisation and working hours for full time employeesPart-time employeesEmployees savings schemesIn 2008, outsourcing totalled 88,200 man days.In France, organisation and working hours are negotiated separately for each company. The weekly workinghours vary between 32.68 and 38 hours. Internationally, legislation regarding working hours varies from countryto country. Some allow businesses to regulate the organisation of the working day (hours, lunch break, part-timearrangement, etc.). Consequently, the working week varied between 35 and 40 hours in the U.K., Spanish,Italian, Portuguese and Hungarian subsidiaries.In France, 816 employees elected to work on a part-time basis, or 7% of all employees. This percentage variesbetween 1% and 16% depending on the company.These plans include all the profit sharing and incentive schemes within the French companies of the Group.€29 million was paid out in 2008.

GROUPAMA2008 Activity Report093CategoriesProfessional relations and collective bargaining agreementsCommentsIn France, there was a high level of collective bargaining. Various topics were addressed: changes to employeestatus, working hours, operations of staff representative bodies, people with disabilities, incentives, annualsalary negotiations, employment equality and GPEC (HR and skills planning), etc.For companies belonging to the UDSG company association, the main item in 2008 was the negotiationand signature of agreements covering employee savings for retirement and compensation.Accordingly, an amendment dated 15 May 2008 to the Intercompany Retirement Savings Scheme (PERCOI)was signed with three trade unions in order to:– Enable payments to the PERCOI to be made by monthly deduction from salary payments;– Provide a situation to have the Inter-trade union Company Savings Committee (CIES) label the Group FCPE(this objective is scheduled to be met in 2009).In conjunction with two employee agreements dated 7 November 2008, signed by three trade unions,the timing of salary negotiations was brought forward in order to begin salary negotiations in the companiesbefore the end of 2008 and begin to apply collective salary rises as from 1 January 2009.An initial agreement stipulates specific salary requirements for 2009 including the following:– A minimum salary for classes 1 to 7;– A guaranteed salary increase for all staff for 2009.An amendment to the National Groupama Agreement raises the education allowance (and the family paysupplement) by 5% as from 1 January 2009.With regard to the career development of staff representatives, several points are holding up the signatureof the amendment as it stands and required continuing negotiations on the matter in April 2009.Group employee organisations2008 discussions within the Group Works Council involved a review of the Group’s major plans(e.g. APOGEE, development of the Banking business, PSO, Cap 2008, etc.), the combined financialstatements and their analysis by an independent expert appointed by the Group Works Council.Continuing the work initiated in 2007, the employment report, covering workforce stability, open-ended/fixedterm contract breakdown and promotion rates etc., an update as at 31 January 2008 of the Emploi Métiers(jobs by profession) covering jobs per category/headcount breakdown per category of professions/focuson the commercial category, were presented.The first 2008 meeting of the European Works Council, in addition to giving an updated situation for the Groupand its international activities, showed the results of the Group’s 2008 opinion survey with a comparisonbetween French and international subsidiaries.For the first time, the second annual meeting of the European Works Council was held in Strasbourgat the European Parliament.The day before the meeting, the afternoon was devoted to a visit of the Parliament followed by a meeting withGilles de Robien, French delegate for the OIT (and ambassador for Social Cohesion).

094 GROUPAMA2008 Activity ReportCategoriesCommentsThis meeting initially began with a presentation of the OIT (history, operations, missions, etc.) which coveredthe role of this institution in developing world employee standards but also the current difficulties arisingfrom the OIT’s lack of powers to impose penalties on countries not meeting the agreed standards.The plenary meeting related to key figures from the 2008 half year results, the financial crisis and its impacton the Group’s acquisition policy.A status report was made concerning progress in integrating the recently acquired subsidiaries,group staffing levels at international level, and the implementation of the Ethics Charter in the Group.Social Dialogue Commission of the Group Works Council: negotiation of the agreementon Diversity and Equal Opportunities within GroupamaWork carried out in the Social Dialogue Commission of the Group Works Council since January 2008resulted in an agreement being reached on Diversity and Equal Chances within Groupama, signed byall trade union organisations (with the exception of the FO) on 24 October 2008.In practical terms, seven meetings were held during which, in addition to the text of the agreement,there were discussions on the various aspects of Diversity (collection of best Diversity practicesfrom companies in the Group; an assessment for 2007 of the employment of handicapped persons;the questions raised by measurement of Diversity (ethnic and cultural origins) and the position of the CNIL,an initial assessment of Diversity indicators within Groupama, to provide a baseline from whichto measure progress. Thirty indicators were used to measure professional equality between menand women; equilibrium between professional and personal life; age management and the employmentof handicapped persons.Agreement on Diversity and Equality of Opportunities within GroupamaOn 24 October 2008, five out of six trade union organisations in the Group signed the first Group levelagreement on diversity and equal opportunities within Groupama. This agreement, of indefinite duration,applies to all the companies in the Group (Groupama S.A., its subsidiaries and the companies that aremembers of the UDSG), over fifty companies in all and over 27,000 employees in France.The preparation of the draft agreement and the signature of the final document form part of the socialand societal policy of the Group.The 4 main chapters of the agreement concern:– Cultural diversity,– Professional gender equality,– Employment of people with disabilities,– Age management.The aim of this text is to enable the Group to participate in the promotion of diversity and combatingdiscrimination. Concrete implementation in favour of diversity will be formalised through actions suchas combating stereotyping and diversification of recruitment sources, commitment by senior managers,

GROUPAMA2008 Activity Report095CategoriesManagement and Communication with employeesTrainingSocial and cultural activitiesPatronageCommentsthe internal communication of best practices, and management training.In addition the appointment of a Group Diversity representative and the implementation of a networkof diversity representatives throughout the companies should enable the roll-out of commitments, actionsand initiatives in each company.In the French companies and the U.K., Italian, Hungarian, and Chinese subsidiaries, management techniquesand procedures for integrating new employees were implemented (covering induction, and annual or biannualindividual reviews, etc.). Most of the companies have communication systems, such as internal websitesand company publications. At the Group level, the intranet Le Kiosque is designed for all employees and isnow accessible to employees of foreign subsidiaries. In addition, employees also receive the magazine Odyssée,and Odyssée International, a magazine concerned mainly with the activities of international subsidiaries,translated into 9 languages.In France, 5% of total wages and salaries (voluntary contributions) have been invested in training,and 8,175 employees have followed training courses.8% of employees spent an average of 4.94 days in training, representing a total of 290,562 hours in 2008(based on 2,483 declarations made in 2008 in respect of 2007).Each of the Group’s businesses decides on the amount of its contribution to social and cultural activities.In France, at the company level, each company conducts its own patronage activities in various fields(partnerships with business schools, with sheltered employment centres, etc.). At the national level,the Groupama Health Foundation and the Groupama Gan Foundation for Cinema carry out numerous activities.To expand its School/Enterprise relationships beyond the partnership with INA Paris Grignon, the Group,as one of the founding members of the Risk Foundation, has made a commitment to it together withUniversité Paris-Dauphine, École Polytechnique, the ENSAE (École Nationale de la Statistique et del’Administration Économique), and the CEA (Centre d’Études Actuarielles). Through this commitment,Groupama intends to foster through research and training, a better understanding of the attitudes,behaviour and reactions of economic agents in the face of risks and the development of techniques suitedto the assessment and control of such risks.

096 GROUPAMA2008 Activity ReportEnvironmental informationThis table covers the premises managed by GIE Groupama Logistique, the premises managed by GIE Groupama Systèmes d’Information, the premises managed by Groupama Immobilier,and the premises managed by the Group’s principal international subsidiaries (in Spain, Portugal, Italy, Great Britain, and Turkey, representing 85% of the Group’s revenues earned outside of France).CategoriesWater consumptionCommentsGIE Groupama Logistique:74,927 m 3(Sites at La Défense, Paris, Marne, Morangis, Orvault and Bordeaux).Groupama Systèmes d’Information:Sites at Bourges 1 and 2 (machine rooms): 900 m 3 .Note that the big drop compared to the previous year is due to a change in supplier and different meter readingdates; this drop should be more significant next year.Groupama Seguros (Spain):10,380 m 3 , a slight decrease compared to 2007 (– 1%). If this information is compared to the numberof employees, the consumption of water per employee has also diminished (– 2.63%).Groupama Seguros (Portugal):1,400 m 3 (for the head office at Av. de Berna).Groupama Assicurazioni (Italy):12,700 m 3 (this volume takes into account the increase in consumption due to the arrival of new employeesat head office after the acquisition of Nuova Tirrena).Groupama Insurances (Great Britain):3,460 m 3 (the buildings are all rented; some do not receive direct invoices for their water consumption,which is included in the charges).Offices in Croydon, Swan Court, Letchworth and Barnet buy bottled water from “Aquaid”, which makes a gift of£0.4 to Water Aid in Africa for each bottle purchased.Consumption of raw materials (paper)GIE Groupama Logistique:➜ Paper: 231,267 reams of A4 paper consumed for all sites and clients of Gie Groupama Logistique.100% of the paper is labelled PEFC or FSC or recycled. Tests of 75 gr. paper in place of 80 gr.➜ Printers, photocopiers and fax: rationalisation of printing facilities with the aim of centralised managementat a single facility, reduction in the number of machines and a decrease in consumables – paper and inkcartridges.

GROUPAMA2008 Activity Report097CategoriesComments➜ Office supplies: use of labelled products and ‘green’ products as advised by our supplier Lyreco.➜ Furniture: selection of suppliers certified ISO 9001 and 14001. Purchase of products derived from ecodesignsources, easily dismantled, rugged, with small footprints and using recycling circuits.➜ Printed material: systematic use of suppliers with the Imprim’vert label.➜ Envelopes: purchase of envelopes labelled NF Environnement only.Groupama Seguros (Spain):61,798 reams. The increase in paper consumption compared to 2007 (+20%) is due to an increase in invoicing(+12.2%) and therefore of printing (printing the general terms and conditions), to a large number of paper mailshots (special sales campaigns), to the relocation of certain work sites (mailing the new addresses), and to theopening of new branches and sales offices (mailing to clients to inform them of new points of sale). If we comparethese figures to the total number of employees, the rise in paper consumption is +17.3%.Groupama Seguros (Portugal):5,000 reams (for the head office at Av. de Berna).Groupama Assicurazioni (Italy):53,000 reams.Basak Groupama (Turkey):6,904 reams.Groupama Immobilier:4,376 reams of reprographic paper (2,188,000 sheets against 3,750,000 sheets in 2007, a drop of – 40%)105 reams of letter paper. To reduce paper consumption recto verso printing on networked printerswas introduced at the end of the first half of 2008.Groupama Insurances (Great Britain):49,396 reams.Energy consumptionGIE Groupama Logistique:➜ Electricity = 37,465 MWh➜ Gas = 10,553 MWh➜ Town heating = 5,900 MWh➜ Chilled water = 4,695 MWh(All sites at La Défense, Paris, Marne-la-Vallée, Morangis, Orvault and Bordeaux).Groupama Systèmes d’Information:Sites at Bourges 1 and 2: 10,032,615 kWh+ 5,000 litres of fuel for generator tests and EDF breakdowns, around 50,000 kWh.

098 GROUPAMA2008 Activity ReportCategoriesCommentsGroupama Seguros (Spain):3,699,000 kWh. Consumption was up compared to 2007 (+10.4%). This rise is explained by the openingof a large number of branches (over 40) during 2008.If this figure is compared to the total number of employees, it can be seen that the rise in energy consumptionwas smaller than in the previous year (+7.9%).Groupama Seguros (Portugal):368,449 kWh (for the head office at Av. de Berna).Groupama Assicurazioni (Italy):Electricity: 1,890,520 kWhGas: 45,615 kWh(amounts taking account of increased consumption linked to new employees at head office afterthe acquisition of Nuova Tirrena.)Groupama Insurances (Great Britain):Electricity: 2,403,713 kWhGas: 431,604 kWhBasak Groupama (Turkey):Electricity: 2,600,443 kWhGas: 33,916 m 3Measures taken to improve energy efficiencyGIE Groupama Logistique:➜ General: Technical building management systems are used in the Astorg, Malesherbes, Piazza, Marne,Bry, and Bordeaux buildings and in the buildings in La Défense.➜ Marne sites:Energy management software:– Marne building: electricity management software and software controlling electricity consumptionby kitchen equipment.– Piazza building: water and electricity metering software.➜ Paris sites:Use of a system to optimise electric power demand by kitchen equipment in the Malesherbes building.➜ Other measures taken on these sites in Paris and Marne-la-Vallée:Replacement of incandescent lamps by low energy bulbs (as applicable).Modification of lighting management taking account of sunlight and presence detectors.➜ Sites at La Défense:During work on lighting installations, replacement of lights with low consumption models in theMichelet building.

GROUPAMA2008 Activity Report099CategoriesCommentsGroupama Systèmes d’Information:➜ Mermoz site:Installation of reversible heat pumps (hot/cold): this technique should enable lower energy consumption(for 1 kW used, 3 kW recycled).➜ Bourges site:Energy audit of computer rooms to estimate possibilities of improving the use of air conditioning.– Installation from January 2009 of water supplies on town water network limiting the need for transportof water (replacing water containers).– As of February 2009, implementation of a contract for simultaneous collection of parcels and postal service,avoiding the use of a truck especially for parcels.– Replacement of chilled water circulation pumps for the computer rooms and boiler pumps by largethroughput pumps with regulators limiting their consumption.– Replacement of lighting in the meeting rooms by low consumption installations.– Stickers installed by light switches reminding people to switch out the light on leaving the room.Examples:Bourges site:– Installation of solar protection films on the first floor windows to decrease over-heating in summer and thusreduce the need for air conditioning.– Replacement of cooling systems at Bourges 1 to meet Kyoto constraints (no more R22 refrigeration gas by2010, installation of R134a) and to improve the performance of our cooling systems.As part of the Green IT initiative to reduce consumption and energy costs, a study has shown the goodperformance of our technical installation through the indicator PUE or Power Usage Effectiveness establishedfor Groupama SI at 1.9.Existing data centres have PUEs between 1.9 and 3.Data centres under construction in France aim in general at 1.8 hoping to hit 1.6 to 1.7.Data centres in very cold regions manage 1.3 to 1.4...Ecully site:Replacement of a lost water air conditioning system (45 consoles) by an Air/Air closed circuit heat pumpsystem (cooling gas R410), whose yield is:Heat: Optimised Performance Coefficient 1/3.7 or 1 kW consumed for 3.7 kW recycled;Cold: Optimised Performance Coefficient 1/3.21 or 1 kW consumed for 3.21 kW recycled.Chauray site:Replacement of halogen lamps with low consumption lamps with presence detectors and dimmers.Energy saving will be of the order of 75%.Mermoz site:Implementation of low consumption lighting with presence detection, only in the relaxation areas.Implementation of lighting with presence detection in the toilets.

100 GROUPAMA2008 Activity ReportCategoriesCommentsGroupama Immobilier:1) Renovations– Comparative study of different sources of energy including global costs and theoretical CO 2footprint for theestimated consumptions.– Installation of double glazing where lacking and improved thermal insulation where possible.– Lighting with electronic ballast, sunlight sensors and presence detectors in the office areas; presencedetectors in the toilets.– Technical building management (Gestion technique du bâtiment - GTB) in partnership with Climespace andCPCU.2) Building managementEnergy control agreements for shared heating that include incentives for energy savings. Systematic studies areconducted when heating systems are replaced to improve energy efficiency.When the contracts were signed (end 2002, and during 2003) the expected savings were 10% of a globalenergy cost of €1,742,000. Successive audits from 2004 to 2008 have confirmed the forecast savings.In 2008, the contracts for shared heating among 34 buildings were renegotiated to take account of environmentalconcerns (greenhouse gases) and incentivise the operators to make energy savings, with new contractual studyobjectives and proposals for energy reduction (studies are on-going).Measures taken toward adoption of renewable energy sources –Groupama Seguros (Spain):Preventive maintenance of installations and equipment, renovation of installations, energy saving equipment,implementation of systems minimising consumption, programming, etc.Groupama Assicurazioni (Italy):Energy consumption is permanently monitored by IT.Low consumption bulbs are used in all authorised situations.Where applicable the energy consumption category of equipment chosen to replace electrical fittingsand cooling systems is taken into consideration.Measures taken to improve conditions of ground useMeasures taken to reduce air, water and ground emissionsaffecting the environmentGroupama Immobilier:Purification plant: operation at Le Havre for Groupama Transport.GIE Groupama Logistique:➜ Waste water from restaurants: biological treatment at the sites in Marne-la-Vallée, Paris and Bordeauxbefore removal by a specialist company.➜ Air outlets from restaurants: permanent biological treatment of extractor hoods on the Paris site, with cycloneexchanger to degrease and deodoriser exhaust air.➜ Car park drainage: use of special hydrocarbon separation drains on the sites in Marne-la-Vallée and Paris;recuperation and treatment by a specialist company.

GROUPAMA2008 Activity Report101CategoriesComments➜ Other measures: Installation of sluice to limit evacuation of fire fighting run-off on thesite at Morangis.➜ Automobile fleet: 148 vehicles of which 40% less than 140 gr. (32% in 2007). An eco-responsible purchasingpolicy was established in 2007 favouring vehicles with low CO 2emissions (catalogues at the disposal ofclients). Test under way of an electric vehicle for inter-site liaison.➜ Travel: Travel policy encourages use of trains rather than planes for journeys of less than 3.5 hours and anemphasis on videoconferencing in order to reduce the number of journeys:train: drop in the number of journeys by 47% and of the number of tons of CO 2by 38%;aeroplane: total activity has increased because of our international development. By contrast, journeys withinFrance have decreased significantly by 20%.Groupama Immobilier:Compliance with regulatory requirements:– grease trap for restaurant waste water;– hydrocarbon traps in car parks;– annual operation of cooling towers (TAR).Groupama Seguros (Spain):Controlled withdrawal of obsolete computer equipment, used furniture, batteries, fluorescent lamps oils etc.Groupama Assicurazioni (Italy):The entire automobile fleet complies with the latest anti-pollution norms.To encourage the use of public transport, a shuttle service has been established for employees from the nearestunderground rail station. To avoid CO 2emissions from boilers, heating is largely provided by heat pumps.Groupama Insurances (Great Britain):– Lighting: “ecological” lights/lamps have been installed in the Croydon offices and are currently being installedat Portsmouth.These lights (lamps) include a dusk and movement detector, and therefore go on and off automaticallydepending on whether there is someone nearby.It is possible to adjust the ambient light threshold manually if that should prove necessary. In addition,if the external light is sufficient to light the premises, the lights go out. The lights come on according tothe intensity of the light outside. They enable us to reduce our CO 2emissions significantly (38 tons a year).– Teleconference: Groupama UK has invested in video-conferencing telecommunications equipment enablingemployees to communicate from site to site, minimising their need to travel to meetings.This action is aimed at reducing the need for professional journeys by car (reducing petrol consumption).– Switch off your PC: Groupama UK recommends all its employees to switch off their PC and other electricalequipment each evening when they leave the office in order to economise on overnight energy consumption.– Bicycle to work: Groupama UK encourages its employees to use the bicycle as the means of gettingto and from work. Bicycle storage areas are available. This not only reduces carbon emissions, it also enablespeople to get physical exercise.

102 GROUPAMA2008 Activity ReportCategoriesMeasures to reduce sound and odour emissionsCommentsGIE Groupama Logistique:➜ Implementation of sound traps:Sites in Marne-la-Vallée, around generating units and Roof top.Sites in Paris, around cooling towers, cold generators and car park ventilation.➜ Other measures include: stopping all noisy external installations at 10:00 p.m. and on national holidayson the sites in Paris.Groupama Immobilier:Actions implemented during works:– acoustic false ceilings;– double glazing;– fresh air treatment centre, blower/extraction.Groupama Seguros (Spain):Regular monitoring of filter, pipes and equipment. Installation of noise reduction devices for some computerequipment.Groupama Assicurazioni (Italy):All air-conditioning units and generator units are sound-proofed.Smoke and air extractor trunking from kitchens are fitted with odour filters.Measures to reduce wasteGIE Groupama Logistique:➜ Paris sites: recycling office and restaurant wastes.➜ Bordeaux site: recycling paper, ink cartridges, photocopiers and printers.➜ La Défense site: selective waste sorting implemented in the Michelet and Prisma buildings.➜ In all buildings: recuperation and specific treatment of batteries, lamps and ink cartridges.➜ Reduction in paper consumption: recto/verso printing. Rationalisation of printing arrangements, centralisedmanagement of local printing, establishment of a printing policy and significant decrease in the amountof hardware.Groupama Systèmes d’Information:➜ Site at Bourges:– Installation of scanner/photocopiers enabling documents received at Bourges to be scanned in orderto avoid making photocopies.– At the end of its life IT equipment is sent to a specialist (APR2) where it is dismantled and thesub-assemblies sent to appropriate specialists.

GROUPAMA2008 Activity Report103CategoriesCommentsGroupama Immobilier:Groupama Immobilier participates in the Group’s approach to corporate social responsibility (CSR).In its operations building a selective sorting with the cleaning company ONET will be established during 2009.Selective sorting is operational in 80% of the residential buildings managed by Groupama Immobilier.Groupama Seguros (Spain):Agreements established for recycling paper, used printer and photocopier toner. Fax machines have beenreplaced by multifunctional equipment.Groupama Seguros (Portugal):Contracts with specialised companies which recycle computer equipment and paper.Groupama Assicurazioni (Italy):A specialised company manages wastes which are selectively collected and recycled.Groupama Insurances (Great Britain):– Recyclable chairs:The majority of sites of Groupama UK use chairs whose components and materials will be recycled when thechairs come to be replaced. Every employee has his or her own “ergonomic and recyclable” chair, whichadapts to the comfort of its user.– Recycling waste:Each Groupama UK site has dustbins for recycling bottles and drink cans. There are also means to recyclepaper, cardboard, ink cartridges, batteries, portable telephones, computers and plastic cups. This act ofeco-responsibility is run by the employees whose commitment goes as far as taking their waste directlyto the recycling centres.– Printing on recycled paper:As far as possible, recycled paper is used to print documentation. That includes communications tools suchas the brokers’ newsletter Face2Face, and our internal magazine, theBuzz. They are all printed on papercontaining at least 75% of recycled material.– Economising on ink and paper:All printers are configured to print recto-verso in “draft” quality, thus reducing our consumption of both inkand paper.– Replacing wastepaper baskets:All the individual wastepaper baskets in the Manchester office have been removed and replaced by communalones to try to reduce waste.– “Graduate Challenge”:The new graduate recruits have been asked to come up with ideas for improving recycling systems.– Filtered water distributor:– All departments have their own water distributor in order to reduce consumption of bottled water.– For each water distributor purchased, our supplied makes a contribution for the construction of water pumpsin Third World countries.

104 GROUPAMA2008 Activity ReportCategoriesMeasures to limit impact on biological balanceCompany valuations and certifications on environmental mattersCommentsBasak Groupama (Turkey):Agreement with a company that recycles electronic apparatus for a large quantity of obsolete computerequipment. This company is committed to recycling the hardware in an environmentally responsible manner.Groupama Assicurazioni (Italy):All toxic wastes are collected and treated by a specialist company to reduce their toxicity and prevent thembeing dumped in the environment. The company provides a document confirming the treatments carried out.Groupama Immobilier:HQE (high environmental quality) is systematically required for acquisitions and new constructions.The aim is to obtain a globally high environmental quality, that is to say an overall approach that includes energysavings, employees, building environments etc.Two “HQE” projects are currently being piloted by Groupama Immobilier on behalf of the Group; these are:the construction of a building in Le Havre, part of which will be the future head office of Groupama Transportand the acquisition of a building under renovation at Montreuil, in the Paris region, which will be the future headoffice of the Group’s bank.Audit of energy use and carbon footprint for an office building in progress.Groupama Seguros (Spain):An energy audit is under way.Groupama Insurances (Great Britain):Certification for paper recycling. In addition we have signed an agreement with Business in the Community tocollaborate in action plans to reduce our impact on the environment. This collaboration should result in certificationof our good practices.Measures taken, as appropriate, to assure that thecompany’s activities are in compliance with applicable legaland regulatory provisionsGIE Groupama Logistique:This Economic Interest Group is engaged in an eco-responsible purchasing programme with the establishmentof indicators (consumption, costs and greenhouse gases) for all activities (buildings and purchases).Parallel to this, two other actions are in progress: energy audits of the buildings with Véritas (3 sites tested in2008) and the acquisition of our own internal carbon footprint “Bilan Carbone” appraisal through training fromADEME.The aim of these actions is to bring the company into conformity with the standards proposed by the government’sEnvironment Commission.As regards the buildings:The compliance and technical management of the managed buildings are the responsibility of GIE GroupamaLogistique.Various audit departments and specialised companies participate (audit of air-conditioning towers, asbestosassessment, air and water analyses, etc.).

GROUPAMA2008 Activity Report105CategoriesCommentsGroupama Immobilier:Use of private network for checking legal regulations and specific documents relating thereto for the technicians.Groupama Seguros (Spain):There is a Buildings Department. This Department is part of the General Resources Division, which is responsiblefor compliance with legislation and regulations.Groupama Seguros (Portugal):The Assets Department is part of the Financial Division and is responsible for compliance and technicalmanagement of buildings.Groupama Assicurazioni (Italy):Within the ICT, Organisation, Purchasing and General Services division, the design office Ufficio TecnicoImmobiliare provides technical management for the company’s real estate holdings and ensures compliancewith the norms in force.Expenditure incurred to prevent negative consequencesof the company’s activities on the environmentGIE Groupama Logistique:The 3 energy audits carried out in 2008 have enabled us to find potential short term savings aimed at reductionof GHG emissions by 93 tons for a small investment. In the medium term and with an additional investment,the GIE has the potential for further economies and an additional GHG reduction of 150 tons of.The choice of Groupama’s sites in Paris took into account transport and its impact on the environment: all the sitesare close to line 1 of the Metro and of RER line A.On the only sites with air cooling towers, in Marne-la-Vallée and Paris, treatments and analyses to combat Legionellainfections are included in the technical contracts.Groupama Immobilier:Legionella bacteria treatment and analysis; supervision of all air-cooling towers.In 2008, Véritas was engaged to audit the operation of the cooling towers with regard to health and safetyregulations.The air cooling towers of some buildings have been replaced by equipments using other techniquesthat do not carry environmental risk.In addition to treatment and legionella analyses of moist cooling towers (in compliance with regulations), thecontracts include systematic replacement of filters at appropriate intervals to prevent spread of diseases.Shared heating contracts include regular analyses of sanitary hot water for risk of legionella contamination.The frequency of these tests was doubled as of end 2008 to improve risk monitoring.Groupama Seguros (Spain):Expenditure derived from recycling and controlled destruction contracts.

106 GROUPAMA2008 Activity ReportCategoriesCommentsGroupama Assicurazioni (Italy):The quality of water and air at head office is checked periodically. An anti-legionella treatment is automaticallycarried out by the sanitary hot water installations.The air ducts are cleaned regularly.Groupama Insurances (Great Britain):Legionella bacteria treatment and analysis; supervision of all air-cooling towers.Existence of environmental management in the company’sinternal servicesCreation of the Ethics and Sustainable Development Department (ESDD) at Group level.GIE Groupama Logistique:– Two people have been appointed to establish and monitor the indicators and list eco-responsible actions.– One person has taken the ADEME “Bilan Carbone” training course to provide internal expertise.Groupama Insurances (Great Britain):The Corporate Social Responsibility Committee composed of “Champions” from each office meet regularlyto discuss CR projects and environment-related subjects.Training and information on environmental protection for employeesPiloted by the ESDD, the Sustainable Development Week offered all staff exhibitions and meetings (conference,film) on the theme of the environment and Groupama’s commitment.Use of internal communications media: several articles have appeared informing employees of eco-responsibleactions taken by Groupama.GIE Groupama Logistique:Sites at Marne-la-Vallée and Paris: “Légionnelles” training for personnel in the GIE responsible for monitoringthe operation of air cooling towers. Asbestos information sessions; monitoring regulations; lead risk.Groupama Immobilier:– Special training for Technicians:Training in diagnostics required by regulations and in particular the building’s energy performance.– Raising awareness among GI employees:Creation of a site in the intranet − Broadcasting of 8 awareness messages in 2008.In addition a special working group comprising members of all the departments in Groupama Immobilier metin 2008 with the goal of building awareness of the importance of sustainable development among all personnel.This working group developed an “eco-responsibility” guide available through the GI intranet, followed by theimplementation of concrete actions (concerning lighting, photocopies – recto/verso default settings – etc.).Groupama Seguros (Spain):Provision of the Manual of Environmental Best Practices for all employees.

GROUPAMA2008 Activity Report107CategoriesCommentsGroupama Assicurazioni (Italy):The industrial accident prevention courses include specific sections on the risks linked to asbestos and lead.Groupama Insurances (Great Britain):Each person who joins Groupama Insurances takes part in an orientation programme in which the company’sapproach and policy as regards civic responsibility are explained; this includes the publication 4 times a year of amagazine with a section to raise awareness among all employees of the company’s actions in this field.Resources dedicated to reducing environmental riskGIE Groupama Logistique:In its purchasing policy the GIE makes every effort to work only with suppliers committed to sustainabledevelopment policies. A programme of certification has been carried out to this effect. Note that many suppliersare major companies (Orange, La Poste, Xerox, HP, Renault, Peugeot, SNCF, Air France, etc.) which are alreadycommitted to sustainable development. In addition, all invitations to tender now include an environmental appendix.Groupama Immobilier:Recycling of ink cartridges and batteries.Groupama Seguros (Spain):Installation of selective containers for handling residues.Groupama Assicurazioni (Italy):Paper is sorted selectively. Waste water from kitchens is cleaned in grease separators before evacuation to thewater treatment network. Smoke and boiler emissions are checked periodically.Organisation in place to address polluting accidents affectingbusinesses not directly associated with the companyGIE Groupama Logistique:Sites in Marne-la-Vallée and Paris: procedures established for crisis management in the event of breach ofregulatory thresholds for concentrations of legionella in cooling towers.BCP: measures have been taken to guard against the non-availability of operational premises in the GreaterParis Region and continue our activities at a minimum level; these fall-back solutions are subject to periodictesting.Amount of provisions and guarantees for environmental risks –Amount of damages paid during the year following a courtorder pertaining to the environment–Information on goals assigned to foreign subsidiaries –

108 GROUPAMA2008 Activity ReportGROUP ADDRESSESRegional mutualsWeb site: www.groupama.frGroupama Alpes-Méditerranée24, Parc du Golf – BP 1035913799 Aix-en-Provence Cedex 03Tel.: 04 42 16 26 00Fax: 04 42 16 26 01ChairmanJérôme ZanettacciManaging directorYves EVENOGroupama Alsace101, route de HausbergenBP 30014 Schiltigheim67012 Strasbourg CedexTel.: 03 88 81 52 52Fax: 03 88 62 32 61ChairmanMichel HABIGManaging directorClaude DOLLÉGroupama Antilles-Guyane10, lotissement Bardinet-DillonBP 55997242 Fort-de-France CedexTel.: 05 96 75 33 33Fax: 05 96 75 06 78ChairmanJean JARNACManaging directorDidier COURIERGroupama Centre-Atlantique2, avenue de LimogesBP 852779044 Niort Cedex 9Tel.: 05 49 28 68 68Fax: 05 49 28 70 70ChairmanMichel BAYLETManaging directorChristophe BUSOGroupama Centre MancheParc Tertiaire du jardin d’Entreprises10, rue Blaise PascalBP 2033728006 Chartres CedexTel.: 02 37 88 38 38Fax: 02 37 35 52 28ChairmanRobert DROUETJean-Marie BAYEUL (as from 19 June 2009)Managing directorJean-Paul HUEGroupama d’Oc20, boulevard Carnot31071 Toulouse CedexTel.: 0 820 840 820Fax: 05 61 99 46 46ChairmanFrancis AUSSATManaging directorPhilippe CARRAUDGroupama Grand Est30, boulevard de ChampagneBP 9783021078 Dijon CedexTel.: 03 80 78 33 33Fax: 03 80 72 22 22ChairmanFrançois SchmittManaging directorGérard JOALLANDGroupama Loire Bretagne23, boulevard SolférinoCS 5120935012 Rennes CedexTel.: 02 99 29 57 57Fax: 02 99 29 57 99ChairmanJean-Luc BAUCHERELManaging directorPatrice CHÉREAUChristian Cochennec (as from 10 June 2009)Groupama Nord-Est2, rue Léon PatouxBP 102851686 Reims Cedex 2Tel.: 03 26 04 76 01Fax: 03 26 04 76 20ChairmanAnnie BOCQUETManaging directorDaniel GABORIAUGroupama Océan Indien7, rue André LardyBP 10397438 Sainte-MarieTel.: 0 810 261 261Fax: 02 62 41 50 79ChairmanDidier FOUCQUEManaging directorBernard VEBERGroupama Paris Val de Loire161, avenue Paul Vaillant Couturier94250 GentillyTel.: 01 49 85 49 85Fax: 01 49 85 58 81ChairmanSolange LONGUETFrançois DESNOUES (elected on 24 April 2009)Managing directorOlivier BLONDELGroupama Rhône-Alpes Auvergne50, rue Saint-Cyr69251 Lyon Cedex 09Tel.: 04 72 85 50 00Fax: 04 72 85 59 00ChairmanJean BALIGANDManaging directorFrançois GOUTAGNEUXGroupama SudMaison de l’AgricultureBâtiment 2Place Chaptal34261 Montpellier Cedex 2Tel.: 0 820 207 207Fax: 0 820 220 500ChairmanAmaury CORNUT-CHAUVINCManaging directorAlain KAHNSpecialised MutualsTobacco producers19, rue Ballu75009 ParisTel.: 01 44 53 48 00Fax: 01 42 81 16 86ChairmanGuy POUJADEManaging directorFrançois VEDELMisso (Forestry)32, allées d’Orléans33000 BordeauxTel.: 05 56 52 85 28Fax: 05 56 48 14 11ChairmanJean-Yves DAGÈSManaging directorJean-Luc THIBAULT

GROUPAMA2008 Activity Report109Adresses du groupeNationalentitiesWeb site: www.groupama.comFédération nationale Groupama8-10, rue d’Astorg75008 ParisTel.: 01 44 56 77 77Chairman of the boardJean-Luc BAUCHERELChief Executive OfficerJean AZÉMAGroupama S.A.8-10, rue d’Astorg75008 ParisTel.: 01 44 56 77 77Chairman of the boardJean-Luc BAUCHERELChief Executive OfficerJean AZÉMASubsidiariesGroupama Épargne Salariale4-6, avenue d’Alsace92033 La Défense CedexTel.: 01 70 96 60 00Fax: 01 70 96 71 39Web site: www.groupama-es.frChairman of the boardPhilippe CARRAUDManaging directorBenoît DUVALGroupama Vie5-7, rue du Centre93199 Noisy-le-Grand CedexTel.: 01 49 31 31 31Fax: 01 49 31 26 61Web site: www.groupama.frChairman of the boardJean BALIGANDManaging directorThierry MARTELGan Assurances Vie & IardImmeuble Michelet4-8, cours Michelet92082 Paris La Défense CedexTel.: 01 70 94 20 00Fax: 01 70 94 21 30Web site: www.gan.frChairman of the boardof Gan Assurances VieFrancis AUSSATChairman of the boardof Gan Assurances IARDSolange LONGUETManaging directorof Gan Assurances Vie & IARDBenoît MAESGan Eurocourtage Vie & IardTour Gan Eurocourtage4-6, avenue d’Alsace92033 La Défense CedexTel.: 01 70 96 60 00Fax: 01 70 96 67 87Web site: www.gan-eurocourtage.frChairman of the boardof Gan Eurocourtage Vie & IARDAmaury CORNUT-CHAUVINCManaging directorof Gan Eurocourtage Vie & IARDBaudouin CAILLEMERGan Patrimoine150, rue d’Athènes59882 Lille Cedex 9Tel.: 03 20 63 37 00Fax: 03 20 63 37 99Web site: www.ganpatrimoine.frChairman of the boardRobert DROUETManaging directorEric GELPEGan PrévoyanceImmeuble Michelet4-8, cours Michelet92082 Paris La Défense CedexTel.: 01 70 94 20 00Fax: 01 70 94 22 99Web site: www.ganprevoyance.frChairman of the boardMichel BAYLETManaging directorEric GELPESUBSIDIARYmarine andtransportinsuranceGroupama Transport1, quai George VBP 140376067 Le Havre CedexTel.: 02 32 92 92 92Fax: 02 35 21 38 04Web site:www.groupama-transport.com/en/Chairman of the boardRobert DROUETManaging directorBernard PETITsubsidiariesinsuranceand servicesMutuaide Assistance8-14, avenue des Frères Lumière94360 Bry-sur-MarneTel.: 01 45 16 63 30Web site: www.mutuaide.frChairman of the boardFrançois SCHMITTManaging directorNicolas GUSDORFMutuaide Services8-14, avenue des Frères Lumière94360 Bry-sur-MarneTel.: 01 45 16 63 30ChairmanNicolas GUSDORFPrésence Verte S.A.8-14, avenue des Frères Lumière94360 Bry-sur-MarneTel.: 01 45 16 67 14Web site: www.presenceverte.frChairman of the supersisory boardMarie-Thérèse PERNEYChairman of the management boardJérôme GRASSINManaging directorNicolas GUSDORFActiveille5, avenue des Frères Lumière94356 Villiers-sur-MarneTel.: 01 49 31 96 00Web site: www.activeille.frChairman / Managing directorNicolas GUSDORF

110 GROUPAMA2008 Activity ReportFrance Maintenance Bâtiment8-14, avenue des Frères Lumière94360 Bry-sur-MarneTel.: 01 45 16 71 90Fax: 01 45 16 71 99ChairmanMichel LUNGARTManaging directorNicolas GUSDORFGroupama Assurance-Crédit1-3, rue des Remparts93199 Noisy-le-Grand CedexTel.: 01 49 31 24 92Fax: 01 49 31 31 99Web site: www.groupama-ac.frChairman of the boardJean-Marc VERVELLEManaging directorSerge PAILLAUGUEGroupama Protection Juridique45, rue de la Bienfaisance75008 ParisTel.: 01 56 88 64 00Fax: 01 56 88 64 64Web site: www.groupama-pj.frChairman of the boardMichel LUNGARTManaging directorRose-Marie PARDOCesvi FranceZone d’activité de ChalembertRue Evariste GalloisBP 2386130 Jaunay-ClanTel.: 05 49 30 37 00Web site: www.cesvifrance.comChairmanFrédéric MAISONNEUVEChairman of the supervisory committeeStéphane DUROULECapsAuto9, rue des Pommerots78400 ChatouTel.: 01 30 09 75 75Chairman of the boardMichel LUNGARTManaging directorGeneviève ROUDIERfinancial subsidiariesBanque Finama157, boulevard Haussmann75008 ParisTel.: 01 53 53 23 23Fax: 01 53 53 23 00Web site: www.banquefinama.frChairman of the supervisory boardAnnie BOCQUETVice-Chairmanof the supervisory boardHelman le PAS de SÉCHEVALChairman of the management boardBernard POUYGroupama Banque70, rue de Lagny93107 Montreuil CedexTel.: 01 44 56 80 11Fax: 01 44 56 83 34Web site: www.groupama.frChairman of the supervisory boardAnnie BOCQUETChairman of the management board /Managing directorBernard POUYGroupama Asset Management58 bis, rue La Boétie75008 ParisTel.: 01 44 56 76 76Fax: 01 56 59 41 86Web site: www.groupama-am.frChairman of the boardHelman le PAS de SÉCHEVALVice-Chairman of the boardAnnie BOCQUETManaging directorFrancis AILHAUDActing managing directorJean-Marie CATALAManaging director assistantsRoland LESCURESerge MervaudGroupama Immobilier21, boulevard Malesherbes75008 ParisTel.: 01 55 07 40 00Fax: 01 55 07 40 45Web site: www.groupama-immobilier.frChairman of the boardHelman le PAS de SÉCHEVALVice-Chairman of the boardAnnie BOCQUETManaging directorFrançois NETTERGroupama Private Equity148, boulevard Haussmann75008 ParisTel.: 01 53 93 51 51Fax: 01 53 93 51 52Web site: www.finama-pe.frChairman of the boardHelman le PAS de SÉCHEVALManaging directorPierre-Michel DELÉGLISEActing managing directorDidier LEVY-RUEFFinternationalsubsidiariesBULGARIADSK Garancia InsuranceSofiiski Geroi St. 11612 SofiaTel.: (00 359 2) 915 88 88Chairman of the boardCharles de TINGUYChief Executive OfficerOgnian YORDANOVspainGroupama Seguros8, plaza de las Cortes28014 MadridTel.: (00 34 91) 589 92 92Web site: www.groupama.esChairman of the boardJean-François LEMOUXVice-Chairman of the boardand Chief Executive OfficerFlorent HILLAIRE

GROUPAMA2008 Activity Report111UNITED KINGDOMGroupama InsurancesGroupama House24-26 MinoriesLondon EC3N 1DETel.: (00 44) 870 850 8510Web site: www.groupama.co.ukChief Executive OfficerFrançois-Xavier BOISSEAUManaging directorLaurent MATRASGREECEGroupama Phœnix Asfalistiki2 Omirou street,Athènes GR-105 64, GrèceTel.: (00 30) 210 329 5111Fax: (00 30) 210 323 9135Web site: www.groupama-phoenix.comChairman of the boardPierre LEFEVREManaging directorBertrand WOIRHAYEHUNGARYGroupama Garancia BiztositoOktober 6 u.20-H-1051 BudapestTel.: (00 36 1) 37 37 500Web site: www.groupama-garancia.huChairman of the supervisory boardJean-François LEMOUXManaging directorYann MENETRIERITALYNuova Tirrena – Groupama AssicurazioniSpA Groupvia Massimi, 158 – 00136 Roma, ItalieTel.: (00 39 06) 80 97 41Web site: www.groupama.itChairman of the boardJean-François LEMOUXChief Executive Officer / Managing directorPierre LEFEVREportugalGroupama Seguros24 D Avenida de Berna1069-170 LisboaTel.: (00 351 21) 792 31 00Fax: (00 351 21) 792 32 32Web site: www.groupama.ptChairman of the boardFlorent HILLAIREChief Executive OfficerJoao QUINTANILHAManaging directorDidier PEIGNERROMANIABT Asigurari Transilvania1, George Baritiu Street400027 Cluj-NapocaTel.: (00 40) 264 414 062Web site: www.groupama.roChairman of the boardJean-François LEMOUXManaging directorDenis ROUSSETAsiban Asigurare ReasigurareStr. Mihai Eminescu Nr. 45Sector 1, Bucaresti 010513Tel.: (00 40) 213 058 000Web site: www.groupama.roChairman of the boardÉrik NAGYManaging directorDenis ROUSSETOTP Garancia Asigurari S.A.Constantin Balacescu St 14010918 BucarestiTel.: (00 40) 213 189 292Web site: www.groupama.roChairman of the boardCharles de TINGUYManaging directorDenis ROUSSETSLOVAkiaGroupama PoistovnaKlemensova 281109 BratislavaTel.: (00 421) 2 59 79 55 05Web site: www.groupama.skChairman of the boardÉrik NAGYManaging directorLudovit KONCZERTUnisIaStarSquare « avenue de Paris »1000 TunisTel.: (216) 71 34 08 66Web site: www.star.com.tnGroupama representativePatrick COURTOTChairman of the boardAbdelkrim MERDASSITURKEYBasak Groupama EmeklilikGroupama plaza Eski Büyükdere Cad. 234398 Maslak – IstanbulTel.: (00 90 212) 36 76 767Fax: (00 90 212) 36 76 868Web site: www.basakgroupama.com.trChairman of the boardPierre LEFEVREManaging directorJean-René de CHARRETTEBasak Groupama Sigorta A.S.Groupama plaza Eski Büyükdere Cad. 234398 Maslak – IstanbulTel.: (00 90 212) 36 76 767Fax: (00 90 212) 36 76 868Web site: www.basakgroupama.com.trChairman of the boardPierre LEFEVREManaging directorAlain BAUDRYGüven Sigorta and HayatBankalar cad 33Karaköy34420 IstanbulTel.: (90 212) 313 55 55Chairman of the boardPierre LEFEVREManaging directorRamazam ULGERGünes SigortaGünes PlazaBüyükdere Cad. 110Esentepe 34394 SisliIstanbulTel.: (00 90 212) 44 41 957Web site: www.gunessigorta.com.trChairman of the boardBilal KARAMANChief Executive Officer / Managing directorIlker AYCI

112 GROUPAMA2008 Activity ReportGroupama Investment Bosphorus HoldingGroupama plaza Eski Büyükdere Cad. 234398 Maslak – IstanbulChairman of the boardJean-François LEMOUXChief Executive Officer / Managing directorJean-René de CHARETTEASIA - CHINAHong KongGroupama InsuranceBranch Gan Iard26 th Floor Asia Orient Tower, Town Place33 Lockhart RoadWanchai, Hong KongTel.: (00 852) 25 30 02 88Fax: (00 852) 28 77 42 81Web site: www.groupama.com/hkManaging directorHang-Kit KWOKSichuanGroupama S.A. Chengdu Branch16 th FloorWestern China Business Tower, N°19N°19 section 4, South Renmin RoadPost Code 610041ChengduTel.: (00 86 28) 852 688 06Fax: (00 86 28) 852 686 11Web site: www.groupama.com.cnManaging directorWeidong YUBureau Groupama China BeijingRoom 1022b Block 2Bright China Chang An Building7 Jianguomennei Avenue100005 BeijingTel.: (00 8610) 6510 2170Fax: (00 8610) 6517 1203Web site: www.groupama.com.cnManaging directorFrançois ZHANGGroupama Vie Beijing Representative OfficeB1016, COFCO Plaza8 Jianguomennei Avenue100005 BeijingTel.: (00 8610) 6510 2170Fax: (00 8610) 6517 1203Web site: www.groupama.com.cnChief representativeQing MIASIA - VIETNAMGroupama General Insurance Co Ltd VietnamUnit 4,3E-Town Building364 Cong Hoa Street - Tan Binh DistrictHo Chi Minh CityTel.: (00 84 88) 12 27 80Fax: (00 84 88) 12 27 81Web site: www.groupama.vnManaging directorVankhoa BUIOVERSEASGan Outre-mer IardChairman of the boardPascal ALEXANDREThe West IndiesGuadeloupe zone59 & 61, rue Achille René BoisneufBP 15297171 Pointe-à-Pitre CedexTel.: 05 90 41 42 11Delegate General ManagerDidier CourierThe West IndiesMartinique zone30, boulevard du Général de GaulleBP 42197204 Fort-de-France CedexTel.: 05 96 71 30 07Fax: 05 96 63 33 56Delegate General ManagerDidier COURIERThe PacificNew - Caledonia zoneImmeuble Le Centre – Ducos30, route de la Baie des DamesBP 795398801 Nouméa CedexTel.: 00 687 24 30 70Fax: 00 687 27 88 84Delegate General ManagerPatrick RAYNAUDThe PacificFrench Polynesia zone9, avenue BruatBP 33998713 Papeete (Tahiti)Tel.: 00 689 50 31 50Fax: 00 689 43 19 18Chief representativeJean-Baptiste DESPREZ

Groupama’s 2008 annual reportconsists of two separate documents:The 2008 Business ReportThe Groupama S.A. 2008 RegistrationDocument, which was registeredwith the AMF on 14 April 2009,under Number R.09-017.Groupama also publishesthe Group’s 2008 accounts(the combined financial statements).DepartmentTel: +33 1 44 56 32 27 – e-mail: rapport.annuel@groupama.comDesign and publishing:Photos:GROUPAMA – ZEDDA Yvan; BANANASTOCK; PHOTOALTO – AUDRAS Eric, PAGET Bruno; GROUPAMA – LABAT Jean-François;GROUPAMA SEGUROS; GROUPAMA – SAINT-GEORGES José; PHOVOIR; PHOTOALTO – LANNIZ Tzo;GROUPAMA – MYLONAS Manolo; PHOTOALTO – OLSSON Ingrid; GOLDFOTO ROMA; GROUPAMA – SAUSTIER Sylvain;IMAGESOURCE; AUTHOR’S IMAGE A.M. STOCK NATURE; MARTINS Carlos; GROUPAMA SEGUROS (Espagne);GROUPAMA SEGUROS (Portugal); GROUPAMA ASSICURAZIONI; GROUPAMA CHINE; GROUPAMA – VIOLIER Patrick;GROUPAMA INSURANCES; OTP GARANCIA; GROUPAMA – RIPOLL GhislainePrinted on FSC certified paper with vegetable inksby DRIDE a printer carrying the IMPRIM’VERT eco label.

8 -10 rue d’AstorgF - 75383 Paris Cedex 08Tel.: +33 (0)1 44 56 77 77www.groupama.comRef. 217816 - June 2009