The group organisation

Relationships between the various entities of the Group are governed in the mutual insurance division:

• by an internal reinsurance contractual mechanism between the regional mutuals and Groupama Assurances Mutuelles, defined by an internal reinsurance agreement with terms updated every year,
• by a security and joint liability agreement between all the regional mutuals and Groupama Assurances Mutuelles.

Relationships between entities are governed in the Groupama Assurances Mutuelles division through capital ties.

• The subsidiaries are owned by Groupama Assurances Mutuelles
• The main subsidiaries included in this division are consolidated in the financial statements.

There are two scopes within Groupama:

• the combined scope, which includes all the entities of the Group and all the activities of the regional mutuals;
• the consolidated scope in which Groupama Assurances Mutuelles is the parent holding company. In addition to the activities of the subsidiaries, its business lines include approximately 35% of the activity of the regional mutuals, which is captured by the internal reinsurance mechanism.