Conversation with
Jean-Yves Dagès
& Thierry Martel

What did you take away from 2020 ?

Jean-Yves Dagès
As we all know, the world was hit by an unprecedented health and economic crisis in 2020. Throughout this crisis, Groupama demonstrated its extraordinary energy and capacity to adapt.

31,500 elected members mobilized
during and after the lockdown

Over 1 million of calls made to our members

Despite the health restrictions, during and after the lockdowns, Groupama showed its solidarity and support for the local economic environment, through hundreds of actions taken with our 31,500 elected members. Despite the exceptional circumstances, we also worked extremely hard to assure everyone whose health has been affected by the epidemic of our unfailing support.
Since spring 2020, for example, we have made over one million calls to our members, simply to catch up and stay in touch. This ability to maintain strong ties with our customers and members highlights the relevance of our local model.
Our group remained active on all fronts, both in connection with the Covid-19 emergency and our routine work.

Thierry Martel
Although no major sector of the French economy escaped the impact of the health crisis, the insurance sector made the biggest contribution to national solidarity and economic recovery.

€250 million for participation
in solidarity initiatives

97 % of employees
in remote working

« Groupama lived up to its reputation as a major mutual insurer by contributing more than €250 million to solidarity initiatives in aid of its customers and making a significant contribution to assistance and support funds set up by the government. As early as the first lockdown, we ensured service continuity by switching 97 percent of our employees to remote working in record time, without resorting to short-time working.
We maintained strong local ties with members by speeding up the deployment of digital tools implemented over the past few years and working closely with our elected members and employees on the front line. »

Under these difficult circumstances, how well did groupama perform and what are the group’s results ?

Jean-Yves Dagès
The lockdowns have accelerated existing transformations, such as remote working for part of the population and remote operations.

We need to constantly reshape our business and reinvent ourselves
Jean-Yves Dagès, Chairman

« We need to constantly reshape our business and reinvent ourselves in order to closely reflect the current and future needs of French people. This means driving major transformations such digital technology by developing new services and ways to access health or mobility, while maintaining a strong connection with people, which is part of our DNA. Climate change is now clearly having an impact and we continue to pursue our responsible investment policy. »

Thierry Martel
The challenges posed by the pandemic provided us with an opportunity to confirm our reputation as a sound and efficient operator of essential services.

+ 1.7 % of premium income in 2020

244 % Solvency 2 ratio

« Reflecting the geographic diversification of our operations and our varied activities, our premium income was up 1.7% from 2019 to €14.4 billion at 31 December 2020, and the Group’s overall net income was €177 million at the same period.
The Group reported solid results with IFRS shareholders’ equity up to €10.7 billion and a solvency ratio with transitional measure of 244%. Moreover, last September, the credit ratings agency Fitch Ratings affirmed Groupama’s IFS rating at “A” and its outlook as “Stable”. »

Has the crisis changed your outlook on the future ?

Thierry Martel
If there’s one lesson to draw from 2020, and the crisis isn’t over yet so it’s quite difficult, it would be that many risks have been identified across the planet – the risk of pandemics, cyber risks and climate risks, which are now part of daily life.

My take from this last year would be that we know the risks and we need to prepare for them. The challenges still lie ahead of us.
Thierry Martel, Chief executive officer

« Pandemics rank very high in the global risk rankings. Until now, we’ve focused on health risks. But in reality, when we come to count the global cost of the pandemic, it will be 90% economic and 10% health. Cyber risks, which existed before the crisis, have evolved rapidly. The currently limited solutions are steadily gathering pace.
In terms of climate risks, based on an example we know well, crop insurance, the damage and destruction caused to crops by the climate has increased year after year.
My take from this last year would be that we know the risks and we need to prepare for them. The challenges still lie ahead of us. »

How is the mutual model a strength ?

Jean-Yves Dagès
As a responsible mutual insurer, we must rise to every challenge, including those related to Covid-19, of course, as well as social or environmental issues. By its very nature, the mutual model goes beyond commercial considerations by giving priority to the social dimension.

This means being a driving force for ideas and actions to address future issues. And continuing to build the momentum of our mutual model.
Jean-Yves Dagès, Chairman

This is why our Group acts in solidarity with the regions.
We are particularly committed to helping farms rise to the challenges that fall within our scope. In this regard, we are working with the Ministry of Agriculture and the farming community on a farming risk management model to reconcile economic stability with farm protection.
This means being a driving force for ideas and actions to address future issues. And continuing to build the momentum of our mutual model through communities of mutual assistance, our local roots, and dedicated digital tools in order to pursue our central purpose of helping as many people as possible build their lives with confidence.

Conversation with Jean-Yves Dagès & Thierry Martel

Conversation with
Jean-Yves Dagès
& Thierry Martel