The Group’s Exclusions

As an institutional investor and a key player in financing the economy, Groupama has, for many years, implemented an investment policy that incorporates environmental, social, and governance (ESG) criteria. In addition to integrating non-financial indicators into investment decisions, the Group also applies exclusion policies to limit the exposure of its portfolios to sustainability-related risks.

All the policies presented here apply to new direct investments or to mandates and listed equity and bond mutual funds managed by GAM. The Group’s exposure to the various sectors targeted by these policies is gradually decreasing-or, in some cases, already zero. This exposure is also monitored as part of the Group’s risk management processes.

As of July 1, 2025, the exclusions implemented by Groupama cover the tobacco industry, fossil fuels (conventional, unconventional, and thermal coal-as detailed in the latest version of our fossil fuel policy), as well as non-conventional weapons.