Analyst

"Our embedded value figures for 2006, based on CFO Forum guidelines and fully market consistent, demonstrate the group's ratios are totally in line with those of our local peers according to comparable principles. And I am very confident in the 2007 outlook", said Helman le Pas de Sécheval, Group CFO.

The board of directors of Groupama S.A., which met today under chairman Jean-Luc Baucherel, approved the consolidated financial statements of Groupama S.A. and the combined financial statements of the Group for the 1st half of 2007.

The exclusive talks announced on 16 February between Groupama, Emporiki Bank and Crédit Agricole S.A have led to the signature of an agreement for the acquisition by Groupama International of the entire capital of Phoenix Metrolife for €95 million.

The 374 delegates* of Groupama's Regional Mutuals meeting in the General Assembly of the Fédération nationale Groupama, voted unanimously in favour of the resolution authorising the Groupama S.A. Board of Directors to open up the sharecapital of the company, subject however to control remaining with the Regional Mutuals.

In Turkey, Groupama has acquired Basak Sigorta, a general insurance company and Basak Emeklilik, a life insurance company, following a privatisation process that involved national and international bidders.

As announced on 9 February, the Groupama S.A. General Meeting ratified the appointment of three outside directors to the Groupama S.A. Board of Directors for a 6-year term of office.

The Vietnamese Government has just authorised Groupama to extend its activities to all sectors of non-life insurance throughout Vietnam.

On completion of the SCOR capital increase, Groupama declares that its stake now exceeds 20% and that it holds 21.4% of the shares.

The Extraordinary General Meeting of the Central Mutual (CCAMA), which took place on Thursday 18 December 2003, unanimously approved the Group's restructuring.