Analyst

Banca Comercială Română S.A., BRD-Groupe Société Générale S.A., Banca Transilvania S.A., and Casa de Economii si ConsemnaŃiuni CEC S.A. in exclusive talks with Groupama for the sale of their 25% each stake in Asiban S.A.

OTP Bank and Groupama have agreed today an exclusive long term regional partnership covering the distribution of life insurance, non-life insurance and banking products.

Cegid and Groupama S.A. have signed a letter of intent to conclude an industry partnership agreement.

Groupama has just completed the purchase of the insurance company BT Asigurari from Banca Transilvania.

"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.