Plan to mutualise Groupama’s central body

As part of the review of the draft law "Sapin 2" relating to transparency, fight against corruption and modernisation of the economy, an amendment was tabled for review by the Finance Committee of the National Assembly on 24 May 2016, whose aim is to change the legal governing structure of Groupama by transforming Groupama SA, the group's central body, into a national mutual agricultural reinsurance group with the status of a mutual insurer.

This plan is in line with Groupama’s strategy to reaffirm its mutual insurer identity and would give its central body the same legal form and the same operating principles as its regional mutuals, thereby strengthening the consistency of its governance.

Its effect would be to simplify the group’s organisation without changing the responsibilities of the central body conferred by the law of July 2013. In financial terms, this plan would not change the group’s solvency or its commitments to its debt holders.

The implementation could start after the enactment of the law and be completed within 18 months as prescribed by law.