The Group’s Exclusions

Overall strategy

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.

Fossil Fuels Policy

Recognizing the vital role of the oil, gas, and thermal coal industries in decarbonizing the economy, and in line with the International Energy Agency’s Net Zero Emissions scenario, Groupama has been regulating funding for players in these sectors since 2018.

To this end, Groupama has strengthened its policy on the oil and gas industry and the criteria of its policy on thermal coal, in particular through the following commitments:

• Complete phase-out of thermal coal from investment portfolios by 2030 (in EU and OECD countries) and by 2040 in the rest of the world. Our policy takes the form of a gradual divestment from any company that:
  • Derives more than 10% of its revenue or energy production mix from thermal coal;
  • Has annual coal production exceeding 10 million metric tons, or whose installed capacity of coal-fired power plants exceeds 5 GW;
• End of all new direct investments in companies contributing to the development of new unconventional and conventional oil and gas projects