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Annual Report 2013



In deed(s)

2013 was a very eventful year. Review of the principal highlights that demonstrate
Groupama Group's ability to adapt and transform to its environment,
and its commitment to its members, customers, employees and society.

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Solvency 2

The European directive Solvency 2, which will come into force on 1 January 2016, aims to increase protection for policyholders. In practice, the new system will adapt the equity requirements of insurance and reinsurance companies to the risks that these companies incur in carrying out their business activities, and will implement more rigorous requirements in terms of governance and risk management.


Groupama was one of the first to start preparing for the consequences of this reform, which is designed to limit the risk of default and ensure that insurers continue to cover long-term risks and finance the real economy. Aside from the advent of Solvency 2, risk management is a strategic issue for Groupama. In the framework of the Group's major strategic decisions, particularly in a volatile economic and financial environment, it must ensure we meet our objectives and protect our shareholders' equity.

In this regard, Groupama has accelerated its preparation process over the last two years, particularly:

  • the roll out of specific training to ensure that not only employees but also representatives of the Group are fully aware of the impacts of Solvency 2 and to reinforce the risk culture; this training comprises a risk management module for representatives and an e-learning module for employees;
  • the establishment of a new risk governance framework with specialised committees and the development of risk limits on financial assets;
  • the reinforcement of continuous monitoring procedures to achieve better control of operational risks;
  • and the development of a specific regulatory reporting tool in all Group entities.