Groupama

For the yachts, see Groupama 3 and Groupama 4.

For cycling team, see Groupama-FDJ.

Groupama, an abbreviation for Groupe des Assurances Mutuelles Agricoles (English: Group of Mutual Agricultural Insurances), is a French insurance group headquartered in Paris with operations in 10 countries.^[1][2]

Caisse Nationale de Reassurance Mutuelle Agricole Groupama S.A.

Groupama branch at Place de la Croix-Rousse, Lyon, France.
Company type	Mutual company
Industry	Insurance, financial services
Founded	July 4, 1900; 124 years ago (1900-07-04)
Headquarters	Paris , France
Area served	France Italy Hungary Romania Greece Bulgaria Slovakia Tunisia Turkey China
Key people	François Schmitt (president) Thierry Martel (general manager)
Products	Insurance
Revenue	15,931,000,000 euro (2022)
Net income	454,000,000 euro (2022)
Subsidiaries	Gan
Website	www.groupama.com

It is listed in the 2007 ICA Global 300 list of mutuals and cooperatives, ranked 6th by 2005 turnover, making it the 2nd largest mutual insurer in the world.^[3]

History

The predecessor of Groupama was founded in the 19th century by a group of farmers to address their own specific insurance needs. It was set up as a mutual organisation and focused on agricultural as well as individuals, professionals, local authorities and businesses.

Groupama was established on December 22, 1840, when farmers in Mions (Rhône) founded the first local agricultural mutual fire insurer. The legal framework for Agricultural Mutual Insurance Funds was defined by a law passed on July 4, 1900. A central fund for agricultural reinsurance was created for "Fire" in 1906 and for "Livestock" in 1908.

In 1963, Samda was established to provide risk protection for non-agricultural damage. In 1972, SORAVIE (Society of Agricultural Organizations Life Insurance) was created in partnership with Crédit Agricole, followed by the introduction of SOS-AMA, a generalized assistance service, in 1975. In 1986, AMA, Samda, SORAVIE, and SOREMA merged under the name Groupama.

In 1992 B.CERP bank, which took the name of Groupama Financial Bank was ctreated. In 1998 Groupama acquired Gan, the 4th largest French insurer at that time making Groupama the second largest French general insurer.^[4] At the end of 1999 acquired Gan business was hit by large claims from exceptional storms and floods. By 2001 Groupama expanded its banking services and continued to expand its insurance business in France and other countries through acquisitions.

In 2009 it acquired Banque Finama which merged with Groupama bank.

In 2011, the company experienced financial difficulties and sold several subsidiaries in 2011 and early 2012. On October 5, 2012, it announced that it would not pay interest on a portion of its debt by the October 22 deadline, describing the decision as part of an ongoing financial recovery plan initiated earlier that year.

In June 2018, Groupama SA, the central body of the Groupama group, was transformed into a national mutual reinsurance fund under the name Groupama Assurances Mutuelles.^[5]

On 14 January 2021, Groupama announced the acquisition of Juritravail, a company specialized in remote legal content and advice services.^[6][7]

In June 2023, François Schmitt, former president of Groupama Grand Est, succeeded Jean-Yves Dagès as head of the group.^[8]

Subsidiaries

Groupama is present in 10 countries, mainly in Europe (France, Croatia, Italy, Hungary, Romania, Greece, Bulgaria, Slovakia), in Tunisia and in China.

See also

• List of investors in Bernard L. Madoff Securities
• Groupama Arena, a stadium in Budapest, Hungary that bears the company's name via a sponsorship deal
• Parc Olympique Lyonnais, a stadium near Lyon, France also known as Groupama Stadium through a sponsorship deal with this company