FINANCIAL REPORT
2021.
MOBILITY  
HOME 
WELLNESS 
LEGAL
PROJET

ΑΑ 2 ΑΑ
IMA GROUP FINANCIAL REPORT
01
04	
MANAGEMENT REPORT
06	
1.1	 IMA GROUP AT A GLANCE
09	
1.2 	 GOVERNANCE
10	
1.3	 HIGHLIGHTS OF FINANCIAL YEAR 2021 FOR IMA GROUP
13	
1.4	 STRATEGY AND OBJECTIVES
14	
1.5	 ACTIVITY AND ECONOMIC PERFORMANCE
16	
1.6	 ACTIVITIES OF THE GROUP’S MAIN ENTITIES
19	
1.7	 POST-CLOSING EVENTS
19	
1.8	 OUTLOOK
20	
1.9	 RISK MANAGEMENT SYSTEM
21	
1.10	FINANCIAL INSTRUMENTS
22	
1.11	 NON-FINANCIAL PERFORMANCE REPORT
02
44	
2021 CONSOLIDATED FINANCIAL STATEMENTS
46	
2.1 BALANCE SHEET
48	
2.2	 INCOME STATEMENT
49	
2.3	 TABLE OF COMMITMENTS RECEIVED AND GIVEN
50	
2.4	 NOTES TO THE FINANCIAL STATEMENTS
78	
2.5	 STATUTORY AUDITORS’ REPORT
03
80	
IMA SA FINANCIAL STATEMENTS
82	
3.1	 BALANCE SHEET
84	
3.2	 INCOME STATEMENT
86	
3.3	 NOTES TO THE FINANCIAL STATEMENTS
99	
3.4	 STATUTORY AUDITORS’ REPORT
TABLE OF CONTENTS.

ΑΑ 3 ΑΑ
IMA GROUP FINANCIAL REPORT
04
104	
GENERAL MEETING OF 29 JUNE 2022
106	
4.1	 CONTENT OF DRAFT RESOLUTIONS
05
108	
CORPORATE GOVERNANCE REPORT
110	
5.1	 INFORMATION ON GOVERNANCE
112	
5.2	 OFFICES AND DUTIES OF THE CORPORATE OFFICERS
120	
5.3	 TABLE OF THE DELEGATIONS OF AUTHORITY AND POWERS GRANTED BY THE 
GENERAL MEETING TO THE MANAGEMENT BOARD OF THE S.A. PERTAINING TO 
CAPITAL INCREASES
121	
5.4	 COMMENTS BY THE SUPERVISORY BOARD ON THE MANAGEMENT REPORT PREPARED 
BY THE MANAGEMENT BOARD AND ON THE 2021 FINANCIAL STATEMENTS

ΑΑ 4 ΑΑ
IMA GROUP FINANCIAL REPORT
01
MANAGEMENT 
REPORT.

ΑΑ 5 ΑΑ
IMA GROUP FINANCIAL REPORT
1.1
06	
IMA GROUP AT A GLANCE
08	
OUR LOCATIONS
08	
A STRONG MULTI-SHAREHOLDER BASE
1.2
09	
GOVERNANCE
09	
GROUP COMPANIES
1.3
10	
HIGHLIGHTS OF FINANCIAL YEAR 2021 FOR IMA GROUP
1.4
13	
STRATEGY AND OBJECTIVES
13	
2018–2020+1 STRATEGIC PLAN
1.5
14	
ACTIVITY AND ECONOMIC PERFORMANCE
14	
KEY FIGURES
14	
GROUP ECONOMIC PERFORMANCE
14	
BREAKDOWN OF ACTIVITY BY NUMBER OF CASES HANDLED
15	
CONSOLIDATED INCOME
1.6
16	
ACTIVITIES OF THE GROUP'S MAIN ENTITIES
16	
IMA SA (HOLDING)
16	
FRENCH SUBSIDIARIES
18	
INTERNATIONAL SUBSIDIARIES
1.7
19	
POST-CLOSING EVENTS
1.8
19	
OUTLOOK
1.9
20	
RISK MANAGEMENT SYSTEM
20	
INTERNAL CONTROL SYSTEM
20	
RISK MANAGEMENT AND PERMANENT CONTROL
20	
COMPLIANCE
20	
ACTUARIAL SERVICES
20	
INTERNAL AUDIT
20	
BUSINESS CONTINUITY PLAN (BCP)
21	
QUALITY MANAGEMENT SYSTEM
1.10
21	
FINANCIAL INSTRUMENTS
1.11
22	
NON-FINANCIAL PERFORMANCE REPORT
22	
NOTES ON METHODOLOGY
23	
BUSINESS MODEL
24	
SOCIAL, SOCIETAL AND ENVIRONMENTAL RISKS
38	
SUMMARY OF SOCIAL, SOCIETAL AND ENVIRONMENTAL INDICATORS
40	
INDEPENDENT THIRD PARTY REPORT

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 6 ΑΑ
IMA GROUP FINANCIAL REPORT
1.1
IMA GROUP AT A GLANCE.
€11.9 M
CONSOLIDATED NET 
INCOME1
€872 M
CONSOLIDATED
REVENUE
3,346,880
ASSISTANCE CASES HANDLED
94.7% 
OVERALL 
SATISFACTION2
12.6 M
CALLS RECEIVED
over 45 
MILLION
BENEFICIARIES 
WORLDWIDE
437
ASSISTANCE COORDINATORS 
HIRED ON PERMANENT 
CONTRACTS IN 2021
649
SEASONAL EMPLOYEES HIRED 
DURING THE SUMMER PERIOD
1 Consolidated net income Group share.
2 2021 income for IMA EIG in the following scope : France/International roadside assistance, France/International mobility and Wellness activities.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 7 ΑΑ
IMA GROUP FINANCIAL REPORT
7’’
1 PERSON RECEIVES 
ASSISTANCE EVERY 
7 SECONDS
40 YEARS
OF EXPERTISE
15 
SHAREHOLDERS
4,900 
EMPLOYEES 
IN 7 COUNTRIES
55,000 
SERVICE PROVIDERS 
WORLDWIDE
4
VALUES
DYNAMISM
BOLDNESS
COOPERATION
TRUST 
15
LOCATIONS AND 
SUBSIDIARIES 
AROUND THE WORLD
ΑΑ MOBILITY
ΑΑ HOME
ΑΑ WELLNESS
ΑΑ LEGAL
4
BUSINESS 
EXPERTISE :
No. 2 
ASSISTANCE 
PROVIDER 
IN FRANCE3
3 Source : SNSA 2021 based on 2020 figures.
over

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 8 ΑΑ
IMA GROUP FINANCIAL REPORT
INTERNATIONAL
IMA DEUTSCHLAND (Munich)
IMA BENELUX (Liège)
IMA IBÉRICA, PRESTIMA (Madrid & Lisbon)
MOBILITY 24 (Lisbon)
IMA ITALIA, IMA SERVIZI (Milan)
IMACARE (Milan)
WAFA IMA ASSISTANCE (Casablanca)
HEALTHCASE (Miami)
ΑΑ A STRONG MULTI-SHAREHOLDER BASE
Our shareholders are companies with ties to the mutual and standard insurance industry:
ΑΑ OUR LOCATIONS
IMA Group has 15 locations across Europe, Morocco and the United States.
These international sites give IMA a true insight into local cultures and expectations.
IN FRANCE
IMA EIG (Niort and Rouen)
IMH (Niort-Échiré, Schiltigheim and Marseille)
IMATECH (Nantes)
IMA PROTECT (Nantes and Beaucouzé)
SÉRÉNA (Nantes and Beaucouzé)

MANAGEMENT REPORT  SECTION 01
 ΑΑ 9 ΑΑ
IMA GROUP FINANCIAL REPORT
SCOPE OF CONSOLIDATION
IMA SA
Holding company with share
capital of €36,754K
MACIF – MACIFILIA – MAIF – MATMUT – MATMUT 
MUTUALITÉ – MATMUT PROTECTION JURIDIQUE – 
INTER MUTUELLES ENTREPRISES – AMF – MATMUT 
& CO - MAPA MUTUELLE D’ASSURANCE – SMACL 
ASSURANCES SAM
AGPM ASSURANCES – AGPM VIE – MAE – MUTUELLE 
MAE – ASSURANCE MUTUELLE DES MOTARDS – 
ALTIMA ASSURANCES – BPCE ASSURANCES – P&V 
ASSURANCES – WAFA ASSURANCE – CARDIF IARD   
SHAREHOLDERS
IMA EIG
Share capital
of € 3,547 K
IMH EIG
Share capital
of € 100 K
EIG
LA CHANTRERIE
SERENA SASU
Share capital
of € 1,236 K
IMA PROTECT SASU
Share capital
of € 1,300 K
ECONOMIC
INTEREST
GROUPINGS
IMA INNOVATION
Share capital
of € 25,000 K
IMA
PARTICIPATIONS
Share capital
of € 15,000 K
IMA SERVICES  SASU
Share capital
of € 3,553 K
IMATECH SASU
Share capital
of € 500 K
IMA VOYAGES SASU
Share capital
of € 50 K
ASSURIMA SA
Share capital
of € 6,200 K
IMA ITALIA S.P.A.
Share capital
of € 3,857 K
IMA IBERICA S.A.
Share capital
of € 5,430 K
WAFA IMA ASS. SA
Share capital
of 50,000 K Dh
IMA
ASSURANCES SA
Share capital
of € 7,000 K
IMA SERVIZI
S.C.A.R.L.
Share capital
of € 100 K
SCI BELLUNE
Share capital
of € 2,020 K
84,57 %
80 %
SERVICE
COMPANIES
IN FRANCE
100 %
100 %
100 %
100 %
100 %
100 %
100 %
INTERNATIONAL
SERVICE
COMPANIES
4,5 %
99,99 %
100 %
INTERNATIONAL
INSURANCE
COMPANIES
65 %
81 %
35 %
FRENCH
INSURANCE
COMPANIES
SOCIÉTÉ CIVILE
IMMOBILIÈRE
FRANÇAISE
34 %
IMA BENELUX S.A.
Share capital
of € 500 K
IMA DEUTSCHLAND
GMBH
Share capital
of € 652 K
PRESTIMA S.L.
Share capital
of € 2,622 K
IMACARE
S.R.L.
Share capital
of € 1,000 K
60 %
99,99 %
99,99 %
99,99 %
99,99 %
1.2
GOVERNANCE.
ΑΑ GROUP COMPANIES
IMA is divided into 22 separate legal entities located in Europe, Morocco and the United States. Together with holding 
company IMA SA, all of these entities contribute to the Group’s business momentum.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 10 ΑΑ
IMA GROUP FINANCIAL REPORT
1.3
HIGHLIGHTS OF FINANCIAL YEAR 2021 FOR 
IMA GROUP.
SOLIDARITY UNDERPINNING 
THE FIGHT AGAINST THE 
PANDEMIC
Two unprecedented partnerships clearly 
demonstrate our firm commitment to our 
public-interest objective and our agility in 
deploying assistance solutions :
• With ARS Île-de-France (the regional 
healthcare authority for the Greater 
Paris region): IMA Group called on a 
number of its assistance coordinators 
to help healthcare professionals 
manage screening campaigns (by 
organising appointments for PCR 
tests), then during the Covid-19 
vaccination campaign (organising 
appointments for healthcare 
professionals). 
• With the Direction Générale de la 
Santé (DGS – Directorate General 
of the French Ministry of Health): 
IMA Group made several teams of 
assistance coordinators available 
to the general public by providing 
telephone and e-mail support for the 
TousAntiCovid app.
BUSINESS SUCCESS STORIES 
FOR IMA GROUP
MOBILITY EXPERTISE : 
• establishment of the Renault Electric 
Vehicles partnership,
• new agreement with Feu Vert: 
IMA Group remotely manages the 
maintenance centres of the 180 
branches belonging to automotive 
maintenance specialist Feu Vert.
WELLNESS EXPERTISE :
• renewal of the historic partnership 
with Mutuelle Nationale des 
Hospitaliers (MNH) until 2026, 
alongside the implementation of the 
IMA S@nté programme,
• renewal of the partnership with La 
Mutuelle Générale (LMG) until 2023.
SUSTAINED INNOVATION
Innovation in numbers : 
300 start-ups 
identified by our 
business lines 
6 
investments 
made
20 business 
projects 
initiated
90 investment 
opportunities 
reviewed
Nearly €3.2 m invested to 
test and approve services aimed 
at improving the experience of our 
clients and beneficiaries.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 11 ΑΑ
IMA GROUP FINANCIAL REPORT
2021 : AN UNPRECEDENTED REMOTE WORK AGREEMENT
On 18 October 2021, IMA Group signed a company remote work agreement with all representative trade unions. 
This agreement, applicable as at 1 March 2022, provides for a set number of remote working days per year, with a 
maximum of 100 days for employees on permanent contracts.
It is based on three principles: trust, accountability and organisational flexibility. Professionally independent 
employees will be able to organise their remote work to fit in with the smooth operation of their department. After 
defining their remote work days in conjunction with their manager, employees are able to work in any location that 
they choose. This flexible arrangement helps establish an optimal work-life balance.
DID YOU KNOW ?
Start-up Azfalte launched an electric bicycle 
business for companies and chose IMA to assist 
its corporate clients. As an alternative to public 
transport, this offer addresses the challenges 
that companies face in terms of Corporate Social 
Responsibility (CSR) and their employer brand.
MOBILITY BUSINESS IN NUMBERS
■ The sharp rise in Mobility assistance cases can 
be attributed to the major cold wave that struck 
in early 2021.
■ IMA continuously adapted its workforce to 
respond to particularly strong fluctuations in 
activity during the summer period and in the 
fourth quarter of 2021.
8,389 automotive 
cases handled on 4 January
1,871,404 “vehicles*” 
cases opened in 2021, o/w 17,678 
for electric vehicles
100 support staff hired on 
permanent contracts and 500 
seasonal staff during the summer 
period
50 support 
function 
employees acting 
as back up for the 
“All assistance 
providers” system
* Vehicles : breakdowns, tows for AUTO – EW/Mechanical 
breakdowns/Fleets/New Mobility/Truck 
ΑΑ MOBILITY
NEW TRENDS 
IMA Group supports new mobility while 
relying on a wide network of qualified 
service providers. A soft mobility 
offer comprising multiple specific and 
independent packages was launched in 
2021. This comprehensive range covers all 
causes of breakdowns, including depleted 
batteries, which the market very often 
excludes.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 12 ΑΑ
IMA GROUP FINANCIAL REPORT
NEW TRENDS IN HOME ASSISTANCE 
Lockdowns and curfews, as well as their 
consequences (remote work, home care), have 
spawned new development needs and new 
approaches to consumption.
HOME ASSISTANCE BUSINESS IN 2021
The start of 2021 saw relatively calm winter weather, 
but a robust level of activity in the first half of the year. 
A series of violent storms led to a sharp increase in 
cases starting in June. September was also busy 
(+13 % in cases opened), with severe and peak 
weather conditions on 9 and 10 and 14 to 17 September.
Activity for the full year was 7.2% higher than in 2020, 
with 664,188 cases opened.
+21 % i.e. 78,078 cases 
opened in June
DID YOU KNOW?
IMA Group tested a new home assistance solution in 2021: IMA Home. This mobile app unifies communication 
between connected objects in the home. Around fifty cooperative shareholders tested the app on a daily basis 
for more than four months, before giving us feedback.
ΑΑ HOME
A STRONG SECOND HALF FOR 
IMA GROUP
The business recovery was particularly evident in 
the second half of 2021. In detail, the household 
help business was once again at the top of the list 
in terms of services offered by IMA, while the care 
assistance function recorded a sharp increase (4x) 
compared to 2019.
2021 was another challenging year for the personal 
services sector for several reasons: 
• high absenteeism due to numerous Covid-19 
infections;
• implementation of the health pass obligation; 
• decreased availability of service providers, 
leading to an increase in rejection rates; 
• diminished interest in these professions, 
creating a fundamental problem for recruiting.
WELLNESS BUSINESS 
IN NUMBERS
2,575 remote consultations performed 
in 2021 (2,209 in 2020, 313 in 2019)
211 Increase in the number of cases 
handled by psychotherapists between 
2020 and 2021
■ The Covid-19 crisis accelerated remote consultation. 
■ The sharp rise in remote work has raised 
awareness of the importance of quality 
of life at work. To prevent the negative 
effects of remote work, mental and 
physical health offers are being launched. 
Psychological assistance cover has 
become more standardised in insurance 
policies.
ΑΑ WELLNESS

MANAGEMENT REPORT  SECTION 01
 ΑΑ 13 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ 2018-2020+1 STRATEGIC PLAN
In view of the health crisis, the decision was made in 2020 to extend the strategic plan until 2021. 
Financial Year 2021 was thus the last year of the 2018-2020+1 strategic plan. 
In 2020, IMA Group was heavily impacted by the COVID-19 crisis. In 2021, the main indicators began to climb again.
The sharp increase in the Group’s net income can be explained in part by non-recurring items.
1.4
STRATEGY AND OBJECTIVES.
CONSOLIDATED ITEMS 
in € millions
2016
2017
2018
2019
2020
2021
2020 
STRATEGIC 
PLAN
Revenue
641
696
773
830
774
872
778
Total business
837
909
1,036
1,126
1,090
1,202
991
Consolidated income
13.9
9.5
10.4
7.7
5.5
11.9
10.4
2021 NEWS IN LEGAL EXPERTISE
Reflecting the importance of legal matters in 
the personal and professional lives of the French 
people, IMA Group decided to create a fourth 
dedicated universe of expertise: Lega. 
As a fully-fledged business, this new area of 
expertise aims to develop its own solutions, 
while working closely with the Group’s other areas
of expertise.
DID YOU KNOW?
The Legal and Mobility businesses work together to 
provide automotive professionals with assistance 
post-dispute and ahead of any potentially costly 
proceedings. Our automotive and legal technicians 
share their expertise in order to offer solutions with 
high added value, which are symbolic of the very 
unique approach adopted by IMA Group.
SIMPLIFIED ACCESS TO LEGAL 
SERVICES FOR ALL : PRIVATE 
INDIVIDUALS AND PROFESSIONALS
In 2021, IMA Technologies rolled out Alex—a fast, 
efficient and easy-to-use solution providing answers 
for individual clients in various legal domains—for 
more than four million beneficiaries. This legal 
assistance platform, available online 24/7, provides 
targeted information on legal rights and formalities. 
It is also designed to help prevent and resolve 
everyday disputes.
For professionals, IMA rolled out its first legal training 
programme in 2021. Going forward, we are able to 
offer in-person and virtual classes led by instructors 
with direct expertise in the field, an approach 
combining expertise and customer relations, 
tailor-made teaching methods and digital skills 
assessments to measure the acquisition of skills.
ΑΑ LEGAL

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 14 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ KEY FIGURES
ACTUAL 2021
ACTUAL 2020
CHANGE A21/A20
Group activity (number of cases)
3,346,880
2,899,115
+15.4 %
IMA EIG activity (number of cases)
1,439,541
1,256,374
+14.6 %
Total business (in €m) consolidation scope
1,202.4
1,090.1
+10.3 % 
Revenue (in €m) consolidation scope
872.3
774.1
+12.7 %
Consolidated net income (in €m) consolidation scope
11.9
5.5
+116 %
Average cost/IMA EIG case (claims + internal costs) 
(in €)
345.9*
348.4*
-0.7 %
o/w average internal cost/case (in €)
130.6*
142.5*
-8.4 %
Average cost/IMH EIG case, incl. information (in €)
58.4
57.9
+0.9 %
Average Group headcount (workforce in 7 different 
processing countries)
4,743
4,505
+5.3 %
ΑΑ GROUP ECONOMIC PERFORMANCE 
Consolidated revenue for the 2021 financial year amount-
ed to €872 million compared with €774 million in 2020, i.e. 
+12.7 %, and total business came to €1,202.4 million, i.e. 
+10.3 % compared with 2020.
Group revenue increased by €98 million over the year.
The French entities contributed €85.6 million to this im-
provement.
Insurance 
premiums 
amounted 
to 
€142.4 
million 
(€132.1 million in 2020).
Once the initial lockdown measures were eased in France 
and internationally, business picked up sharply with the 
resumption of travel, performing in line with or outper-
forming 2019.
Consolidated income Group share came to €11.9 million 
versus €5.5 million in 2020.
Group consolidated income + non-controlling interests 
stood at €12.5 million versus €5.9 million in 2020.
ΑΑ BREAKDOWN OF ACTIVITY BY NUMBER OF 
CASES HANDLED 
The business performance of the assistance entities, 
measured as the number of cases handled, was up by 
447,765 compared to 2020 (+15.4 %).
For Travel Assistance (General/Medical/Manufactur-
ers Assistance), business was up 16.5 % year-on-year 
at end-December 2021 and -0.8% under-budget. This 
change was primarily attributable to the Covid-19 crisis, 
which had a significant impact on overall activity in 2020. 
This increase can also be explained by:
• the arrival of Group partner, Ethias, in Belgium in April 
2020,
• an increase in the activity of MACIF, MAIF and MATMUT 
shareholders.
This increase was offset by :
• decreased business in France for Group client Nissan,
• decreased business in Italy for Group client ITAS Mutua.
The number of Home Assistance cases was higher than 
last year (+34.9 %) and compared to the budget (+31.4 %). 
This was mainly due to the partnership with ARS Île-de-
France, AP-HP, DGS and CNAM for COVID-related activi-
ties. These cases were handled in part by IMA and in part 
by Group partner Comearth.
Data excluding Wafa IMA Assistance except income and average headcount * Excluding management on behalf of GPC
1.5
ACTIVITY AND ECONOMIC 
PERFORMANCE.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 15 ΑΑ
IMA GROUP FINANCIAL REPORT
• Activity by type of assistance
• Activity by site
ΑΑ CONSOLIDATED INCOME
• Operating income
- Non-life insurance business (IMA Assurances, Assurima, 
IMA Italia, IMA Iberica)
Earned premiums totalled €142.4  million. Operating 
income after depreciation, amortisation and goodwill 
impairment amounted to €16.6 million, versus €15.7 million 
in 2020.
Consolidated net income (Group + non-controlling 
interests) from the non-life insurance business totalled 
€13.3 million, versus €12.2 million in 2020.
Consolidated net income Group share from the non-life 
insurance business came out at €12.4 million, compared 
with €11.6 million in 2020.
- Other activities
Other activities (Remote Diagnostics, Client Relations, 
Remote Surveillance) generated operating income after 
depreciation, amortisation and goodwill impairment of 
€0.3 million and revenue of €729.1 million.
Operating 
income 
before 
and 
after 
depreciation, 
amortisation and goodwill impairment from other 
activities was affected by the structure of IMA  EIG and 
IMH EIG transactions.
Consolidated net income (Group + non-controlling 
interests) from other activities amounted to -€0.8 million, 
versus -€6.3 million in 2020.
Consolidated net income Group share from other 
activities totalled -€0.5  million, versus -€6.1  million in 
2020.
• Consolidated net income 
(Group + non-controlling interests)
Consolidated net income came out at €12.5  million, 
versus €5.9 million in 2020, an increase of €6.7 million.
Consolidated net income Group share was €11.9 million, 
versus €5.5 million in 2020, an increase of €6.4 million.
ASSISTANCE TYPE:
2021*
2020*
CHANGE A21/A20
Travel
2,353,069
2,019,230
+16.5 %
o/w General
1,774,584
1,507,869
+17.7 %
o/w Medical
25,963
28,216
-8.0 %
o/w Manufacturers
552,522
483,145
+14.4 %
At home
225,698
167,365
+34.9 %
Home*
765,427
710,914
+7.7 %
Inter-site
2,686
1,606
+67.2 %
GROUP TOTAL*
3,346,880
2,899,115
+15.4 %
Information
995,961
1,027,279
-3.1 %
SITE
2021
2020
CHANGE A21/A20
ASSISTANCE—FRANCE
2,835,382
2,481,808
+14.2 %
IMA EIG
1,439,541
1,256,374
+14.6 %
Commercial companies 
672,114
555,187
+21.1 %
IMH EIG
723,727
670,247
+8.0 %
INTERNATIONAL ASSISTANCE 
511,498
417,307
+22.6 %
Italy
330,193
272,218
+21.3 %
Spain
67,514
63,606
+6.1 %
Belgium 
105,583
72,650
+45.3 %
Germany
8,208
8,833
-7.1 %
TOTAL (NUMBER OF CASES)
3,346,880
2,899,115
+15.4%
Scope: Excluding Wafa IMA Assistance and excluding EIG SNS — * Including complaints, claims and information

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 16 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ IMA SA (HOLDING COMPANY) 
IMA SA holds interests in Group companies with a net value 
of €84 million. It provides financing for its subsidiaries.
In November 2021, IMA SA repurchased some of its shares 
held by CARDIF IARD and carried out a capital reduction 
by cancelling these shares for a total of €656k in share 
capital and €3,314k in additional paid-in capital.
Like last year, 2021 was once again extensively impacted 
by the Covid-19 pandemic.
Once the initial lockdown measures were eased in 
France and internationally, business picked up sharply 
with the resumption of travel, performing in line with or 
outperforming 2019.
In 2021, the Group continued to support its suppliers by 
speeding up invoice payments, monitored the progress 
of the pandemic and variants, and ensured continuity of 
service and employee protection.
Over the course of the year, IMA SA increased the capital 
of its subsidiary Serena by €1,000k and the shareholders’ 
equity of IMA  Deutschland by €1,282k. These corporate 
actions did not change the ownership interest in these 
subsidiaries.
Subsidiary IMA Italia took part in a 60 % increase (€213k) 
in IMACARE’s reserves in December 2021.
Subsidiaries IMA UK and IMA Protect Italia were liquidated 
in 2021. IMA SA received dividends from subsidiaries in the 
amount of €4,875k versus €4,841k in 2020.
The company recorded a profit of €2,370.8k.
1.6
ACTIVITIES OF 
THE GROUP'S MAIN ENTITIES.
• EIGs
In France, the Group is divided into two operational EIGs :
- IMA  EIG, which manages Secure Mobility and Wellness 
operations.
- IMH  EIG, which manages Connected and Secure Home 
operations.
IMA EIG
Compared to 2020, business measured as a number of 
cases was up 14.6 % (member view) in 2021, mainly in the 
general assistance segment.
Average cost per case fell to €345.9 (excluding third- 
party management) in 2021 compared with €348.4 in 2020, 
stemming from a +4.6 % rise in average external cost and 
a decrease in internal average cost to €130.6 (excluding 
third-party management) in 2021 compared with €142.5 in 
2020, i.e. -8.4 %.
PARENT COMPANY REVENUE IN €K
PARENT COMPANY NET INCOME 
AFTER TAX IN €K
2021
2020
% change 
2021/2020
2021
2020
Value 
change 
2021/2020
ASSISTANCE—FRANCE
763,827
679,278
12 %
10,724
9,080
1,644
IMA EIG
558,675
499,647
12 %
0
0
IMA Assurances*
59,641
58,080
3 %
5,450
4,693
757
ASSURIMA*
23,941
23,844
0 %
3,190
4,619
-1,429
IMA Services
78,132
55,448
41 %
2,084
-232
2,316
IMH EIG
43,438
42,259
3 %
0
0
OTHER SUBSIDIARIES
91,087
84,701
8 %
1,410
-717
2,127
Séréna
1,608
2,130
-25 %
-263
-930
667
IMATECH
32,284
28,956
11 %
1,578
1,016
562
IMA PROTECT
41,207
38,109
8 %
1,637
-188
1,825
SCI Bellune
4,866
4,584
6 %
707
1,345
-638
IMA Voyages
443
415
7 %
-179
-209
30
IMA Participations
0
0
-93
-297
204
IMA Innovation
5,549
5,206
7 %
-1,977
-1,454
-523
EIG La Chantrerie
5,130
5,300
-3 %
0
0
TOTAL 
854,914
763,978
12 %
12,134
8,363
3,771
ΑΑ FRENCH SUBSIDIARIES
*Gross earned premiums

MANAGEMENT REPORT  SECTION 01
 ΑΑ 17 ΑΑ
IMA GROUP FINANCIAL REPORT
IMH EIG
Business was robust in 2021, but in line with expectations, 
with new records achieved before summer due to bad 
weather.
Overall activity was up 8 % (723,727 cases opened in 2021 
vs. 670,247 in 2020).
The cost per case indicator was up 0.9 % compared with 
2020 (€58.4 per case in 2021 vs. €57.9 in 2020).
Insurance companies
IMA Assurances
A public limited company with a Board of Directors, gov-
erned by the French Insurance Code and authorised to 
carry out insurance operations, including the assistance 
operations of Branch 18. It is subject to the tax on insur-
ance agreements. 
Income for financial year 2021 was €5,450k, versus €4,693k 
in 2020.
Gross earned premiums totalled €59,641k (€58,080k in 
2020), up 3 % compared with 2020.
A €1,700k dividend payment was made to IMA SA in 2021.
ASSURIMA
A public limited company with a Board of Directors gov-
erned by the French Insurance Code and authorised to 
carry out the assistance operations of Branch 18.
It is subject to VAT.
Income for financial year 2021 was €3,190k, versus €4,619k 
in 2020.
Gross earned premiums came out at €23,941k (€23,844k in 
2020), i.e. stable compared with 2020.
A €1,700k dividend payment was made to IMA SA in 2021.
Other companies
IMA Services
A simplified single shareholder company offering assis-
tance services on a fee-for-service basis.
Income for financial year 2021 was €2,084k versus -€232k 
in 2020. 
Revenue was up 41 % year-on-year to €78,132k in 2021, 
compared with €55,448k in 2020,
stemming from the development of healthcare assistance 
activities associated with the COVID-19 crisis, which have 
been on the rise since August 2021.
IMATECH
A simplified single shareholder company, registered with 
the Insurance, Banking and Finance Brokers Register (ORI-
AS), providing services in remote diagnostics, customer 
relations, legal information, everyday life and IT help desk.
Income for financial year 2021 was €1,578k versus €1,016k 
in 2020.
Revenue amounted to €32,284k compared with €28,956k 
in 2020, an increase of 11 % for 2021.
This improvement can be attributed to higher volumes in 
the individual client legal business, with an increase in the 
technical division thanks in large part to the Nissan busi-
ness initiated in September 2020.
A dividend payment of €500k was made to IMA SA in 2021.
IMA PROTECT
A simplified single shareholder company, authorised by 
the National Board of Private Security activities (CNAPS) 
and APSAD-certified for remote surveillance services. 
Income for financial year 2021 stood at €1,637k compared 
with -€188k in 2020. 
2021 revenue amounted to €41,207k versus €38,109k in 
2020, i.e. +8 %. 
The portfolio includes 89,826 subscribers compared to 
86,059 at end-2020, i.e. +4.4 %.
Commissions paid to mutual insurance partners amounted 
to €3,011k in 2021, net of commercial transactions financed 
over the course of the year, compared with €2,925k in 
2020.
A dividend payment of €500k was made to IMA SA in 2021.
SCI Bellune
A non-trading real estate company, which largely serves to 
hold the Group’s operating properties in France.
Income for financial year 2021 was €707k versus €1,345k in 
2020.
Revenue, derived from rent payments, amounted to 
€4,866k. The buildings are primarily leased to IMA Group 
companies (IMA EIG).
Construction works on the AG, D, F and H buildings, as well 
as phase 2 construction on the car parks (planting, sports 
facilities, etc.) were under way in 2021.
IMA Voyages
A simplified single shareholder company, operating as a 
travel agency.
Income for financial year 2021 financial year came to -€179k 
versus -€209k in 2020.
Revenue stood at €443k, up 7 % year-on-year.
Séréna
A simplified single shareholder company, authorised to 
conduct all activities directly and exclusively contributing 
to the coordination and provision of personal services.
Income for financial year 2021 amounted to -€263k versus 
-€930k in 2020.
2021 revenue amounted to €1,608k versus €2,130k, a 25% 
decrease.
The “personal services” business had been discontinued 
during financial year 2020.
Remote assistance revenue climbed €239k in 2021, thanks 
in large part to growth in acquisitions and thus the portfo-
lio over the year (+14.4 %).
IMA Innovation
A simplified single shareholder company with share capital 
of €25 million, located in Niort and created in July 2018.
Income for financial year 2021 was -€1,977k compared with 
-€1,454k in 2020.
Revenue amounted to €5,549k versus €5,206k in 2020, up 
+7 %,
stemming from the introduction of fees for use of the ser-
vice platform and various tools (Digital Trajectory, Voice-
bot, Gpm, etc.) by IMA Group entities, in accordance with 
the new business model validated in 2020.
IMA Participations
A simplified single shareholder company with share capital 
of €15 million, located in Niort and created in July 2018.
Income for financial year 2021 totalled -€93k versus -€297k 
in 2020.
The company did not generate any revenue.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 18 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ INTERNATIONAL SUBSIDIARIES
Parent company revenue in €k
Parent company net income after tax 
in €k
2021
2020
% change 
2021/2020
2021
2020
Value 
change 
2021/2020
IMA Deutschland
3,780
3,125
21 %
-551
-1,578
1,027
IMA Benelux**
8,208
6,437
28 %
-399
-669
270
IMA Iberica
14,365
11,924
20 %
714
487
227
Prestima
11,355
8,306
37 %
-127
-1,275
1,148
IMA Italia*
44,489
39,459
13 %
1,603
1,827
-224
IMA Servizi*
45,984
42,136
9 %
0
0
0
IMACARE*
0
25
-251
-109
-142
Wafa IMA Assistance**
25,661
25,102
2 %
2,887
2,683
204
IMA Protect Italia*
24
36
-33 %
-71
-1,803
1,732
Total 
153,866
136,550
13%
3,805
-437
-3,167
*Provisional data for 2020 ** 100% share
• Spanish group (IMA Iberica and Prestima)
The Group generated net income of €587k in Spain in 
2021, compared with -€788k at end-2020.
Revenue was €25,720k in 2021 versus €20,230k in 2020.
The Group operates through two entities in Spain :
IMA Iberica
A public limited insurance company under Spanish law, 
conducting Branch 18 insurance and reinsurance opera-
tions.
Income for financial year was €714k compared with €487k 
in 2020.
Gross earned premiums amounted to €14,365k in 2021 
versus €11,924k in 2020, an increase of 20 %
largely attributable to the growth of our main clients.
Prestima
A limited liability company.
Income for financial year 2021 came out at -€127k versus 
-€1,275k in 2020.
Revenue amounted to €11,355k in 2021 versus €8,306k in 
2020, a 37 % increase thanks in large part to the economic 
recovery and the new overflow business in 2021.
• Italian group (IMA Italia, IMA Servizi, IMACARE)
The Group generated net income of €1,352k in Italy in 2021 
compared with €1,718k at end-2020.
Revenue stood at €99,473k in 2021 versus €81,620k in 
2020.
The Group operates through three entities in Italy:
IMA Italia
An insurance company governed by Italian law.
Income for financial year 2021 amounted to €1,603k 
compared with €1,827k in 2020 (final accounting data).
2021 gross earned premiums totalled €44,489k versus 
€39,459k in 2020 (final accounting data), up +13% driven 
by the recovery in the direct insurance business in 2021, 
policies started in 2020 and the increase in the number of 
customers in certain segments.
Assistance cases are sub-contracted to IMA  Servizi, 
which owns the technical platform. 
IMA Servizi
A limited liability company.
Net income was nil for the year, as the company is a con-
sortium (EIG equivalent). 
Revenue amounted to €45,984k compared with €42,136k 
in 2020 (final accounting data), i.e. an increase of +9 %.
IMACARE
An Italian limited liability company.
Net income for the financial year amounted to -€251k in 
2021 compared with -€109k in 2020 (final accounting 
data).
Revenue stood at €0k versus €25k in 2020 (final account-
ing data).
IMA Deutschland
A limited liability company that implements assistance 
services.
Income for financial year 2021 was -€551k versus -€1,578k 
in 2020. 
Revenue came out at €3,780k, up 21 % year-on-year 
thanks to the resumption of business since June 2021.
IMA Benelux
A public limited company under Belgian law.
Income for financial year 2021 was -€399k versus -€669k 
in 2020.
Revenue amounted to €8,208k versus €6,437k at 31 
December 2020, an increase of 28 %
attributable primarily to the Ethias business over the full 
year (the business was initiated in April 2020).
IMA UK
A limited liability company governed by UK law.
The company was liquidated in 2021.
WAFA IMA Assistance (accounted for under the equity 
method at 35%)
Insurance company governed by Moroccan law.
Income for financial year 2021 amounted to €2,887k 
versus €2,683k in 2020, i.e. a contribution of €1,010k to 
the Group’s consolidated results in 2021 under the equity 
method (excluding consolidation restatements).
Gross earned premiums for the year totalled €25,661k 
versus €25,102k in 2020, an increase of 2 % mainly stem-
ming from strong momentum in automotive assistance 
products, local medical assistance products and in-
creased rates for body repatriation contracts for Moroc-
can residents abroad.
A €474k dividend payment was made to IMA SA in 2021.
IMA Protect Italia
Revenue amounted to €24k versus €36k in 2020.
Income for financial year 2021 was -€71k compared with 
-€1,803k in 2020.
The company was liquidated in 2021.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 19 ΑΑ
IMA GROUP FINANCIAL REPORT
IMA  Group remains committed and vigilant in dealing with economic and health developments. Thanks to its internal 
organisation, it constantly adapts to each situation with the aim of ensuring continuity of service.
IMA Group will face new challenges in 2022: 
- Launch of the new 2022-2025 Strategic Plan.
- Change in governance from 2023, with the replacement of Claude Sarcia by David Pino on 1 January 2023 as Chairman 
of the Management Board of IMA SA.
- RFPs issued by Stellantis Group and Renault Group in 2022.
- Departure of Cardif IARD from IMA SA, IMA EIG and IMH EIG, and departure of Cattolica in Italy.
- Change in tax status for IMA EIG and IMH EIG.
Russia’s invasion of Ukraine on 24 February was a post-closing event which had no financial impact on the financial state-
ments for the year ended 31 December 2021, as it related to a new situation.
Initial analyses found the impact of IMA Group’s exposure to be insignificant.
The last year of the 2018-2020+1 Strategic Plan recorded a less severe impact due to the health crisis than in 2020, with the 
Group’s indicators on the rise again. 
2022 is the first year of the 2022-2025 Strategic Plan, focusing on overall performance with the goal of reaffirming the 
relevance and attractiveness of the IMA model, centred on three key ambitions: 
• a new competitiveness equation,
• optimised customer experiences,
• employee engagement and improved societal impact.
1.7
POST-CLOSING EVENTS.
1.8
OUTLOOK.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 20 ΑΑ
IMA GROUP FINANCIAL REPORT
The risk management system relies on :
- The Internal Control system
- Risk Management and Permanent Control 
- Compliance
- Actuarial Services
- Internal Audit
- The Business Continuity Plan
The Quality Management System relies on the risk man-
agement system.
ΑΑ INTERNAL CONTROL SYSTEM
The Group has set up an organisational structure aimed 
at sound business management.
This structure is based on the cooperation of all Group 
employees. Each employee must be an active contributor 
to Internal Control.
The system is based on three lines of control:
• first line of control : control activities defined and 
implemented by operational staff
• second line of control : structuring and coordination 
of the business control system
• third line of control : independent periodic assessment 
of the system. 
ΑΑ RISK MANAGEMENT AND PERMANENT 
CONTROL
Risk Management and Permanent Control are two 
components of the Group’s second line of control. 
Risk Management is based on risk identification and 
assessment, incident management, and action plan 
follow-up. In addition, Permanent Control relies on 
the identification and oversight of the main controls 
contributing to the management of these risks.
Risk identification is updated and refined by a combined 
“top-down and bottom-up” approach.
On this basis, risk maps are drawn up and recommenda-
tions defined. 
These elements form the basis for the Own Risk and 
Solvency Assessment (ORSA) and the proper disclosure 
of governance. 
Incidents are tracked using a specific Risk Management 
tool. This information enhances the risk mapping and the 
control system.
Action plans are defined based on the analysis of these 
cases and the information drawn from risk mapping and 
the permanent control system. The most significant 
action plans are subsequently monitored by the Risk and 
Control Function.
ΑΑ COMPLIANCE
The Compliance Verification function, provided for in 
Article L 354-1 of the French Insurance Code, has been set 
up with a thematic approach.
Priority cases include :
- customer protection,
- data protection, 
- ethics,
- financial security (prevention of money laundering 
and terrorist financing), 
- outsourcing.
The Compliance function primarily acts on behalf of the 
insurance entities: IMA Assurances and Assurima.
Furthermore, compliance also includes prevention of 
internal and external fraud.
ΑΑ ACTUARIAL SERVICES
The actuarial function, provided for in Article 48 of 
the Solvency 2 Directive, was established in late 2015. 
Actuarial work is covered in an annual report addressing:
- technical reserves,
- the underwriting policy, 
- reinsurance, 
- the actuarial function’s contribution to the risk 
management system. 
The report for financial year 2020 was produced in 2021. 
ΑΑ INTERNAL AUDIT
The role of Internal Audit is to provide independent and 
objective assurance to the supervisory bodies and senior 
management regarding the degree of control over the 
Group’s operations, as well as advice on improvement. It 
constitutes the Group’s third line of control.
To ensure its independence, Internal Audit reports to 
the Chairman of the Management Board and reports 
functionally to the Audit and Risk Committee. 
Oversight of the 2021 audit plan and implementation of 
the resulting recommendations were regularly reviewed 
by the Executive Managers and the Audit and Risk 
Committee.
ΑΑ BUSINESS CONTINUITY PLAN (BCP)
Given the specific nature of the assistance business and 
the importance of operational risk, the existing Business 
Continuity Plan is continuously monitored.
The goals set for 2021 under this plan have been met, 
namely :
- definition 
of 
a 
Group 
cross-functional 
crisis 
management system, regardless of the cause 
(pandemic, IT incident, etc.), 
- operational tests of Business Continuity Plans (BCP), 
with all entities having a remote work or fallback 
system and access to backup IT infrastructures,
- BCP updates by Group entities,
- tests on critical BCP procedures,
- oversight and assessment of the information system 
security system.
This work serves to establish a description and 
self-assessment of the main operational risks and 
information on existing controls, and aims to achieve risk 
management, through action plans if necessary.
1.9
RISK MANAGEMENT SYSTEM.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 21 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ QUALITY MANAGEMENT SYSTEM
The purpose of the Quality Management System (QMS) is 
to make certain that all resources are implemented within 
the company to ensure that it meets its commitments, 
strategic objectives and customer satisfaction, in 
accordance with a continuous improvement approach. 
The term clients refers to shareholders, customers and 
beneficiaries, but also more broadly all interested parties, 
whether they are internal partners (employees, entities, 
business lines, social partners, etc.) or external partners 
(sub-contractors, suppliers, government departments, 
local authorities, etc.).
The QMS thus contributes to the company’s performance 
and competitiveness and provides it with additional 
guarantees for development and differentiation in a 
competitive environment and an evolving market.
It relies on the risk management systems described above 
and is centred on the following principles: 
- Sound business management, based on a clearly 
defined, well-understood general organisation system 
and implementation by each employee (duties and 
responsibilities, operating rules).
- Continuous 
improvement, 
which 
relies 
on 
the 
implementation of measurement tools (satisfaction 
surveys, efficiency and performance indicators, quality 
audits, etc.) serving to optimise decision-making, and 
oversight tools used to provide a structure for the 
implementation of selected improvement initiatives.
ISO 9001 is the most common quality management 
standard. It provides guidelines and tools for structuring 
the quality management approach and having it certified 
by an independent body. Obtaining this “Certification” 
proves that a sound business management approach 
and a continuous improvement system have been put in 
place. This recognition, which enhances the trust of the 
company’s clients, particularly when it competes for RFPs, 
can be an indispensable contractual condition.
Quality has always been a key consideration for IMA Group. 
Group entities or subsidiaries have rolled out their Quality 
Management System and obtained certifications based 
either on ISO 9001 or in reference to other standards 
targeting specific activities.
No Group entities have subscribed for forward financial instruments.
Scope :
Third-party customer
relations services. 
First certiﬁcation date :
2008
IMATECH
ISO 9001 v 2015
Scope :
Call management and travel,
medical and roadside
assistance services..
First certiﬁcation date :
2012 
IMA IBÉRICA
ISO 9001 v 2015
Scope :
Remote surveillance
Remote imaging processing at
the Nantes (Loire-Atlantique) and
Beaucouzé (Maine-et-Loire) sites.
First certiﬁcation date :
2001
IMA PROTECT
Standard I 31
Type P5
APSAD-CERTIFIED REMOTE
SURVEILLANCE SERVICE
Scope :
Development and implementation
of 24/7 travel assistance,
trip assistance and healthcare assistance
services for beneﬁciaries,
shareholders and customers.
First certiﬁcation date :
2014
Note : Montreuil activity certiﬁed since 2008
ISO 9001 v 2015
NF 399, MCS
Interoperability
of Emergency
Services
IMA EIG
NIORT / ROUEN
ANGERS / MONTREUIL
Scope :
Provision of medical and technical
assistance services for individuals,
vehicles and homes, 24 hours a day,
7 days a week, year-round.
First certiﬁcation date :
2011 
IMA ITALIA
ISO 9001 v 2015
1.10
FINANCIAL INSTRUMENTS.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 22 ΑΑ
IMA GROUP FINANCIAL REPORT
1.11
NON-FINANCIAL 
PERFORMANCE REPORT. 
IMA GROUP – FINANCIAL YEAR 2021
I – NOTES ON METHODOLOGY
I.1 – IMA GROUP’S COMMITMENT TO CSR
IMA Group has been committed for more than 10 years to 
operating in the spirit of Corporate Social Responsibility 
(CSR) in order to spread social, societal, environmental 
and economic best practices throughout the Group, form-
ing the pillars of its sustainable development.
CSR is a way for IMA to formalise behaviours and ethics al-
ready deeply rooted in the company, grounded in the val-
ues of the social economy from which the Group derives.
A STRUCTURED AND CROSS-FUNCTIONAL APPROACH
In order to structure our approach and cover every as-
pect of CSR, IMA  Group adopted international standard 
ISO 26000. This standard provided a framework of refer-
ence and overall consistency to the various initiatives con-
ducted within the company.
In 2020, a Group CSR & Press Relations Division was creat-
ed to aid in establishing the new dynamic sought by Gen-
eral Management, with the inclusion of CSR in the 2022-
2025 Strategic Plan. 2021 was devoted to structuring the 
CSR commitments of this plan, whose ambitions will cover 
both the Group’s internal policies, already well under way 
(HR, real estate, sourcing, compliance, etc.), and the con-
duct of its assistance activities and services (Mobility, 
Wellness, Home and Legal) and their socio-economic and 
environmental impact.
I.2 – REGULATORY ENVIRONMENT
As from 1 September 2017, pursuantTO Order No. 2017-1180 
of 19 July 2017 on the disclosure of non-financial informa-
tion aimed at aligning the legislative framework with the 
requirements of CSR Directive No. 2014/95 of 22 October 
2014, listed companies exceeding certain revenue and 
headcount thresholds and unlisted companies generating 
revenue or total balance sheet assets of more than €100 
million and with a headcount of more than 500 are re-
quired to publish a Non-Financial Performance Report and 
to include that report in the annual management report. 
Accordingly, these regulations have applied to the IMA 
Group since the financial year beginning 1 January 2018. 
The Non-Financial Performance Report presents a de-
scription of the company’s main non-financial risks, as well 
as the policies and procedures implemented to prevent 
them, identify and mitigate their occurrence and their re-
sults, including key performance indicators.
The Non-Financial Performance Report is verified by an 
Independent Third Party Organisation whose report in-
cludes a justified opinion on the report’s compliance 
withregulatory provisions and on the fairness of the infor-
mation provided.
I.3 – REPORTING SCOPE
Time scope
Barring exceptions, the quantitative and qualitative data 
relate to the period from 1 January 2021 to 31 December 
2021, corresponding to the financial year of IMA  Group. 
Some data not available at the date of the Non-Financial 
Performance Report relate to 2020.
Exceptions will be explicitly indicated in the report.
Scope of consolidation 
For the 2021 financial year, qualitative information covers 
the Group’s French entities, which represent 90% of con-
solidated revenue and 85% of the consolidated workforce.
When certain information could not be consolidated, be-
cause it was not relevant or the data were not available at 
the date of preparation of the report, we chose to publish 
it on the IMA EIG scope, which alone represents 58% of the 
Group’s consolidated revenue and 55 % of its workforce.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 23 ΑΑ
IMA GROUP FINANCIAL REPORT
I.4 – REPORTING METHOD AND FRAMEWORK
The Non-Financial Performance Report was drawn up by 
building on the risk management approach adopted by the 
Group, whose policy and management are under the re-
sponsibility of the Risk and Control Division. Major non-fi-
nancial risks are extracted from the Group’s risk map and 
reclassified to accommodate the CSR issues covered by 
the Non-Financial Performance Report.
The updating of the risk map in 2020 and the extraction 
of non-financial risks carried out each year did not un-
cover any new major non-financial risks. The risk analysis 
was based on Article R.225-105 of the French Commercial 
Code and the internal work conducted internally since 
2011 on ISO 26000 :
ISSUES
RISKS
Compliance, ethics 
and fair practices
Non-compliance with regula-
tions governing the activities of 
IMA Group, as regards its em-
ployees or relations with share-
holders, clients, beneficiaries, 
suppliers and sub-contractors.
Innovating and 
adapting the offer 
to meet the expec-
tations of share-
holders, clients and 
beneficiaries
Offering products and services 
that fail to meet the objectives 
and challenges of the Strategic 
Plan. Being overtaken by the 
competition and losing market 
share.
Prevention of dis-
crimination & pro-
motion of diversity
Discrimination during recruit-
ment, integration and through-
out an employee’s career with 
the company.
Human resources 
management
Failure of recruitment to meet 
HR requirements, particularly in 
terms of expertise.
Quality of social di-
alogue and quality 
of life at work
Deterioration of the social climate 
and working conditions.
Employee health 
and safety 
Inadequacy in the prevention of 
workplace accidents and occu-
pational illness. 
In addition, and although they are not listed in our Group 
risk map, we have identified two secondary non-financial 
risks :
ISSUES
RISKS
Strengthening of 
our regional roots
Non-acceptance of the compa-
ny and its activities by regional 
stakeholders. Loss of appeal and 
access to local resources and 
projects.
Adapting to the 
consequences of 
climate change 
and implementing 
measures to reduce 
greenhouse gas 
emissions
Contributing to climate change 
and failing to meet market assis-
tance needs.
I.5 – INFORMATION EXCLUDED FROM THE NON-FINAN-
CIAL PERFORMANCE REPORT
Of all requisite topics in the Non-Financial Performance 
Report, given IMA  Group’s sector of operation and the 
analysis of its CSR issues, it is not relevant to disclose 
data on the following information :
• Combating food insecurity,
• Respect for animal welfare.
The other mandatory topics are presented in Chapter III on 
social, societal and environmental risks.
II – BUSINESS MODEL
For the description of the business model, please see 
Chapter 01 “Management report” of this financial report.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 24 ΑΑ
IMA GROUP FINANCIAL REPORT
III – SOCIAL, SOCIETAL 
AND ENVIRONMENTAL RISKS
III.1 – SOCIAL RISKS 
Driven by strong values and the firm belief that people are 
the core of its businesses, IMA Group has always striven 
to pursue a people-centred, formative and inclusive social 
policy, going above and beyond legal requirements and 
even branch agreements. 
HUMAN RESOURCES MANAGEMENT
HIGH-PRIORITY RISK – Failure of recruitment to meet HR 
requirements, particularly in terms of expertise. 
POLICY - The Group ensures that each entity has the nec-
essary expertise to fulfil its assigned duties. 
DUE DILIGENCE - To meet this challenge, several Quali-
ty Management System processes are implemented and 
monitored, in particular at IMA EIG : 
• “Forecasting and planning assistance resources”, 
• “Recruiting and ensuring employee mobility”, 
• “Supporting employee career development”.
HR procedures aim to anticipate and mitigate the risks as-
sociated with human resources management : 
• “Defining and overseeing the HR policy”, 
• “Defining HR policy budgets”, 
• “Performing controls of labour relations manage-
ment”, 
• “Managing labour relations”, 
• “Supporting the company's development”, 
• “Supporting the development of employee careers”, 
• “Recruiting and ensuring employee mobility”, 
• “Ensuring administrative and contractual manage-
ment”, 
• “Ensuring payroll management”.
The company agreement on the “Classification of jobs, 
remuneration and professional mobility” of 7 May 2010 
(amended by the riders of 27 May 2013 and 30 March 2015) 
provided an initial structural response to the need for skills 
management. 
In order to implement this agreement and ensure that is 
continuously aligned with conditions in the field, IMA EIG 
appointed an “employment” officer to keep track of chang-
es in the industry and update the database of jobs and 
associated skills. This work is shared and discussed with 
a joint committee comprised of representatives of HR, the 
business lines and social partners.
In 2018, IMA Group also initiated a forward-looking HR pro-
ject intended to plan ahead for the foreseeable changes in 
our activities and their 3-year impacts. Adapting to future 
changes and better preparing employees for the develop-
ment of new skills and/or new professions are key condi-
tions for the company’s performance, competitiveness 
and sustainability. A database of jobs and 2 to 3-year tar-
get skills has been established for the entire Group. 
In order to optimally meet the challenges of the future, 
IMA Group is convinced that its managers are a key com-
ponent of the system to support the development of 
its business lines. A “managerial culture” project was 
launched in 2018 with the aim of defining the roles and 
key skills expected of managers in order to support them 
and provide them with the best possible tools to become 
ambassadors and coaches for these future developments.
Lastly, in order to ensure that all employees are able to 
meet expectations in the short term, the HR Division has 
been rolling out a Human Resources Information System at 
Group level for a little more than three years. This system 
offers visibility on the training catalogue and available 
positions within the Group, and will soon offer visibility 
on jobs and target skills needed in the short/medium 
term. It is also used by managers to conduct their annual 
performance and progress reviews, as well as career 
interviews, in accordance with campaigns scheduled by 
the HR departments.
All of these mechanisms help promote mobility and 
skills development within the Group, while empowering 
employees to take charge of their career. 
KEY PERFORMANCE INDICATORS –
• Number of training hours completed per employee 
(IMA EIG) 
IMA EIG
AVERAGE NUMBER OF TRAINING 
HOURS PER EMPLOYEE
2020
17.45 h
2021
19.93 h

MANAGEMENT REPORT  SECTION 01
 ΑΑ 25 ΑΑ
IMA GROUP FINANCIAL REPORT
EMPLOYEE HEALTH AND SAFETY
HIGH-PRIORITY RISK – Inadequacy in the prevention of 
workplace accidents and occupational illness. 
POLICY – Prevention of workplace risks, preservation of 
employees’ physical and mental health, and prevention of 
all forms of violence in the workplace are top priorities of 
the company’s social policy. In compliance with its obliga-
tions to “ensure workers’ safety and protect their physical 
and mental health” (Article L.4121 of the French Labour 
Code), General Management supports a comprehensive 
and sustainable approach to prevention within the compa-
ny, in line with previous initiatives.
DUE DILIGENCE – In the interest of further advancing in 
this health and prevention policy, IMATECH and IMA PRO-
TECT, in Nantes, employ a nurse and IMA  EIG set up an 
independent Occupational Health Department in Niort in 
January 2019, with a full-time occupational physician, two 
nurses and a medical assistant on site. This department, 
which also serves IMH EIG in Echiré, works to develop, con-
duct and coordinate a greater number of initiatives aimed 
at preventing and raising awareness of workplace risks. 
The Single Risk Assessment Document(“DUER”), updated 
each year, compiles all professional risks associated with 
our activities and business lines and lists all the preventive 
measures implemented to mitigate these risks, as well as 
their level of effectiveness. Since January 2021, this doc-
ument has been updated by the Security Department of 
the Real Estate, Sourcing and Mail Division, in coordination 
with the Occupational Health Department. Over the 2020-
2021 period, new risks related to the health crisis and the 
constraints imposed on the company were added to this 
document. 
In addition to this essential document, multiple initiatives 
are carried out each year : 
• Prevention of Musculoskeletal Disorders (MSD) 
through awareness-raising in the form of tutorials 
made available to employees,
• Distribution of information and awareness-raising 
messages on the homepage of the IMA Group intranet, 
in addition to prevention-oriented materials: heat 
wave alerts, epidemic alerts, videos on movement and 
posture, etc.,
• Organisation of advice and information, prevention 
and screening sessions on cardiovascular disease, 
DYS disorders, influenza vaccination, awareness of 
AMRD, regular humidity and temperature measure-
ments, stop smoking awareness,
• Purchase of equipment for workstation ergonomics,
• Psychological support :
- Option for IMA Group employees to receive psycho-
logical support, consistently available remotely for 
any personal or professional problems, and offered 
in four languages (Italian, German, Spanish, French).
- In-person sessions also available, via a partnership 
with two independent psychologists based in Niort. 
In addition to the massive roll-out of remote work since 
the outbreak of the health crisis and which continued in 
2021, IMA’s Occupational Health team has been working to 
develop and update the health protocol applicable to the 
company, conduct regular oversight of contact cases and 
positive Covid cases for employees of IMA EIG and IMH, and 
issue regular reminders of the need to observe basic pre-
ventive measures. The health crisis also called for a revi-
sion of first-aid training in the workplace.
KEY PERFORMANCE INDICATORS – 
• Workplace accidents (including commuting acci-
dents) : 
IMA EIG
2019
2020
2021
Frequency rate
8.57
5.64
3.87
Severity rate
0.097
0.170
0.101

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 26 ΑΑ
IMA GROUP FINANCIAL REPORT
PREVENTION OF DISCRIMINATION & PROMOTION OF 
DIVERSITY
HIGH-PRIORITY RISK – Discrimination during recruitment, 
integration and throughout an employee's career within 
the company. 
POLICY – For IMA, diversity in the company is an asset that 
must be preserved, valued and continuously developed. 
Combating discrimination and promoting diversity from 
recruitment and throughout an employee’s career with the 
company has always been a key priority for IMA. 
The first line of attack against discrimination risk is the re-
cruitment policy. Multiple measures, including the recruit-
ment charter and training of our recruitment officers in 
non-discrimination, ensure fair treatment without any form 
of discrimination for applicants during the hiring process. 
The agreement on the “Classification of jobs, remuner-
ation and professional mobility” of 7 May 2010 (IMA  EIG) 
also calls for fair treatment of employees regardless of the 
person in question, and particularly irrespective of gender, 
origin, age or potential disability.
DUE DILIGENCE – Diversity
An indefinite-term Diversity agreement was signed on 29 
November 2019 by all trade unions. This agreement com-
bines all decisions and initiatives taken within the compa-
ny with the aim of combating discrimination and embracing 
diversity. It covers recruitment, training, mobility, career 
management (particularly for seniors), parenthood and 
work-life balance. 
Application of the agreement is monitored by the CSE’s Di-
versity and Professional Equality Committee. 
Diversity is an objective that starts at the recruitment 
stage. IMA EIG has incorporated “skill-based” recruitment 
into its processes, serving to select applicants based on 
their abilities to fulfil the duties of the position and not 
their qualifications, as the CV is not considered in this 
context. A simplified complementary recruitment system 
has been introduced for seasonal or fixed-term positions 
(automatic integration in the recruitment process start-
ing with submission of the application, introduction to the 
company and remote interview for interested applicants).
Recruitment is therefore open to the widest variety of pro-
files (young adults, seniors, long-term job seekers, appli-
cants seeking a career change, applicants with disabilities, 
etc.)
Gender equality in the workplace
As provided for by law against sexist behaviours, two em-
ployees are appointed and trained as anti-sexism officers. 
In an effort to raise employee awareness of sexism and pro-
mote gender equality, IMA Group carried out various aware-
ness-raising initiatives in 2021 : 
• A special communication in honour of National An-
ti-Sexism Day on 25 January.
• Distribution of several short videos on 8 March in hon-
our of Women’s Rights Day, including a video specifi-
cally targeting managers. 
• Preparation of a guide on everyday sexism in the work-
place, to be distributed in 2022.
At the same time, IMA Group is thinking about how it can 
include more women in its recruitment processes for jobs 
where women are under-represented and vice versa for men, 
in order to maintain gender equality in all business lines as 
far as possible. Encouraging women to apply for positions 
of responsibility is another goal being pursued by the 
Group.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 27 ΑΑ
IMA GROUP FINANCIAL REPORT
Incorporation of disability
Because the Group aims to go above and beyond legal re-
quirements, IMA is continuing its efforts to promote the 
recruitment and integration of persons with disabilities, as 
well as the retention of employees with disabilities due to 
“everyday accidents” : 
• Assistance with submission of applications for recog-
nition as “workers with disabilities", 
• Alteration of workstations and working hours, 
• Preparation of working documents and information 
tailored to visually impaired employees,
• Incorporation in the remote work agreement signed on 
18/10/2021 of special procedures aimed at assisting 
employees dealing with specific challenges, including 
disabilities.
In addition to the action already taken, and in order to 
share best practices and pursue a common objective, 
IMA  France  Group’s disability agreement signed in July 
2017, for an indefinite period, specifies provisions to en-
sure equal treatment and working conditions for persons 
with disabilities, enabling them to reconcile their working 
life with the constraints imposed by their own disability or 
the disability of their loved ones. 
Mobility is also an essential condition for the integra-
tion and retention of employees with disabilities. In 2019, 
IMA EIG entered into an innovative partnership with Com-
munauté d’Agglomération du Nirotais and Transdev Niort Agglom-
ération to set up a transport service for persons unable to 
use regular bus and coach lines due to their disability. This 
unprecedented service offers employees with reduced 
mobility better access to the company.
IMA is also involved in vocational training as a partner of 
the IPHD Master’s degree (focusing on the inclusion and 
integration of persons with disabilities and dependent 
persons) offered by Université de Poitiers to train ver-
satile professionals. Each year, presentations are given 
to “Master 1” students on the company’s diversity policy 
and a work-study participant is recruited by the Diversity 
Department. These students help us to identify areas for 
improvement and recommend appropriate action plans for 
our missions and practices.
Each year, the Group carries out various initiatives aimed at 
educating others about disability : 
• An awareness-raising campaign was organised during 
European Disability Employment Week, as is the case 
every year. Large-format stickers containing various 
messages aimed at deconstructing stereotypes on dis-
ability were pasted on the floor of the company cafete-
ria. An accessibility challenge was also launched via the 
StreetCo app, and three short videos were distributed 
later in the week to raise awareness on various aspects 
of disability in the workplace. 
• Representatives were specially trained to prepare for the 
integration of several employees with disabilities, 
• A staff awareness-raising document on recognition of 
disabled workers status (“RQTH”) was updated and dis-
tributed,
• During Breast Cancer Awareness Month in October, an 
awareness-raising campaign on “cancer and work” was 
offered to employees, 
• As part of the Telethon and International Disability Day, 
IMA Group invited the Niort AFM Telethon to hold the 35th 
annual telethon at the company’s offices, offering em-
ployees the opportunity to make a donation and speak 
to volunteers to gain a better understanding of the chal-
lenges addressed by the event. This initiative was com-
bined with a digital awareness campaign and personal 
testimony from one of our employees with myopathy.
Lastly, the company calls on the services of the protected 
sector whenever possible.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 28 ΑΑ
IMA GROUP FINANCIAL REPORT
Incorporation of the LGBT+ community
To raise employee awareness of LGBT issues, particularly 
in the workplace, IMA Group distributed an awareness-rais-
ing message and an employee quiz on International Day 
Against Homophobia, Biphobia and Transphobia (17 May 
2021).
KEY PERFORMANCE INDICATORS –
• Index of gender equality in the workplace :
IMA EIG
INDEX OF GENDER EQUALITY IN THE 
WORKPLACE
2019
79
2020
89
2021
75
• Employment rate of persons with disabilities (IMA EIG) :
IMA EIG
EMPLOYMENT RATE OF PERSONS WITH 
DISABILITIES
2019
6.62%
2020
5.85%
2021
Not available to date
As of 1 January 2020, the legal employment rate is calculated using the Com-
pany’s DSN (Nominative Social Declaration) to the organisations in charge of 
collecting social security contributions. This figure is only available from the 
month of April. 
QUALITY OF SOCIAL DIALOGUE AND QUALITY OF LIFE 
AT WORK
HIGH-PRIORITY RISK – Risk  –  Deterioration in social cli-
mate and working conditions.
POLICY – IMA Group considers social dialogue to be an in-
tegral part of its development. In order to ensure social co-
hesion, the Group's performance and the protection of its 
jobs, it is vital for all company stakeholders to understand 
its strategy, and for employee aspirations and quality of life 
at work to be addressed. The company, which aims to pro-
mote constructive social dialogue, makes resources avail-
able to employee representatives beyond what is required 
by law whenever common interests are at stake. 
Like social dialogue, prevention of workplace risks, preser-
vation of employees’ physical and mental health, preven-
tion of all forms of violence in the workplace, and quality of 
life at work are top priorities of the company’s social policy.
DUE DILIGENCE – The latest IMA  France  Group agree-
ment on trade union rights was signed on 26 April 2018. It 
reflects the groupwide determination to reaffirm the key 
role played by independent and pluralist trade unions in 
the company’s social dialogue. To achieve their objectives, 
the signatory parties agreed to establish a common set of 
measures that are adjusted to make them acceptable for 
all the French entities and facilitate the exercise of trade 
union activities. Within this framework, IMA EIG signed an 
agreement on the exercise of trade union rights on 27 July 
2018 and the riders to the agreement of 21 December 2018 
and 18 October 2021.
The Memorandum of Understanding on the renewal of the 
IMA Group Committee was signed on 20 October 2021 (im-
plementation and composition with French and foreign en-
tities) to ensure employee representation at Group level, 
with the group being extended to a European scope. 
A framework agreement on Quality of Life at Work (QLW) 
was signed in February 2018. This agreement recognises 
the common objective of the trade union organisations and 
the General Management of IMA EIG to continue initiatives 
undertaken to improve working conditions and prevent oc-
cupational risks. With the aid of a specialised firm, an am-
bitious approach to collaborative thinking about quality of 
life at work was launched in 2018, led by a joint committee 
comprising representatives of General Management, trade 
union organisations and operational divisions. After con-
sulting with staff, an action plan was presented in Septem-
ber 2019 and shared with employees.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 29 ΑΑ
IMA GROUP FINANCIAL REPORT
In 2021, due to the pandemic, the Committee’s plenary 
meetings were temporarily suspended. Even so, multiple 
initiatives have been implemented by the Committee, in 
addition to preventive measures aimed at ensuring health 
and safety.
The company has undertaken multiple initiatives aimed at 
continuously improving quality of life at work : 
• Signing of a an IMA EIG remote work agreement on 18 
October 2021. This agreement gives employees signif-
icant leeway to allow them to improve their work-life 
balance, particularly by remote working up to 100 days 
per calendar year.
• Signing of an IMA  EIG agreement for seniors on 
31/12/2021 in order to strengthen existing schemes for 
senior employees, promoting their continued employ-
ment, recognising the value of their experience and 
providing them with better support later in their career. 
• Organisation of four remote “retirement conference” 
sessions offered to employees aged 55 and over dur-
ing their working hours and facilitated by Carsat advi-
sors. 
• Preparation of a guide for managers on “helping em-
ployees return to the office”. 
In addition, IMA has introduced a number of measures 
aimed at promoting physical and sporting activities :
• Provision of a unique sports complex, Inter Mutuelles 
Sport (IMS) to employees of IMA  EIG and member 
companies (MAIF, MACIF, DARVA, etc.), offering a wide 
range of sporting activities supervised and coordinat-
ed by professionals. 
• Organisation of events to raise awareness of the im-
portance of physical activity for good health and to 
build ties between employees, especially during COV-
ID, which has tended to increase employee isolation. 
To this end, two online challenges were organised 
(March and December) for all Group employees with 
more than 1,000 employees taking part in all challeng-
es. After an initial trial of an online challenge at IMA EIG 
in 2020, the challenge was extended to the French and 
foreign subsidiaries of the Group in 2021, where it met 
with great success.
IMA  EIG has successfully adapted to the health crisis by 
adjusting the means of communication granted to trade 
union organisations. Such measures include :
• The COVID 2 agreement, offering the possibility to 
send one e-mail per month (in addition to pre-exist-
ing possibilities) to all IMA employees, excluding elec-
tion-related materials, for 2021. This provision was car-
ried over for 2022, via an amendment to the union law 
agreement,
• During the 2021 year-end professional elections, the 
possibility of sending one e-mail per month (in addition 
to the pre-existing possibilities) to all IMA employees 
for election purposes; the creation of category-based 
mailing lists to facilitate distribution of mail by socio-
professional category; the possibility for each trade 
union organisation to create a TEAMS team especially 
for election materials and open to all employees wish-
ing to register.
Despite the health crisis, IMA  Group (all French entities 
combined) signed 16 collective bargaining agreements in 
2021. 
For the sixth year in a row, IMA stood out as the best em-
ployer in the “Insurance and Assistance” business sector. 
As in previous years, Capital magazine teamed up with the 
Statista institute to conduct an anonymous, independent 
survey measuring the satisfaction of French employees 
with their employer. IMA was thus recognised for continu-
ing to recruit staff despite the health crisis, taking on mul-
tiple work-study participants and conducting initiatives to 
promote quality of life at work.
KEY PERFORMANCE INDICATORS – 
• Turnover:
IMA EIG
TURNOVER RATE
2020
3.32 %
2021
3.75 %

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 30 ΑΑ
IMA GROUP FINANCIAL REPORT
 III.2 – SOCIETAL RISKS
Fair practices, development of products and services that 
meet the needs and new practices of shareholders, clients 
and beneficiaries, and the company’s impact on its envi-
ronment are the main societal issues identified.
STRENGTHENING OF OUR REGIONAL ROOTS
RISK – Non-acceptance of the company and its activities 
by regional stakeholders. Loss of appeal and access to lo-
cal resources and projects.
POLICY – Local roots form a key pillar of IMA Group’s CSR 
commitment. They enhance the image of both the Group 
and its mutual insurance shareholders. IMA applies three 
key levers to strengthen its position with employees, local 
authorities and all local economic, non-profit and institu-
tional players that rely on lasting relationships with the 
company :
• Contribution to regional economic development and in-
tegration through employment by supporting entrepre-
neurial structures and initiatives and sectors of the fu-
ture (particularly tech and digital),
• Management of partnerships centred on the Group’s 
CSR commitments in favour of local development, in the 
sporting, cultural, social, humanitarian and education-
al fields, and support for projects whose objectives are 
consistent with the Group’s socio-economic challenges,
• Active participation in discussions and work conducted 
by local authorities on the implementation of interna-
tional and national sustainable development commit-
ments (Agenda 2030, Sustainable Development Goals in 
particular).
DUE DILIGENCE – This commitment is reflected in direct 
support for employment and the local economy, with the 
preferred use of local companies, suppliers and sub-con-
tractors, continuation of the Group’s activities at its vari-
ous locations (non-relocation of its support platforms and 
head office), and assistance with the creation, develop-
ment and acquisition of businesses, in partnership with 
non-profits, local institutions or within corporate networks.
Training and integration through employment initiatives, 
for example by onboarding interns, work-study partici-
pants and persons undergoing professional assessments 
in the workplace, are strongly encouraged and made pos-
sible through partnerships with non-profits, higher educa-
tion institutions or Pôle Emploi (the French unemployment 
agency). 
The company also helps expand regional influence by 
establishing long-term sporting and cultural partner-
ships and providing support to non-profits or institutions 
through donations or sponsorships, financial or in kind, de-
pending on their identified needs.
The conditions for the allocation of donations, sponsor-
ships and patronage are based on :
• The local reach of partners and projects, and particu-
larly sporting and cultural projects, in accordance with 
IMA EIG’s CSR commitment to local development,
• Support for projects that align their actions with the 
company’s business lines and values.
Since the roll-out of itsCorporate Social Responsibility ap-
proach in 2011, IMA EIG has worked with local authorities 
to help develop and implement local Sustainable Devel-
opment action plans. Since the beginning of 2019, after 
the UN’s adoption of a new sustainable development pro-
gramme called Agenda 2030, IMA has done its bit to define 
the roadmap for the Niort commune. This approach, which 
earned the Gold Trophy for the AFNOR public performance 
scale, was cited as an example at the French Mayors Exhi-
bition and Convention in November 2019.
The Group also continued its policy of developing work-
study programmes. Despite the challenges of the health 
crisis, which took a heavy toll on youth integration, the 
company retained all existing work-study participants and 
also continued recruiting. A Work-Study Day is held each 
November to welcome new work-study participants and 
help get them acclimated.
KEY PERFORMANCE INDICATORS – 
• Support for the training and employment of young 
adults :
IMA EIG
2019
2020
2021
Average annual 
number of work-study 
contracts at 31/12
25
32
34
Average work-
study rate/average 
annual workforce on 
permanent contracts 
1.2%
1.5%
1.6%

MANAGEMENT REPORT  SECTION 01
 ΑΑ 31 ΑΑ
IMA GROUP FINANCIAL REPORT
COMPLIANCE, ETHICS AND FAIR PRACTICES
HIGH-PRIORITY RISK – Non-compliance with regulations 
governing the activities of IMA Group, as regards its em-
ployees or relations with shareholders, clients, benefi-
ciaries, suppliers or sub-contractors. Several categories 
are covered by these risks, depending on current regula-
tory developments (Sapin II Act, General Data Protection 
Regulation-GDPR, etc.).
POLICY & DUE DILIGENCE –
Compliance and fair practices
Compliance is a top priority for IMA Group, which organ-
ised a compliance system capable of identifying, pre-
venting and mitigating non-compliance risks. This sys-
tem includes a Compliance and Anti-Fraud Department, 
reporting to the Company Secretary, a Risk and Control 
Division, an Internal Audit Division, a Legal Affairs Division 
and a Data Protection Officer.
The principle of fair practices is governed by a code of 
conduct appended to the Internal Rules.
Employees are able to consult the “Gift giving and receiv-
ing” charter, updated in 2021, to ensure that they observe 
the line of conduct adopted by the company.
IMA has also established a whistleblowing system to 
combat corruption, fraud, money laundering and terrorist 
financing. The universally accessible anti-corruption sys-
tem allows employees to report unlawful behaviour and 
breaches of the company’s code of conduct. In case of 
doubt, employees can speak to their manager or super-
visor for guidance.
Personal data protection
In accordance with the GDPR, the personal data of Group 
employees, beneficiaries, suppliers, sub-contractors and 
partners are protected under a dedicated policy and pro-
cedures, overseen by a Data Protection Officer.
Information system security
Information system security is based on the IMA Group’s 
Information System Security Framework. This frame-
work, updated yearly, contains i) the General Information 
Security Policy (GISP), which sets out the security rules 
imposed on all Group entities (personal, legal, organ-
isational and technical security principles), ii) the In-
formation System Security Policy (ISSP), which defines 
the operational rules of information system security, iii) 
the Security Assurance Plan (SAP), which lays down the 
commitments made by IMA Group to meet its contractu-
al security requirements, and iv) the Business Continuity 
Plans (BCP) in place at each Group entity.
Information system security has been overseen since 
2012 by a Head of Information System Security (“RSSI”), 
who also acts as Head of Business Continuity Plans 
(RPCA) for the Group as a whole. 
Responsible sourcing and relations with suppliers, 
sub-contractors and service providers
Management of the value chain is a matter of great impor-
tance for the Group. 
The Group sourcing policy (excluding production) in-
cludes an Ethical Sourcing Charter that sets out all the 
principles that IMA Group buyers and employees are re-
quired to observe in conducting relations with suppliers 
and sub-contractors, in accordance with the Code of 
Ethics. Master sourcing agreements are in place to en-
sure consistency of practices.
A consideration also applied to relations between 
IMA Group and its network of service providers. Applicants 
interested in joining the network of approved IMA service 
providers using the IMA website (ima.eu) undertake to 
comply with a Quality and Social Responsibility Charter. 
Service Level Agreements with our providers include 
ethics clauses aimed at ensuring compliance with appli-
cable regulations and guaranteeing the quality of servic-
es provided to beneficiaries.
KEY PERFORMANCE INDICATORS –
• Compliance
IMA EIG
2019
2020
2021
Number of controls 
carried out by 
the supervisory 
authorities 
0
0
0
Number of 
penalties issued 
by the supervisory 
authorities 
0
0
0

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 32 ΑΑ
IMA GROUP FINANCIAL REPORT
INNOVATING AND ADAPTING THE OFFER TO MEET 
THE EXPECTATIONS OF SHAREHOLDERS, CLIENTS AND 
BENEFICIARIES
HIGH-PRIORITY RISK – Offering products and services 
that fail to meet the objectives and challenges of the 
Strategic Plan, being overtaken by the competition and 
losing market share.
POLICY – Our ability to develop new products and services 
that meet the expectations of our shareholders, clients 
and beneficiaries is a major challenge in terms of develop-
ment and attractiveness. 
It is rooted in :
• Digitisation of relations with end customers, which 
enhances the company’s role as a service orches-
trator by combining digital and human resources and 
bringing other stakeholders together (clients, ser-
vice providers, start-ups, etc.),
• Development of business lines other than emergency 
assistance for everyday and long-term support,
• Diversification of partners: auto manufacturers, tele-
com operators, etc.
DUE DILIGENCE – 
Group Marketing Division
A Group Marketing Division, created in April 2020, en-
sures consistent marketing initiatives across the Group in 
order to better address the various product and service 
offer strategies of our shareholders, major accounts and 
prospects and enable them to maintain a unique posi-
tion in the market. It helps build the multi-year roadmap 
for product and service offers in all Mobility, Home, Well-
ness and Legal segments, while promoting the sharing 
and harmonisation of best practices within the marketing 
teams. This new division serves as a natural intermediary 
for other IMA Group divisions on matters pertaining to the 
creation and development of product and service offers.
The Group Marketing Division thus contributes to the 
“Innovation, Design and Development of Products and 
Services” process and to the expansion of product and 
service offers :
• Based on new guarantees and/or new processing 
systems (creation of new service provider networks, 
new parameters, new tools and/or working proce-
dures),
• Developed from a new combination of existing guar-
antees,
• Based on new technologies.
  The one-off effects of the health crisis resulted in the 
postponement of certain efforts, but more importantly 
they led to the launch of activities for new stakeholders 
on the front line of the crisis, which called on IMA Group 
to address the emergency situation (ARS, DGS, etc.), and 
also resulted in the enhancement of new services widely 
deployed to meet emerging needs: psychological sup-
port, legal support, and medical support such as telecon-
sultation. 
The crisis also highlighted structural trends set to prevail 
over the long term, which IMA Group will need to account 
for over several years. In particular, the pandemic shed 
light on three major structural issues : 
• The environmental crisis (with the pandemic viewed 
as one of its concrete manifestations),
• Population ageing (with the elderly being particularly 
affected),
• And, from a more general standpoint, social cohe-
sion and urban development policy as a whole, with 
regional areas receiving more attention than major 
urban centres. 
These extensive changes, already reflected in the de-
velopment of remote work, the adaptation of the home 
environment (as a place of work or personal care), soft 
or green mobility (scooters, electric vehicles, etc.) and 
telemedicine (teleconsultation and remote medical fol-
low-up), are central to IMA Group’s product/service offers 
and considerations over the next few years.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 33 ΑΑ
IMA GROUP FINANCIAL REPORT
Innovation
IMA Group’s Innovation strategy is centred on the imple-
mentation of three distinct structures :
• An internal unit, IMA L@b, launched in 2018 to ramp 
up our innovation projects and enculturate Group 
employees. 
Experiments are focused on :
- Artificial intelligence, as a tool to facilitate the work 
of Group employees (natural language understand-
ing/workflow management/business forecasting),
- Omnichannel development: integration of Whatsapp 
and voicebots in the assistance process,
- Testing of new distribution models: sales of servic-
es/integration of start-ups in product and service 
offers/monetisation of flows/connected objects 
(e.g. COORGANIZ),
- Examination of the possibility of integrating respon-
sible business models or circular economy models in 
our digital solutions (e.g. Murfy – My Jugaad),
- The health crisis opened the door to new fields of 
exploration such as contactless technology.
Managers need to be acclimated to such innovations 
and trials so as to have the information at their disposal 
to understand them and transmit this knowledge to their 
teams. Promoting innovation was identified as a major 
“management challenge”, as the health crisis required the 
massive redeployment of systems in digital mode. 
Two specific mechanisms were implemented at IMA L@b 
to collect client feedback :
- An external client panel, 
- A testing site for Group employees to discover, em-
ploy and promote the various innovations.
A test & learning system was also rolled out: the Incu-
bator, a team of eight assistance coordinators who test 
out new services and tools in an Assistance Production 
environment to work on the offers and processes of the 
future.
• A 3-year €15 million investment fund, IMA  Partici-
pations, launched in 2018 to accelerate innovation 
initiatives by directly acquiring stakes in start-ups 
deemed strategic for the Group’s activities. In 2021, 
IMA invested €500k in Carbookr, with no subsequent 
refinancing operations. The total amount of invest-
ments made was around €3.2 million.
• A commitment alongside shareholders and partners 
in the French AssurTech market focused on captur-
ing, training and accelerating start-ups.
In 2021, IMA continued the transformations undertaken in 
the 2018-2020+1 Strategic Plan, with the ambition of be-
ing the leading provider of assistance and services.
Around 30 initiatives were identified for the implemen-
tation of the strategic plan. These initiatives consist of 
innovative projects, the major component of which is the 
digitisation of communication and practices in the Mobil-
ity, Home and Wellness segments: IMA Home, Home Or-
chestra, Construction Services, Auto Leasing (Carbookr, 
Entreprise, etc.) and P2P carsharing services (Search Mo-
bility), healthcare projects such as ISIS and Caducy, etc. 
Essential to a successful client experience, the use of 
data and our information system make us a part of the 
digital world inhabited by our shareholders and partners, 
where we can offer them a seamless experience.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 34 ΑΑ
IMA GROUP FINANCIAL REPORT
Responsiveness and anticipation to meet beneficiary 
needs 24/7
One of the biggest challenges of the travel and home 
assistance business is having to continuously predict 
future business volumes. And yet, our expertise and the 
trust of our shareholders and clients can be attributed to 
how well we are able to meet the needs of all beneficiaries 
in tough situations, including during a crisis (natural dis-
asters, extreme weather events, etc.) In order to be able 
to meet demand, employees make use of business fore-
casts and systems that help them anticipate such events 
and respond quickly when they happen :
• The “Preparing and planning assistance resources” 
process, which includes responsiveness measures 
and indicators in the wake of extreme weather events 
(e.g. daily monitoring of the suitability of staff plan-
ning and forecasting, weather updates), indicates 
whether or not staffing adjustments need to be 
made.
• The “Ensuring the availability of information systems” 
process, which includes a crisis management system.
The “HR Coordination Planning” Department of the Trav-
el Operations Division (“DOP”) can plan additional shifts 
to cover extremely busy periods due to weather-related 
events or other factors. Staff planning is monitored daily 
to ensure that it matches forecasts.
For Travel Operations, weather forecasts are monitored 
twice a week to determine whether or not staffing adjust-
ments are required.
Cumulative hotline quality indicators at end-2021 should 
be interpreted while bearing in mind the challenges en-
countered during the year.
In 2021, travel was subject to fluctuations due to the 
COVID crisis (activity on the decline during lockdowns/
curfews, followed by a relatively strong recovery, etc.), 
making it more difficult to match resources TO activity. 
Additional challenges included higher levels of absen-
teeism among assistance coordinators due to sick leave/
childcare needs, etc., causing the average response time 
to deteriorate further. 
These factors (deviations from business forecasts, devi-
ations from projected absenteeism, fluctuation in hotline 
quality indicators) are addressed in the analyses con-
ducted during monthly “resource adequacy” meetings, 
when initiatives are taken to revise forecasts if necessary.
Measuring customer satisfaction
Cold surveys are conducted 2 months after an assistance 
case is opened (Scope: France/International roadside as-
sistance, France/International mobility and Wellness ac-
tivities) in order to : 
• Measure beneficiary satisfaction across the entire 
programme/experience,
• Establish a comprehensive and detailed view of the 
Customer Experience,
• Identify medium- or long-term priorities for action.
The overall satisfaction rate and the Net Promoter Score 
are monitored through this system.
The effort made by beneficiaries to obtain assistance is 
also measured. In 2021, 91% of beneficiaries felt they had 
to make little to no effort to be assisted.
Satisfaction surveys are part of the Continuous Im-
provement system. A Customer Relationship Quality pro-
gramme was implemented in 2021 with the following main 
objectives : 
• Ensuring a successful customer relationship: offering 
an effective, concise and dynamic relationship and a 
comprehensive response,
• Providing a personalised relationship and tailored 
solutions, taking into account the expectations of 
our beneficiaries, shareholders and clients,
• Offering a customer experience unmatched any-
where else on the market.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 35 ΑΑ
IMA GROUP FINANCIAL REPORT
KEY PERFORMANCE INDICATORS – 
• Customer experience:
2019
2020
2021
Overall satisfaction 
rate 
94.8 %
95.6 %
94.7 %
Net Promoter Score 
54.8
58.9
55.1
2021 results for IMA EIG. across the following scope: France/international road-
side assistance, France/International Mobility and Wellness activities
• Hotline calls:
2019
2020
2021
ART
(Average Response 
Time, first pick-up)* 
(Average annual wait time 
by beneficiaries)
60
seconds
86
seconds
111
seconds
Efficiency rate* 
(Number of pick-ups/
number of calls received)
93.1 %
92.1 %
90 %
*Indicators calculated for the DOP scope, which accounts for 70 % of the 
Group’s activities
III.3 – ENVIRONMENTAL RISKS 
As a service provider, the main direct impacts of 
IMA Group’s activities on the environment are associated 
with its internal operations: real estate management, en-
ergy and resource consumption, office waste, and busi-
ness travel.
However, some of the assistance and services provided 
by our networks of service providers indirectly generate 
environmental impacts and may contribute to climate 
change. 
The same can be said of the activities conducted by the 
two insurance companies, ASSURIMA and IMA ASSUR-
ANCES, although their impacts are minor compared to the 
Group’s other business lines. Incorporating ESG (Environ-
ment, Social and Governance) criteria in the investment 
policy can serve to promote the energy transition in its 
own right.
ADAPTING TO THE CONSEQUENCES OF CLIMATE 
CHANGE AND IMPLEMENTING MEASURES TO REDUCE 
GREENHOUSE GAS EMISSIONS
RISKS – Contributing to climate change and failing to 
meet market assistance needs.
DUE DILIGENCE – As with any organisation and any busi-
ness sector, IMA  Group has a duty to contribute to the 
fight against climate change in its own operations, but 
also to prepare for these consequences on its own activ-
ities and those of its shareholders and customers, par-
ticularly in the insurance sector.
Measures to reduce greenhouse gas emissions relat-
ed to the company’s operations
The Group can act directly to reduce greenhouse gas 
emissions in terms of energy consumed in running the 
business, particularly with respect to the energy efficien-
cy of office buildings. Energy consumption is closely mon-
itored and multiple initiatives have been taken to reduce 
the energy used in lighting, heating and air conditioning 
systems. New building construction and renovation pro-
jects incorporate RT 2012 and HQE standards (thermal in-
sulation, new openings and creation of awnings, particu-
larly for renovations). Priority is given to greening rooftops 
and outdoor areas.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 36 ΑΑ
IMA GROUP FINANCIAL REPORT
In accordance with French Decree No. 2015-1738 of 24 
December 2015 on greenhouse gas emissions assess-
ments (BEGES-r), IMA EIGs assessment is updated every 
four years and published on the ADEME (French Agency 
for Ecological Transition) website. Because the IMA  EIG 
site in Niort has undergone major construction and reno-
vation work since 2014, the calculation of GHG emissions 
for the regulatory scope (scopes 1 and 2) cannot be com-
pared to the benchmark calculation. 
IMA chose to work on the CO2 emissions of its general 
services fleet by acquiring four electric vehicles, i.e. near-
ly one-third of its fleet. Under the contract signed with 
the electricity supplier, for each KWh purchased, one re-
newable-energy KWh is injected into the grid.
Measurement of the company’s adaptation to climate 
change
Mobility, particularly automotive mobility and travel, ac-
counts for 70 % of the Group’s activity: breakdown as-
sistance/towing, personal travel assistance, mobility 
services, etc., but transport is the leading source of CO2 
emissions in France, and cars alone are responsible for 
half of these emissions. GHG emission reduction targets 
are reflected in stricter regulations aimed at speeding up 
the transition from thermal engines to hybrid, electric or 
hydrogen engines and schemes that promote the devel-
opment of alternatives to automotive.
With the growing share of all-electric or hybrid vehicles, 
our network of providers is able to provide effective as-
sistance in the event of a breakdown. This is achieved 
through a policy of training for tow truck drivers and work 
on their equipment, establishing partnerships to devel-
op mobile electrical charging solutions or powerful fixed 
chargers in their workshops. 
As an assistance provider for electric vehicles for nearly 
15 years, the IMA Group is a major player in a fast-growing 
market: in 2020, 33% of the French fleet of all-electric ve-
hicles was assisted by IMA Group.
In addition to developing the expertise of our networks of 
service providers to support the expansion of responsible 
mobility, the Group has introduced strong incentives to 
encourage them to implement lower GHG-emission pro-
cedures, such as on-site breakdown assistance.
Not only are beneficiaries satisfied, leaving with their 
vehicle in less than two hours, on-site breakdown assis-
tance also considerably limits distances travelled on calls:
• Less distance travelled by the breakdown specialist 
who only has to travel from the depot to the break-
down site then back to the depot, as opposed to tow-
jobs which require the tow truck driver to travel from 
the depot to the breakdown site, then to the garage 
and back to the depot, or from the depot to the break-
down site and back to the depot, then subsequent 
delivery to the garage and back to the depot, if the 
garage is closed when the car is first picked up,
• With on-site breakdown assistance, the beneficiary’s 
car does not have to be loaded onto the bed to be 
towed. Instead, the breakdown specialist can drive 
a lighter vehicle, generating less pollution. Some 
breakdown specialists are starting to drive electric 
vehicles to work on more straightforward breakdowns 
(batteries, for example), when on-site breakdown as-
sistance is near systematic.
• On-site breakdown assistance also prevents benefi-
ciaries from having to arrange for replacement vehi-
cles, such as rentals or taxis, in order to recover their 
car at the garage once it is repaired.
KEY PERFORMANCE INDICATORS – 
• On-site breakdown assistance rate
2019
2020
2021
On-site breakdown 
assistance rate*
48.5 %
51.7 %
47.8 %
*Number of monthly “rapid breakdown assistance” services/Number of cases 
assigned monthly for “rapid breakdown assistance” services

MANAGEMENT REPORT  SECTION 01
 ΑΑ 37 ΑΑ
IMA GROUP FINANCIAL REPORT
Responsible investment policy
In recent years, and especially in summer 2021, the planet 
has seen multiple threats to the environment, infrastruc-
ture and people, including fires, flooding, submergence, 
hurricanes and heat waves.
For many years, particularly COP21 in 2015, the insurance 
sector has made significant efforts to address the risks 
of climate change, including both physical risks, i.e. re-
sulting from damage caused directly by weather and cli-
mate-related events, and transition risks, such as the pol-
icies and measures implemented to meet the European 
Union’s greenhouse gas reduction targets. These targets 
have been increased from 40 % to 55 % by 2030 and aim 
to achieve carbon neutrality by 2050. 
This new trajectory is accompanied by stricter European 
and French regulatory requirements. In their 2021 annual 
report, asset management companies are required to dis-
close their general approach to incorporating ESG criteria 
in their investment policies.
As a member of sector representative bodies, IMA joined 
in the discussions, commitments and work carried out to 
examine, raise awareness and propose tools for the in-
dustry. Since 2015, IMA has served as Vice-Chair of the 
Sustainable Development Commission of the Fédération 
Française de l’Assurance (FFA - French Insurance Feder-
ation).
Although IMA  Group’s insurance activities are not its 
core business, the SRI (Socially Responsible Investment) 
policies of ASSURIMA and IMA INSURIMA form part of a 
comprehensive approach to integrating the principles of 
Sustainable Development, which they apply to their in-
vestment management. 
In analysing the issuers in which they invest, ASSURIMA 
and IMA ASSURANCES are able to identify any ESG risks 
that are poorly addressed by financial analysis alone, in-
cluding physical and transition climate change risks.
CONTRIBUTION TO THE CIRCULAR ECONOMY 
The waste produced by IMA is mainly office equipment 
and consumables. A selective sorting system is employed 
to recycle paper, cardboard boxes, plastic bottles, alu-
minium cans, toner cartridges, batteries, mobile phones, 
glass, biowaste, WEEE, etc. Their recycling or reuse is 
handled by accredited firms. Information and prevention 
messages are circulated to all employees in order to raise 
awareness and encourage them to follow sorting instruc-
tions. 
A paper management plan was launched in 2015 with :
o Creation of a Digitisation Centre in Niort to acceler-
ate dematerialisation and secure data processing 
and exchange both internally and with customers, 
suppliers and service providers,
o Roll-out of copiers offering new printing solutions in 
order to reduce paper consumption and contribute 
to energy consumption management,
o Use of recycled paper.
A box press was installed at the Niort head office to opti-
mise recycling efforts.
An organic food waste collection system was introduced 
in the company cafeteria. Biowaste is recovered in the 
form of “green” electricity and fertilizers for agriculture. 
The communication around this system also helps limit 
losses and waste.
RESPONSIBLE, FAIR AND SUSTAINABLE FOOD, PREVEN-
TION OF FOOD WASTE
At the Niort and Nantes sites, IMA and its partner Elior 
chose to join the “My Responsible Cafeteria” programme, 
a collective initiative involving restaurant stakeholders 
(guests, producers, distributors, teams, etc.). The objec-
tive is to provide and guarantee responsible and sustain-
able management of food services based on 4 principles 
in line with the Egalim Act* :
• Well-being: well-being of guests, high-quality nutri-
tion, a comfortable dining area,
• Responsible meals: responsible agriculture, local pro-
duction, responsible cooking,
• Environmentally friendly practices: limiting food 
waste and rubbish, saving water and energy, using 
eco-responsible cleaning products,
• Social and regional engagement: social engagement, 
working with local stakeholders, raising awareness.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 38 ΑΑ
IMA GROUP FINANCIAL REPORT
HIRES AND DISMISSALS 
2019
2020
2021
STATUS OF WORKFORCE
Permanent contracts
2,095
2,098
2,215
Fixed-term contracts
359
366
502
NEW HIRES
Permanent contracts
227 (o/w 128 direct hires)
43
98
Fixed-term contracts
878 (o/w 448 seasonal staff)
831 (o/w 452 seasonal staff)
1,038 (o/w 500 seasonal staff)
DEPARTURES OF EMPLOYEES ON 
PERMANENT CONTRACTS
63
70
80
END OF FIXED-TERM CONTRACTS
835 (o/w 448 seasonal staff)
774 (o/w 452 seasonal staff)
801 (o/w 500 seasonal staff)
SOCIAL INDICATORS 
HUMAN RESOURCES MANAGEMENT POLICY
TOTAL WORKFORCE AND BREAK-
DOWN OF EMPLOYEES BY GENDER, 
AGE
2019
2020
2021
Women
Men
Total
Women
Men
Total
Women
Men
Total
25 and under
108
53
161
110
49
159
142
79
221
26 to 35
343
155
498
316
140
456
367
161
528
36 to 45
536
247
783
531
247
778
544
248
792
46 to 55
444
258
702
460
287
747
511
314
825
55 and older
201
109
310
214
110
324
238
113
351
TOTAL
1,632
822
2,454
1,631
833
2,464
1,802
915
2,717
2019
2020
2021
Total payroll
97,161,091
96,151,922
99,258,766
TRAINING 
2019
2020
2021
Amount and % of payroll allocated 
to training
€4,210k
i.e. 4.3 % of payroll
€4,301k 
i.e. 4.5 % of payroll
Data not available at date of 
report
Average number of training hours per 
trained employee (all contracts)
23 h
17.45 h
19.93 h
EMPLOYEE HEALTH AND SAFETY
2019
2020
2021
Workplace accidents (particularly in 
terms of frequency and severity), as 
well as occupational illness
Frequency rate: 8.57 
Severity rate: 0.097
Frequency rate: 5.64 
Severity rate: 0.170
Frequency rate: 3.87
Severity rate: 0.101
PREVENTION OF DISCRIMINATION 
AND PROMOTION OF DIVERSITY
2019
2020
2021
Index of gender equality in the work-
place
79/100
89/100
75/100
Employment rate of persons with 
disabilities
6.62 %
5.85 %
Data not available at date of 
report
QUALITY OF SOCIAL DIALOGUE AND 
QUALITY OF LIFE AT WORK 
2019
2020
2021
Turnover rate (all departures over the 
year of employees on permanent contracts/
average annual headcount on permanent 
contracts)
Not communicated
3.32 %
3.75 %
Absenteeism
With maternity leave: 
5.73 %
Without maternity leave: 
4.60 %
With maternity leave: 
4.97 %
Without maternity leave: 
4.20 %
With maternity leave: 
5.41 %
Without maternity leave: 
4.72 %
Overview of collective bargaining 
agreements, particularly in terms of 
health and safety
5
1
1
IV - SUMMARY OF INDICATORS

MANAGEMENT REPORT  SECTION 01
 ΑΑ 39 ΑΑ
IMA GROUP FINANCIAL REPORT
SOCIETAL INDICATORS
STRENGTHENING OF REGIONAL ROOTS
2019
2020
2021
Average annual number of work-study con-
tracts at 31/12
25
32
34
Work-study rate/average annual workforce on 
permanent contracts
1.2 %
1.5 %
1.6 %
COMPLIANCE, ETHICS AND FAIR PRACTICES 
2019
2020
2021
Number of controls carried out by the supervi-
sory authorities 
0
0
0
Number of penalties issued by the supervisory 
authorities 
0
0
0
INNOVATING AND ADAPTING THE OFFER TO MEET 
THE EXPECTATIONS OF SHAREHOLDERS, CLIENTS 
AND BENEFICIARIES 
2019
2020
2021
Overall satisfaction rate
94.8 %
95.6 %
94.7 %
Net Promoter Score (% promoters – % detrac-
tors) 
54.8
58.9
55.1
ART (Average Response Time) average first 
pick-up (Total call distribution period/Number of 
calls submitted)
60 seconds
86 seconds
111 seconds
Efficiency rate
93.1 %
92.1 %
90 %
ENVIRONMENTAL INDICATORS
Adapting to the consequences of climate change and implementing measures to reduce greenhouse gas 
emissions
REGULATORY GREENHOUSE GAS EMISSIONS 
ASSESSMENTS
2011
2014
2018
Total emissions 
1,122 tCO2eq.
969 tCO2eq.
1,221 tCO2eq.
ADAPTING TO CLIMATE CHANGE
2019
2020
2021
On-site breakdown assistance rate (Number 
of monthly “rapid breakdown assistance rate” 
services/Number of monthly cases assigned 
for “rapid breakdown assistance” services)
48.5 %
51.7 %
47.8 %

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 40 ΑΑ
IMA GROUP FINANCIAL REPORT
To the shareholders, 
In our capacity as an independent third party, a member of the Mazars network, the statutory auditor of Inter Mutuelles 
Assistance, accredited by COFRAC Inspection under number 3-1058 (scope of accreditation available online at www.cofrac.
fr), we conducted our audit with the aim of forming a reasoned opinion expressing a finding of moderate assurance on the 
historical information (observed or extrapolated) contained in the consolidated non-financial performance report, prepared 
in accordance with the entity’s procedures (hereinafter the “Standards”), for the financial year ended 31 December 2021 
(hereinafter respectively the “Information” and the “Report”), presented in the Group’s management report in accordance 
with the provisions of Articles L. 225 102-1, R. 225-105 and R. 225-105-1 of the French Commercial Code.
Financial year ended 31 December 2021
ΑΑ FINDING
Based on the procedures that we implemented, as 
described in the “Nature and scope of audit” section, 
and the information we collected, we did not identify any 
material misstatements liable to call into question the 
fact that the non-financial performance report complies 
with the applicable regulatory provisions and that the 
Information, taken as a whole, is presented fairly, in 
accordance with the Standards.
ΑΑ Comments
Without prejudice to the finding expressed above and in 
accordance with the provisions of Article A. 225-3 of the 
French Commercial Code, we hereby issue the following 
comment :
- The information provided in respect of the Key 
Performance Indicator presented for “Compliance, 
ethics and fair practices” risk does not reflect the 
entity’s performance with respect to the policies 
in question (the number of controls and number of 
sanctions by the supervisory authorities).
ΑΑ PREPARATION OF THE NON-FINANCIAL 
PERFORMANCE REPORT
Due to the absence of a generally accepted and 
commonly used framework or established practices 
serving as a basis for the assessment and measurement 
of the Information, various yet acceptable measurement 
techniques can be used to draw comparisons between 
entities and over time.
Consequently, the Information should be read and 
understood in reference to the Standards, the main 
components of which are included in the Report.
ΑΑ LIMITATIONS INHERENT IN THE PREPARA-
TION OF THE INFORMATION
The Information may be subject to uncertainty inherent 
in the state of scientific or economic knowledge and 
the quality of external data used. Certain information is 
sensitive to the choices made in terms of methodology, 
assumptions and/or estimates used to prepare the 
Information and presented in the Report.
ΑΑ RESPONSIBILITY OF THE COMPANY
The Board of Directors is responsible for :
- selecting or establishing appropriate criteria for the 
preparation of the Information;
- preparing a Report in accordance with legal and 
regulatory provisions, including an overview of the 
business model, a description of the main non-financial 
risks, a presentation of the policies applied with 
regard to these risks, and the results of these policies, 
including key performance indicators;
- and implementing the internal control system deemed 
necessary for the preparation of Information that 
contains no material misstatements, whether due to 
fraud or error.
The Report was prepared by applying the entity’s 
Standards, as indicated above.
ΑΑ RESPONSIBILITY OF THE INDEPENDENT 
THIRD PARTY
It is our responsibility, based on our audit, to form a 
reasoned opinion expressing a finding of moderate 
assurance on :
- the compliance of the Report with the provisions of 
Article R.225-105 of the French Commercial Code;
- the fairness of the historical information (observed 
or extrapolated) provided in accordance with Article 
R. 225 105, Sections I and II, paragraph 3 of the French 
Commercial Code, i.e. the results of policies, including 
key performance indicators, and actions relating to the 
main risks. 
As it is our responsibility to form an independent finding 
on the Information as prepared by Management, we are 
not permitted to be involved in the preparation of said 
Information, as this could compromise our independence.
It is not our responsibility to comment on :
- the entity’s compliance with other applicable legal 
and regulatory provisions (particularly as regards 
prevention of corruption and tax evasion);
- the compliance of products and services with 
applicable regulations.
INDEPENDENT THIRD PARTY REPORT ON THE CONSOLIDATED 
NON-FINANCIAL PERFORMANCE REPORT CONTAINED 
IN THE MANAGEMENT REPORT.

MANAGEMENT REPORT  SECTION 01
 ΑΑ 41 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ 
REGULATORY 
PROVISIONS 
AND 
APPLICABLE PROFESSIONAL STANDARDS
Our audit, as described below, was carried out in 
accordance with the provisions of Articles A. 225 1 et 
seq. of the French Commercial Code, the professional 
standards of the CNCC (National Company of Statutory 
Auditors) relative to this audit, and international standard 
ISAE 3000 (revised).
ΑΑ INDEPENDENCE AND QUALITY CONTROL
Our independence is defined by the provisions of Article 
L. 822-11 of the French Commercial Code and the Code of 
Ethics for the statutory audit profession. Furthermore, we 
have established a quality control system that includes 
documented policies and procedures aimed at ensuring 
compliance with applicable laws and regulations, rules 
of ethics and the professional standards of the CNCC 
relative to this audit.
ΑΑ MEANS AND RESOURCES
Our audit drew on the expertise of four persons and took 
place over a total of three weeks between December 2021 
and April 2022.
We 
conducted 
around 
a 
dozen 
interviews 
with 
the persons responsible for preparing the Report, 
representing the Group CSR and Press Relations Division, 
the Quality Division, the Legal Affairs Division, the Real 
Estate, Sourcing and Mail Division, the Human Resources 
Division, the Operational Management Control and Pricing 
Division, the Travel Networks Division and the Company 
Secretary’s Office.
ΑΑ NATURE AND SCOPE OF AUDIT
We planned and carried out our audit taking into account 
the risk of material misstatements in the Information.
We believe that the procedures that we implemented in 
exercising our professional judgement allow us to form a 
finding of moderate assurance :
- we reviewed the activity of all entities included in the 
consolidation scope and the description of the main 
risks;
- we assessed the appropriateness of the Standards 
with regard to their relevance, completeness, reliability, 
neutrality and comprehensibility, taking into account, 
where applicable, best practices in the sector;
- we verified that the Report covers each category of 
information provided for in Article L. 225 102 1, Section 
III, on social and environmental matters;
- we verified that the Report presents the information 
provided for in Article R. 225-105, Section II, where 
relevant to the main risks and that it includes, where 
applicable, an explanation of the reasons for the 
absence of the information required by Article L. 225-
102-1, Section III, paragraph 2;
- we verified that the Report presents the business 
model and a description of the main risks related to 
the activity of all entities included in the consolidation 
scope, including, where relevant and proportionate, the 
risks created by its business relationships, products 
or services as well as policies, actions and results, 
including key performance indicators relating to the 
main risks;
- we consulted the documentary sources and 
conducted interviews in order to:
•	
assess the process for selecting and validating 
the main risks as well as the consistency of the 
results, including the selected key performance 
indicators, with regard to the main risks and policies 
presented, and
•	
corroborate the qualitative information (actions 
and results) that we considered the most significant 
as set out in Appendix 1. For all non-financial risks, our 
audit covered the scope of IMA EIG;
- we verified that the Report covers the consolidated 
scope, i.e. all entities included in the consolidation 
scope in accordance with Article L. 233-16 subject to 
the limits specified in the Report;
- we reviewed the internal control and risk management 
procedures implemented by the entity and assessed 
the data collection process as it pertains to the 
completeness and fairness of the Information;
- for the key performance indicators and other 
quantitative results that we considered the most 
significant, presented in Appendix 1, we implemented :
•	
analytical procedures consisting in verifying the 
proper consolidation of the data collected as well as 
the consistency of changes in said data;
•	
detailed tests on the basis of surveys or other 
means of selection, consisting in verifying the 
proper application of definitions and procedures and 
reconciling the data with supporting documents. This 
work was carried out with IMA EIG and covers 100% 
of the consolidated data published and selected for 
these tests;
- we assessed the overall consistency of the Report 
with our knowledge of all entities included in the 
consolidation scope.
The procedures implemented for the purpose of 
forming a finding of moderate assurance are less 
extensive than those required for forming a finding of 
reasonable assurance carried out in accordance with 
the professional standards of the CNCC; higher-level 
assurance would have required a more extensive audit.

SECTION 01  MANAGEMENT REPORT 
 ΑΑ 42 ΑΑ
IMA GROUP FINANCIAL REPORT
Drafted in Paris La Défense, 16 May 2022
The independent third party
Edwige Rey
Partner, CSR & Sustainable Development 
Pierre de Latude
Partner
MAZARS SAS 
Registered office : 61 Rue Henri Regnault - 92075 Paris La Défense Cedex, France - Tel: +33 (0) 1 49 97 60 00 - Fax: +33 (0) 1 49 
97 60 01
Simplified joint stock company - Capital of €37,000 – Nanterre Trade and Companies Register 377 505 565

MANAGEMENT REPORT  SECTION 01
 ΑΑ 43 ΑΑ
IMA GROUP FINANCIAL REPORT
APPENDIX :
INFORMATION DEEMED MOST SIGNIFICANT 
ΑΑ QUALITATIVE INFORMATION (ACTIONS AND RESULTS) RELATING TO THE MAIN RISKS
- Compliance, ethics and fair practices;
- Innovating and adapting the offer to meet the expectations of shareholders, clients and beneficiaries;
- Prevention of discrimination and promotion of diversity;
- Human resources management;
- Quality of social dialogue and quality of life at work;
- Employee health and safety;
- Strengthening of regional roots;
- Adapting to the consequences of climate change and implementing measures to reduce greenhouse gas emissions;
ΑΑ QUANTITATIVE INDICATORS INCLUDING KEY PERFORMANCE INDICATORS
- % of controls carried out by the supervisory authorities
- Overall satisfaction rate
- Net Promoter Score
- Average Response Time (ART)
- Efficiency rate
- Employment rate of persons with disabilities
- Gender Equality Index
- Average number of training hours per employee
- Turnover
- Frequency rate and severity rate of workplace accidents
- Work-study rate/average annual workforce on permanent contracts
- On-site breakdown assistance rate

ΑΑ 44 ΑΑ
IMA GROUP FINANCIAL REPORT
02
2021 
CONSOLIDATED 
FINANCIAL 
STATEMENTS.

ΑΑ 45 ΑΑ
IMA GROUP FINANCIAL REPORT
2.1
46	
BALANCE SHEET
46	
BALANCE SHEET ASSETS
47	
BALANCE SHEET LIABILITIES
2.2
48	
INCOME STATEMENT
2.3
49	
TABLE OF COMMITMENTS GIVEN AND RECEIVED
2.4
50	
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
50	
ACCOUNTING STANDARDS
50	
HIGHLIGHTS OF THE FINANCIAL YEAR
50	
SCOPE OF CONSOLIDATION
52	
CONSOLIDATION METHODS
53	
VALUATION METHODS AND RULES
58	
CHANGE IN METHODS AND ESTIMATES
59	
ADDITIONAL INFORMATION ON BALANCE SHEET ITEMS
70	
ADDITIONAL INFORMATION ON INCOME STATEMENT ITEMS
76	
INCOME STATEMENT BY SEGMENT
77	
POST-CLOSING EVENTS
2.5
78	
STATUTORY AUDITORS’ REPORT ON THE 
CONSOLIDATED FINANCIAL STATEMENTS

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 46 ΑΑ
IMA GROUP FINANCIAL REPORT
2.1
BALANCE SHEET.
BALANCE SHEET ASSETS	
CONSOLIDATED IMA (IN €) 
NET TOTAL N 
31/12/2021
NET TOTAL N-1 
31/12/2020
INTANGIBLE ASSETS
54,517,216
56,518 963
o/w goodwill
128,888
561,233
INSURANCE ENTITY INVESTMENTS
91,559,970
73,562,212
Land and buildings
2,148,033
2,169,201
Investments in affiliated companies and equity-linked companies
0
0
Other investments
89,411,937
71,393,011
INVESTMENTS REPRESENTING UNIT-LINKED COMMITMENTS
INVESTMENTS OF OTHER ENTITIES
90,425 453
94,722,087
Land and buildings
48,694,356
45,709,550
Investments in affiliated companies and equity-linked companies
2,484,871
2,134,875
Other investments
39,246,226
46,877,662
EQUITY-ACCOUNTED SECURITIES
6,532,632
5,674,844
SHARE OF REINSURERS AND RETROCESSIONAIRES IN TECHNICAL RESERVES
4,404,814
3,306,524
Provisions for unearned premium
3,074,585
2,267,757
Claims reserve
1,330,229
1,038,767
Other technical reserves
0
0
RECEIVABLES ARISING FROM INSURANCE AND REINSURANCE ACTIVITIES
14,304,692
9,461,304
Earned premiums not yet written
7,428,901
3,176,133
Other receivables arising from direct insurance operations
4,254,929
4,773,844
Receivables from reinsurance operations
2,620,862
1,511,327
RECEIVABLES DUE FROM BANKS
181,456,436
135,919,337
Current account and cash
181,456,436
135,919,337
OTHER RECEIVABLES
125,632,004
139,360,695
Staff
321,818
315,620
State, Social Security organisations, public authorities
11,101,914
15,568,063
Sundry debtors
114,188,448
123,470,889
Capital called but not paid
0
0
Deferred tax assets
19,824
6,123
OTHER ASSETS
43,337,216
46,611,328
Tangible operating assets
34,227,015
37,436,471
Other
9,110,201
9,174,857
ADJUSTMENT ACCOUNTS – ASSETS
6,533,059
6,277,553
Deferred acquisition costs
1,739,513
1,700,206
Other 
4,793,546
4,577,347
TRANSLATION DIFFERENCE
3,894
0
Total assets
618,707,386
571,414,847

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 47 ΑΑ
IMA GROUP FINANCIAL REPORT
BALANCE SHEET LIABILITIES	
CONSOLIDATED IMA (IN €)
NET TOTAL N 
31/12/2021
NET TOTAL N-1 
31/12/2020
GROUP SHAREHOLDERS’ EQUITY
223,624,155
215,434,094
Share capital
36,754,232
37,410,481
Additional paid-in capital
51,636,358
54,950,333
Net income for the financial year
11,941,838
5,515,975
Reserves
123,278,539
117,563,323
Other
13,188
-6,018
NON-CONTROLLING INTERESTS
10,529,657
9,838,983
SUBORDINATED LIABILITIES
GROSS TECHNICAL RESERVES
65,937,558
58,760,382
Life insurance technical reserves
Non-life insurance technical reserves
65,937,558
58,760,382
UNIT-LINKED TECHNICAL RESERVES
PROVISIONS FOR LIABILITIES AND CHARGES
2,666,793
3,746,696
DEBTS ARISING FROM INSURANCE AND REINSURANCE OPERATIONS
7,755,653
6,420,574
DEBTS REPRESENTED BY SECURITIES
PAYABLES DUE TO BANKS
26,820,804
28,449,659
OTHER LIABILITIES
278,642,261
245,273,247
ACCRUAL ACCOUNTS – LIABILITIES
2,721,866
3,491,212
TRANSLATION DIFFERENCE
8,639
0
TOTAL LIABILITIES
618,707,386
571,414,847

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 48 ΑΑ
IMA GROUP FINANCIAL REPORT
CONSOLIDATED IMA (IN €) 
2.2
INCOME STATEMENT.
NON-LIFE 
INSURANCE 
ACTIVITIES
OTHER 
ACTIVITIES
TOTAL 
31/12/2021
TOTAL 
31/12/2020
Written premiums
145,993,908
145,993,908
132,204,499
Change in unearned premiums
-3,556,850
-3,556,850
-116,435
EARNED PREMIUMS
142,437,058
0
142,437,058
132,088,064
Operating income – Banking
0 
0 
Revenue or income from other activities
729,178,503
729,178,503
641,491,781
Other operating income
683,925
4,672,737
5,356,662
1,775,794
Financial income net of expenses
86,959
67,848
154,807
175,286
OPERATING INCOME
143,207,942
733,919,088
877,127,030
775,530,925
Insurance benefit expenses
-97,409,844
-97,409,844
-89,907,025
Income or expenses net of reinsurance cessions
-1,848,346
-1,848,346
-1,381,723
Expenses from other activities
-365,114,043
-365,114,043
-307,351,404
Management expenses
-27,451,816
-368,051,063
-395,502,879
-366,775,045
OPERATING EXPENSES
-126,710,006
-733,165,106
859,875,112
-765,415,197
OPERATING INCOME BEFORE DEPRECIATION, 
AMORTISATION AND GOODWILL IMPAIRMENT
16,497,936
753,982
17,251,918
10,115,728
Depreciation, amortisation and goodwill 
impairment
-432,345
-432,345
-34,767
Other non-technical net income
146,198
146,198
125,606
OPERATING INCOME AFTER DEPRECIATION, 
AMORTISATION AND GOODWILL IMPAIRMENT
16,644,134
321,637
16,965,771
10,206,567
Non-recurring income
-526,123
-1,147,749
Income tax
-5,071,327
-3,978,091
NET INCOME FROM CONSOLIDATED COMPANIES
11,368,321
5,080,727
Share in income of associates
1,122,143
857,722
CONSOLIDATED NET INCOME
12,490,464
5,938,449
Non-controlling interests
548,626
422,474
NET INCOME (GROUP SHARE)
11,941,838
5,515,975

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 49 ΑΑ
IMA GROUP FINANCIAL REPORT
CONSOLIDATED IMA (IN €)
2.3
TABLE OF COMMITMENTS GIVEN 
AND RECEIVED.
31/12/2021
31/12/2020
COMMITMENTS RECEIVED
24,461
22,221
Insurance companies
1,193
1,143
Banking sector companies
0
0
Other companies
23,268
21,078
COMMITMENTS GIVEN
54,259
51,049
Insurance companies
398
365
Banking sector companies
0
0
Other companies
53,861
50,684

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 50 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ ACCOUNTING STANDARDS 
The Group’s consolidated financial statements are 
prepared in accordance with the laws and regulations 
in force in France for insurance groups, in particular :
- Act No. 94-679 of 8 August 1994 and its Implementing 
Decree No. 95-883 of 31 July 1995; 
- Order No. 2015-900 of 23 July 2015 and its Implementing 
Decree No. 2015-903 of 23 July 2015; 
- the French Insurance Code; 
- ANC Regulation No. 2020-01 published on 9 October 
2020 and approved on 29 December 2020 applies to 
the consolidated financial statements for financial 
years beginning on or after 1 January 2021.
ΑΑ HIGHLIGHTS OF THE FINANCIAL YEAR 
Consolidated 
revenue 
amounted 
to 
€872 
million 
compared with €774 million in 2020, i.e. +12.7%, and total 
business came to €1,202.4 million, i.e. +10.3% compared 
with 2020.
Group revenue increased by €98 million over the year.
The French entities contributed €85.6  million to this 
improvement.
Insurance 
premiums 
amounted 
to 
€142.4 
million 
(€132.0 million in 2020).
Once the initial lockdown measures were eased in 
France and internationally, business picked up sharply 
with the resumption of travel, performing in line with or 
outperforming 2019.
Group consolidated income + non-controlling interests 
stood at €12.5 million versus €5.9 million in 2020.
ΑΑ SCOPE OF CONSOLIDATION 
All companies controlled by IMA  SA or over which it 
exercises significant influence are included in the 
consolidation scope.
All companies included in the consolidation scope are 
under exclusive control with the exception of WAFA 
IMA Assistance and IMA Benelux.
WAFA IMA  Assistance has been consolidated using 
the equity method since 2011. IMA  Benelux has been 
consolidated 
using 
the 
proportional 
consolidation 
method since 2012.
Companies whose contribution is not significant are 
excluded from the scope of consolidation, even if 
the IMA  Group has exclusive control, joint control or 
significant influence over these structures. These 
exclusions have no impact on the consolidated financial 
statements, as the contribution of the relevant holdings 
remains immaterial at the level of the Group’s consolidated 
financial statements.
Changes in consolidation scope in 2021
IMA UK and IMA Protect Italia were liquidated in 2021. Both 
entities were removed from the consolidation scope in 
2021.
2.4
NOTES TO THE CONSOLIDATED FINANCIAL 
STATEMENTS.

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 51 ΑΑ
IMA GROUP FINANCIAL REPORT
SCOPE AND METHOD
Trade name and registered office
Country
% 
control
% 
interest
Method
1 – HOLDING COMPANY
IMA SA
118 avenue de Paris – NIORT
2 – INSURANCE ACTIVITY
IMA Iberica
Julián Camarillo n°29 - MADRID
IMA Italia Assistance
Piazza Indro Montanelli n°20 - Sesto San Giovanni (MILAN)
IMA Assurances
118 avenue de Paris – NIORT
Assurima
118 avenue de Paris – NIORT
Wafa IMA Assistance
Casablanca Business Center, lot°2 lotiss. Mandarouna 
Sidi Maârouf, CASABLANCA
France
Spain
Italy
France
France
Morocco
100.00
100.00
65.00
100.00
100.00
35.00
100.00
100.00
65.00
100.00
100.00
35.00
Consolidating 
entity
FC
FC
FC
FC
Equity-
method
3 – NON-INSURANCE ACTIVITY
ASSISTANCE
IMA EIG
118 avenue de Paris – NIORT
IMA Services
118 avenue de Paris – NIORT
Séréna
118 avenue de Paris – NIORT
IMA Deutschland
250 B Leopoldstrasse – MUNICH
Prestima
Julián Camarillo n°29 - MADRID
IMA Servizi
Piazza Indro Montanelli n°20 - Sesto San Giovanni (MILAN)
IMA Benelux
Parc d’Affaires Zénobe Gramme – Bât 11/12
Square des Conduites d’Eau – LIEGE
Inter Mutuelles Habitat EIG
471 B rue Puits Japie, ZA Le Luc – ÉCHIRÉ
IMACARE
Piazza Indro Montanelli n°20 - Sesto San Giovanni (MILAN) 
OTHER ACTIVITIES
IMA Technologies
31 route de Gachet - NANTES
IMA Protect
31 route de Gachet - NANTES
IMA Voyages
118 avenue de Paris – NIORT
IMA Participations
118 avenue de Paris – NIORT
IMA Innovation
118 avenue de Paris – NIORT
EIG La Chantrerie
31 route de Gachet - NANTES
REAL ESTATE
SCI Bellune
118 avenue de Paris – NIORT
France
France
France
Germany
Spain
Italy
Belgium
France
Italy
France
France
France
France
France
France
France
84.57
100.00
100.00
100.00
100.00
90.00
34.00
80.00
60.00 
100.00
100.00
100.00
100.00
100.00
100.00
100.00
84.57
100.00
100.00
100.00
100.00
60.95
34.00
80.00
39.00
100.00
100.00
100.00
100.00
100.00
81.80
100.00
FC
FC
FC
FC
FC
FC
Proportional
FC
FC
FC
FC
FC
FC
FC
FC
FC

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 52 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ CONSOLIDATION METHODS 
• Consolidation method
The eighteen subsidiaries and EIG  La Chantrerie, 
under exclusive control, were fully consolidated. WAFA 
IMA Assistance is consolidated using the equity method 
and IMA  Benelux is consolidated using the proportional 
consolidation method.
• Harmonisation and consolidation restatements
The financial statements of the French and foreign 
entities of IMA  Group are prepared, for their respective 
activities, in accordance with the accounting rules in 
force in the countries in question.
Restatements required to harmonise the valuation 
methods used by consolidated companies are made 
when such restatements are material.
Accordingly, no restatement for harmonisation purposes 
was deemed necessary for technical reserves or 
investments; 
depreciation/amortisation 
rates 
are 
harmonised in accordance with the provisions of ANC 
Regulation No. 2020-01.
Consolidation restatements primarily related to finance 
leases and deferred taxes.
• Balance sheet date
Consolidation is based on the annual financial statements 
of each company as at 31 December.
• Translation 
of 
financial 
statements 
for 
companies establishing their statements in 
foreign currencies
The financial statements of non-eurozone subsidiary 
WAFA IMA  Assistance are translated using the closing 
price method :
-	balance sheet items are translated at the closing 
rate, income and expenses at the average rate for 
the period,
-	translation differences recognised at the opening 
balance sheet and income statement date are 
recorded under “Translation differences”.
• Elimination of intra-Group transactions
All intra-Group transactions are eliminated.
Where these transactions affect consolidated income, 
the impact of their elimination is divided between the 
Group’s interests and non-controlling interests in the 
company that generated the income.
The elimination of the impact of internal transactions on 
assets reduces them to their consolidated historical cost.
Eliminated intra-Group transactions relate in particular 
to :
-	reciprocal receivables and payables, as well as 
reciprocal income and expenses,
-	intra-Group dividends,
-	impairment 
of 
securities 
of 
consolidated 
companies or related receivables.
• Deferred taxes
Deferred taxes were calculated on all significant 
differences related to temporary differences between the 
taxable base and accounting income under the variable 
carryforward method.
In accordance with the 2018 Finance Act, which provided 
for a reduction in the corporate tax rate from 33.33% to 
25% by 2022, deferred tax assets and liabilities were 
recognised based on the tax rates that will be applicable 
when the temporary differences are resolved.
This treatment resulted in a deferred tax asset of €20k 
and a deferred tax liability of €177k.
Deferred tax assets and liabilities are recorded under 
asset and liability adjustment accounts respectively.
Deferred tax assets and liabilities relating to the same tax 
entity were offset. They concern companies that are part 
of the tax consolidation scope of IMA SA: IMA EIG (84.57%), 
IMA Services, SCI Bellune, IMA Technologies, IMA Protect, 
IMA 
Assurances, 
Assurima, 
IMA 
Participations, 
IMA Innovation, Inter Mutuelles Habitat (80%) and Séréna.
Deferred tax assets, estimated at €1,227k and relating 
to subsidiary IMA  Deutschland, were not recognised 
because their recovery is not considered probable in the 
near future, as the company is currently generating a loss.
Deferred tax assets, estimated at €350k and relating to 
subsidiary Prestima, were not recognised because their 
recovery is not considered probable in the near future, as 
the company is currently generating a loss.
Deferred tax assets, estimated at €90k and relating to 
subsidiary IMA  Benelux, were not recognised because 
their recovery is not considered probable in the near 
future, as the company is currently generating a loss.
Deferred tax assets, estimated at €100k and relating to 
subsidiary IMACARE, were not recognised because their 
recovery is not considered probable in the near future, as 
the company is currently generating a loss. 
IMA  Participations and IMA  Innovation have been part 
of IMA’s tax consolidation group since 1 January 2019. 
Their 2018 tax losses may be deducted from their future 
tax profits; deferred tax assets were not recognised in 
respect of these tax losses in 2021. IMA  Participations’ 
unrecognised deferred tax assets amounted to €42k; 
IMA  Innovation’s unrecognised deferred tax assets 
amounted to €212k.
• Initial consolidation differences
When a company is first consolidated, the difference 
between the acquisition cost of the shares and the 
valuation of all identified assets and liabilities constitutes 
goodwill.
Valuation differences recognised on identifiable assets 
and liabilities are charged to goodwill.
When positive, residual goodwill is recorded under fixed 
assets and amortised over a period of time depending on 
the context of the acquisition. When negative, a provision 
is recorded for risks on the liabilities side of the balance 
sheet.

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 53 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑVALUATION METHODS AND RULES 
• Goodwill
In September 2020, IMA Italia acquired 60% of the share capital in Italian company IMACARE. This purchase generated 
positive goodwill of €596k. Goodwill impairment of €467k was recognised in 2021.
• Intangible assets
Intangible assets are measured at their acquisition cost. 
The option to capitalise projects developed by IMA EIG (Livraisons A Soi Meme: LASM) was taken irreversibly in 2006 for the 
entire IMA Group, and is binding on all IMA Group companies on all their projects.
Each project is analysed yearly in 4 stages :
Stage 1
- identification of independent parties acquired on the market,
- identification of projects developed by IMA EIG employees and/or external IT service providers,
- breakdown of projects into work packages, where:
	
. each work package varies by user acceptance date or period of use,
	
. work packages are intended for one or more IMA Group entities.
Stage 2
For projects developed in-house, verification of the validity of all capitalisation requirements.
Criteria
Capitalisation
Expenses
1- Technical feasibility
yes
A “no” is sufficient.
All six criteria must be simultaneously met by 
each project screened for the criteria at the time 
the budget is prepared for Year N when the pro-
ject begins, as validated during the last Manage-
ment Board meeting of Year N-1
2- Intention to complete
yes
3- Ability to use
yes
4- Future benefits
yes
5- Availability of resources
yes
6- Assessment possible
yes
Stage 3 : Assessment of project components subject to capitalisation
y Phases
For each project, only the costs incurred in certain phases can be capitalised :
PsNext Phase
DAF phase
Expense/Capital-
isation
Pre-study
Preliminary study
Expense
Implementation
Functional analysis
Capitalisation
Implementation
Organic analysis (detailed app design)
Capitalisation
Implementation
Programming (sometimes referred to as coding)
Capitalisation
Implementation
Testing and trials
Capitalisation
Implementation
Documentation for internal and external use
Capitalisation
Production and Post-Production
User training
Expense
Production and Post-Production
Software monitoring (maintenance)
Expense
• Parent company financial statements of 
Italian and Moroccan entities
The parent company financial statements of consoli-
dated entities IMA  Italia and IMA  Servizi are based on 
provisional data as at 31 December 2021. Their final par-
ent company financial statements are prepared after 
IMA Group’s consolidated financial statements.
The difference between provisional and final parent 
company results for these companies is recognised 
under consolidated results for the following financial 
year.
The impact on the 2021 consolidated financial statements 
was income of €583k corresponding to a difference in 
2020 income.
The parent company financial statements of IMACARE, 
consolidated in 2020, were provisional. The difference 
between the entity’s provisional and final 2020 parent 
company income was an expense of €21k, recognised in 
the 2021 consolidated financial statements.
The parent company financial statements of Wafa 
IMA Assistance, consolidated in 2020, were provisional. 
The difference between the entity’s provisional and 
final 2020 parent company income was income of €23k, 
recognised in the 2021 consolidated financial statements.

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 54 ΑΑ
IMA GROUP FINANCIAL REPORT
Acquired software
Acquired software includes computer software acquired and amortised over a period of 3 years on a straight-line basis.
Software developed in-house
In accordance with regulations, research costs are expensed in the financial year in which they are incurred and internal 
software creation and development costs are capitalised when they meet the criteria defined by regulations.
The following IMA Group projects are able to meet the conditions described above.
ΑΑ IMA EIG
The table below shows the change in LASM projects between 2020 and 2021:
31/12/ 2021
31/12/2020
Gross value
Depreciation 
and 
amortisation
Net value
Gross value
Depreciation 
and 
amortisation
Net value
Projects in service
 9,994
161
9,833
24,286
5,345
18,940
Projects still in progress
at year-end
2,781
0
2,781
4,574
-
4,574
Total LASM projects 
inventoried at year-end
12,776
161
12,614
28,859
5,345
23,514
o/w Project NOUMA
11,114
99
11,015
4,510
0
4,510
Projects in service correspond to current LASM projects implemented during the year. 
ΑΑ Inter Mutuelles Habitat EIG
In respect of financial year 2021, a work package 3 OSMOZ app partially went live for €694k.
• Financial investments
Financial investments and non-consolidated equity investments are measured at their historical acquisition value, net of 
acquisition costs, subject to the provisions of Articles R 343-9 and R 343-10 of the French Insurance Code for insurance 
entities.
Non-consolidated equity investments
The reference value of investments in companies with which the company has capital ties corresponds to their value in use, 
which depends on the utility of the equity investment for the Group.
An impairment is recorded on a line-by-line basis if this value is lower than the historical cost.
At 31 December 2021, the equity investments shown on the balance sheet mainly related to:
- DOMISSIMA, wholly owned by IMA SA (€25k: company created in 2008, having its registered office at 118 avenue de 
Paris – CS 40 000 - 79033 NIORT Cedex 9, France). It is not consolidated because it is not a strategic investment.
- HEALTHCASE, a Miami-based US services company, 25 %-owned by IMA SA, i.e. €11k.
- LIBERTY RIDER, a French secure mobility start-up, 11.8 %-owned by IMA Participations, i.e. €399k.
y Cost centres
Only expenses contributing to the construction of the project solution are included (mainly expenses identified specifically 
for the project and expenses relating to the IT development teams).
Stage 4:Capitalisation parameters
Amount
. Wages (functional employees dedicated to the project) = Number of days x budget cost
. Wages (IT developer employees) = Number of days x budget cost
. External project management support costs = Actual incl. tax (including invoices not yet 
received).
Depreciation/amortisation 
period
Technically planned period of use for the equipment/licences.
The depreciation/amortisation period is the period of use planned by Management based 
on technical or commercial data.
Start date
Date of user acceptance report (project work package user acceptance)

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 55 ΑΑ
IMA GROUP FINANCIAL REPORT
- MOBILITY 24, a Portuguese company 30 %-owned by IMA Participations, i.e. €300k.
- POP VALET, a French start-up specialising in vehicle shipment for automotive industry firms, 10.1 %-owned by IMA 
Participations, i.e. €700k.
- COORGANIZ, a French start-up, a family and dependency organisation platform, 9.5 %-owned by IMA Participations, 
i.e. €700k.
- CARBOOKR, a French BtoB car leasing start-up, 15.0 %-owned by IMA Participations, i.e. €350k.
DOMISSIMA, HEALTHCASE and MOBILITY 24 were not consolidated, as they do not constitute material investments.
Fixed-rate amortising securities (Article R 343-9 of the French Insurance Code)
Amortising securities (bonds, negotiable debt securities, etc.) are recorded at their purchase price (excluding accrued 
interest).
The difference between the acquisition price and the redemption value of each investment line is taken to income over the 
residual term of the securities.
This amortisation is recorded in the adjustment account under assets or liabilities and is included in financial income.
A provision is booked in the event of incurred credit risk, within the meaning of Article R123-2, which was not the case at the 
balance sheet date.
At 31 December 2021, IMA Assurances and Assurima held certificates of deposit eligible for the scheme provided for in Article 
R 343-9 but these were not subject to a specific treatment.
Securities and other financial investments, whether or not allocated to the representation of technical commitments 
(Article R 343-10 of the French Insurance Code)
These securities, consisting predominantly of bond and money market SICAVs, are recorded on the balance sheet at their 
acquisition cost. 
They are measured in accordance with Article R. 343-11 :
- listed securities: based on the last quoted price at the NAV date,
- unlisted securities: value in use for the company.
ANC Regulation No. 2015-11 of 26 November 2015 sets out, in Articles 123-6 to 123-19, the accounting rules for the amortising 
securities referred to in Article R 343-10 of the French Insurance Code. 
When the company intends and has the ability to hold amortising securities covered by Article R.343-10 of the French Insur-
ance Code to maturity, the recoverable values are analysed solely with regard to credit risk.
Provision for long-term impairment
A provision for long-term impairment (PLI) is established if the market value of an asset is less than its value on the balance 
sheet, and if this unrealised capital loss is considered to be long-term.
The PLI must be calculated per unit for each security in the portfolio held by IMA Group.
In practice, the rule calls for a PLI to be recognised if an asset loses more than 20% of its value (30% in periods of high market 
volatility, identified as such by the AMF) for at least 6 months.
When the value of the securities rises again, the PLI can be reversed.
At 31 December 2021, the IMA Group did not have to record a provision for long-term impairment.
Provision for liquidity risk
A provision for liquidity risk is established when the investments referred to in Article R 343-10 record a total unrealised 
capital loss (carrying amount > total value).
Total value is determined as follows :
- for listed securities, the value used is the average price over the last thirty days preceding the NAV date or, failing that, the 
last price quoted before that date,
- for shares in SICAVs (open-ended investment funds) and units in mutual funds, the value used is the average of the 
redemption prices published over the last thirty days preceding the NAV date or, failing this, the last redemption price 
published before that date,
- for other assets, their value is measured in accordance with the rules set out in Article R. 343-11.
No liquidity risk provision had to be recognised at 31 December 2021.
Allocation of financial income to the underwriting account
Investment income (income less investment expenses) is broken down for the insurance entities in question by allocating 
the share resulting from technical reserves to underwriting income, and the share attributable to shareholders’ equity to 
non-underwriting income.
Financial investments of non-insurance companies
These mainly consist of short-term investment securities. They represent units of UCITS, negotiable certificates of deposit 
and term accounts. They are recognised at their acquisition cost. The net asset value is equal to the last known price.
An impairment is recognised when the NAV is lower than the initial recognition cost.

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 56 ΑΑ
IMA GROUP FINANCIAL REPORT
• Real estate assets and other operating property, plant and equipment
The components of real estate assets and other operating property, plant and equipment are recorded at their acquisition 
cost (purchase price plus incidental costs).
Depreciation is calculated in accordance with the rules of the consolidating company and restatements are made in the 
financial statements of foreign subsidiaries.
The rates commonly used are as follows:
- fixtures and fittings 	
	
	
10 years (straight-line basis)
- plant and technical equipment	
	
2 to 10 years (straight-line basis)
- office equipment	
	
	
3 to 8 years (straight-line basis)
- furniture	
	
	
	
4 to 8 years (straight-line basis)
- computer and telephone equipment	
1 to 8 years (straight-line basis)
- transport equipment	
	
	
3 to 5 years (straight-line basis)
In accordance with CRC Regulation 2014-03, the following components and depreciation periods were determined for 
buildings:
COMPONENTS
DEPRECIATION METHOD
DEPRECIATION PERIOD
Land
Not depreciated
VRD (roads and utilities) and major works
Straight-line basis
30 or 50 years
Facades
Straight-line basis
10 or 20 years
Terraces
Straight-line basis
10 or 20 years
Exterior fixtures
Straight-line basis
15 or 30 years
Interior fixtures and fittings
Straight-line basis
10 years
• Inventories and work in progress
At the end of the financial year, a number of Inter Mutuelles Habitat services were not fully completed; the entity measured 
the value of these services based on the time spent in 2021 at €6,318k in its parent company financial statements.
• Receivables
Receivables are measured at their nominal value. An impairment is recognised when the net asset value is less than the 
carrying amount.
• Deferred acquisition costs
In accordance with the accounting provisions of Article 151-1 of ANC Regulation 2015-11, the company recorded the share 
not attributable to the year of the acquisition costs of contracts recognised as expenses for the financial year on the assets 
side of the balance sheet.
Either: based on the information available for certain policies, the amount carried forward contract by contract can be 
calculated under the same conditions and according to the same methods as the provision for unearned premiums.
Or: for other contracts, acquisition costs that cannot be allocated directly by contract are carried forward in proportion to 
items (a) and (b) defined below:
(a) portion of the provision for unearned premiums corresponding to unallocated contracts, 
(b) portion of written premiums corresponding to unallocated contracts.
At 31 December 2021, deferred acquisition costs amounted to €1,740k and related to Assurima, IMA  Iberica and 
IMA Assurances.
• Technical reserves
Technical reserves are recorded to cover expenses due during the financial year or to cover a liability identified by the 
company at the end of the financial year.
Technical reserves are drawn up in accordance with the rules of the French Insurance Code.
Provisions for unearned premiums and current risks
The provision for unearned premiums serves to recognise the portion of premiums relating to the period between the NAV 
date and the date of the next premium payment.
It is calculated on the basis of contract parameters, for each individual contract, on a pro rata basis.
The provision for current risks serves to cover, for each contract payable in advance, the cost of claims and expenses for 
the period between the NAV date and the first premium or term payment date, for the portion of this cost not covered by the 
provision for unearned premiums.
The calculation is based on an average loss experience rate observed for each contract in question for financial years N and 
N-1.
On multi-year contracts for which the projected cost of claims exceeds the portion of premiums relating to this post-closing 
period, over the period between the NAV date and the contract maturity date, the difference was recorded as a provision 
under “Provision for current risks”.

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 57 ΑΑ
IMA GROUP FINANCIAL REPORT
Claims reserve
The claims reserve represents the estimated value of expenses in capital and costs (internal and external) relating to the 
settlement of assistance cases open at the end of the financial year.
These provisions are calculated using statistical methods and summarised by year of occurrence. Expenses are estimated 
at their non-discounted future cost.
The claims reserve includes, in particular, provisions for “unknown claims” or “late claims”, including claims reported after 
the NAV date.
They are increased by the amount of a provision for claim management costs.
Provisions for growing risks
At IMA  Assurances, the provision for growing risks, amounting to €560k at 31/12/2015 based on the updated business 
plan, following the implementation in 2013 of a dependency policy, was recalculated at 31/12/2021 due to the change in the 
dependency business over the financial year. 
This provision was thus fully reversed and rebooked for the same amount.
The provision for growing risks is still measured based on projected underwriting income over a 5-year period and thus 
corresponds to the difference between premiums on claims and the costs associated with the contracts in question.
Provisions for liabilities and charges
These provisions cover the liabilities and charges made likely by events occurring or in progress, clearly specified as 
to their purpose, but uncertain in terms of occurrence, maturity or amount.
Provisions for liabilities and charges include:
- provisions for disputes and labour-related liabilities,
- provisions for retirement benefits.
Provisions for retirement benefits
Pension commitments for employees of consolidated companies are covered either by a voluntary insurance policy or by a 
mandatory insurance policy, or are recognised as off-balance sheet commitments by the parent company.
ΑΑ IMA EIG 
The insurance policy taken out with MAIF Vie covers the retirement benefits for employees provided for in the collective 
bargaining agreement (executives and non-executives).
The total commitment is estimated for IMA  EIG executives and non-executives, based on the entitlements vested by 
employees calculated using assumptions relating to retirement age and turnover. The total commitment amounted to 
€19,486k at 31 December 2021, including the corresponding social security charges.
The fund established with the insurer in 2013 covers this commitment in full. As a result, there has no longer been a provision 
in consolidation since 2013.
ΑΑ Other French entities 
Retirement benefits recorded for IMA Technologies and IMA Protect employees provided for in the collective bargaining 
agreement and not covered by an insurance contract were included in liabilities in the amount of €1,472k at 31 December 
2021.
The discount rate used was 0.52%. The retirement age taken into account was 65.
At 31 December 2021, the amount of the provision for retirement benefits, recognised in consolidation, was €1,472k including 
the corresponding social security charges.
The change in the provision for retirement benefits between 2020 and 2021 generated income that increased consolidated 
income by €162k, i.e. €119k net of deferred tax.
In accordance with the CNCC, the staff turnover rate used since 2018 by IMA Technologies and IMA Protect to calculate the 
provision for retirement benefits only takes resignations into account; dismissals and mutually agreed terminations are 
excluded.
At Inter Mutuelles Habitat, the retirement benefits of executives and employees are covered by an insurance policy taken 
out with Maif Vie.

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 58 ΑΑ
IMA GROUP FINANCIAL REPORT
• Rules applied for the allocation of expenses by use
Expenses are recognised by use in accordance with the provisions of the Chart of Accounts specific to insurance and 
endowments.
Expenses are initially recognised in accounts by type, to which the analytical sections (services) are assigned. These 
accounts by type are cleared and divided up across accounts by use on a monthly basis.
Assignment to various uses is based on the ratio of expense by type/analytical section.
The specific features inherent in the assistance activity have been incorporated. For example, assistance platform expenses 
are recorded under Benefits and fees paid.
• Foreign exchange differences on trade receivables and payables
In accordance with ANC Regulation No. 2015-05, foreign exchange differences on trade receivables and payables are 
reclassified to operating income as of 2018.
• Non-recurring income and expenses
For all activities, non-recurring income and expenses outside the scope of operations are taken to non-recurring income 
(expenses).
• ANC Regulation 2020-01 on consolidated financial statements – Impacts on IMA Group's consolidated 
financial statements in 2021
ANC Regulation No. 2020-01 published on 9 October 2020 applies to the consolidated financial statements for financial 
years beginning on or after 1 January 2021.
The impact of this regulation on consolidation restatements at 31 December 2020 was analysed and determined to be non-
material.
ΑΑ CHANGES IN METHODS AND ESTIMATES 
• Changes in accounting regulations
Application of ANC Regulation 2020-01 
ANC Regulation No. 2020-01 published on 9 October 2020 applies to the consolidated financial statements for financial 
years beginning on or after 1 January 2021.
The entry into force of ANC Regulation 2020-01 had no material impact on IMA Group’s consolidated financial statements. 
However, it led to the adjustment of the presentation and content of certain sections. 
The consolidated financial statements of IMA Group as at 31 December 2021 incorporated the changes resulting from ANC 
Regulation No. 2020-01 and applicable from 2021.
Balance Sheet
Goodwill has been included in intangible assets since 2021, whereas it was recorded on a separate line under assets until 
2020.
Deferred tax assets have been recorded under Other receivables since 2021, whereas they were recorded under Other ac-
crual accounts – Assets until 2020.
Deferred tax liabilities have been recorded under Other liabilities since 2021, whereas they were recorded under Accrual 
accounts – Liabilities until 2020.
Income statement
The income statement showed current operating income until 2020. Since 2021, the income statement shows operating 
income before and after depreciation, amortisation and goodwill impairment.
• Changes in accounting methods, accounting estimates and error corrections 
No changes in accounting methods, accounting estimates or error corrections had a material impact on the financial state-
ments as at 31 December 2021. 
• Changes in accounting presentation
No changes in accounting presentation occurred in 2021, other than those resulting from the application of new ANC 
Regulation No. 2020-01 (see above).

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 59 ΑΑ
IMA GROUP FINANCIAL REPORT
The items below are presented in thousands of euros.
ΑΑ ADDITIONAL INFORMATION ON BALANCE SHEET ITEMS 
• Intangible assets
Goodwill
Goodwill of €596k was recorded under assets in 2020.
An amortisation allowance of €35k was recognised in 2020 and reversed in 2021.
An impairment of €467k was recognised in 2021.
The net value of goodwill is €129k.
Until 2020, goodwill appeared on a separate line of the balance sheet under assets. Since 2021 it has been recorded under 
intangible assets.
GROSS VALUE
Amount at start of 
financial year
Increase
Decrease
Amount at year-end
Start-up costs
5
-5
0
Goodwill
596
596
Business assets and lease-
hold rights
557
-50
507
Other intangible assets
146,846
13,813
-1,362
159,297
TOTAL
148,004
13,813
-1,417
160,400
AMORTISATION AND IMPAIRMENT
Net value 
at year-end
Amount at start 
of financial year
Increase
Decrease
Amount 
at year-end
Start-up costs
0
0
0
Goodwill
35
467
-35
467
129
Business assets and 
leasehold rights
82
101
-50
133
374
Other intangible 
assets
91,368
16,280
-2,365
105,283
54,014
Total
91,485
16,848
-2,450
105,883
54,517

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 60 ΑΑ
IMA GROUP FINANCIAL REPORT
• Insurance entity investments
31/12/2021
31/12/2020
GROSS 
VALUE
NET VALUE
REALISABLE 
VALUE (1)
UNREALISED 
CAPITAL GAINS 
OR LOSSES
UNREALISED 
CAPITAL GAINS 
OR LOSSES
1. Real estate investments
2,352
2,148
3,500
1,352
1,131
2. Equities and other variable-
income securities other than 
units of UCITS
12
12
15
3
3. Units of UCITS (other than 
those referred to in 4.)
9,850
9,850
9,863
13
100
4. Units of UCITS exclusively 
invested in fixed-income 
securities
5. Bonds and other fixed-income 
securities
70,283
70,283
72,681
2,398
3,665
6. Mortgages
7. Other loans and similar 
instruments
8. Deposits with ceding compa-
nies
3,254
3,254
3,254
9. Other deposits
6,013
6,013
6,021
8
19
10. Assets representing 
unit-linked policies
11. Other forward financial 
instruments
TOTAL 
91,764
91,560
95,334
3,774
4,915
Total listed investments
54,051
54,051
56,473
2,422
3,784
Total unlisted investments
37,713
37,509
38,861
1,352
1,131
Share of non-life insurance 
investments
91,764
91,560
95,334
3,774
4,915
Share of life insurance 
investments
(1) The realisation of unrealised capital gains would give rise to entitlements in favour of contract beneficiaries and non-controlling interests as well as taxes.

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 61 ΑΑ
IMA GROUP FINANCIAL REPORT
• Investments of other entities
31/12/2021
31/12/2020
Gross value
Depreciation/
amortisation, 
impairment
Net value
Net value
LAND AND BUILDINGS
73,148
24,454
48,694
45,710
LONG-TERM INVESTMENTS
Equity interests
Receivables from equity interests
Other long-term investment securities
Loans
Other long-term investments
SHORT-TERM INVESTMENT SECURITIES
4,361
3,578
604
179
37,485
115
4,361
3,578
604
179
37,370
2,883
2,236
454
193
46,129
OTHER
TOTAL
114,994
24,569
90,425
94,722
• Share of reinsurers and retrocessionaires in technical reserves
Breakdown between non-life insurance activity, life insurance activity and nature of technical reserves
31/12/2021
31/12/2020
TYPE
Non-life insur-
ance business
Life insurance 
business
Total
Provisions for unearned premiums and 
current risks
3,075
3,075
2,268
Claims reserve
Provisions for profit-sharing
Other technical reserves
1,330
1,330
1,039
TOTAL
4,405
4,405
3,307

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 62 ΑΑ
IMA GROUP FINANCIAL REPORT
• Receivables arising from insurance and reinsurance operations
Breakdown by maturity
TYPE
31/12/2021
Total net 
amount
Maturity
Up to 1 year
> 1 year to 5 years
> 5 years
Earned premiums not yet written
Other receivables arising from direct 
insurance operations
Receivables from reinsurance operations
7,429
4,239
2,621
16
7,429
4,255
2,621
TOTAL
14,289
16
14,305
Breakdown by type
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life insurance 
business
Total net 
amount
Earned premiums not yet written
Other receivables arising from direct 
assistance operations
Receivables from reinsurance operations
7,429
4,255
2,621
7,429
4,255
2,621
3,176
4,774
1,511
TOTAL
14,305
14,305
9,461
Amount of gross values and impairments
TYPE
31/12/2021
31/12/2020
Gross value
Impairment
Total net 
amount
Earned premiums not yet written
Other receivables arising from direct 
assistance operations
Receivables from reinsurance operations
8,541
4,259
2,621
1,112
4
7,429
4,255
2,621
3,176
4,774
1,511
TOTAL
15,421
1,116
14,305
9,461

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 63 ΑΑ
IMA GROUP FINANCIAL REPORT
• Receivables due from banks
Breakdown by maturity
TYPE
31/12/2021
Total net 
amount
Maturity
Up to 1 year
> 1 year to 5 years
> 5 years
Current accounts and cash
181,456
181,456
TOTAL
181,456
181,456
Breakdown by type
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life in-
surance 
business
Other 
activities
Total net 
amount
Total net 
amount
Current accounts and cash
52,080
129,376
181,456
135,919
TOTAL
52,080
129,376
181,456
135,919
Amount of gross values and impairments
TYPE
31/12/2021
31/12/2020
Gross value
Impairment
Total net 
amount
Current accounts and cash
181,456
181,456
135,919
TOTAL
181,456
181,456
135,919

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 64 ΑΑ
IMA GROUP FINANCIAL REPORT
• Other receivables
Breakdown by maturity
TYPE
31/12/2021
Total net 
amount
Maturity
Up to 1 year
> 1 year to 5 years
> 5 years
Staff
State, Social Security organisations, 
public authorities
Sundry debtors
Capital called but not paid
Deferred tax assets
292
11,102
114,152
20
36
30
322
11,102
114,188
20
TOTAL
125,566
36
30
125,632
Breakdown by type and between non-life and life insurance activities
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life 
insurance 
business
Other 
activities
Total net 
amount
Total net 
amount
Staff
27
295
322
316
State, Social Security organisations, 
public authorities
2,509
8,593
11,102
15,568
Sundry debtors
6,116
108,072
114,188
123,471
Capital called but not paid
Deferred tax assets
20
20
6
TOTAL
8,652
116,980
125,632
139,361
Amount of gross values and impairments
TYPE
31/12/2021
31/12/2020
Gross value
Impairment
Total net 
amount
Staff
State, Social Security organisations, 
public authorities
Sundry debtors
Capital called but not paid
Deferred tax assets
322
11,102
114,471
20
283
322
11,102
114,188
20
316
15,568
123,471
6
TOTAL
125,915
283
125,632
139,361
Until 2020, deferred tax assets were included under “Other accrual accounts – Assets”. Since 2021, they have been recorded 
under Other receivables.

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 65 ΑΑ
IMA GROUP FINANCIAL REPORT
• Other assets
Amount of gross values and impairments
31/12/2021
31/12/2020
Gross value
Deprec./
Amort./ 
Impairment
Total net 
amount
Gross value
Deprec./
Amort./ 
Impairment
Total net 
amount
TANGIBLE OPERATING 
ASSETS
Non-life insurance 
business
174
90
84
119
104
15
Life insurance business
Other activities
124,958
90,815
34,143
125,213
87,792
37,421
INVENTORIES AND WORK 
IN PROGRESS
Other activities
9,110
9,110
9,175
9,175
TOTAL
134,242
90,905
43,337
134,507
87,896
46,611
Breakdown by type and between non-life and life insurance activities
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life 
insurance 
business
Other 
activities
Total net 
amount
Total net 
amount
Tangible operating assets
84
34,143
34,227
37,436
Inventories and work in progress
9,110
9,110
9,175
TOTAL
84
43,253
43,337
46,611
• Adjustment accounts – Assets
Deferred acquisition costs: breakdown between non-life, life and other activities
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life in-
surance 
business
Other 
activities
Total net 
amount
Total net 
amount
Deferred acquisition costs
1,740
1,740
1,700
TOTAL
1,740
1,740
1,700

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 66 ΑΑ
IMA GROUP FINANCIAL REPORT
Other adjustment accounts – Assets: breakdown between non-life, life and other activities
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life insurance 
business
Other 
activities
Total net 
amount
Total net 
amount
Accrued interest receivable
387
295
682
591
Other prepayments and Other 
adjustment accounts – Assets
76
4,036
4,112
3,986
Total
463
4,331
4,794
4,583
Until 2020, deferred tax assets were included under “Other accrual accounts  –  Assets”. Since 2021, they have been 
recorded under Other receivables.
• Statement of changes in shareholders’ equity
Share 
capital
Addi-
tional 
paid-in 
capital
Consol-
idated 
reserves
Net 
income 
for the 
financial 
year
Trans-
lation 
adjust-
ments
Other 
items
Total
Total 
Group 
share-
holders’ 
equity
Non-con-
trolling 
interests
Total 
Group 
share-
holders’ 
equity + 
Non-con-
trolling 
interests
Amount at 
31/12/2019
36,148
48,574
109,943
7,718
-5
-5
202,378
9,017
211,395
Appropriation 
of income 
31/12/2019
7,718
-7,718
Net income 
31/12/2020
5,516
5,516
422
5,938
Change in 
translation 
adjustments
-98
-98
-98
IMACARE added 
to consolidation 
scope
0
400
400
IMA SA capital 
increases
1,262
6,376
7,638
7,638
Amount at 
31/12/2020
37,410
54,950
117,563
5,516
-5
-5
215,434
9,839
225,273
Appropriation 
of income 
31/12/2020
5,516
-5,516
Net income 
31/12/2021
11,942
11,942
548
12,490
Change in 
translation 
adjustments
218
218
218
IMA SA capital 
reduction
-656
-3,314
-3,970
-3,970
Change in 
IMACARE scope
142
142
Amount at 
31/12/2021
36,754
51,636
123,297
11,942
-5
-5
223,624
10,529
234,153

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 67 ΑΑ
IMA GROUP FINANCIAL REPORT
• Technical reserves
Breakdown between non-life insurance activity, life insurance activity and nature of technical reserves
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life insurance 
business
Total
Provisions for unearned premium
40,059
40,059
35,818
Claims reserve
19,562
19,562
15,372
Provisions for profit-sharing and rebates
3,582
3,582
5,659
Other technical reserves
2,734
2,734
1,911
Total
65,937
65,937
58,760
• Provisions
Breakdown of changes in provisions for liabilities and charges
TYPE
Gross value at 
start of year
Increase
Decrease
Gross value at 
year-end
Provisions for labour-related risks 
626
76
-431
271
Provisions for disputes
30
57
-30
57
Provisions for retirement benefits and senior-
ity bonuses
1,634
55
-217
1,472
Equity-accounted securities
Goodwill
Other provisions for liabilities and charges
1,457
29
-620
866
Total
3,747
217
-1,298
2,666
• Amounts payable arising from insurance or reinsurance operations
Breakdown by maturity
TYPE
31/12/2021
Total net 
amount
Maturity
Up to 1 year
> 1 year to 5 years
> 5 years
Amounts payable arising from direct insurance 
operations
3,770
3,770
Amounts payable arising from reinsurance oper-
ations
3,250
3,250
Amounts payable for cash deposits received from 
reinsurers
736
736
Total
7,756
7,756

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 68 ΑΑ
IMA GROUP FINANCIAL REPORT
Breakdown by type and between Non-life and Life insurance activities
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life 
insurance 
business
Other 
activities
Total net 
amount
Total net 
amount
Amounts payable arising from direct insur-
ance operations
3,770
3,770
3,615
Amounts payable arising from reinsurance 
operations
3,250
3,250
1,766
Amounts payable for cash deposits re-
ceived from reinsurers
736
736
1,039
Total
7,756
7,756
6,420
• Payables due to banks
Breakdown by maturity
TYPE
31/12/2021
Total net 
amount
Maturity
Up to 1 year
> 1 year to 5 years
> 5 years
Amounts due to credit institutions
8,027
13,134
5,659
26,820
Total
8,027
13,134
5,659
26,820
Breakdown by type and by Non-life and Life insurance business
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life 
insurance 
business
Other 
activities
Total net 
amount
Total net 
amount
Amounts due to credit institutions
115
26,705
26,820
28,450
Total
115
26,705
26,820
28,450
• Other amounts payable
Breakdown by maturity
TYPE
31/12/2021
Total net 
amount
Maturity
Up to 1 year
> 1 year to 5 years
> 5 years
Other loans, deposits and guarantees received
Staff
39,176
39,176
State, Social Security organisations and public 
authorities
47,309
47,309
Sundry creditors
191,225
409
346
191,980
Deferred tax liabilities
177
177
Total
277,887
409
346
278,642

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 69 ΑΑ
IMA GROUP FINANCIAL REPORT
Breakdown by type and activity
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life insurance 
business
Other 
activities
Total net 
amount
Total net 
amount
Other loans, deposits and guarantees 
received
Staff
458
38,718
39,176
38,324
State, Social Security organisations 
and public authorities
1,244
46,065
47,309
45,419
Sundry creditors
7,991
183,989
191,980
161,099
Deferred tax liabilities
177
177
431
Total
9,693
268,949
278,642
245,273
Deferred tax liabilities have been recorded under Other liabilities since 2021, whereas they were recorded under Accrual 
accounts – Liabilities until 2020.
• Accrual accounts – Liabilities
Breakdown by type and activity
TYPE
31/12/2021
31/12/2020
Non-life 
insurance 
business
Life insurance 
business
Other 
activities
Total net 
amount
Total net 
amount
Prepaid income and other accrual accounts 
153
2,569
2,722
3,491
Total
153
2,569
2,722
3,491
• Table of commitments given and received
31/12/2021
31/12/2020
Insurance
Other
Total
Total
COMMITMENTS RECEIVED
1,193
23,268
24,461
22,221
COMMITMENTS GIVEN
398
53,861
54,259
51,049
- endorsements, sureties and credit guarantees
38,911
38,911
39,500
- securities and assets purchased under resale agreements
- other commitments on securities, assets or income
398
14,950
15,348
11,549
- other commitments given
SECURITIES RECEIVED AS COLLATERAL FROM REINSURERS 
AND RETROCESSIONAIRES
SECURITIES DELIVERED BY REINSURED ORGANISATIONS WITH 
JOINT AND SEVERAL GUARANTEE OR WITH SUBSTITUTION
SECURITIES BELONGING TO PENSION FUNDS
Off-balance sheet commitments given mainly consist of bank guarantees. In connection with various transactions in 
strategic holdings (IMA Benelux, WIA, Italy), IMA SA took and received guarantees for the sale or redemption of securities. 
This was also the case for IMA Participations (Mobility 24) and IMA Italia (IMACARE).

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 70 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑADDITIONAL INFORMATION ON INCOME STATEMENT ITEMS 
• Breakdown of gross premiums written
Description
31/12/2021
31/12/2020
France
77,776
77,196
EU
68,218
55,008
Total
145,994
132,204
• Breakdown of earned premiums and gross technical reserves by category
31/12/2021
31/12/2020
Category
Earned premiums
Technical 
reserves
Earned premiums
Technical 
reserves
Direct business
108,669
45,041
90,597
40,088
Admitted reinsurance (Non-Life)
33,768
20,897
41,491
18,672
Total
142,437
65,938
132,088
58,760
• Revenue from other activities
31/12/2021
31/12/2020
Assistance services
646,570
562,581
Remote surveillance subscribers
39,367
37,366
Remote diagnostics and other activ-
ities
43,241
41,545
Total
729,178
641,492
• Other operating income
31/12/2021
31/12/2020
Reversals of provisions for impairment of fixed assets and for 
liabilities and charges
2,844
496
Other
2,512
1,280
Total
5,356
1,776

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 71 ΑΑ
IMA GROUP FINANCIAL REPORT
• Financial income net of expenses
Non-life 
insurance
Life 
insurance
Other 
activities
Total 
31/12/2021
Total 
31/12/2020
Investment income
823
823
748
Other investment income
22
22
22
Income from the realisation 
of investments
110
110
120
Variable-capital insurance adjustments 
(gains)
Total financial income
955
955
890
Int. and ext. investment management 
fees
-432
-432
-331
Other investment expenses
-422
-422
-47
Losses arising from the realisation 
of investments
-14
-14
-20
Variable-capital insurance adjustments 
(losses)
Total financial expenses
-868
-868
-398
Financial income net of insurance 
expenses
87
87
492
Non-insurance companies 
(other activities)
Financial income
547
547
309
Financial expenses
-479
-479
-626
Financial income from other activities
68
68
-317
Financial income net of expenses
155
175
• Insurance benefit expenses
Non-life insur-
ance
Life insurance
Total 
31/12/2021
Total 
31/12/2020
Benefits and fees paid
92,422
92,422
85,907
Claims reserve expenses (changes)
3,580
3,580
773
Expenses from other technical 
reserves
823
823
205
Profit-sharing
585
585
3,022
Total
97,410
97,410
89,907

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 72 ΑΑ
IMA GROUP FINANCIAL REPORT
• Income or expenses net of reinsurance cessions
Non-life
insurance
Life insurance
Total 
31/12/2021
Total 
31/12/2020
Premiums ceded
8,050
8,050
5,699
Change in unearned premiums and cur-
rent risks ceded
-807
-807
-156
Ceded claims expenses
-3,105
-3,105
-2,055
Profit-sharing
Commissions ceded
-2,290
-2,290
-1,627
Cession of other underwriting income
-479
Total 
1,848
1,848
1,382
• Breakdown of expenses from other activities
31/12/2021
31/12/2020
Claims expenses
365,401
307,703
Rebates and discounts obtained – 
Assistance
-527
-561
Other
240
209
Total 
365,114
307,351
• Management expenses
Non-life 
insurance
Life 
insurance
Other 
activities
Total 
31/12/2021
Total 
31/12/2020
INSURANCE COMPANIES
Acquisition costs
18,678
18,678
15,852
Administrative costs
5,315
5,315
6,055
Other technical expenses
3,459
3,459
4,343
Employee profit-sharing
NON-INSURANCE COMPANIES 
(OTHER ACTIVITIES)
Staff expenses (including employee 
profit-sharing)
220,669
220,669
208,853
Other operating expenses
93,539
93,539
75,769
Taxes
21,907
21,907
22,093
Depreciation, amortisation and provi-
sions
33,936
33,936
33,810
Total
27,452
368,051
395,503
366,775

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 73 ΑΑ
IMA GROUP FINANCIAL REPORT
• Depreciation, amortisation and goodwill impairment
An impairment allowance for goodwill recognised in 2020 for €35k was reversed in 2021.
An impairment of €467k was recognised in 2021. Total changes over the year amounted to -€432k.
• Other non-underwriting net income
31/12/2021
31/12/2020
Rebates and discounts granted – Assistance
0
0
Other income
146
126
Total 
146
126
• Non-recurring income
31/12/2021
31/12/2020
NON-RECURRING INCOME
Income from prior financial years
121
153
Income from disposals of assets
127
113
Share of investment subsidy transferred 
to the income statement
Reversals of impairments and provisions
451
Other non-recurring income
686
477
Total non-recurring income
1,385
743
NON-RECURRING EXPENSES
Expenses from prior financial years
163
110
Losses on advances of funds
Losses on receivables
Expenses on disposals of assets
852
889
Other non-recurring expenses
896
892
Total non-recurring expenses
1,911
1,891
Non-recurring income (expense)
-526
-1,148

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 74 ΑΑ
IMA GROUP FINANCIAL REPORT
• Income tax
The Group’s tax expense is calculated as the sum of the current tax expense and the deferred tax expense.
At 31 December 2021, this amount led to the recognition of a tax expense of €5,071k.
31/12/2021
31/12/2020
Current tax expense
5,339
4,145
Deferred tax expense
-268
-167
Total
5,071
3,978
The theoretical tax expense amounts to:
31/12/2021
31/12/2020
Consolidated net income
12,490
5,938
Goodwill amortisation
432
35
Share in income of companies accounted for 
by the equity method
-1,122
-858
Net tax expense
5,071
3,978
Income before tax
16,871
9,094
Theoretical tax rate
27.37 %
28.92 %
Theoretical tax expense
4,618
2,630
The difference between the theoretical tax expense and the net tax expense can be broken down as follows:
31/12/2021
31/12/2020
Theoretical tax expense
4,618
2,630
Permanent differences
168
-11
Country-related tax rate differences
393
-181
Consolidation restatements that did not result 
in the calculation of deferred tax
-243
25
Impact of tax losses
135
1,515
Other taxes payable
Net tax expense
5,071
3,978

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 75 ΑΑ
IMA GROUP FINANCIAL REPORT
• Depreciation, amortisation, impairment and provisions 
Description
31/12/2021
31/12/2020
Depreciation and amortisation
31,700
30,913
Impairments and provisions
373
3,132
Total
32,073
34,045
• Staff
Average number of staff
31/12/2021
31/12/2020
Insurance
Other activities
Total
Executives
29
819*
847
804
Non-executives
33
3,653**
3,686 
3,517 
Total
62
4,472
4,533
4,321
Staff expenses
4,268
219,846
224,114
212,747
The average headcount listed above includes the controlled share of the workforce employed by proportionally consolidated 
companies in 2021 (* executives: 3, ** non-executives: 25) and excludes Morocco.
There were 3,892 staff on permanent contracts as at 31/12/2021 (excluding Morocco and including the share of the workforce 
employed by proportionally consolidated companies).
• Statutory Auditors’ fees
- Fees recognised for the statutory audit of the financial statements: €539k.
o/w 	
Mazars: €292k
	
Groupe Y: €214k
	
Marca Cardinal: €33k
- Fees recognised for other services performed by the statutory auditors: €9k
o/w 	
Mazars: €6k
	
Groupe Y: €3k

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 76 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ INCOME STATEMENT BY SEGMENT 
• Non-life insurance technical account
GROSS 
TRANSACTIONS
CESSIONS AND 
RETROCES-
SIONS
NET 
TRANSACTIONS 
31/12/2021
NET 
TRANSACTIONS 
31/12/2020
EARNED PREMIUMS
142,437
-7,243
135,194
126,545
- Premiums
145,994
-8,050
137,944
126,505
- Change in unearned premiums
-3,557
807
-2,750 
40 
SHARE OF TECHNICAL ACCOUNT IN NET 
INVESTMENT INCOME
-137
-137
225
OTHER UNDERWRITING INCOME
684
684
1,041
CLAIMS EXPENSES
-96,002
3,105
-92,897
-84,625
- Benefits and fees paid
-92,422
2,813
-89,609
-84,285
- Claims reserve expenses
-3,580
292
-3,288
-340
EXPENSES FROM OTHER TECHNICAL 
RESERVES
-823
-823
-205
PROFIT-SHARING
-585
-585
-3,022
ACQUISITION AND ADMINISTRATIVE 
COSTS
-23,993
2,290
-21,703
-20,280
- Acquisition costs
-18,678
-18,678
-15,852
- Administrative costs
-5,315
-5,315
-6,055
- Commissions received from reinsurers
2,290
2,290
1,627
OTHER TECHNICAL EXPENSES
-3,459
-3,459
-4,343
CHANGE IN EQUALISATION PROVISION
UNDERWRITING INCOME FROM 
NON-LIFE INSURANCE BUSINESS
18,122
-1,848
16,274
15,336
Employee profit-sharing
Net investment income excluding 
share of technical account
224
224
268
OPERATING INCOME BEFORE 
DEPRECIATION, AMORTISATION 
AND GOODWILL IMPAIRMENT
18,346
-1,848
16,498
15,604
Depreciation, amortisation 
and goodwill impairment
Other non-technical net income
146
146
126
OPERATING INCOME AFTER 
DEPRECIATION, AMORTISATION 
AND GOODWILL IMPAIRMENT
18,492
-1,848
16,644
15,730

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 77 ΑΑ
IMA GROUP FINANCIAL REPORT
 • Operating accounts for other activities
31/12/2021
31/12/2020
Revenue
729,178
641,492
Other operating income
4,673
1,213
Purchases consumed
-365,114
-307,351
Staff expenses (including employee profit-sharing)
-220,669
-208,853
Other operating expenses
-93,539
-75,769
Taxes
-21,907
-22,093
Depreciation, amortisation, impairment and provi-
sions
-31,936
-33,810
OPERATING INCOME BEFORE ITEMS LISTED BELOW
686
-5,171
Financial income
547
309
Financial expenses
-479
-626
OPERATING INCOME BEFORE DEPRECIATION, AMOR-
TISATION AND GOODWILL IMPAIRMENT
754
-5,488
Depreciation, amortisation and goodwill impairment
-432
-35
OPERATING INCOME AFTER DEPRECIATION, AMORTI-
SATION AND GOODWILL IMPAIRMENT
322
-5,523
ΑΑPOST-CLOSING EVENTS 
Russia’s invasion of Ukraine on 24 February was a post-closing event which had no financial impact on the financial state-
ments for the year ended 31 December 2021, as it related to a new situation.
Initial analyses found the impact of IMA Group’s exposure to be insignificant.

SECTION 02-  2021 CONSOLIDATED FINANCIAL STATEMENTS
 ΑΑ 78 ΑΑ
IMA GROUP FINANCIAL REPORT
To the General Meeting of Inter Mutuelles Assistance SA,
Financial year ended 31 December 2021
1 ΑΑ OPINION 
In accordance with the assignment entrusted to us by 
your General Meeting, we have audited the consolidated 
financial statements of Inter Mutuelles Assistance SA for 
the financial year ended 31 December 2021, as appended 
to this report. 
We certify that, in accordance with the rules and 
principles of accounting generally accepted in France, the 
consolidated financial statements are true and fair and 
give an accurate view of the results of transactions for the 
past financial year as well as of the financial position and 
assets, at the end of the financial year, of all persons and 
entities included in the consolidation scope. 
2 ΑΑ BASIS OF OPINION
Audit standards
We conducted our audit in accordance with the 
professional standards applicable in France. We believe 
that the evidence we have collected is sufficient and 
appropriate to form the basis of our opinion. 
Our responsibilities under these standards are set out in 
the section entitled 
“Responsibilities of the Statutory Auditors relating to the 
audit of the consolidated financial statements” of this 
report.
Independence
We carried out our audit in accordance with the rules of 
independence set out in the French Commercial Code and 
the Code of Ethics for the statutory audit profession, for 
the period from 1 January 2021 to the date of issue of our 
report.
3 ΑΑ JUSTIFICATION OF ASSESSMENTS 
The global crisis stemming from the COVID-19 pandemic 
created special conditions for the preparation and audit 
of the financial statements for this financial year. The 
pandemic and the exceptional measures taken in response 
to the health crisis have had multiple consequences for 
companies, particularly on their activity and financing, 
while also generating greater uncertainty regarding their 
future prospects. Some of these measures, such as 
travel restrictions and remote working, have also had an 
impact on companies’ internal organisation and on the 
procedures for conducting audits.
Due to this complex and evolving environment, in 
accordance with the provisions of Articles L.823-9 and 
R.823-7 of the French Commercial Code relating to the 
justification of our assessments, we bring to your attention 
the following assessments which, in our professional 
judgement, were the most significant for the audit of the 
consolidated financial statements for the financial year. 
- Some technical items specific to the insurance 
business, and to the assets and liabilities of your Group’s 
consolidated 
financial 
statements, 
are 
estimated 
using statistical data and actuarial techniques. This is 
particularly the case for technical reserves. The methods 
for determining these items as well as the associated 
amounts are set out in the Note to the financial 
statements entitled “Technical reserves”.
We verified the overall consistency of the assumptions 
and calculation models used by your Group as well 
as the compliance of the valuations obtained with 
the requirements of its regulatory and economic 
environment.
- Your Group details the valuation and impairment methods 
used for investments in the Note to the financial 
statements entitled “Financial investments”.
We verified that the valuations and impairments used 
were consistent with the Group’s intention to hold these 
securities and examined, as necessary, the data and 
assumptions used and the documentation prepared for 
this purpose.
These assessments were performed in the course of 
auditing the consolidated financial statements taken as 
a whole and forming our opinion expressed above. We do 
not express an opinion on items in these consolidated 
financial statements taken in isolation. 
4 ΑΑ SPECIFIC VERIFICATIONS 
We have also performed, in accordance with the 
professional standards applicable in France, the specific 
verifications required by laws and regulations of the 
information given in the Group’s management report.
We have no matters to report as to their fair presentation 
and their consistency with the consolidated financial 
statements.
We 
certify 
that 
the 
consolidated 
non-financial 
performance report provided for in Article L.225-102-1 
of the French Commercial Code appears in the Group’s 
management report, it being specified that, in accordance 
with the provisions of Article L.823-10 of said Code, we 
have not verified the information contained in this report 
as regards its fair presentation or consistency with the 
consolidated financial statements, which is a verification 
that must be addressed in a report by an independent 
third party.
5 ΑΑ RESPONSIBILITIES OF MANAGEMENT AND 
PERSONS IN CHARGE OF CORPORATE GOV-
ERNANCE RELATIVE TO THE CONSOLIDATED 
FINANCIAL STATEMENTS 
Management is responsible for preparing consolidated 
financial statements presenting a true and fair view in 
accordance with French accounting rules and principles 
2.5
STATUTORY AUDITORS’ REPORT 
ON THE CONSOLIDATED FINANCIAL STATEMENTS .

2021 CONSOLIDATED FINANCIAL STATEMENTS  SECTION 02
 ΑΑ 79 ΑΑ
IMA GROUP FINANCIAL REPORT
MAZARS
Pierre de Latude
Drafted in Niort and Paris La Défense, 16 May 2022
The Statutory Auditors
and for implementing the internal control system deemed 
necessary for the preparation of consolidated financial 
statements that are free of material misstatements, 
whether due to fraud or error. 
When preparing the consolidated financial statements, 
Management is responsible for assessing the company’s 
ability to continue as a going concern, to present in these 
financial statements, where applicable, the necessary 
information relating to the continuity of operations and 
to apply the going concern accounting policy, unless it 
intends to liquidate the company or cease operations.
The consolidated financial statements were approved by 
the Management Board.
6 ΑΑ RESPONSIBILITIES OF THE STATUTORY 
AUDITORS RELATING TO THE AUDIT OF THE 
CONSOLIDATED FINANCIAL STATEMENTS
It is our responsibility to prepare a report on the 
consolidated financial statements. Our objective is to 
obtain reasonable assurance that the consolidated 
financial statements taken as a whole are free of 
material 
misstatements. 
Reasonable 
assurance 
corresponds to a high level of assurance, but does not 
guarantee that an audit carried out in accordance with 
professional standards will systematically detect any 
material misstatements. Misstatements may arise from 
fraud or error and are considered material when it can 
reasonably be expected that they may, taken individually 
or cumulatively, influence the economic decisions that 
users of the financial statements make based on such 
misstatements. 
As specified in Article L.823-10-1 of the French Commercial 
Code, our certification of the financial statements does 
not consist in guaranteeing the viability or quality of your 
company’s management. 
As part of an audit conducted in accordance with the 
professional standards applicable in France, the statutory 
auditor exercises professional judgement over the course 
of the audit. In addition: 
• it identifies and assesses the risks that the consolidated 
financial statements contain material misstatements, 
whether due to fraud or error, defines and implements 
audit procedures to address these risks, and collects 
evidence deemed sufficient and appropriate to form the 
basis of its opinion. The risk of not detecting a material 
misstatement resulting from fraud is higher than that of 
a material misstatement resulting from error, as fraud 
may involve collusion, falsification, deliberate omissions, 
false statements or circumvention of internal control; 
• it reviews the internal control relevant to the audit in 
order to define audit procedures that are appropriate in 
the circumstances, and not for the purpose of expressing 
an opinion on the effectiveness of internal control; 
• it assesses the appropriateness of the accounting 
methods used and the reasonableness of accounting 
estimates made by Management, as well as the 
associated information provided in the consolidated 
financial statements; 
• it assesses the appropriateness of Management’s 
application of the going concern accounting policy and, 
based on the evidence collected, determines whether 
or not there is significant uncertainty related to events 
or circumstances liable to jeopardise the company’s 
ability to continue as a going concern. This assessment 
is based on the information collected up to the date of 
its report, it being noted, however, that subsequent 
circumstances or events could jeopardise the continuity 
of operations. If it concludes that there is significant 
uncertainty, it draws the attention of the readers of its 
report to the information provided in the consolidated 
financial statements concerning this uncertainty or, 
if this information is not provided or is not relevant, it 
issues a qualified certification or a refusal to certify the 
financial statements; 
• it assesses the overall presentation of the consolidated 
financial statements and determines whether or not the 
consolidated financial statements reflect the underlying 
transactions and events so as to give a true and fair view;  
• as regards the financial information of the persons 
or entities included in the consolidation scope, it 
collects information deemed sufficient and appropriate 
to express an opinion on the consolidated financial 
statements. It is responsible for the management, 
supervision and performance of the audit of the 
consolidated financial statements, and for the opinion 
expressed on these financial statements.
GROUPE Y AUDIT
Registered office: 53 Rue des Marais
CS 18421 - 79024 Niort Cedex, France 
Tel: +33 (0) 5 49 32 49 01 - Fax: +33 (0) 5 49 32 49 07
Simplified joint-stock company authorised to perform 
accounting assessments and statutory audits
Share capital of €37,000 - Niort Trade and Companies 
Register B 377 530 563
MAZARS 
Registered office: 61 Rue Henri Regnault
92075 Paris La Défense Cedex, France
Tel: +33 (0) 1 49 97 60 00 - Fax: +33 (0) 1 49 97 60 01
Simplified joint-stock company with a Management 
Board and Supervisory Board, authorised to perform 
accounting assessments and statutory audits
Share capital of €8,320,000 - Nanterre Trade 
and Companies Register B 784 824 15
GROUPE Y AUDIT
Christophe Malécot

ΑΑ 80 ΑΑ
IMA GROUP FINANCIAL REPORT
03
IMA SA FINANCIAL 
STATEMENTS

ΑΑ 81 ΑΑ
IMA GROUP FINANCIAL REPORT
3.1
82	
BALANCE SHEET
82	
BALANCE SHEET ASSETS
83	
BALANCE SHEET LIABILITIES
3.2
84	
INCOME STATEMENT
3.3
86	
NOTES TO THE FINANCIAL STATEMENTS
86	
HIGHLIGHTS OF THE FINANCIAL YEAR
86	
ACCOUNTING PRINCIPLES AND VALUATION METHODS USED
87	
CHANGE IN METHODS AND ESTIMATES
87	
POST-CLOSING EVENTS
88	
ADDITIONAL INFORMATION ON THE BALANCE SHEET 
90	
STATEMENTS OF INVESTMENTS AND CASH POSITION 
94	
ADDITIONAL INFORMATION ON OTHER LIABILITIES
94	
OTHER INFORMATION ON BALANCE SHEET ITEMS 
95	
OFF-BALANCE SHEET COMMITMENTS
96	
INFORMATION ON THE INCOME STATEMENT
98	
OTHER INFORMATION
3.4
99	
STATUTORY AUDITORS’ REPORT
99	
STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS
102	
STATUTORY AUDITORS’ SPECIAL REPORT ON RELATED-PARTY AGREEMENTS

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 82 ΑΑ
IMA GROUP FINANCIAL REPORT
3.1
BALANCE SHEET.
HEADING
GROSS 
AMOUNT
DEPRECIATION 
AND 
AMORTISATION
31/12/2021
31/12/2020
Subscribed capital not called up
INTANGIBLE ASSETS
Start-up costs
Research and development costs
Concessions, patents and similar rights
Business assets
Other intangible assets
Advances, down payments on intangible assets
PROPERTY, PLANT AND EQUIPMENT
Land
Buildings
Technical installations, equipment, tools
Other property, plant and equipment
300
300
300
Assets under construction
Advances and down payments
LONG-TERM INVESTMENTS
Equity-accounted investments
Other equity interests
97,963,685
3,658,489
94,305,196
 91,338,098
Receivables from equity interests
7,476,724
7,476,724
7,130,093
Other long-term investment securities
Loans
Other long-term investments
FIXED ASSETS
105,440,709
3,658,489
101,782,220
98,468,491
INVENTORIES AND WORK IN PROGRESS
Raw materials, supplies
Production of goods in progress
Production of services in progress
Intermediate and finished products
Goods
Advances and down payments/orders
RECEIVABLES
Trade and other receivables
269
269
269
Other receivables
18,017,053
18,017,053
24,715,715
Capital subscribed and called but not paid
MISCELLANEOUS PROVISIONS
Short-term investment securities 
(including treasury shares)
29,475,099
115,330
29,359,769
30,371,194
Cash and cash equivalents
48,542,458
48,542,458
27,616,258
ACCRUAL ACCOUNTS
Prepaid expenses
22,470
Current assets
96,034,879
115,330
95,919,549
82,725,906
Expenses deferred over several years
Bond redemption premiums
Translation differences – Assets
17,129
GRAND TOTAL
201,475,588
3,773,819
197,701,769
181,211,526
BALANCE SHEET ASSETS	
(IN €)

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 83 ΑΑ  
IMA GROUP FINANCIAL REPORT
HEADING
31/12/2021
31/12/2020
Share capital or individual capital (o/w paid-up: 36,754,232)
36,754,232
37,410,481
Additional paid-in capital, merger and contribution premiums
51,636,358
54,950,333
Revaluation adjustments (o/w equity method differences)
Legal reserve
3,139,948
3,124,817
Reserves provided for in the articles of association or contractual reserves
9,833 
9,833 
Regulated reserves (o/w prov. for price fluctuations) 
7,353 
7,353 
Other reserves (o/w purchase of original works of art)
Retained earnings
30,504,740
30,217,268
NET INCOME FOR THE FINANCIAL YEAR (PROFIT OR LOSS)
2,370,794
302,602
Investment grants
Regulated provisions
SHAREHOLDERS’ EQUITY
124,423,258
126,022,687
Proceeds from issues of participating securities
Conditional advances
OTHER EQUITY
Provisions for liabilities
0
617,129
Provisions for charges
PROVISIONS FOR LIABILITIES AND CHARGES
0
617,129
FINANCIAL DEBT
Convertible bonds
Other bonds
Loans and debts from credit institutions
2,296,631
3,910,314
Other loans and financial debts (o/w participating loans)
Advances and down payments received on orders in progress
OPERATING LIABILITIES
Trade and other payables
258,951
280,407
Tax and social security liabilities
462,851
1,281,096
SUNDRY DEBTS
Amounts payable on fixed assets and related accounts
Other liabilities
70,257,569
49,099,893
ACCRUAL ACCOUNTS
 Deferred income
AMOUNTS PAYABLE
73,276,002
54,571,710
Translation differences – Liabilities
2,509
GRAND TOTAL
197,701,769
181,211,526
BALANCE SHEET LIABILITIES	
(IN €)

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 84 ΑΑ
IMA GROUP FINANCIAL REPORT
3.2
INCOME STATEMENT.
(IN €) 
HEADING
FRANCE
EXPORT
31/12/2021
31/12/2020
Sales of goods
Production sold – Goods
Production sold – Services
NET REVENUE
 Production stored
 
 
 Capitalised production
 
 
 Operating subsidies
 
 
 Reversals of depreciation, amortisation and provisions, transfers of expenses
17,129
 Other income
851
856
OPERATING INCOME
17,980
856
 Purchases of goods (including customs duties)
 Change in inventory (goods)
 Purchases of raw materials, other supplies (and customs duties)
 Changes in inventories (raw materials and supplies)
 Other purchases and external expenses
4,296,413
3,386,220
 Taxes and similar payments
688
573
 Wages and salaries
 Social security contributions
6,000
6,000
OPERATING ALLOWANCES 
On fixed assets: depreciation and amortisation
 
 
On fixed assets: provisions
On current assets: provisions
For liabilities and charges: provisions
17,129
Other expenses
37,000
30,532
OPERATING EXPENSES
4,340,101
3,440,454
OPERATING INCOME
(4,322,121)
(3,439,598)
JOINT OPERATIONS 
 Profit allocated or loss transferred
 Loss incurred or profit transferred
FINANCIAL INCOME
 Financial income from equity interests
4,874,515
4,840,708
 Income from other transferable securities and receivables from fixed assets
 Other interest and similar income
97,776
108,966
 Reversals of provisions and transfers of expenses
606,279
14,639
 Positive foreign exchange differences
 Net income from disposals of short-term investment securities
395,254
139,056
FINANCIAL INCOME
5,973,824
5,103,369
 Financial allocations to depreciation, amortisation and provisions
115,330
2,399,588
 Interest and similar expenses
(316)
(339)
 Negative foreign exchange differences
 Net expenses on disposals of short-term investment securities
15,834
51,396
Financial expenses
130,848
2,450,645
Financial income
5,842,976
2,652,724
Current income before tax
1,520,855
(786,874)

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 85 ΑΑ  
IMA GROUP FINANCIAL REPORT
(IN €) 
HEADING
31/12/2021
31/12/2020
Non-recurring income from management operations
Non-recurring income from capital transactions
329,348
501,760
Reversals of provisions and transfers of expenses
2,432,678
NON-RECURRING INCOME
2,762,026
501,760
Non-recurring expenses on management operations
1,230
Non-recurring expenses on capital transactions
2,747,951
80,000
Non-recurring depreciation, amortisation and provisions
NON-RECURRING EXPENSES
2,749,181
80,000
NON-RECURRING INCOME (EXPENSE)
12,845
421,760
Employee profit-sharing
Income tax
(837,094)
(667,716)
TOTAL INCOME
8,753,830
5,605,985
Total expenses
6,383,036
5,303,383
Profit or loss
2,370,794
302,602

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 86 ΑΑ
IMA GROUP FINANCIAL REPORT
3.3
NOTES TO THE FINANCIAL STATEMENTS.
ΑΑ HIGHLIGHTS OF THE FINANCIAL YEAR
As a holding company, IMA  SA holds interests in Group 
companies with a net value of €84 million. It provides fi-
nancing for its subsidiaries.
In November 2021, IMA SA repurchased some of its shares 
held by CARDIF IARD and carried out a capital reduction by 
cancelling these shares for a total of €656k in share capital 
and €3,314k in additional paid-in capital.
Over the course of the year, IMA SA increased the capital 
of its subsidiary Serena by €1,000k and the shareholders’ 
equity of IMA Deutschland by €1,282k. These corporate ac-
tions did not change the ownership interest in these sub-
sidiaries.
Subsidiary IMA Italia took part in a 60% increase (€213k) in 
IMACARE’s reserves in December 2021.
Subsidiaries IMA UK and IMA Protect Italia were liquidated 
in 2021.
IMA  SA made current account advances in favour of IMA 
Benelux for €1,300k, IMA  Deutschland for €1,000k and 
Prestima for €600k.
IMA SA received €4,875k in dividends (€1,700k from Assuri-
ma, €1,700k from IMA Assurances, €500k from IMA Protect, 
€500k from IMA Technologies and €475K from WAFA-IMA). 
Financial income, including allocations to/reversals of im-
pairment of financial provisions and short-term investment 
securities, amounted to €5,843k, versus €2,653k in 2020.
Like last year, 2021 was once again extensively impacted by 
the Covid-19 pandemic.
Once the initial lockdown measures were eased in France 
and internationally, business picked up sharply with the re-
sumption of travel, performing in line with or outperforming 
2019.
In 2021, the Group continued to support its suppliers by 
speeding up invoice payments.
The Group also monitored the progress of the pandemic 
and variants, and ensured continuity of service and em-
ployee protection.
It should also be noted that financial investments were not 
significantly impacted by the crisis and that the provisions 
for these assets remained unchanged.
It is also worth noting that the entity’s fundamentals 
proved highly resilient amid the adverse conditions of the 
health crisis. The going concern assumption underlying 
the preparation of its financial statements is thus still high-
ly relevant.
ΑΑ ACCOUNTING PRINCIPLES AND VALUATION 
METHODS USED
These financial statements were prepared in accordance 
with :
- The provisions of Articles L 123-12 to L 123-28 of the 
French Commercial Code;
- The legislative and regulatory provisions in force in 
France; 
- The provisions of ANC Regulation 2014-03 of 5 June 
2014 on the general chart of accounts (consolidated 
version).
General accounting policies were applied in accordance 
with the principle of prudence, subject to the following ba-
sic assumptions :
- going concern,
- consistency of accounting methods from one finan-
cial year to the next,
- independence of financial years,
and in accordance with the general rules governing the 
preparation and presentation of the annual financial state-
ments.
The basic method used to measure items recorded in the 
financial statements is the historical cost method.
BALANCE SHEET ASSETS
• Fixed assets
Intangible assets
The company does not own any intangible assets.
Property, plant and equipment
Property, plant and equipment are measured at their ac-
quisition cost (purchase price plus incidental costs).
Depreciation is calculated based on the actual useful life of 
the item according to the straight-line method.
Long-term investments
Investments in affiliated companies and equity-linked 
companies
Equity investments are primarily represented by shares 
held by our company in its subsidiaries.
They are recorded on the balance sheet at their acquisition 
cost.
The securities are measured on the basis of their net asset 
value and projected items. 
The company’s shares in IMA UK and IMA Protect Italia were 
cancelled under non-recurring income.
In addition, the provision for impairment of securities 
was also reversed and recognised for €2,432k (€578k in 
IMA Protect Italia shares and €1,854k in IMA UK shares) in 
2021 under non-recurring income.
Other long-term investment securities
Other long-term investment securities are securities, oth-
er than equity investments, that our company intends to 
hold for the long term. They are representative of capital 
shares or long-term investments.

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 87 ΑΑ  
IMA GROUP FINANCIAL REPORT
Their ownership is not directly linked to the company’s 
activity. They are recognised at their acquisition cost.
• Receivables
Receivables are measured at their nominal value.
An impairment is recognised for receivables when the net 
asset value is less than the carrying amount.
• Short-term investment securities
These securities represent units of UCITS, negotiable cer-
tificates of deposit and term accounts. They are recog-
nised at their acquisition cost.
Their net asset values is calculated on the basis of the last 
quoted price at the NAV date.
An impairment is recognised when the NAV is lower than 
the initial recognition cost.
The total gross amount of “short-term investment securi-
ties” at 31 December 2021 was €29,475k.
The value of the item at 31 December 2021 was :
• Accrual accounts – Assets
Expenses paid in the financial year but not attributable to 
the financial year are recorded as prepaid expenses.
BALANCE SHEET LIABILITIES
• Shareholders’ equity
The share capital is made up of 2,411,695 fully paid-up 
shares, each with a value of €15.24.
• Provisions
The provision for foreign exchange losses, recorded at 31 
December 2020 for €17k, was reversed in 2021. No provision 
for foreign exchange losses was recorded at 31 December 
2021.
A provision for subsidiary risks on the value of 
IMA  Deutschland shares recorded at 31 December 2020 
for €600k was reversed in 2021. No provision for subsidiary 
risks was recorded at 31 December 2021.
• Financial debt
Debts are recorded at their nominal redemption value.
For our company, financial debts consist mainly of a new 
loan taken out in 2018 maturing in 2023.
• Off-balance sheet items
The company gave financial commitments in the amount of 
€145,063k.
These commitments are mainly external liabilities of the 
EIGs and SCIs in which it holds equity interests, as well as 
guarantees given for share buybacks.
It received commitments in the amount of €22,894k. These 
transactions are detailed in the section entitled “Off-
balance sheet commitments”.
ΑΑ CHANGE IN METHOD AND ESTIMATES
• Change in estimates
There were no significant changes in estimates during the 
financial year.
• Change in method
There were no significant changes in method during the 
financial year.
• Change in accounting presentation
There were no significant changes in accounting 
presentation during the financial year.
ΑΑ POST-CLOSING EVENTS 
Russia’s invasion of Ukraine on 24 February was a post-
closing event which had no financial impact on the financial 
statements for the year ended 31 December 2021, as it 
related to a new situation. Initial analyses found the impact 
of IMA SA and IMA Group’s exposure to be insignificant.
PURCHASE 
VALUE
NET 
VALUE
IMPAIRMENT OF 
SECURITIES
Units of 
UCITS
12,465
12,350
115
Certificates 
of deposit, 
term ac-
counts*
17,010
17,010
TOTAL 
29,475
29,360
115
*Certificates of deposit and term accounts were recorded excluding ac-
crued interest not yet due at 31/12/2021 (€286k)
(Amounts in €k)

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 88 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ ADDITIONAL INFORMATION ON THE BALANCE SHEET
The amounts below are presented in thousands of euros.
• Fixed assets and related receivables
Analysis of changes in certain fixed assets
TYPE
GROSS VALUE 
AT START OF 
YEAR
INCREASE
DECREASE
GROSS VALUE 
AT YEAR-END
Intangible assets
Property, plant and equipment
Long-term investments
. Investments in equity-accounted companies
. Other equity interests 
88,794
2,282
2,740
88,336
. Other long-term investment securities
102
1,000
8
1,094
. Loans and other long-term investments
8,534
8,534
. Other receivables from equity interests
7,130
1,912
1,566
7,476
TOTAL 
104,560
5,194
4,314
105,440
Assets with retention of title clause
There were no acquisitions of fixed assets not settled at 31 December 2021.
Breakdown of changes in impairments of fixed assets
Net asset items
TYPE
ACCUMULATED 
IMPAIRMENTS AT 
START OF YEAR
ALLOCATIONS 
TO IMPAIRMENTS 
FOR THE YEAR
REVERSALS OF 
IMPAIRMENTS 
FOR THE YEAR
ACCUMULATED 
IMPAIRMENTS AT 
YEAR-END
Long-term investments
. Other equity interests
6,091
-2,433
3,658 (*)
. Other long-term investment secu-
rities
. Loans and other long-term invest-
ments
Receivables
. Other receivables from equity inter-
ests
TOTAL 
6,091
-2,433
3,658
TYPE
GROSS VALUE AT 
YEAR-END
IMPAIRMENT
NET VALUE AT YEAR-
END
Long-term investments
. Other equity interests
88,336
3,658
84,678
. Other long-term investment securities
1,094
1,094
. Loans and other long-term investments
8,534
8,534
Receivables
. Other receivables from equity interests
7,476
7,476
TOTAL 
105,440
3,658
101,782
(*) Impairment of equity investments: €3,008k Serena, €650k IMA Deutschland.

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 89 ΑΑ  
IMA GROUP FINANCIAL REPORT
STATEMENT OF RECEIVABLES
AMOUNT 
≤ 1 YEAR
> 1 YEAR
Trade receivables
State, other local authorities: value added tax
Corporate tax
Group and Partners
17,989
17,989
Sundry debtors and accrued income
28
28
TOTAL 
18,017
18,017
• Maturity of receivables
Total receivables net of impairment at the end of the financial year amounted to €18,017k.
DESCRIPTION
31/12/2021 
31/12/2020
Current accounts of affiliated companies
17,989
24,716
Sundry debtors
3
Accrued income
25
Prepaid expenses
0
22
Total 
18,017
24,738
• Other receivables
Debtors – Assets net of impairment
DESCRIPTION
31/12/2021 
31/12/2020
Corporate tax
 
TOTAL 
 
State, Social Security and public authorities
• Maturity of payables
Total amounts payable at the end of the financial year came to €73,276k.
STATEMENT OF PAYABLES
GROSS 
AMOUNT
≤ 1 YEAR
> 1 YEAR 
< 5 YEARS
> 5 YEARS
Loans and debts from credit institutions 
2,297
1,620
677
Trade and other payables
259
259
State: Value added tax
15
15
Other taxes and duties
448
448
Amounts payable: on fixed assets
Group and partners*
70,257
70,257
Accrued expenses
TOTAL 
73,276
72,599
677
(*) Cash pooling debts: €68,816k

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 90 ΑΑ
IMA GROUP FINANCIAL REPORT
DESCRIPTION
31/12/2021 
31/12/2020
Corporate tax
448
1,281
Accrued expenses
Value added tax
15
TOTAL 
463
1,281
• Other amounts payable
State, Social Security organisations and public authorities
DESCRIPTION
31/12/2021
31/12/2020
Current accounts of affiliated companies
70,072
49,100
Tax consolidation debt of subsidiaries
185
Trade payables – Overheads
3
22
Accrued expenses
256
258
TOTAL 
70,516
49,380
Other net creditors
ΑΑ STATEMENT OF INVESTMENTS AND CASH POSITION
The amounts below are presented in thousands of euros. 
• Cash pooling
Cash pooling is a procedure that consists in reporting, for a given company, inflows and outflows affecting the bank ac-
counts of entities forming a group of companies in order to optimise cash management.
Within IMA Group, the cash pooling account (or pivot account) is opened at IMA SA. IMA SA is responsible for collecting, 
distributing or investing cash flows.
Cash pooling was implemented as of 1 March 2006 for the Group’s French companies.
The position of bank balances at 31 December 2021, contributed to the cash pooling account, was as follows :
DESCRIPTION
BANK BALANCE RECEIVED FROM CASH POOLING
Société Générale and HSBC
50,827
TOTAL 
50,827
This sum is recognised on the balance sheet for the following amounts :
	
ASSETS	 	
Other receivables	 -€17,989k
	
LIABILITIES	
Other payables            €68,816k
	
€50,827k

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 91 ΑΑ  
IMA GROUP FINANCIAL REPORT
SOCIETE GENERALE AND HSBC
IMA EIG
50,498
IMA Assurances
3,267
IMA Services
-12,939
IMA Voyages
-130
ASSURIMA
10,810
IMA Technologies
426
IMA Protect
-97
SCI Bellune
-4,722
Inter Mutuelles Habitat EIG
1,000
IMA Participations
1,900
IMA Innovation
900
Domissima
14
Séréna
-100
TOTAL
50,827
Cash pooling is based on actual fund movements between the cash pooling account and the participating accounts, and 
thus generates an intra-group lending/borrowing relationship requiring the establishment of remuneration calculated as 
follows :
Advances granted bear interest at the Eonia rate -0.20 (with a minimum rate of 0%) on credit positions (borrowings) and 
Eonia +0.20 on debit positions (loans).
This remuneration was as follows for the financial year :
INTEREST PAID 
INTEREST RECEIVED
Financial year 2021
0
0
The overall cash position of the cash pooling account at 31 December 2021 was as follows :

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 92 ΑΑ
IMA GROUP FINANCIAL REPORT
COMPANY
SHARE 
CAPITAL
OTHER 
SHARE-
HOLDERS’ 
EQUITY
% OF 
CAPITAL 
HELD
GROSS 
VALUE
NET
VALUE
LOANS 
AND 
ADVANCES 
GRANTED 
BY
IMA SA
ENDORSE-
MENTS AND 
GUARAN-
TEES GIVEN 
BY
IMA SA
REVENUE 
EXCL. TAX 
OR GROSS 
EARNED 
PREMIUMS 
FOR THE 
FINANCIAL 
YEAR
NET 
INCOME 
FOR THE 
FINANCIAL 
YEAR
DIVIDENDS 
RECEIVED 
BY
IMA SA 
IN 2021
SUBSIDIARIES MORE 
THAN 50 % - OWNED
FRENCH INSURANCE COMPANIES
. IMA Assurances (SA)
7,000
36,060
99.99
7,000
7,000
-
-
59,641
5,450
1,700
. ASSURIMA (SA)
6,200
15,605
99.99
6,200
6,200
-
-
23,941
3,190
1,700
FOREIGN INSURANCE COMPANIES
. IMA Italia (SPA)
3,857
21,702
65.00
2,320
2,320
-
-
44,489*
1,603*
. IMA Iberica (SA)
5,430
6,833
99.99
4,202
4,202
-
-
14,365
714
* Non-final data
ASSISTANCE COMPANIES
. Prestima (SRL)
2,623
535
99.99
4,001
4,001
600
-
11,355
-127
. IMA Deutschland 
(GMBH)
652
-97
100.00
1,932
1,282
1,000
-
3,780
-551
EIG
. IMA EIG
3,547
338
84.57
3,000
3,000
-
-
558,675
0
. IMH EIG
100
0
80.00
80
80
-
-
43,438
0
SERVICE COMPANIES
. IMA Voyages (SASU)
50
536
100.00
96
96
-
-
443
-179
. IMA Technologies 
(SASU)
500
7,170
100.00
643
643
4,296
-
32,284
1,578
500
. IMA Protect (SASU)
1,300
12,958
100.00
4,317
4,317
-
-
41,207
1,637
500
. IMA Services (SASU)
3,553
3,830
100.00
6,547
6,547
-
-
78,132
2,084
. Séréna (SA)
1,236
-232
100.00
4,008
1,608
-263
. Domissima (SARL)
25
-9
100.00
25
25
0
0
. IMA Participations 
(SASU)
15,000
-806
100.00
15,000
15,000
-
-
0
-93
. IMA Innovation 
(SASU)
25,000
-5,104
100.00
25,000
25,000
-
-
5,549
-1,977
SCI
. SCI Bellune
2,020
10,823
99.99
2,020
2,020
8,534
-
4,866
707
• Affiliated companies or equity-linked companies
The amounts below are presented in thousands of euros.
Table of subsidiaries and equity interests at 31 December 2021
All subsidiaries closed their financial statements at 31 December.
WAFA IMA Assistance and Healthcase data are translated at the closing rate.

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 93 ΑΑ  
IMA GROUP FINANCIAL REPORT
COMPANY
SHARE 
CAPITAL
OTHER 
SHARE-
HOLDERS’ 
EQUITY
% OF 
CAPITAL 
HELD
GROSS 
VALUE
NET 
VALUE
LOANS 
AND
AD-
VANCES 
GRANTED 
BY
IMA SA
ENDORSE-
MENTS AND 
GUARAN-
TEES GIVEN 
BY
IMA SA
REVENUE 
EXCL. TAX 
OR GROSS 
EARNED 
PRE-
MIUMS 
FOR THE 
FINANCIAL 
YEAR
NET 
INCOME 
FOR THE 
FINAN-
CIAL YEAR
DIVI-
DENDS 
RECEIVED 
BY IMA SA 
IN 2021
OWNERSHIP 
INTERESTS BETWEEN 
10 % AND 50 %
INSURANCE COMPANIES
. WAFA 
IMA Assistance*
4,812
12,919
35.00
1,641
1,641
17
-
25,661
2,887
475
ASSISTANCE COMPANIES
. IMA Benelux
500
1,492
34.00
170
170
1,300
-
8,208
-399
OTHER
. Healthcase LLC**
40
5
25.00
11
11
251
-
5,918
-194
OTHER EQUITY 
INTERESTS
FRENCH HOLDINGS NOT INCLUDED IN A2
. SCI IMIS
700 
410
14.29
122
122
-
-
68
-13
FOREIGN HOLDINGS NOT INCLUDED IN A2
. IMA Servizi (SPA)
100
1,558
4.50
1
1
-
-
45,984*
0
* Non-final data for 2021
** Data at 31/12/2020
General information on all subsidiaries and equity interests 
SUBSIDIARIES
EQUITY INTERESTS
French
Foreign
French
Foreign
Carrying amount of securities held
Gross
73,936
12,456
1,216
1,822
Net
70,928
11,805
1,216
1,822
Amount of loans and advances granted
(gross values)
12,830
1,600
-
1,568
• Affiliated companies or equity-linked companies (continued)

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 94 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ ADDITIONAL INFORMATION ON OTHER LIABILITIES 
The amounts below are presented in thousands of euros.
Shareholding structure
Share capital at the end of the financial year consisted of 2,411,695 ordinary shares with a nominal value of €15.24.
Each share entitles its holder to one and only one voting right. 
Changes in shareholders’ equity and reserves
TYPE
31/12/2020
APPROPRIATION 
OF INCOME N-1
MOVEMENTS N 
INCOME N
31/12/2021
Share capital
37,410
-656
36,754
Additional paid-in capital
54,950
-3,314
51,636
Legal reserve
3,125
15
3,140
Reserve provided for in the articles of association (1)
10 
10 
Other reserve 
7
7
Retained earnings
30,217
288
30,505
Net income for the financial year
303
-303
2,371
2,371
Total
126,022
0
-1,599
124,423
(1) Reserve created under previous articles of association.
PREPAID EXPENSES
31/12/2021
31/12/2020
Operating expenses
Prepaid expenses
0
22
Total prepaid expenses
0
22
ACCRUED INCOME
31/12/2021
31/12/2020
Cash and cash equivalents
Accrued interest receivable
288
227
Total accrued income
288
227
ACCRUED EXPENSES
31/12/2021
31/12/2020
Trade and other payables
Invoices receivable
256
241
Tax liabilities
Corporate tax
448
1,281
Total accrued expenses
704
1,522
Revaluation during the year
No balance sheet items were revalued during the year.
Provisions for liabilities and charges
The provision for foreign exchange losses, recorded at 31 December 2020 for €17k, was reversed in 2021. No provision for 
foreign exchange losses was recorded at 31 December 2021.
A provision for subsidiary risks on the value of IMA  Deutschland shares recorded at 31 December 2020 for €600k was 
reversed in 2021. No provision for subsidiary risks was recorded at 31 December 2021.
ΑΑ OTHER INFORMATION ON BALANCE SHEET ITEMS 
The amounts below are presented in thousands of euros.
Breakdown of accrued expenses
Breakdown of accrued income
Breakdown of prepaid expenses

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 95 ΑΑ  
IMA GROUP FINANCIAL REPORT
In connection with various transactions in strategic holdings (IMA Benelux, WIA), IMA SA took and received guarantees for 
the sale or redemption of securities based on expert opinion.
In connection with two loan agreements taken out by SCI Bellune with Société Générale for the construction of a new build-
ing, IMA SA undertook to retain the shares held in SCI Bellune and IMA EIG until the loans are fully repaid.
ΑΑ OFF-BALANCE SHEET COMMITMENTS
The amounts below are presented in thousands of euros.
DESCRIPTION
TOTAL 
31/12/2021
O/W COMMITMENT IN RESPECT OF
TOTAL 
31/12/2020
SENIOR 
MANAGERS
AFFILIATED 
COMPANIES
PROFIT- 
SHARING
COMMITMENTS RECEIVED (1)
22,894
16,688
6,206
20,703
COMMITMENTS GIVEN
145,063
141,595
3,468
138,841
Endorsements, sureties and credit guarantees 
given (2)
15,733
15,733
0
8,950
Securities and assets purchased under resale 
agreements
0 
0 
0 
0 
Other commitments on securities, assets 
or income (3)
14,649
0
11,181
3,468
10,884
Other commitments given (4)
114,681
114,681
0
119,007
(1) COMMITMENTS RECEIVED
22,894
16,688
6,206
20,703
Share disposal guarantee
22,894
16,688
6,206
20,703
(2) ENDORSEMENTS, SURETIES AND CREDIT 
GUARANTEES GIVEN
15,733
15,733
8,950
IMA SA joint and several guarantee in favour of 
AMEX for use of the IMA Voyages card
50 
50 
50 
IMA SA guarantee in favour of Société Générale 
for use of the IMA Voyages VISA card
120 
120 
 
120 
Joint and several guarantee in favour of 
the lender with SCI Bellune for the repayment 
of a €8,200,000 loan taken out in March 2006 
for the construction of a new building at 30 rue 
de Bellune in Niort (79000)
261
261
348
Joint and several guarantee in favour of the 
lender with SCI Bellune for the repayment of the 
€9,000,000 loan taken out with CE
7,413
7,413
8,432
Joint and several guarantee in favour of the 
lender with SCI Bellune for the repayment of the 
€9,000,000 loan taken out with CRCA
7,889
7,889
(3) OTHER COMMITMENTS ON SECURITIES, 
ASSETS OR INCOME
14,649
11,181
3,468
10,884
Share buyback guarantee
14,649
11,181
3,468
10,884
(4) OTHER COMMITMENTS GIVEN
114,681
114,681
119,007
Commitments related to the liability of partners 
or members of certain entities
External liabilities
114,681
114,681
119,007
SCI Bellune: share of the subsidiary’s external 
liabilities at the end of the financial year
24,271
24,271
23,923
IMA EIG: external liabilities of the subsidiary 
at the end of the financial year
80,563
80,564
76,864
IMH EIG: external liabilities of the subsidiary 
at the end of the financial year
9,846
9,846
18,220

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 96 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ INFORMATION ON THE INCOME STATEMENT 
The amounts below are presented in thousands of euros.
• Fees and commissions
The company did not receive any fees for the 2021 financial year.
• Breakdown of revenue
The company did not record any revenue in 2021.
• Capitalised production
The company did not record any capitalised production in 2021.
• Breakdown of investment income and expenses
Breakdown of investment income and expenses for the year
TYPE OF INCOME
AFFILIATED 
COMPANIES
OTHER 
INCOME
TOTAL
Income from equity interests
o/w dividends received from subsidiaries (Assurima : €1,700k, 
IMA Assurances : €1,700k, IMA Protect : €500k, WAFA IMA Assistance : 
€475k, IMA Technologies : €500k)
4,875
4,875
o/w other income from equity investments
o/w interest on current accounts of subsidiaries
o/w cash pooling interest
Income from real estate investments
Income from other investments
493
493
Other financial income (commissions, fees, etc.)
Reversals of financial provisions and impairment of financial items
600
6
606
TOTAL FINANCIAL INCOME
5,475
499
5,974
Financial expenses (commissions, fees, interest and charges, etc.)
Provision for impairment of financial investments
115
115
Provision for impairment of equity investments
Losses on receivables
Total other investment expenses (capital losses, amortisation and provi-
sions, internal expenses, etc.)
16
16
TOTAL FINANCIAL EXPENSES
131
131
• Breakdown of staff expenses
IMA SA has no employees since the transfer of all of its staff to IMA EIG on 1 January 2001.
• Proportion in which income for the financial year was allocated by exceptions to general valuation 
principles
No exceptions to general valuation principles pursuant to tax regulations were applied during the financial year.
• Corporate tax
Breakdown of corporate tax (amounts in euros)
INCOME BEFORE TAX
TAX
INCOME AFTER TAX
Ordinary operations
1,520,855
-838,415
2,359,270
Exceptional transactions
12,845
1,321
11,524
TOTAL
1,533,700
-837,094
2,370,794

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 97 ΑΑ  
IMA GROUP FINANCIAL REPORT
DEDUCTIONS – TAX REINTEGRATION
TAX
START OF YEAR
CHANGE
YEAR-END
1. Certain or potential deviations
Provisions for temporarily non-deductible 
impairments
6,715
-2,941
3,774
1,000
Temporarily non-deductible expenses
0
0
0
0
Unrealised capital gains liable for tax
253
-82
171
45
Unrealised losses deducted
Translation differences – Liabilities
Translation differences – Assets
Capital gains liable for tax
Capital losses liable for tax
TOTAL
6,968
-3,023
3,945
1,045
2. ITEMS TO BE TAXED
Deferred amortisation
Long-term capital losses
3. POTENTIAL TAX ITEMS
Deferred or unrealised tax position (amounts in thousands of euros)
Tax consolidation (amounts in thousands of euros)
The application of the tax consolidation agreement had the following consequences for 2021:
INCOME BEFORE 
CORPORATE TAX 
TAX (-) OR 
TAX SUBSIDY (+)
NET INCOME
IMA SA*
1,534
837
2,371
IMA Technologies
2,150
-572
1,578
IMA Voyages
-243
64
-179
IMA Protect 
2,505
-868
1,637
IMA Services
2,868
-784
2,084
Assurima
4,360
-1,170
3,190
IMA Assurances
7,800
-2,350
5,450
Domissima
0
0
0
SERENA
-352
89
-263
IMA Participations
-139
46
-93
IMA Innovation
-2,661
684
-1,977
Tax group
17,822
-4,024
13,798
Tax is broken down as follows within the Group:
- Each subsidiary company pays IMA SA, the parent company, in respect of its contribution to the payment of the Group’s 
corporate tax, an amount equal to the tax that would have been charged on its income or its long-term capital gain for 
the financial year if it were taxed separately.
- In the event of a tax loss or net capital loss over the long term, each subsidiary company will receive a subsidy from 
the parent company equal to the corporate tax savings earned by the parent by recognising said tax loss or net capital 
loss.
The impact of tax consolidation for IMA SA was as follows:
2021 tax expense: -€41k	
2021 tax recognised: -€719k
(without tax consolidation)	
(with tax consolidation)
	
(excluding adjustments in respect of previous financial years)
The difference stems from tax consolidation: recognition of reallocations of corporate tax savings related to losses, 
restatements of intragroup transactions and additional social security contributions on tax.
* o/w €105k adjustment on 2020 tax recognised in 2021 (research tax credit).

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 98 ΑΑ
IMA GROUP FINANCIAL REPORT
DESCRIPTION
31/12/2021 
31/12/2020 
Profits on previous financial years
Income from disposals of long-term investments
329
502
Reversals of non-recurring impairments
2,433
0
TOTAL 
2,762
502
DESCRIPTION
31/12/2021
31/12/2020
Net values of financial assets sold
2,748
80
Expenses on disposals of long-term investments
1
Allocations to non-recurring provisions
0
0
Total 
2,749
80
COMPANY NAME
INTER MUTUELLES ASSISTANCE SA
Form
A public limited company (société anonyme) with a management 
board and a supervisory board 
Registered office
118 avenue de Paris – 79000 NIORT, France
Share capital
€36,654,231.80
Identifier
NIORT Trade & Companies Register 320 281 025
2021 non-recurring income includes: 
- the cancellation of IMA UK, IMA Protect Italia and SEMTAN shares, representing a non-recurring expense of -€2,748k,
- the reversal of the impairment of IMA UK and IMA Protect Italia shares, i.e. non-recurring income of €2,433k.
ΑΑ OTHER INFORMATION 
• Identity of consolidating company
The financial statements of IMA Group are consolidated using the equity method in the following groups:
- MACIF
- MAIF
- MATMUT
IMA SA and its subsidiaries form a consolidation sub-group that includes the following companies:
- Inter Mutuelles Assistance SA
- IMA Assurances
- ASSURIMA
- IMA EIG
- IMA Services
- IMA Voyages
- IMA Iberica
- IMA Italia
- IMA Deutschland
- IMA Servizi
- Prestima
- IMA Benelux
IMA SA:
- Fully consolidates the subsidiaries over which it exercises exclusive control, i.e. all except WAFA IMA  Assistance and 
IMA Benelux.
- Proportionally consolidates the subsidiaries over which it exercises joint control, i.e. only IMA Benelux.
- Consolidates the subsidiaries over which it exercises significant influence, i.e. WAFA IMA Assistance, under the equity 
method.
- Fully consolidates EIG La Chantrerie, an EIG without share capital, in accordance with the consolidation agreement signed 
in 2018 with IMA SA.
• Staff and senior executives
In accordance with Article 833-17 of the General Chart of Accounts, our company does not provide this information, be-
cause it could be used to identify the situation of specific members of the management bodies.
• Headcount
IMA SA has no employees since the transfer of all of its staff to IMA EIG on 1 January 2001.
• Other information
• Breakdown of non-recurring income and expenses
- IMA Technologies
- IMA Protect
- SCI Bellune
- Inter Mutuelles Habitat EIG
- WAFA IMA Assistance
- Serena
- IMA Participations
- IMA Innovation
- EIG La Chantrerie
- IMACARE

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 99 ΑΑ  
IMA GROUP FINANCIAL REPORT
Financial year ended 31 December 2021
3.4
STATUTORY 
AUDITORS’ REPORT.
To the General Meeting of Inter Mutuelles Assistance SA,
1 ΑΑ OPINION 
In accordance with the assignment entrusted to us by 
your General Meeting, we have audited the annual finan-
cial statements of Inter Mutuelles Assistance SA for the fi-
nancial year ended 31 December 2021, as appended to this 
report.
We certify that, in accordance with the rules and principles 
of accounting generally accepted in France, the annual fi-
nancial statements are true and fair and give an accurate 
view of the results of transactions for the past financial 
year as well as of the financial position and assets of the 
company at the end of the financial year. 
2 ΑΑ BASIS OF OPINION
Audit standards
We conducted our audit in accordance with the profes-
sional standards applicable in France. We believe that the 
evidence we have collected is sufficient and appropriate to 
form the basis of our opinion.
Our responsibilities under these standards are set out in 
the section entitled “Responsibilities of the statutory au-
ditors relating to the audit of the annual financial state-
ments” of this report.
Independence
We carried out our audit in accordance with the rules of 
independence set out in the French Commercial Code and 
the Code of Ethics for the statutory audit profession, for 
the period from 1 January 2021 to the date of issue of our 
report.
3 ΑΑ JUSTIFICATION OF ASSESSMENTS 
The global crisis stemming from the COVID-19 pandemic 
created special conditions for the preparation and audit 
of the financial statements for this financial year. The pan-
demic and the exceptional measures taken in response 
to the health crisis have had multiple consequences for 
companies, particularly on their activity and financing, 
while also generating greater uncertainty regarding their 
future prospects. Some of these measures, such as travel 
restrictions and remote working, have also had an impact 
on companies’ internal organisation and on the procedures 
for conducting audits.
Due to this complex and evolving environment, in accord-
ance with the provisions of Articles L.823-9 and R.823-7 of 
the French Commercial Code relating to the justification of 
our assessments, we bring to your attention the following 
assessments which, in our professional judgement, were 
the most significant for the audit of the consolidated fi-
nancial statements for the financial year.
Equity investments are measured at their acquisition cost 
and impaired on the basis of their value in use in accord-
ance with the terms and conditions described in the note 
to the financial statements entitled “Long-term invest-
ments”.
Based on the information provided to us, our work consist-
ed in assessing the data on which these values in use are 
based, in particular reviewing the updated outlook for the 
results of the companies in question and the achievement 
of objectives, and checking the consistency of the as-
sumptions used with the projected data from the business 
plans drawn up for each of the entities under the control of 
General Management.
For the purposes of our assessments, we verified the rea-
sonableness of these estimates.
These assessments were performed in the course of au-
diting the annual financial statements taken as a whole 
and forming our opinion expressed above. We do not ex-
press an opinion on items in these annual financial state-
ments taken in isolation.
STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL 
STATEMENTS.

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 100 ΑΑ
IMA GROUP FINANCIAL REPORT
4 ΑΑ SPECIFIC VERIFICATIONS 
We have also performed, in accordance with the profes-
sional standards applicable in France, the specific verifica-
tions required by laws and regulations.
Information given in the management report and in 
other documents on the financial position and the an-
nual financial statements provided to the shareholders
We have no matters to report as to the fair presentation 
and consistency with the annual financial statements of 
the information given in the management report prepared 
by the Management Board and in other documents on the 
financial position and the annual financial statements pro-
vided to the shareholders.
We certify that the information relating to the payment 
terms referred to in Article D.441-6 of the French Commer-
cial Code is fair and consistent with the annual financial 
statements.
Corporate Governance Report
We certify that the information required by Article L.225-
37-4 of the French Commercial Code is contained in the 
Supervisory Board’s report on corporate governance.
5 ΑΑ RESPONSIBILITIES OF MANAGEMENT 
AND PERSONS IN CHARGE OF 
CORPORATE GOVERNANCE RELATIVE TO 
THE ANNUAL FINANCIAL STATEMENTS
Management is responsible for preparing annual financial 
statements presenting a true and fair view in accordance 
with French accounting rules and principles and for imple-
menting the internal control system deemed necessary for 
the preparation of consolidated financial statements that 
are free of material misstatements, whether due to fraud 
or error.
When preparing the annual financial statements, Manage-
ment is responsible for assessing the company’s ability to 
continue as a going concern, to present in these financial 
statements, where applicable, the necessary information 
relating to the continuity of operations and to apply the 
going concern accounting policy, unless it intends to liqui-
date the company or cease operations.
The annual financial statements were approved by the 
Management Board.
6 ΑΑ RESPONSIBILITIES OF THE 
STATUTORY AUDITORS RELATING TO 
THE AUDIT OF THE ANNUAL FINANCIAL 
STATEMENTS 
It is our responsibility to prepare a report on the annual 
financial statements. Our objective is to obtain reasona-
ble assurance that the annual financial statements taken 
as a whole are free of material misstatements. Reasona-
ble assurance corresponds to a high level of assurance, 
but does not guarantee that an audit carried out in ac-
cordance with professional standards will systematically 
detect any material misstatements. Misstatements may 
arise from fraud or error and are considered material when 
it can reasonably be expected that they may, taken indi-
vidually or cumulatively, influence the economic decisions 
that users of the financial statements make based on 
such misstatements.
As specified in Article L.823-10-1 of the French Commercial 
Code, our certification of the financial statements does 
not consist in guaranteeing the viability or quality of your 
company’s management.
As part of an audit conducted in accordance with the pro-
fessional standards applicable in France, the statutory au-
ditor exercises professional judgement over the course of 
the audit.
In addition :
• it identifies and assesses the risks that the annu-
al financial statements contain material misstate-
ments, whether due to fraud or error, defines and 
implements audit procedures to address these risks, 
and collects evidence deemed sufficient and appro-
priate to form the basis of its opinion. The risk of not 
detecting a material misstatement resulting from 
fraud is higher than that of a material misstatement 
resulting from error, as fraud may involve collusion, 
falsification, deliberate omissions, false statements 
or circumvention of internal control;
• it reviews the internal control relevant to the audit 
in order to define audit procedures that are appro-
priate in the circumstances, and not for the purpose 
of expressing an opinion on the effectiveness of in-
ternal control;
• it assesses the appropriateness of the accounting 
methods used and the reasonableness of account-
ing estimates made by Management, as well as the 
associated information provided in the annual finan-
cial statements;
• it assesses the appropriateness of Management’s 
application of the going concern accounting policy 
and, based on the evidence collected, determines 
whether or not there is significant uncertainty re-
lated to events or circumstances liable to jeopardise 
the company’s ability to continue as a going con-
cern. This assessment is based on the information 
collected up to the date of its report, it being noted, 
however, that subsequent circumstances or events 
could jeopardise the continuity of operations. If it 
concludes that there is significant uncertainty, it 
draws the attention of the readers of its report to 
the information provided in the annual financial 
statements concerning this uncertainty or, if this in-
formation is not provided or is not relevant, it issues 
a qualified certification or a refusal to certify the fi-
nancial statements;
• it assesses the overall presentation of the annual 
financial statements and determines whether or not 
the annual financial statements reflect the underly-
ing transactions and events so as to give a true and 
fair view.

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 101 ΑΑ  
IMA GROUP FINANCIAL REPORT
MAZARS
Pierre de Latude
GROUPE Y AUDIT
Christophe Malécot 
Drafted in Niort and Paris La Défense, 16 May 2022
The Statutory Auditors
GROUPE Y AUDIT
Registered office: 53 Rue des Marais
CS 18421 - 79024 Niort Cedex, France 
Tel: +33 (0) 5 49 32 49 01 - Fax: +33 (0) 5 49 32 49 07
Simplified joint-stock company authorised to perform 
accounting assessments and statutory audits
Share capital of €37,000 - Niort Trade and Companies 
Register B 377 530 563
MAZARS 
Registered office: 61 Rue Henri Regnault
92075 Paris La Défense Cedex, France
Tel: +33 (0) 1 49 97 60 00 - Fax: +33 (0) 1 49 97 60 01
Simplified joint-stock company with a Management 
Board and Supervisory Board, authorised to perform 
accounting assessments and statutory audits
Share capital of €8,320,000 - Nanterre Trade 
and Companies Register B 784 824 15

SECTION 03  IMA SA FINANCIAL STATEMENTS 
ΑΑ 102 ΑΑ
IMA GROUP FINANCIAL REPORT
General Meeting called to approve the financial statements for the financial year ended 31 December 2021
STATUTORY AUDITORS’ SPECIAL REPORT 
ON RELATED-PARTY AGREEMENTS.
To the General Meeting of Inter Mutuelles Assistance SA, 
In our capacity as statutory auditors of your company, we hereby present our report on related-party agreements. 
It is our responsibility to inform you, on the basis of the information provided to us, of the key features and terms and con-
ditions as well as the reasons justifying the company’s interest in the agreements brought to our attention or that we may 
have discovered during our assignment, without having to comment on their usefulness and validity or to ascertain the 
existence of other agreements. It is your responsibility, in accordance with the terms of Article R. 225-58 of the French 
Commercial Code, to assess the merits of these agreements with a view to their approval.
Furthermore, it is our responsibility, where applicable, to notify you of the information laid down in Article R. 225-58 of the 
French Commercial Code relating to the performance, during the past financial year, of the agreements already approved 
by the General Meeting. 
We have carried out the due diligence deemed necessary in accordance with the professional standards of the CNCC relat-
ing to this assignment.
ΑΑ AGREEMENTS SUBMITTED TO THE GENERAL MEETING FOR APPROVAL 
We hereby inform you that we have not been apprised of any agreement authorised and entered into during the past finan-
cial year to be submitted to the General Meeting for approval in accordance with the provisions of Article L. 225-86 of the 
French Commercial Code. 
ΑΑ AGREEMENTS ALREADY APPROVED BY THE GENERAL MEETING
We hereby inform you that we have not been apprised of any agreement already approved by the General Meeting subject 
to ongoing performance during the past financial year.
MAZARS
Pierre de Latude
GROUPE Y AUDIT
Christophe Malécot 
Drafted in Niort and Paris La Défense, 16 May 2022
The Statutory Auditors
GROUPE Y AUDIT
Registered office: 53 Rue des Marais
CS 18421 - 79024 Niort Cedex, France 
Tel: +33 (0) 5 49 32 49 01 - Fax: +33 (0) 5 49 32 49 07
Simplified joint-stock company (société par actions simplifiée) 
authorised to perform accounting assessments and 
statutory audits
Share capital of €37,000 - Niort Trade and Companies 
Register B 377 530 563
MAZARS 
Registered office: 61 Rue Henri Regnault
92075 Paris La Défense Cedex, France
Tel: +33 (0) 1 49 97 60 00 - Fax: +33 (0) 1 49 97 60 01
Simplified joint-stock company (société par actions simplifiée) 
with a Management Board and Supervisory Board, 
authorised to perform accounting assessments and 
statutory audits
Share capital of €8,320,000 - Nanterre Trade and 
Companies Register B 784 824 15

IMA SA FINANCIAL STATEMENTS  SECTION 03
ΑΑ 103 ΑΑ  
IMA GROUP FINANCIAL REPORT

ΑΑ 104 ΑΑ
IMA GROUP FINANCIAL REPORT
04
GENERAL MEETING 
OF 29 JUNE 2022.

ΑΑ 105 ΑΑ
IMA GROUP FINANCIAL REPORT
4.1
106	
DRAFT RESOLUTIONS CONTENT OF RESOLUTIONS

SECTION 04  GENERAL MEETING OF 29 JUNE 2022 
ΑΑ 106 ΑΑ
IMA GROUP FINANCIAL REPORT
IMA SA ORDINARY GENERAL MEETING OF 29 JUNE 2022
4.1
DRAFT RESOLUTIONS 
CONTENT OF RESOLUTIONS.
ΑΑ FIRST RESOLUTION
(Approval of the parent company financial statements)
The General Meeting, having reviewed the management 
report, the corporate governance report and the Stat-
utory Auditors’ report for the financial year ended 31 
December 2021, approves the reports and annual financial 
statements (i.e. the balance sheet, income statement and 
notes to the financial statements) as presented to it, as 
well as the transactions recorded in these financial state-
ments and reports.
Consequently, the General Meeting discharges the mem-
bers of the Management Board and the Supervisory Board 
from any liability arising from their management of the 
company for the past financial year.
ΑΑ SECOND RESOLUTION
(Approval of the consolidated financial statements)
The General Meeting, having reviewed the Group man-
agement report, the corporate governance report and the 
Statutory Auditors’ report, approves the consolidated fi-
nancial statements for the year ended 31 December 2021 
as presented to it, as well as the transactions recorded in 
these financial statements and reports.
Consequently, the General Meeting discharges the mem-
bers of the Management Board and the Supervisory Board 
from any liability arising from their management of the 
company for the past financial year.
ΑΑ THIRD RESOLUTION 
(Appropriation of income)
The General Meeting resolves to allocate the net profit of 
€2,370,794.57 as follows :
Legal reserve :	
€118,539.73
Retained earnings :	
€2,252,254.84
	
€2,370,794.57
In accordance with the provisions of Article 243 bis of the 
French General Tax Code, no dividends were distributed in 
respect of the previous three financial years.
ΑΑ FOURTH RESOLUTION
(Related party agreements: absence of related party 
agreements)
The General Meeting, having reviewed the Statutory 
Auditors’ special report mentioning the absence of agree-
ments subject to the provisions of Article L 225-86 of the 
French Commercial Code concluded during the financial 
year, duly recognises the absence of such agreements.
ΑΑ FIFTH RESOLUTION
(Powers to complete formalities)
The General Meeting delegates all powers to the bearer 
of a copy or extract of this document for the purpose of 
carrying out all legal formalities.

GENERAL MEETING OF 29 JUNE 2022  SECTION 04
ΑΑ 107 ΑΑ  
IMA GROUP FINANCIAL REPORT

ΑΑ 108 ΑΑ
IMA GROUP FINANCIAL REPORT
05
CORPORATE 
GOVERNANCE 
REPORT.

ΑΑ 109 ΑΑ
IMA GROUP FINANCIAL REPORT
5.1
110	
INFORMATION ON GOVERNANCE
110	
GOVERNANCE
111	
SUPERVISORY BOARD
111	
COMPOSITION AND ROLE OF SPECIAL COMMITTEES
111	
AUDIT AND RISK COMMITTEE
111	
STRATEGIC PLAN OVERSIGHT COMMITTEE	
111	
APPOINTMENTS AND REMUNERATION COMMITTEE
5.2
112	
OFFICES AND DUTIES OF THE CORPORATE OFFICERS 
112	
LIST OF OFFICES AND/OR POSITIONS HELD BY THE CORPORATE OFFICERS OF INTER 
MUTUELLES ASSISTANCE SA IN 2021
119	
AUTHORISATION OF THE SUPERVISORY BOARD REGARDING SURETIES, AGREEMENTS, 
ENDORSEMENTS AND OTHER GUARANTEES
5.3
120	
TABLE OF THE DELEGATIONS OF AUTHORITY AND 
POWERS GRANTED BY THE GENERAL MEETING TO THE 
MANAGEMENT BOARD OF THE SA PERTAINING TO 
CAPITAL INCREASES
5.4
121	
OBSERVATIONS OF THE SUPERVISORY BOARD ON 
THE REPORT OF THE MANAGEMENT BOARD AND 
THE FINANCIAL STATEMENTS FOR FINANCIAL YEAR 2021
The Supervisory Board of IMA SA prepared this report on corporate governance for the past financial year, in accordance 
with the provisions of Article L 225-68 of the French Commercial Code.

SECTION 05  CORPORATE GOVERNANCE REPORT 
ΑΑ 110 ΑΑ
IMA GROUP FINANCIAL REPORT
5.1
INFORMATION 
ON GOVERNANCE.
ΑΑ GOVERNANCE
IMA SA
SUPERVISORY BOARD
CHAIR
Daniel HAVIS
VICE-CHAIRS
Patrick JACQUOT
Dominique MAHÉ
Jean-Philippe DOGNETON
HONORARY MEMBERS
Roger BELOT
MEMBERS 
MACIF – Represented by Philippe PERRAULT
MACIFILIA – Represented by Fred VIANAS
MAIF – Represented by Jean-Philippe MARIETTE
ALTIMA Assurances – Represented by Pascal DEMURGER
MATMUT – Represented by Nicolas GOMART
MATMUT Protection Juridique – Represented by Isabelle LE BOT
BPCE Assurances – Represented by Marion AUBERT
MAPA Mutuelle d'Assurance – Represented by Vincent LOIZEIL
AGPM Assurances – Represented by Véronique FLORIN-HUMANN
MAE – Represented by Philippe BÉNET
P&V Assurances – Represented by Hilde VERNAILLEN
WAFA Assurance – Represented by Ramsès ARROUB
NON-VOTING DIRECTOR
SMACL Assurances – Represented by Frédéric COSTARD
MANAGEMENT BOARD
CHAIR
Claude SARCIA
VICE-CHAIR
David PINO 
MEMBERS
Frédéric CHEVALIER
Virginie GENIEYS

CORPORATE GOVERNANCE REPORT  SECTION 05
ΑΑ 111 ΑΑ  
IMA GROUP FINANCIAL REPORT
IMA EIG
Chief Executive Officer
Claude SARCIA
Deputy Chief Executive Officer
David PINO
Deputy Managing Directors
Rodolphe BOUTIN
Nicolas TISSOT
Members of General Management
Frédéric CHEVALIER
Virginie GENIEYS
ΑΑ SUPERVISORY BOARD
Changes were made to the Supervisory Board in 2021:
On 16 June 2021 :
- Jean-Philippe Dogneton replaced Adrien Couret as a 
member and Vice-Chair of the Board,
- Philippe Perrault replaced Jean-Philippe Dogneton 
as representative of MACIF SAM,
- Fred 
Vianas 
replaced 
Philippe 
Perrault 
as 
representative of MACIFILIA,
- Ratification 
of 
the 
appointment 
of 
ALTIMA 
Assurances as a member, represented by Pascal 
Demurger.
On 1 October 2021, resignation of CARDIF-IARD, 
represented by Eric Marchandise.
ΑΑ COMPOSITION AND ROLE OF SPECIAL 
COMMITTEES
The Special Committees of the Supervisory Board are 
responsible for examining and preparing cases prior to 
the decision-making process.
The Supervisory Board has set up the following 
committees :
- Audit and Risk Committee,
- Strategic Plan Oversight Committee,
- Appointments and Remuneration Committee.
ΑΑ AUDIT AND RISK COMMITTEE
The purpose of the Audit and Risk Committee is to submit 
opinions or recommendations to the Supervisory Board 
on the verification of the financial statements (reliability 
of financial statements, effectiveness of internal 
procedures for preparing the financial statements, 
selection and operation of the Board of Auditors), and on 
audit and internal control.
It is comprised of :
- MACIF represented by Jean-Marie Guillevic, Chair,
- MATMUT represented by Philippe Vorin,
- Maif represented by Jean-Philippe Mariette,
- WAFA Assurance represented by Meriem Benkhayat 
since 25 March 2021, representing non-controlling 
interests holding at least 2% of the share capital,
- AMDM represented by Patrick Jacquot, replacing 
the AMF since 16 June representing the other non-
controlling interests.
This committee met 4 times in 2021.
ΑΑ STRATEGIC PLAN OVERSIGHT COMMITTEE
This committee is responsible for overseeing the 
performance of the IMA strategic plan and development 
plan, verifying that the objectives set by the shareholders 
are met and preparing information for the shareholders 
and the Supervisory Board.
It is comprised of :
· MACIF represented by Mira Le Lay and Yann 
Arnaud since 10 February, 
· MAIF represented by Nicolas Boudinet and 
Christine Mathé Cathala, 
· MATMUT represented by Thierry Masson and 
Stéphane Muller.
- permanent guests :
· The Chair of the Management Board of 
IMA SA, Claude Sarcia, the Vice-Chair of the 
Management Board, David Pino,
· Frédéric Chevalier, member of the Management 
Board and General Management, Virginie 
Genieys, member of the Management Board and 
General Management.
This committee met five times in 2021.
ΑΑ APPOINTMENTS AND REMUNERATION 
COMMITTEE
The role of the Appointments and Remuneration 
Committee is to assist the Supervisory Board. It may 
propose or recommend any objective for the social policy 
and remuneration of corporate officers.
It is comprised of :
- Daniel Havis, Chair of the IMA SA Supervisory Board,
- Nicolas Gomart (MATMUT),
- Dominique Mahé (MAIF),
- Jean-Philippe Dogneton (MACIF) since 16 June 2021,
- Hilde Vernaillen (P&V, representing non-controlling 
interests holding at least 2% of the share capital),
- Patrick Jacquot (Assurance Mutuelle des Motards, 
representing the other non-controlling interests).
This committee meets at least once a year at the invitation 
of its chair. It met twice in 2021.

SECTION 05  CORPORATE GOVERNANCE REPORT 
ΑΑ 112 ΑΑ
IMA GROUP FINANCIAL REPORT
ΑΑ LIST OF OFFICES AND/OR POSITIONS HELD BY THE CORPORATE OFFICERS 
OF INTER MUTUELLES ASSISTANCE SA IN 2021
FIRST NAME/
LAST NAME
COMPANY
LEGAL FORM
OFFICES AT 31 DECEMBER 2021
Ramsès 
ARROUB
WAFA Assurance
SA
Chair and Chief Executive Officer
LA COMPAGNIE NOUVELLE D’ASSURANCE 
(ATTIJARI ASS. TUNISIE)
Permanent Representative of WAFA Assurance 
as Director
PANORAMA
SA
Chair and Chief Executive Officer
WAFA IMA Assistance
SA
Chair of the Board of Directors
WAFA Assurance VIE SENEGAL
SA
Director intuitu personae and permanent 
representative of Wafa Assurance (Director)
WAFA Assurance SENEGAL NON-VIE
SA
Director intuitu personae and permanent 
representative of Wafa Assurance (Director)
WAFA Assurance Vie CAMEROUN
SA
Director intuitu personae and permanent 
representative of Wafa Assurance (Director)
PRO ASSUR Non-Vie CAMEROUN
SA
Director intuitu personae and permanent 
representative of Wafa Assurance (Director)
WAFA Assurance Vie CÔTE D’IVOIRE
SA
Director intuitu personae and permanent 
representative of Wafa Assurance (Director)
WAFA Assurance CÔTE D’IVOIRE
SA
Director intuitu personae and permanent 
representative of Wafa Assurance (Director)
A6 Immobilier
SA
Director intuitu personae and permanent 
representative of Wafa Assurance (Director)
ACAMSA
SA
Director intuitu personae and permanent 
representative of Wafa Assurance (Director)
Inter Mutuelles Assistance
SA
Director intuitu personae and permanent 
representative of Wafa Assurance (Director)
Atlas Hospitality Maroc
SA
Permanent representative of WAFA Assurance 
as Director
SUTA
SA
Permanent representative of WAFA Assurance 
as Director
SUCRUNION
SA
Permanent representative of WAFA Assurance 
as Director
MOROCCAN INFRASTRUCTURE FUND (MIF)
SA
Permanent representative of WAFA Assurance 
as Director
AKWA AFRICA
SA
Permanent representative of WAFA Assurance 
as Director
In accordance with the provisions of Article L. 225-37-4 of the French Commercial Code, we hereby provide you with a list of 
all offices and positions held in other companies by each of the company’s corporate officers.
5.2
OFFICES AND DUTIES 
OF THE CORPORATE OFFICERS.

CORPORATE GOVERNANCE REPORT  SECTION 05
ΑΑ 113 ΑΑ  
IMA GROUP FINANCIAL REPORT
FIRST NAME/
LAST NAME
COMPANY
LEGAL FORM
OFFICES AT 31 DECEMBER 2021
Ramsès 
ARROUB 
(continued)
COSUMAR
SA
Permanent representative of WAFA Assurance 
as Director
CIMR
SA
Director intuitu personae
LESIEUR
SA
Director intuitu personae
MARSA Maroc
SA
Permanent representative of WAFA Assurance on 
the Supervisory Board
WAFA LIFE INSURANCE EGYPT
SA
Chair of the Board of Directors
WAFA KATAFUL
SA
Permanent representative of WAFA Assurance on 
the Supervisory Board
Marion 
AUBERT
BPCE Assurances
SA
Deputy Chief Executive Officer
Inter Mutuelles Assistance
SA
Permanent representative of BPCE Assurances 
on the Supervisory Board
MURACEF
SAM
Representative of BPCE Assurances, Director
SURASSUR
SA
Representative of BPCE Assurances, Director
MRN
 
Representative of Natixis Assurances, Director
Philippe 
BÉNET
Inter Mutuelles Assistance
Public limited 
company (SA) with 
a management board 
and a supervisory board
Representative of MAE on the Supervisory Board
MAE
SAM
Chair and Chief Executive Officer
Mutuelle MAE
SA
Chair
MAE VIE
SA
Chair and Chief Executive Officer
MAE
SGAM
Chair and Chief Executive Officer
GIE DES MAE
EIG
Chair and Chief Executive Officer
Ofivalmo Partenaires
SA
Non-Voting Director
Frédéric 
CHEVALIER
IMA Protect
SASU
Representative of IMA SA, Chair
Inter Mutuelles Habitat
EIG
Representative of IMA SA, Chair
IMA Benelux
SA
Director, representing IMA Assurances
Assurima
SA
Member of the Board of Directors
Inter Mutuelles Assistance
SA
Member of the Management Board
Pascal 
DEMURGER
ALTIMA
SA
Chair of the Board of Directors
Inter Mutuelles Assistance
SA
Representative of ALTIMA on the Supervisory 
Board
MAIF
SAM
Chief Executive Officer
MAIF VIE
SA
Director
MAIF Société ETA
(future SMACL Assurances SA)
SAS
Director

SECTION 05  CORPORATE GOVERNANCE REPORT 
ΑΑ 114 ΑΑ
IMA GROUP FINANCIAL REPORT
FIRST NAME/
LAST NAME
COMPANY
LEGAL FORM
OFFICES AT 31 DECEMBER 2021
Jean-Philippe 
DOGNETON
MACIF Finance Epargne
EIG
Chief Executive Officer
Inter Mutuelles Assistance
SA
Member and Vice-Chair of the Supervisory Board
MACIF
SAM
Chief Executive Officer
AEMA Groupe
SGAM
Deputy Chief Executive Officer
MUTAVIE
SE
Member and Chair of the Management Board
Prévoyance Aesio Macif
SA
Member of the Board of Directors
ABEILLE Assurances
SA
Member and Chair of the Board of Directors
Véronique 
FLORIN
AGPM Assurances
SAM
Deputy Chief Executive Officer
AGPM Groupe
SGAM
Deputy Chief Executive Officer
AGPM Vie
SAM
Deputy Chief Executive Officer
AGPM Conseil
Limited liability 
brokerage firm
Managing Director
AGPM Services
Open-ended 
cooperative company 
with variable capital
Deputy Chief Executive Officer
Epargne Crédit des Militaires
UES
Director, Chief Executive Officer
Société Particulière AGPM
Non-trading company
Managing Director
Inter Mutuelle Assistance
SA
Permanent representative of AGPM Assurances 
on the Supervisory Board
Virginie 
GENIEYS
SCI Bellune
Real estate investment 
company
Managing Director
IMA Assurances
SA
Member of the Board of Directors
Inter Mutuelles Assistance
SA
Member of the Management Board
IMIS
Real estate investment 
company
Managing Partner

CORPORATE GOVERNANCE REPORT  SECTION 05
ΑΑ 115 ΑΑ  
IMA GROUP FINANCIAL REPORT
FIRST NAME/
LAST NAME
COMPANY
LEGAL FORM
OFFICES AT 31 DECEMBER 2021
Nicolas 
GOMART
CARDIF IARD
SA
Vice-Chair of the Board of Directors
Inter Mutuelles Assistance
SA
Permanent representative of MATMUT, Member 
of the Supervisory Board
Inter Mutuelles Entreprises
SA
Chair of the Supervisory Board
INFRAVIA Capital Partner
SAS
Member of the Supervisory Board
MATMUT
SAM
Chief Executive Officer, Vice-Chair
Groupe MATMUT
SGAM
Chief Executive Officer, Vice-Chair
MATMUT & Co
SA
Chair of the Board of Directors
MATMUT Innovation
SAS
Chair
MATMUT Protection Juridique
SA
Chair of the Board of Directors
MATMUT VIE
SA
Chair of the Board of Directors
MATMUT Mutualité
Book II mutual insurance company
 Chair of the Board of Directors
MATMUT Mutualité Livre III
Book III mutual insurance company
Chair of the Board of Directors
OFI ASSET Management
SA
Vice-Chair
OFI Holding
SA
Chair of the Board of Directors
OFIVALMO Partenaires
SA
Permanent representative of MATMUT on the 
Board of Directors
SOCRAM
SA
Non-Voting Director
FNMF
Federation
Vice-Chair
Mutuelle OCIANE Matmut
Book II mutual insurance company
Director
Palais de la Mutualité
Real estate investment company
Permanent representative of FNMF - Managing 
Director
Daniel
HAVIS
Inter Mutuelles Assistance
SA
Chair of the Supervisory Board
MATMUT
SAM
Director and Honorary Chair
Groupe MATMUT
SGAM
Director
Mutuelle OCIANE Matmut
Book II mutual insurance company
Chair
Phénix Aviation
SA
Chair of the Board of Directors 
GL EVENTS
SA
Director, Chair of the Audit Committee
MATMUT Mutualité
Book II mutual insurance company
Director
MATMUT Mutualité Livre III
Book III mutual insurance company
Director
Patrick 
JACQUOT
Assurance Mutuelle Des Motards
SAM
Chair and Chief Executive Officer
EES France
SA
Director and member of the Board in respect 
of AAM
Inter Mutuelles Assistance
SA
Vice-Chair of the Supervisory Board
MATMUT – Protection Juridique
SA
Permanent representative of AMDM, Director
OFI HOLDING
SA
Permanent representative of OFIVALMO 
PARTENAIRES, Director
MUTAC
SA
Director
OFIVALMO Partenaires
SA
Permanent representative of AMDM, Director
SOCRAM
SA
Permanent representative of AMDM, Director
SOLUCIA PJ
SA
Director

SECTION 05  CORPORATE GOVERNANCE REPORT 
ΑΑ 116 ΑΑ
IMA GROUP FINANCIAL REPORT
FIRST NAME/
LAST NAME
COMPANY
LEGAL FORM
OFFICES AT 31 DECEMBER 2021
Isabelle
LE BOT
Inter Mutuelles Assistance
SA
Representative of MATMUT Protection Juridique on the 
Supervisory Board
Groupe MATMUT
SGAM
Deputy Managing Director, Executive Director
Vincent
LOIZEIL
Inter Mutuelles Assistance
SA
Permanent representative of MAPA – Member of the 
Supervisory Board
MAPA
SAM
Chief Executive Officer
MATMUT Protection Juridique
SA
Permanent representative of MAPA, Director
MUTAVIE
SA
Representative of MAPA, Member of the Supervisory 
Board
Surveillance
SA
Chair of the Board of Directors 
OFIVALMO Partenaires
SA
Permanent representative of MAPA, Director
SOCRAM
SA
Permanent representative of MAPA, Director
Mutuelle d’Assurance de la Boulangerie 
(formerly RCBF)
SAM
Chief Executive Officer
MAPA-MAB (formerly MAPA RCBF)
SGAM
Chief Executive Officer
MAPA-MAB VIE (formerly MAPA-RCBF VIE)
SA
Deputy Chief Executive Officer
Dominique 
MAHÉ
Inter Mutuelles Assistance
SA
Vice-Chair of the Supervisory Board
MAIF
SAM
Chair of the Board of Directors
MAIF VIE
SA
Chair of the Board of Directors
SOCRAM Banque
SA
Non-Voting Director
Jean-Philippe 
MARIETTE
Inter Mutuelles Assistance
SA
Representative of MAIF on the Supervisory Board
MAIF
SAM
Director, Vice-Chair
Thierry 
MASSON
Inter Mutuelles Assistance
SA
Member of the Supervisory Board
Inter Mutuelles Entreprises
SA
Member of the Management Board
EQUASANTE
SAS
Director
CARDIF IARD
SA
Director and Member of the Audit Committee
Palais du Congrès de Rouen
Real estate 
investment 
company
Managing Director
MATMUT Mutualité
Book III mutual 
insurance 
company
Director
MATMUT Immobilier
SAS
Chair
MATMUT Location Véhicule
SAS
Chair
MATMUT Protection Juridique
SA
Director
MATMUT
SAM
Deputy Chief Executive Officer – Executive Director
Groupe MATMUT
SGAM
Deputy Managing Director – Executive Director

CORPORATE GOVERNANCE REPORT  SECTION 05
ΑΑ 117 ΑΑ  
IMA GROUP FINANCIAL REPORT
FIRST NAME/
LAST NAME
COMPANY
LEGAL FORM
OFFICES AT 31 DECEMBER 2021
Philippe
PERRAULT
MACIF
SAM
Member and Chair of the Board of Directors
MACIFILIA
SA
Member and Chair of the Board of Directors
AEMA GROUPE
SGAM
Member of the Board of Directors
FINORPA Financement
SAS
Member of the Board of Directors
FINORPA SCR
SAS
Member of the Board of Directors
Inter Mutuelles Entreprises
SA
Member of the Supervisory Board
Inter Mutuelles Assistance
SA
Permanent representative of MACIF SAM, Member of the 
Supervisory Board
MACIF Participations
SAS
Member of the Board of Directors
MACIF Impact ESS
SAS
Chairman and ex-officio Member of the Management 
Committee Member of the Board of Directors
ABEILLE Assurances
SA
Member of the Board of Directors
SIIL
SASU
Member of the Management Committee
David
PINO
Inter Mutuelles Assistance
SA
Member of the Management Board
IMA Assurances
SA
Deputy Chief Executive Officer
ASSURIMA
SA
Deputy Chief Executive Officer
IMA Iberica
SA
Director
IMA Technologies
SASU
Chair, representative of IMA SA
IMA Voyages 
SASU
Chair, representative of IMA SA
Claude
SARCIA
ASSURIMA
SA
Chair and Chief Executive Officer
IMA Assurances
SA
Chair and Chief Executive Officer
IMA Benelux
SA
Director, representative of IMA SA, Chair of the Board
of Directors 
IMA Italia
SA
Chair of the Board of Directors, Deputy Director
IMA Servizi
SCARL
Chair of the Board of Directors, Deputy Director 
DOMISSIMA
SARL
Managing Director
Inter Mutuelles Assistance
SA
Chair of the Management Board
WAFA IMA Assistance
SA
Representative of IMA SA on the Board of Directors,
Vice-Chair of the Board of Directors, Chair of the Audit, 
Risks and Accounts Committee
IMA Services
SASU
Representative of IMA SA, Chair
IMA Participations
SASU
Representative of IMA SA, Chair
IMA Innovation
SASU
Representative of IMA SA, Chair

SECTION 05  CORPORATE GOVERNANCE REPORT 
ΑΑ 118 ΑΑ
IMA GROUP FINANCIAL REPORT
FIRST NAME/
LAST NAME
COMPANY
LEGAL FORM
OFFICES AT 31 DECEMBER 2021
Hilde 
VERNAILLEN
CLU Invest
SA
Director
IMA Benelux
SA
Director and Chair of the Audit Committee
Inter Mutuelles Assistance
SA
Member of the Supervisory Board
P&V Assurances
SCRL
Director and Chair of the Management Committee
Partena Business Solutions
SA
Director
PSH
SCRL
Director and Chair of the Management Committee
PORTIMA
SCRL
Member of the Executive Committee
PROCOOP
SCRL
Deputy Director
Fred
VIANAS
ABEILLE Assurances 
SA
Member of the Board of Directors, Member of the Strate-
gic Committee
OFI Holding
SA
Member of the Board of Directors
P&V Assurances
SCRL
Member of the Board of Directors
SAPS
Foreign 
company
Member of the Board, Chair of the Audit Committee
SOCRAM Banque
SA
Member of the Board of Directors
SINETERISTIKI
Foreign 
company
Member and Vice-Chair of the Board of Directors, Member 
of the Strategic Committee
Inter Mutuelles Assistance
SA
Permanent representative of MACIFILIA, Member of the 
Supervisory Board

CORPORATE GOVERNANCE REPORT  SECTION 05
ΑΑ 119 ΑΑ  
IMA GROUP FINANCIAL REPORT
ΑΑ AUTHORISATION OF THE SUPERVISORY 
BOARD REGARDING SURETIES, 
AGREEMENTS, ENDORSEMENTS 
AND OTHER GUARANTEES 
IMA SA acted as guarantor for its subsidiary, IMA Voyages, 
for :
- use of the VISA card used to pay for the 
implementation of logistics resources in the amount 
of €120,000,
- use of the AMEX card used to pay for the 
implementation of logistics resources in the amount 
of €50,000.
IMA SA acted as guarantor for its subsidiary, SCI BELLUNE, 
for :
- an initial loan of €9,000,000 taken out to finance real 
estate project “Niort 118”
- a second loan of €9,000,000 taken out to finance 
real estate project “Niort 118”. 
IMA SA acts as guarantor for the provision of assistance 
guarantees by WAFA IMA  Assistance in favour of FCA 
Maroc with effect from 1 January 2016 to 31 December 
2022.
Agreements entered into between a corporate officer or a 
major shareholder of the Company with a subsidiary:
No agreements falling within the scope of Article L. 225-
37-4, 2° of the French Commercial Code were entered into 
during the financial year.

SECTION 05  CORPORATE GOVERNANCE REPORT 
ΑΑ 120 ΑΑ
IMA GROUP FINANCIAL REPORT
None.
5.3
TABLE OF THE DELEGATIONS OF 
AUTHORITY AND POWERS GRANTED BY 
THE GENERAL MEETING
TO THE MANAGEMENT BOARD OF
THE SA PERTAINING TO CAPITAL 
INCREASES.

CORPORATE GOVERNANCE REPORT  SECTION 05
ΑΑ 121 ΑΑ  
IMA GROUP FINANCIAL REPORT
Dear Sirs,
We hereby remind you that, pursuant to Article L. 225-68 of the French Commercial Code, the Supervisory Board must sub-
mit its observations to the Annual General Meeting of Shareholders on the annual financial statements approved by the 
Management Board, and on the management report submitted to the meeting. 
We would like to inform you that the annual financial statements for the financial year ended 31 December 2021 and the 
management report were submitted to the Supervisory Board within the deadlines provided for by legal and regulatory pro-
visions. 
The parent company financial statements for the year ended 31 December 2021 show : 
	
- Balance sheet total: €197,701,769
	
- Income: €2,370,794
Highlights of financial year 2021 :
	
- Dividends were collected from Group subsidiaries in the amount of €4,875k
	
• €1,700k from Assurima
	
• €1,700k from IMA Assurances 
	
• €500k from IMA Protect 
	
• €500k from IMA Technologies 
	
• €475k from WAFA IMA Assistance
	
- IMA Group’s businesses have improved significantly since the initial lockdowns were eased in France and abroad, 
returning to a level equivalent to or even higher than 2019. 
	
- In November 2021, IMA SA repurchased some of its shares held by CARDIF IARD and carried out a capital reduction 
by cancelling these shares for a total of €656k in share capital and €3,314k in additional paid-in capital.
	
- IMA SA made current account advances in favour of IMA Benelux for €1,300k, IMA Deutschland for €1,000k and 
Prestima for €600k. 
	
- IMA SA increased the capital of its subsidiary Serena by €1,000k and the shareholders’ equity of IMA Deutschland 
by €1,282k.
	
- Subsidiary IMA Italia took part in a 60% increase (€213k) in IMACARE’s reserves in December 2021. 
	
- Subsidiaries IMA UK and IMA Protect Italia were liquidated.
In addition, the Supervisory Board acknowledges that it has reviewed the consolidated financial statements. 
In light of the above, the Supervisory Board has no particular observations to make, either with regard to the management 
report prepared by the Management Board or the financial statements for the financial year ended 31 December 2021. 
The Supervisory Board
5.4
OBSERVATIONS OF THE SUPERVISORY 
BOARD ON THE REPORT OF THE 
MANAGEMENT BOARD AND THE FINANCIAL 
STATEMENTS FOR FINANCIAL YEAR 2021.

ΑΑ 122 ΑΑ
IMA GROUP FINANCIAL REPORT
NOTES.

2021 IMA GROUP FINANCIAL REPORT
• Design & development / IMA Group Communication Division - Thomas Sauvage
• Photo credits / IMA Group - Alex Giraud - Darri - Romain Faucher - Shutterstock
• Printing / Imprimerie Nouvelle - 	
/ Printed in France using plant-based ink on PEFC-certified paper derived from responsibly managed forests

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