BPCE - 2020 Universal Registration Document

5

FINANCIAL REPORT

IFRS CONSOLIDATED FINANCIAL STATEMENTS OF GROUPE BPCE AS AT DECEMBER 31, 2020

Fiscal year 2020

Fiscal year 2019

in millions of euros

Premiums written

12,061

15,291

Change in unearned premiums

(296)

(214)

Earned premiums

11,765

15,077

Revenues and other income from insurance businesses

25

187

Income from investments Expenses on investments

1,714 (298)

2,005 (282)

Gains or losses on disposals of investments less reversals of impairment and amortization Change in fair value of investments recognized at fair value through profit or loss

144 362

225

1,931

Change in impairment for investments

(178) 1,745

(77)

Income from investments net of expenses

3,803

Amortization of acquisition costs Claims and benefits expenses Income from reinsurance cessions Expenses on reinsurance cessions

(13)

(3)

(11,059)

(15,684)

3,214

3,531

(3,126)

(3,605)

88

(74)

Net income or expenses on reinsurance cessions NET INCOME FROM INSURANCE BUSINESSES (1)

2,550

3,306

During 2019, Coface contributed €850 million to NET income from insurance businesses. (1)

TRANSITION BETWEEN THE PRESENTATION APPLICABLE TO INSURANCE COMPANIES AND TO BANKS 9.2.2 The statement shown below provides a transition between the financial statements of insurance companies included in the scope of consolidation and their translation into the financial statements of Groupe BPCE in accordance with the presentation applicable to banks.

2020 Banking Format

NBI

Other items of net

banking income

(excluding net income from insurance businesses)

Net income from insurance businesses (1)

Gross operating income

2020 Insurance format

2019 Insurance format

Operating expenses

Other items

in millions of euros

Earned premiums

11,711

44

(1)

11,754

(65)

11,689

14,950

Revenues or income from other activities

13

13 13

(9) 11 15

4

170

Other operating income

2

11

24

78

Net financial income before finance costs

1,745

87

(15)

1,817

1,832

3,922

TOTAL REVENUE FROM ORDINARY ACTIVITIES

13,469 (11,023)

133 (48)

(5)

13,597 (11,175)

(48) (29)

13,549 (11,204)

19,120 (15,832)

Claims and benefits expenses Expenses from other activities

(104)

(6) 67

(6)

(6)

(15) (60)

Net income from reinsurance cessions

88

155

7

162

Policy acquisition costs Administrative expenses

(14)

(652) (582)

(137) (150) (183) (574) (579)

(803) (732) (239)

(36)

(839) (732) (239)

(1,062)

(903) (372)

Other recurring operating income and expenses

(56)

TOTAL OTHER RECURRING INCOME AND EXPENSES

(10,949)

(1,277) (1,144)

(12,800)

(58)

(12,858)

(18,245)

OPERATING INCOME

2,520

797

(106)

691

876

Net income from insurance businesses does not include income from the Prêt Viager Hypothécaire, a reverse mortgage for seniors offered by Crédit Foncier. (1)

328

UNIVERSAL REGISTRATION DOCUMENT 2020 | GROUPE BPCE

www.groupebpce.com