BPCE - 2020 Universal Registration Document

FINANCIAL REPORT

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

9.1.2

LIABILITIES RELATED TO INSURANCE POLICIES

12/31/2020

12/31/2019

in millions of euros

Technical reserves relating to insurance policies Technical reserves relating to unit-linked policies Technical reserves relating to insurance policies

52,524 14,035 66,559 19,561

51,065 12,164 63,229 20,162

Technical reserves relating to financial contracts with a discretionary profit sharing feature

Technical reserves relating to unit-linked financial contracts Technical reserves relating to financial contracts

5,213

4,930

24,774

25,092

Deferred profit sharing liabilities (1)

4,692

4,039

Liabilities arising from insurance and assumed reinsurance activities, and liabilities arising from ceded reinsurance activities

10,883

10,572

Trading derivatives Hedging derivatives

5 5

39

-

Other liabilities

11

TOTAL LIABILITIES RELATED TO INSURANCE POLICIES (2) 102,982 O/w €4,609 million in deferred profit sharing recognized in other comprehensive income including the share attributable to non-controlling interests (€3,899 million at (1) December 31, 2019). At December 31, 2019, Coface contributed €2,022 million to liabilities related to insurance policies. (2) 106,918

The information required by IFRS 7 is presented for: financial liabilities at fair value through profit or loss in • Note 5.2.2;

debt securities in Note 5.10; • amounts due to banks and customers in Note 5.11; • subordinated debt in Note 5.14. •

NOTES TO THE INCOME STATEMENT NET INCOME FROM INSURANCE BUSINESSES

9.2

9.2.1

Accounting principles Net income from insurance businesses includes:

5

amortization of acquisition costs; • the external costs of benefits and claims paid on policies • which include paid benefits and claims on insurance policies and on investment contracts containing a discretionary profit sharing feature (paid benefits and claims, changes in technical reserves), including policyholder compensation (deferred profit sharing), as well as changes in the value of investment contracts, particularly for unit-linked policies; income from reinsurance cessions, defined as the sum of • ceded premiums, net of ceded claims and benefits paid and commissions; where applicable: • net gains or losses resulting from the derecognition of – financial assets at amortized cost, net gains or losses resulting from the reclassification of – financial assets at fair value through other comprehensive income to financial assets at fair value through profit or loss.

revenues from the insurance businesses, which consist of • premiums written and the change in unearned premium reserves for insurance policies and investment contracts containing a discretionary profit sharing feature within the meaning of IFRS 4; investment income net of expenses: • investment income including income from investment – property, investment expenses and other financial expenses – excluding financing expenses, gains and losses on the sale of investments including on – investment property, depreciation, amortization and impairment reversals on – investments (including investment properties) and other assets (including assets provided under operating leases), recognized at amortized cost, the change in fair value of investments (including – investment property) recognized at fair value through profit or loss;

477

UNIVERSAL REGISTRATION DOCUMENT 2020 | GROUPE BPCE