BPCE - 2020 Universal Registration Document

5

FINANCIAL REPORT

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

Fiscal year 2020

Fiscal year 2019

in millions of euros

Premiums written

11,411

14,481

Change in unearned premiums

(296)

(213)

Earned premiums

11,115

14,268

Revenues and other income from insurance businesses

40

186

Income from investments Expenses on investments

1,588 (297)

1,832 (281)

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

140 306

214

1,833

Change in impairment for investments

(178) 1,559

(77)

Income from investments net of expenses

3,521

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

(48)

(3)

(10,452)

(14,769)

3,023

3,496

(2,886)

(3,566)

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

137

(71)

2,350

3,132

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 BPCE SA group 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 Other items

2020 Insurance format

2019 Insurance format

Operating expenses

in millions of euros

Earned premiums

11,062

48

(1)

11,109

(64) (25)

11,045

14,185

Revenues or income from other activities

27

1 2

28 13

4

170

Other operating income

11

11 13

24

78

Net financial income before finance costs TOTAL REVENUE FROM ORDINARY ACTIVITIES

1,559

89

(12)

1,636

1,649

3,610

12,648 (10,417)

140

(2)

12,786 (10,513)

(65)

12,721 (10,511)

18,044 (14,869)

Claims and benefits expenses Expenses from other activities

6

(102)

2

(37)

(37) 142

(37) 149

(15) (58)

Net income from reinsurance cessions

137 (48)

5

7

Policy acquisition costs Administrative expenses

(597) (542)

(131) (145) (173)

(776) (687) (228)

(1)

(777) (687) (228)

(1,032)

(869) (367)

Other recurring operating income and expenses TOTAL OTHER RECURRING INCOME AND EXPENSES

(55)

(10,328)

(1,220) (1,080)

(551) (553)

(12,099)

8

(12,091)

(17,209)

OPERATING INCOME

2,320

687

(57)

630

835

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

478

UNIVERSAL REGISTRATION DOCUMENT 2020 | GROUPE BPCE

www.groupebpce.com