BPCE_REGISTRATION_DOCUMENT_2017
FINANCIAL REPORT IFRS Consolidated Financial Statements of Groupe BPCE as at December 31, 2017
Income and expenses from insurance activities The statement shown below provides a transition between the financialstatementsof insurancecompaniesincludedin the scope of consolidationand their translation into the financial statements of Groupe BPCE in accordance with the presentation applicable to banks.
The Group’s consolidated companies that present their financial statements based on the insurance company model are Natixis Assurances, Muracef, Surassur, Prépar Vie, Prépar Iard, CEGC and Coface.
Banking format 2017
Gross operating income Other items
Operating expenses
Insurance format 2017
Net banking income (1)
Insurance format 2016
in millions of euros Earnedpremiums
14,033
14,033
14,033
22,428
Revenues or income from otheractivities
246
246
246
305
Other operatingincome
28
19
47
47
19
Net financial incomebefore financecosts
2,863
(15)
2,848
(24) (24)
2,824
2,008
TOTALREVENUE FROMORDINARY ACTIVITIES
17,170
4
17,174
17,150 (14,035)
24,760 (21,726)
Claimsand benefits expenses Expensesfrom otheractivities
(13,919)
(116)
(14,035)
(313)
(14)
(327)
(4)
(331)
(399)
Net income from reinsurancedisposals
(36)
(36)
(36)
(58)
Policy acquisitioncosts Administrative expenses
(758) (394)
(221) (389) (249)
(979) (783) (325)
1
(978) (784) (327)
(945) (710) (221)
(1) (2)
Other operatingincome andexpenses/recurring TOTALOTHER RECURRING INCOME AND EXPENSES
(76)
(15,496)
(989) (985)
(16,485)
(6)
(16,491)
(24,059)
OPERATING INCOME
1,674
689
(30)
659
701
5
O/w -€248 millionrecordedin “Incomeand expensesfrom insuranceactivities”(see Note 6.5). (1)
OPERATING EXPENSES 6.6 Operating expenses include mainly payroll costs (wages and salaries net of rebilled amounts), social security charges, and employee benefit expenses such as pension costs. Operating expenses also include the full amount of administrative expenses and external services costs.
Income and expenses recognized for insurance policies are included under the “Income from other activities” and “Expenses from other activities” components of net banking income. Other componentsof the operating income of insuranceentities of a banking nature (interest and commissions) are reclassified under these items of net banking income. The main reclassificationsrelate to the charging of general operating expenses by nature whereas they are charged by function in the insurance presentation.
Fiscal year 2017
Fiscal year 2016
in millionsof euros Payroll costs
(10,327)
(10,025)
Taxes other than on incomeand regulatorycontributions External servicesand otheroperatingexpenses
(861)
(826)
(5,060) (5,921) (16,248)
(4,969) (5,795) (15,820)
Otheradministrativecosts
TOTALOPERATINGEXPENSES
Taxes and regulatory contributions included, in particular, the contribution to the SRF (Single Resolution Fund) for an annual amount of € 273 million ( versus € 229 million in2016) and the systemic risk tax for an annual amount of € 86 million ( versus € 102 million in2016). The breakdownof payrollcosts is providedin Note 9.1.
303
Registration document 2017
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