GROUPAMA / 2018 Registration document

FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

Fair value hierarchy Note 7.10 In accordance with IFRS 13 on fair value measurement, financial instruments (assets and liabilities) valued at fair value are classified according to a three-level hierarchy. These levels depend on whether a valuation model is used and the data sources used to populate thevaluation models: level 1 correspondsto a price listed in an active market to which ❯ the entitymay haveaccess on the valuationdate; level 2 correspondsto the fair value determined on the basis of ❯ a valuation model using data directly observable on an active market or data that canbe determined from pricesobserved; level 3 correspondsto the fair value determined on the basis of ❯ a valuation modelusing data not observableon a market.

A financial instrument is considered to be listed on an active market if prices are easily and regularly available from a stock exchange, broker, trader, business sector, or price valuation service and if these prices represent real transactions properly carried out onthe market underconditions of normal competition. Determinationof whether a market is active is particularlybased on indicators such as the significant decrease in the volume of transactionsand the level of activity on the market, high dispersion of prices available over time and between the various market participants, or the fact that the prices no longer correspond to sufficientlyrecent transactions.

31.12.2018

31.12.2017

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

(in millions of euros)

Available-for-sale assets Equitiesandother variable-income investments Bonds andotherfixed-income investments

2,273

79

338

2,690

2,502

66

280

2,848

49,846

528

1,136

51,509

50,472

637

933

52,042

Other investments Total available-for-sale assets 52,119

607

1,473

54,199

52,974

703

1,213

54,890

Trading assets Equitiesandother variable-income investments classified as “trading” or “held for trading”

71

285

356

266

326

592

7

Bonds andotherfixed-income investments classified as “trading” or “held for trading” Cashmutual funds classified as “trading” or “held fortrading”

3,367

530

349

4,246

3,958

395

357

4,710

8,023

8,023

8,024

8,024

Other investments Total trading assets

11,461

530

634

12,625

12,248

395

683

13,326

SUBTOTAL OF FINANCIAL INVESTMENTS EXCLUDING UNIT-LINKED ITEMS MEASUREDAT FAIRVALUE

63,580

1,137

2,108

66,824

65,222

1,098

1,896

68,216

Investments in unit-linked policies

6,135

2,607

303

9,045

5,681

3,361

287

9,329

Derivative assets andliabilities

(487)

(487)

(546)

(546)

TOTAL FINANCIAL ASSETS AND LIABILITIES VALUED AT FAIRVALUE

69,715

3,257

2,410

75,382

70,903

3,914

2,183

77,000

As these are investmentsin unit-linkedpolicies, the risk is borne by policyholders. Derivative instruments posted to assets totalled €114 million and derivative instruments posted to liabilities in the balance sheet

totalled €601 million as at 31 December 2018. These instruments are classified in level 2.

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES