GROUPAMA / 2018 Registration document

7 FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

for investments in unit-linked policies classified as Level 3 or in ❯ structured products not listed on an active market where the compensationis indexed either on indexes, baskets of shares or rates. Beyond the financial assets and liabilities described in the table, the Group recorded fair-value financial contracts without discretionary profit sharing in its technical liabilities. This amount totalled €148 million as at 31 December 2018, compared with €163 millionas at 31 December 2017.

The Level 3 investmentscomprise: for shares, private equity funds and unlisted equities. The private ❯ equity fund units are valued based on the latest net asset values. Unlisted equities are valued using several methods, such as discounted cash flow orthe restated netasset method; for bonds, securities valued based on a model using ❯ extrapolated data;

31.12.2018

Available-for-sale assets

Trading assets

Investments in unit- linked policies

Cash mutual funds

Derivative assets and liabilities

Other investments Actions

Other investments

Actions

Bonds

Bonds

(in millions of euros)

Level 3opening amount

280

933

326

357

287

Change in unrealised capital gains/losses recognised in: income ■

(31)

(12)

2

gains and losses recognised directly in shareholders’ equity

■

21

(38)

Transfer to level3

42

188

Transfer outside of level 3

(14)

Reclassification to loansand receivables Change in scope of consolidation Acquisitions

14

99

33

26

69

Divestments/Redemptions

(3)

(46)

(43)

(22)

(48)

Foreignexchangeadjustments

(3)

(7)

LEVEL 3 CLOSING AMOUNT

338

1,136

285

349

303

228

REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES