GROUPAMA / 2018 Registration document

7 FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

INFORMATION PERTAINING TO PERSONNEL BENEFITS NOTE 23 – DEFINED-BENEFIT PLANS

Principal actuarial assumptions

Note 23.1

31.12.2018

31.12.2017

United Kingdom

United Kingdom

France

Other

Total

France

Other

Total

(in millions of euros)

Actuarialdebt

206

351

34

590

218

387

38

642

Fair valueof hedging assets

24

336

360

32

365

397

Net actuarial debt

182

15

34

230

186

22

38

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Principal actuarial assumptions Financialassumptions Discount rate

1.60% 2.90%

NS

1.40% 2.50%

NS

Yield expected from plan assets

1.60% 2.90%

NS

1.40% 2.50%

NS

Expected salary/pension increase

1.90% 3.20%

NS

1.90% 3.20%

NS

Staffturnover

18 to34 years

6.50%

NA

NS

5.90%

NA

NS

■

35 to44 years

3.32%

NA

NS

3.25%

NA

NS

■

45 to54 years

1.76%

NA

NS

1.56%

NA

NS

■

-55 andolder

0.00%

NA

NS

0.00%

NA

NS

■

Note that in the United Kingdom, the Groupama Insurance Company Limited (GICL) pension fund was transferred to Groupama Assurances Mutuelles following the sale of the subsidiary in 2012.

Only staff turnover rates for France are material in the context of the consolidatedfinancial statements. The discount rate used at 31 December 2018 to assess actuarial commitments isthe interestrate on high-quality corporate bonds.

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REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES