GROUPAMA / 2018 Registration document

7 FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

INVESTMENT INCOME NET OF MANAGEMENT EXPENSES NOTE 34

Note 34.1

Investment income net of investment expenses – by operating segment

31.12.2018

31.12.2017

France International

Total

France International

Total

(in millions of euros)

Interest on deposits andfinancial investments income

1,660

211

1,870

1,682

220

1,902

Gainson foreignexchange transactions

48

10

57

45

10

56

Income from differences on redemption prices to be received (premium-discount)

109

3

112

102

3

105

Income from property

86

87

96

96

Other investment income

Investment income

1,903

223

2,126

1,926

233

2,158

Interest received fromreinsurers

(1)

(1)

(3)

(4)

Losseson foreignexchange transactions

(31)

(8)

(39)

(56)

(8)

(64)

Amortisation of differences on redemption prices (premium/discount)

(222)

(29)

(250)

(243)

(32)

(275)

Impairment and reservesonproperty

(41)

(1)

(43)

(43)

(4)

(48)

Management expenses

(308)

(15)

(323)

(309)

(12)

(321)

Investment expenses

(603)

(53)

(656)

(655)

(56)

(711)

Held fortrading

(49)

13

(36)

(9)

(9)

Available-for-sale

112

6

118

158

20

178

Held tomaturity Other

347

1

349

215

1

216

Capital gains (losses) from sales of investments, net of impairment reversals and write-backs

410

20

431

364

21 15

384

Held fortrading

(85)

(33)

(118)

(10)

4

Derivatives

63

62

129

129

Adjustments on unit-linked policies

(708)

(22)

(730)

507

16

523

Change in fair value of financial instruments recorded at fair value by income

(730)

(55)

(785)

626

31

657

Available-for-sale

(3)

(1)

(4)

(12)

(12)

Held tomaturity Receivables andloans

1

1

2

2

Change in impairment losses on financial instruments

(3)

(1)

(3)

(10)

(10)

TOTAL

978

135

1,112

2,250

228

2,479

262

REGISTRATION DOCUMENT 2018 - GROUPAMA ASSURANCES MUTUELLES