GROUPAMA / 2019 Universal Registration Document

7 FINANCIAL STATEMENTS Consolidated financial statements and notes

Deferred taxes Note 15

15.1

Deferred tax assets – by operating segment

31.12.2019

31.12.2018

France

International

Total

Total

(in millions ofeuros)

Deferredtax assets

46

18

64

39

TOTAL

46

18

64

39

Deferred tax liabilities – by operating segment 15.2

31.12.2019

31.12.2018

France

International

Total

Total

(in millions ofeuros)

Deferredtax liabilities

321

3

323

67

TOTAL

321

3

323

67

Analysis of the major components of deferred taxes 15.3

31.12.2019

31.12.2018

(in millions ofeuros)

Deferredtaxes resultingfrom timing differences Restatementson AFS & Tradingfinancial instruments (net of deferredprofit sharing)

(488)

(237)

Life acquisitioncosts and overall managementexpensesreserve

(39)

(36)

Consolidationrestatementson technicalreserves

(183)

(103)

Other differenceson consolidationrestatements

70

110

Deferrednon-life acquisitioncosts

(25)

(26)

Tax differenceson technicalreservesand other contingentliabilities

358

330

Tax-deferredcapital gains

(2)

(2)

Valuationdifferenceon mutual funds

0

(6)

Foreign exchangehedge

6

7

Other temporarytax differences

39

(29)

Subtotal of deferredtaxes resultingfrom timingdifferences

(264)

9

Deferredtaxes fromstocksof ordinarylosses

4

(37)

Deferredtaxes recordedon the balancesheet

(260)

(28)

of which, assets

64

39

of which, liabilities

(323)

(67)

Unrecognised deferred taxes on net assets amounted to €15 million at 31 December 2019, compared with €10 million at 31 December2018.

On the France scope, deferred taxes were determined by taking into account the gradual decline in the projectedcorporatetax rate to 25.82% by2022.

193

Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES