GROUPAMA / 2019 Universal Registration Document
7 FINANCIAL STATEMENTS Consolidated financial statements and notes
Receivables from outward reinsurance operations Note 17
31.12.2019
31.12.2018
Gross value
Reserves
Net value
Net value
(in millions ofeuros)
Outwardreinsurerand retrocessionaire current accounts Other receivablesfrom reinsurance transactions
65
(1)
64
31
120
(1)
118
139
TOTAL
185
(3)
182
171
Receivables from outward reinsurance transactions – by maturity 17.1
31.12.2019
31.12.2018
<1 year 1 to 5 years
>5 years
Total
<1 year 1 to 5 years
>5 years
Total
(in millions ofeuros)
Outwardreinsurerand retrocessionaire current accounts Other receivablesfrom reinsurance transactions
61
2
64
31
31
118
118
139
139
TOTAL
180
2
182
171
171
Reinsurer default risk Note 18
Outward reinsurance consists of transferring to the reinsurer a portion of the risks accepted by the ceding company. They are regularly reviewed to monitor and limit the credit risk on third-party reinsurers. The Reinsurance Securities Committee examines and approves the list of reinsurers accepted for all external outward reinsurance. This list is reviewed in its entirety at least twice a year. During the year, continual monitoring is performed to adapt the internal ratings of the reinsurers to changes that may occur to them that wouldmodify their solvencyassessment.For any given reinsurance
placement, any reinsurer approached for an outward reinsurance outside Groupama must first be on the list of the Group Security Committee. Approvedreinsurersmust have a rating compatiblewith the type of business reinsured, depending on whether they have a short or long accountingrun-off. Transferred insurance underwriting reserves and recoverables are shown below, by rating, according to the three largest rating agencies (Standard& Poor’s,Fitch Ratings, Moody’s).
31.12.2019
AAA
AA
A
BBB Total (in millions ofeuros) Share of reinsurers in non-life insurancereserves 915 137 7 438 1,496 Share of reinsurers in life insurancereserves 11 13 43 67 Share of reinsurers in reservesfor financialcontractswith discretionary profit sharing Share of reinsurers in reservesfor financialcontractswithout discretionary profit sharing Receivablesfrom outwardreinsuranceoperations 55 35 92 182 TOTAL 981 185 7 573 1,746 195 Universal Registration Document 2019 - GROUPAMA ASSURANCES MUTUELLES
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