GROUPAMA / 2020 UNIVERSAL REGISTRATION DOCUMENT
7 FINANCIAL STATEMENTS Consolidated financial statements and notes
Deferred taxes Note 14
14.1
Deferred tax assets – by operating segment
31.12.2020
31.12.2019
France
International
Total
Total
(in millions of euros)
Deferred tax assets
20
12
32
64
TOTAL
20
12
32
64
Deferred tax liabilities – by operating segment 14.2
31.12.2020
31.12.2019
France
International
Total
Total
(in millions of euros)
Deferred tax liabilities
537
1
538
323
TOTAL
537
1
538
323
Analysis of the major components of deferred taxes 14.3
31.12.2020
31.12.2019
(in millions of euros)
Deferred taxes resulting from timing differences Restatements on AFS & Trading financiainl struments (net of deferred profit sharing)
(620)
(488)
Life acquisition costs and overall management expenses reserve
(27)
(39)
Consolidation restatements on technical reserves
(260)
(183)
Other differences on consolidation restatements
81
70
Deferred non-life acquisition costs
(23)
(25)
Tax differences on technical reserves and other contingent liabilities
241
358
Tax-deferred capital gains
(3)
(2)
Valuation difference on mutual funds
3
0
Foreign exchange hedge
7
6
Other temporary tax differences
38
39
Subtotal of deferred taxes resulting from timing differences
(563)
(264)
Deferred taxes from stocks of ordinary losses
57
4
Deferred taxes recorded on the balance sheet
(506)
(260)
of which, assets
32
64
of which, liabilities
(538)
(323)
Within France, deferred taxation has been determinedincluding the reduction in corporationtax rates to 25.82%scheduledto occur by 2022.
Unrecognised deferred taxes on net assets amounted to €12 million at 31 December 2020, compared with €15 million at 31 December 2019.
200
Universal Registration Document 2020 - GROUPAMA ASSURANCES MUTUELLES
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