UNIVERSAL REGISTRATION DOCUMENT 2023

7 FINANCIAL STATEMENTS Combined financial statements and notes

19.7 Claims development

31.12.2023

2018 and earlier

2019

2020

2021

2022

2023

(in millions of euros)

Estimate of the claims expense At end of N

0

8,201

7,982

8,337

9,752

11,145

At end of N+1

0

8,331

7,942

8,163

10,166

At end of N+2

0

8,253

8,320

8,195

At end of N+3

0

8,409

8,155

At end of N+4

0

8,353

At end of N+5

7,206

Undiscounted claims charges

7,206

8,353

8,155

8,195

10,166

11,145

Cumulative claims payments

611

7,314

6,814

6,697

7,285

4,450

Undiscounted outstanding claims reserves

6,595

1,038

1,342

1,497

2,881

6,695

Discounted claims changes

5,768

8,183

7,948

7,968

9,830

10,626

Discounting effect

(1,438)

(169)

(208)

(227)

(336)

(519)

Net liability for incurred losses included in the statement of financial position

5,244

886

1,155

1,295

2,589

6,274

Impact of correction for non ‑ financial risk

87

17

21

24

45

98

Note 20 Reinsurance contract assets and liabilities

20.1 Reinsurance contract assets and liabilities – Reconciliation between inventory view and balance sheet view

In accordance with IFRS 17, receivables and payables relating to insurance contracts or transactions are recognized as reinsurance assets or liabilities in the financial statements. The table below presents the reconciliation between the reinsurance

assets and liabilities presented in the financial statements and the reinsurance assets and liabilities in the inventory detailed in this note.

31.12.2023

31.12.2022

Reinsurance assets

Reinsurance liabilities

Reinsurance assets

Reinsurance liabilities

Total

Total

(in millions of euros)

Assets and liabilities in inventory - Non ‑ PAA Assets and liabilities in inventory - PAA

154

2

152

136

1

135

1,720

0

1,720

1,793

0

1,793

TOTAL REINSURANCE CONTRACT ASSETS AND LIABILITIES IN THE INVENTORY - COMMITMENT VIEW

1,874

2

1,872

1,929

1

1,928

Total amount reclassified to Assets and Liabilities

(112)

(0)

(367)

0

Of which amount reclassified as ARC

(204)

0

(292)

0

Of which amount reclassified as AIC

92

(0)

(75)

0

TOTAL REINSURANCE CONTRACT ASSETS AND LIABILITIES - CASH BASIS VIEW

1,762

2

1,563

1

The figures presented for 31 December 2022 are pro forma .

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