NATIXIS - 2018 Registration document and annual financial report
5 FINANCIAL DATA
Consolidated financial statements and notes
Net income from insurance activities 9.3
31/12/2018
(in millions of euros) Earned premiums Premiums written
13,522 13,698
Change in unearned premium income Other income from insurance activities Revenue from insurance activities Investment income (net of expenses)
(176)
37
133 539
Investment income Investment expenses
1,641
(99) 105
Capital gains and losses on disposal of investments (net of reversals, write-downs and amortization)
Change in fair value of investments carried at fair value through profit or loss
(1,013)
Change in write-downs on investments Amortization of acquisition costs
(96)
27
Policy benefit expenses
(11,321)
Income and expenses net of reinsurance transfers
(28)
Reinsurance transfer income Reinsurance transfer expenses
3,182
(3,210)
NET INCOME FROM INSURANCE ACTIVITIES
2,910
Transition between the presentation applicable to insurance companies and to banks 9.3.1
The following table shows a reconciliation between insurance companies’ financial statements as presented and how they would translate into the banking format.
31/12/2018
Banking format
Net revenues
Total
Other net revenue items (excl. net income from insurance)
Net income from insurance
Gross operating income
Insurance format
Provision for credit losses
Expenses
Tax
Other items
Net income
(in millions of euros)
Premiums written
13,577
13,698
(121)
0
13,577
0
0
0
13,577
Change in unearned premium income
(152)
(175)
23
0
(152)
0
0
0
(152)
Earned premiums
13,424
13,522
(98)
0
13,424
0
0
0
13,424
Banking operating income
67
4
63
0
67
0
0
0
67
Revenues and income from other activities
152
133
19
0
152
0
0
0
152
Other operating income
47
33
0
14
47
0
0
0
47
Investment income
1,748
1,641
107
0
1,748
0
0
0
1,748
Investment expenses
(189)
(99)
(78)
(12)
(189)
0
0
0
(189)
Capital gains and losses on disposal of investments (net of reversals, write-downs and amortization) Change in fair value of investments carried at fair value through profit or loss
104
104
0
0
104
0
0
0
104
(1,016)
(1,013)
(3)
0
(1,016)
0
0
0
(1,016)
Change in write-downs on investments
(94)
(96)
2
0
(94)
0
0
0
(94)
Investment income (net of expenses)
556
539
29
(11)
556
0
0
0
556
Policy benefit expenses
(11,343)
(11,320)
106
(129)
(11,343)
0
0
0
(11,343)
Reinsurance transfer income
3,140
3,182
(42)
0
3,140
0
0
0
3,140
Reinsurance transfer expenses
(3,168)
(3,209)
41
0
(3,168)
0
0
0
(3,168)
Income and expenses net of reinsurance transfers
(29)
(28)
0
0
(28)
0
0
0
(28)
Provision for credit losses
0
0
0
0
0
0
0
0
0
Banking operating expenses
(13)
0
0
(13)
(13)
0
0
0
(13)
Policy acquisition costs
(961)
26
(770)
(217)
(961)
0
0
0
(961)
Amortization of portfolio values and related items
0
1
(1)
0
0
0
0
0
0
Administrative costs
(798)
0
(453)
(345)
(798)
0
0
0
(798)
Other recurring operating income and expenses Other non-recurring operating income and expenses
(358)
0
(78)
(280)
(358)
(1)
0
0
(359)
(2)
0
3
(3)
0
0
0
(2)
(2)
348
Natixis Registration Document 2018
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