NATIXIS // 2021 Universal Registration Document
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2021 Consolidated financial statements and notes
31/12/2021
31/12/2020
Post-employment defined-benefit plans
Other long-term employee benefits
Post-employment defined-benefit plans
Other long-term employee benefits
Supple mentary pension benefits and other
Supple mentary pension benefits and other
End-of career awards
End-ofc
Long-service awards
Other benefits
areer awards
Long-service awards
Other benefits
Discount rate (excluding Time Savings Account)
1.98% 2.04%
0.31% 1.70%
0.54% 1.70%
1.45% 1.70%
1.52% 1.87%
0.08% 1.60%
0.07% 1.60%
1.96% 1.60%
Inflation rate
Rate of increase of salaries (including inflation) Rate of increase of medical costs (including inflation)
2.69%
2.68%
2.64%
2.67%
2.32%
2.26%
2.28%
2.96%
4.35%
3.22%
Duration (in years)
15
7
9
12
15
9
10
13
The discount rate is determined based on the yields of AA-rated corporate bonds of the same duration. This benchmark is obtained from the Bloomberg “EUR Composite (AA) Zero Coupon Yield” yield curve.
For end-of-career awards and long-service awards, employee turnover is calculated by age bracket and grade based on a six-year average. A rate of 0% is used for employees aged 60 and over. Wage growth including inflation is determined using the average rate of real compensation growth over the past six years. This wage growth is capped at the maximum nominal rate of increase seen over the same period.
h) Analysis of sensitivity to key assumptions
5
31/12/2021
31/12/2020
Post-employment defined-benefit plans
Other long-term employee benefits
Post-employment defined-benefit plans
Other long-term employee benefits
Supple mentary pension benefits and other
Supple mentary pension benefits and other
End-of career awards
End-of
Long-service awards
Other benefits
career awards
Long-service awards
Other benefits
(as a percentage)
+0.5% change in discount rate (0.5)% change in discount rate +1% change in rate of increase of healthcare costs (1)% change in rate of increase of healthcare costs +1% change in rate of increase of salaries and income (including inflation) (1)% change in rate of increase of salaries and income (including inflation)
(8.21)%
(5.23)%
(3.89)%
(0.79)%
(9.92)% 11.87%
(5.58)%
(4.36)%
(1.18)%
9.23%
5.70%
4.18%
0.96%
6.10%
4.69%
1.33%
1.06%
1.10%
(0.88)%
(0.91)%
9.36%
11.61%
7.81%
10.35%
12.41%
8.84%
(7.39)% (10.02)%
(6.93)%
(8.58)% (10.60)%
(7.80)%
i) Schedule of undiscounted payments
31/12/2021
31/12/2020
Post-employment defined-benefit plans
Post-employment defined-benefit plans
Supplementary pension benefits and other
Supplementary pension benefits and other
End-of-career awards
End-of-career awards
(in millions of euros)
n+1 to n+5 n+6 to n+10 n+11 to n+15 n+6 to n+10
122
49 58 72 79
120
50 71 77 95
95 97 98
97 93 96
> n+20 TOTAL
336 748
120 377
344 750
156 448
383
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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021
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