NATIXIS_REGISTRATION_DOCUMENT_2017
FINANCIAL DATA Consolidated financial statements and notes
Post-employment defined-benefit plans and other long-term employee benefits Post-employment defined-benefit plans include all post-employmentbenefits for which Natixis has committed to pay a specifiedlevel of benefits. Liabilitiesin respectof these awardedbenefitsare hedged,in full or in part, by assets comprisedmainly of outsourced insurance contractsmanagedby French insurers specializingin retirement. The insurers carry the longevity risk once the annuities are liquidated. Plan assets are invested in the insurers’ general funds, which, for the most part, generally consist of bonds. The insurers are subject to French prudential standards and regulations. The insurers also manage the asset/liability strategy for the portionof the benefitliabilitiesthat they cover. For the other portion,Natixis has set up interestrate and liquidity hedgesbackedby long-termcash flows.
Insurance contracts taken up with a related party to Natixis and intended to finance all or part of Natixis’ defined-benefit plan commitmentsare recordedin the asset side of the balancesheet as “Accrualsand other assets”. Other long-termemployeebenefitscomprisebenefitsother than post-employmentand terminationbenefitsnot wholly due within twelvemonthsof the end of the period in whichemployeeshave providedthe relatedservices. These notably include long-service awards and deferred compensationpayable in cash twelve months or more after the end of the period. a) Amounts recognized on the balance sheet at December 31, 2017 The amount of the recognizedprovision on the liabilities side of the balance sheet corresponds to the value of the actuarial liabilities under the defined benefit plans, less the market value of the assetsto hedgethese benefitliabilities.
12.31.2017
12.31.2016
5
Post-employment defined-benefit plans
Other long-term employee benefits
Post-employment defined-benefit plans
Other long-term employee benefits
Supplementary pension benefits and other
Supplementary pension benefits and other
End-of-career awards
Long-service awards
End-of-career awards
Long-service awards
Other
Total
Other
Total
(in millions of euros)
Actuarial liabilities
577
256
63
123
1,020
636
238
60
125
1,059
Fair value of plan assets
(270)
(88)
0
0
(359)
(267)
(9)
0
0
(276)
Fair value of separate assets (a)
(171)
(43)
0
0
(214)
(167)
(38)
0
0
(205)
Effect of ceiling on assets
8
0
0
0
8
6
0
0
0
6
Net amount recognized in balance sheet
143
125
63
123
455
208
190
60
125
584
under liabilities
315
168
63
123
669
374
229
60
125
789
under assets 205 Separate asset components are for the most part segregated in the balance sheets of Natixis insurance subsidiaries (ABP Life Insurance), (a) hedging the benefit liabilities of other entities within the Natixis group of consolidated companies which were transferred to hedge the post-employment benefits of a few categories of employees. 171 43 0 0 214 167 38 0 0
b) Changes in recognized amounts on the balance sheet (Changes in actuarial liabilities)
12.31.2017
12.31.2016
Post-employment defined-benefit plans
Other long-term employee benefits
Post-employment defined-benefit plans
Other long-term employee benefits
Supplementary pension benefits and other
Supplementary pension benefits and other
End-of-career awards
Long-service awards
End-of-career awards
Long-service awards
Other
Total
Other
Total
(in millions of euros)
Actuarial liabilities at start of period
636
238
60
125
1,059
596
218
55
116
985
Changes recorded in income
(48)
16
3
(0)
(29)
(16)
5
6
9
2
Service cost
9
13
5
45
72
9
12
4
39
64
Past service cost
(42)
10
1
0
(30)
(19)
(3)
(0)
0
(23)
o/w plan liquidation and reduction
(41)
9
0
0
(32)
(20)
(4)
(0)
0
(25)
Interest cost
16
2
0
0
19
18
4
1
0
22
Benefits paid
(25)
(10)
(3)
(46)
(84)
(23)
(8)
(2)
(32)
(65)
o/w amounts paid out in respect of plan liquidation Revaluation adjustments on other long-term employee benefits Changes recognized directly in other comprehensive income with no recycling Revaluation adjustments – demographic assumptions Other
(12)
(5)
0
0
(17)
(13)
0
0
(21)
(34)
0
0
(1)
(0)
(1)
0
0
2
1
2
(6)
0
(0)
1
(5)
(2)
1
1
0
1
23
4
0
0
27
56
19
0
0
75
(0)
4
0
0
4
3
5
0
0
7
Revaluation adjustments – financial assumptions Revaluation adjustments – past-experience effect
26
(2)
0
0
24
53
17
0
0
70
(2)
2
0
0
(0)
1
(3)
0
0
(2)
Translation adjustments
(35)
(1)
(0)
(3)
(38)
(0)
0
0
1
1
Changes in scope
2
0
0
0
2
2
0
0
0
2
Other
(1)
(2)
1
0
(1)
(2)
(4)
(0)
(0)
(7)
Actuarial liabilities at end of period
577
256
63
123
1,020
636
238
60
125
1,059
307
Natixis Registration Document 2017
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