assurances mutuelles de france

Transcription

ASSURANCES MUTUELLES DE FRANCE
Assurances
Mutuelles
de France
Combined Ordinary and Extraordinary General
Meeting, 17 June 2014
CONTENTS
Board of Directors
2
Board of Directors’ Management Report
4
Statutory Auditors’ General Report 12
Resolutions14
Balance Sheet as at 31 December 2013 20
Income Statement for the year ended 31 December 2013 22
Notes to the financial statements 23
Annual Report
2013
02
Board of Directors
as at 31 December 2013
Thierry Derez,
Chairman
Alex Capelle,
Vice-Chairman
Jean-Louis Wagner,
Vice-Chairman
Christian BAUDON,
Director
GENERAL MANAGEMENT
Patrice FORGET,
Managing Director
Sophie BEUVADEN,
Deputy Managing Director
STATUTORY AUDITORS
PRINCIPAL
Xavier DEJAIFFE,
Director
ERNST & YOUNG et Autres
represented by Olivier DRION
Christian Delahaigue,
Director
PricewaterhouseCoopers Audit
represented by Gérard COURRÈGES
and Michel LAFORCE
Jean FLEURY,
Director
ALTERNATES
Alexis Lehmann,
Director
Jean-Marie Meckler,
Director
Marie-Hélène Roncoroni,
Director
Éric Dupont
PICARLE & Associés
represented by Pierre PLANCHON
AUDIT AND RISKS COMMITTEE
Christian DELAHAIGUE,
Chairman
Jean-Marie MECKLER
Jean Soubielle,
Director
Jean-Louis WAGNER
Valérie Denni,
Director elected by employees
ASSURANCES MUTUELLES DE FRANCE,
represented by Alex CAPELLE, Chairman
COVÉA AUDIT AND RISKS COMMITTEE
Serge Dussaussois,
Director elected by employees
FORCE ET SANTÉ, represented by Michèle BEYT
Diane HAMEN,
Alternate director elected by employees
LA GARANTIE MUTUELLE DES FONCTIONNAIRES,
represented by Hubert IVANOFF
Ginette SAVOLDI,
Alternate director elected by employees
Louis Fraisse,
Non-voting board member
Rémy Vergès,
General Agents’ representative
Anne-José FULGERAS
MMA IARD Assurances Mutuelles,
represented by Michel COURSAT
PRONY HABITATIONS,
represented by Christian DELAHAIGUE
Michel ROUX
TÉLÉASSURANCES,
represented by Pierre VIONNET
Jean-Jacques VOUHÉ
Board
of Directors
03
EXECUTIVE COMMITTEE
MANAGEMENT COMMITTEE
Thierry Derez,
Covéa Chairman and Chief Executive Officer
Laurent TOLLIÉ,
Managing Director, GMF
Christian BAUDON,
Covéa Managing Director, Insurances
Catherine ARMAND,
Director, AIS
Didier Bazzocchi,
Covéa Managing Director, Healthcare
and Institutional Partnerships
Valérie COHEN,
Technical Director, Non-Life and Health
Sophie Beuvaden,
Covéa Managing Director, Finances
Antoine ERMENEUX,
Covéa Managing Director, Strategic Change
Patrice Forget,
Covéa Managing Director, Human Resources
and General Secretariat
Michel Gougnard,
Covéa Managing Director, AIS
Françoise ICKOWICZ-TORDJEMANN,
Covéa Managing Director, Corporate Communication
and Media Relations
Eric LÉCUYER,
Covéa Managing Director, Control and
Financial Steering
Maud PETIT,
Covéa Managing Director, Control, Solvency,
Account Reporting
Philippe RENAULT,
Covéa Managing Director, Technology
and Information System
Laurent TOLLIÉ,
Managing Director, GMF
Nathalie DELFINO,
Head of department, Management Control
Jean-Jacques DEROSIAUX,
Director, Information System
Manuel de DIEULEVEULT,
Director, Human Resources
Serge DUSSAUSSOIS,
Director, Inward Reinsurance
Bruno FABRE,
Director, Collections, Logistics and Production
Hervé JUBEAU,
Managing Director, ASSISTANCE PROTECTION JURIDIQUE
Sylvie KORDEUSZ,
Managing Director, TÉLÉASSURANCES
Sylvie LAGOURGUE,
Director, Marketing and Communication
Olivier le BORGNE,
Director, Financial Strategy
Didier LEDEUR,
Managing Director, GMF Vie
Fabienne RAVASSARD,
Head of the Internal Communication division
Françoise SÉVILE,
Head of the Project Coordination and Regulatory department
Claude STOKI,
Accounting Director
Françoise STOKI,
Director, Administration
Nicolas VILLAIN,
Director, Commercial Network
Annual Report
2013
04
Board of Directors’
Management Report
Combined Ordinary and Extraordinary General Meeting, 17 June 2014
Dear Members,
The Board of Directors is pleased to present to you the activity of ASSURANCES MUTUELLES DE FRANCE
and to submit the financial statements for the year 2013 for your approval.
2013 was a highly satisfying year in a complex environment
The economic and financial context remained difficult in 2013. Although figures for the second half of the year
reflected a stabilisation in the eurozone, most European countries experienced high debt and unemployment.
From a regulatory viewpoint, 2013 was a particularly packed and frenetic year, with a number of projects directly
affecting our insurance business: the Hamon Act, the Berger-Lefebvre report, the national cross-industry
agreement (ANI) and Solvency 2 are just a few developments that are likely to lead to major changes in our
markets in the future.
Despite this unfavourable economic context, ASSURANCES MUTUELLES DE FRANCE achieved a good level
of growth in both its assistance and its inward reinsurance markets.
In assistance, written premiums increased by 6.7% and earned premiums by 7.8%, while the number of members
rose to 221,217 - a 3% increase from 2012.
In inward reinsurance, despite strong competition across the whole reinsurance market, activity relatively
concentrated on the European markets (78% of premium income) and a strong euro (41% of our premium income
comes from inward foreign currency business), premium income grew slightly. Against a backdrop of mergers
and consolidation among insurers in many markets, we successfully maintained our number of cedants at
around 200 and generated a steady number of both proportional and non-proportional treaties (1,235 all
together).
The loss ratio remained satisfactory despite a succession of weather events in Europe that dominated 2013, and
which in terms of individual scale remained moderate but together had a significant impact. After deduction of
our retrocession protection programme, we successfully kept the L/P ratio at around 68%, slightly up from 2012.
Against a backdrop of still low interest rates in 2013, the strong equity market rally and sustained real estate
market strength made it possible to maintain satisfactory financial results.
Following the creation in 2012 of Covéa Coopérations, designed to optimise and streamline the Covéa group’s
legal and financial structure, in June 2013 another important milestone was passed, with the implementation of
a new operational organisation.
With the Covéa Insurance Managing Department and the Insurance Brands and Health Managing Departments,
insurance is at the core of this new organisation. Inward reinsurance is now attached to the Human Resources
Managing Department and the General Secretariat.
1. Company activity
Our Company’s activity covers the following areas:
• Assistance cover to complement insurance policies taken out with LA SAUVEGARDE;
• Inward reinsurance treaties.
Management Report
05
2. Highlights of the year
2.1 - Operations linked to Covéa’s financial reorganisation
Following on from the legal and financial restructuring aimed at streamlining the group’s organisation through
Covéa Coopérations, ASSURANCES MUTUELLES DE FRANCE disposed of equity holdings:
 FINCORP
On 9 January 2013, ASSURANCES MUTUELLES DE FRANCE sold its 32.91% Fincorp holding to Covéa
Coopérations for €20,289 thousand. As a provision had been set aside in respect of this holding, its sale did not
generate any profit in 2013.
 GMF VIE
On 21 January 2013, ASSURANCES MUTUELLES DE FRANCE sold the 240,877 GMF Vie shares it held as a
result of the merger with La Cité Européenne to Covéa Coopérations for €22,410 thousand, resulting in a
capital gain of €2,373 thousand.
 AME Life Lux
On 9 January 2013, ASSURANCES MUTUELLES DE FRANCE sold this holding to Covéa Coopérations for
€14,353 thousand. The sale generated a profit of €553 thousand.
 Covéa Coopérations
• On 30 October 2013, ASSURANCES MUTUELLES DE FRANCE sold 48,239 Covéa Coopérations shares to
MMA IARD Assurances Mutuelles for €6,018 thousand, generating a capital gain of €5,089 thousand.
• Following the decisions taken at the Covéa Coopérations Board of Directors’ meeting of 15 November 2013, on
22 November 2013 ASSURANCES MUTUELLES DE FRANCE received an interim dividend of €9,233
thousand.
On 9 December 2013, ASSURANCES MUTUELLES DE FRANCE contributed to the Covéa Coopérations
capital increase by issuing 209,835 new shares each worth €124.253 for an aggregate value of €26,073 thousand,
in accordance with the resolutions adopted at its Extraordinary General Meeting of 2 December 2013.
Following these transactions, ASSURANCES MUTUELLES DE FRANCE holds 14.41% of the capital of Covéa
Coopérations, while AM-GMF holds one-third.
 Loan to MMA Holdings UK PLC
Granted to MMA Holdings UK PLC pursuant to an agreement of 23 May 2011, this loan of €27.06 million (£23.6
million) was transferred to Covéa Coopérations by virtue of an agreement signed on 18 March 2013 in the
amount of €27.99 million, representing the principal and accrued interest.
2.2 - Supplementary social loan
The social loan issued in tranches by ASSURANCES MUTUELLES DE FRANCE in the 1970s has been annulled
pursuant to Act 2008-561 of 17 June 2008 reforming the 30-year limit on civil lending arrangements. This debt has
been extinguished with effect from 19 June 2013, i.e. five years after the effective date of these new measures.
Consequently, the annulled amount of €36.7 million was recorded as exceptional income at 31 December 2013.
2.3 - Tax inspection
On 15 February 2013 and 23 May 2013, the Company received two accounting verification notices advising it of an
inspection of tax return relating to tax on insurance agreements due in respect of 2010 and to corporate income tax
due in respect of 2010 and 2011.
The tax adjustment on insurance agreements relating to assistance was paid to the tax administration. MMA IARD
SA paid back €4.8 million on 9 December 2013, in accordance with the guarantee agreement.
Annual Report
2013
06
2.4 - Tax risk relating to the Luxembourg subsidiary
Further to an agreement with the Directorate of Public Finance (Direction Générale des Finances Publiques) on
6 January 2014, the provision set aside in 2012 relating to the holding of ASSURANCES MUTUELLES DE
FRANCE in a Luxembourg subsidiary was written back as exceptional income in the amount of €10.72 million.
The tax adjustment was limited to €1.01 million and related to corporate income tax for 2011 and 2012 as at 31
December 2013.
2.5 - Weather events
There was a series of notable weather events in 2013 (Danube/Elbe flooding, Manni, Norbert, Othello and
Andreas hailstorms, and the St Jude storm).
The overall cost to the Company of these events was almost €18.9 million.
After deduction of reinsurance, the net overall cost incurred by ASSURANCES MUTUELLES DE FRANCE was
€10 million.
Financial statements for 2013
Premium income
Total premium income, corresponding to direct earned premiums and inward reinsurance premiums, net of
cancellations, amounted to €140.38 million, compared with €136.74 million in the previous year (up 2.66%).
The breakdown is as follows:
2013 2012Change
e millions
2013/2012 as a %
Direct business (Assistance)
Inward reinsurance
7.76
132.62
7.20
129.54
+7.79%
+2.38%
Total
140.38 136.74+2.66%
Investment income
Net investment income came to €43.61 million, compared with €99.30 million in 2012. It includes a €9.20 million
interim dividend from Covéa Coopérations and €14.80 million of capital gains on the sale of shares in Covéa
Coopérations, GMF VIE and CNP.
The capitalisation reserve remained stable, amounting to €32.64 million at 31 December 2013.
Holdings of over 5% acquired in 2013
ASSURANCES MUTUELLES DE FRANCE acquired no holdings of more than 5% in the period under review,
nor did it assume control of any company.
Holdings of over 5% disposed of in 2013
ASSURANCES MUTUELLES DE FRANCE disposed of a 32.91% stake in the capital of Fincorp and an 80% stake
in the capital of AME Life Lux SA.
Loss expenses
Total loss expenses (claims paid for direct business and inward business net of collected recoveries, internal
claim administration expenses, change in technical reserves net of estimated recoveries) gross of reinsurance
amounted to €94.63 million in 2013 compared with €90.04 million the previous year.
Management Report
07
2013 2012Change
€ millions 2013/2012 as a %
Direct business (Assistance)
Inward reinsurance
3.841
90.793
3.583
86.818
+7.19 %
+4.58 %
Total
94.634
90.401
+4.68 %
General expenses
General expenses corresponding to management costs, costs of acquisition and administration of insurance
policies and reinsurance treaties net of commissions to be received, internal investment expenses, technical
income/ charges and acquisition costs carried forward, came to €50.01 million (excluding litigation), or 35.63%
of total earned premiums.
Cessions and retrocessions
The result of cessions and retrocessions represented a charge of €2.9 million.
Technical result
The technical result was a profit of €3.5 million.
Result
The 2013 result was a profit of €60.08 million.
Balance Sheet
Asset management:
Investments:
Realisable value
e millions
2013
2012
ChangeProportion
Bonds
Equities
Real estate
Loans / Deposits
Money market UCITS
349.24 250.0139.69%10.66%
2,390.862,260.93 5.75% 72.95%
177.97175.821.22%5.43%
179.99
160.51
12.14%
5.49%
179.21
225.05
-20.37%
5.47%
Total
3,277.27
3,072.32
+ 6.67%
100%
The Covéa Coopérations shares, which amount to €2,359 million, make up the majority of investments.
Following the sale of its CNP Assurances shares, the Company no longer holds any listed shares.
All asset categories generated unrealised capital gains at 31 December 2013.
The bond portfolio comprises chiefly short-term government securities.
In 2013, the group purchased short-term UK and US government bonds, in pounds sterling and US dollars
respectively, to hedge debt commitments in the corresponding currencies.
Annual Report
2013
08
Regulatory ratios
As at 31 December 2013, the solvency margin was covered 40.11 times.
With a surplus amounting to €458.5 million, performance of our technical commitments is assured.
Associate mutual company
La Garantie Mutuelle des Fonctionnaires
Since the establishment in 1995 of GMF ASSURANCES, LA GARANTIE MUTUELLE DES FONCTIONNAIRES
has focused its activity on underwriting assistance policies on behalf of its members. And “assistance” indeed
defines the spirit in which it intends to work for the security and peace of mind of all who place their trust in it.
Written premiums came to €115.97 million, up by 5.02% on 2012.
Profit for the year was €9.94 million.
Other French companies
GMF Assurances
GMF ASSURANCES, the GMF brand’s flagship company, deals with property and casualty insurance for GMF
members.
GMF ASSURANCES posted a surplus of €186.68 million.
Written premiums came to €1,513.67 million, up by 4.38% on the previous year.
The number of members increased by 1.7% year-on-year.
Overhead expenses amounted to €454.11 million, an increase of 9.37%.
Net investment income came to €281.78 million, compared with €134.38 million in 2012.
The amount of unrealised capital gains stood at €1,124 million as against €1,035 million in 2012.
La Sauvegarde
LA SAUVEGARDE is involved in property and casualty and assistance insurance for associations and non-civil
servant individuals.
In 2013 it posted a 9.10% increase in written premiums.
The net result was a loss of €4.26 million.
Covéa Coopérations
Covéa Coopérations is owned in respective shares of one-third by the MAAF, AM-GMF and MMA mutual
companies.
This holding company directly and indirectly holds the operational companies of the three brands MAAF, AMGMF and MMA.
Its result in 2013 was a surplus of €250.1 million. This was made up mainly of the dividends paid out on its
holdings.
Management Report
09
FIDÉLIA Assistance
Fidélia Assistance’s business is brought in by the AM-GMF, MAAF and MMA groups, partners and external
clients. Insurance and inward reinsurance written premiums decreased by 1.4% to €394.34 million.
The gross charge for claims increased by 2% to €248.40 million.
The company’s result in 2013 was a surplus of €7 million.
Assistance Protection Juridique
Total gross premium income of ASSISTANCE PROTECTION JURIDIQUE grew by 5.3% to €121.9 million. It
consists exclusively of direct business.
With new business holding up well in 2013, the portfolio of individual policies distributed by the GMF network
reached 1,024,839 policies at 31 December - up 1.38%.
ASSISTANCE PROTECTION JURIDIQUE’s net profit of €18.92 million bears witness to its excellent financial
health.
GMF Vie
GMF VIE’s total premium income for 2013 was €1,354.3 million, up by 4.30% from 2012, whereas the euro funds
component of the French life insurance market rose 3%.
The total number of insureds rose by 2.87% to 809,389; they hold 897,647 policies.
The reserve for profit sharing represented 2.33% of managed savings as at 31 December 2013.
The technical reserves for policies amounted to €17,524 million at year-end, up by 5.08% on 2012.
Net profit, at €68.8 million, was up by 12.81% compared with the previous year.
AME Réassurance
This company is no longer trading. A merger with ASSURANCES MUTUELLES DE FRANCE will be proposed
in 2014.
Companies operating outside France
Luxembourg
• Eurazur
This company, which is no longer trading, will be liquidated in 2014.
• Covéa Lux
Premium income net of cessions was €154.97 million and the result zero.
Information on supplier payment terms
Pursuant to the French Economy Modernisation Act (Loi sur la Modernisation de l’Economie - LME), we draw
to your attention the fact that supplier and intra-group outstandings at year-end amounted to €2,347,850, which
breaks down as follows:
Annual Report
2013
10
Less than 30 days
From 30 to 60 days
More than 60 days*
20122013
e1,570,655
0
e77,575
e2,324,781
e1,170
e21,899
*These outstandings consist of holdbacks on payments relating to suppliers.
Proposed result allocation
We propose to appropriate the profit for 2013 in the amount of €60,076,901.26 to the contingency reserve.
After result allocation, the contingency reserve will amount to €517,902,244.03.
Compensation and reimbursement of expenses paid to Directors, Non-voting Board
Members and Delegates for 2013
Compensation for time spent and reimbursement of travelling and accommodation expenses paid to Directors
and Non-voting Board Members, and reimbursement of travelling and accommodation expenses paid to
Delegates to General Meetings, amounted to €81,901.87.
We ask you to ratify the abovementioned amount paid by the Company.
Compensation and reimbursement of expenses paid to Directors, Non-voting Board
Members and Delegates for 2014
The Board of Directors proposes to allocate compensation to Directors and Non-voting Board Members for
time spent and to reimburse their travelling and accommodation expenses, as well as to reimburse travelling
and accommodation expenses incurred by Delegates to General Meetings.
We ask the General Meeting:
• to approve the establishment of compensation allocated to the Directors and Non-voting Board Members for
time spent in performing their duties in 2014 at an overall amount of €72,000.00;
• to ratify the principle of reimbursing travelling and accommodation expenses incurred by Directors, Nonvoting Board Members and Delegates in performing their duties, at actual cost incurred subject to documentary
evidence.
Ratification of the co-opting of a Non-voting Board Member
Following the resignation of Louis FRAISSE, the Board of Directors at its meeting of 26 March 2014 co-opted
Alexis LEHMANN as a Non-voting Board Member. We hereby propose to ratify the provisional appointment
of Alexis LEHMANN made at the Board of Directors’ meeting of 26 March 2014 for his predecessor’s remaining
term of office, i.e. until the General Meeting in 2019 convened to approve the financial statements for the year
ending 31 December 2018.
Amendments to the Articles of Association
The Board of Directors hereby submits for your approval the following changes to the Company’s Articles of
Association:
Management Report
11
Registered office
In the interests of efficiency, we propose amending Article 3 of the Articles of Association to allow the Board of
Directors to relocate the Company’s registered office to any other place in the same or an adjacent department,
subject to ratification of the relocation at the next Ordinary General Meeting.
Corporate purpose
The Company’s corporate purpose has not been changed to reflect the various portfolio transfers carried out in
recent years.
We propose amending Article 7 of the Articles of Association to limit the scope of the Company’s corporate
purpose to transactions actually carried out, namely assistance, co-insurance and reinsurance (outward and
inward).
Audit Committee
Following the creation of the Covéa SGAM Audit and Risks Committee and the decision by the Board of Directors
on 23 October 2013 to discontinue the [Company’s] Audit and Risks Committee to avoid these two committees
carrying out the same work, we propose removing all references to the Company’s Audit and Risks Committee in
Article 24 of the Articles of Association and inserting a statement to the effect that, as its affiliate, the Company
falls within the scope of the Covéa SGAM’s Audit and Risks Committee.
Events after the reporting period
None.
Outlook for 2014
After a year of zero growth in 2012, the French economy showed virtually no signs of growth in 2013, with GDP
rising a mere 0.3% and no clear indication of improvement in the near future.
One reason for this situation is the lack of dynamism in household consumption - one of the economy’s traditional
drivers - which fell by 0.5% in 2012 and rose by only 0.1% in 2013.
In 2014, economic activity in France stands to benefit from rising demand from the eurozone, which exited
recession in the second quarter of 2013 after six consecutive quarters of negative growth, as well as from the
public authorities’ stated intention to boost the country’s economy.
As from 1 April, the Company will raise its auto assistance prices by an average of €1.50 before tax and its home
assistance prices by an average of €1.60 before tax.
In June 2013, AM Best raised the A- (excellent with stable outlook) rating that it had awarded the Company in
February 2012 to A (excellent with stable outlook). Moreover, ASSURANCES MUTUELLES DE FRANCE was
also rated (A) with a stable outlook by Standard & Poor’s in November 2013.
As from 1 April 2014, all inward business will be written directly in the name of ASSURANCES MUTUELLES DE
FRANCE.
The Board of Directors thanks all parties who have contributed to the results of ASSURANCES MUTUELLES DE
FRANCE.
Annual Report
2013
12
Statutory Auditors’
General Report
Year ended 31 December 2013
To the Members,
Pursuant to our appointment by your General Meetings, we hereby submit our report relating to the year ended
31 December 2013, on:
• the audit of the annual financial statements of ASSURANCES MUTUELLES DE FRANCE, as appended to
this report;
• the basis for our assessments;
• the specific verifications and information required by law.
The annual financial statements have been approved by the Board of Directors. Our role is to express an opinion
on these financial statements based on our audit.
I. Opinion on the annual financial statements
We conducted our audit in accordance with French professional standards. Those standards require that we
plan and perform our audit to obtain reasonable assurance as to whether the annual financial statements are
free from material misstatement. An audit includes examining, on a test basis or using other methods of
selection, evidence supporting the amounts and disclosures in the annual financial statements. An audit also
includes assessing the accounting principles used and significant estimates made, as well as evaluating the
overall presentation of the financial statements. We believe that the information we have gathered is sufficient
and appropriate to provide a basis for our opinion.
We certify that the annual financial statements give a true and fair view of the assets and liabilities and of the
financial position of the Company at 31 December 2013, and of the results of its operations for the year then
ended, in accordance with French accounting principles and rules.
Without qualifying our opinion, we would like to draw your attention to the point set forth in Note 3.1 to the
financial statements concerning the change in accounting regulations relating to Article R. 332-20 amortisable
securities, pursuant to the French accounting standards authority (ANC) regulation of 13 December 2013. This
change did not have any impact on your Company’s annual financial statements.
II. Basis for our assessments
In accordance with the provisions of Article L.823-9 of the French Commercial Code (Code de commerce), we
would like to draw to your attention the following points:
Accounting estimates:
• As indicated in Note 3.3.1 to the financial statements, the technical items specific to the insurance business,
which reflect commitments towards insureds, come from actuarial estimates or calculations. The above note to
the financial statements sets forth the methods used to estimate these items.
• We assessed the reasonableness of the assumptions used in the calculation models, particularly with regard to
the experience of your Company, its regulatory and economic environment and the overall consistency of
these assumptions.
• Note 3.3.3 to the financial statements describes the principles and updating methods applied to valuing
investment property, equity holdings and other investments, as well as the methods used to determine
provisions for permanent impairment and for counterparty risk arising during the financial year.
Statutory Auditors’
General Report
13
e assessed the methods used to value these assets, as described in this note to the financial statements. We
W
examined the application of these methods and the consistency of the assumptions used by your Company to
determine any impairment
We did not detect anything that might call into question the valuations carried out by your Company.
These assessments were made in the context of our audit of the annual financial statements taken as a whole,
and as such were taken into account in forming the opinion expressed in the first part of this report.
III. Specific verifications and information
As provided for by law, and in accordance with French professional standards, we also carried out specific
verifications.
We have no matters to report as to the fair presentation and the consistency with the annual financial statements
of the information provided in the Board of Directors’ management report and in other documents sent to
members regarding the Company’s financial position and financial statements.
Neuilly-sur-Seine and Paris-La Défense, 16 April 2014
The Statutory Auditors
PricewaterhouseCoopers Audit
Gérard Courrèges - Michel Laforce
Ernst & Young et Autres
Olivier Drion
Annual Report
2013
14
Resolutions
Within the competence of the Ordinary General Meeting
FIRST RESOLUTION
The General Meeting, having heard:
- the Board of Directors’ management report on the financial statements for the year ended 31 December
2013 and the Company’s business over the course of the year;
- a nd the general report of the Statutory Auditors on the execution of their assignment for said financial
year;
approves the financial statements as presented, and the transactions shown in the accounts and
summaries contained in these reports.
Consequently it grants the Directors full discharge without reservation for the execution of their mandate
during the financial year ended 31 December 2013.
SECOND RESOLUTION
The General Meeting ratifies the amounts of compensation and reimbursement of travelling and
accommodation expenses paid to Directors, Non-voting Board Members and Delegates to General
Meetings in the amount of € 81,901.87 for 2013.
THIRD RESOLUTION
The General Meeting resolves:
• to establish the amount of compensation to be allocated in 2014 to Directors and Non-voting Board
Members for time spent in the performance of their duties at an overall amount of €72,000.00;
• to adopt the principle of reimbursing, at actual cost incurred and subject to documentary evidence, the
travelling and accommodation expenses incurred by Directors, Non-voting Board Members and
Delegates to General Meetings in performing their duties for 2014.
FOURTH RESOLUTION
The General Meeting, having heard the special report of the Statutory Auditors as provided for in section
IV -1 of Article R. 322-57 of the French Insurance Code (Code des assurances), approves the terms of said
report and all the agreements enumerated therein.
FIFTH RESOLUTION
The General Meeting, having heard the special report of the Statutory Auditors as provided for in section
IV -2 of Article R.322-57 of the French Insurance Code, approves the terms of said report and the conditions
of the agreements enumerated therein.
SIXTH RESOLUTION
The General Meeting, having noted that the result for the year ended 31 December 2013 is a surplus of €60,076,901.26,
resolves to appropriate this amount in full to the “contingency reserve” account.
After result allocation, the contingency reserve will amount to €517,902,244.03 and the retained earnings to
€350,000,000.00.
Resolutions
15
SEVENTH RESOLUTION
The General Meeting, having heard the management report, resolves to ratify the Board of Directors’ provisional
decision at its meeting of 26 March 2014 to co-opt Alexis LEHMANN as Non-voting Board Member in
replacement of Louis FRAISSE, who had resigned, for the remainder of Louis FRAISSE’s term of office, namely
until the close of the General Meeting of 2019 convened to approve the financial statements for the year ended
31 December 2018.
Within the competence of the Extraordinary General Meeting
EIGHTH RESOLUTION
The General Meeting resolves, subject to approval by the French Bank and Insurance Authority (Autorité de
Contrôle Prudentiel et de Résolution), to add two paragraphs to the end of Article 3 of the Articles of Association,
“Registered Office”, worded as follows:
Previous wording:
TITLE I – INCORPORATION AND PURPOSE OF THE COMPANY
Article 3 – Registered Office
The Company’s Registered Office shall be situated at 11 Place des Cinq Martyrs du Lycée Buffon in the 14th
arrondissement of Paris.
New wording:
Article 3 – Registered Office
The Company’s Registered Office shall be situated at 11 Place des Cinq Martyrs du Lycée Buffon in the 14th
arrondissement of Paris.
The registered office may be relocated to any place in the same department or an adjacent department
pursuant simply to a decision by the Board of Directors, subject to said decision’s ratification at the next
Ordinary General Meeting, or to any other location pursuant to a resolution of the Extraordinary General
Meeting.
If the Board of Directors resolves to relocate the registered office it is authorised to amend the Articles of
Association accordingly.
NINTH RESOLUTION
The General Meeting resolves, subject to approval by the French Prudential Control and Resolution Authority,
to amend the Company’s corporate purpose and to word Article 7 of the Articles of Association, “Purpose”, as
follows:
Previous wording:
Article 7 - Purpose
The Company may carry on direct insurance or assistance activities of any kind, except for those carried on
by companies referred to in paragraph 1 of Article L.310-1 of the French Insurance Code.
Annual Report
2013
16
It may only extend the scope of its activities to a new risk category with the authorisation of the Supervisory
Authority and having established the minimum initial capital stipulated by the regulations applicable to the
category into which it intends to expand.
The Company may insure a number of risks of different kinds or subject to different rates under a single
policy.
It may operate as a co-insurer, whereby it shall cover the risks referred to above, under a single policy, jointly
with one or more other insurance companies that insure against risks of the same or a different kind.
The Company may have insurance policies taken out on behalf of other authorised companies with which it
has signed an agreement to that end that has already been made known to the Supervisory Authority under
the terms and conditions laid down in the applicable regulations.
Lastly, the Company may cede for reinsurance purposes all or part of the risks that it is authorised to cover,
inwardly reinsure risks of any kind covered by other insurance companies of any type or nationality and sign
any joint operation or merger agreement with other mutual insurance companies.
New wording:
Article 7 - Purpose
The Company may carry on assistance activities falling within branch 18 as referred to in Article R.321-1 of
the French Insurance Code.
It may only extend the scope of its activities to a new risk category with the authorisation of the Supervisory
Authority and having established the minimum initial capital stipulated by the regulations applicable to the
category into which it intends to expand.
It may operate as a co-insurer, whereby it shall cover the risks referred to above, under a single policy, jointly
with one or more other insurance companies that insure against risks of the same or a different kind.
The Company may cede for reinsurance purposes part or all of the risks that it is authorised to cover, inwardly
reinsure risks of any kind covered by other insurance companies of any type or nationality and sign any joint
operation or merger agreement with other mutual insurance companies.
The Company may also acquire and manage equity stakes in insurance or reinsurance companies.
More generally, it may carry out any financial transactions, transactions in moveable property or real estate,
contributions to other companies, subscriptions, purchases of securities or partnership interests, incorporate
companies or carry out any other operations that relate directly or indirectly to the above purposes or that
are likely to facilitate their execution or development.
TENTH RESOLUTION
The General Meeting resolves, subject to approval by the French Prudential Control and Resolution Authority,
to remove paragraphs 5 to 10 and to add a paragraph after the current paragraph 11 of Article 24 of the Articles
of Association, “Responsibilities” (section 1, “Board of Directors”), as follows: .
Previous wording:
TITLE III – MANAGEMENT OF THE COMPANY
Section 1 - Board of Directors
Article 24 - Responsibilities
Resolutions
17
The Board of Directors is invested with the broadest powers to act in the name of the Company and to perform
or delegate authority to perform any act or transaction relating to its corporate purpose. It determines the
policies applying to the Company’s activities and ensures their proper implementation. Subject to the powers
expressly assigned to General Meetings by law, regulations and these Articles of Association and within the
limits of the Company’s corporate purpose, the Board considers all matters with a bearing on the Company’s
proper functioning and, at its meetings, decides on all issues concerning it.
The Bureau of the Board of Directors, to which the Board may appoint one or two Directors, acts as the
Management Committee and carries out permanent control over the Company’s operations on behalf of the
Board.
The Chief Executive Officer attends the Bureau’s meetings, to which other members of Management may be
invited.
Under a delegation of authority from the Board of Directors, to which it reports, the Bureau sets the
remuneration of each member of General Management and defines the terms of their employment contracts.
The Company has set up an audit committee, in accordance with the applicable laws.
The audit committee is composed of between three and six members, appointed by the Board of Directors.
At least one member of the audit committee must have specialist financial or accounting abilities and
knowledge.
The members of the audit committee are chosen from among the non-executive Board Directors. However,
the audit committee may include at most two members who are not on the Board of Directors but whom it
appoints on the basis of their abilities and knowledge.
The Board of Directors appoints the members of the audit committee, who may be reappointed, yearly for a
term of one year.
The audit committee’s operation and responsibilities are defined in internal rules established by the Board
of Directors; any member may have access to these internal rules on request.
The Board may decide to create committees tasked with reviewing matters that it or its Chairman refers to
them. It appoints the committees’ members and defines their responsibilities. The committees are accountable
to the Board.
Directors elected by the employees are subject to the provisions of the Articles of Association, subject to any
provisions to the contrary laid down by the laws and regulations expressly applicable to them.
New wording::
TITLE III – MANAGEMENT OF THE COMPANY
Section 1 - Board of Directors
Article 24 - Responsibilities
The Board of Directors is invested with the broadest powers to act in the name of the Company and to perform
or delegate authority to perform any act or transaction relating to its corporate purpose. It determines the
policies applying to the Company’s activities and ensures their proper implementation. Subject to the powers
expressly assigned to General Meetings by law, regulations and these Articles of Association and within the
limits of the Company’s corporate purpose, the Board considers all matters with a bearing on the Company’s
proper functioning and, at its meetings, decides on all issues concerning it.
The Bureau of the Board of Directors, to which the Board may appoint one or two Directors of its own choosing,
acts as the Management Committee and carries out permanent control over the Company’s operations on
behalf of the Board.
The Chief Executive Officer attends the Bureau’s meetings, to which other members of Management may be
invited.
Annual Report
2013
18
Under a delegation of authority from the Board of Directors, to which it reports, the Bureau sets the
remuneration of each member of General Management and defines the terms of their employment contracts.
The Board may decide to create committees tasked with reviewing matters that it or its Chairman refers to
them. It appoints the committees’ members and defines their responsibilities. The committees are accountable
to the Board.
The Covéa Société de Groupe d’Assurance Mutuelle has set up an audit and risks committee, in accordance
with the applicable laws. As an affiliate, the Company falls within the scope of Covéa’s audit and risks
committee.
Directors elected by the employees are subject to the provisions of the Articles of Association, subject to any
provisions to the contrary laid down by the laws and regulations expressly applicable to them.
ELEVENTH RESOLUTION
The General Meeting resolves, subject to the approval of the French Bank and Insurance Authority, to replace
“Supervisory Authority” with “Regulator” in point 1) of the first paragraph and in the last paragraph of Article
39 of the Articles of Association, entitled “Borrowings”.
TWELFTH RESOLUTION
“Supervisory Authority” with “Regulator” in the second paragraph of Article 40 of the Articles of Association,
entitled “Supplementary Social Loan”.
THIRTEENTH RESOLUTION
“Supervisory Authority” with “Regulator” in the last paragraph of Article 42 of the Articles of Association,
entitled “Surplus Revenues”.
FOURTEENTH RESOLUTION
The General Meeting resolves, subject to the approval of the French Bank and Insurance Authority, to remove
the phrase “and by Combined Ordinary and Extraordinary General Meetings” and to add the date of this General
Meeting to the end of Article 46 of the Articles of Association, entitled “Applicability of the Articles of
Association”:
Previous wording:
TITLE V - SUNDRY PROVISIONS
Article 46 – Applicability of the Articles of Association
These Articles of Association were reviewed and approved at the Extraordinary General Meeting of 27 June
1975 and amended further to deliberations at the Extraordinary General Meetings of 21 June 1985, 22 June
1990 and 27 June 1991 and at the Combined Ordinary and Extraordinary General Meetings of 24 June 1997,
30 June 1999, 28 June 2000, 27 June 2001, 27 June 2003, 29 June 2005, 21 June 2007, 10 June 2009, 3 June
2010, 11 June 2012 and 6 June 2013.
New wording:
TITLE V - SUNDRY PROVISIONS
Article 46 – Applicability of the Articles of Association
Resolutions
19
These Articles of Association were reviewed and approved at the Extraordinary General Meeting of 27 June
1975 and amended further to deliberations at the Extraordinary General Meetings of 21 June 1985, 22 June
1990, 27 June 1991, 24 June 1997, 30 June 1999, 28 June 2000, 27 June 2001, 27 June 2003, 29 June 2005, 21
June 2007, 10 June 2009, 3 June 2010, 11 June 2012, 6 June 2013 and 17 June 2014.
Resolution common to the Combined Ordinary and Extraordinary General Meetings
FIFTEENTH résolution
The General Meeting grants all necessary powers to the bearer of a copy of or an extract from the various
documents submitted to this General Meeting and of the minutes of said meeting, to complete all formalities
prescribed by law.
Annual Report
2013
20
Balance Sheet
for the year ended 31 December 2013
ASSETS
€000s
31 Dec.2013
31 Dec. 2012
1,397,864
111,288
1,419,601
111,600
646,199
590,580
49,797
704,107
552,498
51,396
11,504
158
11,346
3,015
214
2,801
7,979
-180
-180
6,453
-180
-180
6,297
1,862
18
436
1,407
5,234
1,398
16
422
961
41,127
77
41,050
6,459
77
6,382
4,693
3,262
612
819
10,299
3,067
848
6,384
1,463,168
1,445,827
2 - Intangible assets
3 - Investments
3a - Land and buildings
3b - Investments in related parties and
in equity-linked companies
3c - Other investments
3d - Receivables for cash deposited with cedants
5 - Share of outward reinsurers and retrocessionnaires in technical reserves
5a - Reserves for unearned premiums (non-life)
5d - Reserves for non-life claims
5f - Reserves for profit sharing and discounts (non-life)
5g - Equalisation reserve
5i - Other technical reserves (non-life)
6 - Receivables
6a - Receivables from direct insurance transactions
6aa - Premiums to be written
6ab - Other receivables from direct insurance transactions
6b - Receivables from reinsurance transactions
6c - Other receivables
6ca - Staff
6cb - State, social security organisations and public authorities
6cc - Other accounts receivable
7 - Other assets
7a - Operating property, plant and equipment
7b - Current accounts and cash
8 - Accruals - Assets
8a - Prepaid interest and rent
8b - Deferred acquisition costs
8c - Other accruals
Total assets
Balance
Sheet
21
lIABIlITIES & EqUITY
€000s
31 Dec.2013
31 Dec. 2012
1 - Equity
1a - Set-up fund
1b - Additional paid-in capital
1c - Revaluation reserve
1d - Other reserves
1e - Retained earnings
1f - Profit for the year
1,154,731
177,609
280
1,094,654
177,609
280
566,765
350,000
60,077
543,187
297,920
75,659
283,046
16,504
280,594
18,288
246,077
241,599
20,465
20,706
5 - Provisions
3,663
19,269
6 - Liabilities for cash deposits received from reinsurers
1,994
2,485
16,765
47,350
3,407
3,478
13,358
43,872
394
911
2,493
9,560
37,136
747
3,341
2,648
2,968
1,475
1,463,168
1,445,827
2 - Subordinated debt
3 - Gross technical reserves
3a - Reserves for unearned premiums (non-life)
3b- Reserves for insurance (life)
3d - Reserves for claims (non-life)
3f - Reserves for profit sharing and discounts (non-life)
3g - Equalisation reserve
3i - Other technical reserves (non-life)
7 - Other liabilities
7a - Payable in relation to direct insurance transactions
7b - Payable in relation to reinsurance transactions
7d - Owed to credit institutions
7e - Other liabilities
7ea - Negotiable debt securities issued by the Company
7eb - Other borrowings, deposits and sureties received
7ec - Staff
7ed - State, social security organisations and public authorities
7ee - Sundry creditors
8 - Accruals – Liabilities
Total liabilities and equity
Annual Report
2013
22
Income Statement
1 - Non-life insurance technical statement
€000s
1 - Earned premiums
1a - Written premiums
1b - Change in unearned premiums
2 - Income from allocated investments
Gross
transactions
Cessions and
retrocessions
Net
transactions
Net
transactions N–1
140,385
139,582
804
28,968
28,919
49
111,417
110,663
754
108,962
112,609
-3,647
9,277
22,137
9,277
3 - Other technical income
4 - Claims expenses
4a - Claims and costs paid
4b - Charges to claims reserve
19
-75,824
-73,004
-2,820
-80,290
-75,850
-4,440
242
360
-27,859
-34,520
-525
7,186
-28,885
-34,429
-865
6,409
-13,720
-11,747
3,532
10,557
Operations
2013
Operations
2012
3,532
10,557
76,406
27,816
10,794
37,796
135,599
102,626
24,722
8,251
-32,796
-3,268
-2,642
-26,887
-36,302
-1,712
-8,479
-26,111
-9,277
-22,137
7 - Other non-technical income
4,938
472
8 - Other non-technical charges
-5,701
-1,138
9 - Exceptional items
9a - Exceptional income
9b - Exceptional expenses
47,384
47,478
-93
-10,768
-24,410
-624
60,077
75,659
5 - Charges to other technical reserves
-94,634
-83,160
-11,474
-18,810
-10,156
-8,654
242
6 - Profit sharing
7 - Acquisition and administrative costs
7a - Acquisition costs
7b - Administrative costs
7c - Commissions received from reinsurers
-35,045
-34,520
-525
8 - Other technical charges
-13,720
-7,186
-7,186
9 - Change in equalisation reserve
Technical profit/loss from non-life insurance
6,504
2,972
3 - Non-technical account
€000s
1 - Technical profit/loss from non-life insurance
3 - Investment income
3a - Income from investments
3b - Other investment income
3c - Gains realised on investments
4 - Income from allocated investments
5 - Investment expenses
5a - Internal and external investment management costs and financial expenses
5b - Other investment expenses
5c - Losses realised on investments
6 - Income from investments transferred
-10,768
10 - Employee profit sharing
11 - Tax on profits
12 - Net profit/loss for the year
Notes to the financial statements
1. Company’s area of activity
3. Accounting principles and methods
3.1Accounting principles
3.2Exceptions to accounting principles
3.3Description of accounting methods
3.3.1 Non-life insurance transactions
3.3.1.1 Premiums
3.3.1.2Reserves for unearned premiums and premium reserve
(Articles R. 331-6 2, A. 331-16 and A. 331-17 of the French Insurance Code)
3.3.1.3 Claims (Art. R. 331-6 4, R. 331-15, R. 331-16 & R. 331-26 of the French Insurance Code)
3.3.1.4Acquisition costs (Article R. 332-33 of the French Insurance Code)
3.3.2 Reinsurance
3.3.3 Investments
3.3.3.1 Entry costs and rules for establishing realisable values at year end
3.3.3.1.1 Land and buildings – holdings in French non-trading real estate investment or
property development companie
3.3.3.1.2 Fixed income negotiable securities
3.3.3.1.3 Equities and other variable income securities
3.3.3.2Impairments
3.3.3.2.2Property investments, variable income securities and other investments
other than those representing the technical reserves for unit-linked policies
3.3.3.2.2.1 Property investments
3.3.3.2.2.2 Unlisted financial investments
3.3.3.2.2.3 Listed financial investments
3.3.3.2.2.4 Reserve for liquidity risk on technical commitments
3.3.3.3Investment income
3.3.3.4Financial expenses
3.3.3.5Result of disposal of investment assets
3.3.3.6Allocation of investment income
3.3.3.7Presentation of the financial result
3.3.4 Loans and receivables
3.3.5 Taxation
Notes
to the financial statements
23
Annual Report
2013
24
3.3.6 Allocation of expenses by ultimate use
3.3.7 Events after the reporting period
3.3.8 Employee benefit commitments
3.3.9 Senior executives’ remuneration
4. Notes to the balance sheet
Information on balance sheet items (€000s)
• Movements - Investments
• Operating property, plant and equipment
• Receivables maturity schedule
• Accruals - assets
• Equity
• Reserves
• Liabilities maturity schedule
• Accruals - liabilities
• Breakdown of non-life technical reserves
• Subordinated debt
• Technical reserves (amounts net of collected and estimated recoveries)
• Transactions with related parties and entities with which the Company has equity links
• Assets and liabilities in foreign currency
• Off-balance sheet commitments
Information on the income statement (€000s)
• Changes over the past three financial years in claims paid since the year of occurrence
and in the outstanding loss reserve
• Investment income and expense
• Breakdown of gross premiums by geographical region
• Portfolio movements
• Breakdown of staff expenses
• Staff
• Breakdown of expenses by type and ultimate use
• Breakdown of non-technical income and expense
• Breakdown of exceptional income and expense
• Breakdown of income tax
• Available carry-forward tax deficits
• Deferred taxation
Non-life technical result by category (€000s)
Other information (€000s)
• Combined accounts
• Information concerning subsidiaries and associates
• Information on sovereign debt exposure
• Summary statement of investments and FFIs
Notes
25
1. Company’s area of activity
ASSURANCES MUTUELLES DE FRANCE is a fixed-contribution mutual insurance company with its registered
office at 11 Place des Cinq Martyrs du Lycée Buffon in the 14th arrondissement of Paris.
ASSURANCES MUTUELLES DE FRANCE is regulated by the French Insurance Code.
Its activity consists of carrying out insurance, reinsurance and co-insurance transactions.
Pursuant to Article R. 321-1 of the French Insurance Code, ASSURANCES MUTUELLES DE FRANCE is
authorised to operate in France in the following sectors:
18/ Assistance,
30/ Reinsurance.
2.1 Operations linked to Covéa’s financial reorganisation
Following on from the legal and financial restructuring aimed at streamlining the group’s organisation through
Covéa Coopérations, ASSURANCES MUTUELLES DE FRANCE disposed of equity holdings:
 FINCORP
On 9 January 2013, ASSURANCES MUTUELLES DE FRANCE sold its 32.91% Fincorp holding to Covéa
Coopérations for €20,289 thousand. As a provision had been set aside in respect of this holding, its sale did not
generate any profit in 2013.
 GMF VIE
On 21 January 2013, ASSURANCES MUTUELLES DE FRANCE sold the 240,877 GMF Vie shares it held as a
result of the merger with La Cité Européenne to Covéa Coopérations for €22,410 thousand, resulting in a
capital gain of €2,373 thousand.
 AME Life Lux
On 9 January 2013, ASSURANCES MUTUELLES DE FRANCE sold this holding to Covéa Coopérations for
€14,353 thousand. The sale generated a profit of €553 thousand.
 Covéa Coopérations
• On 30 October 2013, ASSURANCES MUTUELLES DE FRANCE sold 48,239 Covéa Coopérations shares to
MMA IARD Assurances Mutuelles for €6,018 thousand, generating a capital gain of €5,089 thousand.
• Following the decisions taken at the Covéa Coopérations Board of Directors’ meeting of 15 November 2013, on
22 November 2013 ASSURANCES MUTUELLES DE FRANCE received an interim dividend of €9,233
thousand.
Annual Report
2013
26
On 9 December 2013, ASSURANCES MUTUELLES DE FRANCE contributed to the Covéa Coopérations
capital increase by issuing 209,835 new shares each worth €124.253 for an aggregate value of €26,073 thousand,
in accordance with the resolutions adopted at its Extraordinary General Meeting of 2 December 2013.
Following these transactions, ASSURANCES MUTUELLES DE FRANCE holds 14.41% of the capital of Covéa
Coopérations, while AM-GMF holds one-third.
 Loan to MMA Holdings UK PLC
Granted to MMA Holdings UK PLC pursuant to an agreement of 23 May 2011, this loan of €27.06 million (£23.6
million) was transferred to Covéa Coopérations by virtue of an agreement signed on 18 March 2013 in the
amount of €27.99 million, representing the principal and accrued interest.
2.2 Supplementary social loan
The social loan issued in tranches by ASSURANCES MUTUELLES DE FRANCE in the 1970s has been annulled
pursuant to Act 2008-561 of 17 June 2008 reforming the 30-year limit on civil lending arrangements. This debt has
been extinguished with effect from 19 June 2013, i.e. five years after the effective date of these new measures.
Consequently, the annulled amount of €36.7 million was recorded as exceptional income at 31 December 2013.
2.3 Tax inspection
On 15 February 2013 and 23 May 2013, the Company received two accounting verification notices advising it of
an inspection of tax return relating to tax on insurance agreements due in respect of 2010 and to corporate
income tax due in respect of 2010 and 2011.
The tax adjustment on insurance agreements relating to assistance was paid to the tax administration. MMA
IARD SA paid back €4.8 million on 9 December 2013, in accordance with the guarantee agreement.
2.4Tax risk relating to the Luxembourg subsidiary
Further to an agreement with the Directorate of Public Finance (Direction Générale des Finances Publiques) on
6 January 2014, the provision set aside in 2012 relating to the holding of ASSURANCES MUTUELLES DE
FRANCE in a Luxembourg subsidiary was written back as exceptional income in the amount of €10.72 million.
The tax adjustment was limited to €1.01 million, and related to corporate income tax for 2011 and 2012 as at 31
December 2013.
2.5 Weather events
There was a series of notable weather events in 2013 (Danube/Elbe flooding, Manni, Norbert, Othello and
Andreas hailstorms, and the St Jude storm).
The overall cost to the Company of these events was almost €18.9 million.
Excluding reinsurance, the net overall cost incurred by ASSURANCES MUTUELLES DE FRANCE was €10
million.
2.6 Tax risk reserve
A tax risk reserve in the amount of €10,724 thousand relating to ASSURANCES MUTUELLES DE FRANCE’s
28% holding in a Luxembourg subsidiary was recognised in exceptional result.
Notes
27
3. Accounting principles and methods
3.1 Accounting principles
The annual financial statements have been drawn up and presented in accordance with the provisions of the
French Insurance Code, the Decree of 8 June 1994 and the Order of 20 June 1994 transposing EEC Directive
91-674 of 19 December 1991 concerning insurance undertakings’ corporate accounts.
The change in accounting methods relating to Article R. 332-20 amortisable securities, pursuant to the French
accounting standards authority (ANC) regulation of 13 December 2013, did not have any impact on the 2013
financial statements.
3.2 Exceptions to accounting principles
None.
3.3 Description of accounting methods
3.3.1 Non-life insurance transactions
3.3.1.1
Premiums
Premiums shown are written premiums, net of cancellations and rebates, and the earned portion of
premiums to be written for the financial year.
3.3.1.2Reserves for unearned premiums and premium reserve
(Articles R. 331-6 2, A. 331-16 and A. 331-17 of the French Insurance Code)
The reserve for unearned premiums consists of the portion of premiums relating to cover of risks in (the)
subsequent financial year(s). A premium reserve is established when the estimated amount of claims
(including administrative expenses and acquisition costs attributable to the current financial year) likely
to arise after the end of the current financial year and relating to policies written before that date exceeds
the amount of the reserve for unearned premiums.
3.3.1.3 Claims (Art. R. 331-6 4, R. 331-15, R. 331-16 & R. 331-26 of the French Insurance Code)
Claims are recognised in the financial year in which they are made, based on an estimate of claims incurred
but not reported.
• Reserves for claims:
These reserves correspond to the estimated value of the expenses, in principal and fees, both internal
and external, for the settlement of all losses that have occurred and not yet been paid, including annuity
purchase prices not yet charged to the Company.
The reserves for claims comprise:
- reserves for reported claims
Reserve for claims to be paid case by case
Reported claims cases are valued at estimated actual cost including both principal and accessory
amounts. For certain risk categories such as bodily harm third-party liability, the cases are opened on
the basis of a flat fee. The valuations are revised periodically in the light of new information obtained.
- reserves for claims to be paid not yet incurred or incurred but not reported until after the inventory date
It is estimated using statistical methods such as the run-off triangle.
- a management provision to cover future expenses associated with outstanding claims, including
internal expenses
Annual Report
2013
28
It is designed to cover the internal and external expenses that will be incurred in future years for
handling claims that have occurred but not been paid on the inventory date in question. Management
costs for claims in each market segment are recognised in “claims” in the year in question, this ratio
determining the rate at which management costs are to be applied to the reserve for outstanding
claims.
• Estimated recoveries:
Recoveries are estimated by reference to historical recovery rates.
3.3.1.4 Acquisition costs (Article R. 332-33 of the French Insurance Code)
Acquisition costs for unearned premiums in the year are carried forward and amortised on a straight-line
basis over the remaining life of the corresponding policies with a maximum of five years.
3.3.2 Reinsurance transactions
As regards inward reinsurance, all items received from ceding companies are immediately recorded in the
accounts. Where information received is inadequate, the Company provisionally nets off all the balances of all
the incomplete accounts within a given financial year with a suspense account entry (provision for neutralisation
of incomplete accounts) which is reversed out at the beginning of the following financial year. Expected losses
are provisioned. If no loss is expected, the result is neutralised by a provision for incomplete accounts.
Reinsurance cessions are recognised in accordance with the terms of the various treaties.
3.3.3 Investments
3.3.3.1
Entry costs and rules for establishing realisable values at year-end
3.3.3.1.1 Land and buildings – holdings in French non-trading real estate investment or property
development companies
In accordance with current applicable legislation in force since 1 January 2005 relating to the
component method (Regulations 2002.10 and 2004.06 of the CRC (French Accounting Regulation
Committee)), ASSURANCES MUTUELLES DE FRANCE has applied this new method to its
properties.
Using technical data provided by the Premises Division and based on Hausmannian and more
recent property typology, the four types of component were established as:
• bare structure or shell,
• wind- and water-tight facilities,
• technical facilities,
• fixtures and fittings.
Notes
29
Breakdown of component parts by weighting and depreciation period:
WEIGHTING OF COMPONENTS
DEPRECIATION
COMPONENTSHAUSSMANNIAN
RECENTPERIOD
RATE p.a.
P1 Bare structure or shell 47.67%
45.00%
100 yrs
1.00%
P2 Wind- and water-tight
14.82%
19.97%
40 yrs
2.50%
P3 Technical facilities
13.24%
18.24%
27 yrs
3.70%
P4 Fixtures and fittings
24.27%16.79%
P4 Repairs to apartments 23 yrs
4.35%
10 yrs
10%
In accordance with Notice 2003.E dated 9 July 2003 of the Emergency Committee of the CNC,
the prospective method has been applied by simply assigning the relevant net book values as at
1 January 2005 to the components, without recalculating prior depreciation. Subsequent
depreciation is calculated by reference to the residual duration of the components.
Acquisition costs are recognised in profit and loss.
Finance charges linked to financing of property are not added to the cost price of properties.
Realisable values of property are determined on the basis of a five-yearly appraisal carried out by
a valuer approved by the French Prudential Control Authority. In the intervening years they are
subject to an annual estimate, certified by an approved property valuer.
Shares in unlisted non-trading real estate investment or property development companies are
valued internally on an annual basis.
Bonds and other fixed income negotiable securities are recognised at their acquisition price, net
of interest accrued at the time of purchase. The difference between this and the reimbursement
value is taken into profit and loss over the remaining maturity in accordance with Article R. 33219 of the French Insurance Code.
At the end of each financial year, the estimated realisable value of the fixed income negotiable
securities is their listed price on the last day of trading in the financial year or their market value.
3.3.3.1.3 Equities and other variable income securities
Equities and other variable income securities are recognised at their purchase price, excluding
accrued income.
Unlisted securities consist mainly of shares in related companies or equity-linked companies
(Appendix Article A. 343-1, para. 3 of the French Insurance Code).
Their realisable value at the end of the financial year is determined in accordance with the rules
set out in Article R. 332-20 of the French Insurance Code, corresponding to:
• for listed negotiable securities and instruments of all kinds, the closing price listed on the date
of the inventory;
• for unlisted securities, their market value, corresponding to the price that would be obtained
under normal market conditions and depending on their utility to the Company;
• for shares in open-ended investment companies and units in collective investment funds, the
closing redemption price published on the day of the inventory.
Annual Report
2013
30
3.3.3.2 Impairments
• Bonds covered by Article R. 332-19
These bonds are subject to a possible impairment provision for counterparty (issuer) risk in
accordance with Notice no. 2006-07 of 30 June 2006 of the CNC and the joint recommendation
of the CNC and the ACP dated 15 December 2008.
• Bonds covered by Article R. 332-20
Impairment for these bonds follows the rules for listed and unlisted investments.
As regards bonds covered by R. 332-20, the need to establish a provision can be assessed by
applying the same principles as those applying to R. 332-19 bonds, i.e. based on the concept of
observed counterparty risk.
3.3.3.2.2Property investments, variable income securities and other investments other than those
representing the technical reserves for unit-linked accounts
In principle, impairment is recognised line by line in assets when the impairment is of a permanent
nature.
3.3.3.2.2.1Property investments
Valuation and impairment principle:
Investment property is valued line by line on the basis of five-yearly property appraisals
carried out by external valuers and adjusted each year, or at market value in the event a
sale agreement (compromis de vente) has been reached at the financial year-end. This
value is compared to the net book value of each property asset and any impairment is
recognised based on the asset type and a permanent impairment criterion.
The Company’s property assets are divided into:
1 - Operating property (head office, administrative buildings, offices)
Since these assets have a utility value for the Company, any loss of value observed does
not give rise to an impairment provision.
2 -Investment property
If the appraisal value is lower than the net book value, the asset is impaired; this gives
rise to an impairment test, in which the expected future benefits to be derived from the
asset are discounted to current value.
An impairment provision is recognised if the test shows the current value to be
significantly lower than the book value.
3 - Property assets held via property companies
Units or shares of majority-held property companies are valued based on the company’s
revalued net assets, taking into account the value of their property assets as established
yearly by valuation agents.
A central ACP-approved agent issues a report on property companies’ valuation.
Minority-held non-trading real estate investment companies are also valued based on
their revalued net assets.
Provisions are set aside as necessary if the securities’ market value is lower than their
book value.
Notes
31
The “sustainability” criterion was determined as part of the Company’s strategy for
assets intended to be held long term.
Reminder concerning the 1995 regulation:
Impairment observed line by line was recognised for the first time at 1 January 1995 in
an equity suspense account. Subsequent impairment has been recognised in financial
income.
Mechanism for utilising these provisions (in accordance with CNC Notice no. 9601 of 8
March 1996):
As regards assets on which impairment has been provisioned and charged directly in
equity, any subsequent reversals are treated in the same way, except where they allow
losses on disposals to be offset through profit and loss.
In the event of disposal of assets for which a provision for permanent impairment has
been made through equity, this provision is transferred to profit and loss to the extent of
the actual loss incurred.
In the event of a surplus in the provision relative to the actual loss, such surplus is taken
back into equity.
The same applies to upward readjustments of estimated values used as a reference for
establishing the impairment as at 1 January 1995.
In the case of depreciable or amortisable assets for which a provision for permanent
impairment has been set aside, the portion of the provision rendered unnecessary as a
result of the annual amortisations is taken back directly in equity.
In the event of a partial reversal of provisions established partly at 1 January 1995 and
partly thereafter, the reversals will be applied in their entirety to the oldest provisionings.
3.3.3.2.2.2 Unlisted financial investments
These are essentially investments in related companies and equity-linked companies.
They are subject to a line by line valuation which takes account of the company’s net
situation and prospects. Where necessary, impairments are recognised.
3.3.3.2.2.3 Listed financial investments
A provision for permanent impairment is established line by line if the value in use or the
time value shows a significant discount. The methods for calculating provisions for
permanent impairment were laid down by the CNC in a Notice issued on 18 December
2002 and, in light of the current context of market volatility, in a joint recommendation
with the ACP dated 15 December 2008.
Unrealised capital losses are presumed to be of a permanent nature in the following
cases:
• where there was already a provision for impairment of this investment line at the end of
the prior financial year;
Annual Report
2013
32
• where, in the case of non-property investments, the investment has been constantly in
a significant unrealised capital loss situation relative to its book value for a period of six
consecutive months prior to the closing of the accounts;
• when there are objective indications that the Company will be unable to recover all or
part of the original value of the investment in the foreseeable future.
The criterion for significant capital loss can be generally defined, for French equities, by
reference to the observed volatility - 20% of the book value when the markets are showing
low volatility, rising to 30% in volatile market situations, as per the recommendation of 15
December 2008 of the CNC and the ACP. With a few exceptions, this also holds good for
other European equities. The criterion is adjusted, for other securities, in line with the
characteristics of the investments concerned, notably as regards UCITS and nonEuropean securities.
Over and above this criterion, all securities showing a significant unrealised capital loss
were subjected to particular scrutiny. In cases where impairment was considered intrinsic
to the security as opposed to stemming from the general fall in financial markets or the
relevant economic sector, a provision was established based on the net asset value.
In determining the net asset value of an investment, account is taken of the Company’s
intention and ability to hold the investments for a given period. A reserve is made for
securities:
• based on market value at year-end,
• based on a recoverable amount at the end of the holding period envisaged.
The Company has not used estimates of recoverable amounts to determine the net asset
value of investments. Consequently, securities considered impaired have been subject to
a provision for impairment based on market value at year-end.
3.3.3.2.2.4 Reserve for liquidity risk on technical commitments
(Decree no. 2003-1236 of 22 December 2003 – Notice no. 2004-B of 21 January 2004 of the
Emergency Committee of the CNC) - CNC Notice no. 2008-20 of 19 December 2008 and Order
of 30 January 2009
The reserve for liquidity risk is intended to cover commitments in the event of unrealised
capital losses on the assets referred to in Article R. 332-20.
If the realisable value of all investments other than fixed income negotiable securities is
less than the total value of these investments as shown in the balance sheet, the difference
is recognised as a liability in the balance sheet by way of a reserve for the liquidity risk
on technical commitments. The unrealised capital loss used to calculate the liquidity risk
reserve is determined based on an average price for the month preceding the date of
inventory, rather than the closing price. Article R. 331.5.4 of the French Insurance Code
allows the charge for the establishment of the provision to be spread. When the Company,
prior to making any addition to the liquidity risk reserve, meets its regulated commitments
and the minimum coverage requirements for solvency margin, the addition to the
liquidity risk reserve for the year will be equal to one-third of the amount of the overall
net unrealised capital loss.
Notes
33
3.3.3.3 Investment income
Investment income comprises income from investment property, notional rent from operating property
and income from financial investments. The remaining investment income comprises reversals of
provisions for financial assets (unlisted securities and financial receivables in particular) and income
from differences on redemption prices to be received.
3.3.3.4 Financial expenses
Financial management fees consist of charges on investment property, the Company’s share in losses of
non-trading real estate investment companies (Société Civile Immobilière) allocated to members and
internal and external expenses by ultimate use corresponding to the cost of running the financial service.
The remaining investment costs concern depreciation and provisions for investment property and
provisioning for financial assets.
3.3.3.5 Result of disposal of investment assets
Capital gains and losses on disposals of negotiable securities are recognised in profit and loss in the
financial year in which the disposal takes place.
In determining capital gains or losses on the sale of securities, the FIFO method is applied.
As regards bonds and other fixed income securities, the portion of the gain or loss corresponding to the
difference between the sales proceeds and their current book value is deferred and recognised directly in
equity under the capitalisation reserve (included in other reserves).
In the case of a loss, use is made of the capitalisation reserve for the same amount, within the limit of the
reserves previously constituted. These movements now being excluded from the result for tax purposes,
the corresponding tax impact is recognised in the non-technical profit and loss account, with the offsetting
entry to the capitalisation reserve (Articles R. 331-1 and A. 333-3 of the French Insurance Code).
3.3.3.6 Allocation of investment income
The portion of investment income generated by assets relating to commitments vis-à-vis insureds is
transferred to a technical result account according to a flat-rate calculation determined by the appendix
to Article A. 343-1 para. 3 of the French Insurance Code.
3.3.3.7 Presentation of the financial result
In general terms, income and expense is recognised in financial income when it:
• is directly linked to Class 2 investments;
• is indirectly linked to investments: income linked to the remuneration of subsidiaries’ current accounts,
and interest on deposits;
• concerns impairment on at-risk subsidiaries with current accounts.
Capital gains and losses linked to other non-current assets are shown in non-technical income.
3.3.4 Loans and receivables
Receivables are shown at their nominal value.
A provision for impairment is established in the event of risk of counterparty default.
3.3.5 Taxation
Since 1 January 2008, ASSURANCES MUTUELLES DE FRANCE has been part of the tax consolidation group
of which the Covéa SGAM (Group of Insurance Mutuals) is the parent company.
Annual Report
2013
34
No charge for deferred tax has been recognised to take into account temporary differences in methods of
accounting for gains and losses between the accounting and tax results.
The competitiveness and employment tax credit instigated by Article 66 of the amended French Finance Act
no. 2012-1510 of 29 December 2012 was deducted from a specific sub-account of staff costs.
The recognition of this tax credit complied with the French Accounting Standards Authority (Autorité des
Normes Comptables) notice published on 28 February 2013.
The tax credit is applicable with effect from 1 January 2013 but will only be deductible from corporate income
tax when this tax is settled in the following year.
3.3.6 Allocation of expenses by ultimate use
Management fees and commissions associated with the insurance business are recognised according to their
nature. For presentation in the financial statements they are then classified according to their ultimate use by
allocating to own expenses or by applying distribution keys, which are determined analytically having regard
to the Company’s internal organisational structure.
3.3.7 Events after the reporting period
None.
3.3.8 Employee benefit commitments
The Company’s employee benefit commitments relate to end-of-service indemnities, long service awards and
additional holiday entitlements based on years of service.
• Commitments relating to end-of-service indemnities
The Company’s commitments are valued using an actuarial method which takes into account staff turnover and
the rate of salary increases. The reference discount rate is that of the iBoxx Euro Corporate AA 10+.
The Company does not apply the preferred method set out in CNC Recommendation no. 2003-R-01.
The Company’s commitments in this area are partly covered by an insurance policy taken out with GMF Vie.
In the table of off-balance sheet commitments in the notes, the actuarial commitment plus social charges is
compared with the fund consisting of insurance premiums paid. The resulting deficit is provided for in the
“contributory” accounts.
• Long service awards
According to CRC Notice 2004-95 dated 25 May 2004, benefits paid while employees are in active service are
no longer considered on a par with pension commitments, and a tax-deductible provision must be made for
them.
The method applied is identical to that used for end-of-service indemnities.
An insurance policy has been taken out with GMF Vie.
The commitments are provided for in the accounts whenever a shortfall is observed between the actuarial
commitment and the fund consisting of premiums paid to GMF Vie.
Notes
35
• Other commitments relating to employee benefits
Pursuant to Article 39 of the National Collective Agreement of 27 May 1992 and Article 35 C of the National
Collective Agreement for the audit industry of 27 July 1992, the actuarial valuation of the additional holiday
entitlements granted to employees with 10, 20 or 30 years’ service with the Company must be provided for.
3.3.9 Senior executives’ remuneration
For reasons of confidentiality regarding executives’ remuneration we cannot indicate the remuneration allocated
to the members of the Company’s administrative and management bodies.
Annual Report
2013
36
Information
on balance sheet items
Movements - Investments
€000s
Land and buildings
Investments in related
companies and in equity-linked
companies
Other investments
Cash deposits
with cedants
Total
€000s
Gross value
1 Jan. 2013
Additions
Disposals
120,912
167
35
715,947
553,612
25,113
646,748
92,408
609,720
51,396
78,682
80,281
49,797
1,441,867
750,710
782,444
1,410,133
Deprec./amort.
& impairments
1 Jan. 2013
Deprec./amort.
allowance
Reversal of
deprec./amort.
Transfers
Gross value
31 Dec. 2013
121,044
61
-61
Transfers
648,652
590,640
Deprec./amort.
& impairments
31 Dec. 2013
Land and buildings
Investments in related
companies and equity-linked
companies
Other investments
9,312
465
21
9,756
11,840
1,114
57
9
9,444
1,063
2,453
60
Total
22,266
531
10,528
12,269
1,419,601
750,179
771,916
1,397,864
Net value
Information on
balance sheet items
37
Operating property, plant and equipment
€000s
Furniture
Other non-depreciable
non-current assets
Deposits and sureties
Gross value
1 Jan. 2013
Additions
Disposals
Transfers
Gross value
31 Dec. 2013
23
23
74
3
74
3
Total
100
100
€000s
Impairments
1 Jan. 2013
Impairments
allowance
Reversal of
impairments
Transfers
Impairments
31 Dec. 2013
Furniture
23
23
Total
23
23
Net value
77
77
Receivables maturity schedule
Receivables
€000s
portion at
<1yr
portion at
1 to 5 yrs
portion at
>5 yrs
Gross total
Impairments
Net
value
Loans
Other non-current financial assets
Receivables from direct
insurance transactions
Receivables from
reinsurance transactions
Staff
State, social security bodies
Sundry debtors
Subsidiaries
Accrued income
Prepaid expenses
Prepaid interest and rent
50,176
136,656
50,176
136,656
50,176
136,656
-180
-180
-180
6,303
18
222
435
1,045
837
6,303
18
436
758
1,120
837
Total
198,774
214
323
75
3,262
6
489
3,262
612
199,386
6,297
18
436
269
1,120
837
3, 262
495
198,891
Annual Report
2013
38
Accruals - assets
Gross value
1 Jan. 2013
Additions
Disposals
3,067
848
1
34,019
612
1
33,824
848
2
3,262
612
1,344
5,039
10,071
201
10,652
5,184
763
56
Total
10,299
44,904
50,510
4,693
€000s
Amortisation
1 Jan. 2013
Amortisation
allowance
Reversal
of amortisation
10,299
44,904
50,510
€000s
Earned interest and rent not yet due
Deferred acquisition costs
Prepaid expenses
Differences on redemption
prices to be received
Accrued income
Transfers
Gross value
31 Dec. 2013
Transfers
Amortisation
31 Dec. 2013
Accruals accounts
Total
Net value
4,693
Equity
€000s
Set-up fund
Merger premium
Total I
1 Jan. 2013
Result
allocation
Increase
31 Dec. 2013
After
allocation
177,609
177,609
177,609
280
280
280
177,889
177,889
177,889
31 Dec. 2013
After
allocation
1 Jan. 2013
Result
allocation
Other reserves
Long-term capital gains reserve
Capitalisation reserve
434,246
76,302
32,638
23,579
457,825
76,302
32,638
517,902
76,302
32,638
Total II
543,186
23,579
566,766
626,842
1 Jan. 2013
Result
allocation
31 Dec.2013
After
allocation
Retained earnings
Profit for the year
297,920
75,659
52,080
-75,659
350,000
60,077
350,000
60,077
Total III
373,579
-23,579
60,077
410,077
350,000
60,077
1,154,731
1,154,731
€000s
€000s
Grand total I + II + III
1,094,654
Increase
Decrease
Increase
Decrease
Decrease
Information on
balance sheet items
39
provisions
1 Jan.
2013
Allowance
Reversal
31 Dec.
2013
Provisions for disputes
19,269
48
*15,654
3,663
Total
19,269
48
15,654
3,663
portion
<1 yr
portion
1 to 5 yrs
portion
>5 yrs
Total
€000s
*Reversal of provision for tax dispute.
liabilities maturity schedule
liabilities
€000s
Payable in relation to reinsurance transactions
Borrowings, deposits and sureties
Cash deposits received from reinsurers
Staff
State, social security bodies
Sundry creditors
Subsidiaries
Amortisation of differences on
redemption prices
Total
3,407
394
1,994
653
2,217
1,477
8,010
246
276
73
12
2,968
3,407
394
1,994
911
2,493
1,550
8,010
2,968
20,727
989
12
21,727
€000s
1 Jan.
2013
Allowance
Reversal
31 Dec.
2013
Amortisation of differences on
redemption prices
1,475
1,493
2,968
Total
1,475
1,493
2,968
Accruals - liabilities
Annual Report
2013
40
Breakdown of non-life technical reserves
2013
2012
Gross
Share of
reinsurers and
retrocessionnaires
Net
Gross
Share of
reinsurers and
retrocessionnaires
Net
Reserve for unearned
premiums
Claims reserve
Estimated recoveries
Other technical reserves
16,504
246,102
-25
20,465
158
11,346
16,346
234,756
-25
20,465
18,288
241,643
-44
20,706
214
2,801
18,074
238,842
-44
20,706
Total
283,046
11,504
271,543
280,594
3,015
277,579
€000s
In accordance with Article R. 331-1 of the French Insurance Code, the technical reserves must be sufficient to cover
settlement in full of commitments to insureds or beneficiaries of policies.
Subordinated debt
There was no subordinated debt on the Company’s balance sheet at the closing date.
Technical reserves
(amounts net of recoveries collected or estimated)
€000s
Estimated recoveries on unpaid claims
Claims reserve (opening)
Claims paid during the year in respect of previous years
Claims reserve for previous years (closing)
Gains / Losses
2013
2012
25
234,603
73,093
153,081
44
238,019
80,208
153,923
8,429
3,888
Information on
balance sheet items
41
Transactions with related parties and entities
with which the Company has equity links
Related
companies
€000s
Securities
Units, shares
Receivables
Cash deposits with cedants
Reinsurers’ share in
technical reserves
Receivables
from reinsurance transactions
Loans
Other receivables (subsidiaries)
Debts
Technical reserves
Payable in relation to reinsurance transactions
Other liabilities (subsidiaries)
Equity linked
companies
Gross value
Impairments
Net value
Gross value
Impairments
Net value
598,591
2,452
596,138
99,122
10
99,112
7,313
7,313
8,876
8,876
1,631
50,000
921
1,631
50,000
921
66,080
1,198
7,730
66,080
1,198
7,730
140
140
Assets and liabilities in foreign currency
Assets in
foreign currency
€000s
Danish kroner
Swedish kronor
US dollar
Canadian dollar
Swiss franc
Pound sterling
Other currencies
171
244
9,704
2,104
50
25,551
15,697
Total
53,520
of which exchange
difference
-354
273
-81
liabilities in
foreign currency
of which exchange
difference
6,074
5,446
8,215
2,993
13,227
29,070
44,148
109,804
In accordance with Article A. 342-3 of the Accounting Order of 20 June 1994, the following, among others, are
considered to be transactions in foreign currency:
• movements in monetary assets and settlements in foreign currency, in particular purchases of securities
denominatedinforeigncurrencyonFrenchorforeignmarkets;
•receivablesandpayablesdenominatedinforeigncurrency.
There are two exceptions to the rule:
1 - Transactions involving securities representing an equity holding when such securities are intended to be
held over a long period in view of strategic links with the issuer, and where possession of these securities
enables the Company to exert a significant influence on the issuer or to control it (Article A. 342-3 of the Order
of 20 June 1994).
2 - Transactions within the euro zone for which exchange gains or losses ceased to be unrealised by becoming
definitive and irreversible upon closing the books at 31 December 1998 (CNC Notice no. 98-01 of 17 February
1998).
Annual Report
2013
42
Off-balance sheet commitments
31 Dec. 2013
€000s
Related
companies
Equitylinked
31 Dec. 2012
Others
Related
companies
Equitylinked
Others
Commitments received excl. reinsurance
Guarantees, sureties and finance leases
Funds constituted in respect of
retirement indemnities
125
99
517
502
Commitments given
Other Covéa set-up funds
Commitments concerning
end-of-service indemnities
Commitments concerning
individual training entitlements(1)
Liabilities guarantee
Other commitments given
20,000
Securities received as collateral
from reinsurers and retrocessionnaires
Securities received from reinsured bodies with
joint and several guarantee or under
substitution agreements
Securities belonging
to provident institutions
Other securities held on behalf of third parties
Outstandings of forward financial instruments
(1) Or 2,440 full-time hours for 2013, compared with 2,440 for 2012.
20,000
501
477
28
27
432
20
Information on
the income statement
43
Information on the income statement
Inventory
year
Changes over the past three financial years
in claims paid since the year
of occurrence and in the outstanding loss reserve
Year of occurrence
€000s
2009
(1)
2010
(1)
2011
(2)
28,552
3,319
2,947
-3
17
387
Total claims (C)
28,549
3,336
3,334
Earned premiums (P)
67,902
5,249
6,240
42.04%
63.55%
53.43%
28,549
3,319
3,272
3,170
-2
1
27
466
Total claims (C)
28,547
3,320
3,300
3,636
Earned premiums (P)
67,892
5,248
6,266
7,183
42.05%
63.27%
52.66%
50.62%
28,549
3,320
3,275
3,579
3,303
3
1
57
557
Payments
2011
Reserves
Percentage (C/P)
Payments
2012
Reserves
Percentage (C/P)
Payments
2013
Reserves
2012
2013
Total claims (C)
28,549
3,323
3,276
3,636
3,860
Earned premiums (P)
67,892
5,252
6,276
7,206
7,722
42.05%
63.27%
52.20%
50.46%
49.99%
Percentage (C/P)
(1)The 2009 inventory consists solely of MMA IARD SA assistance policies.
(2) From 2010 on the inventory consists solely of La Sauvegarde SA assistance.
Annual Report
2013
44
Investment income and expense
In related companies
Others
Financial
income
Financial
expense
Total
Income from related companies
(Art. 20, Decree of 29 Nov ’83) 29,840
9,501
20,340
€000s
Income from investment
property
Income from other
investments
Other financial income
(commissions, fees, etc)
Financial income=
total item III 3
153
-153
29,840
Financial expense=
total item III 5
Total income
and expenses from investments
Financial
income
Financial
expense
Total
Total
Financial
income
Financial
expense
Net
29,840
9,501
20,339
2,982
3,174
-193
2,982
3,174
-193
43,418
19,967
23,451
43,418
19,967
23,451
166
166
153
13
166
46,565
9,654
76,406
23,142
20,186
32,796
23,424
43,610
Breakdown of gross premiums by geographical region
€000s
2013
2012
25,222
75,115
39,244
24,554
74,322
41,452
139,582
140,328
2013
2012
Additions
None
None
Disposals
None
None
2013
2012
Salaries
Pension fund contributions
Social charges
Others
2,304
23
1,278
396
2,326
21
1,287
49
Total
4,001
3,683
France
EU (ex. France)
Non-EU
Total gross premiums
portfolio movements
€000s
Breakdown of staff expenses
Information on
45
Staff
Workforce by category
2013
2012
Non-executive
Executive
7
18
8
18
Total
25
26
2013
2012
Staff costs
Rates and taxes
Inward insurance commissions
External services*
Operating impairments
Ancillary income
4,001
1,327
32,954
17,967
48
-1,636
3,683
1,188
33,086
12,145
362
-1,503
Total
54,661
48,961
2013
2012
Acquisition costs (excl. change in acquisition costs brought fwd.)
Administrative expenses
Internal financial management fees
External financial management fees
Other technical charges
Other non-technical charges
34,284
525
231
199
13,721
**5,701
34,912
865
217
82
11,747
1,138
Total
54,661
48,961
Breakdown of expenses by type and ultimate use
Expenses by type
* Of which auditors’ fees of €182,000 in 2013 and €150,000 in 2012.
Expenses by ultimate use
** Of which €4,834 thousand in respect of tax inspection.
Annual Report
2013
46
Breakdown of non-technical income and expense
Non-technical income
2013
2012
Reversal of tax inspection risk provision
Reversal of tax capitalisation reserve
Guarantee on tax risk
Other income
4,929
-37
46
16
221
213
22
Total
4,938
472
2013
2012
48
221
141
Non-technical expense
Impairments, tax inspection
Addition to capitalisation reserve
Expense arising from tax inspection
Other expense
4,834
819
776
Total
5,701
1,138
2013
2012
Breakdown of exceptional income and expense
Exceptional income
Impairments written back
Other exceptional income
*10,725
**36,753
Total
47,478
*Provision for tax dispute.
** Of which €36,717 thousand in respect of statutory annulment of the supplementary social loan.
Exceptional expense
2013
2012
Provision for impairment of exceptional expenses
Other sundry exceptional expenses
93
*10,725
43
Total
93
10,768
Information on
47
Breakdown of income tax
Relating to
current year
Relating to
previous years
Total
Relating to ordinary operations
Relating to exceptional income and charges
11,304
12,655
451
11,755
12,655
Total
23,959
451
24,410
Available carry-forward tax deficits
None.
Deferred taxation
2013
2012
A. Assets (inclusions giving rise to subsequent deductions)
Provisions reinstated during the year
Difference in NAV of UCITS
28,580
14,972
18,903
14,604
Total deferred tax assets
43,552
33,507
B. Liabilities (deductions giving rise to subsequent inclusions)
Deferred acquisition costs
Capital gain on merger of Alsacienne IARD
612
3,534
848
3,618
Total deferred tax liabilities
4,146
4,466
43,552
4,146
39,406
33,507
4,466
29,041
-13,567
-9,999
1,060,312
762
1,059,656
767
262
264
44,043
43,781
C. Calculation of deferred tax at the statutory tax rate
Deferred tax assets
Deferred tax liabilities
Balance
Deferred tax at statutory rate
D. Deferred tax at reduced rate
Net long-term capital loss
Deferred tax at reduced rate
E. Latent tax (tax paid in the case of sale of securities)
Group subsidiaries, long-term
Group subsidiaries, short-term
Latent tax
Proportion of charges and expenses
Annual Report
2013
48
Non-life technical result by category
Personal Personal
Total
General Assistance
Sub-total
accident accident
motor civil individual goup
vehicles liability policies policies
€000s
(cat.20) (cat.21)(cat.22-23) (cat.28) (cat.29-31)(cat.20-31)
Premiums earned
7,759
7,759
Written premiums
7,951
7,951
Change in unearned premiums
193
193
Claims incurred
3,841
3,841
Claims and related expenses paid
3,716
3,716
Change in claims
reserve
125
125
A - Underwriting balance
3,918
3,918
Acquisition costs
1,566
1,566
Other management expenses, net
1,071
1,071
B - Net acquisition
and management expenses
2,637
2,637
Investment income
124
124
Profit sharing
C - Financial balance
124
124
– earned premiums
6,983
6,983
– claims paid
3,344
3,344
– change in claims reserve
111
111
– profit sharing
– commissions received from reinsurers
1,536
1,536
D - Reinsurance balance
-1,992
-1,992
Technical result [A - B + C - D]
-587
-587
Off-balance sheet
Unearned premiums (closing)
3,656
3,656
Unearned premiums (opening)
3,464
3,464
Outstanding claims reserve (closing)
618
618
Outstanding claims reserve (opening)
493
493
Other technical reserves (closing)
Other technical reserves (opening)
Non-life technical
result by category
49
Non-life technical result by category
€000s
Marine
Sub-total
(cat.34)
(cat.34-38)
Total
direct
business
France
(cat.20-38)
Inward business
in France
Grand
total
Premiums earned
Written premiums
Change in unearned premiums
7,759
7,951
193
132,626
131,630
-996
140,385
139,582
-804
Claims incurred
Claims and related expenses paid
Change in
claims & sundry reserve
3,841
3,716
90,552
79,444
94,393
83,160
125
11,107
11,233
A - Underwriting balance
3,918
42,075
45,992
Acquisition costs
Other management expenses, net
1,566
1,071
32,954
13,174
34,520
14,245
B - Net acquisition and
management expenses
2,637
46,128
48,765
Investment income
Profit sharing
124
9,153
9,277
C - Financial balance
124
9,153
9,277
6,983
3,344
111
21,985
6,812
8,543
28,968
10,156
8,654
1,536
5,650
7,186
-1,992
-980
-2,972
-587
4,119
3,532
3,656
3,464
618
493
12,848
13,844
245,459
234,111
20,465
20,706
16,504
17,308
246,077
234,603
20,465
20,706
– earned premiums
– claims paid
– change in claims reserve
– profit sharing
– commissions received from reinsurers
D - Reinsurance balance
Technical result [A - B + C - D]
Off-balance sheet
Unearned premiums (closing)
Unearned premiums (opening)
Outstanding claims reserve (closing)
Outstanding claims reserve (opening)
Other technical reserves (closing)
Other technical reserves (opening)
Annual Report
2013
50
Other information
Combined accounts
The accounts of ASSURANCES MUTUELLES DE FRANCE are fully consolidated in the combined accounts of the
Covéa SGAM (7, Place des Cinq Martyrs du Lycée Buffon, 75015 Paris).
Information concerning subsidiaries and associates
Capital
Equity Percentage of Book value Loans and
other capital
of shares held
advances
than
held granted by the
capital
Company and
Gross
Net not yet repaid
A. Detailed information
on all securities whose gross value
exceeds 1% of the capital of the
company subject to disclosure requirements
1. SUBSIDIARIES (more than 50% of the capital held)
EURAZUR SA - Luxembourg
AME REASSURANCES - Paris 15
arrondissement - 334489804
2,433
1,226
100.00%
4,687
2,433
12,000
6,508
100.00%
13,700
13,700
140,669
9,887
65.57%
98,690
98,690
30,000
13
28.00%
8,404
8,404
2,202,785 2,273,788
14.41%
571,601
571,601
th
SCI BOISSY ROYALE - PARIS - 338630288
2. HOLDINGS
(between 10% and 50% of the capital held)
COVEA LUX - Luxembourg
COVEA COOPERATIONS
Le Mans (72100) - 439881137
50,000
B. Aggregate information on other
securities whose gross value does
not exceed 1% of the capital of
the company subject to disclosure requirements
French subsidiaries355147398
Foreign subsidiaries
Holdings in French companies
76
Holdings in foreign companies
Other information
51
Amount of sureties and guarantees given by
the company
Total premium income excl.
tax for last financial year
Results (profit or loss
for last financial year ended)
Dividends received by the
company during
the financial year
under review
Observations
EURAZUR SA - Luxembourg
91
2011 balance sheet
AME REASSURANCES - Paris 15
arrondissement - 334489804
101
A. Detailed information
on all securities whose gross value
exceeds 1% of the capital of the company
subject to disclosure requirements
1. SUBSIDIARIES (more than 50% of the capital held)
th
SCI BOISSY ROYALE - PARIS - 338630288
8,456
3,436
2,521
154,971
250,121
9,233
2. HOLDINGS
(between 10% and 50% of the capital held)
COVEA LUX - Luxembourg
COVEA COOPERATIONS
Le Mans (72100) - 439881137
B. Aggregate information on other
securities whose gross value does
not exceed 1% of the capital of
the company subject to disclosure requirements
French subsidiaries
Foreign subsidiaries
Holdings in French companies
Holdings in foreign companies
Information on sovereign debt exposure
Country Country
Gross
Value
Net
Realisable
Redemption Weighting of
code
value
adjustments
value
value
value
redemption value
France FR 209,499
-1,900207,599 209,147
205,613
6.38%
GermanyDE
4,270
-34
4,235
4,841
4,200
0.15%
ItalyIT 766
139905 814
894
0.02%
Others
35,193
2
35,194
35,516
35,098
1.08%
Total I :
Sovereign debt
249,727
-1,794247,934 250,318
245,805
7.64%
Other investments* Total II
Total I + II :
Investments
1,160,195
1,160,195
-12,469
-12,469
1,147,726
1,147,726
1,409,922
-14,263 1,395,660
3,026,959
3,026,959
3,277,277
73,599
73,599
319,404
92.36%
92.36%
100.00%
* Of which other assets:
CountryCountry
code
GermanyDE
Italy IT
Gross
Value
valueadjustments
None
Net
Realisable
value
value
Annual Report
2013
52
Summary statement of investments and FFIs
€000s
I - – Investments and forward
financial instruments (detail of items 3 and 4
of assets and forward financial instruments)
1. Investment property
and property investment in progress
FFI investment or disinvestment strategies
FFI yield strategies
2. Equities and other variable income
securities other than units in UCITS
as at 31 Dec. 2013
as at 31 Dec. 2012
Gross value
in balance
sheet
Net
value
Realisable
value
Gross value
in balance
sheet
Net
value
Realisable
value
121,044
111,288
177,969
120,913
111,600
175,822
599,835
597,322
2,390,866
708,985
696,032
2,260,931
224,961
224,961
225,048
3. Units in UCITS (other than those in 4)
4. Units in UCITS holding exclusively fixed
income securities
182,433
182,433
190,313
3,516
3,516
11,016
319,781
317,892
322,742
213,636
216,069
223,752
7. Other loans and similar instruments
50,176
50,176
50,176
79,094
79,094
79,094
8. Deposits with ceding companies
56,629
56,525
65,187
58,233
58,175
66,638
80,024
80,024
80,024
30,024
30,024
30,024
12. Total lines 1 to 11
1,409,922
1,395,660
3,277,277
1,439,360
1,419,471
3,072,324
of which, total FFIs
of which, total investments
1,409,922
1,395,660
3,277,277
1,439,360
1,419,471
3,072,324
5. Bonds and other fixed income securities
6. Mortgage loans
9. Deposits (other than those in 8), cash
guarantees and other investments
10. Assets representing
unit-linked contracts
11. Other forward financial instruments
FFI pending investment
FFI other transactions
Other information
53
État récapitulatif des placements et IFT
€000s
I - – Investments and forward
financial instruments (detail of items 3 and 4
of assets and forward financial instruments)
as at 31 Dec. 2013
as at 31 Dec. 2012
Gross value
in balance
sheet
Net
value
Realisable
value
Gross value
in balance
sheet
Net
value
Realisable
value
323,533
321,539
521
2,656
326,457
217,387
219,764
585
3,570
227,374
1,086,389
1,074,121
2,950,820
1,221,973
1,199,707
2,844,950
1,409,922
1,395,660
3,277,277
1,439,360
1,419,471
3,072,324
1,303,056
1,288,898
3,161,853
1,301,972
1,282,139
2,926,530
56,629
56,525
65,187
58,233
58,175
66,638
50,237
50,237
50,237
79,156
79,156
79,156
Total
1,409,922
1,395,660
3,277,277
1,439,360
1,419,471
3,072,324
c) Of which:
Investments and forward financial instruments
in OECD countries
Investments and forward financial instruments
outside OECD countries
1,409,848
1,395,649
3,277,266
1,439,286
1,419,460
3,072,313
74
11
11
74
11
11
Total
1,409,922
1,395,660
3,277,277
1,439,360
1,419,471
3,072,324
a) Of which:
Investments valued in accordance with Article
R. 332.19 and related forward financial instruments
including discount not yet amortised,
dont but excluding redemption premium.
Total
b) Of which:
Securities assignable to represent
technical reserves other than
those referred to below
Securities guaranteeing commitments
to provident institutions
or covering managed investment funds
Securities deposited with cedants
(incl. securities deposited with cedants
where the Company is joint and several guarantor)
Securities allocated to special technical reserves
for other business in France
Other allocations or unallocated
€000s
II - Assets that may be allocated to represent technical
reserves (other than investments, forward
financial instruments and reinsurers’ share in
the technical reserves)
Table H)
as at 31 Dec. 2013
Gross value
in balance
sheet
Net
value
Realisable
value
Gross value
in balance
sheet
Net
value
Realisable
value
97,538
97,538
97,538
62,132
62,132
62,132
Realisable
value
Gross value
in balance
sheet
€000s
III - Securities belonging to
provident institutions
as at 31 Dec. 2012
as at 31 Dec. 2013
Gross value
in balance
sheet
Net
value
as at 31 Dec. 2012
Net
value
Realisable
value
Annual Report
2013
54
Summary statement of investments and FFIs
€000s
as at 31 Dec. 2013
as at 31 Dec. 2012
Gross value
in balance
sheet
Net
value
Realisable
value
Gross value
in balance
sheet
Net
value
Realisable
value
21,641
12,014
69,853
21,510
12,307
68,489
99,403
99,274
108,116
99,403
99,293
107,332
Sub-total
121,044
111,288
177,969
120,913
111,600
175,822
Total or item 3a land and buildings
shown as assets in the balance sheet
(accounts 21, 22, 28 and 29)
in net value column
Of which down-payments (non-capitalised
advances to unlisted non-trading real
estate investment companies)
121,044
111,288
177,969
120,913
111,600
175,822
90
90
90
90
90
90
Details of land
and buildings
Operating property
Rights in rem
Shares in unlisted non-trading real estate
investment or property
Sub-total
Other assets
Rights in rem
Shares in unlisted non-trading real estate
investment or property
€000s
Amount of holdings and
units in related companies
held in insurance
undertakings
Accounts 25052 and 25053
as at 31 Dec. 2013
as at 31 Dec. 2012
Gross value
in balance
sheet
Net
value
Realisable
value
Gross value
in balance
sheet
Net
value
Realisable
value
22,104
22,104
27,765
42,141
42,141
45,415
assurances mutuelles de france m annuAl REPORT 2013
Paris Trade & Companies Registry No. 323 562 678
0232.8 - This document is printed on 100% recycled paper
ASSURANCES MUTUELLES DE FRANCE
11, place des Cinq Martyrs du Lycée Buffon – 75014 Paris

assurances mutuelles de france

Transcription

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