ASSURANCES MUTUELLES DE FRANCE
7, avenue Marcel Proust - 28000 Chartres
Chartres Trade & Companies Registry No. 323 562 678
0232.7 - This document is printed on 100% recycled paper
assurances mutuelles de france m ANNUAL REPORT 2012
2012
annual report
Assurances
Mutuelles
de France
Combined Ordinary and Extraordinary General
Meeting, 6 June 2013
CONTENTS
Board of Directors
2
Board of Directors’ Management Report
4
Statutory Auditors’ General Report 15
Resolutions 17
Balance Sheet as at 31 December 2012 20
Income Statement for the year ended 31 December 2012 22
Notes to the financial statements 23
Annual Report
2012
02
Board of Directors
as at 31 December 2012
Thierry Derez,
Chairman
Alex Capelle,
Director and Vice-Chairman
GENERAL MANAGEMENT
M. Jean Fleury,
Chief Executive Officer
Jean-Louis Wagner,
Director and Vice-Chairman
STATUTORY AUDITORS
Xavier Dejaiffe,
Director
Titulaires
Christian Delahaigue,
Director
ERNST & YOUNG et Autres
represented by Olivier DRION
Alexis Lehmann,
Director
PricewaterhouseCoopers Audit
represented by Gérard COURRÈGES
and Michel LAFORCE
Jean-Marie Meckler,
Director
Marie-Hélène Roncoroni,
Director
Jean Soubielle,
Director
Valérie Denni,
Director elected by employees
Serge Dussaussois,
Director elected by employees
Diane HAMEN,
Alternate director elected by employees
Ginette SAVOLDI,
Alternate director elected by employees
Louis Fraisse,
Non-voting board member
Rémy Vergès,
General Agents’ representative
ALTERNATES
Éric Dupont
PICARLE & Associés
represented by Pierre PLANCHON
AUDIT COMMITTEE
Christian DELAHAIGUE,
Chairman
Jean-Marie MECKLER
Jean-Louis WAGNER
Board
of Directors
03
MANAGEMENT OF THE AM-GMF GROUP
as at 31 December 2012
Thierry Derez,
Chairman and Chief Executive Officer
Hervé Jubeau,
Assistance Protection Juridique
Catherine Armand,
AIS GMF
Sylvie Kordeusz,
TElEassurances
Ghislaine Bailly,
Covéa Finance
Sylvie Lagourgue,
Marketing and Communication,
member of the Executive Committee
Didier Bazzocchi,
Managing Director
Health and Life Insurance,
member of the Executive Committee
Sophie Beuvaden,
Managing Director Finance
member of the Executive Committee
Valérie Cohen,
Technical
Manuel de Dieuleveult,
Human Resources
member of the Executive Committee
Jean-Jacques Derosiaux,
Information Technology
Serge Dussaussois,
Inward reinsurance
Bruno Fabre,
Collections, Logistics, Production, Purchasing
Jean Fleury,
Managing Director
General Secretariat,
member of the Executive Committee
Patrice Forget,
Managing Director
GMF Group, member of the Executive Committee
Michel Gougnard,
Managing Director
AIS, member of the Executive Committee
Philippe Haon,
Taxation
François Josse,
Assistance
Olivier Le Borgne,
Financial strategy
Loic Lecallo,
Property management
Didier Ledeur,
Life and financial offering
Bertrand Lefebvre,
General control
and Risk management
Marie-Aline Moure,
Partnerships
Maud Petit,
Combination of the Covéa group’s financial statements
Claude Pletinckx,
Asset management
Richard Rey,
Outward reinsurance
Dominique Salvy,
International
Claude Stoki,
Accounting
Françoise Stoki,
Administration
Laurent Tollié,
Managing Director Insurance,
member of the Executive Committee
Nicolas Villain,
Commercial network
Annual Report
2012
04
Board of Directors’
Management Report
Combined Ordinary and Extraordinary General Meeting, 6 June 2013
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 2012 for your approval.
2012
Solid resilience in a difficult market
From an economic and financial point of view, 2012 followed in the wake of 2011: a difficult year, particularly
economically, with zero growth and a marked surge in unemployment. Although signs of easing emerged at the
year-end on the financial markets, the general environment remained one of considerable uncertainty and
instability.
Despite this unfavourable context, the dynamism of GMF’s sales networks fuelled significant growth in the number
of policies distributed by LA SAUVEGARDE, for which our mutual company underwrites the assistance cover.
As regards the inward reinsurance business, prices remained steady owing to the absence of major disasters in
the geographical areas covered by our mutual company’s underwriting activity. At the same time, the gradual
transition of cedants’ protection programmes from proportional to non-proportional reinsurance is automatically
leading to a decrease in premiums volume.
At the end of 2012 the Covéa group passed a new milestone in its development with the creation of Covéa
Coopérations. This new entity has made it possible to optimise and streamline the group’s legal and financial
structure. This will give Covéa the means to cement its long-term future, increase its scope for deploying
resources and ready itself for upcoming regulatory changes.
1. Company activity
2. Highlights of the year
Our Company’s activity covers the following areas:
• Assistance cover to complement insurance policies subscribed with LA SAUVEGARDE;
• Inward reinsurance treaties.
Extraordinary dividends; legal and financial reorganisation
The Covéa group created Covéa Coopérations to optimise and streamline its legal and financial structure.
Covéa Coopérations will give the Covéa SGAM (Société de Groupe d’Assurances Mutuelles) a simpler legal
structure that will enable it to increase the group’s scope for deploying resources while strengthening its
financial capacity and limiting the impact of new regulatory constraints.
The purpose of this reorganisation is to combine the group’s holdings into a single structure.
It has resulted in Covéa Coopérations, an intermediate entity between the MAAF, MMA and AM-GMF parent
mutual companies and the operational companies that carry the group’s activities, becoming the sole owner of
the operational companies.
The following transactions were carried out to achieve the Covéa group’s target legal structure:
•C
ontribution by the Covéa group members of their shares in the operational companies to MMA Coopérations,
in exchange for MMA Coopérations shares;
Board of Directors’
Management Report
05
•M
erger of AZUR-GMF Mutuelles d’Assurances Associées (acquired company) with MMA Coopérations
(acquiring company) to form the company “Covéa Coopérations”.
These restructuring operations were carried out in accordance with the provisions of CRC regulation 2004-01
of 4 May 2004 relating to the accounting treatment of mergers and equivalent transactions, i.e.:
•b
ased on the net book value when the contributed shares resulted in the transfer of direct or indirect control
from a company to MMA Coopérations; or
•b
ased on the market value in all other cases.
Following the transactions carried out during the past financial year the various holdings by division are as
follows:
- AM-GMF: 33.98% ;
- MAAF: 33.96% ;
- MMA: 32.06%. The transactions that some MMA entities will carry out during the next financial year will result in equal
ownership by 31 December 2013, with each division owning one-third.
•F
urther to a decision made at its Combined Ordinary and Extraordinary General Meeting of 28 September
2012, AZUR-GMF Mutuelles d’Assurances Associées distributed an extraordinary dividend of €118,882
thousand, or €9.5 per share. The share of this dividend due to ASSURANCES MUTUELLES DE FRANCE,
which came to €57,234 thousand, was paid on 16 November 2012 and booked as financial income.
• I n accordance with the decision made at the General Meeting of ASSURANCES MUTUELLES DE FRANCE
on 10 December 2012 and that of MMA Coopérations on 28 December 2012 approving the share contribution
agreement of 19 November 2012, ASSURANCES MUTUELLES DE FRANCE transferred 6,024,583 AZURGMF Mutuelles d’Assurances Associées shares for a value of €196,121 thousand and 915,201 GMF VIE shares
for a value of €76,974 thousand, representing an overall book value of €273,095 thousand, to MMA Coopérations.
To remunerate this contribution 12,049,297 MMA Coopérations shares with a par value of €16 were created.
The shareholders approved the merger project at the Extraordinary General Meetings of AZUR-GMF Mutuelles
d’Assurances Associées and MMA Coopérations on 28 December 2012.
As a result of these transactions, MMA Coopérations became Covéa Coopérations and ASSURANCES
MUTUELLES DE FRANCE owns 14.71% of this new company.
•A
€50 million loan was granted to MMA Coopérations on 17 December 2012 for a 24-month term bearing
interest at a rate of 12-month Euribor plus 50 basis points.
Sovereign debt
Following implementation of the Greek bailout plan in accordance with the Eurogroup agreement of 21 February
2012, on 8 March 2012 ASSURANCES MUTUELLES DE FRANCE took part in the bond swap, with a value date of 12
March based on the date of the bank’s transaction statements, before selling all of its Greek bonds in May and June.
The impact of the resulting €5,770 thousand capital loss was reduced by the reversal of the €5,005 thousand provision
booked in 2011 as well as €287 thousand from the capitalisation reserve.
The negative impact on profit after capitalisation reserve tax and income tax was limited to €278 thousand. The
capitalisation reserve reversal did not fully offset the loss remaining following the provision reversal because
certain of the Greek securities held bore floating rates, making them ineligible for the capitalisation reserve
(Article R. 333-1 of the French Insurance Code).
Annual Report
2012
06
In 2012, ASSURANCES MUTUELLES DE FRANCE sold its Spanish bond holdings. Details of the sovereign
exposure are provided in the notes to the financial statements.
Holdings, acquisitions and disposals
• AME Life Lux
On 2 April 2012, ASSURANCES MUTUELLES DE FRANCE acquired 63,998 AME Life Lux shares from AME
SA for €13,800 thousand, representing 80% of this subsidiary’s share capital.
• Welcare
On 21 December 2012, ASSURANCES MUTUELLES DE FRANCE sold its WELCARE holding to a company
outside the group for €905 thousand, resulting in a capital gain of €134 thousand.
• La Sauvegarde
O
n 19 December 2012, ASSURANCES MUTUELLES DE FRANCE sold its shares in LA SAUVEGARDE to
MMA Coopérations for €110,816 thousand with no resulting capital gain or loss, related reserves having been
set aside in 2011 in the amount of €9,320 thousand and in 2012 in the amount of €6,804 thousand.
• Bipieme Vita Spa
I n accordance with the decision taken at Bipiemme Vita SpA’s General Meeting of 15 February 2012,
ASSURANCES MUTUELLES DE FRANCE subscribed to a two-part capital increase in this subsidiary:
1.in February, when it bought 1,179,360 shares for €5,897 thousand, and
2.in April, when it bought 486,000 shares for €2,430 thousand.
Further to the commitments received by ASSURANCES MUTUELLES DE FRANCE in 2011, in April Banque
Populaire de Milan made a markdown of €2,417 thousand, following that of €5,897 thousand booked in 2011.
his holding was sold to MMA Coopérations on 19 December 2012 for €83,287 thousand, resulting in a capital
T
gain on disposal of €2,274 thousand.
• La Cité Européenne
Assurances Mutuelles de France now wholly owns LA CITÉ EUROPÉENNE following its acquisition
in 2012 of non-controlling interests amounting to a book value of €19,757 thousand.
In accordance with the merger agreement of 15 November 2012, ASSURANCES MUTUELLES DE FRANCE
absorbed LA CITÉ EUROPÉENNE which, in exchange for its partial asset contribution to GMF VIE, was
remunerated by 240,877 GMF VIE shares in the amount of €20,037 thousand. Following these transactions,
ASSURANCES MUTUELLES DE FRANCE now owns 240,877 GMF VIE shares. The merger premium arising
from these transactions is recognised in equity in the merger premium account, in the amount of €280 thousand.
• Fincorp
G
iven this company’s valuation it was the subject of a provision reversal at the end of the financial year in the
amount of €3,219 thousand.
Tax inspection
On 8 October the group received a tax collection notice concerning an adjustment relating to the 2008 and 2009
insurance agreements, and paid the tax authority €12,592 thousand. MMA, having covered this risk, paid out the
required amount on 19 October 2012.
Board of Directors’
Management Report
07
Capitalisation reserve
Article 17 of the 2013 French Budget Act (Loi des Finances) provides for an additional “exit tax” on amounts
recognised in reserves, alongside the 10% tax provided for by Article 23 of the 2011 French Budget Act.
This additional tax of 7% is levied on the same base as the previous exit tax, this being the amount of the capitalisation reserve on 1 January 2010 or, if lower than this amount, the amount of the capitalisation reserve at the
beginning of the 2012 financial year. The cumulative amount of extraordinary tax paid and additional tax may
not exceed 5% of equity at the beginning of the financial year.
Given the Budget Act’s publication date, this contribution is recognised as a tax liability on the 2012 balance
sheet. It has been deducted from the balance carried forward in the amount of €2,080 thousand.
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.
Financial statements for 2012
Premium income
Total premium income, corresponding to direct earned premiums and inward reinsurance premiums, net of
cancellations, amounted to €136.74 million, compared with €140.18 million in the previous year (-2.45%).
The breakdown is as follows:
2012
2011
e millions
Change
2011/2012 in %
Direct business (Assistance)
Inward reinsurance
7.20
129.54
6.28
133.90
+14.73
-3.26
Total
136.74
140.18
-2.45
Income from investments
Net income from investments came to €99.30 million compared with €21.79 million in 2011. It includes an
extraordinary dividend of €57.23 million paid by AZUR-GMF Mutuelles d’Assurances Associées and a €6.63
million increase in the regular dividend of AZUR-GMF Mutuelles d’Assurances Associées.
The capitalisation reserve remained stable, amounting to €32.64 million at 31 December 2012.
Holdings of over 5% acquired in 2012
The Company took a 14.71% stake in the capital of Covéa Coopérations following the contributions of shares
from AZUR-GMF Mutuelles d’Assurances Associées and GMF VIE.
The Company took an 80% stake in the capital of AME Life Lux.
Holdings of over 5% disposed of in 2012
The Company disposed of a 49.77% stake in the capital of LA SAUVEGARDE.
The Company disposed of a 32.91% stake in the capital of Bipiemme Vita SpA.
The Company disposed of a 10.28% stake in the capital of WELCARE.
Annual Report
2012
08
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 €90.04 million in 2012 compared with €94.30 million the previous year.
2012
2011
e millions
Change
2011/2012 in %
Direct business (Assistance)
Inward reinsurance
3.583
86.458
3.235
91.065
10.75
-5.06
Total
90.041
94.300
-4.52
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/expenses and acquisition costs carried forward, came to €48.11 million (excluding litigation), or 35.19%
of total earned premiums.
Cessions and retrocessions
The result of cessions and retrocessions represented a charge of €11.2 million.
Technical result
The technical result was a profit of €10.5 million.
Result
The 2012 result was a profit of €75.6 million.
Balance Sheet
Asset management:
a) Portfolio performances:
Our bond portfolio posted a performance of +3.82% compared with its benchmark’s +8.62%.
b) Investments:
Realisable value
e millions
2012
2011
ChangeProportion
Bonds
Equities
Real estate
Loans/Deposits
Money market UCITS
250.01
2,260.93
175.82
160.51
225.05
231.35
2,616.57
169.62
82.04
25.76
8.07%
-13.59%
3.66%
95.66%
NS
8.14%
73.59%
5.72%
5.22%
7.33%
Total
3,072.32
3,125.33
-1.70%
100%
Board of Directors’
Management Report
09
At year-end 2012 we had no direct or indirect exposure to:
• s ub-prime loans;
• s ecuritisation SPVs used to refinance sub-prime real estate loans in the first or second degree;
• UCITS specialising in the credit market or otherwise having acquired shares or units in securitisation SPVs
with sub-prime underlying assets; or
• a ny assets of a company or fund that had suspended payments (Lehman Brothers, Madoff funds).
• t he credit risk on the private-sector bonds in the portfolio is well identified and corresponds to the direct risk
on the issuer.
Regulatory ratios
As at 31 December 2012, the solvency margin was covered 34.72 times, excluding unrealised capital gains.
With a surplus amounting to €305 million, performance of our technical commitments is assured.
Associate mutual company
La Garantie Mutuelle des Fonctionnaires
Since the establishment of GMF ASSURANCES in 1995, LA GARANTIE MUTUELLE DES FONCTIONNAIRES
has concentrated its activity on underwriting of 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 amounted to €108.50 million, up by 6.9% on 2011.
The result for the year was a surplus of €217.95 million. This exceptional result arises from the extraordinary
dividend paid by AZUR-GMF Mutuelles d’Assurances Associées and GMF ASSURANCES in the amount of
€171.40 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 €115.51 million.
Written premiums came to €1,450.10 million, up by 3.85% on the previous year.
The number of members increased by 2%.
Overhead expenses amounted to €415.21 million, up by 7.42%.
Net income from investments amounted to €134.38 million, compared with €98.66 million in 2011.
The amount of unrealised capital gains stood at €1,035 million as against €808 million in 2011.
La Sauvegarde
LA SAUVEGARDE is involved in property and casualty and assistance insurance for associations and non-civil
servant individuals.
Annual Report
2012
10
In 2012 it posted a 6.68% increase in earned premiums.
Its net result was a profit of €48.2 million, arising from the capital gain on the sale to MMA IARD Assurances
Mutuelles, MAAF SANTÉ and CATALOGNE Participations of its stake in AZUR-GMF Mutuelles d’Assurances
Associées for €46.7 million.
Covéa Coopérations
Covéa Coopérations is 33.96% owned by the MAAF mutual companies, 33.98% by AM-GMF and 32.06% by
MMA.
This holding company directly and indirectly holds the operational companies of the three brands MAAF, AMGMF and MMA.
Its result in 2012 was a surplus of €189.4 million. This was made up mainly of the dividends paid out on its
holdings.
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 grew by 7% to €400.2 million.
The gross charge for claims increased by 6% to €243.57 million.
The company posted a profit for the year of €9.29 million.
Assistance Protection Juridique
The total gross premium income of ASSISTANCE PROTECTION JURIDIQUE grew by 4.5% to €115.8 million.
It consists exclusively of direct business.
With new business holding up well in 2012, 93,361 new policies being written, 1.4% more than in the previous
year, the portfolio of individual policies distributed by the GMF network reached 1,010,217 policies at 31
December.
ASSISTANCE PROTECTION JURIDIQUE’s net profit of €17.1 million bears witness to its excellent financial
health.
GMF Vie
GMF VIE generated a premium income of €1,298.4 million in 2012, down by 8% from 2011 in line with the 8%
decline in the French life insurance market.
The total number of insureds rose by 2.9% to 786,780. They hold 876,129 policies.
The reserve for profit sharing represented 1.7% of managed savings as at 31 December 2012.
The technical reserves for the policies amounted to €16,676 million at year-end, up by 4.7% on 2011.
Net profit, at €60.9 million, was up by 47.2% compared with the previous year.
Companies operating outside France
Luxembourg
AME Life Lux
Total premium income for the year was €38.16 million.
The 2012 result was a profit of €1.56 million.
Board of Directors’
Management Report
11
Covéa Lux
Premium income net of cessions was €87.33 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 would
point out that supplier and intra-group outstandings at year-end amounted to €1,649,230, which breaks down as
follows:
Less than 30 days
From 30 to 60 days
More than 60 days
2011
2012
e1,667,388
e8,610
e80,290
e1,571,655
e0
e77,575
These outstandings consist of holdbacks on payments relating to suppliers.
Proposed result allocation
We propose to appropriate the profit for 2012 in the amount of €75,658,602.79 to the contingency reserve for
€23,578,438.79 and to retained earnings for €52,080,164.
After result allocation, the contingency reserve will amount to €457,825,342.77 and retained earnings to
€350,000,000.
Compensation and reimbursement of expenses paid to Directors, Non-voting Board
Members and Delegates for 2012
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 €83,462.02.
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 2013
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 in performing their duties.
We ask the General Meeting:
• t o approve the establishment of compensation allocated to the Directors and Non-voting Board Members for
time spent in performing their duties in 2013 at an overall amount of €80,000.00;
• t o 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.
Annual Report
2012
12
Renewal of terms of office
Renewal of a Non-voting Board Member’s term of office
Given that Louis Fraisse’s term of office as Non-voting Board Member expires at the end of this General
Meeting, we recommend that you renew it for a term of six years, i.e. until the end of the General Meeting of
2019 called to ratify the financial statements for the 2018 financial year.
Directors
The Board of Directors recommends increasing its membership by creating two additional directorships, and
forwards as applicants Christian Baudon and Jean Fleury.
Proposed affiliation of the SMI interprofessional mutual company to the Covéa SGAM (Group of
Insurance Mutuals)
Personal and health insurance are important growth areas for the Covéa group brands.
Health insurance is undergoing far-reaching changes, involving a shift in the boundaries between individual
health insurance and collective insurance. This phenomenon is set to spread following the signing of the National
Interprofessional Agreement on 11 January 2013.
In this context, we need to strengthen our positioning on the market as a whole to limit dependency on the
transferral of individual insurance into collective policies. With this is in mind, the group has chosen to seek
alliances with other players within the framework of an industrial development project in order to:
- increase its influence in the discussion and decision-making processes,
- access a broad range of solutions reflecting the diverse demands of companies and insureds,
- provide support throughout insureds’ professional careers by combining collective and individual policies,
- implement synergies between the various players in response to current market conditions.
Apgis’ affiliation to Covéa in 2011 and the implementation of an industrial partnership with MAAF represented
a significant milestone on the path to achieving these objectives.
The affiliation of the SMI mutual company to the Covéa group is intended to consolidate this approach.
SMI is an interprofessional mutual company bound by the French Mutual Insurance Code (Code de la mutualité)
and dedicated to the collective market. Established in 1926, it has developed expertise in collective health
insurance, an activity accounting for more than 85% of its portfolio.
SMI employs 162 people.
Its solvency margin at end-2011 was 600%.
In 2011, its pre-tax premium income amounted to €186 million and it posted a net profit of €3 million.
Its core target is companies with more than 50 employees. It insures 9,000 companies and 763,000 beneficiaries.
SMI maintains close relations with brokers and has successfully developed expertise in the marketing and
management of tailored and complex policies.
Forging an alliance with Covéa is in line with SMI’s strategic priorities of:
- accessing new growth drivers within the framework of a stable and durable partnership,
- fostering client loyalty and better exploiting its portfolio’s potential,
- increasing its approval rating for key accounts and sector business,
Board of Directors’
Management Report
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- extending its offer to the other social protection segments,
- developing value added services and adopting innovative approaches to clients,
- optimally combining growth, profitability and solvency,
- maintaining its responsiveness and flexibility,
- maintaining entrepreneurial momentum,
- anticipating and adjusting to the transformation of the current social protection model.
By becoming a fully integrated member of the Covéa group, SMI would offer:
- a strengthening of Covéa’s positioning on the collective health insurance market,
- a distinctive competency – in particular that of Apgis – in relations with an agent and broker network –
specifically brokers,
- know-how in relations with medium-sized company clients.
An industrial project with MMA, the group’s brand operating through agent and broker networks and developing
an insurance activity for small and medium-sized enterprises (SME), would be implemented in accordance with
the commercial agreements currently in force.
The affiliation to the Covéa group would therefore offer SMI:
- access to the MMA agents network,
- access to the partner broker networks of Covéa Risks and Covéa Fleet for property and casualty insurance,
- the advantage of the size and reputation of the Covéa group in corporate and sector tender offers,
- the possibility of accessing services on the terms granted to Covéa: Santéclair, Fidélia Assistance, Covéa
Finance,
- access to Covéa’s shared functions,
- the possibility of developing operational synergies with the group’s other companies.
SMI and Apgis have complementary strengths enabling them to play distinct roles within the Covéa group, to
develop operational synergies together and ultimately to offer clients comprehensive joint solutions.
The advantages for all the stakeholders are:
- greater representation in corporate tender offers and sector agreements,
- each one’s ability to respond to distinct client needs in collective health and personal insurance,
- a positive impact on insureds’ loyalty thanks to the comprehensive coverage of the stakeholders’ portfolios,
- a solution to the sector’s economic constraints thanks to the pooling of resources.
SMI’s affiliation to Covéa would take place via the MMA group and would result in an operational
collaboration with MMA on the corporate market.
SMI would sign an affiliation agreement similar to those of Covéa’s other affiliates.
SMI would be included in the financial solidarity system in place at the level of the SGAM (Group of Insurance
Mutuals).
SMI would be included in Covéa’s combined financial statements.
This affiliation plan is being presented to the general meetings of each company affiliated to the SGAM (Group
of Insurance Mutuals) and to those of SMI and Covéa.
Annual Report
2012
14
Lastly, it is subject to the approval of both the French Bank and Insurance Authority (Autorité de Contrôle
Prudentiel)) and the French anti-trust authority (Autorité de la Concurrence).
Amendment to the Articles of Association
The Board of Directors recommends transferring the Company’s registered office from 7 avenue Marcel Proust,
in Chartres (28000), to 11 Place des Cinq Martyrs du Lycée Buffon in the 14th arrondissement of Paris, and to
amend the Articles of Association accordingly.
It also proposes amending the Articles of Association to allow the appointment of one or more Managing
Directors. The role of the Managing Director is to assist the Chief Executive Officer within a scope of activity
determined and circumscribed by the Board of Directors.
Events after the reporting period
In January 2013, ASSURANCES MUTUELLES DE FRANCE sold its entire holdings in Fincorp, AME Life Lux
and GMF VIE to Covéa Coopérations.
This will result in a net capital gain of €2.9 million.
Outlook for 2013
Generally speaking, 2012 was a difficult year, with continuing economic and financial uncertainty, slack growth
and rising unemployment, etc. Although signs of improvement emerged at the end of last year in financial
terms, with an easing pressure on peripheral debt, 2013 will be another year of weak growth; indeed, there is
already evidence of the heavy toll that the recent crisis has imposed on the economy: 2012 per capita GDP is
below the level it stood at in 2007, a situation that has not arisen since 1945.
On 1 April, the assistance cover prices will increase by the same proportion as the other cover prices, namely
2.4% for auto assistance and 3.9% for home assistance.
In terms of 2013 contract renewals, the A- (excellent) rating that AM Best awarded in February 2012 has enabled
us to directly accept the vast majority of business offers from our cedants.
The Board of Directors thanks all parties who have contributed to the results of ASSURANCES MUTUELLES
DE FRANCE.
Statutory Auditors’
General Report
Statutory Auditors’
General Report
15
Year ended 31 December 2012
To the Members,
Pursuant to our appointment by your General Meetings, we hereby submit our report relating to the year ended
31 December 2012, 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 in the preparation of the
financial statements, 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 2012, and of the results of its operations for the year then
ended, in accordance with French accounting principles and rules.
II. Basis for our assessments
Selecting the economic assumptions on which to base the signing off of insurance companies’ accounts remains
particularly complex given the persistently difficult economic and financial environment. In particular, future
interest rate trends could diverge significantly from those underlying such assumptions, producing different
direct and indirect effects.
In this context, we have performed our own assessments, which we hereby disclose in accordance with the
provisions of Article L.823-9 of the French Commercial Code (Code de commerce).
Accounting estimates:
•A
s 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 methods
used to estimate these items are set forth in the notes to the financial statements.
•W
e satisfied ourselves as to the reasonableness of the assumptions used in the calculation models used,
particularly with regard to the experience of your Company, its regulatory and economic environment and the
overall consistency of these assumptions.
•N
ote 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 impairments and for counterparty risk arising during the financial year.
Annual Report
2012
16
e assessed the methods used to value these assets, as described in the notes 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 impairments.
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, 26 April 2013
Statutory Auditors
PricewaterhouseCoopers Audit
Michel Laforce - Gérard Courrèges
Ernst & Young et Autres
Olivier Drion
Resolutions
17
Resolutions
Combined Ordinary and Extraordinary General Meeting, 6 June 2013
Within the competence of the Ordinary General Meeting
FIRST RESOLUTION
The General Meeting, having heard the Board of Directors’ report, notes the allocation to the “the retained
earnings” account of the amount of €2,080,164.00, representing the amount of exit tax due on the
capitalisation reserve.
SECOND RESOLUTION
The General Meeting, having heard:
- t he Board of Directors’ management report on the financial statements for the year ended 31 December
2012 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 2012.
THIRD RESOLUTION
The General Meeting ratifies the amounts of compensation and reimbursement of travelling and
accommodation expenses paid to the Directors, Non-voting Board Members and Delegates to General
Meetings in the amount of €83,462.02 for 2012.
FOURTH RESOLUTION
The General Meeting resolves:
• to establish the amount of compensation to be allocated to the Directors and Non-voting Board Members for
time spent in performing their duties in 2013 at an overall amount of €80,000.00;
• to adopt the principle of reimbursing, at actual cost incurred and subject to documentary evidence, the
travelling and accommodation expenses incurred by the Directors, Non-voting Board Members and
Delegates to General Meetings in performing their duties for the year 2013.
FIFTH 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.
SIXTH 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 terms
and conditions of the agreements enumerated therein.
Annual Report
2012
18
SEVENTH RESOLUTION
The General Meeting, having noted that the result for the year ended 31 December 2012 is a surplus of €75,658,602.79,
resolves to appropriate this amount to the “contingency reserve” account for €23,578,438.79 and to the “retained
earnings” account for €52,080,164.00.
After result allocation, the contingency reserve will amount to €457,825,342.77 and the retained earnings to
€350,000,000.00 euros.
EIGHTH RESOLUTION
The General Meeting, noting that Louis Fraisse’s term of office as Non-voting Board Member expires at the end
of this General Meeting, resolves to renew his term of office for a period of six years, i.e. until the end of the
General Meeting of 2019 called to ratify the financial statements for the 2018 financial year.
NINTH RESOLUTION
Voting on the basis of a proposal by the Board of Directors, the General Meeting resolves to appoint Christian
Baudon as Director for a six-year term of office. His term of office will end at the close of the General Meeting
of 2019 called to ratify the financial statements for the 2018 financial year.
TENTH RESOLUTION
Voting on the basis of a proposal by the Board of Directors, the General Meeting resolves to appoint Jean Fleury
as Director for a six-year term of office. His term of office will end at the close of the General Meeting of 2019
called to ratify the financial statements for the 2018 financial year.
ELEVENTH RESOLUTION
The General Meeting, having heard the Board of Directors’ report, notes the plan to affiliate the SMI mutual
company to the Covéa Société de Groupe d’Assurance Mutuelle.
Within the competence of the Extraordinary General Meeting
TWELFTH RESOLUTION
The General Meeting resolves, subject to the approval of the French Bank and Insurance Authority (Autorité de
Contrôle Prudentiel), to transfer the Company’s registered office from Chartres to Paris and to amend Article 3
of the Articles of Association 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 7 avenue Marcel Proust, 28000 Chartres.
New 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.
Resolutions
19
THIRTEENTH RESOLUTION
The General Meeting resolves, subject to the approval of the French Bank and Insurance Authority (Autorité de
Contrôle Prudentiel), to add an article 34, “Managing Directors”, under Title III, Section 3 of the Articles of
Association, worded as follows:
TITLE III – ADMINISTRATION OF THE COMPANY
Section 3 - MANAGEMENT
Article 34 – Managing Directors
The Board of Directors may, on the basis of a proposal by the Chief Executive Officer, appoint one or more
individuals, with a limit of five, with the title of Managing Director, who shall be tasked with assisting the
Chief Executive Officer.
By agreement with the Chief Executive Officer, the Board of Directors shall determine the scope and duration
of the powers granted to the Managing Directors.
The Managing Directors shall have the same authority with respect to third parties as the Chief Executive
Officer.
When the Chief Executive Officer’s term of office ends or he is unable to perform his duties, the Managing
Directors shall, subject to any decision to the contrary by the Board of Directors, continue to perform their
duties and responsibilities until a new Chief Executive Officer is appointed.
The numbering of the following articles is reordered: the former Article 34 becomes Article 35 and so on, with
the final article being Article 46.
FOURTEENTH RESOLUTION
The General Meeting resolves, subject to approval by the French Bank and Insurance Authority (Autorité de
Contrôle Prudentiel), to add, at the end of Article 46 (the former Article 45) – Validity of the Articles of
Association:
«and 6 June 2013».
Common resolution to the Ordinary and Extraordinary General Meetings
FIFTEENH RESOLUTION
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
2012
20
Balance Sheet
for the year ended 31 December 2012
Combined Ordinary and Extraordinary General Meeting, 6 June 2013
ASSETS
€000s
31 Dec.2012
31 Dec. 2011
1,419,601
111,600
1,323,939
112,109
704,107
552,498
51,396
848,992
309,254
53,585
5-Shareofoutwardreinsurersandretrocessionnairesintechnicalreserves
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)
3,015
214
2,801
3,967
277
3,690
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
6,453
-180
-180
22,548
-160
-160
5,234
1,398
16
422
961
12,792
9,916
16
2 263
7,637
7-Otherassets
7a - Operating property, plant and equipment
7b - Current accounts and cash
6,459
77
6,382
3,963
77
3,886
10,299
3,067
848
6,384
21,659
2,603
365
18,690
1,445,827
1,376,076
2-Intangibleassets
3-Investments
3a - Land and buildings
3b - Investments in related parties and entities with
which the Company has equity links
3c - Other investments
3d - Receivables for cash deposited with cedants
8-Accruals-Assets
8a - Prepaid interest and rent
8b - Deferred acquisition costs
8c - Other accruals
Totalassets
Balance
Sheet
21
lIABIlITIES & EquITy
€000s
31 Dec.2012
31 Dec. 2011
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
1,094,654
177,609
280
1020,655
177,609
543,187
297,920
75,659
532,851
300,000
10,195
280,594
18,288
274,258
14,821
241,599
238,370
20,706
21,067
19,269
8,341
2,485
3,702
47,350
68,176
3,478
11,289
43,872
56,887
37,136
747
3,341
2,648
37,134
696
15,332
3,726
1,475
945
1,445,827
1,376,076
2-Subordinateddebt
3-Grosstechnicalreserves
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)
5-Provisions
6-Liabilitiesforcashdepositsreceivedfromreinsurers
7-Otherliabilities
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
Totalliabilitiesandequity
Annual Report
2012
22
Income Statement
for the year ended 31 December 2012
Combined Ordinary and Extraordinary General Meeting, 6 June 2013
1 - Non-life insurance technical statement
Gross
transactions
Cessions and
retrocessions
Net
transactions
Net
transactions N–1
136,742
140,328
-3,587
27,780
27,720
60
108,962
112,609
-3,647
112,324
114,954
-2,630
22,137
22,137
5,077
19
19
-90,402
-86,822
-3,580
-10,112
-10,972
860
-80,290
-75,850
-4,440
-85,646
-77,010
-8,637
360
360
238
7-Acquisitionandadministrativecosts
7a - Acquisition costs
7b - Administrative costs
7c - Commissions received from reinsurers
-35,294
-34,429
-865
-6,409
-28,885
- 34,429
-865
6,409
-29,285
-35,753
-255
6,723
8-Othertechnicalcharges
-11,747
-11,747
-10,642
21,815
11,258
10,557
-7,934
Operations
2012
Operations
2011
10,557
-7,934
135,599
102,626
24,722
8,251
50,344
37,253
1,221
11,870
5-Investmentexpenses
5a - Internal and external investment management costs and financial expenses
5b - Other investment expenses
5c - Losses realised on investments
-36,302
-1,712
-8,479
-26,111
-28,557
-3,350
-15,981
-9,226
6-Incomefrominvestmentstransferred
€000s
1-Earnedpremiums
1a - Written premiums
1b - Change in unearned premiums
2-Incomefromallocatedinvestments
3-Othertechnicalincome
4-Claimsexpenses
4a - Claims and costs paid
4b - Charges to claims reserve
5-Chargestoothertechnicalreserves
6-Profitsharing
-6,409
9-Changeinequalisationreserve
Technicalprofit/lossfromnon-lifeinsurance
3 - Non-technical account
€000s
1-Technicalprofit/lossfromnon-lifeinsurance
3-Investmentincome
3a - Income from investments
3b - Other investment income
3c - Gains realised on investments
4-Incomefromallocatedinvestments
-22,137
-5,077
7-Othernon-technicalincome
472
14,648
8-Othernon-technicalcharges
-1,138
-13,596
-10,768
-10,768
2,296
2,775
-478
-624
-1,928
75,659
10,195
9-Exceptionalitems
9a - Exceptional income
9b - Exceptional expenses
10-Employeeprofitsharing
11-Taxonprofits
12-Netprofit/lossfortheyear
Notes to the financial statements
for the year ended 31 December 2012
Combined Ordinary and Extraordinary General Meeting, 6 June 2013
1. Company’s area of activity
2. Highlights of the year
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
3.3.3.2.1 Fixed income negotiable securities
3.3.3.2.2 P
roperty 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
2012
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)
•C
hanges 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
to the financial statements
25
1. Company’s area of activity
ASSURANCES MUTUELLES DE FRANCE is a fixed-contribution mutual insurance company with its registered
office at 7, Avenue Marcel Proust, Chartres.
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. Highlights of the year
2.1 Extraordinary dividends; legal and financial reorganisation
The Covéa group created Covéa Coopérations to optimise and streamline its legal and financial structure.
Covéa Coopérations will give the Covéa SGAM (Société de Groupe d’Assurances Mutuelles) a simpler legal structure
that will enable it to increase the group’s scope for deploying resources while strengthening its financial capacity and
limiting the impact of new constraints arising from regulatory requirements.
The purpose of this reorganisation is to combine the group’s holdings into a single structure.
It has resulted in Covéa Coopérations, an intermediate entity between the MAAF, MMA and AM-GMF parent mutual
companies and the operational companies that carry the group’s activities, becoming the sole owner of the operational
companies.
The following transactions were carried out to achieve the Covéa group’s target legal structure:
•C
ontribution by the Covéa group members of their shares in the operational companies to MMA Coopérations,
in exchange for MMA Coopérations shares;
•M
erger of AGMAA (acquired company) with MMA Coopérations (acquiring company) to form “Covéa
Coopérations”.
These restructuring operations were carried out in accordance with the provisions of CRC regulation 2004-01 of 4
May 2004 relating to the accounting treatment of mergers and equivalent transactions, i.e.:
•b
ased on the net book value when the contributed shares resulted in the transfer of direct or indirect control
from a company to MMA Coopérations; or
•b
ased on the market value in all other cases.
The Extraordinary General Meetings of AZUR-GMF Mutuelles d’Assurances Associées and MMA Coopérations on
28 December 2012 approved the Covéa group’s legal and financial restructuring plan and its share contribution
agreement.
Annual Report
2012
26
Following the transactions carried out during the past financial year the various holdings by division are as follows:
- AM-GMF : 33.98% ;
- MAAF : 33.96% ;
- MMA : 32.06%.
The transactions that some MMA entities will carry out during the next financial year will result in equal ownership
by 31 December 2013, with each division owning one-third.
•F
urther to a decision made at its Combined Ordinary and Extraordinary General Meeting of 28 September
2012, AZUR-GMF Mutuelles d’Assurances Associées distributed an extraordinary dividend of €118,882
thousand, or €9.5 per share. The share of this dividend due to ASSURANCES MUTUELLES DE FRANCE,
which came to €57,234 thousand, was paid on 16 November 2012 and recognised as financial income.
• I n accordance with the decision made at the General Meeting of ASSURANCES MUTUELLES DE FRANCE
on 10 December 2012 and that of MMA Coopérations on 28 December 2012 approving the share contribution
agreement of 19 November 2012, ASSURANCES MUTUELLES DE FRANCE transferred 6,024,583 AZURGMF Mutuelles d’Assurances Associées shares for a value of €196,121 thousand and 915,201 GMF VIE shares
for a value of €76,974 thousand, representing an overall book value of €273,095 thousand, to MMA Coopérations.
As a result of these transactions, MMA Coopérations became Covéa Coopérations and ASSURANCES
MUTUELLES DE FRANCE owns 14.71% of this new company.
To remunerate this contribution 12,049,297 MMA Coopérations shares with a par value of €16 were created.
•A
€50 million loan was granted to MMA Coopérations on 17 December 2012 for a 24-month term bearing
interest at a rate of 12-month Euribor plus 50 basis points.
2.2 Sovereign debt
Following implementation of the Greek bailout plan in accordance with the Eurogroup agreement of 21 February
2012, on 8 March 2012 ASSURANCES MUTUELLES DE FRANCE took part in the bond swap, with a value date of
12 March based on the date of the bank’s transaction statements, before selling all of its Greek bonds in May and
June.
The impact of the resulting €5,770 thousand capital loss was reduced by the reversal of the €5,005 thousand
provision booked in 2011 as well as €287 thousand from the capitalisation reserve.
The negative impact on profit after capitalisation reserve tax and income tax was limited to €278 thousand. The
capitalisation reserve reversal did not fully offset the loss remaining following the provision reversal because
certain of the Greek securities held bore floating rates, making them ineligible for the capitalisation reserve
(Article R. 333-1 of the French Insurance Code).
2.3Holdings, acquisitions and disposals
• AME Life Lux
On 2 April 2012, ASSURANCES MUTUELLES DE FRANCE acquired 63,998 AME Life Lux shares from AME
SA for €13,800 thousand, representing 80% of this subsidiary’s share capital.
• Welcare
On 21 December 2012, ASSURANCES MUTUELLES DE FRANCE sold its WELCARE holding to a company
outside the group for €905 thousand, resulting in a capital gain of €134 thousand.
Notes
to the financial statements
27
• La Sauvegarde
On 19 December 2012, ASSURANCES MUTUELLES DE FRANCE sold its shares in LA SAUVEGARDE to
MMA Coopérations for €110,816 thousand with no resulting capital gain or loss, related reserves having been
set aside in 2011 in the amount of €9,320 thousand and in 2012 in the amount of €6,804 thousand.
• Bipieme Vita SpA
In accordance with the decision taken at Bipiemme Vita SpA’s General Meeting of 15 February 2012,
ASSURANCES MUTUELLES DE FRANCE subscribed to a two-part capital increase in this subsidiary:
1. in February, when it bought 1,179,360 shares for €5,897 thousand, and
2. in April, when it bought 486,000 shares for €2,430 thousand.
Further to the commitments received by ASSURANCES MUTUELLES DE FRANCE in 2011, in April Banque
Populaire de Milan made a markdown of €2,417 thousand, following that of €5,897 thousand booked in 2011.
This holding was sold to MMA Coopérations on 19 December 2012 for €83,287 thousand, resulting in a capital
gain on disposal of €2,274 thousand.
• Cité Européenne
ASSURANCES MUTUELLES DE FRANCE now wholly owns LA CITÉ EUROPÉENNE following its acquisition
in 2012 of non-controlling interests amounting to a book value of €19,757 thousand.
In accordance with the merger agreement of 15 November 2012, ASSURANCES MUTUELLES DE FRANCE
absorbed LA CITÉ EUROPÉENNE which, in exchange for its partial asset contribution to GMF VIE, was
remunerated by 240,877 GMF VIE shares in the amount of €20,037 thousand. Following these transactions,
ASSURANCES MUTUELLES DE FRANCE now owns 240,877 GMF VIE shares. The merger premium arising
from these transactions is recognised in equity in the merger premium account, in the amount of €280 thousand.
• Fincorp
Given this company’s valuation it was the subject of a provision reversal at the end of the financial year in the
amount of €3,219 thousand.
2.4 Tax inspection
On 8 October the group received a tax collection notice concerning an adjustment relating to the 2008 and 2009
insurance agreements, and paid the tax authority €12,592 thousand. MMA, having covered this risk, paid out the
required amount on 19 October 2012.
2.5 Capitalisation reserve
Article 17 of the 2013 French Budget Act (Loi des Finances) provides for an additional “exit tax” on amounts
recognised in reserves, alongside the 10% tax provided for by Article 23 of the 2011 French Budget Act.
This additional tax of 7% is levied on the same base as the previous exit tax, this being the amount of the
capitalisation reserve on 1 January 2010 or, if lower than this amount, the amount of the capitalisation reserve
at the beginning of the 2012 financial year. The combined amount of extraordinary tax paid and the additional
tax may not exceed 5% of equity at the beginning of the financial year.
Annual Report
2012
28
Given the Budget Act’s publication date, this contribution is recognised as a tax liability on the 2012 balance
sheet. It has been deducted from the balance carried forward in the amount of €2,080 thousand.
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.
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.
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.
3.3.1.2 R eserves 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
Notes
to the financial statements
29
They are estimated using statistical methods such as the run-off triangle.
- management reserve to cover future expenses associated with outstanding claims, including internal
expenses
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
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.
Breakdown of component parts by weighting and depreciation period:
WEIGHTING OF COMPONENTS
COMPONENTSHAUSSMANNIAN
P1
P2
P3
P4
P4
DEPRECIATION
RECENTPERIOD
Bare structure or shell 47.67%
45.00%
Wind- and water-tight
14.82%
19.97%
Technical
13.24%
18.24%
Fixtures and fittings
24.27%
16.79%
Repairs to apartments 100 yrs
40 yrs
27 yrs
23 yrs
10 yrs
RATE p.a.
1.00%
2.50%
3.70%
4.35%
10%
Annual Report
2012
30
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.
3.3.3.1.2 Fixed income negotiable securities
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 to profit and loss over the remaining maturity in accordance with Article R. 332-19
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 to 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
inventory date;
• 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 inventory date.
3.3.3.2 Impairments
3.3.3.2.1 Fixed income negotiable securities
• 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.
Notes
to the financial statements
31
• 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 policies
In principle, when impairment is of a permanent nature it is recognised line by line in assets on
the balance sheet.
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 property 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.
The “sustainability” criterion was determined as part of the Company’s strategy for
assets intended to be held long term.
Annual Report
2012
32
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 relating to the use of 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;
• 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.
Notes
to the financial statements
33
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.
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.
Annual Report
2012
34
3.3.3.4 Financial expenses
Financial management fees consist of charges on investment property, the Company’s share in losses of
SCIs 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 financial income
In general terms, income and expense is recognised in financial income when it:
• is directly linked to Class 2 investments;
• i s 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.
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.
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.
Notes
to the financial statements
35
3.3.7 Events after the reporting period
• Fincorp
On 9 January 2013, ASSURANCES MUTUELLES DE FRANCE sold its 32.91% holding in Fincorp to Covéa
Coopérations for €20,289 thousand. As a provision has been booked for this holding, the sale will have no
impact on 2013 profit.
• GMF Vie
On 21 January 2013, ASSURANCES MUTUELLES DE FRANCE sold the 240,877 GMF VIE shares it held
following the merger with LA CITÉ EUROPÉENNE to Covéa Coopérations for €22,410 thousand, generating a
capital gain of €2,373 thousand.
• AME Life Lux
This holding was sold to Covéa Coopérations on 9 January 2013, generating a capital gain on sale of €553
thousand.
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 LA CITÉ
EUROPÉENNE.
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 subscribed with LA CITÉ EUROPÉENNE.
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 LA CITÉ EUROPÉENNE.
• 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
2012
36
Information
on balance sheet items
Movements - Investments
€000s
Land and buildings
Investments in related
companies and equity-linked
companies
Other investments
Cash deposits
with cedants
Total
€000s
Gross value
1 January 2012
Additions
Disposals
120,956
17
61
873,330
315,371
346,170
744,675
503,614
506,372
53,585
83,597
85,786
1,363,242
1,174,459
1,095,833
Deprec./amort.
& impairments
1 Jan. 2012
Deprec./amort.
allowance
Reversal of
deprec./amort.
Transfers
Gross value
31 December 2012
120,912
61
-61
715,947
553,612
51,396
Transfers
1,441,867
Deprec./amort.
& impairments
31 Dec. 2012
Land and buildings
Investments in related
companies and equity-linked
companies
Other investments
8,847
465
24,338
6,117
6,845
2
19,343
5,005
Total
39,302
7,312
24,348
22,266
1,323,939
1,167,147
1,071,485
1,419,601
Netvalue
9,312
11,840
1,114
Information on
balance sheet items
37
Operating property, plant and equipment
€000s
Gross value
1 January 2012
Furniture
Other non-depreciable
non-current assets
Deposits and sureties
Additions
Disposals
Transfers
Gross value
31 December 2012
23
23
74
3
74
3
Total
100
€000s
Impairments
1 Jan. 2012
Impairments
allowance
Reversal of
impairments
100
Transfers
Impairments
31 Dec. 2012
Furniture
23
23
Total
23
23
Netvalue
77
77
Receivables maturity schedule
Receivables
€000s
Loans
Other non-current financial assets
Receivables arising from direct
insurance transactions
Receivables arising from
reinsurance transactions
Staff
State, social security bodies
Sundry debtors
Subsidiaries
Accrued income
Prepaid expenses
Prepaid interest and rent
Total
portion at
<1yr
portion at
1 to 5 yrs
portion at
>5 yrs
Gross total
Impairments
Net
value
79,094
88,256
79,094
88,256
79,094
88,256
-180
-180
-180
5,240
16
210
361
704
6,401
1
3,067
5,240
16
422
704
704
6,401
1
3,067
183,170
212
343
555
183,725
6
465
471
5,234
16
422
239
704
6,401
1
3, 067
183,254
Annual Report
2012
38
Accruals - assets
€000s
Gross value
1 January 2012
Additions
Disposals
Transfers
Gross value
31 December 2012
Earned interest and rent not yet due
Deferred acquisition costs
Prepaid expenses
Differences on redemption
prices to be received
Accrued income
2,603
365
15
31,637
848
6
31,173
365
20
3,067
848
1
1,355
17,319
14,927
57,915
14,938
70,195
1,344
5,039
Total
21,659
105,333
116,691
€000s
Amortisation
1 Jan. 2012
Amortisation
allowance
Reversal
of amortisation
21,659
105,333
116,691
Transfers
10,299
Amortisation
31 Dec.2012
Accruals accounts
Total
Netvalue
10,299
Equity
€000s
Set-up fund
1 Jan. 2012
Result
allocation
Increase
31 Dec.2012
After
allocation
177,609
177,609
280
280
177,889
177,889
Decrease
31 Dec.2012
After
allocation
753
612
434,246
76,302
32,639
457,825
76,302
32,639
177,609
Merger premium
TotalI
Decrease
*280
177,609
280
*CITÉ EUROPÉENNE merger of 26 December 2012.
1 Jan. 2012
Result
allocation
Other reserves
Long-term capital gains reserve
Capitalisation reserve
424,052
76,302
32,498
10,195
TotalII
532,851
10,195
753
612
543,187
566,765
1 Jan. 2012
Result
allocation
Increase
Decrease
31 Dec.2012
After
allocation
*2,080
297,920
75,659
350,000
€000s
€000s
Increase
Retained earnings
Profit for the year
300,000
10,195
-10,195
75,659
TotalIII
310,195
-10,195
75,659
2,080
373,579
350,000
1,020,655
76,692
2,692
1,094,654
1,094,654
GrandtotalI+II+III
*7% exit tax on the capitalisation reserve.
Information on
balance sheet items
39
provisions
1 January
2012
Allowance
Reversals
31 December
2012
Provisions for disputes
8,341
*10,945
16
19,269
Total
8,341
10,945
16
19,269
portion
<1 yr
portion
1 to 5 yrs
portion
>5 yrs
Total
419
36,717
216
276
73
12
€000s
*Provision for tax dispute.
liabilities maturity schedule
liabilities
€000s
Liabilities from 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
3,478
2,485
519
3,065
763
1,812
1,475
Total
3,478
37,136
2,485
747
3,341
836
1,812
1,475
13,597
984
36,729
51,310
1 January
2012
Allowance
Reversals
31 December
2012
945
530
945
530
Accruals - liabilities
€000s
Amortisation of differences on
redemption prices
Total
1,475
1,475
Annual Report
2012
40
Breakdown of non-life technical reserves
2012
2011
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
18,288
241,643
-44
20,706
214
2,801
18,074
238,842
-44
20,706
14,821
238,392
-21
21,067
277
3,690
14,544
234,702
-21
21,067
Total
280,594
3,015
277,579
274,258
3,967
270,291
€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
2012
2011
44
238,019
80,208
153,923
21
231,585
79,451
145,299
3,888
6,835
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
Liabilities from reinsurance transactions
Other liabilities (subsidiaries)
Equity linked
companies
Gross value
Impairments
Net value
Gross value
Impairments
Net value
623,168
11,839
611,328
112,921
10
112,911
13,142
13,142
445
445
2,438
78,918
658
2,438
78,918
658
2
2
114,176
238
1,572
114,176
238
1,572
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
Yen
Other currencies
69
167
5,006
2,172
426
59,413
Total
83,456
of which exchange
difference
-1
665
16,203
665
liabilities in
foreign currency
of which exchange
difference
6,074
5,985
10,348
3,132
13,696
26,246
2
50,374
115,857
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
denominated in foreign currency on French or foreign markets;
• receivables and payables denominated in foreign currency.
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
2012
42
Off-balance sheet commitments
31 December 2012
€000s
Related
companies
Equitylinked
31 December 2011
Others
Related
companies
Equitylinked
Others
Commitmentsreceivedexcl.reinsurance
Guarantees, sureties and finance leases
Funds constituted in respect of
retirement indemnities
Commitments relating to losses on securities
held by Bipiemme (1)
Commitmentsgiven
Other Covéa set-up funds
Capital increase commitment relating to Bipiemme
Commitments relating to Bipiemme securities
Commitments concerning
end-of-service indemnities
Commitments concerning
individual training entitlements(2)
Liabilities guarantee
Other commitments given
Securitiesreceivedascollateral
fromreinsurersandretrocessionnaires
99
119
502
510
8,195
20,000
20,000
5,897
3,900
477
324
27
432
27
Securitiesbelonging
toprovidentinstitutions
Othersecuritiesheldonbehalfofthirdparties
Outstandingsofforwardfinancialinstruments
Securitiesreceivedfromreinsuredbodieswith
jointandseveralguaranteeorunder
substitutionagreements
(1) In 2012, the Bipiemme shares were sold to Covéa Coopérations and the related commitments taken on by this new shareholder.
(2) Equivalent to 2,440 full-time hours for 2012, the same as in 2011.
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
Payments
2008
(1)
2009
(1)
2010
(2)
35,896
28,558
3,022
2
401
2010
Reserves
Totalclaims(C)
35,896
28,560
3,423
Earnedpremiums(P)
67,087
67,885
5,227
53.51%
42.07%
65.49%
35,897
28,552
3,319
2,947
-3
17
387
Percentage(C/P)
Payments
2011
Reserves
2012
Totalclaims(C)
35,897
28,549
3,336
3,334
Earnedpremiums(P)
67,083
67,902
5,249
6,240
53.51%
42.04%
63.55%
53,43%
35,897
28,549
3,319
3,272
3,170
-2
1
27
466
Percentage(C/P)
Payments
Reserves
2012
2011
Totalclaims(C)
35,897
28,547
3,320
3,300
3,636
Earnedpremiums(P)
67,083
67,892
5,248
6,266
7,183
53.51%
42.05%
63.27%
52.66%
50.62%
Percentage(C/P)
(1)The2008and2009inventoriesconsistsolelyofMMAIARD(SA)assistancepolicies.
(2)From2010ontheinventoryconsistssolelyofLASAUVEGARDE(SA)assistancepolicies.
Annual Report
2012
44
Investment income and expense
In related companies
Others
Total
Financial
income
Financial
expense
Total
Financial
income
Financial
expense
Total
Financial
income
Financial
expense
Net
Income from related companies
(Art. 20, Decree of 29 Nov ’83) 109,528
22,928
86,601
435
43
392
109,963
22,970
86,993
2,886
1,347
1,539
2,886
1,347
1,539
22,737
11,903
10,835
22,737
11,903
10,835
12
12
82
-70
€000s
Income from investment
property
Income from other
investments
Other financial income
(commissions, fees, etc)
Financialincome=
totalitemIII3
82
-82
12
109,528
26,071
135,599
Financialexpense=
totalitemIII5
23,010
13,292
Totalincome
andexpensesfrominvestments
86,518
12,778
36,302
99,297
Breakdown of gross premiums by geographical region
€000s
2012
2011
24,554
74,322
41,452
27,697
73,807
40,299
140,328
141,802
2012
2011
Additions
None
None
Disposals
None
None
2012
2011
Salaries
Pension fund contributions
Social charges
Others
2,326
21
1,287
49
2,269
20
1,235
45
Total
3,683
3,569
France
EU (ex. France)
Non-EU
Totalgrosspremiums
portfolio movements
€000s
Breakdown of staff expenses
Information on
the income statement
45
Staff
Workforce by category
2012
2011
Non-executive
Executive
8
18
10
16
Total
26
26
2012
2011
Staff costs
Rates and taxes
Inward insurance commissions
External services*
Operating impairments
Ancillary income
Re-invoicing to subsidiaries
3,683
1,188
33,086
*12,145
362
-1,503
3,570
1,099
34,783
*23,928
245
-1,537
Total
48,961
62,088
2012
2011
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
34,912
865
217
82
11,747
1,138
35,571
255
483
1,541
10,642
13,596
Total
48,961
62,088
Breakdown of expenses by type and ultimate use
Expenses by type
* Of which auditors’ fees of €150,000 in 2012 and €196,000 in 2011.
Expenses by ultimate use
Annual Report
2012
46
Breakdown of non-technical income and expense
Non-technical income
2012
2011
Reversal of tax inspection risk provision
Reversal of tax capitalisation reserve
Guarantee on tax risk
Other income
16
221
213
22
12,357
1,573
710
8
Total
472
14,648
Non-technical expense
2012
2011
221
141
776
213
7
25
12,758
593
1,138
13,596
2012
2011
Impairments, tax inspection
Addition to capitalisation reserve
Other impairments
Expense arising from tax inspection
Other expense
Total
Breakdown of exceptional income and expense
Exceptional income
Reversal of provision for investment
Other exceptional income
2,172
603
Total
Exceptional expense
2,775
2012
2011
Provision for impairment of exceptional expenses
Other sundry exceptional expenses
*10,725
43
478
Total
10,768
478
*Provision for tax dispute.
Information on
the income statement
47
Breakdown of income tax
Relating to
current year
Relating to ordinary operations
Relating to exceptional income and charges
638
-14
Total
624
Relating to
previous years
Total
638
-14
624
Available carry-forward tax deficits
None.
Deferred taxation
2012
2011
A.Assets(inclusionsgivingrisetosubsequentdeductions)
Provisions reinstated during the year
Difference in NAV of UCITS
18,903
14,604
21,206
12,956
Totaldeferredtaxassets
33,507
34,162
B.Liabilities(deductionsgivingrisetosubsequentinclusions)
Deferred acquisition costs
Capital gain on merger of Alsacienne IARD
848
3,618
365
3,703
Totaldeferredtaxliabilities
4,466
4,068
C.Calculationofdeferredtaxatthestatutorytaxrate
Deferred tax assets
Deferred tax liabilities
Balance
33,507
4,466
29,041
34,162
4,068
30,094
Deferredtaxatstatutoryrate
-9,999
-10,361
D.Deferredtaxatreducedrate
Net long-term capital loss
Deferredtaxatreducedrate
E.Latenttax(taxpaidinthecaseofsaleofsecurities)
Subsidiaries, long-term
Subsidiaries, short-term
Latenttax
Proportionofchargesandexpenses:12%in2012and10%in2011
*1,059,656
767
10,444
767
264
264
43,781
348
*Of which €1,049,212 thousand on the contribution of GMF VIE and AZUR-GMF MUTUELLES D’ASSURANCES ASSOCIÉES
shares to MMA Coopérations, remunerated by the creation of shares in MMA Coopérations (which became Covéa Coopérations
on 31 December 2012) and €10,444 thousand relating to the distribution of the AZUR issue premium in 2006.
Annual Report
2012
48
Non-life technical result by category
Personal Personal
Total
General Assistance
accident accident
motor civil individual goup
vehicles liability policies policies
€000s
(cat.20)
(cat.21)
(cat.22-23)
(cat.28)
(cat.29-31)
Sub-total
(cat.20-31)
Premiums earned
Written premiums
Change in unearned premiums
7,198
7,455
257
7,198
7,455
257
Claims incurred
Claims and related expenses paid
Change in claims
reserve
3,584
3,492
3,584
3,492
92
92
A - Underwriting balance
3,614
3,614
Acquisition costs
Other management expenses, net
1,343
1,214
1,343
1,214
B - Net acquisition and management expenses
2,557
2,557
Investment income
273
Profit sharing
273
C - Financial balance
273
273
Reinsurers’ share in
– earned premiums
6,478
– claims paid
3,145
– change in claims reserve
81
– profit sharing
– commissions received from reinsurers
1,425
6,478
3,145
81
1,425
D - Reinsurance balance
-1,826
-1,826
Technical result [A - B + C - D]
-496
-496
3,464
3,207
493
401
3,464
3,207
493
401
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)
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
Premiumsearned
Written premiums
Change in unearned premiums
7,198
7,455
257
129,544
132,874
3,330
136,742
140,328
3,587
Claimsincurred
Claims and related expenses paid
Change in
claims & sundry reserve
3,584
3,492
86,458
83,331
90,042
86,822
92
3,128
3,219
A-Underwritingbalance
3,614
43,085
46,700
1,343
1,214
33,086
11,379
34,429
12,593
2,557
44,465
47,022
273
21,864
22,137
273
21,864
22,137
6,478
3,145
81
21,302
7,827
-941
27,780
10,972
-860
1,425
4,984
6,409
Acquisition costs
Other management expenses, net
B-Netacquisitionand
managementexpenses
Investment income
Profit sharing
C-Financialbalance
Reinsurers’ share in
– earned premiums
– claims paid
– change in claims reserve
– profit sharing
– commissions received from reinsurers
D-Reinsurancebalance
-1,826
-9,432
-11,258
Technicalresult[A-B+C-D]
-496
11,053
10,557
3,464
3,207
493
401
14,824
11,494
241,107
237,618
20,706
21,067
18,288
14,701
241,599
238,019
20,706
21,067
Off-balancesheet
Unearned premiums (closing)
Unearned premiums (opening)
Outstanding claims reserve (closing)
Outstanding claims reserve (opening)
Other technical reserves (closing)
Other technical reserves (opening)
Annual Report
2012
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 (>50% holding)
EURAZUR SA - Luxembourg
2,433
1,226
100.00%
4,687
2,433
12,000
1,969
100.00%
13,700
13,700
16,000
1,436
99.33%
13,800
13,800
140,669
9,891
65.57%
98,690
98,690
FINCORP - Paris 2nd
arrondissement - 491741179
67,987
-17,922
32.91%
29,733
20,289
COVEA LUX - Luxembourg
30,000
13
28.00%
8,404
8,404
2,013,075 2,132,233
19.26%
546,458
546,458
50,000
French subsidiaries
Foreign subsidiaries
Holdings in French companies
Holdings in foreign companies
305
154
246
76
76
AME REASSURANCES - Paris 15
arrondissement - 334489804
th
AME LIFE LUX SA - Luxembourg
SCI BOISSY ROYALE - PARIS - 338630288
2. HOLDINGS (between 10% and 50% of the capital held)
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
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
A. Detailed information on all securities whose gross value exceeds 1% of the capital of the company subject to disclosure requirements
1. SUBSIDIARIES (>50% holding)
AME REASSURANCES - Paris 15
arrondissement - 334489804
-1
4,539
AME LIFE LUX SA - Luxembourg
38,162
1,562
SCI BOISSY ROYALE - PARIS - 338630288
8,593
3,696
FINCORP - Paris 2nd
arrondissement - 491741179
5
-117
COVEA LUX - Luxembourg
131,297
th
2,521
2. HOLDINGS (between 10% and 50% of the capital held)
COVEA COOPERATIONS
Le Mans (72100) - 439881137
189,424
78,320
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
code
France
FR
Germany
DE
Belgium
BE
Italy
IT
Others
Total I
Other investments Total II
Total I + II
Gross value
118,044
4,270
7,109
3,582
5,491
138,496
1,300,864
1,300,864
1,439,360
Value
adjustments
-827
-27
77
7
63
-707
-19,183
-19,183
-19,890
Net
value
117,217
4,243
7,187
3,589
5,554
137,790
1,281,681
1,281,681
1,419,471
Realisable value
119,912
5,071
7,410
3,452
6,063
141,908
2,930,416
2,930,416
3,072,324
Redemption value
114,632
4,200
7,200
3,588
5,626
135,246
81,760
81,760
217,006
Weighting of redemption value
3.90%
0.17%
0.24%
0.11%
0.20%
4.62%
95.38%
95.38%
100.00%
Annual Report
2012
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)
as at 31 Dec. 2012
as at 31 Dec. 2011
Gross value
in balance
sheet
Net
value
Realisable
value
Gross value
in balance
sheet
Net
value
Realisable
value
120,913
111,600
175,822
120,957
112,109
169,618
708,985
696,032
2,260,931
917,865
892,415
2,616,572
224,961
224,961
225,048
25,711
25,711
25,760
3,516
3,516
11,016
3,105
3,105
9,029
213,636
216,069
223,752
205,026
202,731
207,619
7.Otherloansandsimilarinstruments
FFI investment or disinvestment strategies
FFI yield strategies
79,094
79,094
79,094
28,429
28,429
28,429
8.Depositswithcedingcompanies
FFI investment or disinvestment strategies
FFI yield strategies
58,233
58,175
66,638
59,853
59,825
68,284
30,024
30,024
30,024
24
24
24
12.Totallines1to11
1439360
1419471
3,072,324
1,360,970
1,324,349
3,125,335
of which, total FFIs
of which, total investments
1,439,360
1,419,471
3,072,324
1,360,970
1,324,349
3,125,335
1.Investmentproperty
andpropertyinvestmentinprogress
FFI investment or disinvestment strategies
FFI yield strategies
2.Equitiesandothervariableincome
securitiesotherthanunitsinUCITS
FFI investment or disinvestment strategies
FFI yield strategies
3.UnitsinUCITS(otherthanthosein4)
FFI investment or disinvestment strategies
FFI yield strategies
4.UnitsinUCITSholdingexclusivelyfixed
incomesecurities
FFI investment or disinvestment strategies
FFI yield strategies
5.Bondsandotherfixedincomesecurities
FFI investment or disinvestment strategies
FFI yield strategies
6.Mortgageloans
FFI investment or disinvestment strategies
FFI yield strategies
9.Deposits(otherthanthosein8),cash
guaranteesandotherinvestments
FFI investment or disinvestment strategies
FFI yield strategies
10.Assetsrepresenting
unit-linkedpolicies
FFI investment or disinvestment strategies
FFI yield strategies
11.Otherforwardfinancialinstruments
FFI investment or disinvestment strategies
FFI pending investment
FFI yield strategies
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. 2012
as at 31 Dec. 2011
Gross value
in balance
sheet
Net
value
Realisable
value
Gross value
in balance
sheet
Net
value
Realisable
value
217,387
219,764
585
3,570
227,374
207,799
205,476
863
2,080
210,159
1,221,973
1,199,707
2,844,950
1,153,171
1,118,873
2,915,176
1,439,360
1,419,471
3,072,324
1,360,970
1,324,349
3,125,335
1,301,972
1,282,139
2,926,530
1,272,625
1,236,032
3,028,559
58,233
58,175
66,638
59,853
59,825
68,284
79,156
79,156
79,156
28,492
28,492
28,492
Total
1,439,360
1,419,471
3,072,324
1,360,970
1,324,349
3,125,335
c)Ofwhich:
Investments and forward financial instruments
in OECD countries
Investments and forward financial instruments
outside OECD countries
1,439,286
1,419,460
3,072,313
1,360,896
1,324,338
3,125,324
74
11
11
74
11
11
Total
1,439,360
1,419,471
3,072,324
1,360,970
1,324,349
3,125,335
a)Ofwhich:
Investments valued in accordance with Article
R. 332.19 and related forward financial instruments
including discount not yet amortised,
dont but excluding redemption premium.
Investments valued in accordance with Article
R. 332.20 and related forward financial instruments
Investments valued in accordance with Article
R. 332.5 and related forward financial instruments
Total
b)Ofwhich:
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. 2012
Gross value
in balance
sheet
Net
value
Realisable
value
Gross value
in balance
sheet
Net
value
Realisable
value
62,132
62,132
62,132
59,614
59,614
59,614
Realisable
value
Gross value
in balance
sheet
€000s
III - Securities belonging to
provident institutions
as at 31 Dec. 2011
as at 31 Dec. 2012
Gross value
in balance
sheet
Net
value
as at 31 Dec. 2011
Net
value
Realisable
value
Annual Report
2012
54
Summary statement of investments and FFIs
€000s
as at 31 Dec. 2012
as at 31 Dec. 2011
Gross value
in balance
sheet
Net
value
Realisable
value
Gross value
in balance
sheet
Net
value
Realisable
value
21,510
12,307
68,489
21,493
12,754
64,494
99,403
99,293
107,332
99,464
99,354
105,124
Sub-total
120,913
111,600
175,822
120,957
112,108
169,618
Totaloritem3alandandbuildings
shownasassetsinthebalancesheet
(accounts21,22,28and29)
innetvaluecolumn
Of which down-payments (non-capitalised
advances to unlisted non-trading real
estate investment companies)
120,913
111,600
175,822
120,957
112,108
169,618
90
90
90
90
90
90
Details of land
and buildings
Operatingproperty
Rights in rem
Shares in unlisted non-trading real estate
investment or property
development companies
Sub-total
Otherassets
Rights in rem
Shares in unlisted non-trading real estate
investment or property
development companies
€000s
Amount of holdings and
units in related companies
held in insurance
undertakings
Accounts 25052 and 25053
as at 31 Dec. 2012
as at 31 Dec. 2011
Gross value
in balance
sheet
Net
value
Realisable
value
Gross value
in balance
sheet
Net
value
Realisable
value
42,141
42,141
45,415
505,323
493,748
1,619,476
Notes
55
Notes
Annual Report
2012
56
Notes
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