(5) URD 2022* Extract – Consolidated financial statements

4.1.1

Consolidated balance sheet

Asset

(in thousands of euros)

NOTES

DEC. 31, 2022

DEC. 31, 2021

Intangible assets

238,835

229,951

Goodwill

1

155,960

155,529

Other intangible assets

2

82,876

74,423

Insurance business investments

3

3,021,805

3,219,430

Investment property

3

288

288

Held-to-maturity securities

3

1,842

1,833

Available-for-sale securities

3

2,902,405

3,115,154

Trading securities

3

26

15

Derivatives

3

10,330

10,458

Loans and receivables

3

106,914

91,683

Receivables arising from banking activities

4

2,906,639

2,690,125

Reinsurers' share of insurance liabilities

17

508,881

512,187

Other assets

1,220,666

1,024,871

Buildings used for operations purposes and other property, plant and equipment

6

94,613

105,809

Deferred acquisition costs

8

46,427

38,900

Deferred tax assets

19

88,755

58,345

Receivables arising from insurance and reinsurance operations

7

664,460

511,038

Trade receivables arising from service activities

8

50,062

59,489

Current tax receivables

8

66,612

75,682

Other receivables

8

209,736

175,609

Cash and cash equivalents

9

553,786

362,441

TOTAL ASSETS

8,450,613

8,039,006

128

UNIVERSAL REGISTRATION DOCUMENT 2022

FINANCIAL ITEMS

4

Consolidated financial statements

Liability

(in thousands of euros)

NOTES

DEC. 31, 2022

DEC. 31, 2021

Equity attributable to owners of the parent

1,960,465

2,141,041

Share capital

10

300,360

300,360

Additional paid-in capital

723,501

810,420

Retained earnings

742,270

644,807

Other comprehensive income

(88,773)

161,638

Consolidated net income of the year

283,107

223,817

Non-controlling interests

1,746

309

Total equity

1,962,211

2,141,351

Provisions for liabilities and charges

13

68,662

85,748

Financing liabilities

15

534,280

390,553

Lease liabilities

16

74,622

81,930

Liabilities relating to insurance contracts

17

2,056,267

1,859,059

Payables arising from banking activities

18

2,927,389

2,698,525

Amounts due to banking sector companies

18

743,230

822,962

Amounts due to customers of banking sector companies

18

389,300

376,788

4

Debt securities

18

1,794,858

1,498,775

Other liabilities

827,180

781,841

Deferred tax liabilities

19

105,142

120,326

Payables arising from insurance and reinsurance operations

20

318,810

286,583

Current taxes payables

21

61,681

80,712

Derivatives

21

222

3,480

Other payables

21

341,326

290,739

TOTAL EQUITY AND LIABILITIES

21

8,450,613

8,039,006

4.1.2

Consolidated income statement

(in thousands of euros)

NOTES

DEC. 31, 2022

DEC. 31, 2021

Gross written premiums

1,698,270

1,462,424

Premium refunds

(142,109)

(121,336)

Net change in unearned premium provisions

(28,697)

(28,451)

Earned premiums

22

1,527,464

1,312,637

Fee and commission income

158,582

140,691

Net income from banking activities

70,414

64,400

Income from services activities

55,510

50,130

Other revenue

22

284,506

255,221

Revenue

1,811,970

1,567,858

Claims expenses

23

(476,779)

(280,456)

Policy acquisition costs

24

(304,747)

(259,317)

Administrative costs

24

(314,460)

(270,990)

Other insurance activity expenses

24

(69,824)

(66,243)

Expenses from banking activities, excluding cost of risk

24/25

(14,331)

(13,103)

Expenses from services activities

24

(102,998)

(89,674)

Operating expenses

24

(806,361)

(699,327)

Risk cost

25

308

76

UNDERWRITING INCOME BEFORE REINSURANCE

529,138

588,150

Income and expenses from ceded reinsurance

26

(146,610)

(314,288)

UNDERWRITING INCOME AFTER REINSURANCE

382,529

273,862

Investment income, net of management expenses (excluding finance costs)

27

40,105

42,177

CURRENT OPERATING INCOME

422,634

316,039

Other operating income and expenses

28

(9,116)

(3,177)

OPERATING INCOME

413,518

312,862

Finance costs

(29,605)

(21,477)

Share in net income of associates

0

0

Badwill

0

0

Income tax expense

29

(100,561)

(67,511)

CONSOLIDATED NET INCOME BEFORE NON-CONTROLLING INTERESTS

283,352

223,874

Non-controlling interests

(244)

(57)

NET INCOME FOR THE YEAR

283,107

223,817

Earnings per share (€)

31

1.90

1.50

Diluted earnings per share (€)

31

1.90

1.50

130

UNIVERSAL REGISTRATION DOCUMENT 2022

FINANCIAL ITEMS

4

Consolidated financial statements

(in thousands of euros)

NOTES

DECEMBER 31, 2022

DECEMBER 31, 2021

Net income of the period

283,107

223,817

Non-controlling interests

244

57

Other comprehensive income

Currency translation differences reclassifiable to income

5,170

4,956

Reclassified to income

0

0

Recognised in equity

5,170

4,956

Fair value adjustments on available-for-sale financial assets

3; 12; 19

(264,947)

10,252

Recognised in equity - reclassifiable to income - gross

(310,341)

23,488

Recognised in equity - reclassifiable to income - tax effect

54,626

(5,873)

Reclassified to income - gross

(12,861)

(9,185)

Reclassified to income - tax effect

3,629

1,822

Fair value adjustments on employee benefit obligations

3; 12; 19

9,310

1,622

Recognised in equity - not reclassifiable to income - gross

13,015

2,349

Recognised in equity - not reclassifiable to income - tax effect

(3,705)

(727)

4

Other comprehensive income of the period, net of tax

(250,467)

16,830

TOTAL COMPREHENSIVE INCOME OF THE PERIOD

32,884

240,704

●

attributable to owners of the parent

32,697

240,648

●

attributable to non-controlling interests

187

56

(in thousands of euros)

SHARE

CONSOLIDATED

TREASURY

NOTES

CAPITAL

PREMIUMS

RESERVES

SHARES

Equity at December 31, 2020

304,064

810,420

671,939

(15,822)

2020 net income to be appropriated

82,900

Payment of 2020 dividends in 2021

(81,976)

Total transactions with owners

0

0

924

0

December 31, 2021 net income

Fair value adjustments on available-for-sale financial

assets

recognized in equity

Fair value adjustments on available-for-sale financial

assets

reclassified to income statement

Change in actuarial gains and losses (IAS 19R)

Currency translation differences

Cancellation of COFACE SA shares

(3,704)

(11,298)

Treasury shares elimination

103

Free share plans expenses

465

Transactions with shareholders and others

(1,504)

Equity at December 31, 2021

300,360

810,420

660,526

(15,719)

2021 net income to be appropriated

223,817

Payment of 2021 dividends in 2022

(86,868)

(137,161)

Total transactions with owners

0

(86,868)

86,656

0

December 31, 2022 net income

Fair value adjustments on available-for-sale financial

assets

recognized in equity

3; 12; 14; 19

Fair value adjustments on available-for-sale financial

assets

reclassified to income statement

3; 12; 14; 19

Change in actuarial gains and losses (IAS 19R)

Currency translation differences

Cancellation of COFACE SA shares

0

Treasury shares elimination

(3,430)

Free share plans expenses

2,203

Transactions with shareholders and others

(51)

12,035

EQUITY AT DECEMBER 31, 2022

300,360

723,501

761,421

(19,149)

132

UNIVERSAL REGISTRATION DOCUMENT 2022