2015 financial details

Transcription

Fiscal Year 2015
BOARD OF DIRECTORS’ REPORT
TO THE GENERAL MEETING
OF MAY 11, 2016
2015 KEY FIGURES
€ 1,287 m
Premium income (gross of retrocessions)
Total claims expense (gross of retrocessions and excluding internal management costs)
Net financial income
Administrative costs (other than financial)
Net profit
Managed assets (net book value)
€ 689 m
€ 174 m 1
€ 57 m
€ 216 m
€ 8,788 m 2
Shareholder's equity before appropriation of profit for the year
€ 2,185 m
Gross technical reserves
€ 6,853 m
Total assets
€ 9,189 m
Personnel (headquarters and branch offices)
267 employees
Loss ratio
61.0% 3
Combined ratio
76.8%3
Returns on financial and real estate investments (excluding deposits with cedents
and changes in unrealized capital gains and losses)
1
2
3
2.0 %
Includes other non-technical income and charges (€ +0.5 m in 2015) relating to a theoretical tax credit on the capitalization
reserve
CCR financial and real estate investments including cash positions
These two ratios are calculated net of retrocessions relating to all non-life reinsurance activities (all lines of business and
administrative costs included) and by including variations in equalization reserves in the total claims expense. They are restated
to reflect the impact of exceptional allowances to the reserve for claims expenses recorded during the year.
PREMIUM INCOME
Premium income for fiscal 2015, gross of retrocession and for all activities combined, amounted to €
1,287.2 million (€ 1,276.4 m at constant exchange rates), down 2.7% (or 3.5% at constant exchange
rates) compared to premium income for 2014 which stood at € 1,323.0 million. Of this amount, 67.5%
was generated by State-guaranteed reinsurance and 32.5% by open market reinsurance.
For State-guaranteed reinsurance, premiums amounted to € 868.6 million, down 1.0% compared to
2014.
-
Premiums from the reinsurance of natural disasters in France account for 91.3% of the
aforementioned amount (or € 793.4 million). The relative stability of premium collection
(limited decrease of 0.5% between 2014 and 2015) is due to prior-year premium accruals.
-
Premium income from the reinsurance of terrorist acts for small and medium risks (for which
capital insured is less than € 20 million) rose by 2.9% to € 45.4 million due to an increase in the
treaty base.
-
The reinsurance business from the GAREAT terrorist acts pool, which is the co-reinsurance
pool for large risks, contributed € 20.6 million of premiums in 2015, compared to € 21.1
million the year before. Taken in aggregate, the two segments reinsuring terrorist acts
generated € 66.0 million in premiums (up 1.2%), accounting for 7.6% of State-guaranteed
reinsurance premium income.
-
Finally, the reinsurance of so-called exceptional risks generated € 9.0 million of premium
income in 2015, a decrease compared to the € 14.7 million recorded in 2014. This activity
covers the reinsurance of risks related to war, civil commotion and similar risks in respect of
the use of all means of transport or relating to goods being transported or stored, as well as
the reinsurance of third party liability coverage of nuclear vessel and power plant operators.
For CCR, this activity represents 1.0% of State-guaranteed reinsurance.
Premium income from open market reinsurance amounted to € 418.7 million, a decrease of 6.1%
compared to 2014 due essentially to a lower than expected volume of underwriting during the year. At
constant exchange rates, premium income from open market reinsurance decreased by 8.5%. This
change is detailed as follows:
-
Premium income from non-life business amounted to € 326.1 million, a decrease of 5.9%
compared to 2014 (a decrease of 8.3% at constant exchange rates). Open market reinsurance
accounted for 77.9% of all non-life premium income. The decrease in premium income is
primarily due to the cancellation of business in Southern Europe and in Asia, in keeping with
our policy of consolidating the portfolio initiated in 2011.
-
Premium income from life, accident and health business amounted to € 92.6 million, a
decrease of 6.8% compared to 2014 (at constant exchange rates, the decrease is 9.1%). This
change is primarily due to the upward adjustment of premiums recorded in 2014 in respect of
previous years.
The four most important lines of business generated 73.3% of the premium income reported by open
market reinsurance in 2015. Fire and Property contributed 25.8% of premium income, Life, Accident
and Health 22.1%, Motor 17.8% and Marine 7.6%. CCR’s other main business lines are, in descending
order of premium income, Credit and Surety, General Third Party Liability and Construction.
UNDERWRITING RESULTS
In 2015, CCR’s underwriting profit, net of retrocession, came to € 315.2 million compared to € 257.9
million in 2014.
Before taking into account transfers to the equalization reserve and the allocation of general expenses,
State-guaranteed reinsurance of natural disasters in France recorded an underwriting profit of €
348.7 million in 2015 compared to € 307.2 million in 2014. This surplus enabled the company to
transfer to the equalization reserve an amount of € 67.2 million (compared to € 101.7 million in 2014),
representing the full amount allowed for taxation purposes 4, equal to 300% of net premiums for the
year (within the limited of 75% of the underwriting surplus). CCR fiscally reintegrated € 78 million in
equalization reserves that had been booked in 2004 but had not been utilized in that period. The
company did not choose to reverse this provision in the accounts and it was maintained in the
equalization reserve stock at year-end. Consequently, the equalization reserve increased from €
2,660.8 million at December 31, 2014 to € 2,728.0 million at December 31, 2015.
Net underwriting results from the reinsurance of Natural Catastrophes in France was a profit of € 281.5
million in 2015, compared to € 205.5 million in 2014.
With an aim to ensuring the sustainability of the compensation scheme for natural disasters and
guaranteeing its financial solidity, negotiations between the insurance industry and French Treasury, in
which CCR was involved, resulted in the reintroduction, from January 1, 2014, of reinsurance
commission mechanism. In 2015 this new (variable commission) mechanism played its role to the full
and generated a charge of € 58.2 million compared to € 35.3 million the previous year.
The year 2015 was marked by the occurrence of three major flood events: the violent storms in the
southwest of France in October and the floods in the Gard department and Hérault region in August
and September. In total, loss expense for the flooding amounted to € 529.6 million for CCR. Loss
experience for 2015 was also marked by a drought characterized by its unusually long duration
throughout the summer.
At the end of December, 872 favorable decisions of recognition of a state of disaster were adopted by
the interministerial commission. The municipalities for which a state of natural disaster had been
recognized at December 2015 in respect of events during the year then ended are presented below:
4
Ceiling determined by considering only amounts transferred to reserves that have not been assessed to tax.
Municipalities recognized "Nat Cat" in 2015 on mainland France (at end December 2015)
Flooding in the Southeast (Oct)
Flooding in the Gard and Hérault (Aug)
68 recognized municipalities
Flooding in the Gard and Hérault (Sep)
The 2015 underwriting result benefited from positive prior year reserve developments, in particular for
the 2014 financial year. Overall, Nat Cat total claims expense for the 2015 financial year came to €
376.8 million.
For all other State-guaranteed reinsurance lines:
-
The equalization reserve for the reinsurance of terrorist acts for large risks from the GAREAT
Terrorist Acts Pool was increased by € 13.2 million to € 245.9 million at December 31, 2015
while the equalization reserve for the reinsurance of terrorist acts for small and medium risks
was increased by € 29.0 million to € 212.8 million. Finally, for the reinsurance of exceptional
risks, reserves for equalization and non-recurring charges for these categories considered in
their totality amounted to € 153.6 million at December 31, 2015.
-
The net underwriting profit contributed by all these activities came to € 27.2 million, which
represents a decrease compared to the € 36.6 million profit contributed in 2014. This change is
primarily due to a decrease in liquidation proceeds (negative impact on net underwriting
income of € 10.2 million).
*
*
*
Underwriting results net of retrocession for open market reinsurance stood at € 6.5 million in 2015,
compared to € 15.8 million in 2014.
For non-life reinsurance, underwriting results net of retrocession amounted to € 1.8 million, compared
to € 14.7 million in 2014. This 2015 result is comprised of:
-
a gross underwriting profit of € 17.8 million (compared to € 36.0 million in 2014)
-
transfers to equalization reserves totaling € 2.0 million
-
a technical result of retrocessions, amounting to a deficit of € 14.0 million, compared to a
deficit of 17.3 million in 2014, for premiums ceded of € 14.7 million.
The decrease in the gross technical result is due to exceptional transfers, amounting to € 14.1 million,
to the reserve for claims expenses. Total loss experience was favorable. Other than the explosion that
occurred in the port of Tianjin in August 2015, no significant major event or individual loss had a
significant impact on results, and the liquidation of claims from prior years had a positive effect on
reinsurance accounts.
Life, accident and health recorded an underwriting profit, net of retrocession, of € 4.7 million in
2015, compared to a profit of € 1.1 million in 2014. This result is comprised of:
-
a gross underwriting profit of € 9.4 million (compared to € 7.6 million in 2014)
-
the technical result of retrocession, amounting to a deficit of € 4.7 million (for premiums
ceded of € 4.5 million) compared to a deficit of € 6.5 million in 2014.
The change in gross technical results is due in particular to lower commission expenses recorded at
year-end.
The overall cost of retrocession for life and non-life open market reinsurance activities stood at € 18.7
million (for premiums ceded of € 19.2 million) compared to € 23.8 million in 2014. As no significant
losses impacted the accounts of retrocessionaires, this decrease is essentially due to the decrease in
premiums ceded (a deficit of € 7.1 million) reflecting a steady decline in retrocession rates since 2012.
FINANCIAL AND REAL ESTATE MANAGEMENT
The net book value of investments 5 stood at € 8,788.2 million at December 31, 2015, of which 1.5% in
deposits with cedents, compared to € 8,344.1 million in the balance sheet for 2014 (of which 1.4% in
deposits, unchanged). This increase is by no means associated with foreign exchange impact: the net
book value of investments at December 31, 2014 if restated at foreign exchange rates at December 31,
2015 would amount to € 8,346.7 million.
Taking into account the situation in the financial and real estate markets and the disposals made in
2015, net unrealized capital gains on these assets amounted to € 1,057.5 million at the year-end
compared to € 1,087.7 million the previous year. When marked to market, CCR’s total financial
investments and real estate assets amounted to € 9,845.7 million, which represents an increase of 4.4%
in comparison to 2014.
When reasoning on a mark-to-market basis 6, CCR’s investments consist of: money market investments
for 8.6% (6.7% at year-end 2014), bonds and loans for 67.0% (68.4% at year-end 2014), stocks and
diversified investments for 14.2% (14.7% at year-end 2014), real estate investments for 7.3% (7.5% at
year-end 2014) and deposits for 2.9%.
Net investment income 7 for 2015 amounted to € 173.9 million compared to € 188.2 million in 2014.
Ordinary income from investments (€ 140,2 million in 2015 compared to € 144,0 million in 2014)
remained relatively stable and could not compensate for the decrease in realized capital gains net of
provisions for permanent impairment (€ 40.0 million in 2015 compared to € 53.3 million in 2014). It
should also be mentioned that ordinary income from investments includes a merger premium of € 10.3
million recorded in 2015 at the time of the universal transfer of the company SAS Desaix to CCR.
Because of this and despite the steady increase in managed assets, if interest rates remain at the
historically low levels observed at the moment for a prolonged period, current investment income will
continue to decline in coming years.
Lastly, net investment income includes a foreign exchange loss of € 3.4 million, offset by gains from
foreign currency hedging in the amount of € 3.9 million, as well as internal financial management
expenses for € 10.5 million.
HOLDINGS AND SUBSIDIARIES
CCR manages a portion of its real estate holdings through five distinct legal entities (simplified limited
companies), with total shareholders’ equity of € 54.5 million at December 31, 2015. Over the course of
the year under review, these companies generated a net profit of € 2.2 million and contributed € 1.4
million to the ordinary financial income of CCR at December 31, 2015.
In 2015, CCR acquired the company SAS Desaix by means of a universal transfer. This operation
generated a merger premium in the amount of € 10.3 million.
Furthermore, CCR owns 100% of a Luxembourg-based captive reinsurance company named Caisrelux,
which had share capital of € 6.2 million at December 31, 2015, unchanged from the previous year. This
company writes only business emanating from CCR. Although the 2015 accounts of this company had
not been drawn up on the date of this report, it has already been established that this company will
report a profit for the year.
5
6
7
CCR financial and real estate investments including cash positions
In this paragraph, figures at December 31, 2014 are stated at the foreign exchange rate in effect on December 31, 2015 so as
to appreciate changes in the investment breakdown at constant exchange rates.
Includes other non-technical income and charges (€ +0.5 m in 2015) relating to a theoretical tax credit on the capitalization
reserve
NET RESULTS
The net profit after tax for 2015 amounted to € 215.5 million compared to € 193.0 million the
previous year. It reflects:
-
Profit before tax and employee profit sharing of € 430.4 million for 2015, compared to € 382.9
million for 2014. This increase was the direct consequence of the increase in the underwriting
profit contributed by the reinsurance of "Natural Disasters", for the reasons indicated above:

The significant loss experience for the current underwriting year

which was offset by the bonuses in respect of prior underwriting years and the
adjustment of the equalization reserve

The inclusion, since 2014, of a solidarity clause in Natural Disaster treaties offered by
CCR to market participants
-
Net financial income is down slightly as seen in the previous chapter.
-
Management expenses (excluding charges relating to financial management, taken into account
in the net investment income) amounted to € 56.8 million in 2015 compared to € 57.9 million
the previous year 8, equivalent to a cost-to-income ratio of 4.5% (i.e. management expenses to
net earned premiums for the year) which was stable compared to 2014.
-
Non-recurring charges amounted to € 2.0 million in 2015 compared to € 5.2 million in 2014.
Non-recurring items in 2014 include a € 3.3 million payment in respect of the tax adjustment
notified by the authorities concerning the years ended December 31, 2011 and 2012.
-
Employee profit sharing expense for 2015 amounted to € 1.4 million compared to € 3.7 million
in 2014.
-
Corporate income tax amounted to € 213.5 million in 2015 (after deducting the tax credit for
competitiveness and employment amounting to € 0.2 million) compared to € 186.2 million in
2014.
In euro millions
Underwriting results, net of
retrocession
General expenses
Net investment income 9
Other items
Corporate income tax and employee
profit sharing
Profit for the year
2014
2015
+257.9
+315.2
-57,9
-56.8
+188.2
+173.9
-5,3
-1.9
-189,9
-214.9
+193.0
+215.5
The above resulted in a return on beginning-of-year equity (including the capitalization reserve and
after appropriation of the profit), as determined for accounting purposes, of 10.9% for CCR’s
operations as a whole.
8
9
As required by articles L.441-6-1 and D.441-4 of the French Commercial Code (Code de commerce), the reader is informed that
management expenses include, under the title "Other creditors" € 2.0 million of charges still to be paid at December 31, 2015
compared to € 1.5 million at December 31, 2014. The entirety of these amounts is due to trade creditors at the year-end and
payable within 90 days.
Includes non-technical income and charges (€ +0.5 m in 2015) relating to a theoretical tax credit on the capitalization reserve
OUTLOOK FOR 2016
2016 will be a year of strategic redeployment for CCR. The company is considering the legal separation
of its State-guaranteed reinsurance activity from its open market reinsurance activity. This major
change is aimed at ensuring the integrity of the company as well as the transparency and efficiency of
both activities. It is aligned with the 2016-2020 strategic plan scheduled to be adopted in the coming
weeks.
The year 2016 will also provide the occasion to pursue efforts to modernize the framework for
operation of our Natural Disaster reinsurance segment. The new agreement entered into with the
industry establishing a reinsurance commission mechanism will be used to the fullest. It will enable
cedents to derive greater benefit from the positive results of the scheme as well as additional
responsibility. Additionally, CCR will pursue its efforts to improve the quality of its reinsurance-related
services, in particular through the modernization of its dedicated websites.
The reorientation of the company's underwriting policy initiated over the past few years was pursued
throughout the January renewal season and is expected to be confirmed at the time of the mid-year
renewal season. It consists of a significant cutback in motor casualty business and in the proportional
fire lines combined with an increase in the more profitable lines of business with limited capital
requirements.
The year 2016 is expected to kick-off with a net deterioration of the macro-financial environment.
Interest rates remain significantly low, with negative rates in a number of segments of the bond and
money markets, especially in the Euro zone. Downward pressure on returns from financial assets will
therefore continue steadily, especially since growing credit spreads and declines in the stock markets
will have a negative impact on securities. This context will oblige CCR to use increased selectivity
when choosing the countries, sectors and companies where it will deploy additional investments over
the course of 2016.
EVENTS OCCURRING AFTER
THE CLOSE OF THE FISCAL YEAR
No event susceptible of having a material impact on the financial statements of CCR occurred between
December 31, 2015 and March 23, 2016, when the financial statements were approved by the board of
directors.
APPROPRIATION OF NET INCOME
The profit realized by CCR in 2015 came to € 215,515,093.26. In the resolutions that will be
submitted to the General Meeting held on May 11, 2016, it is proposed that this profit be appropriated
as follows:
€ 100,000,000.00
Dividend
Equivalent to a net dividend per share of € 33.33
Reserve for the purchase of original works by living artists
Special reserve for exceptional and nuclear risks
Special reserve for natural disaster risks
Reserve for major natural risks
€ 18,513.00
€ 1,161,436.61
€ 100,341,101.11
€ 11,715,410.59
Special reserve for acts of terrorism
€ 1,073,142.10
Special GAREAT reserve for acts of terrorism
€ 1,101,159.45
Special reserve for specific credit insurance risks
€ 104,330.39
In accordance with article 243 b of the General Tax Code, dividends eligible for the 40% reduction
represent € 33.33 and those not eligible € 99,999,966.67.
The dividend will be paid on June 30, 2016.
In accordance with the law, the dividends distributed in the three previous fiscal years are reported
below:
Fiscal year 2012:
€ 100,000,000, equivalent to a net amount per share of € 33.33, of which
dividends not eligible for a 40% reduction represent € 99,999,966.67 and those
eligible € 33.33.
Fiscal year 2013:
eligible € 33.33.
Fiscal year 2014:
eligible € 33.33.
CORPORATE GOVERNANCE
THE BOARD OF DIRECTORS, THE CHAIRMAN, THE CHIEF EXECUTIVE OFFICER
Up until June 30, 2015, in conformity with French law no. 83-675 of June 26, 1983 relating to publicsector democratization, the CCR board of directors was comprised of 18 members of whom 6 were
representatives of the State appointed by decree, 6 were qualified professionals appointed by decree
and 6 were employee representatives elected by fellow employees.
As the terms of office of all the directors ended on June 30, 2015, CCR, a commercial company in
which the State retains a share of the capital, implemented order no. 2014-948 of August 20, 2014
concerning governance and transactions involving the share capital of public-sector companies thereby
renewing the board of directors and its governance, with effect from July 1, 2015. The resulting
modifications to the company by-laws were adopted by the combined general meeting of the
shareholders of June 25, 2015.
With effect from July 1, 2015, the board of directors is comprised of 15 members of which one
representative of the State appointed by ministerial order, 9 directors appointed by the general
meeting of the shareholders (of which 3 proposed by the State) and 5 employee representatives
elected by fellow employees.
The board of directors, at its meeting held December 18, 2014, adopted an organizational structure for
company management disassociating the position of chairman of the board of directors from that of
chief executive officer.
Mr. Pierre Blayau was therefore appointed, upon a proposal by the board, chairman of the board of
directors by decree of the French President dated January 14, 2015 published in the official journal of
January 15, 2015.
Mr. Bertrand Labilloy was appointed chief executive officer by decision of the board of directors on
January 16, 2015.
With the application effective from July 1, 2015 of order no. 2014-948 dated August 20, 2014, the
board of directors in its meeting of July 2, 2015 renewed its discussion concerning the method of
company management and decided to maintain the disassociation of the positions of chairman of the
board and chief executive officer.
In conformity with the order of August 20, 2014 and with the company by-laws, Mr. Pierre Blayau was
appointed chairman of the board for a duration of 5 years by the board of directors on July 2, 2015.
The Board did not introduce any specific restrictions on the powers of the chairman.
By decision of the Ministry for Finance and Public Accounts dated June 26, 2015 and published in the
official journal of June 28, 2015, Mr. Bertrand Labilloy was appointed interim chief executive officer
with effect from July 1, 2015. Subsequently, upon the recommendation of the board of directors in its
meeting of July 2, 2015, he was appointed chief executive officer by the decree of the President of
France dated August 17, 2015 and published in the official journal on August 19, 2015.
The board of directors met eight times in 2015: January 16, March 12, May 12, June 9, July 2,
September 8, November 2, and December 15. In addition to considering traditional matters regarding
the accounts, monitoring investments and all reinsurance activities, the board discussed:
-
the dissociation of the positions of chairman of the board and chief executive officer
-
the appointment of the chairman of the board of directors and the determination of his
remuneration
-
the appointment of the chief executive officer and the determination of his remuneration
-
the determination of the amount of variable compensation for the chairman and chief
executive officer
-
the universal transfer of the company SAS Desaix 10 to CCR.
-
the application to CCR of order no. 2014-948 of August 20, 2014 concerning governance and
transactions involving the share capital of public-sector companies and the modification of the
company by-laws and of the internal regulations of the board of directors
-
the appointment of a secretary to the board of directors
-
governance: modification of the internal regulations of the board of directors (accounts
committee, audit and risk committee, strategy committee)
-
the establishment of the committees of the board of directors (appointment of chairman and
members as well as of an independent member with specific financial or accounting expertise)
-
the adoption of a preparatory narrative report on the situation at December 31, 2014
-
the convening of a combined general meeting of the shareholders (an extraordinary meeting on
the modification of the company by-laws and, an ordinary meeting on the appointment of nine
directors)
-
the internal reorganization of the company
-
the approval of policies relating to Solvency II
-
the appointment of effective managers and the communication of information on the
appointment of key department managers
-
the procedure for selecting statutory auditor and alternate statutory auditor
-
the directors' fees (convening of a general meeting and distribution)
-
the 2015 Own Risk and Solvency Assessment (ORSA)
-
the 2016 budget and its related risk appetite criteria.
THE AUDIT, ACCOUNTS AND RISK MANAGEMENT COMMITTEE
By decision of the board of directors in its meeting of July 2, 2015, the audit, accounts and risk
management committee was replaced by two separate committees: the accounts committee and the
audit and risk committee.
The audit, accounts and risk management committee was comprised of five directors and was chaired,
beginning on July 1, 2010, by Mr. Patrice Forget. It included one member, Mr. Gérard Lancner, with
specific financial or accounting expertise, who qualified as independent director based on the criteria
adopted by the board of directors.
The audit, accounts and risk management committee met twice over the course of the first half of
2015. With the statutory auditor in attendance, it reviewed the company financial statements for the
2014 fiscal year before they were approved by the board of directors. Furthermore, before their
approval by the Board of Directors, the committee reviewed the report on internal control, the report
on solvency and the report on retrocession. Part of the meeting held on March 3, 2015 was devoted to
examining the 2015 budget, its related risk appetite criteria as well as investment policy and a
proposal for new ceilings in 2015. In its meeting of June 22, 2015, the board discussed the organization
of governance in relation to Solvency II, the modification of the board's internal regulations, the
assessment of the 2014 internal control measures, the findings of the 2014 audits and the internal audit
program for 2015, the situation of reserves at December 31, 2014, the simulation of the Solvency II
prudential balance sheet and the calculation of the Solvency Capital Requirement (SCR) at December
31, 2014. The board also discussed the preparatory narrative report on the situation at December 31,
2014.
THE ACCOUNTS COMMITTEE
The accounts committee was created by decision of the board of directors in its meeting of July 2,
2015.
The committee is composed of four members of which one employee representative. One member of
the accounts committee must also be a member of the audit and risk committee.
Furthermore, the accounts committee, chaired by Mr. Patrice Forget, includes one member, Mrs.
Pauline Leclerc-Glorieux, with specific financial or accounting expertise, who is qualified as an
independent member based on the criteria adopted by the board of directors 10.
The mission of the accounts committee is to examine the half-year and full-year financial statements,
to study changes and adaptations to the accounting principles, to monitor the efficiency of internal
control and risk management systems, to oversee the legal control of the annual financial statements
by the statutory auditors. The committee also provides its opinion on a selection procedure as well as a
recommendation to the general meeting concerning the appointment of the statutory auditor. It is also
charged with hearing the report of the actuarial department.
The accounts committee met once in the second half of 2015. It examined the financial statements at
June 30, 2015 as well as the procedure for selecting the statutory auditor and alternate statutory
auditor.
Furthermore, the accounts committee and the audit and risk committee hold a combined meeting at
least once a year chaired by the chairman of the accounts committee to review common items of
interest and the prudential reports.
Two combined meetings were held by these committees in 2015. At the time of these meetings, the
two committees jointly examined the reserving policy, the policy of the actuarial department, of risk
management operations, of the communication of information to the supervisory authority, of internal
control, of outsourcing, of asset-liability management, of financial risk management and of liquidity
risk management. The committees also examined the 2016 budget and its related risk appetite criteria,
as well as the framework for financial investments in 2016.
10
In order to comply with the provisions of the commercial code (code de commerce) (art. L 823-19) and of the insurance code
(code des assurances) (art. L 322-3-1) which provide that the committee must include at least one member with specific
financial or accounting expertise and who qualifies as independent director, the board of directors, at its meeting of July 2, 2015
laid down the criteria qualifying an independent member, on the basis of the criteria for independence set forth in the AFEP
MEDEF corporate governance code for listed companies (Code de gouvernement d’entreprise des sociétés cotées AFEPMEDEF) (June 2013). The criteria are the following:
-
must not be an employee or corporate officer of CCR or of any group company, nor a representative of CCR’s
shareholders, nor a civil servant and must not have held any such position in the previous five years;
-
must not hold a management position in any company in which CCR directly or indirectly has a seat on the board of
directors;
-
must not have any significant ties to CCR, whether as a customer of or supplier to CCR or its group, or through close
family ties with senior management.
THE AUDIT AND RISK COMMITTEE
The audit and risk committee was created by decision of the board of directors in its meeting of July 2,
2015.
The committee is composed of four members of which one employee representative. One member of
the audit and risks committee must also be a member of the accounts committee.
Furthermore, the audit and risk committee, chaired by Gérard Lancner, includes one member, Mr.
Gérard Lancner, with specific financial or accounting expertise, who is qualified as an independent
member based on the criteria adopted by the board of directors 11.
The mission of the audit and risk committee is primarily to monitor the efficiency of the systems of
internal control and of risk management as well as to control the policies, procedures and systems of
risk management and of internal control. In this framework, the committee's mission is to oversee the
monitoring of major risks and the means for controlling and managing these risks, strategic risks as well
as risks relating to the company's principal technical and financial commitments, financial management
risks, including off-balance sheet commitments and cases of significant litigation; to oversee the
identification of risks as performed by executive management, to ensure that an appropriate system
for internal control and for the surveillance and management of risks has been set into place; to
oversee the verification of compliance with all applicable laws and regulations, notably those required
by Solvency II, and, in this context, to examine the reports and policies under its jurisdiction; to hear
the head of internal auditing, to examine and approve the audit program, to analyze the principal
recommendations of the reports and actions to be undertaken; to examine investment policy. It is also
responsible for monitoring the risk control indicators, for monitoring the Own Risk and Solvency
Assessment (ORSA) and examining the related report, and for hearing the representatives of the risk
management department.
The audit and risk committee met twice in 2015. In particular, the committee examined the drafts of
policies within the framework of the Solvency II directive as required by the committee, namely: the
general risk management policy, the underwriting policies applicable to public-sector and open market
reinsurance, the retrocession policy, and the compliance verification policy. The committee also
analyzed the 2015 ORSA report, the measures for verification of compliance and the risk management
framework as well as the internal auditing policy and the audit program.
THE COMPENSATION, APPOINTMENT AND GOVERNANCE COMMITTEE
The compensation committee, created in 2004, is composed of four members of which one employee
representative.
It has been chaired since March 22, 2013 by Mr. Patrick Lucas.
The compensation, appointment and governance committee oversees the individual and group
components of the company's employee policy, verifies its consistency with corporate strategy and
company objectives in terms of performance, and analyzes the key elements concerning the
development of all employees within the company. Additionally, the committee makes proposals to the
board concerning the terms of remuneration, the definition of performance criteria and the extent to
which
11
In order to comply with the provisions of the commercial code (code de commerce) (art. L 823-19) and of the insurance code
(code des assurances) (art. L 322-3-1) which provide that the committee must include at least one member with specific
financial or accounting expertise and who qualifies as independent director, the board of directors, at its meeting of July 2, 2015
laid down the criteria qualifying an independent member, on the basis of the criteria for independence set forth in the AFEP
MEDEF corporate governance code for listed companies (Code de gouvernement d’entreprise des sociétés cotées AFEPMEDEF) (June 2013). The criteria are the following:
-
must not be an employee or corporate officer of CCR or of any group company, nor a representative of CCR’s
shareholders, nor a civil servant and must not have held any such position in the previous five years;
-
must not hold a management position in any company in which CCR directly or indirectly has a seat on the board of
directors;
-
must not have any significant ties to CCR, whether as a customer of or supplier to CCR or its group, or through close
family ties with senior management.
they are attained for corporate directors and officers and also proposes to the board the amount and
manner of distribution of directors' fees.
The committee met six times in 2015. In addition to considering the company’s remuneration policy, it
analyzes the variable component of the chairman and chief executive officer, the remuneration of the
chairman of the board and that of the chief executive officer, the 2015 professional elections, the 2015
human resource budget, the principal internal reorganizations, the 2014 employee satisfaction survey,
the recruiting policy, the application to CCR of order no. 2014-948 of August 20, 2014 (the modification
of the company by-laws and of the internal regulations of the board of directors), the proposed
appointments of directors, the governance relating to the Solvency II directive (the appointment of
effective managers and the communication of information on the appointment of key department
managers), the compensation policy and the policy relating to reputation and experience required by
Solvency II, the amount and manner of distribution of directors' fees as well as the policies for training
and recruiting for 2015.
THE STRATEGY COMMITTEE
The strategy committee was created by decision of the board of directors in its meeting of July 2,
2015.
It is composed of four directors of which one employee representative. This committee is chaired by
the chairman of the board of directors.
The principal mission of the strategy committee is to examine and provide the board of directors its
opinion and recommendations concerning the development and approval of CCR's strategic orientations
especially those of a commercial and financial nature. It examines in particular the definition and the
updating of the areas of strategic development of CCR as well as draft strategic agreements. The
committee ensures the monitoring of the strategy implemented by executive management in particular
with respect to the decisions for orientation adopted by the board.
The strategy committee did not meet over the course of fiscal year 2015.
COMPANY DIRECTORS
Article L. 225-102-1 of the French Commercial Code requires that the Directors’ Report to the General
Meeting should provide details of:
-
the terms of office and duties of the Company’s directors in any company during the period
under review, on the one hand;
-
and, on the other, the compensation and benefits of whatever kind paid to them during the
period by the Company and/or companies in which it has a controlling stake.
DETAILS OF THE TERMS OF OFFICE AND DUTIES PERFORMED AT CCR AND AT ANY OTHER
COMPANY BY EACH OF CCR’S DIRECTORS DURING THE FISCAL YEAR :
Details of the terms of office and duties performed at CCR and at any other company by each of CCR’s directors during the fiscal year 2015
Last name,
Terms of office and
duties
First name
performed at CCR
Other terms of office and duties performed at any other company
and its affiliates
ANDRIES Damien
CCR - Director: with
N/A
effect from September 5,
2015
Member of the
Compensation,
Appointment and
Governance Committee at
CCR: with effect from
September 8, 2015
Head of the Information
Systems Department of
CCR
BIDAN Patrick
CCR - Director: until
September 4, 2015
Member of the
Compensation,
Appointment and
CCR: from July 2 to
September 4 2015
Chief Underwriting Officer
of the Public Funds and
Reinsurance Department
at CCR
N/A
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
BLANC Patricia
CCR - Director
Director General of Risk Prevention at the French Ministry of Ecology, Sustainable Development, Transport and Housing
Member of the CCR
Strategy Committee with
effect from July 2, 2015
Director at the following industrial and commercial public sector entities: BRGM, Ademe and Andra
Director at the following administrative public-sector entities: ANSES, Météo France and IGN
Government Commissioner on the board of the following industrial and commercial public sector entities: IRSN and INERIS
BLAYAU Pierre
Chairman of the CCR
Board of Directors
Chairman of the CCR
Strategy Committee: with
Chairman of the Supervisory Board of Areva until January 8, 2015
Chairman of Harbour Conseils
Director at Société d’Edition de Canal Plus
Director at Fimalac
Member of the Audit Committee at Fimalac
Director at Société Cellnex Telecom from April 2015
Chairman of the Audit and Control Committee at Société Cellnex Telecom from April 2015
Member of the Institutional Council of APREF
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
BLONDY-TOURET Anne
Director - CCR and
Member of the CCR Audit,
Accounts and Risk
Management Committee
until June 30, 2015
Assur 1 Bureau Chief at the Treasury Department of the French Ministry for Finance and Public Accounts: until August 31, 2015
Government Commissioner on the board of the Guarantee Fund of Compulsory Property Insurance (Fonds de Garantie des
Assurances Obligatoires de Dommages - FGAO) (order of appointment dated August 22, 2014: until August 31, 2015
Accredited member of the Board of Directors at the Guaranty Fund for the Victims of Terrorism and other Offenses (Fonds de
Garantie des Victimes du Terrorisme et d’Autres Infractions - FGTI) (order of appointment dated November 19, 2014): until
August 31, 2015
Accredited member, representing the French Ministry of the Economy, of the National Agricultural Risk Management
Committee (Comité National de Gestion des Risques Agriculture): no order of appointment required for State representatives
Accredited member, representing the French Ministry of the Economy, of the National Committee on Forestry Risk
Management (Comité National pour la Gestion des Risques en Forêts): the Ministry of Agriculture (in charge of appointments)
order never received.
Member, representing the French Ministry of the Economy, of the Major Natural Risk Prevention Steering Committee (Conseil
d’Orientation pour la Prévention des Risques Naturels Majeurs): no order of appointment required for State representatives
Accredited member, representing the French Ministry of the Economy, of the Board of Directors at the Military and Aerospace
Provident Fund (Fonds de Prévoyance Militaire et de l’Aéronautique) (order of appointment dated August 7, 2014): until
March 24, 2015
Accredited member, representing the French Ministry of the Economy, of the Investment Committee of the Military and
Aerospace Provident Fund (Fonds de Prévoyance Militaire et de l’Aéronautique) (order of appointment dated August 7, 2014):
until March 24, 2015
BOISNAUD Clément
Director - CCR and
member of the
Compensation,
Appointment and
November 2, 2015
5 BIAG Bureau Chief – Directorate General for Budget – French Ministry for Finance and Public Accounts, (tbc) from October 1,
2015
3 BEN Deputy then Bureau Chief (Ministry of National Education) - Directorate General for Budget – French Ministry for Finance
and Public Accounts, until September 30, 2015
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
BOUCHE Christophe
CHANH Sylvie
CCR - Director: until June None
30, 2015
Project Management
Office Manager - Resource
Management and
Compliance at CCR
None
Head of the Claims,
Commutations and RunOff Department at CCR
CONAN John
CCR - Director
None
Member of the CCR
Accounts Committee with
Head of Non-Life Open
Market Treaties, Asia and
Africa at CCR
CORRIHONS Maurice
Director - CCR and
Accounts and Risk
Management Committee:
until June 30, 2015
Head of Specialty Lines
and Retrocession at CCR
Director representing CCR at the ASSURATOME Management Board
Director representing CCR at the ASSURPOL Management Board
Director representing CCR at the AEROFRANCASSUR Board of Directors
Director representing ASSURATOME at the GSA+ Board of Directors
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
COUTROT Patrice
CCR - Director: until June None
30, 2015
Deputy Head of Real
Estate at CCR
DUMAS Philippe
Director - CCR and
Accounts and Risk
until June 30, 2015
Honorary General Inspector of Finance at the General Inspectorate of Finance, French Ministry of the Economy, Finance and
Industry
Censor (non-voting member) of the investment company (SICAV) LBI
Chairman of SAS PRD Conseil.
Director at Société Nationale de Sauvetage en Mer
Director and Treasurer of the French National Association of Mediators (Association Nationale des Médiateurs - ANM)
Director at the French Center for Arbitration of Insurance and Reinsurance Matters (Centre français d’arbitrage de réassurance
et d’assurance - CEFAREA)
Director at Chaire de l’Espoir
Member of the Strategy Committee at FCPR ICI Capital
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
FORGET Patrice
CCR - Director
France
Chairman of the CCR
Audit, Accounts and Risk
until June 30, 2015
Chief Executive Officer and Secretary to the Board of Directors at Assurances Mutuelles de France
Chairman of the CCR
Accounts Committee:
with effect from July 2,
2015
Secretary to the Board of Directors at GMF Assurances
Permanent representative of La Sauvegarde, director of GMF Vie
Permanent representative of COVEA Coopérations, director of GMF Assurances
Europe (excluding France)
Vice-Chairman of the Board of Directors and member of the Control and Risk Committee at BIPIEMME ASSIC. S.p.A. (Italy)
Vice-Chairman of the Board of Directors and member of the Control and Risk Committee at BIPIEMME VITA S.p.A. (Italy)
Director at COVEA LUX SA Luxembourg
Director at AME LIFE LUX SA Luxembourg
Director at MMA HOLDINGS UK PLC United Kingdom
Director at SWINTON GROUP LTD PLC United Kingdom
Director at SWINTON HOLDINGS LTD PLC United Kingdom
Director at COVEA INSURANCE PLC United Kingdom
Director at COVEA INSURANCE SERVICES LTD
Director at COVEA LIFE LTD
Director at STERLING INSURANCE COMPANY LTD
Permanent representative of COVEA Coopérations, director at CASER (Caja de Seguros Reunidos, Compania de Seguros y
Reaseguros SA)
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
Canada
FORGET Patrice (end)
Director at LA CAPITALE, Assurances Générales
Director at LA CAPITALE PARTICIPATIONS INC.
Director and Vice Chairman at 3602214 Canada Inc.
Director at LA CAPITALE Sécurité Financière, compagnie d’Assurance
United States
Chairman of the Board of Directors, Chairman of the Management Board, Chairman of the Compensation and Appointment
Committee, member of the Audit and Risk Committee at CSE ICO, CSE Insurance Services, CSE Safeguard, GMF Financial
GROH Thomas
IA-MARQUET Anny
CCR - Director
Deputy Director of Insurance - Treasury Department of the French Ministry of the Economy and of Finance
Member of the Audit and
Risk Committee and
Member of the Strategy
Committee at CCR: with
Alternate member, representing the Minister for the Economy, of the Supervisory Board of the Pension Reserve Fund (Fonds de
Réserve pour les Retraites - FFR)
CCR - Director: until June Director at the Association of International Underwriters of Paris (Association des Souscripteurs Internationaux de Paris - SIP)
30, 2015
Senior Underwriter
LABILLOY Bertrand
Chief Executive Officer of
CCR
Member of the Executive Commission of the French Federation of Insurance Companies (Fédération Française des Sociétés
d’Assurance - FFSA)
Member of the Board of Directors at the French Federation of Public Limited Insurance Companies (Fédération Française des
Sociétés Anonymes d’Assurance - FFSAA)
Member of the Management Committee at the Professional Association of Reinsurers of France (Association Professionnelle des
Réassureurs de France - APREF)
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
LANCNER Gérard
CCR - Director
Director at TOKIO MARINE EUROPE Ltd.
Accounts and Risk
Management Committee
until June 30, 2015
Chairman of the Audit and Accounts Committee at TOKIO MARINE EUROPE Ltd.
Chairman of the Audit and
Risk Committee at CCR:
2015
LECLERC-GLORIEUX
Pauline
Member of the CCR
Accounts Committee:
2015
Head of the Actuary Department at BNP Paribas Cardif
Member of the Board of Directors at Institut Mines Telecom
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
LUCAS Patrick
CCR - Director
Terms of office at French companies, Gras Savoye Group
Chairman of the
Compensation,
Appointment and
CCR:
Member of the Executive Committee
S.A.S. Gras Savoye Yachting
S.A.S. Gras Savoye Berger Simon
S.A.S. Gras Savoye Grand Sud-Ouest
S.A.S. Gras Savoye Tetard
S.A.S. J. Geistel
Director
S.A. Gras Savoye - Bpifrance
Director
S.A. Gras Savoye Tahiti Nui Insurance
Director
S.A. Gras Savoye Nouvelle Calédonie
Terms of office at French companies, Gras Savoye Group, having terminated at year-end
Chairman,
S.A.S. GS & Cie Groupe
Chairman and member of the Supervisory Board
S.A.S. GS & Cie Groupe
Chairman,
S.A.S. Gras Savoye & Cie
Chairman,
S.A.S. Gras Savoye
S.A.S. C.G.R.M.
S.A.S. Mangin
S.A.S. Gras Savoye Concept
S.A.S. Gras Savoye Districover
S.A.S. Gras Savoye NSA
S.A.S. Gras Savoye Ouest AFR
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
LUCAS Patrick (continued)
Terms of office at international companies, Gras Savoye Group
Chairman, Chief Executive Officer and Director
S.A. Holding Resly
Chairman of the Board and Director
S.A. Gras Savoye Brokers and Consultants Ltd
S.A. Gras Savoye Cote d'Ivoire
S.A. Gras Savoye Cameroun
Chairman and member of the Management board
S.A. Gras Savoye Croatia
S.A. Gras Savoye East Africa Risk Solutions (Kenya)
S.A. Gras Savoye Egypt (Insurance Broker) Sae
S.A. Gras Savoye Gabon (G.S.G)
S.A. Gras Savoye Iberica
S.A. Gras Savoye Kenya Insurance Brokers Ltd
S.A. Gras Savoye Liberia
Chairman of the Board and director
S.A. Gras Savoye Luxembourg
S.A.L. Gras Savoye Middle East
S.R.L Gras Savoye Romania
S.A. Gras Savoye Sénégal
S.A. Gras Savoye Sigorta Ve Reasurans Brokerlik
S.A. Gras Savoye Suisse
S.A. Gras Savoye Willis (Greece)
S.A. Gras Savoye Willis Net Trust Insurance Services
S.A. Gras Savoye Willis Management Services
S.A.R.L. Gras Savoye Willis Vietnam
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
LUCAS Patrick (continued)
S.A. GS RE (Luxembourg)
S.A. Segma Senegal
S.A. Willis Kendriki
S.p.z.o.o. Gras Savoye Polska
S.p.z.o.o. Pol-Assistance
Chairman and permanent representative of
GrasSavoye Liban,
Member of the Supervisory Board
L.L.C. Gras Savoye Gulf Insurance Broker
Chairman and member of the Steering Committee
Gras Savoye d.o.o Beograd (Serbia)
Vice Chairman and Director
S.A. Willis Iberia Correduria de Seguros et de Reaseguros (Esp)
Member of the Supervisory Board
L.L.C. Gras Savoye Georgia
Director
S.A. BSA Madagascar
Director
S.A. Gras Savoye Burkina
Director
S.A. Gras Savoye Centrafrique
Director
S.A. Gras Savoye Congo
Director
LTD Gras Savoye Ghana
Director
S.A. Gras Savoye Guinée
Director
S.A. Gras Savoye Maroc
Director
S.A. Gras Savoye NSA (Portugal)
Director
S.A. Gras Savoye Togo
Director
S.A. Gras Savoye Tunisie
Director
S.A. Gras Savoye Ré International (Egypt)
Director
S.A. Gras Savoye Risk Solution for Consultant (Egypt)
Director
LLC South Asia Services
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
LUCAS Patrick (end)
Permanent representative Gras Savoye
S.A. Gras Savoye Tchad
Permanent representative Gras Savoye
S.A. Gras Savoye Niger
Terms of office at international companies, Gras Savoye Group, having terminated at year-end
Chairman, Chief Executive Officer and Director
S.A. GSD Tech
S.A.R.L. Gras Savoye Italia
Terms of office outside the Gras Savoye Group
MAISONNEUVE Delphine
Member of the
Compensation,
Appointment and
July 2, 2015
Honorary Chairman
Forum de la Gestion des Villes
Director
S.A. Caisse Centrale de Réassurance
Manager
S.A.R.L. Lucaslux
AXA Group
Chairman at Run Services (SAS)
Director at Association AXA Prévention
Director at Natio Assurance (SA)
Director at AXA Assistance SA
Director at AXA Assistance France (SA) until April 8, 2015
Permanent representative at AXA France Assurance, to the Board of Directors at AVANSSUR (SA)
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
MANTEL Antoine
State Controller at the General Economic and Financial Control body (Contrôle Général Economique et Financier - CGEFI)
Member of the Accounts
Committee at CCR, and
member of the Audit and
Risk Committee at CCR.
2015
MONCOULON David
N/A
Member of the Audit and
Risk Committee at CCR:
2015
Weather Risk Modeling
Manager at CCR
PALLEZ Stéphane
Director - CCR: until April
2, 2015
Chairman and Chief Executive Officer of La Française des Jeux
Director and Chairman of the Audit Committee at CNP Assurances
Director at ENGIE
Member of the Supervisory Committee, the Audit Committee and the Corporate Social Responsibility Committee at EURAZEO
Last name,
Terms of office and
duties
First name
performed at CCR
and its affiliates
DE PERETTI Jacques
Director - CCR and
member of the
Compensation,
Appointment and
Governance Committee:
until June 30, 2015
Terms of office performed for the AXA Group
Chief Executive Officer of AXA Assurances IARD Mutuelle and of AXA Assurances Vie Mutuelle
Chief Operating Officer of AXA France IARD and of AXA France Vie
Director at AXA Assistance France
Director at AXA France (GIE)
Director at NATIO Assurance
Director at ADIS (Association Diffusion Services)
Chairman of the Supervisory Committee at AXA Banque
Permanent advisor to Mutuelles Saint-Christophe
Member of the Sponsorship Committee of AXA Atout Cœur (Association)
Chairman of the Board of Directors of JURIDICA
Terms of office performed outside the AXA Group
Chairman of the Plenary Commission of Property and Casualty Insurance [Commission Plénière des Assurances de Biens et de
Responsabilité - CPABR – FFSA)]
Director at TSM
Director at AGIPI (association)
Director at AGIPI Retraite (Association)
Accredited member and representative of the insurance companies of the Financial Sector Advisory Committee (Comité
Consultatif du Secteur Financier - CCSF)
Member of the Supervisory Committee of PAIR AGIPI RETRAITE
Member of the Supervisory Committee of AGIPI RETRAITE (association)
Last name,
Terms of office and
duties
First name
performed at CCR
Other terms of office and duties performed any other company
and its affiliates
POUMEL Marie-Claude
N/A
Member of the CCR
Strategy Committee with
Head of Treaties France
at CCR
PROVINS Raoul
Director - CCR and
member of the
Compensation,
Appointment and
CCR: until October 14,
2015
5 BIAG Bureau Chief – Directorate General for Budget - Ministry of the Economy, Industry and the Digital Sector: until July 31,
2015
Head of Administration and Finance at ANTAI; with effect from August 1, 2015
COMPENSATION PAID TO COMPANY DIRECTORS
In 2015, CCR paid € 58,250 in directors’ fees, This amount is broken down by company director as
follows:
- Mr. LUCAS
- Mr. DE PERETTI
11 750 €
2 200 €
- Mr. FORGET
11 600 €
- Mr. LANCNER
11 600 €
- Mrs. MAISONNEUVE
3 800 €(1)
- Mrs. BLANC
2 750 €(2)
-
Mr. BOISNAUD
1 600 €
(2)
-
Mr. GROH
5 400 €
(2)
-
Mr. MANTEL
5 900 €(2)
-
Mr. PROVINS
1 650 €
-
Mrs. LECLERC-GLORIEUX
0 €(3)
(1)
(2)
(3)
(2)
paid at the start of fiscal 2016
paid to the State budget in the amount of € 17,300
refused payment of directors' fees
Directors appointed to represent the employees receive only their salaries plus the fringe benefits as
provided under their employment contracts.
Mr. Pierre BLAYAU, chairman of the board of directors, received an overall remuneration of € 145,000
(total gross amount for fiscal 2015).
The chairman of the board of directors has the use of a company vehicle with a fuel card as a fringe
benefit. No directors' fees are paid to the Chairman and Chief Executive Officer for serving on the
Board of Directors of CCR.
Mr. Bertrand LABILLOY, chairman of the board of directors, received an overall remuneration of €
159,500 (total gross amount for fiscal 2015).
The chief executive officer is afforded a supplementary group retirement savings and health plan for
employees of insurance companies and of CCR applicable to CCR management personnel.
Mrs. Stéphane Pallez, as Chairman and Chief Executive Officer, received an overall remuneration of €
80,000 (gross) paid in 2015.
She received no board fees in 2015 for having served on the board of directors of CCR.
Subsidiaries of CCR pay no directors’ fees.
CAISSE CENTRALE DE REASSURANCE SA
Statutory auditor’s report on the financial statements
(Year ended 31 December 2015)
(Year ended 31 December 2015)
This is a free translation into English of the statutory auditors’ report issued in French and is
provided solely for the convenience of English speaking users. The statutory auditors’ report
includes information specifically required by French law in such reports, whether modified or
not. This information is presented below the opinion on the financial statements and includes an
explanatory paragraph discussing the auditors’ assessments of certain significant accounting
and auditing matters. These assessments were considered for the purpose of issuing an audit
opinion on the financial statements taken as a whole and not to provide separate assurance on
individual account captions or on information taken outside of the financial statements.
This report should be read in conjunction with, and construed in accordance with, French law
and professional auditing standards applicable in France.
To the Shareholders
157, boulevard Haussmann
75008 Paris
In compliance with the assignment entrusted to us by your General Shareholders’ Meeting, we hereby
report to you, for the year ended 31 December 2015 on:
-
the audit of the accompanying financial statements of CAISSE CENTRALE DE REASSURANCE
SA;
-
the justification of our assessments ;
-
the specific verifications and information required by law.
These 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.
PricewaterhouseCoopers Audit SA, 63, rue de Villiers 92208 Neuilly-sur-Seine Cedex
Téléphone: +33 (0)1 56 57 58 59, Fax: +33 (0)1 56 57 58 60, www.pwc.fr
Société d’expertise comptable inscrite au tableau de l’ordre de Paris - Ile de France. Société de commissariat aux comptes membre de la compagnie régionale de
Versailles.Société Anonyme au capital de 2 510 460 €. Siège social : 63, rue de Villiers 92200 Neuilly-sur-Seine. RCS Nanterre 672 006 483. TVA n° FR 76 672 006 483.
Siret 672 006 483 00362. Code APE 6920 Z. Bureaux : Bordeaux, Grenoble, Lille, Lyon, Marseille, Metz, Nantes, Neuilly-Sur-Seine, Nice, Poitiers, Rennes, Rouen,
Strasbourg, Toulouse.
Year ended 31 December 2015 - Page 2
I - Opinion on the financial statements
We conducted our audit in accordance with professional standards applicable in France; those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit involves performing procedures, using sample
techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in
the financial statements. An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made, as well as the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
In our opinion, the financial statements give a true and fair view of the assets, liabilities and financial
position of the Company as at 31 December 2015 and of the results of its operations for the year then
ended in accordance with French accounting principles.
II – Justification of our assessments
In accordance with Article L.823-9 of the French Commercial Code requiring statutory auditors to
justify their assessment, we inform you that the assessments we process focused on the
appropriateness of the accounting principles applied, on the reasonableness of significant estimates
made and on the overall presentation of the financial statements particularly as regards:
Accounting estimates

Certain technical captions related to reinsurance shown in the assets and liabilities of the
Company’s balance sheet are estimated based on statistical, actuarial or underwriting
forecasts. This is notably the case of technical provisions and technical reinsurance estimates.
The methods used to determine the value of these items are described in Note 2.8 to the
financial statements.
Based on the information available to date, we assessed the approaches used by the Company and
ensured that the assumptions used were reasonable considering notably the Company’s
experience, its regulatory and economic environment, and the overall consistency of these
assumptions.
We also verified the appropriateness of the information included in the notes to the financial
statements.

Provisions for other-than-temporary impairment of investment securities are measured using
the methods described in Notes 2.3.b and 2.3.c to the financial statements.
We verified that the impairment on assets mentioned in the Article R. 332-20 of the French
Insurance Code was consistent with the Company’s intent of holding these securities, the
statutory and economic environment.
Year ended 31 December 2015 - Page 3
We obtained the analyses prepared by the Company on potential risks on assets mentioned in
the Article R. 332-19 of the French Insurance Code and in particular on the sovereign debt the
Company holds. These analyses support the absence of impairment.
We also verified the appropriateness of the information included in the notes to the financial
statements.
These assessments were made as part of our audit of the financial statements, taken as a whole, and
therefore contributed to the opinion we formed which is expressed in the first part of this report.
III - Specific verifications and information
We have also performed, in accordance with professional standards applicable in France, the specific
verifications required by French law.
We have no matters to report as to the fair presentation and the consistency with the financial statements
of the information given in the management report of the Board of Directors, and in the documents
addressed to the shareholders with respect to the financial position and the financial statements..
Neuilly-sur-Seine, 15th April 2016
The Statutory Auditor
PricewaterhouseCoopers Audit
Gérard Courrèges
Christine Billy
GOVERNANCE
BOARD OF DIRECTORS
EXECUTIVE COMMITTEE
financial results
2015 Balance sheet
ASSETS
In thousands of euros
12/31/2015
Gross amount
Intangible assets Investments
Lands and buildings Investments in subsidiaries
and affiliated companies Other financial investments Funds held by ceding companies Reinsurers’ and retrocessionaires’ share
of technical reserves
Non-Life unearned premiums reserves Life reinsurance reserves
Life claims reserves Non-Life claims reserves Depreciation and provisions
12/31/2014
Net amount
Net
amount
68 106 63 478 4 628 5 878
370 010 67 699 302 311 317 993
6 200 7 872 054 10 267 128 452 8 376 716 77 966 243 6 200 11 200
7 861 787 7 594 812
128 452 114 248
8 298 750 8 038 254
243 448
13 13 316
12 713 12 713 20 401
12 969 12 969 21 165
Receivables
76 706 3 078 73 628 69 818
Due from reinsurance operations State, Social Security, local authorities 843 843 34 592
Staff 10
Miscellaneous receivables 78 391 71 115 7 276 5 950
Other assets
Operating assets Current accounts and cash Accruals
Accrued interest and rents Deferred acquisition costs Other accruals Total assets 36
155 940 74 193 11 169 81 747 110 370
7 809 3 360 3 928
524 746 524 746 329 774
535 915 528 106 333 701
66 609 66 609 72 999
35 010 35 010 39 313
160 771 160 771 217 883
262 390 262 390 330 194
9 188 590 8 839 562
9 412 036 7 809 223 446 2015 Activity report - CCR
LIABILITIES
In thousands of euros 12/31/2015 Shareholder’s equity
Share capital Additional paid in capital
Revaluation reserves Other reserves
Special reserve for long-term net capital gains
Guarantee reserve Special reserve for exceptional and nuclear risks Special reserve for natural disasters Capitalization reserve Reserve for major natural risks Special reserve for acts of terrorism Special reserve for specific credit insurance risks Reserve for the purchase of original works by living artists Retained earnings
Net income
Gross technical reserves
Non-Life unearned premiums reserves Life reinsurrance reserves Life claims reserves Non-Life claims reserves Equalization reserves Contingency reserves 12/31/2014
60 000 60 000
2 751 2 751
1 884
1 884
231 623 227 221
1 448 868 1 373 048
64 440
63 681
23 787 12 775
116 761 115 162
19 837
19 730
17
215 515
192 956
2 185 483 2 069 209
392 159 406 694
110 565 89 276
128 100 117 902
3 015 435 2 943 016
3 206 704 3 095 171
6 852 963 6 652 061
31 769 29 933
8 297 7 828
2 919 2 891
4 606 6 402
Cash deposits from reinsurers
Other liabilities
Liabilities from reinsurance operations Other borrowings, deposits and guarantees received Staff State, Social Security, local authorities Miscellaneous liabilities Liabilities adjustment account Total liabilities CCR - 2015 Activity report
28 818 5 681
19 421 18 425
64 061 41 227
54 314 47 132
9 188 590 8 839 562
37
financial results
2015 Profit and Loss Account
12/31/2015
12/31/2014
Cessions and retrocessions
Net
operations
Gross operations
Net operations
LIFE OPERATING ACCOUNT
Earned premiums
Premiums Change in unearned premiums Investment income
Investment income Other investment income Realised gains 92 575 4 528 88 047 97 0
97 -3 591
92 672 4 528 88 144 90 535
4 653 4 653 4 413
521 521 486
1 679 1 679 1 299
6 854 6 854 6 198
0
94 127
Other technical income 0 0
72
Claims incurred
Benefits and expenses paid Changes in claims reserves Changes in reserves
Life reinsurance reserves -48 323 -7 -48 316 -6 961 304 -7 265 -66 653
-4 153
-55 284 297 -55 581 -70 806
-11 339 0
-11 339 2 263
-11 339 0
-11 339 2 263
Profit sharing -6 165 -147 -6 018 -3 897
Acquisition and administration expenses
-15 460 Acquisition expenses Administration expenses -1 237 Commissions received from reinsurers 9
Investment expenses
Internal and external administrative expenses Other investment expenses Realised losses Other underwriting expenses Life reinsurance operating result 38
-16 698 9
-15 460 -20 005
-1 237 -921
-9 -3
-16 707 -20 929
-650 -650 -469
-1 173 -1 173 -990
-460 -2 283 0
-493 -460 -297
-2 283 -1 756
-493 -211
7 265 4 687 2 577 1 470
2015 Activity report - CCR
12/31/2015
12/31/2014
Cessions and retrocessions
Net
operations
Gross operations
NON-LIFE OPERATING ACCOUNT Earned premiums
Premiums
Change in unearned premiums
Transferred investment income
Other technical income Claims incurred
Benefits and expenses paid Changes in claims reserves Profit sharing
Net operations
1 194 667
29 898
1 164 768
17 851
162
17 689
-18 758
1 212 518
30 061
1 182 457
1 168 366
127 671
127 671
139 322
3 173 3 173 2 110
Other underwriting expenses Changes in equalization reserves Non-Life Reinsurance operating result 1 187 124
-674 942
-579 939 -7 038
-572 901 -49 124 6 935 -56 059 23 875
-629 063 -102 -628 961 -651 067
-4 049 -281 -3 768 -4 470
-161 380 -140 129
-12 652 -15 673
Acquisition and administration expenses
-161 380 Acquisition expenses Administration expenses -12 652 Commissions received from reinsurers -507 -174 032 -507 507 755
-173 525 -155 046
-7 390 -7 390 -5 948
-111 533 -111 533 -151 168
388 123 342 097
417 293 29 171 NON-OPERATING ACCOUNT
Life reinsurance operating result 2 577
1 470
Non-Life reinsurance operating result
388 123
342 097
Non-Life investment income
Investment income Other investment income Realised gains Non-Life investment expenses
Internal and external administrative expenses Other investment expenses Realised losses 171 947 181 844
19 259 20 012
62 048 53 532
253 254 255 387
-24 006 -19 307
-43 350 -40 793
-16 994 -12 254
-84 350 -72 355
Transferred investment income Other income Other expenses -127 671 -139 322
921 710
-456 0
Extraordinary items
Extraordinary gains Extraordinary losses 21 513 19 635
-23 515 -24 811
-2 001 -5 176
Employee profit sharing -1 402 -3 693
Income tax -213 480 -186 163
Net income 215 515
192 956
CCR - 2015 Activity report
39
NOTES
Fiscal Year 2015
Notes to the balance sheet before appropriation for the fiscal year ended December 31, 2015
The following notes and tables are an integral part of the annual financial statements prepared by
the Board of Directors on March 12, 2015.

Note 1:
Year’s highlights and events occurring subsequently to the close of the fiscal year

Note 2:
Statement of accounting principles and valuation methods used

Note 3:
Information on balance sheet items and off balance sheet items

Note 4:
Information on profit and loss items
The Caisse Centrale de Réassurance (CCR) is a French limited liability company whose activity is
governed by the French Insurance Code.
CCR operates on the one hand as a conventional reinsurer, without State guarantee, and on the
other hand as a reinsurer with State guarantee in special areas of activity that include the
reinsurance of exceptional risks and nuclear risks (Articles L 431-4 and L 431-5 of the Insurance
Code), of risks relating to natural disasters (Article L 431-9) and of acts of terrorism (L 431-10).
These activities backed by a State guarantee are carried out under the framework of specific
agreements. The operations are recorded in the books in separate accounts showing separate
results, which are then entered in a reserve account set aside to cover the corresponding
operations, as required by the provisions of Articles L 431-7, R 431-16-3, R 431-16-4 and A 431-6 of
the Insurance Code.
NOTE 1
YEAR’S HIGHLIGHTS AND EVENTS OCCURRING SUBSEQUENTLY TO THE
CLOSE OF THE FISCAL YEAR
1.1- YEAR'S HIGHLIGHTS
Material changes in the balance sheet and profit and loss items are explained in the tables
contained in this appendix.
1.2- EVENTS OCCURRING SUBSEQUENTLY TO THE CLOSE OF THE FISCAL YEAR
No significant event occurred between December 31, 2015 and March 23, 2016, when the
financial statements were approved by the Board of Directors.
NOTE 2
STATEMENT OF ACCOUNTING PRINCIPLES AND VALUATION METHODS USED
The principles and valuation methods used are those specified by the Insurance Code and, in the
absence of special provision, by the Code of Commerce and the General Chart of Accounts.
The profit and loss account is divided up into the life and non-life operating accounts and the nonoperating account.
The operating accounts include, in addition to the operating items of respectively the life
reinsurance and non-life reinsurance activities, general expenses and investment income from the
reinsurance activities.
Investment income from investing on own account is included in the non-operating account.
The valuation criteria employed in connection with the underwriting results consist of posting the
estimated written premiums in full for each account underwritten during the fiscal year, including
the unearned premium reserves and commissions payable. The difference between the estimated
final premium income, net of commissions plus the premiums included already in the ceding
companies’ accounts, is shown as an accrual entry on the assets side of the balance sheet.
The difference between the ultimate claims incurred to previously determined earned premiums,
less those claims already advised by the ceding companies, is shown as loss reserves on the
liabilities side of the balance sheet.
This method is comparable to taking into account all items relating to the business written in the
same year of account as the ceding company and eliminating the previous delays by reconciling the
underwriting operations.
The research and analyses performed applying the criteria set out in recommendation 2009-12 of
October 1, 2009 released by the French Accounting Standards Board (Autorité des Normes
Comptables) on accounting for so-called finite reinsurance treaties and for financial reinsurance
treaties, did not identify any treaties of this type in the portfolio managed by the company.
In connection with operations relating to reinsurance activities with the State’s guarantee, CCR
does not currently subscribe to protection in the retrocession market, benefiting as it does from
the guarantee of the State, which protects it against a pronounced fluctuation in loss experience
from the frequency or severity of claims and/or events. In return for this protection, CCR pays the
French State a proportion of its premiums for the year.
As regards operations relating to open market reinsurance activities, the retrocession program
underwritten by CCR is aimed at protecting the company against an excessive loss experience and
therefore avoid exposure to sharp fluctuations in its annual results. This program is also aimed at
managing the cost of the protection offered by the retrocession market by controlling the financial
solidity of the retrocessionaires.
2.1- CHANGES IN ACCOUNTING METHOD
The 2015 financial statements were prepared in accordance with the same accounting
principles as in 2014.
2.2- INTANGIBLE ASSETS
The acquisition cost of software is reported as an asset and depreciated over a three-year
period.
The production cost of a software package for processing underwriting operations is
reported as an asset and straight-line depreciated over five years from the time it is
brought into operation.
2.3- INVESTMENTS
Investment assets are valued at their historical cost of acquisition. The valuation at the
close of the fiscal year depends in particular on the nature of the asset and the length of
time it has been held.
a) Fixed assets
• Buildings, land and unquoted shares in real estate companies are valued at the cost
of acquisition or construction (except those reappraised by law) net of purchase
expenses and tax, and including the cost of improvements.
• The original values of construction materials were broken down into four component
parts, as follows:
- a structure’s basic shell, depreciated according to the residual value of the
building at the date of purchase, taking into account the estimated life
expectancy of the building at the time of construction, namely:
120 years for residential buildings,
150 years for residential buildings completed prior to 1900,
80 years for office buildings;
- buildings’ envelopes depreciated over 30 to 35 years;
- technical installations depreciated over 25 years;
- fixtures and fittings depreciated over 15 to 25 years.
For these last three components, the date of purchase constitutes the point from
which depreciation commences on the understanding that any repairs or
replacements made since the building’s original construction were made with
materials of similar type or value at the end of each amortization period.
Any works undertaken to improve the structures are subject to the depreciation
factors for the buildings in question.
• Special provisions for substantial and/or major repairs have been set up for
extraordinary maintenance works that go beyond the normal context of upkeep, such
as cleaning or restoration expenses for exterior walls. These expenses are pro-rated
over the projected payout dates within the framework of a long-term program.
• Provisions for long-term depreciation are determined according to the following
classification:
- Buildings used for operations, intended to be kept by the company, and for which
the reference value used for valuation at the close of the fiscal year is the utility
value, which is generally equivalent to the net book value.
In principle, these buildings are not reported as depreciation.
- Rental buildings, also intended to be kept by the company, and for which the
reference value is a function of the return value determined on the basis of future
rental flows.
Provisions for depreciation are established by comparing this reference value with
the book value, taking into account a long-term asset retention strategy. It is
considered that a provision for depreciation is required when the reference value
represents less than 15% of book value.
In cases where buildings are to be sold within a short time, the reference value is
equal to the realization value.
- The realization value shown on the investment statement is obtained from fiveyear appraisals or, between two appraisals, from an annual estimate made by an
appraiser approved by the French prudential supervision authority (Autorité de
Contrôle Prudentiel).
- Shares in real estate companies are estimated by applying these same principles.
b) Variable-income securities
Stock is recorded on the balance sheet on the basis of its acquisition price.
The following two categories are used:
- equity interest, for which the reference value is the value in use, which is a function
of the utility that the holdings represent for the company.
A provision for depreciation is established line by line when these amounts are below
the acquisition value.
- investment securities, at their probable market value. When the probable market
value is significantly below the acquisition cost, a provision for long-term
depreciation is established line by line, in accordance with the provisions of the
official notice 2002-F of December 12, 2002 and issued by the National Accounting
Council.
Permanent declines in value are assessed on a multicriterial basis taking into account
notably the situation concerning not only any significant unrealized capital losses in
book value over the six-month period immediately preceding the decree but also the
intrinsic problems or those stemming from the current economic situation faced by the
companies concerned, thus rendering quite unlikely the chances of any mid-term
recovery; for mutual funds by comparing their respective performances against preestablished benchmarks.
In the absence of long-term holdings, more often than not, this method has resulted in
an inventory valuation based on the last quoted market price at the time of the decree.
In the financial statements for the year ended December 31, 2015, a provision for longterm depreciation was recognized applying a 20% threshold, in accordance with the
aforementioned recommendation.
An amount of € 4,482 million was therefore transferred to the provision for long-term
depreciation in 2015. Given amounts reversed in connection with asset disposals during
the year and adjustments to amounts provisioned at December 31, 2014 to reflect
changes in prices in respect of items still in the portfolio, this provision came to €
10,267 million at December 31, 2015.
c) Fixed-interest securities
Bonds are recorded at their purchase cost less interest accrued.
The difference between the acquisition cost and the redemption value is shown in the
profit and loss account over the residual life of the bonds according to an actuarial
computation. With regard to inflation-indexed bonds issued or guaranteed by a Member
State of the European Union or by a public entity operating under the authority of one
of these States, the profit or loss resulting from changes in inflation indices is
recognized at each balance sheet date.
Provision for long-term depreciation is made only if the issuer defaults. The realization
value is the last price quoted or, in the absence thereof, the market value.
In application of Decree 2010-1718 of December 30, 2010 on the functioning of the
capitalization reserve as provided for by Article R 331-6 of the French Insurance Code
(Code des Assurances) and of the Ordinance of December 30, 2010 amending article A
331-3 of said code, the potential tax impact of disposals in 2014 on this reserve was
recognized under other non-technical income and charges, as applicable.
Movements to and from the capitalization reserve in fiscal year 2015 resulted in a net
amount of € 1,225 million being transferred to this reserve and in the recognition of a
theoretical net tax credit of € 0.465 million.
Regulation 2014-04 of June 5, 2014 relating to the accounting classification of bonds
convertible into shares requires these instruments to be accounted for in accordance
with article R 332-19 of the Insurance Code. However, when these instruments present
a negative actuarial yield at the date of purchase, they may be accounted for in
accordance with article R 332-20. This regulation does not apply to CCR since its
portfolio of direct holdings does not include any such instruments.
In application of Decree 2015-513 published in May 2015 on the cancellation of the
capitalization reserve mechanism for non-life insurers and reinsurers, this mechanism
will no longer be applied in the financial statements of CCR with effect from January 1,
2016. In application of said decree, a proposal for the transfer of the balance of the
capitalization reserve to the "Other reserves" account will be submitted to the General
Meeting. The balance of this reserve amounted to € 64,440 million at December 31,
2015.
d) Other assets
No provision is made for loans and other receivables unless there is a risk of default by
the other party.
e) Foreign exchange transactions
Open foreign exchange positions result from differences between asset and liabilities
denominated in each foreign currency. Certain positions are hedged, either through
forward exchange transactions, or through transactions in foreign exchange derivatives
(non-deliverable forwards) in the case of non-convertible currencies. At December 31,
2015, the main open positions were as follows (in millions for each local currency):
Asset in original
currency at
December 31,
2015
CURRENCY
Liability in
original currency
at December 31,
2015
Surplus/deficit at
December 31,
2015
Hedged
Canadian dollar
CAD
246.40
165.80
80.60
-75.30
Taiwan dollar
TWD
94.00
259.70
-165.70
148.00
Malaysian ringgit
MYR
72.50
166.10
-93.60
92.50
Chinese renminbi
CNY
79.50
269.80
-190.30
176.30
South Korean won
KRW
3,917.10
12,988.60
9,071.50
6,195.60
Indian rupee
INR
300.20
1,050.90
-750.70
638.90
Each leg of the foreign exchange transaction is recorded as an off balance sheet
commitment under commitments given or commitments received.
2.4- OTHER OPERATING ASSETS
Entries in this category appear on the balance sheet under assets according to their
historical cost.
Equipment, furniture and fixtures are depreciated by the straight-line or accelerated
method, based on their expected useful life:
- Office furniture and equipment ................... 3, 5 or 10 years
- Fittings and fixtures ..................................... 10 years
- Transportation equipment ........................... 5 years
2.5- ACCRUALS
a) Acquisition costs
Acquisition costs related to non-life reinsurance contracts are spread over the period of
coverage, under the same conditions as the unearned premiums to which these costs
pertain.
b) Technical reinsurance calculations
Additional premiums, commissions and brokerage are accounted for on the appropriate
lines of the profit and loss account, together with an offsetting of accruals entry.
2.6- MULTICURRENCY ACCOUNTING
All company operations are recorded in the foreign currencies in which they are transacted
and, pursuant to the provisions of the Insurance Code, are converted into euros on the
basis of the exchange rate in effect at the end of the fiscal year since January 1, 1999.
Previously the French franc was the money of reference for currency exchange purposes.
Fluctuations in the exchange rates for transactions in foreign currencies, including
unrealized losses or gains at December 31, 2015, are reported in the profit and loss
account; the difference resulting from currency translations of assets and liabilities as of
January 1, 2015, on the basis of the exchange rates as of December 31, 2015 represents a
loss of € 1,829 million.
This method, which has been applied since January 1, 1999, complies with the
requirements of recommendation no. 2007-02 issued by the National Accounting Council on
May 4, 2007.
2.7- RESERVES FOR CONTINGENT LIABILITIES
a) Reserves for pension benefits
These are set up to provide retirement benefits to salaried employees at the end of
their careers.
The method by which the benefits are paid is based on the number of years in the
employ of the firm (or the projected units of credit to be accumulated). It takes into
consideration a gradual acquisition of rights over the years as the employee continues to
work for the company.
Various assumptions must be weighed carefully:
- an undifferentiated revaluation rate for remuneration of 2% between managerial and
non-managerial employees is established to take into account the latest total payroll
forecasts,
- a survival coefficient determined on the basis of INSEE mortality table TD-TV 11-13.
The coefficient is equal to the following ratio: "number of living persons having
reached retirement age" / "number of living persons with the same age as employee".
- the expectancy of how many employees will reach retirement age based on annual
turnover rates for the firm, by employee age groups.
- a discount rate based on the iBoxx Corporate Overall AA 10+ index of 2% for 2015.
Furthermore, these calculations take the employer’s expenses into account at a rate of
55%.
b) Provision for additional paid vacation
The protocol relevant to CCR's "employee benefits" stipulates that the number of annual
paid vacation days is increased for employees leaving for retirement. This company
commitment is being reported for the first time in the balance sheet and profit and loss
account for 2015.
The hypotheses for calculating reserves for pension benefits are used to calculate the
provision for additional paid vacation for early retirees.
c) Provision for long-service medals
These are special bonuses granted to salaried employees having earned one or more
Medals of Merit for services rendered according to pre-established rules as required by
law.
The same methodology applies as described for establishing pension benefits, except
that a discount rate based on the iBoxx Corporate Overall AA 7-10+ index of 1.30% is
applied for 2015.
When measuring its obligations in respect of employee benefits, CCR took into account
changes introduced by the Law reforming the French pension system (decree no. 20112034 of December 29, 2011 relating to the eligible retirement age).
2.8- UNDERWRITING RESERVES AND UNDERWRITING RESULT
All ceding company accounts are recorded upon receipt.
At the time of writing the contracts, the estimated premium anticipated from ceding
companies permits CCR to forecast how each account will run fare.
In the case of open market reinsurance activities, these estimates are produced by the
underwriters for the treaties underwritten during the year and by the actuary for treaties
underwritten in previous years. As an exception to this procedure, for non-proportional
motor and third-party liability reinsurance, estimates are produced by the actuary for all
underwriting years (excluding treaties covering risks underwritten in Malaysia that follow
the procedure without exception).
a) Premiums
Premiums booked in each year correspond to the estimated income announced when
the business was written. These estimates are reviewed constantly against the actual
premiums accounted for, treaty by treaty.
Unearned premium reserves are calculated on a pro-rata basis for non-proportional
treaties and facultative business.
For proportional business, this reserve is calculated according to the treaty conditions
or on an inclusive basis according to the classes of risks involved and the accounts, as
received from the ceding companies.
b) Technical (loss) reserves
Reserves for outstanding losses and the mathematical reserves, as advised by the ceding
companies, are increased according to the anticipated results, plus a loading for claims
handling.
These reserves also include specific technical reserves according to various lines of
business, or certain classes of risk, such as equalization reserves for natural disasters,
nuclear and exceptional risks, as set in Articles R 331-6-6 paragraph a, and R 431-27 of
the Insurance Code, which are called into play frequently.
Should the overall value of investments sold, as set out in Article R 332-20 of the
Insurance Code, prove to be less than the net overall value of these investments as
carried on the balance sheet, then a reserve for current liabilities should be set up for
the difference between these two amounts, in accordance with article R 331-6-7 of the
Insurance Code.
At December 31, 2015, no such reserve for current liabilities has been accounted for.
2.9- OTHER ELEMENTS
a) Overheads and charges by destination
For each function in the company, a complete cost is determined and then allocated to
the appropriate administrative expense category on the basis of the principal activity
inherent in that function.
For cost centers which by their nature require a multiple allocation, the distribution is
made on the basis of an individual measure of working time. The theoretical rent for a
building used for operations is broken down in proportion to the different types of
charge by destination.
Commissions paid to ceding companies are charged to acquisition costs.
b) Tax credit for competitiveness and employment
The tax credit for competitiveness and employment, which was instituted by the third
Additional Budget Act for 2012, took effect from January 1, 2013. Its main
characteristics are summarized below:
-
-
This tax credit is available on all wages not exceeding 2.5 times the minimum
wage paid in any given calendar year, with effect from January 1, 2013. The
rate of the tax credit was then increased from 4% for wages paid in 2013 to 6%
from January 1, 2014;
The tax credit is offset against corporation tax, failing which the tax credit
will be refunded after three years.
For 2014, the tax credit for competitiveness and employment amounted to € 161,489
and was deducted from the company’s corporation tax liability.
This amount was used to fund:
•
•
•
•
training courses (final module of management training begun in 2013, training
for new managers and for internal control managers (€ 37 thousand),
recruiting expenses relevant to the replacement of the head of technical
accounting (€ 40 thousand),
assessment and advisory services relating to the development of strategic
orientations (€ 55 thousand)
renovations aimed at improving energy efficiency (€ 30 thousand).
For 2015, the tax credit for competitiveness and employment amounted to € 150,941
and was deducted from the company’s corporation tax liability.
NOTE 3
INFORMATION ON BALANCE SHEET ITEMS AND OFF BALANCE SHEET ITEMS
3.1- INVESTMENTS
A - CHANGES AFFECTING INVESTMENT ITEMS
GROSS AMOUNT
(in thousands of euros)
Land
Buildings
CHANGES
1/1/2015
+
117,305
198,728
12/31/2015
-
3,229
299
117,305
201,658
Unquoted shares in real estate companies
61,041
9,993
51,048
Equity interest in affiliated companies
11,200
5,000
6,200
Funds held by ceding companies
Other investments
7,287,051
2,842,850
2,593,919
7,535,982
2,968
3,351
533
5,786
Funds held by other ceding companies
269,214
322,449
285,705
305,958
Deposits and guarantees
160,530
5,481
13,232
152,779
8,108,037
3,177,360
2,908,681
8,376,716
Loans
TOTAL
DEPRECIATION AND RESERVES
Buildings
Unquoted shares in real estate companies
Other investments
TOTAL
1/1/2015
ALLOCATIONS
RECOVERIES
+
-
12/31/2015
59,079
10,704
8,701
4,552
81
4,989
67,699
10,267
69,783
13,253
5,070
77,966
B- SUMMARY OF INVESTMENTS (in thousands of euros)
Table I
2015
GROSS
AMOUNT
1)
2)
3)
1 REAL ESTATE INVESTMENTS AND DEALS IN
PROGRESS
- within the OECD
- outside the OECD
STOCK AND OTHER VARIABLE INCOME
SECURITIES OTHER THAN MUTUAL FUND
SHARES
- within the OECD
- outside the OECD
MUTUAL FUND SHARES
(OTHER THAN THOSE IN 4)
- within the OECD
- outside the OECD
4)
MUTUAL FUND SHARES HOLDING ONLY FIXEDINCOME SECURITIES
- within the OECD
- outside the OECD
5)
BONDS AND OTHER FIXED-INCOME
SECURITIES
- within the OECD
- outside the OECD
MORTGAGE LOANS
- within the OECD
- outside the OECD
OTHER LOANS AND SIMILAR INSTRUMENTS
- within the OECD
- outside the OECD
DEPOSITS WITH CEDING COMPANIES
- within the OECD
- outside the OECD
6)
7)
8)
9)
10)
DEPOSITS (OTHER THAN THOSE IN 8) AND
GUARANTEES IN CASH AND OTHER
INVESTMENTS
- within the OECD
- Outside the OECD
NET
AMOUNT
2014
REALIZATION
VALUE
NET
AMOUNT
REALIZATION
VALUE
370,004
7
302,311
0
690,219
0
317,993
0
691,420
0
142,024
2
136,475
2
144,978
2
91,597
2
96,184
2
2,158,337
25,000
2,153,619
25,000
2,548,439
28,286
1,921,492
40,000
2,290,377
45,345
5,394,327
5,359,019
5,621,976
5,360,483
5,695,958
5,785
5,785
5,785
7,968
7,968
107,548
20,904
107,548
20,904
107,548
20,904
91,936
22,312
91,936
22,312
152,778
152,778
152,778
160,530
160,530
8,376,716
8,263,441
9,320,916
8,014,313
9,102,032
ASSETS REPRESENTING CONTRACTS IN
ACCOUNT UNITS
- Real estate investments
- Variable income securities other than mutual
fund shares
- Mutual fund shares holding only fixed-income
securities
- Other mutual fund shares
- Bonds and other fixed-income securities
TOTAL OF LINES 1 TO 10
(1)
1
(1)
Including difference compared with redemption price of securities valued in accordance with article R 332-19 still to be amortized,
amounting to € 35.3 million.
2
Including difference compared with redemption price of securities valued in accordance with article R 332-19 still to be amortized,
amounting to € 23.9 million.
2015
OF WHICH:
GROSS
AMOUNT
NET
AMOUNT
2014
REALIZATION
VALUE
NET
AMOUNT
REALIZATION
VALUE
-
INVESTMENTS VALUED ACCORDING TO
R 332-19
5,393,096
5,357,787
5,620,913
5,359,251
5,694,856
-
R 332-20
2,855,168
2,777,202
3,571,551
2,540,814
3,292,928
-
R 332-5
OF WHICH:
- SECURITIES ALLOCATABLE TO
REPRESENTATION OF UNDERWRITING
RESERVES OTHER THAN THOSE BELOW
GROSS
AMOUNT
NET
AMOUNT
REALIZATION
VALUE
NET
AMOUNT
REALIZATION
VALUE
7,745,602
7,632,392
8,647,403
7,433,255
8,454,536
293,685
293,716
326,632
254,959
308,037
337,429
337,333
346,882
326,100
339,460
- SECURITIES PLEDGED TO COVER
COMMITMENTS TO PROVIDENTIAL
INSURANCE COMPANIES OR COVERING
MANAGED INVESTMENTS FUNDS
- SECURITIES DEPOSITED AT CEDING
COMPANIES (INCLUDING SECURITIES
DEPOSITED AT CEDING COMPANIES
FOR WHICH THE COMPANY STANDS
GUARANTEE)
- SECURITIES ALLOCATABLE TO
REPRESENTATION OF SPECIAL
UNDERWRITING RESERVES FOR OTHER
BUSINESS IN FRANCE
- OTHER ALLOCATIONS OR
UNALLOCATED
2015
OF WHICH:
GROSS
AMOUNT
- INVESTMENT WITHIN THE OECD
- INVESTMENT OUTSIDE THE OECD
NET
AMOUNT
2014
REALIZATION
VALUE
NET
AMOUNT
REALIZATION
VALUE
8,330,803
8,217,535
9,271,724
7,951,999
9,034,373
45,913
45,906
49,192
62,315
67,660
TABLE II
2015
GROSS
AMOUNT
- ASSETS ALLOCATABLE TO
REPRESENTATION OF UNDERWRITING
RESERVES (OTHER THAN
INVESTMENTS, FORWARD FINANCIAL
INSTRUMENTS AND THE REINSURERS’
SHARE OF UNDERWRITING RESERVES)
639,333
NET
AMOUNT
REALIZATION
VALUE
639,333
LAND AND BUILDINGS: BREAKDOWN
2014
639,333
NET
AMOUNT
463,250
2015
GROSS
AMOUNT
NET
AMOUNT
REALIZATION
VALUE
463,250
2014
REALIZATION
VALUE
NET
AMOUNT
REALIZATION
VALUE
BUILDINGS USED FOR OPERATIONS
- Rights in property
- Shares in unlisted real estate
companies or real estate agencies
61,195
58,133
62,600
59,392
62.300
255,729
191,098
455,404
196,726
442.474
51,048
51,048
172,215
61,041
185.811
367.972
300,279
690,219
317,159
690,585
OTHER NON-CURRENT ASSETS
- Rights in property
- Shares in unlisted real estate
companies or real estate agencies
TOTAL OF LINES 1 TO 10
C- SUBSIDIARIES AND HOLDINGS
COMPANIES
CAPITAL
OTHER
EQUITY
CAPITAL
EXCLUDING
2015 RESULT
PERCENTAGE
OWNERSHIP
BOOK VALUE OF SHARES
HELD
GROSS
2015
REVENUE
2015 PROFIT
DIVIDENDS
RECEIVED IN
2015
NET
1) Subsidiaries
. SAS ROCHEFORT 25
157, Boulevard Haussmann 75008 PARIS
14,940
683
100.00%
14,932
14,932
2,320
1,108
983
. SAS POMPE 179
15,270
181
100.00%
15,268
15,268
1,614
324
174
. SAS CIVRY 22
7,860
62
100.00%
7,859
7,859
1,166
202
0
. SAS CASTELNAU 6
7,280
117
100.00%
7,279
7,279
1,090
195
259
. SAS BOULOGNE 78
5,710
248
100.00%
5,709
5,709
971
357
486
. CAISRELUX
534, rue de Neudorf L-2220 Luxembourg
6,200
0
99.99%
6,200
6,200
NC
NC
0
3.2- CURRENT RECEIVABLES AND LIABILITIES
Other debtors include a € 2.4 million receivable from companies in which CCR has a
participating interest (which is due within one year) and a € 70.6 million receivable
following two court rulings that are not open to appeal (this amount has been fully
provisioned to reflect the payment capacity of the natural persons who stand liable for
its settlement).
OTHER RECEIVABLES
GROSS
Due from reinsurance
operations
Other receivables
RESERVES
76,706
LESS THAN
ONE YEAR
FROM ONE
TO FIVE
YEARS
MORE
THAN FIVE
YEARS
73,628
43,501
8,651
21,476
843
843
NET
3,078
843
TOTAL
73,628
843
Other debtors
78,391
71,115
7,276
7,307
59
-90
7,276
TOTAL
155,940
74,193
81,747
51,651
8,710
21,386
81,747
OTHER LIABILITIES
NET
Liabilities from reinsurance
operations
LESS THAN
ONE YEAR
8,297
8,296
Other liabilities
36,343
33,577
Other creditors
19,421
19,421
64,061
61,294
TOTAL
FROM ONE
TO FIVE
YEARS
1,944
MORE
THAN FIVE
YEARS
TOTAL
1
8,297
822
36,343
19,421
1,944
823
64,061
Other liabilities do not include any amounts payable to companies in which CCR has a
participating interest.
3.3- OPERATING ASSETS
GROSS AMOUNT
+
Start-up costs
Other intangible assets
-
5,963
59,271
2,741
7
62,005
1,586
138
1,586
138
61,195
Deposits and guarantees
Equipment, furniture, fixtures
12/31/2015
5,963
Other intangible assets in progress
Company head office building
CHANGES
1/1/2015
61,195
90
9
1
98
10,773
452
155
11,070
138,878
3,340
1,749
140,469
Fixed assets in progress
TOTAL
DEPRECIATION AND RESERVES
Start-up costs
Other intangible assets
1/1/2015
ALLOCATIONS
RECOVERIES
+
-
12/31/2015
5,963
5,963
54,979
2,542
Company head office building
1,803
1,259
Equipment, furniture, fixtures
6,936
1,008
135
7,809
69,681
4,809
141
74,349
TOTAL
6
57,515
3,062
3.4- ACCRUALS
2015
Reinsurance underwriting valuations
ASSETS
2014
LIABILITIES
141,253
ASSETS
668
LIABILITIES
195,138
Deferred acquisition expenses
35,010
39,313
Prepaid interest and rents
66,609
72,999
Amortization of differences in
18,332
53,640
910
21,573
45,514
27
685
redemption on securities
Retrocession accounts to be established
Miscellaneous
TOTAL
157
1,029
5
1,144
23
262,390
54,314
330,194
47,132
3.5- ASSETS AND LIABILITIES IN FOREIGN CURRENCIES
The overall amount of exchange values in euros and the breakdown of the major foreign
currencies, on the credit and debit sides of the ledger, are shown hereunder:
CURRENCIES
Euro
ASSETS
LIABILITIES
SURPLUS
2015
SURPLUS
2014
8,342,481
8,120,345
222,137
210,665
US Dollar
215,104
193,793
21,311
34,408
Canadian Dollar
162,996
109,718
53,278
53,872
Pound Sterling
208,766
207,346
1,421
-5,467
Japanese Yen
32,131
26,782
5,348
-4,726
Swedish Crown
6,394
7,825
-1,431
-3,784
Swiss Franc
7,265
6,948
317
751
Taiwan Dollar
2,621
7,243
-4,622
-3,853
Australian Dollar
6,839
6,113
726
76
Hong Kong Dollar
17,664
17,056
608
-273
Norwegian Crown
5,004
3,426
1,579
582
Danish Crown
3,555
3,151
404
1,965
177,770
263,331
-85,561
-91,261
9,188,590
8,973,075
215,515
192,956
Other currencies
TOTAL
3.6- SHAREHOLDERS’ EQUITY
CHANGES IN SHAREHOLDER’S EQUITY
OPENING
AMOUNTS
Capital (1)
before
appropriation of
result
CHANGES DURING FISCAL
YEAR
Appropriation at
year end 2014
AMOUNTS AT
YEAR END
Other
changes
60,000
60,000
Special revaluation reserve
2,751
2,751
Special guarantee reserve
1,884
1,884
Special reserve for exceptional and nuclear risks
Reserve for natural disasters
Reserve for major natural risks
Special reserve for acts of terrorism
Special reserve for specific credit insurance risks
227,221
4,401
231,623
1,373,048
75,820
1,448,868
12,775
11,012
23,787
115,162
1,600
116,761
19,730
106
19,837
17
17
Reserve for the purchase of original works by living
artists
Capitalization reserve
63,681
760
64,440
Other reserves
Retained earnings
2014 fiscal year result
192,956
2014 dividends
(192,956)
100,000
2015 fiscal year result
TOTAL
2,069,209
(1) The share capital consists of 3,000,000 shares of € 20 each.
(100,000)
215,515
215,515
116,275
2,185,484
3.7- CONTINGENT LIABILITIES RESERVES
2014
CHANGES DURING FISCAL YEAR
ALLOCATIONS
RECOVERIES
for the fiscal
year
Amortization expenses
Special revaluation allowance
5,737
910
918
2015
2,404
Charged
2,404
4,243
19
899
Provision for taxes
Expense allowances - time valued savings
accounts
8,024
8,694
8,024
286
8,694
Reserves for pension benefits
5,183
5,697
5,183
84
5,697
Provision for long-service medals
3,281
4,229
3,281
150
4,229
Provision for additional paid vacation
Provision for extraordinary expenses
2,718
2,718
376
629
719
245
286
Reserve for foreign exchange risk
1,769
500
1,769
3,918
500
Provision for major repairs
4,645
4,502
4,645
599
4,502
29,933
27,879
26,044
7,686
31,768
TOTAL
The allowance of € 2.7 million relating to the "Provision for additional paid vacation"
corresponds to the increase in annual paid vacation for employees leaving for
retirement. This commitment is being reported for the first time in the balance sheet
and profit and loss account for 2015.
3.8- CURRENCY TRANSACTIONS
Hedging transactions were entered into for the purpose of mitigating or neutralizing
currency risks. The instruments used were forward sales or purchases for convertible
currencies and non-deliverable forwards (NDF) for non-convertible currencies.
They concerned operations renewed at each maturity, entered into over the counter,
and which at December 31, 2015 consisted of:
-
the forward sale of 75,320 million Canadian dollars, resulting in an unrealized loss
of € 2,020 million which was added back for taxation purposes; and
transactions in non-deliverable forwards on non-convertible currencies, resulting in
an unrealized loss of € 0.500 million, which gave rise to a provision for impairment
deductible from taxable income, and in an unrealized gain of € 0.349 million, which
was added back for taxation purposes.
The provision for unrealized losses amounting to € 1,769 million set aside at December
31, 2014 was reversed for accounting and taxation purposes in 2015, while the
unrealized gain of € 1,356 million added back to taxable income in 2014 was deducted
from taxable income in 2015.
Transactions unwound in 2015 generated a gain of € 3,918 million that was included in
taxable income.
NOTE 4 INFORMATION ON PROFIT AND LOSS ITEMS
4.1- GROSS PREMIUMS BY ACTIVITY
2015
2014
OPEN MARKET REINSURANCE
Life acceptances
Non-life acceptances
92,575
99,406
326,081
346,464
418,656
445,870
9,021
14,676
793,427
797,261
66,009
65,255
45,409
20,600
44,136
21,119
128
-14
868,586
877,178
1,287,241
1,323,048
STATE-GUARANTEED REINSURANCE
Exceptional and nuclear risks
Natural disaster risks
Terrorist acts
of which small and medium risks
Large risks (GAREAT)
Credit insurance risks
TOTAL
4.2- PORTFOLIO MOVEMENTS
NON-LIFE
GROSS
LIFE
NET
GROSS
NET
Portfolio entries
Premiums
Benefits and expenses paid
106,556
106,162
204
204
16,768
15,950
4,216
4,216
116,496
115,908
144
144
21,188
19,769
2,309
2,309
Portfolio withdrawals
Premiums
Benefits and expenses paid
4.3- COMMISSIONS
a) Commissions relating to acceptances
Gross commissions paid
Life
Non-life
2015
2014
88,984
95,498
13,646
14,977
75,338
80,521
b) B - Commissions included under acquisition costs
Gross commissions and brokerage
Life
Non-life
2015
2014
139,775
132,572
9,559
18,304
130,216
114,268
4.4- INVESTMENT INCOME AND EXPENSES
Income from real estate investments
FINANCIAL
INCOME AND
EXPENSES
INVOLVING
INVESTMENTS IN
AFFILIATED
COMPANIES
1,428
OTHER FINANCIAL
INCOME AND
EXPENSES
TOTAL
20,400
21,828
148,812
148,812
5,961
5,961
175,173
176,601
Financial expenses
14,147
14,147
Internal administrative expenses
10,509
10,509
24,655
24,655
Income from other investments
Other income
TOTAL
TOTAL
1,428
4.5- UNDERWRITING EXPENSES BY TYPE AND DESTINATION
A- BREAKDOWN OF CHARGES
CHARGES BY TYPE
2015
External charges
2014
10,375
10,142
5,123
4,777
Taxes, duties and comparable payments
14,718
15,559
Salaries and fringe benefits
30,235
29,898
23
61
60,474
60,437
Allocation to depreciation of fixed assets
3,481
3,937
Theoretical rental of the company’s head office
building
3,359
3,499
67,314
67,873
Other external charges
Other current administrative expenses
Sub-total
TOTAL
CHARGES BY DESTINATION
Claims management expenses
2015
2014
6,253
7,283
Other acquisition expenses
32,549
31,451
Other administrative expenses
12,546
14,875
5,457
4,294
10,509
9,970
67,314
67,873
Other underwriting expenses
Investment management expenses
TOTAL
CCR also incurred € 1,376 million of expenses providing management services on behalf of
its real estate subsidiaries and on behalf of the French State with regards to several public
funds:
- Compensation Fund for Construction Insurance Risks (Fonds de compensation des
risques de l’assurance de la construction - FCAC),
- National Guaranty Fund for Agricultural Disasters (Fonds National de Gestion des
Risques en Agriculture - FNGRA),
- Major Natural Risk Prevention Fund (Fonds de prévention des risques naturels
majeurs),
- Guarantee Fund for Risks Linked to Spreading of Urban or Industrial Wastewater
Sludge (Fonds de garantie des risques liés à l’épandage agricole des boues
d’épuration urbaines ou industrielles),
- National Intercompany Credit Protection Fund (Fonds de sécurisation du crédit
interentreprises).
In accordance with the requirements of Class 6 of Article A 343-1 IV, the corresponding
reimbursements of these costs were recorded in separate subaccounts opened for each of
the expense accounts concerned.
B- BREAKDOWN OF SALARIES
Salaries
2015
2014
19,619
18,775
Fringe benefits and contingency fund
8,789
9,156
Other charges
1,827
1,967
30,235
29,898
255
266
232
23
232
34
Canada Branch
9
9
Lebanon Branch
3
3
267
278
TOTAL
Head office
Management staff
Non-management staff
TOTAL AVERAGE HEADCOUNT
C- COMPENSATION OF BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE
Directors’ fees for board meetings
2015
2014
58
33
Remuneration for members of Executive
Management
410
897
Remuneration for directors and officers
316
4.6- OTHER TECHNICAL INCOME AND EXPENSES
Other underwriting revenue primarily involves revenue from participation in
professional joint ventures.
Other underwriting expenses include the costs of such participation, and the expenses
of internal cost centers not directly related to underwriting activity.
4.7- OTHER NON-TECHNICAL INCOME AND EXPENSES
Other non-technical income and expenses represent the theoretical tax credit or tax
charge on transfers to and from the capitalization reserve in 2015, recognized pursuant
to the requirements set out in Note 2.3 above.
4.8- BREAKDOWN OF EXTRAORDINARY ITEMS
EXTRAORDINARY
LOSSES
Transfer from special provision for re-indexation
EXTRAORDINARY
GAINS
19
Tax credit
8
Extraordinary profits from financial management
Exceptional depreciation
32
910
2,404
Provision for extraordinary expenses
629
719
Reserve for foreign exchange risk
500
1,769
Provision for time savings accounts
8,694
8,024
Provision for long-service medals
4,229
3,281
Reserves for pension benefits
5,697
5,184
Provision for additional paid vacation
2,718
Tax recall
Provision for tax
Extraordinary receivables
14
Other extraordinary revenues or expenses
TOTAL
137
59
23,514
21,513
4.9- EMPLOYEE PROFIT SHARING
An amount of € 1,402,249.79 in respect of employee profit sharing along with provisions
in respect of the corresponding social security contributions amounting to € 320,000
and payroll taxes amounting to € 171,000 (calculated by reference to the Company’s
estimated 2015 result drawn up in November 2015) were recognized in the profit and
loss account.
4.10- CORPORATE TAX
DEFERRED AND CONTINGENT TAX
No deferred tax was recognized.
In accordance with the tax liability method, tax calculated was at 38% unless stated
otherwise.
4.11- STATUTORY AUDITOR FEES
As required by article R 123-198-9 of the French Commercial Code (Code de
Commerce), you are informed that:
-
the fees invoiced by PriceWaterhouseCoopers in respect of their statutory audit of
the 2015 accounts amounted to € 187,349 (excluding taxes),
-
the fees invoiced by PriceWaterhouseCoopers in respect of the assistance provided
in connection with preparatory work for the tax control of the electronic
accounting system amounted to € 35,800 (excluding taxes) which includes the
review of the accounting data file, and
-
the fees invoiced by PriceWaterhouseCoopers in respect of the assistance provided
in connection with preparatory work for Solvency II requirements amounted to €
36,000 (excluding taxes) which includes the review of the economic balance sheet
and of the Solvency Capital Requirement (SCR) at December 31, 2014.

2015 financial details

Transcription

Similar documents

Our 2015 Annual Report is now available

Performance Scorecard Van Niekerk 2010/2011

2015 Agriculture Federal Credit Union (AgFed) Board of Directors

For immediate Release: CV INDUSTRIES

IBMSECU Annual Report for 2015

PDF

COVER SHEET FOR THE CEMALA FOUNDATION GRANT PACKET