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2020 Universal registration document and annual financial report - BNP PARIBAS 227

4Consolidated finanCial statements for the year ended 31 deCemBer 2020

4

Notes to the financial statements

4.j TECHNICAL RESERVES AND OTHER INSURANCE LIABILITIES

In millions of euros 31 December 2020 31 December 2019

Technical reserves Non-Life insurance contracts 4,668 4,768

Technical reserves Life insurance contracts 155,129 154,382

Insurance contracts 85,961 87,352

Unit-linked contracts 69,168 67,030

Technical liabilities investment contracts 48,528 48,179

Investments contracts with discretionary participation feature 40,916 40,723

Investment contracts without discretionary participation feature Unit-linked contracts 7,612 7,456

Policyholders surplus reserve liability 27,860 24,980

Total technical reserves and liabilities related to insurance and investment contracts 236,185 232,309

Debts arising out of insurance and reinsurance operations 2,948 3,464

Derivative financial instruments 1,608 1,164

TOTAL TECHNICAL RESERVES AND OTHER INSURANCE LIABILITIES 240,741 236,937

The policyholders surplus reserve arises from the application of shadow accounting. It represents the interest of policyholders within French and Italian life insurance subsidiaries in unrealised gains and losses and impairment losses on assets where the benefit paid under the policy is linked to the return on those assets. It is obtained from stochastic calculations modelling the unrealised gains and losses attributable to policyholders based on economic scenarios and assumptions as regards rates paid to customers and new business inflows. For France, this resulted in an interest of 92% in 2020, compared with 90% in 2019.

The Liability Adequacy Test required by IFRS 4 and performed by contract portfolios consists in comparing reserves (net of deferred acquisition costs) and evaluation of future discounted cash flows.

As at 31 December 2020, this test has led to additional provisions on three Asian life insurance entities for a total amount of EUR 18 million. On domestic market life insurance entities (France, Italy and Luxembourg), the test does not apply for any shortfall impact.

The change in technical reserves and liabilities related to insurance contracts breaks down as follows:

In millions of euros Year to

31 Dec. 2020 Year to

31 Dec. 2019

Liabilities related to insurance contracts at start of period 232,309 209,750

Additions to insurance contract technical reserves and deposits taken on financial contracts related to life insurance 21,309 30,807

Claims and benefits paid (17,708) (17,010)

Effect of changes in value of admissible investments related to unit-linked contracts 708 8,381

Effect of movements in exchange rates (527) 311

Effect of changes in the scope of consolidation 94 70

Liabilities related to insurance contracts at end of period 236,185 232,309

See note 4.i for details of reinsurers share of technical reserves.

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