2019 Universal registration document and annual financial report - BNP PARIBAS 211
4Consolidated finanCial statements for the year ended 31 deCemBer 2019
4
Notes to the financial statements
5.i FINANCIAL INVESTMENTS OF INSURANCE ACTIVITIES
In millions of euros
31 December 2019 31 December 2018
Assets not representative
of unit-linked insurance contracts
Assets representative
of unit-linked insurance contracts
(financial risk supported by
policyholders) Total
Assets not representative
of unit-linked insurance contracts
Assets representative
of unit-linked insurance contracts
(financial risk supported by
policyholders) Total
Financial instruments designated as at fair value through profit or loss 44,292 71,043 115,335 41,154 61,793 102,947
Derivative financial instruments 1,115 1,115 907 907
Available-for-sale financial assets 126,596 126,596 112,041 112,041
Held-to-maturity financial assets 1,914 1,914 3,720 3,720
Loans and receivables 3,089 3,089 3,605 3,605
Equity-method investments 359 359 363 363
Investment property 3,094 3,464 6,558 2,982 2,872 5,854
TOTAL 180,459 74,507 254,966 164,772 64,665 229,437
Reinsurers share of technical reserves 2,852 2,852 2,871 2,871
FINANCIAL INVESTMENTS OF INSURANCE ACTIVITIES 183,311 74,507 257,818 167,643 64,665 232,308
Investments in financial instruments of insurance activities are accounted for according to IAS 39 principles.
The fair value of financial assets with contractual cash flows corresponding only to payments of principal and interest on principal amounts to EUR 116.9 billion as at 31 December 2019. It amounted to EUR 107.8 billion as at 31 December 2018, which represents a variation of EUR 9.1 billion over the period.
The fair value of other financial assets amounts to EUR 138.3 billion, and corresponds to all financial instruments that do not meet the previously mentioned criteria, derivatives and financial assets managed on a market value basis. It amounted to EUR 121.7 billion as at 31 December 2018, which represents a variation of EUR +16.6 billion over the period.
The fair value of investment properties which are not representative of unit-linked insurance contracts accounted for at amortised cost amounts to EUR 4.6 billion as at 31 December 2019, compared with EUR 4.0 billion as at 31 December 2018.
➤ MEASUREMENT OF THE FAIR VALUE OF FINANCIAL INSTRUMENTS
The criteria for allocating instruments to the levels of the fair value hierarchy, the corresponding valuation methodologies and the principles of transfer between the levels of the hierarchy for insurance investments are similar to those applied for the Group s other financial instruments (note 5.d).
In millions of euros
31 December 2019 31 December 2018
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Available-for-sale financial assets 103,419 22,887 290 126,596 95,086 16,679 276 112,041
Equity instruments 6,551 1,179 248 7,978 4,741 1,093 234 6,068
Debt securities 96,868 21,708 42 118,618 90,345 15,586 42 105,973
Financial instruments designated as at fair value through profit or loss 88,724 19,296 7,315 115,335 80,097 16,315 6,535 102,947
Equity instruments 87,084 12,774 6,549 106,407 77,989 11,131 6,458 95,578
Debt securities 1,640 6,522 766 8,928 2,108 5,184 77 7,369
Derivative financial instruments - 859 256 1,115 - 622 285 907
FINANCIAL ASSETS MEASURED AT FAIR VALUE 192,143 43,042 7,861 243,046 175,183 33,616 7,096 215,895
