2019 Universal registration document and annual financial report - BNP PARIBAS 231
4Consolidated finanCial statements for the year ended 31 deCemBer 2019
4
Notes to the financial statements
➤ ACTUAL RATE OF RETURN ON PLAN ASSETS AND REIMBURSEMENT RIGHTS OVER THE PERIOD
In%
Year to 31 Dec. 2019 Year to 31 Dec. 2018
Range of value (reflecting the
existence of several plans in the same
country) Weighted
average rates
Range of value (reflecting the
existence of several plans in the same
country) Weighted
average rates
Belgium -0.05%/19.10% 6.05% -2.00%/4.65% -0.43%
UK 3.95%/19.00% 15.65% -3.80%/5.70% -3.05%
France 3.35%/3.45% 3.45% 3.55% 3.55%
Switzerland 2.40%/14.85% 10.90% -2.00%/2.80% -0.66%
USA 7.75%/18.00% 13.10% -4.55%/1.50% -0.50%
Germany 1.75%/9.75% 9.05% -6.50%/1.80% -3.23%
Turkey 19.25% 19.25% 13.10% 13.10%
➤ BREAKDOWN OF PLAN ASSETS
In%
31 December 2019 31 December 2018
Shares
Govern- mental
bonds Non-Govern-
mental bonds Real-
estate Deposit
account Others Shares
Govern- mental
bonds
Non-Go- vernmental
bonds Real-
estate Deposit
account Others
Belgium 6% 54% 15% 1% 0% 24% 6% 52% 19% 1% 0% 22%
UK 14% 66% 8% 0% 4% 8% 16% 63% 9% 0% 3% 9%
France(1) 6% 69% 17% 8% 0% 0% 7% 67% 18% 8% 0% 0%
Switzerland 34% 0% 29% 19% 5% 13% 31% 29% 4% 20% 1% 15%
USA 26% 44% 17% 0% 9% 4% 26% 44% 14% 0% 11% 5%
Germany 26% 64% 0% 0% 1% 9% 28% 61% 0% 0% 2% 9%
Turkey 0% 0% 49% 4% 42% 5% 0% 0% 0% 5% 94% 1%
Others 9% 14% 12% 1% 3% 61% 10% 11% 12% 1% 6% 60%
GROUP 13% 47% 17% 4% 4% 15% 13% 49% 13% 4% 6% 15%
(1) In France, the breakdown of plan assets reflects the breakdown of the general fund of the insurance company through which the Group s obligations are funded.
The Group introduced an asset management governance for assets backing defined-benefit pension plan commitments, the main objectives of which are the management and control of the risks in terms of investment.
It sets out investment principles, in particular, by defining an investment strategy for plan assets, based on financial objectives and financial risk management, to specify the way in which plan assets have to be managed, via financial management servicing contracts.
The investment strategy is based on an assets and liabilities management analysis that should be realised at least every three years for plans with assets in excess of EUR 100 million.
Post-employment healthcare benefits
The Group offers some healthcare benefit plans for retired employees, mainly in the United States and Belgium. These plans are mainly closed to new entrants.
The present value of post-employment healthcare benefit obligations stood at EUR 146 million at 31 December 2019, compared with EUR 131 million at 31 December 2018, i.e. an increase of EUR 15 million in 2019, of which +EUR 10 million recognised directly in shareholders equity.
