440 2019 Universal registration document and annual financial report - BNP PARIBAS
5 risks and CaPital adequaCy Pillar 3
5
Insurance risks
➤ TABLE 100: BOND EXPOSURE BY ISSUER AND ISSUER RATING (EXCLUDING INVESTMENTS IN UNIT-LINKED CONTRACTS AND EUROCROISSANCE CONTRACTS) [Audited]
Exposure by rating
31 December 2019 31 December 2018
Govies Corporate Total Govies Corporate Total
AAA 3.3% 3.4% 6.7% 2.2% 5.0% 7.1%
AA 23.2% 7.9% 31.1% 24.1% 8.9% 33.0%
A 6.8% 25.4% 32.2% 6.3% 23.1% 29.5%
BBB 11.0% 15.9% 26.8% 13.1% 14.5% 27.6%
< BBB(*) 0.3% 2.9% 3.2% 0.2% 2.6% 2.8%
TOTAL 44.5% 55.5% 100.0% 45.9% 54.1% 100%
(*) Including non-rated bonds.
➤ TABLE 101: EXPOSURE TO GOVERNMENT BOND AND SIMILAR BY COUNTRY (EXCLUDING INVESTMENTS IN UNIT-LINKED CONTRACTS AND EUROCROISSANCE CONTRACTS) [Audited]
Exposure by country In millions of euros Rating
31 December 2019 31 December 2018
Net book value Net book value
France AA 24,331 22,331
Italy BBB 13,711 14,683
Spain A- 5,394 4,468
Belgium AA- 3,347 3,289
Germany AAA 1,291 1,303
Netherlands AAA 1,251 1,125
Austria AA+ 1,286 1,350
Ireland A+ 1,016 990
Portugal BBB 92 92
Other 6,352 3,841
TOTAL 58,073 53,473
Within the context of the amendment to IFRS 4 (see note 1.a Accounting Standards) the table below presents the gross book value of the BNP Paribas Cardif group s financial assets meeting the SPPI (Solely Payments of Principal and Interest) criterion, with the exception of the financial assets held for transaction purposes in accordance with IFRS 9 or whose management and performance assessment are based on fair value.
➤ TABLE 102: FINANCIAL ASSETS MEETING THE SPPI CRITERION [Audited]
Rating In millions of euros 31 December 2019 31 December 2018
AAA 8,078 7,842
AA 39,406 37,593
A 34,969 29,783
BBB 32,781 30,427
< BBB(*) 2,353 2,679
TOTAL 117,587 108,324
(*) Including non-rated bonds.
For the non-Investment Grade or unrated financial assets which meet the cash flow criterion, the table below shows the fair value and gross book value in accordance with IAS 39 (in the case of the financial assets valued at amortised cost, not taking into account any value adjustments for impairment).
