2018 Registration document and annual fi nancial report - BNP PARIBAS438
5 RISKS AND CAPITAL ADEQUACY PILLAR 3
5
Insurance risks
➤ TABLE 97 : BOND EXPOSURE BY ISSUER (EXCLUDING INVESTMENTS IN UNIT-LINKED CONTRACTS AND EUROCROISSANCE CONTRACTS) [Audited]
Exposure by rating
31 December 2018 31 December 2017
Govies Corporate Total Govies Corporate Total
AAA 2.2% 5.0% 7.1% 2.0% 4.8% 6.7%
AA 24.1% 8.9% 33.0% 24.5% 7.7% 32.2%
A 6.3% 23.1% 29.5% 1.6% 20.7% 22.3%
BBB 13.1% 14.5% 27.6% 18.5% 16.0% 34.6%
< BBB(*) 0.2% 2.6% 2.8% 0.3% 3.9% 4.2%
TOTAL 45.9% 54.1% 100.0% 46.8% 53.2% 100.0%
(*) Including non-rated bonds.
➤ TABLE 98 : EXPOSURE TO GOVERNMENT BOND AND SIMILAR BY COUNTRY (EXCLUDING INVESTMENTS IN UNIT-LINKED CONTRACTS AND EUROCROISSANCE CONTRACTS) [Audited]
In millions of euros
Rating
31 December 2018 31 December 2017
Exposure by country Net book value Net book value
France AA 22,331 21,128
Italy BBB 14,683 15,998
Spain A- 4,468 3,644
Belgium AA- 3,289 3,572
Austria AA+ 1,350 1,787
Germany AAA 1,303 902
Netherlands AAA 1,125 1,138
Ireland A+ 990 889
Portugal BBB- 92 92
Other 3,841 3,192
TOTAL 53,473 52,342
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 g roup s fi nancial assets meeting the SPPI (Solely Payments of Principal and Interest) criterion, with the exception of the
fi nancial assets held for transaction purposes in accordance with IFRS 9 or whose management and performance assessment are based on fair value.
➤ TABLE 99 : INVESTMENT GRADE FINANCIAL ASSETS MEETING THE SPPI CRITERION [Audited]
Rating In millions of euros 31 December 2018 1 January 2018
AAA 7,842 7,195
AA 37,593 35,191
A 29,783 20,419
BBB 30,427 36,490
< BBB(*) 2,679 3,588
TOTAL 108,324 102,883
(*) Including non-rated bonds.
For the non-Investment Grade or unrated fi nancial assets which meet the cash fl ow criterion, the table below shows the fair value and gross book value in accordance with IAS 39 (in the case of the fi nancial assets
valued at amortised cost, not taking into account any value adjustments for impairment).
