La banque d'un monde qui change 2004 - BNP Paribas

NOTE 17TECHNICAL RESERVES OF INSURANCE COMPANIESIn millions of euros, at 31 December 2004 2003 2002Life technical reserves 40,244 35,910 32,684Technical reserves – unit-linked business 24,700 22,554 21,047Non-life technical reserves 2,098 1 694 1,409Policyholders’ surplus 1,091 1,139 1,048Accrued interest 1,245 511 338Total technical reserves 69,378 61,808 56,526Policyholders’ surplus primarily includes the funds set asideto top up the return offered to holders of life insurancepolicies if necessary in future years (EUR 592 million at31 December 2004, EUR 615 million at 31 December 2003and EUR 547 million at 31 December 2002).NOTE 18ACCRUALS AND OTHER LIABILITIESIn millions of euros, at 31 December 2004 2003 2002Accruals:Accrued liabilities 2,333 4,459 5,060Valuation adjustment accounts (a) 14,986 14,528 20,617Collection accounts 4,789 2,923 2,066Other accruals 10,250 8,585 4,806Total accruals 32,358 30,495 32,549Other liabilities:Settlement accounts related to securities transactions 5,430 6,938 4,966Liabilities related to written options 41,747 43,634 37,782Liabilities related to securities transactions 102,569 88,430 57,471Deferred tax liabilities 1,462 1,417 1,685Other insurance liabilities 653 418 494Other payables and liabilities 13,909 13,488 10,889Total other liabilities 165,770 154,325 113,287Total accruals and other liabilities 198,128 184,820 145,836(a) Mark-to-market losses on foreign exchange instruments and forward instruments.238BNP PARIBAS - ANNUAL REPORT 2004