2017_Milestone_SocieteGeneraleInsurance
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<strong>2017</strong> MILESTONES<br />
BEING THERE<br />
WHEN<br />
IT MATTERS
TO BECOME THE PREFERRED<br />
INSURER OF OUR CLIENTS<br />
AND REFERENCE PARTNER<br />
OF OUR DISTRIBUTORS
SOCIETE GENERALE INSURANCE<br />
PROFILE<br />
Drawing on the expertise of its 2,600 employees,<br />
Societe Generale Insurance posted revenues of<br />
11.8 billion euros in <strong>2017</strong>, managed 114 million euros<br />
of outstandings and 22 million policies. The contribution of<br />
Societe Generale Insurance to Societe Generale group’s net<br />
result rose by 10% to 406 million euros. Cost to income ratio<br />
improved by 1 point to 37.5%.<br />
Societe Generale Insurance is present in France with Sogecap,<br />
Antarius, Sogessur and Oradea Vie, and in ten countries<br />
abroad. Sogecap is rated A- by Standard & Poor’s.<br />
11.8 bn €<br />
Premium income<br />
406 m €<br />
Result *<br />
114 bn €<br />
Outstandings<br />
A-<br />
Standard & Poor’s<br />
Rating<br />
37.5%<br />
Cost to<br />
Income Ratio<br />
22 m<br />
In-force policies<br />
2,600<br />
Employees<br />
11<br />
Countries<br />
* Contribution to Societe Generale group net result<br />
<strong>2017</strong> MILESTONES : 1
PHILIPPE PERRET<br />
Chief Executive Officer, Societe Generale Insurance<br />
A SOUND SET<br />
OF RESULTS<br />
TO ACHIEVE OUR<br />
2020 AMBITIONS<br />
2 : SOCIETE GENERALE INSURANCE
<strong>2017</strong> has been a key year in the continued dynamic of Societe Generale<br />
Insurance development, a year that has seen the outcome of two major projects:<br />
the acquisition of a majority stake in Antarius on 1 April <strong>2017</strong> and the<br />
completion of its integration, and the roll-out of an ambitious transformation<br />
of our organisation.<br />
<strong>2017</strong> was also a year marked by a sustained and dynamic<br />
level of activity in all our business segments and a positive<br />
evolution of our business mix. In savings life insurance,<br />
the share of unit-linked funds increased and accounted<br />
for 26% of outstandings. The protection business was up<br />
by 9%, amply fulfilling its role of growth and profitability<br />
driver, in France and abroad.<br />
A strategy addressing<br />
“ two complementary<br />
priorities to seize<br />
opportunities offered<br />
by the transformational<br />
changes underway in<br />
the market<br />
”<br />
Societe Generale Insurance net result rose by 10% on the previous year<br />
up to 406 million euros. Financial reserves increased significantly, reaching 4.5%<br />
of total outstandings at the end of the year.<br />
Those <strong>2017</strong> financial results provide a solid basis to achieve our 2020 goals and<br />
successfully deliver the ambition that we have set for ourselves: to become the<br />
preferred insurer of our clients and reference partner of our distributors.<br />
Structured around two complementary priorities, this strategy should enable<br />
us to capture the full potential of an evolving integrated bancassurance<br />
model, while at the same time diversifying our drivers for growth and applying<br />
innovation on every part of the insurance value chain in order to seize<br />
opportunities offered by the transformational changes underway in the market.<br />
Innovation, technological expertise and optimal use of data are at the heart<br />
of Societe Generale Insurance’s strategy. Digital is a powerful lever to respond<br />
even more effectively to the needs of customers who expect greater accessibility,<br />
immediacy and simplicity; digital also allows to offer customers more services,<br />
advice and support and to move toward a more personalized and intensive<br />
relationship that will create higher value.<br />
<strong>2017</strong> MILESTONES : 3
SOGECAP<br />
BOARD OF DIRECTORS<br />
As of 2018/06/13<br />
Didier Hauguel<br />
Manager of the Business Unit International<br />
Retail Banking, Russia and member<br />
of Societe Generale group<br />
Management Committee<br />
BOARD MEMBERS<br />
Philippe Perret<br />
Head of the Insurance Business Unit,<br />
Chairman and Chief Executive Officer of Sogecap,<br />
member of Societe Generale group<br />
Management Committee<br />
Philippe Heim<br />
Deputy Chief Executive Officer<br />
of Societe Generale group<br />
Diony Lebot<br />
Deputy Chief Executive Officer<br />
of Societe Generale group<br />
Laurent Goutard<br />
Head of Societe Generale<br />
Retail Banking Business Unit in France,<br />
member of Societe Generale group<br />
Management Committee<br />
Patrick Folléa<br />
Deputy Head of Societe Generale Private Banking,<br />
Head of Societe Generale Private Banking France,<br />
member of Societe Generale group<br />
Management Committee<br />
Aurore Gaspar<br />
Deputy CEO of Boursorama<br />
SG Financial Services Holding<br />
represented by Hervé Audren de Kerdrel<br />
Deputy Chief Financial Officer<br />
of Societe Generale group,<br />
member of Societe Generale group<br />
Management Committee<br />
Corinne Burlet<br />
Head of Societe Generale group Insurances<br />
Mai Nguyen<br />
Deputy Chief Executive Officer,<br />
Head of Finance, Investments & Risks<br />
for Societe Generale Insurance<br />
Benoît Ottenwaelter<br />
Former Head of Risks<br />
at Societe Generale group,<br />
former member of Societe Generale group<br />
Executive Committee<br />
Kadidja Sinz<br />
Independent Director,<br />
Head of Europe at Liberty Specialty Markets<br />
STATUTORY AUDITORS<br />
Deloitte & Associés<br />
Ernst & Young Audit<br />
ALTERNATE STATUTORY<br />
AUDITORS<br />
Picarle & Associés<br />
4 : SOCIETE GENERALE INSURANCE
SOCIETE GENERALE INSURANCE<br />
EXECUTIVE COMMITTEE<br />
Philippe Perret<br />
Chief Executive Officer of<br />
Societe Generale Insurance<br />
Mai Nguyen<br />
Finance, Investments<br />
& Risks<br />
Laurent Dunet<br />
Bancassurance<br />
Development France<br />
Jean-Manuel<br />
Mercier<br />
Customer Relationship<br />
France<br />
Laurent<br />
Doubrovine<br />
International<br />
Ingrid Bocris<br />
Partnerships,<br />
Corporate<br />
and Innovation<br />
Daniel Jost<br />
Corporate Secretary<br />
Bruno Gérin-Roze<br />
Human Resources<br />
Philippe Bourrin<br />
Customer Relationship<br />
France, Deputy Head<br />
Airy Groscolas<br />
Corporate Resources<br />
<strong>2017</strong> MILESTONES : 5
SOCIETE GENERALE INSURANCE<br />
MANAGEMENT COMMITTEE<br />
BANCASSURANCE<br />
DEVELOPMENT FRANCE<br />
UNIT<br />
Thierry Bousquet<br />
Savings Technical Products<br />
Laurent Bruno<br />
Property & Casualty and<br />
Protection Technical products<br />
Jean-Michel Cedelle<br />
Bancassurance Sales<br />
France<br />
Jérôme Leriche<br />
Bancassurance Marketing<br />
France<br />
PARTNERSHIPS,<br />
CORPORATE AND<br />
INNOVATION UNIT<br />
Valérie Bompard<br />
Innovation and Digital<br />
Transformation<br />
Philippe Da<br />
Group Retirement<br />
Martial Deloncle<br />
Car Partnerships<br />
Alban Lavril<br />
Direct Clients<br />
Yann Louarn<br />
Group Protection and Health<br />
Arnaud Morgant<br />
Group Partnerships<br />
Fabrice Muller<br />
Group Technical Products<br />
and DataLab<br />
Thibaut Peigney<br />
External Partnerships<br />
Alexandre Rispal<br />
Moonshot-Internet<br />
INTERNATIONAL<br />
UNIT<br />
Cédric Chaux<br />
International Marketing<br />
and Operations<br />
Taoufik Lachker<br />
International Actuarial<br />
and Finance<br />
Sabine de Lattre<br />
Chargé de mission<br />
Marlène Pradeilles<br />
Regional Director<br />
Frédéric Coin<br />
Italy<br />
Stéphane Corbet<br />
Czech Republic<br />
Catherine de la Croix<br />
Czech Republic -<br />
Development<br />
Antoine Derville<br />
Sub-Saharan Africa<br />
Jean Elia<br />
Luxembourg<br />
Thibaut Frémy<br />
Serbia<br />
Arnaud de la Hosseraye<br />
Russia<br />
Jean-François Jaboulay<br />
Bulgaria<br />
Gaël Loaëc<br />
Morocco<br />
Gérard Rimpot<br />
Poland<br />
Frédéric Salaün<br />
Development and Projects -<br />
Russia<br />
Thierry Thibault<br />
Germany<br />
Philippe Vial<br />
Morocco - Deputy Head<br />
CUSTOMER<br />
RELATIONSHIP FRANCE<br />
UNIT<br />
Laurent Baduel<br />
Property & Casualty Claims<br />
Handling<br />
Karine Destre-Bohn<br />
Customer Relationship<br />
Transformation<br />
Rodrigue Leclercq<br />
Property & Casualty Policy<br />
Management<br />
Laurent Salanié<br />
Life Insurance Customer<br />
Relationship<br />
FINANCE, INVESTMENTS<br />
& RISKS UNIT<br />
Yann Daspet<br />
Finance<br />
Isabelle Esteves<br />
Accounting Standards,<br />
Regulatory Reporting and Group<br />
Consolidation<br />
Valérie Huguet<br />
Accounting and Group Support<br />
Frédéric Ducreux<br />
Group Assets, Liabilities<br />
and Financial Management<br />
Eric Joseph<br />
Investments<br />
Alix Migdal<br />
Actuarial Supervision<br />
Sébastien Simon<br />
Risk Management<br />
CORPORATE RESOURCES<br />
UNIT<br />
Hugues Feyrit<br />
Information Systems<br />
Alexandre Manchet<br />
Organisation and Projects<br />
Janine Moret<br />
IT Production<br />
HUMAN RESOURCES<br />
UNIT<br />
Andreia de Miranda-Santos<br />
International Human<br />
Resources<br />
CORPORATE SECRETARY<br />
UNIT<br />
Caroline Da Silva<br />
Compliance<br />
Hervé Lascombes<br />
Legal and Taxation<br />
Damien Maréchal<br />
CSR<br />
Christophe Pautet<br />
Internal Control<br />
REPORTING DIRECTLY<br />
TO THE CEO OF SOCIETE<br />
GENERALE INSURANCE<br />
Valérie Loizillon<br />
Communication and Chief<br />
of Staff for Societe Generale<br />
Insurance CEO<br />
Michel Noury<br />
Internal Audit<br />
6 : SOCIETE GENERALE INSURANCE
ENTITIES<br />
IN FRANCE<br />
ABROAD<br />
LIFE INSURANCE<br />
Chairman and Chief<br />
Executive Officer<br />
Philippe Perret<br />
Deputy Chief Executive<br />
Officer<br />
Mai Nguyen<br />
Deputy General Manager<br />
Ingrid Bocris<br />
Deputy General Manager<br />
Laurent Doubrovine<br />
Deputy General Manager<br />
Laurent Dunet<br />
PROPERTY & CASUALTY<br />
INSURANCE<br />
Chief Executive Officer<br />
Laurent Dunet<br />
Deputy Chief Executive Officer<br />
Philippe Bourrin<br />
INSURTECH<br />
(Brokerage & Services)<br />
Executive Chairman<br />
Ingrid Bocris<br />
GERMANY<br />
Societe Generale Insurance<br />
Germany<br />
BULGARIA<br />
Sogelife Bulgaria IJSC<br />
ITALY<br />
Societe Generale Insurance Italy<br />
LUXEMBOURG<br />
Sogelife Luxembourg<br />
MOROCCO<br />
La Marocaine Vie<br />
POLAND<br />
Societe Generale Insurance<br />
Poland<br />
CZECH REPUBLIC<br />
Komerční Pojištóvna<br />
ROMANIA<br />
BRD Asigurari De Viata<br />
BRD Fond De Pensii SA<br />
RUSSIA<br />
Societe Generale<br />
Strakhovanie Zhizni LLC<br />
Societe Generale<br />
Strakhovanie CJSC<br />
SERBIA<br />
Societe Generale Osiguranje<br />
A.D.O.<br />
Chief Executive Officer<br />
Alexandre Rispal<br />
Chief Executive Officer<br />
Laurent Doubrovine<br />
Deputy Chief Executive Officer<br />
Jérôme Leriche<br />
Deputy Chief Executive Officer<br />
Jean-Manuel Mercier<br />
STRONG<br />
MARKET<br />
SHARES<br />
Chief Executive Officer<br />
Ingrid Bocris<br />
Deputy Chief Executive Officer<br />
Thibaut Peigney<br />
6 th<br />
largest life insurer<br />
in France<br />
5 th<br />
largest bancassurer<br />
in France<br />
2018 Gold Award for Life<br />
Insurers with the strongest<br />
financial reserves awarded<br />
to Sogecap by le Revenu<br />
magazine<br />
1 st<br />
largest life insurer<br />
in Czech Republic<br />
3 rd<br />
largest life insurer<br />
in Morocco<br />
3 rd<br />
largest life insurer in Romania<br />
9 th<br />
largest life insurer in Russia<br />
9 th<br />
largest life insurer<br />
in Luxembourg<br />
Komerční Pojištóvna<br />
awarded<br />
2 nd best life insurer<br />
for <strong>2017</strong> in<br />
the Czech market<br />
<strong>2017</strong> MILESTONES : 7
FINANCIAL DASHBOARD<br />
Gross written premiums<br />
in billion euros<br />
86%<br />
France<br />
10<br />
Abroad<br />
SAVINGS LIFE INSURANCE<br />
14%<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
Outstandings<br />
in billion euros<br />
84<br />
9%<br />
91%<br />
2013<br />
France<br />
90<br />
11%<br />
89%<br />
2014<br />
26%<br />
of unit-linked in savings<br />
life insurance outstandings<br />
at the end of <strong>2017</strong><br />
Abroad<br />
95<br />
11%<br />
89%<br />
+8%<br />
per year<br />
2015<br />
98<br />
12%<br />
88%<br />
2016<br />
114<br />
10%<br />
90%<br />
<strong>2017</strong><br />
150<br />
120<br />
90<br />
60<br />
Technical<br />
reserves<br />
in billion euros<br />
In-force policies<br />
in million policies<br />
122.4 21.5 22.2<br />
104.3<br />
2016 <strong>2017</strong> 2016 <strong>2017</strong><br />
Contribution to<br />
Societe Generale<br />
group net result<br />
in million euros<br />
368<br />
+17% +3%<br />
+10%<br />
406<br />
Net banking<br />
income<br />
in million euros<br />
883<br />
+12%<br />
988<br />
PROTECTION<br />
2016 <strong>2017</strong> 2016 <strong>2017</strong><br />
Property & Casualty<br />
premiums<br />
in million euros<br />
468<br />
449<br />
431<br />
22%<br />
22%<br />
24%<br />
76%<br />
78%<br />
78%<br />
505<br />
19%<br />
81%<br />
+7%<br />
per year<br />
554<br />
21%<br />
79%<br />
1200<br />
1000<br />
800<br />
600<br />
400<br />
200<br />
Personal Protection<br />
premiums<br />
in million euros<br />
848 836 842<br />
43%<br />
57%<br />
36%<br />
64%<br />
31%<br />
69%<br />
927<br />
32%<br />
68%<br />
+4%<br />
per year<br />
1,009<br />
32%<br />
68%<br />
Cost to income<br />
ratio<br />
in %<br />
38.4 37.5<br />
Staff numbers<br />
2,359<br />
- 1 pt +10%<br />
2,602<br />
0<br />
2013 2014 2015 2016 <strong>2017</strong> 2013 2014 2015 2016 <strong>2017</strong><br />
France Abroad<br />
France Abroad<br />
2016 <strong>2017</strong> 2016 <strong>2017</strong><br />
Antarius integrated with effect from 1 April <strong>2017</strong><br />
8 : SOCIETE GENERALE INSURANCE
SOCIETE GENERALE INSURANCE FRANCE ASSET ALLOCATION<br />
EXCLUDING UNIT-LINKED<br />
93 billion euros<br />
of assets under management<br />
80%<br />
of assets under management<br />
invested in bonds<br />
53%<br />
of bond portfolio<br />
rated at least AA<br />
Bond portfolio by rating<br />
Bond portfolio by geography<br />
50<br />
40<br />
46%<br />
United States 4%<br />
Others 12%<br />
30<br />
Spain 5%<br />
20<br />
10<br />
0<br />
22%<br />
19%<br />
7%<br />
AAA AA A BBB<br />
6%<br />
Others<br />
Belgium 3 %<br />
Austria 2%<br />
United Kingdom 6%<br />
Netherlands 4%<br />
Italy 5%<br />
France 59%<br />
Bond portfolio by counterparty<br />
Financial 26%<br />
Corporate 12%<br />
Portfolio breakdown by asset type<br />
Real Estate 4%<br />
Equity related 9%<br />
Alternative<br />
assets 2%<br />
Other interest rate<br />
products 7%<br />
Covered 7%<br />
Sovereign and<br />
similar 47%<br />
Floating rate and<br />
inflation-linked<br />
bonds 8%<br />
BOND<br />
PORTFOLIO<br />
Public sector 8%<br />
Fixed income 70%<br />
<strong>2017</strong> MILESTONES : 9
BANCASSURANCE<br />
TO CAPTURE THE FULL POTENTIAL<br />
OF OUR INTEGRATED MODEL<br />
THE FIRST STRATEGIC<br />
PRIORITY OF OUR 2020<br />
AMBITION<br />
To capture the full<br />
potential of our integrated<br />
bancassurance model in<br />
France and abroad.<br />
Bancassurers benefit from multiple points of interaction with customers<br />
and a high frequency of contact: via the physical branches<br />
of retail banking networks, via call centers’ advisers and via banking<br />
websites and apps. It is this competitive edge over other insurance<br />
market stakeholders that has made the integrated bancassurance<br />
model so successful.<br />
The explosion in digital services means that there are now more<br />
points of contact with policyholders than ever before, and the types<br />
of contact will continue to evolve as the frequency of interaction<br />
increases. Digital is a powerful lever for developing the bancassurance<br />
model by capitalising on its strengths.<br />
Societe Generale Insurance is accelerating the pace of transformation<br />
for its digital bancassurance model, and building streamlined, seamless<br />
customer journeys for all its product ranges.<br />
For all its partners in France and abroad, retail banks and private<br />
banks, Societe Generale Insurance is engaged in a continual process<br />
of aligning its product and service offering with customer needs.<br />
10 : SOCIETE GENERALE INSURANCE
IN SAVINGS LIFE INSURANCE<br />
Societe Generale Insurance is continually developing new investment solutions<br />
designed to respond effectively to a persistently low interest rate environment and enhance<br />
customer experience through the addition of new service offerings and digital functionalities.<br />
Innovation and diversification<br />
with Idinvest Strategic<br />
Opportunities<br />
Societe Generale Insurance has introduced<br />
a new innovation with its first Private Equity<br />
Fund: Idinvest Strategic Opportunities is<br />
designed for experienced investors in the<br />
Private Banking segment. Societe Generale<br />
Insurance has drawn on the expertise<br />
of Idinvest, a major player in the Private<br />
Equity sector, to offer a high-added-value<br />
diversification solution in today’s world of<br />
low interest rates. This Mutual Fund invests<br />
mainly in the secondary capital markets to offer<br />
customers a higher level of potential yield in<br />
return for accepting a higher level of risk.<br />
Synoé, advisory management<br />
for the digital world<br />
Societe Generale Insurance has worked in partnership<br />
with Societe Generale Private Banking to<br />
develop an innovative digital advisory management<br />
solution.<br />
Customers using Synoé receive regular personalised<br />
fund-switching recommendations via their<br />
online account. Those recommendations are consistent<br />
with their investor profile and the advice<br />
profile they selected at the time of registration.<br />
Every new proposal is accompanied by a text or<br />
e-mail alert. Customers can then choose whether<br />
to go with the recommendations provided and<br />
switch funds within their policy in just a few mouse<br />
clicks.<br />
OUR BANCASSURANCE PARTNERS: RETAIL BANKS AND PRIVATE BANKS<br />
<strong>2017</strong> MILESTONES : 11
IN PROTECTION<br />
Societe Generale Insurance is accelerating the dynamic of customer equipment<br />
by continuing the process of digitalising customer pathways,<br />
developing remote sales channels and offering a broader range of covers.<br />
100% online Car and Home<br />
insurance for Societe Generale<br />
customers<br />
From quote to policy contracting, Societe Generale<br />
retail banking customers in France can take out<br />
Societe Generale Insurance car and home policies<br />
directly via their online account or banking app,<br />
thanks to a 100% digital journey that includes<br />
electronic signature.<br />
My MedCare: an innovative new<br />
personal health insurance product for<br />
the Romanian market<br />
ASIGURAREA DE SĂNĂTATE<br />
My MedCare<br />
AMINTE<br />
DE PRIMUL<br />
SEMN DE BUNA<br />
PURT<br />
Mai știi cum au făcut mama și tata să treacă?<br />
Acum e rândul tău să ai grijă de tine și de cei dragi,<br />
împreună cu medicii pe care ai libertatea să-i alegi<br />
chiar tu, cu asigurarea de sănătate My MedCare.<br />
?<br />
A<br />
R<br />
E<br />
BRD Asigurari de Viata, the life insurance<br />
subsidiary of Societe Generale Insurance<br />
in Romania, is offering My MedCare<br />
to customers of BRD, the retail banking of<br />
the Societe Generale group. My MedCare<br />
is the first personal life insurance<br />
product to give policyholders the freedom<br />
to choose their own doctor.<br />
MY MEDCARE CLASSIC | MEDIUM | PREMIUM<br />
Protection insurance<br />
extended to include children<br />
in the Czech Republic<br />
In the Czech Republic, Komerční Pojištóvna<br />
is extending its protection insurance products<br />
to include children. Parents can now ensure<br />
their children against accidents, hospitalisation<br />
or critical illness. The range of personal<br />
protection products now covers every member<br />
of the family.<br />
Personal Credit Protection<br />
Insurance goes digital<br />
Societe Generale Insurance is simplifying<br />
the customer experience with a 100% online<br />
journey for mortgage insurance offered by<br />
its subsidiary Oradéa Vie through Societe<br />
Generale and Crédit du Nord retail banking<br />
networks: the main functions offered<br />
include an online health questionnaire, the<br />
exchange of digital documentation and<br />
digital signature.<br />
12 : SOCIETE GENERALE INSURANCE
Car and Business Multirisk insurance<br />
at Crédit du Nord<br />
Societe Generale Insurance is extending its range of protection<br />
products for retail customers of the eight Crédit du Nord<br />
group banks to include a range of Car Insurance policies.<br />
Societe Generale Insurance is also extending its support<br />
for Crédit du Nord business customers by introducing a range of Business<br />
Multirisk products. Designed specifically for retailers, craftsmen, professionals<br />
and very small enterprises, the range offers three types of cover: property<br />
protection, third-party liability and financial protection.<br />
Expertise and digital efficiency<br />
for complete customer satisfaction<br />
Societe Generale Insurance is developing new digital tools<br />
and solutions to boost product and service accessibility,<br />
immediacy and effectiveness for customers. At the same<br />
time, Societe Generale Insurance is enhancing the expertise<br />
of advisers to provide an even more personalised and<br />
supportive relationship to deliver greater customer satisfaction.<br />
The teams at Customer Relationship France handled<br />
2.2 million calls in <strong>2017</strong>.<br />
Sogecap, Sogessur and Oradéa Vie hold ISO 9001 certification<br />
for their policy management and customer services processes.<br />
This certification is based on the clear identification of ambitious<br />
targets that reflect customer expectations.<br />
Meilleur service aux assurés<br />
Oscar for best service<br />
to policyholders<br />
awarded by Gestion<br />
de Fortune magazine.<br />
<strong>2017</strong> MILESTONES : 13
PARTNERSHIPS<br />
ACCELERATING THE EMERGENCE<br />
OF NEW MODELS<br />
The digital transition, social changes and the development of new<br />
distribution methods are transforming the way our customers use<br />
insurance and are driving the emergence of new uses. Building on its<br />
experience of developing partnerships with all types of stakeholders,<br />
Societe Generale Insurance is taking advantage of these opportunities<br />
to capture new markets and drive innovation for the benefit of its<br />
customers.<br />
Societe Generale Insurance is continuing to develop innovative<br />
products and services with partners outside the Group, and capitalise<br />
on its leadership on the group retirement market in France to accelerate<br />
its growth and continue to expand its offer.<br />
Based on connected car insurance offerings and innovative pricing<br />
methods, its partnership with ALD Automotive offers Societe Generale<br />
Insurance the opportunity to become a leading player in the mobility<br />
and fleet insurance markets, not only in France, but also abroad.<br />
THE SECOND STRATEGIC<br />
PRIORITY OF OUR 2020<br />
AMBITION<br />
To accelerate our growth<br />
drivers and diversify<br />
our business models.<br />
OUR PARTNERS*<br />
The leadership of Boursorama in the online banking market is a powerful<br />
lever for the development of a new digital partnership model.<br />
Lastly, by leveraging on a strengthened programme of open innovation<br />
and advanced data management, Societe Generale Insurance is<br />
building internal and external ecosystems around the uses of insurance<br />
by encouraging customer proximity. The result is that experimentation<br />
with new products and services, risk pricing and distribution models<br />
is systematically encouraged by making it possible for all areas of<br />
expertise to be involved in delivering high-quality customer service<br />
and facilitating the emergence of tomorrow’s insurance models.<br />
* Non-exhaustive list<br />
14 : SOCIETE GENERALE INSURANCE
Moonshot-Internet, a new and<br />
disruptive business model<br />
Connected fleet insurance<br />
with ALD<br />
In collaboration with ALD,<br />
the Societe Generale group<br />
long-term leasing and fleet management specialist<br />
subsidiary, Societe Generale Insurance is experimenting<br />
in Italy with a Pay How You Drive product<br />
for a fleet of 55,000 company vehicles connected<br />
via an in-car unit. More than a billion kilometres of<br />
driving data has now been gathered and analysed.<br />
At the start of 2018, the experiment was extended<br />
to include personal long-term leasing through the<br />
RicariCAR product which rewards driver behaviour<br />
with bonus kilometres offered.<br />
Moonshot-Internet is the in-house<br />
startup created by Societe Generale<br />
Insurance in response to the development<br />
of contextual insurance. Distributing its products<br />
via APIs relying on an information system that enables<br />
dynamic pricing under a technology partnership<br />
with eBaoTech, Moonshot-Internet offers its insurance<br />
products on a B2B2C basis via the websites<br />
of e-merchant, payment specialists, neo-banks and<br />
collaborative economy stakeholders.<br />
Carapass, the connected car policy<br />
kilometre-priced<br />
Societe Generale Insurance and<br />
Boursorama Banque the leading<br />
online bank in France are driving innovation forward with<br />
Carapass, a connected car policy kilometre-priced offer and<br />
a driving coach, with a 100% online application process<br />
involving just six questions. By adjusting pricing to vehicle<br />
usage, Carapass delivers an effective response to the new<br />
mobility uses of French drivers. Carapass received the<br />
2018 Argus d’or Innovation award.<br />
Setting the benchmark<br />
for the French group<br />
insurance market<br />
In France Societe Generale Insurance is the Number<br />
one bancassurer and the Number 3 insurer in<br />
terms of inward flows in the group retirement market.<br />
With 4,600 customer companies, including 25%<br />
of France’s CAC40 corporates, and around 300,000<br />
individual retirement savings accounts, Societe<br />
Generale Insurance is a leading stakeholder in this<br />
market.<br />
Intensifying external<br />
partnership development<br />
through innovation<br />
In France, Societe Generale Insurance<br />
is building on its relationships<br />
with financial adviser platforms and private banks to<br />
co-construct products and services and drive financial<br />
and digital innovation forward, with particular emphasis<br />
on credit life insurance.<br />
Abroad, new growth drivers are being<br />
brought into play via the signature of<br />
distribution partnerships.<br />
In Italy, Societe Generale Insurance insures 50% of the<br />
24-hour assistance portfolio (110,000 customers), specialising<br />
in insurance for motorcycles and scooters, from<br />
distribution through to claim management with a 100%<br />
digital customer journey.<br />
<strong>2017</strong> MILESTONES : 15
A WIDELY REWARDED<br />
SAVINGS<br />
LIFE INSURANCE<br />
INDIVIDUAL SAVINGS<br />
J Life insurance<br />
J Capitalisation<br />
RETIREMENT SAVINGS<br />
J Annuities<br />
J Corporate retirement schemes<br />
J Pension funds<br />
SAVINGS LIFE INSURANCE<br />
ÉBÈNE<br />
J Gold Trophy for bank life<br />
policies<br />
J 2018 Excellence Label<br />
J Oscar for the best life policy<br />
for assets under management<br />
above €5 billion (with more than<br />
30 unit-linked funds)<br />
J Oscar for the best up-market<br />
life insurance policy<br />
J Oscar for best policyholder<br />
service<br />
Meilleur service aux assurés<br />
SÉQUOIA<br />
J Oscar for best Management<br />
under Mandate<br />
Sequoia<br />
PROTECTION<br />
PERSONAL PROTECTION<br />
J Term life insurance<br />
J Funeral expenses cover<br />
J Long-term care insurance<br />
J Personal accident insurance<br />
HEALTH INSURANCE<br />
J Individual health insurance<br />
J Group health insurance<br />
CREDIT LIFE INSURANCE<br />
GROUP LIFE INSURANCE<br />
PROPERTY & CASUALTY<br />
J Car insurance<br />
J Home insurance<br />
J Multirisks insurance for professionals<br />
OTHER RISKS<br />
J Legal expenses insurance<br />
J Loss of employment insurance<br />
J Means of payment insurance<br />
PERSONAL PROTECTION<br />
AND OTHER COVERS<br />
UNEXPECTED LIFE EVENTS<br />
INSURANCE<br />
J Two 2018 Labels of Excellence<br />
GÉNÉA<br />
J Two 2018 Labels of Excellence<br />
for term life insurance policies<br />
J Oscar for best term life<br />
insurance policy<br />
Labels of Excellence are awarded for one year by the<br />
editorial journalists of Dossiers de l’Épargne. The labels<br />
referred to above applied to the period from March<br />
<strong>2017</strong> to March 2018.<br />
The Oscars are awarded for one year<br />
from April 2018 by a jury of journalists<br />
from Gestion de Fortune and professionals<br />
representing insurance industry’s<br />
stakeholders.<br />
16 : SOCIETE GENERALE INSURANCE
PRODUCT RANGE<br />
UNEP MULTISÉLECTION PLUS<br />
J 2018 Label of Excellence<br />
J Oscar for best life<br />
insurance policy offered<br />
by a non-profit organisation<br />
PATRIMÉA PREMIUM<br />
J 2018 Label of Excellence<br />
LINK VIE BY PRIMONIAL<br />
J Oscar for best online<br />
life insurance policy<br />
TARGET +<br />
J Oscar for best new-generation life<br />
insurance policy - European<br />
Dynamic Fund<br />
TARGET + LUX<br />
J Oscar for best premium life insurance<br />
policy under Luxembourg law<br />
MULTISUPPORT EXCELLENCE<br />
J Oscar for best life insurance policy<br />
for assets under management<br />
below €1 billion (with more than<br />
30 unit-linked funds)<br />
RETIREMENT SAVINGS<br />
EPICÉA PERP<br />
J <strong>2017</strong> Label of Excellence<br />
J Oscar for best PERP policy<br />
PALISSANDRE<br />
J Palissandre Entreprise:<br />
2018 Label of Excellence<br />
J Palissandre Madelin: Oscar for best<br />
Madelin retirement policy<br />
ANDANTE MULTISUPPORTS<br />
J 2018 Label of Excellence<br />
Ébène is a life insurance policy with a<br />
mini mum investment of 150,000 euros.<br />
It offers a range of premium services, including<br />
a regularly updated range of funds<br />
offered by external management companies,<br />
and introduces customers to the<br />
dedicated range of products and services<br />
offered by Private Banking.<br />
Link Vie is a 100% online, 100% tailor‐made<br />
life insurance policy developed jointly<br />
with Primonial and Lyxor. It provides<br />
policyholders with a diversified allocation<br />
of ETFs recommended by the Lyxor Asset<br />
Management robotic allocations system.<br />
GARANTIE OBSÈQUES<br />
SOCIÉTÉ GÉNÉRALE<br />
J 2018 Label of Excellence<br />
J Oscar for best Funeral<br />
Expenses insurance policy<br />
UNEMPLOYMENT INSURANCE<br />
J 2018 Label of Excellence<br />
GARANTIE AUTONOMIE<br />
SÉNIOR<br />
J Oscar for best long-term<br />
care insurance policy<br />
Trophées d’Or are awarded for one year from March 2018<br />
by journalists from Le Revenu.<br />
GÉNÉPRO<br />
J Oscar for best Madelin<br />
protection policy<br />
PROPERTY & CASUALTY<br />
LIFE INSURANCE<br />
CARAPASS<br />
J Argus d'Or Award<br />
CAR INSURANCE<br />
J Two 2018 Labels<br />
of Excellence<br />
The Argus d’Or is awarded for one year from<br />
April 2018 by a jury of journalists from l’Argus<br />
de l’Assurance and professionals representing<br />
insurance industry’s stakeholders.<br />
Généa policies are term life policies<br />
covering all causes of death and tailored<br />
to individual customer needs with a free<br />
choice of guaranteed lump sum ranging<br />
between 30,000 euros and 149,000 euros<br />
for the Généa product and above<br />
149,999 euros for Généa 1 er . The policies<br />
include a capital advance and offer capital<br />
increase and indexation in options.<br />
The Personal Accident insurance<br />
policy is an insurance policy covering<br />
accidents in policyholders’ private lives<br />
wich adapts to individual needs via two<br />
benefits packages. The policy provides<br />
financial expenses cover, an extended<br />
range of assistance services and a<br />
financial “helping hand” in the event of<br />
inability to work or hospitalisation.<br />
<strong>2017</strong> MILESTONES : 17
OUR COMMITMENTS<br />
TO BE A RESPONSIBLE<br />
EMPLOYER<br />
Tailored management programmes<br />
Societe Generale Insurance develops the talents and skills of its people<br />
against a background of organisational transformation and far-reaching<br />
change in the insurance industry. The Open’up programme helps talented<br />
people to work effectively in a collaborative, participative and agile<br />
mode.<br />
Societe Generale Insurance<br />
aims to give every employee the<br />
resources needed to develop<br />
their skills and long-term<br />
employability to respond<br />
to customers’ expectations<br />
and achieve its ambition:<br />
“to become the preferred insurer<br />
of our clients and reference<br />
partner of our distributors”.<br />
Supporting new generations<br />
In <strong>2017</strong>, around 100 young people joined Societe Generale Insurance as<br />
interns, trainees or under the VIE (Volunteer for International Experience)<br />
scheme. Recruitment in actuarial services/data science, sales and marketing,<br />
IT and finance has risen constantly and continually for the past 3 years, and<br />
represents more than 6% of all new hires.<br />
A diversified student ecosystem<br />
More than 450 full-time permanent employees were recruited in <strong>2017</strong>.<br />
Societe Generale Insurance relies on a diversified and comprehensive ecosystem<br />
of student partnerships with actuarial graduate schools, universities<br />
and other higher education institutions… To strengthen its links with the academic<br />
and industrial ecosystem that surrounds the Internet of Things, Societe<br />
Generale Insurance has partnered the IoT (Internet Of Things) Chair at<br />
ESCP Europe for the past year. In addition to monitoring strategic issues and<br />
gaining an improved understanding of business and management challenges,<br />
the collaboration with the ESCP Europe IoT Chair allows Societe Generale<br />
Insurance to present students with problematic issues raised by the emergence<br />
of connected objects as the basis for working with new generations<br />
on developing future uses for insurance and testing new business models.<br />
Workplace quality of life<br />
Societe Generale Insurance is engaged in developing new, more flexible<br />
ways of working that facilitate and encourage a healthy work/life balance.<br />
Eligible employees in France and the Czech Republic have the opportunity<br />
to telework. The company’s offices in Paris, Orléans and Moscow have<br />
recently been redesigned to encourage new opportunities for interaction<br />
by introducing collaborative working spaces, informal meeting areas<br />
and confidentiality alcoves and bubbles.<br />
18 : SOCIETE GENERALE INSURANCE
In <strong>2017</strong>, Societe Generale Insurance was rated as<br />
France’s 6 th best employer in the Insurance category<br />
by Capital magazine, 11 places higher than in the<br />
previous year.<br />
Societe Generale Insurance is also involved in the<br />
annual internal Societe Generale group survey<br />
to measure the level of employee commitment<br />
in France and abroad. This barometer of opinion<br />
provides employees with the opportunity to speak<br />
freely about their relationship with the company,<br />
their perception of management practices and<br />
their expectations of Group culture. In <strong>2017</strong>, 85%<br />
of employees took part in the survey, which was<br />
designed around the four core values of the Group:<br />
commitment, team spirit, responsability and innovation.<br />
A dynamic policy of employee<br />
developments<br />
18%<br />
of employees have been<br />
in their jobs for less<br />
than one year<br />
450<br />
full-time permanent staff<br />
recruited in France<br />
100<br />
interns, trainees and VIE<br />
students recruited<br />
37 YEARS<br />
average age<br />
29%<br />
of staff based<br />
outside France<br />
40 hours<br />
of training per<br />
employee, per year<br />
TO BE A SOCIALLY<br />
RESPONSIBLE INSURER<br />
In all our operating countries, our people are committed to creating a more socially supportive world.<br />
FRANCE<br />
For the last 7 years, Societe Generale<br />
Insurance has partnered Imagine<br />
For Margo, the French charity which<br />
funds innovative European research programs to develop<br />
new and more effective treatments for childhood and teenage<br />
cancers. More than 100 Societe Generale Insurance<br />
staff members take part in the annual charity race Enfants<br />
Sans Cancer to raise funds to eradicate cancers in childhood.<br />
For the last 2 years, the D2 Tower has been lit up as part of<br />
the Septembre en Or campaign (Gold in September), the<br />
childhood cancer awareness month campaign.<br />
RUSSIA<br />
The staff of Societe Generale Insurance Russia took part<br />
in an eco-event organised by the botanical gardens of the<br />
University of Moscow to keep the city green.<br />
MOROCCO<br />
The staff of La Marocaine Vie got behind the Hiver au<br />
chaud (Warm Winter) campaign to collect clothing for children<br />
of a primary school in the village of Sidi El Aydi, a few<br />
miles from Casablanca, where temperatures fall to very low<br />
levels in winter.<br />
LUXEMBOURG<br />
Sogelife is supporting the Green<br />
Village project run by the Life Project<br />
4 Youth (LP4Y) non-profit organisation<br />
in Luxembourg via the construction of the first home in the<br />
eco-village of Calauan in The Philippines, and by providing<br />
training and support for 15 young people living in very difficult<br />
circumstances.<br />
<strong>2017</strong> MILESTONES : 19
TO BE A RESPONSIBLE INSURER<br />
AND A CONTRIBUTOR<br />
TO THE REAL ECONOMY<br />
Impacts of initiatives launched<br />
to reduce the consumption of resources<br />
and control the company's carbon<br />
footprint in <strong>2017</strong><br />
Total consumption<br />
of paper<br />
– 10%<br />
378 t<br />
Total CO 2<br />
emissions<br />
– 7%<br />
1,682 t<br />
(trend compared with 2016)<br />
Total quantity of<br />
paper collected<br />
+ 11%<br />
59.03 t<br />
Total energy (2)<br />
consumed<br />
per occupant<br />
– 1%<br />
2,687 kWh<br />
(1) On a scale from A to E, where A is the best score<br />
and E is the worst.<br />
(2) Gas, electricity, steam and chilled water<br />
Societe Generale Insurance applies an Environmental, Social and Governance<br />
(ESG) policy that aligns with the principles of the Societe Generale<br />
group. At the end of <strong>2017</strong>, 84% of the asset portfolio was rated A, B or C<br />
using the Amundi methodology (1) .<br />
For its real estate investments, Societe Generale Insurance favours<br />
investment in high energy efficiency buildings certificated to the most<br />
demanding standards. The office building acquired in Düsseldorf under a<br />
joint investment holds DGNB certification, Germany’s leading sustainable<br />
construction accreditation label. The Visitation shopping center in Rennes<br />
and the D2 Tower that houses the Paris-based teams of Societe Generale<br />
Insurance have both been granted BREEAM in Use certification, the benchmark<br />
environmental certification that recognises good practices at work in<br />
an operational building.<br />
Customers are offered a choice of 44 SRI (Socially Responsible Investment)<br />
funds via savings life insurance policies. In <strong>2017</strong>, outstandings managed in<br />
these funds rose by 66%, compared with the previous year. These funds<br />
allow customers to invest in the social and solidarity economy. 50% of the<br />
annual income from these investment vehicles is automatically repaid<br />
to partner non-profit organisations: Les Restaurants du Cœur, Habitat et<br />
Humanisme, CCFD Terre Solidaire and Fondation pour la Recherche Médicale.<br />
Sogecap is a founder member of the Strategic Equity Investment Fund<br />
(Fonds Stratégique de Participations or FSP), a long-term investor and<br />
shareholder in French companies. At the beginning of 2018, the FSP<br />
made its 6 th investment by taking an equity stake in one of the world’s<br />
leading catering companies.<br />
Sogecap helps to provide funding for companies, growth and innovation by<br />
investing in the Nova, Novo and Novi funds.<br />
20 : SOCIETE GENERALE INSURANCE
ACTIVITY<br />
REPORT<br />
<strong>2017</strong><br />
<strong>2017</strong> MILESTONES : 21
22 : SOCIETE GENERALE INSURANCE
SOLVENCY<br />
SOGECAP GROUP SCR* COVERAGE RATIO<br />
Good level of coverage<br />
of the SCR* at the end<br />
of <strong>2017</strong><br />
163%<br />
SOGECAP GROUP’S SCR* AND GROUP SOGECAP ELIGIBLE OWN FUNDS<br />
At 31/12/<strong>2017</strong> in billion euros<br />
163%<br />
6,0<br />
Tier 2<br />
1.2<br />
SCR*<br />
3.7<br />
Tier 1<br />
4.7<br />
S2 own funds<br />
* SCR : Solvency Capital Requirement.<br />
<strong>2017</strong> MILESTONES : 23
RECONCILIATION<br />
RECONCILIATION BETWEEN SOGECAP GROUP CONSOLIDATED ACCOUNTS UNDER<br />
FRENCH GAAP AND CONTRIBUTION TO SOCIETE GENERALE GROUP’S NET RESULT<br />
<strong>2017</strong><br />
(in million euros)<br />
Sogecap Group<br />
consolidated<br />
financial statements<br />
(French GAAP)<br />
Differences with<br />
Societe Generale<br />
group scope of<br />
consolidation<br />
IFRS<br />
adjustments<br />
Variations<br />
in accounting<br />
principles (1)<br />
Contribution to<br />
Societe Generale group<br />
consolidated financial<br />
statements (IFRS)<br />
Net banking income 1,262 (36) (92) (146) 988<br />
Administration expenses (389) 22 15 (20) (371)<br />
Gross operating profit 874 (14) (76) (166) 618<br />
Contribution to Societe Generale<br />
Group net result<br />
492 (15) 26 (98) 406<br />
(1) Difference between the actual return on equity and the normalised equity allocation and other analytic elements.<br />
24 : SOCIETE GENERALE INSURANCE
CONSOLIDATED FINANCIAL STATEMENTS<br />
AT 31/12/<strong>2017</strong> UNDER FRENCH GAAP<br />
List of associates and subsidiaries<br />
Companies<br />
Year in which<br />
consolidated<br />
for the<br />
first time<br />
Country<br />
%<br />
of control<br />
31-dec-<strong>2017</strong><br />
%<br />
%<br />
of interest Method (1) of control<br />
31-dec-2016<br />
%<br />
of interest Method (1)<br />
Sogécap France 100.00% 100.00% IR 100.00% 100.00% IR<br />
Sogelife 1997 Luxembourg 60.14% 60.14% IR 60.14% 60.14% IR<br />
La Marocaine Vie 2001 Morocco 74.17% 74.17% IR 74.17% 74.17% IR<br />
Komerční<br />
Pojišt´ovna<br />
2005 Czech<br />
Republic<br />
51.00% 51.00% IR 51.00% 51.00% IR<br />
Oradéa Vie 2001 France 100.00% 100.00% IR 100.00% 100.00% IR<br />
BRD societate<br />
de administrare<br />
a fondurilor de<br />
pensii private SA<br />
2007 Romania 51.00% 51.00% IR 51.00% 51.00% IR<br />
Sogelife Bulgaria 2007 Bulgaria 58.45% 58.45% IR 58.45% 58.45% IR<br />
Societe Generale<br />
Strakhovanie<br />
Zhizni<br />
Societe Generale<br />
Strakhovanie<br />
Sogécap Liban<br />
SAL<br />
BRD Asigurari<br />
de Viata SA<br />
Societe Generale<br />
Osiguranje D.D.<br />
Societe Generale<br />
Osiguranje A.D.O.<br />
2007 Russia 81.00% 81.00% IR 81.00% 81.00% IR<br />
2007 Russia 81.00% 81.00% IR 81.00% 81.00% IR<br />
2000 Lebanon - - - 24.99% 24.99% AC<br />
2008 Romania 51.00% 51.00% IR 51.00% 51.00% IR<br />
2009 Croatia - - - 51.00% 51.00% IR<br />
2009 Serbia 51.00% 51.00% IR 51.00% 51.00% IR<br />
Sogessur 2010 France 100.00% 100.00% IR 100.00% 100.00% IR<br />
SGI Holding Sis 2016 France 100.00% 100.00% IR 100.00% 100.00% IR<br />
Antarius <strong>2017</strong> France 50.00% 50.00% IR - - -<br />
(1) IR: Included in results, AC: Associate company.<br />
<strong>2017</strong> MILESTONES : 25
CONSOLIDATED FINANCIAL STATEMENTS<br />
AT 31/12/<strong>2017</strong> UNDER FRENCH GAAP<br />
Balance Sheet<br />
Assets (in thousands of euros) 31/12/<strong>2017</strong> 31/12/2016<br />
Goodwill 225,220 79,276<br />
Intangible assets 135,250 89,727<br />
Insurance portfolios 44,912 15,014<br />
Others 90,338 74,713<br />
Insurance company investments 105,798,640 95,244,270<br />
Investments in real estate properties 2,953,027 2,907,583<br />
Investments in tied or associated undertakings 5,026,560 7,256,924<br />
Other investments 97,819,053 85,079,763<br />
Investments backing unit-linked commitments 30,009,644 22,625,894<br />
Investments accounted for using the equity method 0 8,248<br />
Ceding companies’ and retrocessionaires’ share of technical reserves 853,004 365,798<br />
Receivables arising from insurance and reinsurance operations 438,965 311,402<br />
Receivables from banking sector 795,225 533,901<br />
Other receivables 128,830 384,514<br />
Other assets 3,458 10,672<br />
Tangible fixed assets 2,984 2,852<br />
Other assets 474 7,820<br />
Prepayments and accrued income 2,039,834 1,917,671<br />
Deferred acquisition costs 187,853 179,127<br />
Others 1,851,981 1,738,544<br />
Total assets 140,428,069 121,571,373<br />
26 : SOCIETE GENERALE INSURANCE
Liabilities (in thousands of euros) 31/12/<strong>2017</strong> 31/12/2016<br />
Group capital and reserves 2,755,747 2,455,143<br />
Share capital or equivalent 1,168,305 1,168,305<br />
Share premiums - -<br />
Consolidated reserves 1,112,877 976,401<br />
Consolidated net income 491,536 322,408<br />
Conversion reserves (16,971) (11,971)<br />
Minority interests 504,260 146,057<br />
Subordinated liabilities 2,061,647 1,764,647<br />
Gross underwriting reserves 92,222,428 81,520,086<br />
Life technical reserves 90,970,898 80,328,865<br />
Non-life technical reserves 1,251,530 1,191,221<br />
Unit-linked technical reserves 30,220,135 22,814,505<br />
Provisions for risks and charges 38,598 33,275<br />
Debts arising from insurance and reinsurance operations 264,511 237,516<br />
Debts owed to banking sector organisations 10,770,413 10,946,363<br />
Other debts 1,533,658 1,589,760<br />
Accrued expenses and other liabilities 56,672 64,021<br />
Total liabilities 140,428,069 121,571,373<br />
<strong>2017</strong> MILESTONES : 27
CONSOLIDATED FINANCIAL STATEMENTS<br />
AT 31/12/<strong>2017</strong> UNDER FRENCH GAAP<br />
Profit and loss account<br />
(in thousands of euros)<br />
Life<br />
Business<br />
Non-life<br />
Business<br />
Other<br />
Business 31/12/<strong>2017</strong> 31/12/2016<br />
Written premiums 10,869,315 909,533 0 11,778,848 11,451,021<br />
Change in unearned premiums (752) (31,813) 0 (32,565) (31,893)<br />
Earned premiums 10,868,563 877,720 0 11,746,283 11,419,128<br />
Income from other activities 0 0 5,000 5,000 4,055<br />
Other operating income 154,607 16,725 (1) 171,331 164,163<br />
Net investment income 3,677,689 21,105 80,986 3,779,780 3,141,177<br />
Total ordinary operating income 14,700,859 915,550 85,985 15,702,394 14,728,523<br />
Cost of insurance claims and benefits (13,049,274) (353,086) (1) (13,402,361) (12,830,927)<br />
Expenses or income net of reinsurance<br />
cessions (4,896) (26,533) 2 (31,427) (44,779)<br />
Management expenses (1,028,535) (325,918) 1 (1,354,452) (1,237,605)<br />
Total ordinary operating expenses (14,082,705) (705,537) 2 (14,788,240) (14,113,311)<br />
Net operating income 618,154 210,013 85,987 914,154 615,212<br />
Other net income 139 (364)<br />
Exceptional items (370) (863)<br />
Income tax (330,575) (244,165)<br />
Employee profit sharing (8,381) (6,118)<br />
Net income from consolidated entities 574,967 363,702<br />
Net income from investments accounted<br />
for using the equity method 574 2,143<br />
Insurance portfolios amortisation (14,799) (10,010)<br />
Goodwill amortisation (17,636) (4,818)<br />
Overall consolidated net income 543,106 351,017<br />
Minority interests (51,570) (28,609)<br />
Consolidated net income - Group share 491,536 322,408<br />
28 : SOCIETE GENERALE INSURANCE
SOGECAP<br />
HEAD OFFICE: Tour D2 - 17 bis place des Reflets<br />
92919 Paris La Défense Cedex - France<br />
INSURANCE LIFE AND CAPITALISATION PUBLIC<br />
LIMITED COMPANY WITH A SHARE CAPITAL<br />
OF 1,168,305,450 EUROS.<br />
A COMPANY REGULATED BY THE FRENCH INSURANCE<br />
CODE (THE CODE DES ASSURANCES)<br />
086 380 730 R.C.S NANTERRE<br />
Photo credits: Philippe Cap; Olivier Panier des Touches; Agnès Rastoin;<br />
Getty Images/Yiu Yu Hoi; Shutterstock.<br />
All rights reserved. – Design and production: BRIEF
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Societe Generale Insurance @SG_Assurances<br />
www.assurances.societegenerale.com
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