2007 - April

2.0
Notes to the consolidated financial statements at December 31 st 2007
Credit risk
Credit risk exposure based on issuer ratings for bonds
held
In line with the management of company bond portfolios
and in order to limit the credit risk, various rules have been
defined in terms of ratings for issuers selected by duly
authorized financial organizations.
The following table presents a breakdown of financial assets
exposed to an interest rate risk by issuer rating.
TYPE OF FINANCIAL ASSETS
(in thousand euros)
Bonds held through to maturity
Breakdown at Dec 31 st , 2007 by rating (1)
ND AAA AA
Book value
Dec 31 st ,
2007
Book value
Dec 31 st ,
2006
Bonds available for sale (2) 1,003 78,913 28,766 53,718 14,658 177,058 159,654
Bonds recorded on a fair value basis
for earnings (3)
Bonds held for transaction purposes
Unlisted bonds (amortized cost)
A+ to
A-
BBB+
to
BBB-
< BBB
1,308 1,308
BONDS EXPOSED TO CREDIT RISK 1,003 78,913 28,766 53,718 15,966 178,366 159,654
Bond UCITS held through to maturity
Bond UCITS available for sale (2) 14,085
Bond UCITS recorded on a fair value basis
for earnings (3)
Bond UCITS held for transaction purposes
Unlisted bond UCITS (amortized cost)
BOND UCITS EXPOSED TO CREDIT RISK 14,085
TOTAL 1,003 78,913 28,766 53,718 15,966 178,366 173,739
% 0.6% 44.2% 16.1% 30.1% 9.0% 100.0%
Credit risk exposure through reinsurance operations
The rating of reinsurers is considered to be a decisive
criterion for the Group when selecting its reinsurer partners
since it reflects their financial soundness.
(1) Standard & Poors rating
(2) Not including assets available for sale on which the impairment in value
has been booked against earnings for the year
(3) Excluding securities held for transaction purposes, which are presented on the
following line in the table
ND AAA AA
Dec 31 st , 2007 (1)
A+
to A-
BBB+ to
BBB-
< BBB Total
Total premiums ceded 20,467 1,173 47,436 20,788 332 0 90,195
% of premiums ceded 22.7% 1.3% 52.6% 23.0% 0.4% 0.0% 100.0%
Reminder Dec 31 st , 2006 20.6% 1.2% 61.1% 16.3% 0.8% 0.0% 100.0%
Number of reinsurers 6 1 4 3 1 15
% of number of reinsurers 40.0% 6.7% 26.7% 20.0% 6.7% 0.0% 100.0%
Reminder Dec 31 st , 2006 41.7% 8.3% 16.7% 25.0% 8.3% 0.0% 100.0%
(1) Notation Standard & Poors (long terme)
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