2007 - April
2007 - April
2007 - April
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3.0<br />
Information on the company’s activities<br />
In thousand euros Market value % Historical cost<br />
Unrealized capital gains<br />
or losses<br />
Bonds 178,366 58% 183,158 -4,792<br />
Bond UCITS 0 0% 0 0<br />
TOTAL BONDS 178,366 58% 183,158 -4,792<br />
Equities 0 0% 0 0<br />
Foreign exchange risk<br />
All of APRIL GROUP’s portfolio is invested in euros, but there<br />
may be an indirect foreign exchange risk on account of the<br />
underlying resources (notably equity UCITS). The following<br />
table presents the portfolio’s exposure to currency market<br />
risks as at December 31 st , <strong>2007</strong>:<br />
Equity UCITS 51,500 17% 41,654 9,847<br />
TOTAL EQUITIES 51,500 17% 41,654 9,847<br />
Other 25,760 8% 24,729 1,031<br />
Monetary 54,171 17% 53,683 488<br />
TOTAL PORTFOLIO 309,797 100% 303,224 6,573<br />
Of which Axeria Prévoyance 181,848 59% 171,933 9,914<br />
Of which Axeria Iard 61,272 20% 57,900 3,372<br />
Of which other companies 66,677 22% 73,391 -6,713<br />
FOREIGN EXCHANGE RISK<br />
EXPOSURE<br />
(In thousand euros)<br />
Total %<br />
Financial assets denominated in EUR 305,954 98.8%<br />
Financial assets denominated in GBP 2,411 0.8%<br />
Financial assets denominated in USD<br />
Financial assets denominated in<br />
other currencies<br />
1,432 0.5%<br />
Liquidity risk<br />
On account of the Group’s asset-liability management<br />
approach, this risk is not significant.<br />
Equity risk<br />
The Group’s insurance companies have invested 17% of their<br />
portfolios on the equities market, while the French insurance<br />
and mutual supervisory authority (Autorité de Contrôle<br />
des Assurances et des Mutuelles) sets the limit at 65% of<br />
regulated assets. The companies have therefore a highly<br />
cautious approach in relation to regulatory environment.<br />
Investments are made exclusively through UCITS, enabling a<br />
satisfactory distribution of risks.<br />
These UCITS are based on shares from various sectors –<br />
banking, insurance, mass retail, cosmetics, industry, etc. –<br />
primarily covering Europe, including France, as well as Japan<br />
on an ancillary basis.<br />
The following table presents a detailed breakdown of the<br />
portfolio’s equity risk exposure by region at December 31 st ,<br />
<strong>2007</strong>:<br />
EQUITY RISK EXPOSURE BY REGION<br />
(In thousand euros)<br />
TOTAL PORTFOLIO 309,797 100%<br />
Europe USA Other regions Total<br />
Equities<br />
Equity UCITS 49,328 2,172 51,500<br />
TOTAL PORTEFOLIO 49,328 2,172 51,500<br />
% 95.8 % 4.2 % 100.0 %<br />
27<br />
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