| (in millions of euros) | 31/12/2019 | 31/12/2018 |
|---|---|---|
| Current employees | Current employees 31/12/2019 18,994 | Current employees 31/12/2018 16,009 |
| Retirees | Retirees 31/12/2019 14,316 | Retirees 31/12/2018 13,192 |
| OBLIGATIONS | OBLIGATIONS 31/12/2019 33,310 | OBLIGATIONS 31/12/2018 29,201 |
For France, fund assets, managed under an asset/liability model, amount to €12,581 million at 31 December 2019 (€11,165 million at 31 December 2018) and concern the coverage of retirement gratuities and the specific benefits of the special pension system.
They consist of insurance contracts with the following risk profile:
Fund assets break down as follows:
| (in millions of euros) | 31/12/2019 | 31/12/2018 |
|---|---|---|
| FUND ASSETS | FUND ASSETS 31/12/2019 12,581 | FUND ASSETS 31/12/2018 11,165 |
| Assets funding special pension benefits | Assets funding special pension benefits 31/12/2019 11,778 | Assets funding special pension benefits 31/12/2018 10,416 |
| Comprising (%) | ||
| Listed equity instruments (shares) | Listed equity instruments (shares)31/12/2019 31% | Listed equity instruments (shares)31/12/2018 27% |
| Listed debt instruments (bonds) | Listed debt instruments (bonds)31/12/2019 69% | Listed debt instruments (bonds)31/12/2018 73% |
| Assets funding retirement gratuities | Assets funding retirement gratuities 31/12/2019 787 | Assets funding retirement gratuities 31/12/2018 734 |
| Comprising (%) | ||
| Listed equity instruments (shares) | Listed equity instruments (shares)31/12/2019 34% | Listed equity instruments (shares)31/12/2018 27% |
| Listed debt instruments (bonds) | Listed debt instruments (bonds)31/12/2019 66% | Listed debt instruments (bonds)31/12/2018 73% |
| Other fund assets | Other fund assets 31/12/2019 16 | Other fund assets 31/12/2018 15 |
At 31 December 2019, the equities held as part of fund assets are distributed as follows:
This distribution is relatively stable compared to the distribution at 31 December 2018.
At 31 December 2019, the bonds held as part of fund assets are distributed as follows:
Around 80% of bonds are sovereign bonds issued by Euro zone countries, and the balance mainly consists of bonds issued by financial and non-financial firms.
The performance of pension fund assets in France is +17.4% in 2019.
Cash flows related to future employee benefits are as follows:
| (in millions of euros) | Cash flow under year-end economic conditions | Amount covered by provisions (present value) |
|---|---|---|
| Less than one year | Less than one year Cash flow under year-end economic conditions 1,427 | Less than one year Amount covered by provisions (present value) 1,418 |
| One to five years | One to five years Cash flow under year-end economic conditions 4,837 | One to five years Amount covered by provisions (present value) 4,645 |
| Five to ten years | Five to ten years Cash flow under year-end economic conditions 5,033 | Five to ten years Amount covered by provisions (present value) 4,514 |
| More than ten years | More than ten years Cash flow under year-end economic conditions 36,539 | More than ten years Amount covered by provisions (present value) 22,733 |
| CASH FLOWS RELATED TO EMPLOYEE BENEFITS | CASH FLOWS RELATED TO EMPLOYEE BENEFITS Cash flow under year-end economic conditions 47,836 | CASH FLOWS RELATED TO EMPLOYEE BENEFITS Amount covered by provisions (present value) 33,310 |
