(in millions of euros) | Obligations | Fund assets | Provisions in the |
|---|---|---|---|
| Provisions for post-employment benefits at 31/12/2019 | Provisions for post-employment benefits at 31/12/2019 Obligations 31,776 | Provisions for post-employment benefits at 31/12/2019 Fund assets (12,581) | Provisions for post-employment benefits at 31/12/2019 Provisions in the 19,195 |
Including: | Including: Obligations
| Including: Fund assets
| Including: Provisions in the
|
| Pensions | Pensions Obligations 24,463 | Pensions Fund assets (11,778) | Pensions Provisions in the 12,685 |
| Benefits in kind (electricity/gas) | Benefits in kind (electricity/gas) Obligations 4,876 | Benefits in kind (electricity/gas) Fund assets - | Benefits in kind (electricity/gas) Provisions in the 4,876 |
| Retirement gratuities | Retirement gratuities Obligations 898 | Retirement gratuities Fund assets (787) | Retirement gratuities Provisions in the 111 |
| Other | Other Obligations 1,539 | Other Fund assets (16) | Other Provisions in the 1,523 |
| Provisions for other long-term employee benefits at 31/12/2019 | Provisions for other long-term employee benefits at 31/12/2019 Obligations 1,534 | Provisions for other long-term employee benefits at 31/12/2019 Fund assets - | Provisions for other long-term employee benefits at 31/12/2019 Provisions in the 1,534 |
Including: | Including: Obligations
| Including: Fund assets
| Including: Provisions in the
|
| Annuities following work-related accident and illness, and invalidity | Annuities following work-related accident and illness, and invalidity Obligations 1,290 | Annuities following work-related accident and illness, and invalidity Fund assets - | Annuities following work-related accident and illness, and invalidity Provisions in the 1,290 |
| Long service awards | Long service awards Obligations 214 | Long service awards Fund assets - | Long service awards Provisions in the 214 |
| Other | Other Obligations 30 | Other Fund assets - | Other Provisions in the 30 |
| PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2019 | PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2019 Obligations 33,310 | PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2019 Fund assets (12,581) | PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2019 Provisions in the 20,729 |
For France, fund assets, managed under an asset/liability model, amount to€13,470 million at 31 December 2020 (€12,581 million at 31 December 2019) andconcern the coverage of retirement gratuities and the specific benefits of the specialpension system.
They consist of insurance contracts with the following risk profile:
Fund assets break down as follows:
(in millions of euros) | 31/12/2020 | 31/12/2019 |
|---|---|---|
| FUND ASSETS | FUND ASSETS 31/12/2020 13,470 | FUND ASSETS 31/12/2019 12,581 |
Assets funding special pension benefits | Assets funding special pension benefits 31/12/2020 12,671 | Assets funding special pension benefits 31/12/2019 11,778 |
Including (%) | Including (%) 31/12/2020
| Including (%) 31/12/2019
|
| Listed equity instruments (shares) | Listed equity instruments (shares) 31/12/2020 34% | Listed equity instruments (shares) 31/12/2019 31% |
| Listed debt instruments (bonds) | Listed debt instruments (bonds) 31/12/2020 66% | Listed debt instruments (bonds) 31/12/2019 69% |
| Assets funding retirement gratuities | Assets funding retirement gratuities 31/12/2020 784 | Assets funding retirement gratuities 31/12/2019 787 |
Including (%) | Including (%) 31/12/2020
| Including (%) 31/12/2019
|
| Listed equity instruments (shares) | Listed equity instruments (shares) 31/12/2020 37% | Listed equity instruments (shares) 31/12/2019 34% |
| Listed debt instruments (bonds) | Listed debt instruments (bonds) 31/12/2020 63% | Listed debt instruments (bonds) 31/12/2019 66% |
| Other fund assets | Other fund assets 31/12/2020
| Other fund assets 31/12/2019 16 |
At 31 December 2020, the equities held as part of fund assets are distributed asfollows:
This distribution is relatively stable compared to the distribution at31 December 2019.
At 31 December 2020, the bonds held as part of fund assets are distributed as follows:
Around 65% 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 +11% in 2020.
Cash flows related to future employee benefits are as follows:
(in millions of euros) | Cash flow under year-end | Amount covered by |
|---|---|---|
| Less than one year | Less than one year Cash flow under year-end 1,385 | Less than one year Amount covered by 1,379 |
| One to five years | One to five years Cash flow under year-end 4,596 | One to five years Amount covered by 4,460 |
| Five to ten years | Five to ten years Cash flow under year-end 5,018 | Five to ten years Amount covered by 4,629 |
| More than ten years | More than ten years Cash flow under year-end 35,949 | More than ten years Amount covered by 25,021 |
| CASH FLOWS RELATED TO EMPLOYEE BENEFITS | CASH FLOWS RELATED TO EMPLOYEE BENEFITS Cash flow under year-end 46,948 | CASH FLOWS RELATED TO EMPLOYEE BENEFITS Amount covered by 35,489 |
At 31 December 2020, the average duration of employee benefit commitments in France is 20.6 years.
