Universal Registration Document 2024

Glossary

Actuarial assumptions (weighted average rates)

Discount rates are calculated using the rates of long-term investment grade corporate bonds (minimum AA rating) with maturities equivalent to the length of the plans assessed. They were determined based on external indexes commonly considered to be benchmarks, namely the iBoxx in Europe and the Aon AA-AAA Bond Universe in the United States.

  Pension plans Post-employment medical cover
December 31, 2024 United States United Kingdom Euro zone Other Country United States United Kingdom
Discount rate 5.30% 5.45%-5.50% 3.30% 1.15%-12.50% 5.30% 5.45%-5.50%
Future wage increases n/a n/a 2.00%-3,00%(1) 1.35%-10.00% 5.00% n/a
Future pension increases n/a 3.00%-3.10% 0%-2.00%(1) n/a n/a n/a
  Pension plans Post-employment medical cover
December 31, 2023 United States United Kingdom Euro zone Other Country United States United Kingdom
Discount rate 4.70% 4.50%-4.55% 3.15% 1.30%-7.10% 4.70% 4.50%-4.55%
Future wage increases n/a n/a 2.65%-3.10%(1) 1.5%-10.00% 5% n/a
Future pension increases n/a 2%-3.6% 0%-2.10%(1) n/a n/a n/a

The rate of increase in medical expenses used for financial year 2024 is 10.2% with a gradual decrease to 7.3%.

/ Sensitivity analysis
Pension plans 0.5% increase
(in millions of euros) United States United Kingdom Euro zone Other Country Total
Change in discount rate          
Effect on actuarial benefit obligation at year-end (6) (7) (5) (9) (27)
Change in the increase rate of salaries          
Effect on actuarial benefit obligation at year-end - - 5 6 11
Pension plans 0.5% decrease
(in millions of euros) United States United Kingdom Euro zone Other Country Total
Change in discount rate          
Effect on actuarial benefit obligation at year-end 6 8 6 10 30
Change in the increase rate of salaries          
Effect on actuarial benefit obligation at year-end - - (4) (5) (9)
Pension plans 0.5% increase 0.5% decrease
(in millions of euros) United States United Kingdom Total United States United Kingdom Total
Change in discount rate            
Effect on actuarial benefit obligation at year-end - - - - - -
Change in the increase rate of salaries            
Effect on actuarial benefit obligation at year-end - - - - - -