You are on page 1of 6

$UUrWH

$UWLFOHXQLTXH/HWDEOHDXVXLYDQWFRPSRUWHOHWDX[G LQWpUrWHIIHFWLIPR\HQUHODWLIDXGHX[LqPHVHPHVWUHSRXU
FKDTXH FDWpJRULH GH FRQFRXUV EDQFDLUH DLQVL TXH OH VHXLO GX WDX[ G LQWpUrW H[FHVVLI FRUUHVSRQGDQW DX WLWUH GX SUHPLHU
VHPHVWUH

7DX[G LQWpUrWHIIHFWLI 6HXLOGXWDX[G LQWpUrWH[FHVVLI
&DWpJRULHGHVFRQFRXUV
PR\HQ   FRUUHVSRQGDQW  
&UpGLWVjFRXUWWHUPHGpFRXYHUWVQRQFRPSULV  
'pFRXYHUWVPDWpULDOLVpVRXQRQSDUGHVHIIHWV  
&UpGLWVjODFRQVRPPDWLRQ  
&UpGLWVjPR\HQWHUPH  
&UpGLWVjORQJWHUPH  
&UpGLWVSRXUOHILQDQFHPHQWGHO KDELWDW  
&UpGLWVXQLYHUVLWDLUHV  
/HDVLQJ0RELOLHUVHWLPPRELOLHUV  

7XQLVOHIpYULHU
/H0LQLVWUHGHV)LQDQFHV
7DRXILN%DFFDU
9X
/H3UHPLHU0LQLVWUH
0RKDPHG*KDQQRXFKL

$UUrWp GX PLQLVWUH GHV ILQDQFHV GX  IpYULHU  IL[DQW OD OLVWH OH PRGH GH FDOFXO GHV SURYLVLRQV
WHFKQLTXHVHWOHVFRQGLWLRQVGHOHXUUHSUpVHQWDWLRQ
/HPLQLVWUHGHVILQDQFHV
9XO DUWLFOHGXFRGHGHVDVVXUDQFHVWHOTXHSURPXOJXpSDUODORLQƒGXPDUVHWOHVWH[WHVODFRPSOpWDQW
9XODORLQƒGXGpFHPEUHUHODWLYHDXV\VWqPHFRPSWDEOHGHVHQWUHSULVHV
9XODORLQƒGXPDUVUHODWLYHjODGpPDWpULDOLVDWLRQGHVWLWUHV
9X O DUUrWp GX PLQLVWUH GHV ILQDQFHV GX  MDQYLHU  IL[DQW OD OLVWH OH PRGH GH FDOFXO GHV SURYLVLRQV WHFKQLTXHV HW OHV
FRQGLWLRQVGHOHXUUHSUpVHQWDWLRQ
9XO DUUrWpGXPLQLVWUHGHVILQDQFHVGXMXLQDSSURXYDQWOHVQRUPHVFRPSWDEOHVUHODWLYHVDXVHFWHXUGHVDVVXUDQFHV
HWGHODUpDVVXUDQFH
$UUrWH
7,75(,
/(63529,6,2167(&+1,48(6
$UWLFOHSUHPLHU/HVHQWUHSULVHVG DVVXUDQFHVGRLYHQWLQVFULUHDXSDVVLIGHOHXUVELODQVOHVSURYLVLRQVWHFKQLTXHVVXLYDQWHV
 /HVSURYLVLRQVWHFKQLTXHVHQDVVXUDQFHYLH
/HVSURYLVLRQVPDWKpPDWLTXHV
/HVSURYLVLRQVSRXUIUDLVGHJHVWLRQ
/HVSURYLVLRQVSRXUSDUWLFLSDWLRQDX[EpQpILFHVHWULVWRXUQHV
/HVSURYLVLRQVSRXUVLQLVWUHVjSD\HU
/HVSURYLVLRQVG pJDOLVDWLRQ
/HVSURYLVLRQVGHVFRQWUDWVHQXQLWpVGHFRPSWH
 /HVSURYLVLRQVWHFKQLTXHVHQDVVXUDQFHQRQYLH
/HVSURYLVLRQVSRXUSULPHVQRQDFTXLVHV
/HVSURYLVLRQVSRXUULVTXHVHQFRXUV
/HVSURYLVLRQVSRXUVLQLVWUHVjSD\HU
/HVSURYLVLRQVG pTXLOLEUDJH
/HVSURYLVLRQVG pJDOLVDWLRQ
/HVSURYLVLRQVSRXUSDUWLFLSDWLRQDX[EpQpILFHVHWULVWRXUQHV
/HVSURYLVLRQVPDWKpPDWLTXHVGHVUHQWHV
 /DSURYLVLRQSRXUULVTXHG H[LJLELOLWpGHVHQJDJHPHQWVWHFKQLTXHV

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²PDUV 1ƒ


&KDSLWUH, 6HFWLRQ,9/HVSURYLVLRQVSRXUVLQLVWUHVjSD\HU
/HVSURYLVLRQVWHFKQLTXHVHQDVVXUDQFHYLH $UW   /HV SURYLVLRQV SRXU VLQLVWUHV j SD\HU
UHSUpVHQWHQW OD GHWWH GH O HQWUHSULVH G DVVXUDQFH HQYHUV VHV
6HFWLRQ,/HVSURYLVLRQVPDWKpPDWLTXHV DVVXUpV SRXU OHV VLQLVWUHV UDFKDWV DUULYpV j pFKpDQFH
$UW   /HV SURYLVLRQV PDWKpPDWLTXHV UHSUpVHQWHQW OD GpFODUpV PDLV QRQ HQFRUH GpFDLVVpV SDU O HQWUHSULVH
GLIIpUHQFHjODGDWHG LQYHQWDLUHHQWUHOHVYDOHXUVDFWXHOOHVGHV G DVVXUDQFHDLQVLTXHOHVVLQLVWUHVVXUYHQXVPDLVQRQHQFRUH
HQJDJHPHQWVUHVSHFWLYHPHQWSULVSDUO DVVXUHXUHWOHVDVVXUpV GpFODUpV OHVVLQLVWUHVWDUGLIV 
$UW/HVSURYLVLRQVPDWKpPDWLTXHVHQDVVXUDQFHYLH $UW   /RUV GH FKDTXH DUUrWp GH FRPSWHV OHV
FRPSUHQQHQWODYDOHXUDFWXDULHOOHHVWLPpHGHVHQJDJHPHQWV HQWUHSULVHV G DVVXUDQFH GRLYHQWLQVFULUHGDQVOHVSURYLVLRQV
GH O HQWUHSULVH G DVVXUDQFH \ FRPSULV OHV SDUWLFLSDWLRQV DX[ SRXU VLQLVWUHV j SD\HU OH PRQWDQW FRUUHVSRQGDQW DX[
EpQpILFHV GpMj DOORXpHV HW GpGXFWLRQ IDLWH GH OD YDOHXU VLQLVWUHVVXUYHQXVPDLVQRQHQFRUHUpJOpVDX[EpQpILFLDLUHV
DFWXDULHOOHGHVSULPHVIXWXUHV GHV FRQWUDWV &H PRQWDQW GRLW rWUH PDMRUp GHV IUDLV GH
/D SURYLVLRQ PDWKpPDWLTXH HQ DVVXUDQFH YLH GRLW rWUH UqJOHPHQW GHV VLQLVWUHV (Q FRQWUHSDUWLH OHV SURYLVLRQV
FDOFXOpH VpSDUpPHQW SRXU FKDTXH FRQWUDW LQGLYLGXHO PDWKpPDWLTXHV G DVVXUDQFH YLH UHODWLYHV DX[ FRQWUDWV
G DVVXUDQFHYLH FRQFHUQpV GRLYHQW rWUH H[FOXHV GHV SURYLVLRQV
/ XWLOLVDWLRQGHPpWKRGHVVWDWLVWLTXHVSHXWrWUHVRXPLVj PDWKpPDWLTXHVG DVVXUDQFHYLH
O DSSUREDWLRQ SUpDODEOH GX PLQLVWUH GHV ILQDQFHV SRXU OHV 6HFWLRQ9/HVSURYLVLRQVG pJDOLVDWLRQ
FRQWUDWVJURXSH
$UW   /HV SURYLVLRQV G pJDOLVDWLRQ FRPSUHQQHQW OHV
$UW   /H FDOFXO GHV SURYLVLRQV PDWKpPDWLTXHV GRLW PRQWDQWV SURYLVLRQQpV SRXU SHUPHWWUH G pJDOLVHU OHV
rWUHIDLWVXUODEDVHGHODSULPHG LQYHQWDLUHF HVWjGLUHGHOD IOXFWXDWLRQV GHV WDX[ GH VLQLVWUHV SRXU OHV DQQpHV j YHQLU
SULPH FRPPHUFLDOH HQ H[FOXDQW OHV FKDUJHPHQWV GDQVOHFDGUHGHVRSpUDWLRQVG DVVXUDQFHGHJURXSHFRQWUHOH
G DFTXLVLWLRQGHVFRQWUDWV ULVTXHGpFqV
$UW   /D SURYLVLRQ PDWKpPDWLTXHV HQ DVVXUDQFH YLH 6HFWLRQ9,/HVSURYLVLRQVGHVFRQWUDWVHQXQLWpVGH
HVWFDOFXOpHG DSUqVODWDEOHGHPRUWDOLWpOHVWDX[G LQWpUrWV FRPSWH
HWOHVFKDUJHPHQWVUHWHQXVSRXUO pWDEOLVVHPHQWGXWDULI
$UW   /HV SURYLVLRQV GHV FRQWUDWV HQ XQLWpV GH
6HFWLRQ,,/HVSURYLVLRQVSRXUIUDLVGHJHVWLRQ
FRPSWH VRQW FRQVWLWXpHV SRXU HQUHJLVWUHU O HQJDJHPHQW GH
$UW/HVSURYLVLRQVSRXUIUDLVGHJHVWLRQVRQWFRQVWLWXpHV O HQWUHSULVH G DVVXUDQFH HQYHUV OHV DVVXUpV TXL RQW VRXVFULW
SRXUFRXYULUOHVFKDUJHVGHJHVWLRQIXWXUHVGHVFRQWUDWVTXLQH GHVFRQWUDWVSRXUOHVTXHOVODJDUDQWLHQ HVWSDVH[SULPpHHQ
VRQWSDVFRXYHUWHVSDUGHVFKDUJHPHQWVVXUSULPHVRXSDUGHV GLQDUVWXQLVLHQVPDLVHQIRQFWLRQG XQVXSSRUWFRQVWLWXpGH
SUpOqYHPHQWVVXUOHVSURGXLWVILQDQFLHUVDWWHQGXV WLWUHVHWG DFWLRQV/DYDOHXURXOHUHQGHPHQWGHFHVFRQWUDWV
$UW   /HV FKDUJHV GH JHVWLRQ IXWXUHV GHV FRQWUDWV HVW GpWHUPLQp HQ IRQFWLRQ GH SODFHPHQWV SRXU OHVTXHOV OH
FRUUHVSRQGHQW j OD YDOHXU DFWXHOOH SUREDEOH GH O HQVHPEOH SUHQHXUVXSSRUWHOHULVTXHRXHQIRQFWLRQG XQLQGLFH
GHV IUDLV TXL VHURQW HQJDJpV DSUqV OD GDWH GH FO{WXUH SRXU &KDSLWUH,,
FRXYULU OHV FKDUJHV GH JHVWLRQ GHV FRQWUDWV HW OH UqJOHPHQW
GHVVLQLVWUHVHWGHVUDFKDWV /HVSURYLVLRQVWHFKQLTXHVHQDVVXUDQFHQRQYLH
/HV FKDUJHPHQWV VXU SULPHV FRUUHVSRQGHQW j OD YDOHXU 6HFWLRQ,/HVSURYLVLRQVSRXUSULPHVQRQDFTXLVHV
DFWXHOOH SUREDEOH GH OD SDUW GHV SULPHV SHUoXHV $UW  ± ©/HV SURYLVLRQVSRXUSULPHVQRQDFTXLVHVª
SRVWpULHXUHPHQW j OD GDWH GH FO{WXUH GH O H[HUFLFH TXL HVW VRQW GHV SURYLVLRQV GHVWLQpHV j FRQVWDWHU SRXU O HQVHPEOH
DIIHFWpH j OD JHVWLRQ GHV FRQWUDWV $ FH WLWUH VHXOV OHV GHV FRQWUDWV HQ FRXUV OD SDUW GHV SULPHV pPLVHV HW GHV
FRQWUDWVjSULPHVSpULRGLTXHVVRQWFRQFHUQpV SULPHVUHVWDQWjpPHWWUHVHUDSSRUWDQWjODSpULRGHFRPSULVH
/HV SURGXLWV ILQDQFLHUV FRUUHVSRQGHQW j OD YDOHXU HQWUHODGDWHG LQYHQWDLUHHWODGDWHGHODSURFKDLQHpFKpDQFH
DFWXHOOHGHVSURGXLWVILQDQFLHUVTXLVHURQWXWLOLVDEOHVGDQVOH GHSULPHRXjGpIDXWGXWHUPHGXFRQWUDW
IXWXUHSDUO DVVXUHXUSRXUFRXYULUOHVIUDLVQpFHVVDLUHVSRXU $UW   /RUV GH FKDTXH DUUrWp FRPSWDEOH OHV
ODERQQHILQGHVFRQWUDWV HQWUHSULVHV G DVVXUDQFH GRLYHQW GpFODUHU HW FRPSWDELOLVHU
/HV SURGXLWV ILQDQFLHUV TXL GRLYHQW rWUH YHUVpV DX[ VpSDUpPHQW SRXU FKDFXQH GHV FDWpJRULHV G DVVXUDQFH OHV
DVVXUpV RX DX[ EpQpILFLDLUHV HQ YHUWX G REOLJDWLRQV SULYLRQV SRXU SULPHV QRQ DFTXLVHV UHODWLYH DX[FRQWUDWVHQ
UpJOHPHQWDLUHV HWRX GH FODXVHV FRQWUDFWXHOOHV GRLYHQW rWUH FRXUV $LQVL GDQV OH FDV R OD JDUDQWLH DFFRUGpH SRUWH VXU
H[FOXVGXFDOFXO SOXVLHXUVH[HUFLFHVFRPSWDEOHVVHXOODSDUWGHODSULPHTXL
6HFWLRQ,,,/DSURYLVLRQSRXUSDUWLFLSDWLRQDX[ FRUUHVSRQG j OD SpULRGH GH JDUDQWLH GH O H[HUFLFH HQ FRXUV
EpQpILFHVHWULVWRXUQHV GRLWrWUHLQWpJUpHGDQVOHVUHYHQXVGHODSpULRGH
$UW/DSURYLVLRQSRXUSDUWLFLSDWLRQDX[EpQpILFHVHW $UW   /H FDOFXO HVW UpDOLVp VXU OD EDVH GHV SULPHV
ULVWRXUQHV FRPSUHQG OHV PRQWDQWV GHVWLQpV DX[ DVVXUpV RX QHWWHV GH FHVVLRQV RX UpWURFHVVLRQV GDQV XQH SUHPLqUH
DX[EpQpILFLDLUHVGHVFRQWUDWVVRXVODIRUPHGHSDUWLFLSDWLRQ SKDVHSXLVGDQVXQHVHFRQGHSKDVHVXUODEDVHGHODSDUWLH
DX[EpQpILFLHVHWULVWRXUQHVGDQVODPHVXUHRFHVGHUQLHUV GHVSULPHVFpGpHVRXUpWURFpGpHV
Q RQWSDVpWpFUpGLWpVDX[DVVXUpVRXQHVRQWSDVLQFOXVGDQV /D SURYLVLRQ SRXU SULPHV QRQ DFTXLVHV UHODWLYH DX[
XQIRQGVVSpFLDO FHVVLRQV HQ UpDVVXUDQFH RX UpWURFHVVLRQV QH GRLW HQ DXFXQ
/H PRQWDQW GH OD SDUWLFLSDWLRQ DX[ EpQpILFHV HVW FDVrWUHSRUWpHDXSDVVLIGXELODQSRXUXQPRQWDQWLQIpULHXU
GpWHUPLQp HX pJDUG DX[ REOLJDWLRQV UpJOHPHQWDLUHV HWRX j FHOXL SRXU OHTXHO OD SDUW GX UpDVVXUHXU RX GX
FRQWUDFWXHOOHV RX DORUV UpVXOWH G XQH GpFLVLRQ GH JHVWLRQ UpWURFHVVLRQQDLUH GDQV OD SURYLVLRQ SRXU SULPHV QRQ
SULVHSDUO HQWUHSULVH DFTXLVHVILJXUHjO DFWLI

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²PDUV 3DJH


$UW   /RUVTXH OHV WUDLWpV GH FHVVLRQV RX GH  &HWWH SURYLVLRQ GRLW WHQLU FRPSWH pJDOHPHQW GHV
UpWURFHVVLRQ SUpYRLHQW HQ FDV GH UpVLOLDWLRQ O DERQGRQ DX VLQLVWUHVVXUYHQXVPDLVQRQGpFODUpVjODGDWHGHFO{WXUHGX
FpGDQWRXDXUpWURFpGDQWGHODSRUWLRQGHSULPHGXHHQVXV ELODQ 3RXU OH FDOFXO GH FHWWH SURYLVLRQ LO HVW WHQX FRPSWH
GHV SULPHV SD\pHV G DYDQFH OD SURYLVLRQ SRXU SULPHV QRQ GHO H[SpULHQFHGXSDVVpHQFHTXLFRQFHUQHOHQRPEUHHWOH
DFTXLVHV UHODWLYHV j FHV WUDLWpV QH GRLW HQ DXFXQ FDV rWUH PRQWDQWGHVVLQLVWUHVGpFODUpVDSUqVODFO{WXUHGXELODQ
LQIpULHXUH DX PRQWDQW FDOFXOp GHV SURYLVLRQV SRXU SULPHV  'DQV OH FDOFXO GH ODSURYLVLRQLOHVWWHQXFRPSWHGHV
QRQDFTXLVHVFRPSWHWHQXGHFHVDERQGRQV IUDLV GH JHVWLRQ GHV VLQLVWUHV TXHOOH TXH VRLW OHXU RULJLQH
&HVIUDLVGRLYHQWrWUHpYDOXpVVXUODEDVHGHVIUDLVUpHOVGH
$UW/HVSURYLVLRQVSRXUSULPHVQRQDFTXLVHVVRQW JHVWLRQGHVVLQLVWUHV(WGDQVWRXVOHVFDVOHPRQWDQWLQFOXV
FDOFXOpHV VXU OD EDVH GH OD PpWKRGH GX SURUDWD WHPSRULV HW GDQV OHV SURYLVLRQV SRXU VLQLVWUHV j SD\HU DX WLWUH GHV IUDLV
SRUWHQW VXU OD SULPH FRPPHUFLDOH F HVW j GLUH OD SULPH GX GH JHVWLRQ GHV VLQLVWUHV QH GRLW SDV rWUH LQIpULHXU j  GX
ULVTXHPDMRUpHGHVGLIIpUHQWVFKDUJHPHQWV PRQWDQWGHVSURYLVLRQVSRXUVLQLVWUHVjSD\HU
&HV SURYLVLRQV GRLYHQW rWUH FDOFXOpHV VpSDUpPHQW SRXU $UW/DSURYLVLRQSRXUVLQLVWUHVjSD\HUDIIpUHQWHj
FKDTXH FRQWUDW G DVVXUDQFH &HSHQGDQW O XWLOLVDWLRQ GH O DVVXUDQFH DXWRPRELOH HVW HVWLPpH HQ SURFpGDQW j XQH
PpWKRGHV VWDWLVWLTXHV SHXW rWUH UHWHQXH ORUVTX LO \ D OLHX GH pYDOXDWLRQGLVWLQFWH
VXSSRVHUTXHFHVPpWKRGHVGRQQHURQWDSSUR[LPDWLYHPHQWGHV 'HVVLQLVWUHVFRUSRUHOVFRUUHVSRQGDQWjGHVULVTXHVGH
UpVXOWDWVVLPLODLUHVDSUqVDSSUREDWLRQGXPLQLVWUHGHVILQDQFHV UHVSRQVDELOLWpFLYLOH
6HFWLRQ,,/HVSURYLVLRQVSRXUULVTXHVHQFRXUV 'HVVLQLVWUHVPDWpULHOVFRUUHVSRQGDQWjGHVULVTXHVGH
UHVSRQVDELOLWpFLYLOH
$UW   /HV SURYLVLRQV SRXU ULVTXHV HQ FRXUV
UHSUpVHQWHQWOHVPRQWDQWVjSURYLVLRQQHUHQVXSSOpPHQWGHV  'HV VLQLVWUHV FRUSRUHOV FRUUHVSRQGDQW DX[ ULVTXHV
SULPHVQRQDFTXLVHVSRXUFRXYULUOHVULVTXHVjDVVXPHU&HV DXWUHVTXHOHVULVTXHVGHUHVSRQVDELOLWpFLYLOH
SURYLVLRQVVRQWGHVWLQpHVjIDLUHIDFHjWRXWHVOHVGHPDQGHV  'HV VLQLVWUHV PDWpULHOV FRUUHVSRQGDQW DX[ ULVTXHV
G LQGHPQLVDWLRQ HW j WRXV OHV IUDLV OLpV DX[ FRQWUDWV DXWUHVTXHOHVULVTXHVGHUHVSRQVDELOLWpFLYLOH
G DVVXUDQFH HQ FRXUV H[FpGHQW OH PRQWDQW GHV SULPHV QRQ /HVVLQLVWUHVFRUSRUHOVVRQWpYDOXpVGRVVLHUSDUGRVVLHU
DFTXLVHVHWGHVSULPHVH[LJLEOHVUHODWLYHVDX[GLWVFRQWUDWV /HV VLQLVWUHV PDWpULHOV VRQW pYDOXpV HQ XWLOLVDQW
$UW   3RXU pYDOXHU OHV SURYLVLRQV SRXU ULVTXHV HQ FRQFXUUHPPHQWOHVWURLVPpWKRGHVVXLYDQWHV
FRXUV O HQWUHSULVH FDOFXOH SRXU FKDFXQH GHV FDWpJRULHV (YDOXDWLRQGRVVLHUSDUGRVVLHU
G DVVXUDQFH OH PRQWDQW WRWDO GHV FKDUJHV GH VLQLVWUHV  (YDOXDWLRQ SDU UpIpUHQFH DX FR€W PR\HQ GHV VLQLVWUHV
UDWWDFKpHV j O H[HUFLFH FRXUDQW HW j O H[HUFLFH SUpFpGHQW HW GHVH[HUFLFHVDQWpULHXUV
GHV IUDLV G DGPLQLVWUDWLRQ DXWUH TXH FHX[ LPPpGLDWHPHQW  (YDOXDWLRQ EDVpH VXU OHV FDGHQFHV GH UqJOHPHQW
HQJDJpV HW IUDLV G DFTXLVLWLRQ LPSXWDEOHV j O H[HUFLFH REVHUYpHV GDQV O HQWUHSULVH DX FRXUV GHV H[HUFLFHV
FRXUDQW HW j O H[HUFLFH SUpFpGHQW HOOH UDSSRUWH FH WRWDO DX DQWpULHXUV
PRQWDQWGHSULPHVEUXWHVpPLVHVDXFRXUVGHFHVH[HUFLFHV / pYDOXDWLRQODSOXVpOHYpHpWDQWVHXOHUHWHQXH
FRUULJp GH OD YDULDWLRQ VXU OD PrPH SpULRGH GHV SULPHV $UW/DSURYLVLRQSRXUVLQLVWUHVjSD\HUDIIpUHQWHj
UHVWDQW j pPHWWUH GHV SULPHV j DQQXOHU HW GH OD SURYLVLRQ O DVVXUDQFH FRQWUH OHV DFFLGHQWV GX WUDYDLO HW OHV PDODGLHV
SRXU SULPHV QRQ DFTXLVHV VL FH UDSSRUW HVW VXSpULHXU j SURIHVVLRQQHOOHVVHFRPSRVHGHVpOpPHQWVVXLYDQWV
 O pFDUW FRQVWDWp SDU UDSSRUW j  HVW DSSOLTXp DX
 8QH SURYLVLRQ SRXU VLQLVWUHV JUDYHV  (OOH UHSUpVHQWH OD
PRQWDQWGHVSURYLVLRQVSRXUSULPHVQRQDFTXLVHV YDOHXU HVWLPDWLYH GHV GpSHQVHV j SUpYRLU SRXU OH VHUYLFH GHV
6HFWLRQ,,,/HVSURYLVLRQVSRXUVLQLVWUHVjSD\HU UHQWHVHWGHVDSSDUHLOVGHSURWKqVHORUVTXHOHFDSLWDOFRQVWLWXWLI
$UW   /HV SURYLVLRQV SRXU VLQLVWUHV j SD\HU Q DSDVpWpLQVFULWjODSURYLVLRQPDWKpPDWLTXHGHVUHQWHV
FRUUHVSRQGHQW DX FR€W WRWDO HVWLPp TXH UHSUpVHQWHUD SRXU 8QHSURYLVLRQSRXULQGHPQLWpMRXUQDOLqUHHWIUDLV(OOH
O HQWUHSULVH G DVVXUDQFH OH SDLHPHQW GH WRXV OHV VLQLVWUHV UHSUpVHQWH OD YDOHXU HVWLPDWLYH GHV GpSHQVHV UHVWDQW j
VXUYHQXV MXVTX j OD ILQ GH O H[HUFLFH GpFODUpV RX QRQ HIIHFWXHUjWLWUHG LQGHPQLWpVMRXUQDOLqUHVHWjWLWUHGHIUDLV
GpGXFWLRQ IDLWH GHV VRPPHV GpMj SD\pHV DX WLWUH GH FHV QRWDPPHQW GHV IUDLV PpGLFDX[ GHV IUDLV SKDUPDFHXWLTXHV
VLQLVWUHV GHVIUDLVG KRVSLWDOLVDWLRQGHVIUDLVMXGLFLDLUHVGHVIUDLVGH
GpSODFHPHQWHWGHVIUDLVIXQpQDLUHV
$UW   /D SURYLVLRQ SRXU VLQLVWUHV j SD\HU HVW VDQV
/D SURYLVLRQ SRXU VLQLVWUHV JUDYHV HW OD SURYLVLRQ SRXU
SUpMXGLFH GHV UqJOHV VSpFLDOHV DX[ FDWpJRULHV G DVVXUDQFH LQGHPQLWp MRXUQDOLqUH HW IUDLV VRQW FDOFXOpHV H[HUFLFH SDU
DXWRPRELOHHWG DVVXUDQFHFRQWUHOHVDFFLGHQWVGXWUDYDLOHWOHV H[HUFLFHHWGRVVLHUSDUGRVVLHU
PDODGLHV SURIHVVLRQQHOOHV FDOFXOpH EUXWH GH UpDVVXUDQFH SDU
FDWpJRULHGHULVTXHH[HUFLFHSDUH[HUFLFHHWGRVVLHUSDUGRVVLHU 6HFWLRQ,9/DSURYLVLRQG pTXLOLEUDJH
/HFDOFXOWLHQWFRPSWHGHVFRQVLGpUDWLRQVVXLYDQWHV $UW   /HV HQWUHSULVHV G DVVXUDQFH SUDWLTXDQW OD
 /D SURYLVLRQ HVW FRQVWLWXpH VpSDUpPHQW SRXU FKDTXH FDWpJRULH DVVXUDQFH FUpGLW HW DVVXUDQFH FDXWLRQ GRLYHQW
FRQVWLWXHUXQHSURYLVLRQG pTXLOLEUDJHGHVWLQpHjFRPSHQVHU
VLQLVWUH j FRQFXUUHQFH GX PRQWDQW SUpYLVLEOH GHV FKDUJHV OD SHUWH WHFKQLTXH pYHQWXHOOH DSSDUDLVVDQW GDQV FHWWH
IXWXUHV /RUVTX j OD VXLWHG XQVLQLVWUHXQHLQGHPQLWpDpWp FDWpJRULHjODILQGHO H[HUFLFH
IL[pH SDU XQH GpFLVLRQ GH MXVWLFH GpILQLWLYH RX QRQ OHV
VRPPHV j PHWWUH HQ SURYLVLRQ GRLYHQW GDQV OHV OLPLWHV GX /D SURYLVLRQ G pTXLOLEUDJH HVW DOLPHQWpH SRXU FKDFXQ
GHV H[HUFLFHV VXFFHVVLIV SDU XQ SUpOqYHPHQW GH  VXU
PD[LPXP GH JDUDQWLH IL[p SDU OH FRQWUDW rWUH DX PRLQV O H[FpGDQWWHFKQLTXHpYHQWXHODSSDUDLVVDQWGDQVODFDWpJRULH
pJDOHV j FHWWH LQGHPQLWp GLPLQXpHV OH FDV pFKpDQW GHV MXVTX DXPRPHQWRODSURYLVLRQVHUDpJDOHRXVXSpULHXUHj
DFRPSWHVGpMjYHUVpV/DSURYLVLRQSRXUVLQLVWUHjSD\HUHVW  GX PRQWDQW DQQXHO OH SOXV pOHYpH GHV SULPHV RX
FDOFXOpH SRXU VRQ PRQWDQW EUXW VDQV WHQLU FRPSWH GHV FRWLVDWLRQV G DVVXUDQFH QHWWH DX FRXUV GHV FLQT H[HUFLFHV
UHFRXUVjH[HUFHU SUpFpGHQWV

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²PDUV 1ƒ


6HFWLRQ9/DSURYLVLRQG pJDOLVDWLRQ &HWWH VpSDUDWLRQ FRQFHUQH OHV RSpUDWLRQV G DFTXLVLWLRQ
$UW   /HV HQWUHSULVHV G DVVXUDQFH SUDWLTXDQW OH GHFHVVLRQGHVDFWLIVDLQVLTXHO HQUHJLVWUHPHQWGHVSURGXLWV
ULVTXH JUrOH GRLYHQW FRQVWLWXHU XQH SURYLVLRQ SRXU HWOHVFKDUJHVUHODWLIVjFHVDFWLIV
pJDOLVDWLRQ GHVWLQpH j DVVXUHU OD SpUpTXDWLRQ GHV UpVXOWDWV $UW   /HV SURYLVLRQV WHFKQLTXHV VRQW UHSUpVHQWpHV
GHVGLIIpUHQWVH[HUFLFHV&HWWHSURYLVLRQVHUDDOLPHQWpHSRXU SDU OHV DFWLIV PHQWLRQQpV FLDSUqV GDQV OHV FRQGLWLRQV
FKDFXQGHVH[HUFLFHVVXFFHVVLIVSDUXQSUpOqYHPHQWGH VXLYDQWHV
VXU O H[FpGHQW WHFKQLTXH pYHQWXHO DSSDUDLVVDQW GDQV OD  7LWUHVpPLVSDUO (WDWRXMRXLVVDQWGHVDJDUDQWLH/H
FDWpJRULH MXVTX DX PRPHQW R OD SURYLVLRQ VHUD pJDOH RX SODFHPHQW GDQV VHV WLWUHV QH SHXW rWUH LQIpULHXU j  GX
VXSpULHXUHjGHVSULPHVRXFRWLVDWLRQVG DVVXUDQFHGH PRQWDQWWRWDOGHVSURYLVLRQVWHFKQLTXHV
O H[HUFLFH
 (PSUXQWVREOLJDWDLUHV
6HFWLRQ9,/DSURYLVLRQSRXUSDUWLFLSDWLRQDX[
EpQpILFHVHWULVWRXUQHV  3ODFHPHQWVLPPRELOLHUV,OVFRPSUHQQHQW
$UW   &HWWH SURYLVLRQ FRPSUHQG OHV PRQWDQWV  /HV LPPHXEOHV EkWLV HW WHUUDLQV VRXV UpVHUYH TXH FHV
GHVWLQpVDX[DVVXUpVRXDX[EpQpILFLDLUHVGHVFRQWUDWVVRXV LPPHXEOHVQHVRLHQWSDVJUHYpVGHGURLWVUpHOVUHSUpVHQWDQW
OH IRUPH GH SDUWLFLSDWLRQV DX[ EpQpILFHV HW GH ULVWRXUQHV SOXVGHGHOHXUYDOHXU/HSODFHPHQWHQXQLPPHXEOH
GDQV OD PHVXUH R FHV GHUQLHUV Q RQW SDV pWp FUpGLWpV DX[ GpWHUPLQp QH SHXW H[FpGHU  GX PRQWDQW WRWDO GHV
DVVXUpV SURYLVLRQV WHFKQLTXHV &HWWH OLPLWDWLRQ Q HVW SDV DSSOLFDEOH
/HPRQWDQWGHODSDUWLFLSDWLRQDX[EpQpILFHVHVWpYDOXp SRXU O LPPHXEOH VHUYDQW GH VLqJH VRFLDO GH O HQWUHSULVH
VHORQ OHV HQJDJHPHQWV FRQWUDFWXHOV GH O HQWUHSULVH G DVVXUDQFH
G DVVXUDQFH  /HV SDUWV HW DFWLRQV GHV VRFLpWpV LPPRELOLqUHV QRQ
6HFWLRQ9,,/HVSURYLVLRQVPDWKpPDWLTXHVGHVUHQWHV FRWpHV VDQV TXH OH SODFHPHQW GDQV GHV YDOHXUV pPLVHV SDU
$UW/HVSURYLVLRQVPDWKpPDWLTXHVGHVUHQWHVVRQW XQH PrPH VRFLpWp QH SXLVVH H[FpGHU  GX PRQWDQW WRWDO
FRQVWLWXpHV ORUVTXH OHV LQGHPQLWpV DX WLWUH G XQ VLQLVWUH GHV SURYLVLRQV WHFKQLTXHV HW  GX FDSLWDO VRFLDO GH OD
VHURQWVHUYLHVVRXVIRUPHG DQQXLWpV VRFLpWppPHWWULFHGHVDFWLRQV
&HV SURYLVLRQV FRUUHVSRQGHQW j OD YDOHXU DFWXHOOH /DYDOHXUWRWDOHGHVSODFHPHQWVLPPRELOLHUVQHGRLWSDV
SUREDEOH GHV PRQWDQWV TXL VHURQW YHUVpV VRXV IRUPH GH GpSDVVHUGXPRQWDQWWRWDOGHVSURYLVLRQVWHFKQLTXHV
UHQWHVHWDFFHVVRLUHVGHUHQWHVSRVWpULHXUHPHQWjODFO{WXUH   $FWLRQV GHV VRFLpWpV F{WpHV j OD ERXUVH GHV YDOHXUV
GH O H[HUFLFH DX WLWUH G pYqQHPHQWV TXL VH VRQW UpDOLVpV PRELOLqUHV GH 7XQLV /H SODFHPHQW GDQV GHV DFWLRQV G XQH
DQWpULHXUHPHQW j OD FO{WXUH GH O H[HUFLFH HW GRLYHQW rWUH PrPHVRFLpWpQHGRLWSDVH[FpGHUGXPRQWDQWWRWDOGHV
FDOFXOpHVVXUODEDVHGHPpWKRGHVDFWXDULHOOHVUHFRQQXHV SURYLVLRQVWHFKQLTXHVHWGXFDSLWDOVRFLDOGHODVRFLpWp
/HPRQWDQWGHODSURYLVLRQPDWKpPDWLTXHGHVUHQWHVHVW pPHWWULFHGHVDFWLRQV
PDMRUpGHjWLWUHGHFKDUJHPHQWGHJHVWLRQ   3DUWV GDQV OHV RUJDQLVPHV GH SODFHPHQW FROOHFWLI HQ
&KDSLWUH,,, YDOHXUVLPPRELOLqUHVFODVVpHVFRPPHVXLW
/DSURYLVLRQSRXUULVTXHG H[LJLELOLWpGHVHQJDJHPHQWV 3DUWVGHVIRQGVFRPPXQVGHSODFHPHQW
WHFKQLTXHV
3DUWVGHVVRFLpWpVGHSODFHPHQWjFDSLWDOYDULDEOH
$UW   /D SURYLVLRQ SRXU ULVTXH G H[LJLELOLWp GHV
HQJDJHPHQWV WHFKQLTXHV FRUUHVSRQG j OD GLIIpUHQFH /HSODFHPHQWGDQVGHVSDUWVG XQHPrPHVRFLpWpQHGRLW
FDOFXOpHSRXUOHVSODFHPHQWVHQWUHOHPRQWDQWJOREDOGHOD SDV H[FpGHU  GX PRQWDQW WRWDO GHV SURYLVLRQV
YDOHXU GH PDUFKp HW OD YDOHXU FRPSWDEOH QHWWH GHV WHFKQLTXHV HW  GX FDSLWDOVRFLDOGHODVRFLpWppPHWWULFH
SODFHPHQWVFRQFHUQpVTXDQGFHWWHGLIIpUHQFHHVWQpJDWLYH GHVDFWLRQV
/D YDOHXU GH PDUFKp HVW GpWHUPLQpH VpSDUpPHQW SRXU    3DUWV GDQV OHV VRFLpWpV G LQYHVWLVVHPHQW j FDSLWDO
FKDTXHFDWpJRULHGHSODFHPHQWVGHPrPHQDWXUH ULVTXH
7,75(,, 3DUWVGDQVOHVVRFLpWpVG LQYHVWLVVHPHQWjFDSLWDOIL[H
/$5(35(6(17$7,21'(63529,6,216 /HSODFHPHQWGDQVOHVWLWUHVG XQHPrPHVRFLpWpQHGRLW
7(&+1,48(6 SDVH[FpGHUGXPRQWDQWWRWDOGHVSURYLVLRQVWHFKQLTXHV
&KDSLWUH, /HPRQWDQWWRWDOGHVSODFHPHQWVGDQVFHVWLWUHVQHGRLWSDV
GpSDVVHUGHVSURYLVLRQVWHFKQLTXHV
/HVDFWLIVDGPLVHQUHSUpVHQWDWLRQGHVSURYLVLRQV
WHFKQLTXHV   7RXWHV DXWUHV DFWLRQV RX YDOHXUV PRELOLqUHV  6DQV
TXH OH SODFHPHQW GDQV OHV YDOHXUV pPLVHV SDU XQ PrPH
$UW   /HV HQWUHSULVHV G DVVXUDQFH GRLYHQW
RUJDQLVPH QH SXLVVH H[FpGHU  GX PRQWDQW WRWDO GHV
UHSUpVHQWHUOHXUVSURYLVLRQVWHFKQLTXHVGDQVGHVDFWLIVGRQW
SURYLVLRQVWHFKQLTXHVHWGXFDSLWDOVRFLDOGHODVRFLpWp
OD YDOHXU QH SHXW rWUH LQIpULHXUH DX PRQWDQW GH FHV
pPHWWULFHGHVDFWLRQV
SURYLVLRQVHWFHGDQVOHVFRQGLWLRQVFLWpHVFLDSUqV
$UW/DJHVWLRQGHVDFWLIVDGPLVHQUHSUpVHQWDWLRQ /H PRQWDQW WRWDO GX SODFHPHQW GDQV FHV DFWLRQV HW
GHV SURYLVLRQV WHFKQLTXHV VH IDLW VHORQ OH SULQFLSH GX YDOHXUV PRELOLqUHV QH GRLW SDV H[FpGHU  GX PRQWDQW
FDQWRQQHPHQW TXL FRQVLVWH HQ XQH VpSDUDWLRQ WRWDOH GHV WRWDOGHVSURYLVLRQVWHFKQLTXHV
DFWLIVDGPLVHQUHSUpVHQWDWLRQGHVSURYLVLRQVWHFKQLTXHVHQ   $FWLRQV GHV VRFLpWpV G DVVXUDQFHV HW GH UpDVVXUDQFHV
DVVXUDQFH YLH HW GHV DFWLIV DGPLV HQ UHSUpVHQWDWLRQ GHV pWUDQJqUHV GDQV OHVTXHOOHV OD SDUWLFLSDWLRQ D UHoX DX
SURYLVLRQVWHFKQLTXHVHQDVVXUDQFHQRQYLH SUpDODEOHO DXWRULVDWLRQGXPLQLVWUHGHVILQDQFHV

1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²PDUV 3DJH


  3ODFHPHQW VXU OH PDUFKp PRQpWDLUH HW GpS{WV DXSUqV   /HV SODFHPHQWV HQ UHSUpVHQWDWLRQ GHV FRQWUDWV HQ
GHVpWDEOLVVHPHQWVILQDQFLHUV XQLWpVGHFRPSWH
/ HQWUHSULVH G DVVXUDQFH QH SHXW SODFHU SOXV GH  GX &HV SODFHPHQWV GRLYHQW rWUH pYDOXpV j OHXU YDOHXU GH
PRQWDQW WRWDO GHV SURYLVLRQV WHFKQLTXHV GDQV O XQH GHV PDUFKp/DGLIIpUHQFHHQWUHODYDOHXUFRPSWDEOHHWODYDOHXU
FDWpJRULHVG DFWLIVpQXPpUpVDX[SDUDJUDSKHVHW GHPDUFKpGRLWrWUHSULVHHQFRPSWHGDQVOHUpVXOWDW
  )UDLV G DFTXLVLWLRQ UHSRUWpV DX WLWUH GH O DVVXUDQFH $UW   6XU GHPDQGH HW MXVWLILFDWLRQ GH O HQWUHSULVH
QRQYLH GDQV OD OLPLWH GH  GX PRQWDQW GHV SURYLVLRQV G DVVXUDQFHOHPLQLVWUHGHVILQDQFHVSHXWDGPHWWUHGHVSOXV
SRXUSULPHVQRQDFTXLVHV YDOXHV UpVXOWDQW GH OD UppYDOXDWLRQ G pOpPHQWV G DFWLIV HQ
UHSUpVHQWDWLRQGHVSURYLVLRQVWHFKQLTXHV
 $YDQFHVVXUFRQWUDWVYLH
6L GHV SOXVYDOXHV VRQW DGPLVHV HQ UHSUpVHQWDWLRQ GHV
  4XLWWDQFHV QRQ HQFDLVVpHV QHWWHV GH WD[HV HW GH SURYLVLRQV WHFKQLTXHV XQ PRQWDQW VXIILVDQW G LPS{W HW GH
FRPPLVVLRQ GH WURLV PRLV GH GDWH DX SOXV DYHF XQ IUDLVHVWGpGXLW
PD[LPXP GH  GHV SULPHV RX FRWLVDWLRQV QHWWHV
G DQQXODWLRQVHWGHWD[HVGHO H[HUFLFH &KDSLWUH,,,
 &UpDQFHVVXUOHIRQGVGHJDUDQWLHGHODUpDVVXUDQFH / LQVFULSWLRQGHVYDOHXUVDIIHFWpHVjODUHSUpVHQWDWLRQ
OpJDOH GHVSURYLVLRQVWHFKQLTXHV
 &UpDQFHVVXUOHIRQGVGHJDUDQWLHGHVDVVXUpV
$UW/ LQVFULSWLRQGHVYDOHXUVPRELOLqUHVDIIHFWpHVj
  /HWWUH GH JDUDQWLH pPDQDQW GHV UpDVVXUHXUV DSUqV ODUHSUpVHQWDWLRQGHVSURYLVLRQVWHFKQLTXHVGRLWrWUHUpDOLVpH
DFFRUGGXPLQLVWUHGHVILQDQFHV DXSUqV G XQ LQWHUPpGLDLUH DJUpp RX DX[ FRPSWHV GH OD
$UW/HVSURYLVLRQVWHFKQLTXHVDXWLWUHGHVFRQWUDWV SHUVRQQHPRUDOHpPHWWULFH
HQXQLWpVGHFRPSWHVRQWSODFpVGDQVOHVDFWLIVVRXVMDFHQWV /HV YDOHXUV PRELOLqUHV LQVFULWHV IRQW O REMHW G XQH
XWLOLVpV SRXU OD GpWHUPLQDWLRQ GH OD YDOHXU GH O XQLWp GH GpFODUDWLRQ G LQVFULSWLRQ pWDEOLH FRQIRUPpPHQW DX PRGqOH
FRPSWHGHFHVFRQWUDWV DQQH[pDXSUpVHQWDUUrWp&HWWHGpFODUDWLRQGRLWFRPSRUWHU
&HV DFWLIV VRQW pYDOXpV DX[ SUL[ GH PDUFKp j OD GDWH OH QRPEUH GH WLWUHV OHXU QDWXUH OHXU YDOHXU QRPLQDOH OHXU
G LQYHQWDLUH LOV QH VRQW SDV VRXPLV DX[ FRQGLWLRQV PRQWDQWO RUJDQLVPHpPHWWHXUHWODGDWHG pPLVVLRQ
pQXPpUpHV j O DUWLFOH  GX SUpVHQW DUUrWp HW GRLYHQW REpLU $UW   /H UHWUDLW GHV YDOHXUV PRELOLqUHV LQVFULWHV HW
DX[FRQGLWLRQVVXLYDQWHV DIIHFWpHV j OD UHSUpVHQWDWLRQ GHV SURYLVLRQV WHFKQLTXHV QH
 &HV DFWLIV GRLYHQW rWUH OD SURSULpWp HIIHFWLYH GH SHXWrWUHHIIHFWXpTXHGDQVOHVFDV
O HQWUHSULVHG DVVXUDQFHGXUDQWO H[HUFLFHFRPSWDEOH   ' XQ UpHPSORL GH IRQGV G XQ PRQWDQW GX PRLQV
/HVDFWLRQVpPLVHVSDUO DVVXUHXUQHSHXYHQWSDVIDLUH pTXLYDOHQWjFHOXLGHVYDOHXUVIDLVDQWO REMHWGXUHWUDLW
SDUWLHGHFHVDFWLIV  ' XQHUpGXFWLRQGHVSURYLVLRQVWHFKQLTXHV(WGDQVFH
 FHV DFWLIV QH GRLYHQW SDV VH EDVHU VXU XQ VHXOW\SHGH FDVOHUHWUDLWGHYDOHXUVV HIIHFWXHWRXVOHVWURLVPRLVHWVXU
SODFHPHQW MXVWLILFDWLRQ G XQH UpGXFWLRQ DX PRLQV pTXLYDOHQWH GHVGLWHV
SURYLVLRQV
/HVDVVXUpVGRLYHQWrWUHUpJXOLqUHPHQWLQIRUPpVVXUOD
FRPSRVLWLRQHWOHVPRQWDQWVGHFHVDFWLIV 7RXWUHWUDLWGHYDOHXUVLQVFULWHVQHSHXWrWUHHIIHFWXpTXH
VXU DXWRULVDWLRQ SUpDODEOH GX PLQLVWUH GHV ILQDQFHV
&KDSLWUH,, 7RXWHIRLV OH UpHPSORL GH FHV IRQGV Q HVW SDV VRXPLV j
/ pYDOXDWLRQGHVDFWLIVDGPLVHQUHSUpVHQWDWLRQGHV O DXWRULVDWLRQSUpDODEOHGXPLQLVWUHGHVILQDQFHV
SURYLVLRQVWHFKQLTXHV /HV UHYHQXV GHV YDOHXUV LQVFULWHV SHXYHQW rWUH UHWLUpV
$UW   /HV DFWLIV DGPLV HQ UHSUpVHQWDWLRQ GHV VDQVDXWRULVDWLRQ
SURYLVLRQV WHFKQLTXHV VRQW pYDOXpV FRQIRUPpPHQW DX[ $UW   6RQW DEURJpHV OHV GLVSRVLWLRQV GH O DUUrWp GX
UqJOHVVXLYDQWHV PLQLVWUH GHV ILQDQFHV GX  MDQYLHU  IL[DQW OD OLVWH OH
 /HVSODFHPHQWVLPPRELOLHUV PRGHGHFDOFXOGHVSURYLVLRQVWHFKQLTXHVHWOHVFRQGLWLRQV
GHOHXUUHSUpVHQWDWLRQ
 /HV SODFHPHQWV LPPRELOLHUV VRQW pYDOXpV DX[ SUL[
G DFTXLVLWLRQSRXUOHVDFTXLVLWLRQVjWLWUHRQpUHX[jODMXVWH $UW/HVGLVSRVLWLRQVGHO DUWLFOHGXSUpVHQWDUUrWp
YDOHXU SRXU OHV DFTXLVLWLRQV j WLWUH JUDWXLW HW DX FR€W GH HQWUHQWHQDSSOLFDWLRQjSDUWLUGXSUHPLHUMDQYLHU
SURGXFWLRQSRXUFHOOHVSURGXLWHVSDUO HQWUHSULVH $UW   /H SUpVHQW DUUrWp VHUD SXEOLp DX -RXUQDO
 2EOLJDWLRQVHWWLWUHVjUHYHQXVIL[HV 2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH
7XQLVOHIpYULHU
/HVERQVREOLJDWLRQVHWDXWUHVWLWUHVjUHYHQXVIL[HVVRQW
pYDOXpV j OHXU SUL[ G DFTXLVLWLRQ KRUV IUDLV DFFHVVRLUHV VXU /H0LQLVWUHGHV)LQDQFHV
DFKDWHWKRUVFRXSRQFRXUXjO DFKDW 7DRXILN%DFFDU
 7LWUHVjUHYHQXVYDULDEOHV 9X
&HV WLWUHV VRQW pYDOXpV DX[ SUL[ G DFTXLVLWLRQ KRUV IUDLV /H3UHPLHU0LQLVWUH
DFFHVVRLUHVVXUDFKDWV 0RKDPHG*KDQQRXFKL

3DJH -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²PDUV 1ƒ


'pFODUDWLRQG LQVFULSWLRQHWGHEORFDJHGHVYDOHXUVDGPLVHV
HQUHSUpVHQWDWLRQGHVSURYLVLRQVWHFKQLTXHV
GHO HQWUHSULVHG DVVXUDQFHHWGHUpDVVXUDQFH





(QDSSOLFDWLRQGHVGLVSRVLWLRQVGHVDUWLFOHVHWGHO DUUrWpGXPLQLVWUHGHVILQDQFHVGXIpYULH U
IL[DQWODOLVWHOHPRGHGHFDOFXOGHVSURYLVLRQVWHFKQLTXHVHWOHVFRQGLWLRQVGHOHXUUHSUpVHQWDWLRQ 

-HVRXVVLJQp 
DJLVVDQWHQTXDOLWpGH 
GHO HQWUHSULVH   
GRQWOHVLqJHVRFLDOHVWj 
GpFODUHP HQJDJHUjFRQVHUYHUOHVYDOHXUVGpWDLOOpHVVXUOHUHOHYpFL MRLQWG XQPRQWDQWGH'LQDUVj
WLWUHGHUHSUpVHQWDWLRQGHVSURYLVLRQVWHFKQLTXHVGHO HQWUHSULVHG DVVXUDQFH 
GRQWOHVLqJHVRFLDOHVWj 

&HV YDOHXUV pWDQW PDWpULDOLVpHV RX HQ FRPSWH VRQW DIIHFWpHV SDU SULYLOqJH VSpFLDO DX Uq JOHPHQW GHV
HQJDJHPHQWVGHODVRFLpWpHQYHUVOHVDVVXUpVHWOHVEpQpILFLDLUHVGHFRQWUDWV 
 



6LJQDWXUHHWFDFKHW
GHODVRFLpWpFKH]ODTXHOOHVRQWLQVFULWHVOHVYDOHXUV 



6LJQDWXUHGHO HQWUHSULVHG DVVXUDQFH

7XQLVOH





1ƒ -RXUQDO2IILFLHOGHOD5pSXEOLTXH7XQLVLHQQH ²PDUV 3DJH

You might also like