SGLuxembourg_2023

 
12.31.2023
CONSOLIDATED 
FINANCIAL STATEMENTS
 

Société Générale Luxembourg S.A. 
11, Avenue 
Emile Reuter 
L-2420 Luxembourg 
Consolidated Financial Statements, 
Consolidated management report and Report of the 
Independent auditor as at December 31, 2023 
R.C.S. Luxembourg: B 006.061 
 

Société Générale Luxembourg S.A. 
General Information (continued) 
As at December 31, 2023 
1 
GENERAL INFORMATION
 ................................ ................................ ................................ ................................ ................................ ........... 2
CONSOLIDATED MANAGEMENT REPORT
 ................................ ................................ ................................ ................................ ..................... 4
INDEPENDENT AUDITOR’S REPORT
 ................................ ................................ ................................ ................................ .......................... 25
CONSOLIDATED FINANCIAL STATEMENTS
 ................................ ................................ ................................ ................................ .............. 33
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - ASSETS
 ................................ ................................ ................................ ............... 33
CONSOLIDATED STATEMENT OF FINANCIAL POSITION – LIABILITIES AND SHAREHOLDERS’ EQUITY
 ................................ ......................... 34
CONSOLIDATED INCOME STATEMENT
 ................................ ................................ ................................ ................................ ...................... 35
CONSOLIDATED STATEMENT OF NET INCOME AND UNREALISED OR DEFERRED GAINS AND LOSSES
 ................................ ......................... 36
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
 ................................ ................................ ................................ .... 37
CONSOLIDATED CASH FLOW STATEMENT
 ................................ ................................ ................................ ................................ ................. 39
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
 ................................ ................................ ................................ ..................... 40
NOTE 1 – CORPORATE INFORMATION AND SIGNIFICANT ACCOUNTING PRINCIPLES
 ................................ ................................ .................. 40
NOTE 2 – CONSOLIDATION
 ................................ ................................ ................................ ................................ ................................ ........ 58
NOTE 2.1. – CONSOLIDATION SCOPE
 ................................ ................................ ................................ ................................ .......................... 62
NOTE 2.2. – MATERIAL CHANGES IN CONSOLIDATION SCOPE
 ................................ ................................ ................................ ..................... 64
NOTE 2.3. – ADDITIONAL DISCLOSURE FOR CONSOLIDATED ENTITIES AND INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
 65
NOTE 2.4. – RESTRICTIONS
 ................................ ................................ ................................ ................................ ................................ ....... 67
NOTE 2.5. – UNCONSOLIDATED STRUCTURED ENTITIES
 ................................ ................................ ................................ ............................ 68
NOTE 3 - FINANCIAL INSTRUMENTS
 ................................ ................................ ................................ ................................ .......................... 71
NOTE 3.1. – CASH, DUE FROM CENTRAL BANKS
 ................................ ................................ ................................ ................................ ......... 78
NOTE 3.2. – FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
 ................................ ................................ .... 78
NOTE 3.3. – FINANCIAL DERIVATIVES
................................ ................................ ................................ ................................ ........................ 83
NOTE 3.4. - FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
 ................................ ................................ .... 95
NOTE 3.5. - FAIR VALUE OF FINANCIAL INSTRUMENTS
 ................................ ................................ ................................ .............................. 98
NOTE 3.6. - LOANS, RECEIVABLES AND SECURITIES AT AMORTISED COST
 ................................ ................................ ................................ 109
NOTE 3.7. - DEBTS
 ................................ ................................ ................................ ................................ ................................ .................. 112
NOTE 3.8. – INTEREST INCOME AND EXPENSE
 ................................ ................................ ................................ ................................ ......... 114
NOTE 3.9. - IMPAIRMENT AND PROVISIONS
 ................................ ................................ ................................ ................................ ............. 116
NOTE 3.10. – ASSETS UNDER MANAGEMENT, COMMITMENTS AND ASSETS PLEDGED AND RECEIVED AS SECURITIES
 ............................... 125
NOTE 3.11. – TRANSFERRED FINANCIAL ASSETS
 ................................ ................................ ................................ ................................ ..... 129
NOTE 3.12. – OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES
 ................................ ................................ ............................ 130
NOTE 4 – OTHER ACTIVITIES
 ................................ ................................ ................................ ................................ ................................ .. 131
NOTE 4.1. - FEE INCOME AND EXPENSE
 ................................ ................................ ................................ ................................ ................... 131
NOTE 4.2. - INCOME AND EXPENSES FROM OTHER ACTIVITIES
 ................................ ................................ ................................ ................ 132
NOTE 4.3. – INSURANCE ACTIVITIES
 ................................ ................................ ................................ ................................ ........................ 133
NOTE 4.4. – OTHER ASSETS AND LIABILITIES
 ................................ ................................ ................................ ................................ .......... 149
NOTE 5 - PERSONNEL EXPENSES AND EMPLOYEE BENEFITS
................................ ................................ ................................ .................... 150
NOTE 5.1. – PERSONNEL EXPENSES AND RELATED PARTY TRANSACTIONS
 ................................ ................................ ............................. 150
NOTE 5.2. – EMPLOYEE BENEFITS
 ................................ ................................ ................................ ................................ ........................... 151
NOTE 6 - INCOME TAX
................................ ................................ ................................ ................................ ................................ ............. 162
NOTE 7 - SHAREHOLDERS’ EQUITY
 ................................ ................................ ................................ ................................ .......................... 168
NOTE 7.1. – SHAREHOLDERS’ EQUITY
 ................................ ................................ ................................ ................................ ...................... 168
NOTE 7.2. - DIVIDENDS PAID AND PROPOSED
 ................................ ................................ ................................ ................................ .......... 170
NOTE 7.3. - GAINS AND LOSSES RECOGNISED IN OTHER COMPREHENSIVE INCOME
 ................................ ................................ .................. 171
NOTE 8 - ADDITIONAL DISCLOSURES
 ................................ ................................ ................................ ................................ ...................... 173
NOTE 8.1. - SEGMENT REPORTING
 ................................ ................................ ................................ ................................ ........................... 173
NOTE 8.2. - OTHER OPERATING EXPENSES
 ................................ ................................ ................................ ................................ .............. 178
NOTE 8.3. - PROVISIONS
 ................................ ................................ ................................ ................................ ................................ .......... 179
NOTE 8.4. - TANGIBLE AND INTANGIBLE FIXED ASSETS
 ................................ ................................ ................................ ........................... 182
NOTE 8.5. - FOREIGN EXCHANGE TRANSACTIONS
 ................................ ................................ ................................ ................................ .... 189
NOTE 8.6. - FEES PAID TO STATUTORY AUDITORS
 ................................ ................................ ................................ ................................ ... 190
NOTE 8.7.- TRANSACTIONS WITH RELATED PARTIES
................................ ................................ ................................ ............................... 191
NOTE 9 – NOTE ON RISK EXPOSURES
 ................................ ................................ ................................ ................................ ....................... 193
NOTE 9.1. - CREDIT RISK
 ................................ ................................ ................................ ................................ ................................ ......... 194
NOTE 9.2. MARKET RISK
 ................................ ................................ ................................ ................................ ................................ ......... 209
NOTE 9.3. - LIQUIDITY RISK
 ................................ ................................ ................................ ................................ ................................ ..... 221
NOTE 9.4. - OPERATIONAL RISK
 ................................ ................................ ................................ ................................ .............................. 224
NOTE 10 – CAPITAL
 ................................ ................................ ................................ ................................ ................................ ................ 226
NOTE 10.1. - CAPITAL MANAGEMENT
 ................................ ................................ ................................ ................................ ...................... 226
NOTE 10.2. - REGULATORY CAPITAL
 ................................ ................................ ................................ ................................ ........................ 227
NOTE 11 - EVENTS AFTER THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION DATE
 ................................ ................................ ... 228
 

 
Société Générale Luxembourg S.A. 
General Information (continued) 
As at December 31, 2023 
2 
GENERAL 
INFORMATIO
N 
Board of Directors 
Chairman 
Patrick Suet 
Secretary of the Board of Directors of Société Générale 
Group 
Managing Director 
Arnaud Jacquemin (until October 17, 2023) 
Chief Executive Officer of Société Générale Luxembourg 
Frédéric Surdon (since October 18, 2023) 
Chief Executive Officer of Société Générale Luxembourg 
Directors
Marco Cameroni 
Director representing employees 
Bertrand Cozzarolo (since June 28, 
2023) 
Head of Société Générale Group Private Banking, Société 
Générale Group 
Marie Doucet 
Independent Director 
Patrick Folléa (until June 27, 
2023) 
Head of Société Générale Group Private Banking, Soci 
été Générale Group 
Emmanuel Gaspard 
Director representing employees 
Isabelle Goubin 
Independent Director 
Mathilde Guérin 
Head of Transformation & Technology 
Delivery, Société 
Générale Securities Services, Société Générale 
Group 
Christophe Lattuada 
Chief Operating Officer of Global Banking & Investor 
Solutions (GBIS), Société Générale Group 
Didier Mouget 
Independent Director 
Frédéric Roveda 
Director representing employees 
Anne-Sophie Steiner 
Director representing employees 

Société Générale Luxembourg S.A. 
General Information (continued) 
As at December 31, 2023 
3 
Authorized Management 
Arnaud Jacquemin (until October 17, 2023) 
Chief Executive Officer 
Frédéric Surdon (since October 18, 2023) 
Chief Executive Officer 
Olivier Blanc (until May 14, 2023) 
Deputy CEO in charge of Resources 
Peggy Veniant-Cottin (since 
August 17, 2023) 
Deputy CEO in charge of Resources 
Anne de Kouchkovsky 
Deputy CEO in charge of the General Secretary, 
Risks 
and Compliance supervision 
Registered Office 
Société Générale Luxembourg S.A. 
11, Avenue 
Emile Reuter 
L-2420 Luxembourg 
Auditors 
Ernst & Young 
Société Anonyme 
35E, Avenue John F. 
Kennedy 
L-1855 Luxembourg 

 
 
Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
4 
CONSOLIDATED 
MANAGEMENT REPORT 
1. 
Chief Executive Officer Statement 
SOCIETE GENERALE LUXEMBOURG, A LUXEMBOURG 
BANKING GROUP IN THE HEART OF 
EUROPE 
Since 1893, Société Générale Luxembourg (hereinafter the “Bank” or the “Group”) is a reference bank 
that contributes 
to the 
long-term structural 
dynamism 
of the 
financial 
center and 
the economy 
of the 
Grand Duchy. 
Capitalizing on the strengths 
of Société Générale Group, we 
are a banking group proposing 
a diversi-
fied 
range 
of 
services 
and 
activities 
in 
the 
fields 
of 
private 
banking, 
securities 
services, 
commercial 
banking, and 
cash management, 
but also 
structured finance, 
capital markets 
and structured 
product 
issuance 
services. 
The 
European 
private 
banking 
activities 
are 
mainly 
carried 
out 
in 
Luxembourg, 
through the bank’s branch in 
Italy since January 2021, the representative 
offices in Germany and Bel-
gium as well as through its main subsidiaries in Switzerland and 
Monaco. 
The corporate 
purpose of 
Société Générale 
drives all 
our actions 
and gives 
meaning to 
our strategy 
built to support our clients over the sustainable transformation 
of the economy. 
Société Générale Corporate Purpose 
Building, together with our customers, a better and sustainable future through responsible and innova-
tive financial solutions. 
2023: A SOLID PERFORMANCE 
2023 embodied a 
solid year for 
the Bank thanks 
to a strong commercial 
dynamism in a 
rising interest 
rate environment, a solid cost and risk control and an 
exceptional impairment reversal. 
Société Générale 
Luxembourg 
remains 
one of 
Luxembourg’s 
largest banking 
groups by 
its financial 
position (net 
income of 
EUR 544 
million, assets 
of EUR 
66 billion 
at the 
end of 
2023 and 
number of 
staff close to 1 700 employees). 
In addition to this solid performance, our teams were rewarded 
in the following areas: 
●
 
“
Funds Personality
,” 2023 Finance Awards – Paperjam&Delano 
Business Club – Luxem-
bourg For Finance 
●
 
“
Europe's Best for Wealth Transfer
” Euromoney Global Private Banking Award 
2023 
●
 
“
Best International Private Bank in Luxembourg
,” Euromoney Global Private Banking 
Award 2023 
●
 
“
Private Bank Best Credit Provider – Europe
,” Wealthbriefing European Awards 
●
 
“
Private Bank - Wealth Planning Team 
– Europe
,” Wealthbriefing European Awards 
●
 
“
Wealth Management Business Servicing Benelux
,” Wealthbriefing European Awards 
Sustainability, which 
is at the heart of our priorities, is put 
at the core of the strategy of our 
businesses 
to catalyst positive changes. To accompany our client in 
their transition, we expanded our 
ESG offering 
and integrated the ESG ratings into their portfolios and 
reports. 
All this is linked to our progress in ESG culture and investment in the skills and knowledge of our staff. 
The implementation of dedicated training 
program will enable them 
to manage the challenges 
of tomor-
row and proactively support our 
clients in their transition pathway. As committed employer, we finalized 
this year our real estate 
shift with the move of 
our teams into our new buildings 
Arsenal (Headquarters) 
and Icone, which both have achieved high-standard environmental 
certificates. 

Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
5 
2024: CONTINUING OUR PROGRESS TOWARDS 
SUSTAINABLE AND 
PROFITABLE GROWTH 
The Bank 
is fully 
aligned with 
the Société 
Générale Group 
2026 Strategic 
Plan which 
will deliver 
our 
ambition to be a rock-solid, top tier European bank, built on our strong foundations: trusted long-stand-
ing 
client 
relationships, 
talented 
and 
committed 
teams, 
innovative 
and 
distinctive 
value-added 
busi-
nesses and pioneering ESG leadership. 
As a responsible bank, 
we contribute to the 
strength of the Luxembourg’s economy and 
society at large 
and are determined to be one of the key contributors towards 
a sustainable future. 

Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
6 
2. 
Corporate Governance 
2.1. 
Corporate Governance Structure and Main Bodies 
2.1.1. Board committees 
The Board of Directors is assisted by four Committees: 
-
 
the Audit and Internal Control Committee; 
-
 
the Risk and Compliance Committee; 
-
 
the Remuneration Committee; 
-
 
the Nomination and Corporate Governance Committee. 
Each Committee comprises 
at least three members. 
One Director representing 
employees sits on the 
Remuner-
ation Committee. The missions of the Board of Directors’ 
four committees are set out in their respective charters. 
As of December 31, 2023, the specialized committees 
of the Board were: 
●
 
Audit and Internal 
Control Committee: 
As of December 
31, 2023, the 
Audit and Internal 
Control Committee 
comprised four 
members including 
three Independent 
Directors: Didier 
MOUGET, 
Isabelle GOUBIN, 
Marie 
DOUCET and Patrick 
SUET. 
The Committee is 
chaired by Didier 
MOUGET. 
This committee’s 
mission is to 
monitor and control 
the preparation of 
accounting and financial 
information, the independence of 
the statutory 
auditors, and the 
effectiveness of 
the internal control, 
risk management 
and internal audit 
systems, with 
re-
gard to the 
procedures for the preparation 
and processing of the 
accounting and financial information. 
It gives 
recommendations and advice on such matters to the Board 
of Directors; 
●
 
Risk and Compliance 
Committee (“RCC”): 
As of December 
31, 2023, 
the Risk 
and Compliance 
Committee 
comprised 
three 
Directors, 
including 
two 
Independent 
Directors: 
Isabelle 
GOUBIN, 
Didier 
MOUGET 
and 
Frédéric SURDON (until the June 2023 RCC) and Mathilde 
GUERIN (since the September 2023 RCC). The 
Committee is chaired by Isabelle GOUBIN. This 
committee advises the Board of Directors 
on the risk profile 
of the Group, the quality and 
effectiveness of the risk 
monitoring framework, the appetite regarding 
all types 
of risks derived 
from the Group’s 
strategy, 
and the evolution 
of regulations and 
its impact on 
the risk profile 
and Group’s strategy. 
●
 
Remuneration Committee 
(“RC”): As 
of December 
31, 2023, 
the Remuneration 
Committee comprised 
four 
Directors, two 
Group representatives, 
one Independent 
Director and 
one Director 
representing employees: 
Patrick FOLLEA 
(until the 
June 2023 
RC), Bertrand 
COZZAROLO (since 
the September 
2023 RC), 
Chris-
tophe LATTUADA, 
Marie DOUCET 
and Frédéric 
ROVEDA. The 
Committee is 
chaired by 
Marie DOUCET. 
This committee prepares the decisions of the 
Board of Directors concerning compensation, 
especially those 
related to 
directors, executive 
officers and 
other having 
a significant 
impact on 
the Group’s 
risk profile 
and 
risk management. 
●
 
Nomination and 
Corporate Governance Committee: 
As of 
December 31, 2023, 
the Nomination and 
Corporate 
Governance Committee 
comprised two 
Directors and 
one Independent 
Director: Patrick 
SUET, 
Christophe 
LATTUADA and 
Marie DOUCET. 
The Committee is chaired by 
Patrick SUET. 
This committee identifies and 
recommends future company’s 
officers (directors and executive officers) 
to the Board of Directors. It period-
ically 
examines 
(1) 
the 
Board 
of Directors’ 
policies 
regarding 
selection 
and 
appointment 
of 
Key Functions 
Holders (Chief Risk Officer, 
Chief Compliance Officer, 
Chief Audit Officer and Chief Finance 
Officer) and (2) 
the structure, size and composition 
of the Board of Directors 
and its work effectiveness. It 
proposes a target 
in respect of the 
balanced representation of women and men 
at the Board. Moreover, it aims at 
implementing 
and supervising key internal governance principles within 
the Group and its subsidiaries. 
 

Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
7 
2.1.2. Executive Committees 
The main executive committees are as follows: 
Ø
 
Management committees: 
●
 
Authorized Management 
Committee: the 
mission of this 
committee is 
to oversee 
strategic and business 
development matters of the Group and make necessary 
related decisions; 
●
 
Executive Committee: this 
committee’s mission is 
to address matters 
such as strategic orientations 
defi-
nition and implementation, business development 
and other transversal topics. It is composed of Author-
ized Management and of each Business Units and Support 
Units Heads; 
●
 
Senior Management Team 
Committee (SMT): this 
committee is a 
privileged forum of 
exchanges, reflec-
tions and works on general interest questions related to the Group taking advantages on the professional 
experience of its members; 
●
 
Executive committees at BU/SU level: these committees are responsible for elaborating the strategic and 
transversal orientations of each BU/SU. 
Ø
 
Steering committees: 
●
 
Business 
Committee: 
the 
mission 
of 
this 
committee 
is 
to 
elaborate 
the 
Société 
Générale 
Luxembourg 
commercial strategy and coordinate the commercial initiatives 
of the various businesses; 
●
 
Finance 
Committee 
(COFI): 
this committee 
is responsible 
for setting 
out 
the 
Group’s 
financial 
strategy 
and for managing scarce resources (capital, liquidity, 
statement of financial position) in the context of the 
allocation and 
the management 
of structural 
risks; 
it also 
addresses 
tax-related 
matters. The 
Assets & 
Liabilities Committee (ALCO) is a sub-committee of the COFI 
focusing on asset & liability risks; 
●
 
CSR 
Committee: 
this 
committee 
deals 
with 
topics 
related 
to 
the 
Group’s 
commitments 
and 
normative 
framework in 
CSR matters 
(including inclusion 
of the CSR 
dimension in 
the businesses’ 
strategy and 
in 
the Group’s risk management framework, as well as commitments in terms of the 
Group’s own footprint), 
culture 
and 
conduct, 
or 
other 
topics 
that 
have 
an 
impact 
on 
the 
Group’s 
liability 
or 
reputation 
and 
not 
already covered by an existing Committee; 
●
 
Human Resources 
Committee (HR 
Committee): this 
committee elaborates 
the human 
resources policy, 
addressing attractiveness, compensation, retention and HR regulatory 
-related subjects; 
●
 
Mobility Committee: 
the mission 
of this 
committee is 
to fluidify 
and pilot 
internal mobility 
by, 
highlighting 
specific profiles 
or talents 
and positions 
to be filled 
so as 
to find the 
best match 
between for 
employees 
on the move; 
●
 
IS Security Committee: 
this committee is 
responsible for the 
Group’s IS 
security policy and 
governance, 
compliance with IT regulations as well as IT risk assessments; 
●
 
IS Strategy Steering 
Committee: this committee 
validates the Société 
Générale Luxembourg’s information 
system strategy, and 
is responsible 
for the follow-up of such strategy. 
Ø
 
Enterprise risk management committees: 
●
 
Enterprise Risk Committee (ERC) : the mission of this committee 
is to define the Group’s key priorities in 
terms 
of risk 
(credit, country, 
market, structural 
and 
operational 
risks), 
within the 
framework 
of the 
risk 
appetite and the 
financial targets 
set by the 
Board of Directors 
of the Group, 
and to monitor 
compliance 
in such respect; 
and to maintain 
a sound, effective 
and sustainable 
risk management 
framework, taking 
appropriate measures in case of gaps ; 
●
 
Compliance Committee (COMCO) : the 
mission of this committee is 
to define the Group’s main 
guidelines 
and principles in terms of compliance, 
to ensure a sound, effective 
and sustainable adherence to all 
reg-
ulations to 
be applied by 
the Group based 
on an 
appropriate framework, and 
to take appropriate 
measures 
in case of gaps ; 
●
 
Internal Control Coordination Committee (ICCC): this committee is 
responsible for the overall architecture 
of the Group’s internal control 
system, for evaluating its 
efficiency, 
consistency and comprehensiveness, 
for taking corrective actions and for monitoring their implementation. 

Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
8 
2.2. 
Corporate governance 
The Board of Directors 
of the Company 
is committed to 
maintaining the standards 
of corporate governance 
enforced 
at 
the 
level 
of 
the 
European 
Union 
and 
at 
level 
of 
the 
Société 
Générale 
Group. 
This 
statement 
describes the Company’s governance principles and 
practices. 
2.3. 
Remuneration policy
The Group strictly applies the 
Société Générale Group remuneration 
policy, which 
aims at guaranteeing the 
sustainable engagement and loyalty 
of its employees, while ensuring 
an effective and sustainable 
risk man-
agement, including from a compliance perspective. 
 
3. 
Consolidated Management Report 
3.1. 
Group main activities 
The Group has 
built over time 
a solid diversified 
banking model to 
serve its 
corporate, institutional and 
individual customers. 
Such model 
is structured 
around several 
complementary businesses 
enabling the 
Group to 
benefit from 
strong market 
positions and a diversified risk profile. 
3.1.1. Private Banking 
The Société Générale European Private Banking 
activity is primarily present in Luxembourg, 
Switzerland and 
Monaco, with a commercial branch in Italy and two representative offices in Belgium and in Germany. 
It offers 
global wealth 
management solutions, in 
addition to 
global expertise 
in structured 
products, hedge funds, 
mutual 
funds, private 
equity funds, 
life insurance 
and real 
estate investment 
solutions. It 
also offers 
customer broad 
access to capital markets, lending capacities and portfolio management 
services. 
The expertise of 
Société Générale European 
private banking’s 
teams contributes 
to the strong 
recognition of 
Société Générale Group in the private banking industry: in 2023, Société Générale Private Banking was nom-
inated 
by 
the 
WealthBriefing 
European 
Awards 
in 
the 
European 
Private 
Bank 
category 
as 
the 
best 
Credit 
Provider, as the best 
Wealth Planning Team and as the 
best Wealth Management Business 
Servicing Benelux. 
Société 
Générale 
Private 
Banking 
was 
elected 
by 
Euromoney 
in 
Wealth 
Management 
Business 
Servicing 
Benelux category as the best International Private Bank 
in Belgium. 
Locally, 
the Group’s 
private banking 
teams were elected 
“Best Private 
Bank in Luxembourg” 
by Professional 
Wealth Management – Global Private Banking 
Awards 2023. 
The Group’s Private Banking has also won the following 
awards: 
●
 
Europe’s Best for Wealth Transfer 
– Euromoney 
●
 
Succession Planning – Euromoney 
●
 
Best for Digital in Finance – Euromoney 
●
 
Private Bank Best Credit Provider (Europe) – WealthBriefing 
●
 
Private Bank – Wealth Planning Team 
(Europe) – Wealthbriefing
3.1.2. Securities Services 
The Securities Services 
business (SGSS) in 
Luxembourg offers a comprehensive 
range of 
asset and securities 
services to Asset Managers, Asset Owners, Corporate and 
Financial Institutions, including: 
-
 
custody and depository bank activities, covering all asset 
classes; 

Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
9 
-
 
fund 
administration 
services 
for 
investment 
managers 
on 
all 
asset 
classes 
including 
complex 
financial 
products; 
-
 
private asset 
services for 
alternative investment 
funds covering, 
in the 
main, real 
estate, private 
equity, 
debt and infrastructure strategies; 
-
 
issuer services, 
including issuing 
and paying 
agency services 
to large 
international corporate 
bond pro-
grams; 
-
 
transfer agent activities, supporting fund distribution strategies 
of our clients in catering to investor needs 
and maintaining the fund’s investor registrar 
and the multilateral reporting thereof; 
-
 
middle office and trade execution services. 
SGSS in Luxembourg is one of the largest securities services providers given the size of its global activity and 
is to be perceived as 
a strategic entity in view 
of the continued development 
ambitions of SGSS globally 
as a 
leader in the industry. 
In 2023, SGSS won the Best 
Sub-Custodian Bank award in Morocco, 
Czech Republic, Romania, 
Switzerland 
and France from the Global Finance magazine. 
3.1.3. Corporate Banking & 
Cash Management 
The Corporate 
Banking and 
Cash Management 
team in 
Luxembourg is 
servicing domestic 
and international 
clients, and particularly financial institutions and large corporates 
with international and multinational activities. 
We offer flow management assistance for 
the commercial and corporate flows of our clients. 
The business line 
offers a 
full and integrated 
range of 
solutions and services, 
leveraging the 
expertise of the 
Société Générale Group’s global Transaction 
Banking business lines; specifically, 
it covers five activities: 
-
 
cash management; 
-
 
short & medium term financing; 
-
 
financial & commercial guarantees issuance; 
-
 
foreign exchange services and interest rate hedging; 
-
 
financial assets custody 
3.1.4. Global Banking 
& Advisory 
The Global Banking & Advisory 
(GLBA) platform in Luxembourg is 
part of Société Générale Group’s worldwide 
platform composed of expert teams 
located in Europe, the CEEMEA 
region, the Americas and in 
Asia region, 
whose knowledge 
of customers 
and expertise 
on industries 
and local 
regulations 
are key 
to conducting 
do-
mestic, international and cross-border 
activities. Leveraging this global 
expertise and sectoral knowledge, 
the 
GLBA team provides clients with a full range of structured 
finance solutions in the following areas: 
-
 
asset based finance (export finance, aircraft finance, shipping finance, real estate finance, and structured 
solutions and leasing); 
-
 
natural resources and infrastructure; 
-
 
asset-backed products and securitization; 
-
 
credit risk insurance. 
3.1.5. Global Markets 
Part 
of 
the 
global 
Markets 
Business 
Unit 
of 
Société 
Générale 
Group, 
the 
Issuing 
activity 
in 
Luxembourg 
is 
performed by 
SG Issuer 
S.A. (“SGIS”) 
as well 
as through 
the “SOGEIS” 
framework based 
on Luxembourg’s 
fiduciary legal framework : it provides 
international investors with access to the 
entire range of capital market-

Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
10 
based financial engineering services and structured products. SGIS issues both secured and 
unsecured notes 
through private placements 
or public offerings. 
SG Luxembourg via 
SOGEIS only 
issues secured 
notes. The 
securities issued 
by SG 
Issuer or 
by SG 
Luxembourg via 
SOGEIS are 
fully backed 
by a 
guarantee from 
the 
Société Générale Group. 
3.1.6. Insurance 
Through dedicated 
subsidiaries, the 
Group has 
insurance (life 
and credit) 
and re-insurance 
(re-insurance 
of 
certain Société Générale Group insurance contracts) activities. 
3.1.7. Corporate Center 
It comprises Treasury and Asset / Liability Management (ALM) functions which are responsible for monitoring, 
managing and 
hedging structural 
risks (liquidity, 
interest rate 
and forex) arising 
from all 
business units 
within 
the Group, including from the Bank’s international 
affiliates in Monaco and Switzerland. 
The Profit & Loss account of the Corporate Center covers the carrying cost 
of equity shareholdings in subsidi-
aries and 
related dividend 
payments, as 
well as 
income and 
expenses stemming 
from the 
Group’s Treasury 
center, Asset 
and Liability Management 
(ALM) function and 
income from the management 
of the Group’s 
as-
sets (industrial and bank non-consolidated equity 
portfolio and real estate assets). Income 
or expenses that do 
not relate directly to the activity of the core businesses 
are also allocated to the Corporate Center. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
11 
3.2. 
Group results 
3.2.1. 
Group results – Consolidated income statement 
(In EUR thousand)
2023
2022 R *
Change 
in %
Change in 
value
Net interest margin
591 929
411 225
44%
180 704
Net fee margin
288 075
267 600
8%
20 475
Net gains and losses on financial transactions
38 834
101 099
-62%
(62 265)
Net result from insurance and reinsurance con-
tracts and activities
9 362
19 878
-53%
(10 516)
Net income from other activities
(1 782)
(84)
2021%
(1 698)
Net banking income
926 418
799 718
16%
126 700
Operating expenses
(465 456)
(428 734)
9%
(36 722)
Gross operating income
460 962
370 984
24%
89 978
Cost of risk 
92 354
(168 298)
-155%
260 652
Operating income
553 316
202 686
173%
350 630
Net income from investments accounted for using 
the equity method
45 914
36 714
0
9 200
Net income/expense from other assets
1 090
(3)
-36433%
1 093
Earnings before tax
600 320
239 397
151%
360 923
Income tax
(56 335)
(10 782)
422%
(45 553)
Consolidated net income
543 985
228 615
138%
315 370
Non-controlling interests 
13
17
-24%
(4)
Net income, Group share
543 972
228 598
138%
315 374
* The amounts for 2022 have been restated (identified by 
a “R”) following the first retrospective application of IFRS 17 "Insurance Contracts" and 
IFRS 9 "Financial 
Instruments" by the insurance subsidiaries. 
Société Générale 
Luxembourg Group 
consolidated Net 
Income in 2023 
stood at 
EUR 544 million, 
up by +138% 
compared to 2022. 
The Net Banking Income amounted 
to EUR 926 million, +16%. 
Revenues were supported 
by a favorable market 
environment and a solid commercial dynamism. Corporate Banking and Cash Management, Private Banking and 
Securities Services activities revenues also benefited from 
of EURO, USD and GBP interest rates rise. 
The 16% increase in 
revenues
 
in 2023 resulted from a contrasted evolution of the 
various Group’s businesses. 
●
Private Banking
 
activities had good net 
interest margin driven by 
the increase of EURO 
& USD interest 
rates. 
2023 confirms SG Private Banking good commercial 
momentum with an increase of net inflows; 
●
Securities 
Services 
activities 
had 
a resilient 
commercial 
activity 
and 
had 
improved 
its net 
interest 
margin 
driven by the EURO & USD interest rates increase and 
overdrafts; 
●
Corporate Banking and Cash Management
 
continued its dynamic activity development, especially with Pri-
vate Equity and Real Estate clients. This revenue growth is driven 
by the EURO & USD & GBP interest rates 
increase; 
●
Global Banking & Advisory 
activities suffered from 
the geopolitical context 
despite new activities 
launched 
in 2023 (leasing and credit insurance); 
●
Global Markets
 
activities maintained a stable revenue contribution on 
its structured products issuance activ-
ities. 
●
 
Finally, 
the 
Corporate Center
 
2023 financial 
performance showed 
an exceptional 
negative Mark 
to Market 
on derivatives products (reversal of the exceptional positive 
Mark to Market in 2022). 

Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
12 
In a 
continuing costs 
discipline model, 
Société Générale 
Luxembourg Group 
maintained its 
investment strategy 
to transform 
its platform 
and operating 
model to 
prepare the 
future of 
its business, 
mainly Private 
Banking and 
Corporate Banking and Cash Management, in a environment 
impacted by inflation. 
Operating expenses
 
stood at 
EUR 465 
million, +9% 
compared to 
2022. High-cost 
discipline strategy 
remains 
relevant to 
allocate resources 
to business 
developments and 
accompany the 
SG Luxembourg 
transformation in 
an inflation context. 
Gross 
Operating 
Income
 
amounted 
to 
EUR 
461 
million, 
+24% 
compared 
to 
2022. 
Operational 
efficiency 
im-
proved: the cost income stood at 50.2 %, down by -3,4 
pp compared to 2022. 
Net 
cost 
of 
risk
 
amounted 
to 
a 
EUR 
92 
million 
net 
reversal 
provision, 
confirming 
the 
quality 
of 
the 
portfolio, 
compared to a provision of EUR 168 million in 2022 (mainly 
linked to Russian client’s exposure). 
Overall, the Group’s Net Income stood at EUR 
544 million in 2023 compared to EUR 229 million in 2022. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
13 
3.2.2. 
Group results – Statement of financial position 
ANALYSIS OF THE CONSOLIDATED 
STATEMENT 
OF FINANCIAL POSITION
ASSETS
(In EUR thousand)
12.31.2023
12.31.2022 R
Change in %
Change in 
value
Cash due from central banks
12 659 385
12 535 411
1%
123 974
Financial assets at fair value through 
profit or loss
440 921
1 024 354
-57%
(583 433)
Hedging derivatives
156 525
217 206
-28%
(60 681)
Financial assets at fair value through 
other comprehensive income 
1 539 911
2 238 820
-31%
(698 909)
Securities at amortised cost
9 953 229
9 309 177
7%
644 052
Due from banks at amortised cost
23 067 296
21 990 338
5%
1 076 958
Customer loans at amortised cost 
17 633 172
19 965 886
-12%
(2 332 714)
Insurance and reinsurance contracts as-
sets
15 992
1 992
703%
14 000
Tax 
assets
1 966
5 321
-63%
(3 355)
Other assets
588 643
351 678
67%
236 965
Investments accounted for using the 
equity method
113 779
102 095
11%
11 684
Tangible 
and intangible fixed assets and 
right-of-use assets
192 812
144 089
34%
48 723
Total
66 363 631
67 886 367
-2%
(1 522 736)
As of December 31, 
2023, the Group’s 
statement of financial 
position amounted EUR 66,4 
billion, decreasing by 
EUR 1,5 billion compared to December 31, 2022. 
Financial assets at fair value through profit or loss
 
decreased by EUR 0,6 billion (-57%) compared to Decem-
ber 31, 2022, and 
Financial assets at fair value through other 
comprehensive income
 
decreased by EUR 0,7 
billion (-31%) over the period. 
Securities at amortised cost 
increased by EUR 0,7 billion (+7%) compared to December 
31, 2022. 
Due from banks at 
amortized cost 
slightly increased by EUR 1,1 
billion (+5%) compared to 
December 31, 2022. 
Customers loans at amortized cost
 
decreased by EUR 2,3 billion (-12%) compared to 
December 31, 2022. 
Other assets
 
increased by EUR 0,2 billion (+67%) compared to December 
31, 2022. 
Tangible and 
intangible fixed assets and 
right-of-use assets 
increased by EUR 48 million 
(+34%) compared 
to December 31, 2022. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
14 
LIABILITIES
(In EUR thousand)
12.31.2023
12.31.2022 R
Change in 
%
Change in 
value
Financial liabilities at fair value through 
profit or loss
109 650
399 349
-73%
(289 699)
Hedging derivatives
2 599
16 003
-84%
(13 404)
Revaluation differences on portfolios 
hedged against interest risk
22 629
-
100%
22 629
Debt securities issued
16 730
22 394
-25%
(5 664)
Due to banks
21 761 332
21 543 080
1%
218 252
Customer deposits
39 127 204
41 283 263
-5%
(2 156 059)
Tax 
liabilities
143 616
123 265
17%
20 351
Other liabilities
1 137 689
789 147
44%
348 542
Insurance and reinsurance contracts lia-
bilities
73 516
64 009
15%
9 507
Provisions
55 688
56 697
-2%
(1 009)
Total liabilities
62 450 653
64 297 207
-3%
(1 846 554)
Shareholders' equity
-
Shareholders' equity, Group share
-
Issued capital
1 389 043
1 389 043
0%
-
Reserves, share premium and re-
tained earnings
1 972 641
1 932 958
2%
39 683
Net income
543 973
228 598
138%
315 375
Sub-total
3 905 657
3 550 599
10%
355 058
Unrealised or deferred gains and 
losses
7 212
38 454
-81%
(31 242)
Sub-total equity, Group share
3 912 869
3 589 053
9%
323 816
Non-controlling interests
109
107
2%
2
Total equity
3 912 978
3 589 160
9%
323 818
Total liabilities and equity
66 363 631
67 886 367
-2%
(1 522 736)
Financial liabilities 
at fair 
value through 
profit 
and 
loss 
decreased 
by EUR 
0,3 
billion 
(-73%) 
compared 
to 
December 31, 2022. 
Due to banks
 
slightly increased by EUR 0,2 billion (+1%) compared 
to December 31, 2022. 
Customer deposits
 
decreased by EUR 2,2 billion (-5%) compared to December 
31, 2022. 
Other Liabilities
 
increased by EUR 0,3 billion (+44%) compared to December 
31, 2022. 
Group shareholder’s equity
 
amounted to EUR 
3,9 billion as 
of December 31, 
2023, an increase 
of 9% compared 
to December 
31, 2022. Details 
related to 
shareholders’ equity are 
disclosed in 
Note 7 
of the 
Consolidated Financial 
Statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
15 
3 114
3 030
 
500
1 000
1 500
2 000
2 500
3 000
3 500
2023-12-31
2022-12-31
CET 1
3.3. 
Group’s Own funds 
3.4. 
Post closing events 
After 
December 
31, 
2023 
the 
Group 
has 
sold 
some 
loans 
in 
its 
Retail 
perimeter 
on 
Private 
Banking 
defaulted 
counterparties for 
a nominal amount 
of EUR 
46 million. Considering 
the provision 
booked in 2023, 
this sale 
has 
no material impact 
on the 
Group net result 
as presented in 
the consolidated income 
statement for 
the period ended 
December 31, 2023. 
In March 2024, the Group has proceeded to 
an increase for EUR 32 million in Sogelife equity 
participation with no 
impact on its ownership due to the parallel increase of 
equity participation by Sogelife other shareholder. 
 
The Group’s sole shareholder is Sogeparticipations S.A., a French Company fully owned by the Société Générale Group.
In 2023, the Group did not proceed with any buyback of its own shares. As of 
December 31, 2023, the Group’s sole share-
holder holds 11 024 148 shares representing 100% of the share capital of the Société Générale Luxembourg S.A.
The Group's capital, on a consolidated basis, is made of:
●
Core Tier I capital: EUR 3 114 million (2022: EUR 3 030 million) ;
●
Tier II capital : EUR nil (2022 : 8,34 million).

 
Société Générale Luxembourg S.A. 
Consolidated Management Report 
As at December 31, 2023 
16 
11,812 
11,796 
1,095 
1,166 
109 
59 
…
41 
4 
 
11,000
 
11,500
 
12,000
 
12,500
 
13,000
 
13,500
2023-12-31
2022-12-31
Credit risk
Operational risk
Counterparty credit risk
Market risk
Others
4. 
Risks and Capital Adequacy 
4.1. 
Key figures 
4.1.1. Risk-Weighted 
Assets 
 
As at December, 31 2023, total Risk-Weighted Assets of the Group amounted to EUR 13 097 million (2022: EUR 13 063 
million), composed of: 
• EUR 11 922 million related to credit and counterparty credit risk (2022: EUR 11 
855 million); 
• EUR 1 095 million related to operational risk (2022: EUR 1 166 million); 
• EUR 39 million related to market risk (2022: EUR 39 million); 
• EUR 41 million related mainly to Credit Valuation Adjustment and Settlement risk.

 
Société Générale Luxembourg S.A. 
Consolidated Management report (continued) 
As at December 31, 2023 
17 
23.78%
23.20%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
2023-12-31
2022-12-31
Common Equity tier 1 Capital
163.10%
159.40%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
160.00%
180.00%
2023/12/31
2022/12/31
Ratio LCR
4.1.2. Capital ratios 
4.1.3. Liquidity Coverage Ratio 
 
As of December 31, 2023, the Group Common Equity Tier 1 ratio stood at 23,78% (2022: 23,20%). As of December 31, 
2023, the Group capital ratios are significantly above minimum regulatory requirements. 
As of December 31, 2023, the Group one-month Liquidity Coverage Ratio (LCR) stood at 163,10% (2022: 159,4%), 
well above the regulatory requirement of 100%.

Société Générale Luxembourg S.A. 
Consolidated Management report (continued) 
As at December 31, 2023 
18 
4.2.
Risk management 
The understanding, identification, mitigation and control of risks are 
essential elements of the successful man-
agement of the 
Group. In accordance 
with circular CSSF 
12/552 as amended, 
the Group’s internal governance 
is based on a “three-lines-of-defence” model which relies 
on distinct internal control functions: 
●
 
a “first line of defence” function performed by business 
lines and support functions 
●
 
a “second line of defence” function: the credit, market and operational risk management function (RISQ), 
and the compliance function (CPLE), 
●
 
a “third line of defence” function: the internal audit (IGAD). 
The main objectives of the Group’s risk management 
framework are: 
●
 
to accurately identify and measure all the risks the Group is subject 
to, 
●
 
to maintain an effective oversight framework, 
and implement enhancement plans when needed; 
●
 
to propose to the Board of Directors an adequate risk 
appetite framework for its validation 
●
 
to ensure that Société Générale 
Group’s and the Bank’s 
risk policies are consistently and 
effectively ap-
plied throughout the organization; 
4.3 
Risks 
The Group’s risk monitoring process identifies seven 
main risk categories: 
Credit Risk: 
the credit risk 
is defined as the 
risk of loss 
resulting from the 
inability of the Group's 
customers, 
sovereign issuers or 
other counterparties to 
honour their financial 
commitments. It also 
includes the counter-
party risk related to the market activities. 
Market Risk:
 
the market risk 
is defined as the risk 
of loss due to unfavourable 
movements in market factors, 
such 
as 
interest 
rates, 
share 
prices 
or 
currency 
exchange 
rates, 
impacting 
the 
value 
of 
the 
Bank’s 
market 
positions.
Interest Rate Risk:
 
the structural interest rate risk 
is measured on structural activities 
(i.e. commercial trans-
actions, associated hedging transactions and treasury transactions) 
for each of the Group’s entities. 
Exchange Rate 
Risk:
 
the structural 
exchange rate risk 
is the risk 
that a loss 
occurs due 
to an unfavourable 
movement of the exchange rate affecting the Group 
due to existing open positions in foreign currencies. 
Liquidity Risk: 
the liquidity 
risk is 
defined as the 
risk for 
the Group 
of not being 
able to meet 
at all times 
its 
current and 
future cash 
requirements, whether 
or not 
those have 
been anticipated, 
at a 
reasonable cost. 
Li-
quidity is a key factor in the viability of the Group. 
Operational Risk: 
the operational risk is defined as 
the risk of loss or fraud as 
a result of defects in or failure 
of internal 
systems and 
procedures, human 
error or 
external events, 
including IT 
risk and 
management risk. 
Particular attention is paid to 
Compliance risk
, i.e. the risk of not being compliant 
with applicable regulations 
in areas, among others, of sanctions & embargoes, anti-money 
laundering and terrorism financing, client pro-
tection, market abuse, data protection and conduct. 
Please refer to note 9 to the Consolidated Financial Statements 
for further details. 
 

Société Générale Luxembourg S.A. 
Consolidated Management report (continued) 
As at December 31, 2023 
19 
4.4. 
Risk Appetite 
Risk Appetite 
is defined 
as the 
level of 
risk that 
the Group 
is prepared 
to bear 
in the 
course of 
pursuing its 
strategic objectives. 
The Group has defined a Risk Appetite Framework which 
includes: 
●
 
a governance over an identified scope; 
●
 
a mechanism composed of a set of policies, instructions, 
procedures, and controls; 
●
 
a risk culture favouring risk awareness. 
The Risk Appetite Statement 
describes the principles, policies, 
and metrics that set the Group's 
risk appetite, 
which includes thresholds, limits and Crisis level. 
The main risk appetite principles are summarised below. 
4.4.1. Structural interest rate and 
exchange risks 
The 
Group 
assesses 
and 
controls 
structural 
risks. 
The 
mechanism 
to 
control 
interest 
rate 
risk, 
foreign 
ex-
change 
risk 
is 
based 
on 
sensitivity 
or stress 
limits 
adapted 
to 
each 
of the 
various 
businesses 
(entities 
and 
business lines). 
4.4.2. Liquidity risk 
The Group assesses the solidity of its liquidity profile based 
on the following: 
●
 
Controlling liquidity risk, based on internal stress tests with 
adapted limits; 
●
 
Controlling funding risk, with long term funding projections 
under base case and stresses scenarios; 
●
 
Complying with 
regulatory obligations, in 
particular Liquidity Coverage 
Ratio (“LCR”) and 
Net Stable 
Fund-
ing Ratio (“NSFR”) requirements. 
4.4.3. Credit and counterparty 
risks 
When taking credit risk, the Group 
focuses on medium and long-term client 
relationships, targeting clients with 
which 
the 
Group 
has 
an 
established 
relationship 
of 
trust 
and 
prospects 
offering 
the 
potential 
for 
profitable 
business development 
over the 
medium-term. In 
a credit 
or market 
transaction, 
credit (or 
counterparty) 
risk 
acceptability is based, first and 
foremost, on the borrower’s 
(or counterparty’s) ability to meet its 
commitments. 
4.4.4. Market risks 
The business development 
strategy of the 
Group for 
market activities is 
focused on addressing 
client needs, 
with a full range of products and 
solutions. The market risk is strictly managed through various limits related to 
a set of appropriate market risk metrics. Overall, the Group’s 
appetite for market risk is limited
. 
4.4.5. Operational risks (excluding 
compliance risk) 
The Bank has no appetite for operational risk. 
Over recent years, the materialization of such risk has been low 
in Private Banking and Securities Services businesses
. 
4.4.6. Compliance risk 
The Group’s policy is strictly compliant with all laws and regulations governing financial and banking activities. 
It has no tolerance 
for not complying 
with such laws 
and regulations when 
conducting its activities. 
It aims at 
maintaining a strong culture of compliance and adequate conduct 
among its employees.
 

Société Générale Luxembourg S.A. 
Consolidated Management report (continued) 
As at December 31, 2023 
20 
5. 
Corporate social responsibility (“CSR”) 
5.1. 
Our engagement as a Corporate 
Be a responsible employer 
●
 
Well-being at work: 
-
 
launch of a package of training courses with themes adapted 
to each period of the year; 
-
 
Implementation of accompanying measures associated with our relocation project (ICONE) to 
sup-
port change and enable our employees 
to achieve a good work-life balance (parking, 
bus transpor-
tation, carpooling, gym, teleworking); 
-
 
Roll-out of training with ASTF: “Taking 
care of my well-being and that of my employees” 
; 
-
 
Reinforcement 
of 
our 
internal 
procedures 
together 
with 
staff 
delegation 
which 
covers 
matters 
of 
psychological and sexual harassment, discrimination and 
associated procedures and integration of 
these issues into our rules of procedure; 
-
 
Health: continuing 
our support 
to physical 
(check-up campaign, 
vaccination) and 
mental (training 
of our management team, light-house program with ASTF) 
health of our employees. 
●
 
Foster diversity: launch of a Diversity Committee with three main 
objectives: 
-
 
Signature of Women in Finance Charter (March 
8, 2023) and first reporting on October 2023; 
-
 
International Women’s Day (March 
8) : several events organized by Mix & Win; 
-
 
Diversity Day : organization of 3 work shops on handicap with 
PADEM (May 23, 
2023); 
-
 
IMS: winner of the 
Diversity Awards 
Lëtzebuerg 2023 on 
the category “Communication 
& Valeurs 
de l’entreprise” for “Bingo de la Diversity et de l’Inclusion”; 
-
 
Participation in DuoDay 2023 (with ADEM) for people with 
disabilities (November 16, 23). 
●
 
Solidarity: 
-
 
Third 
edition 
of 
Move 
for 
Youth 
Challenge 
(June 
2023) 
with 
participation 
of 
70 
teams, 
EUR 
23 
thousand donation to SOS Village d’Enfants Luxembourg 
; 
-
 
Relaunch of our Payroll Giving program. 
 

Société Générale Luxembourg S.A. 
Consolidated Management report (continued) 
As at December 31, 2023 
21 
Contribute to climate and environment preservation 
Like any corporate, the 
Group generates environmental 
impacts through its activity. 
The Group is well-aware 
of its responsibility and therefore was pioneer in this matter by taking the decision, more than 10 years ago, to 
reduce its CO2 emissions by: 
●
 
Responsible purchase policy: implementation 
of a CSR questionnaire for suppliers 
to assess their social 
and environmental policy, 
CSR note included in the bid evaluation grid; 
●
 
Optimize 
environmental 
impact 
of 
our 
premises: 
Continually 
enhancing 
the 
energy 
performance 
of 
its 
buildings to optimize 
carbon emissions, 
with strong 
ambitions on 
our two buildings 
occupied mid-2023 
: 
our headquarters downtown 
(“Arsenal”) benefit from 
the HQE certification 
(excellent) and BREEAM 
cer-
tification (very good), and our building in Belval (“Icône”) 
with the BREEAM certification (excellent); 
●
 
Foster 
responsible 
consumption 
mode : 
Zero 
Plastic 
Charter signed 
in 
2019, waste 
responsible 
policy 
with 
SuperDrecksKëscht 
label, 
promote 
soft mobility 
with green 
vehicle 
and cycle 
promotion, 
reducing 
our paper consumption 
with the “FollowMe” 
printing initiative (since 
2016, SG Luxembourg 
has reduced 
its paper consumption 
from EUR 4,2 
million sheets of 
paper, which represent more than 
500 trees saved); 
●
 
Helping the 
Institut pour 
le Mouvement 
Sociétal (IMS) 
by participating 
to their 
initiatives as 
“knowledge 
sharing”, Diversity Day (as a Gold Sponsor) or Luxembourg 
Sustainability Forum. 
5.2.
 
Our commitment as a Group 
Intensify Socially Responsible Investments 
SG Luxembourg 
Group is 
convinced that 
a strong 
ESG policy 
will be 
synonymous of 
a sustainable 
superior 
financial performance. 
In Private 
Banking, our 
clients have 
access to 
bespoke SRI 
portfolios which 
combine financial 
performance 
with a 
positive social 
and environmental 
impact. Clients 
can measure 
the environmental, 
social and 
govern-
ance (ESG) performance of their portfolio via dedicated 
ESG reporting. 
Furthermore, a dedicated team has developed a 
full range of structured positive impact finance (PIF) products 
with a charity dimension. Private Banking 
also support investors in organising 
their philanthropic projects and 
defining their 
philanthropic strategy 
and objective 
for each 
donation, set 
up a 
budget and 
payment plan 
and 
measure the impact. 
SGSS continues to promote to their institutional clients an ESG reporting solution, a system for measuring the 
impact of 
investment strategies 
on the 
environment 
and society. 
Its objective 
is to 
help investors 
and asset 
managers to better integrate ESG criteria into their investment 
decisions. 
Global 
market 
activities, 
through 
their 
Luxembourg-based 
issuing 
vehicles, 
continue 
to 
support 
the 
Société 
Générale Group’s effort in structuring 
and distributing CSR structured investment solutions. 
Foster sustainable 
and positive impact financing 
The Group is thriving to play a major role by promoting of Positive Impact Finance in the country together with 
partners 
like 
Luxembourg 
For 
Finance 
(LFF), 
the 
“Association 
des 
Banques 
et 
Banquiers 
du 
Luxembourg” 
(ABBL) or Luxembourg Sustainable Finance Initiative (LSFI). 
GLBA LUX portfolio shall be managed in order to present a business mix as much as possible consistent with 
the broader GLBA one, monitoring the share of assets contributing 
to a positive future (including public invest-
ment fund and 
taxonomy-aligned assets) and ensuring 
to increase it 
in accordance with 
SGL’s ESG ambitions.
Enrich our environmental and social risk framework 
Accompanying the evolution of the regulation, in particular 
in Europe, the Group is focusing on: 
◾
 
Enrich existing risk map with E&S dimension: 
◾
 
ESG Risk 
factors identification 
has been 
performed since 
2021 for 
ICAAP exercise 
purpose 
based on the ECB climate related and environmental risks 
guidelines; 
◾
 
An add 
on for 
Internal 
Capital 
Need 
(ICAAP 
purpose) 
has been 
calculated 
by applying 
SG 
Group methodology on SGL credit portfolio; 
◾
 
ESG risk 
analysis performed 
in the 
GLBA and 
GTPS credit 
granting process 
when relevant 
(counterparties belonging to sensitive sectors); 

Société Générale Luxembourg S.A. 
Consolidated Management report (continued) 
As at December 31, 2023 
22 
◾
 
PRIV : enforcement 
of exclusion 
list for 
eligible financial 
collateral in 
PRIV Credit 
Policy and 
EPC collect for real estate loans; 
◾
 
More globally, 
Integration of SGL 
in ESG by design, 
SG Group program 
aiming at the 
global 
compliance with the ECB guidelines. 
◾
 
Training 
◾
 
Mandatory all-staff E-Learning program in 
line with SG 
Group ESG training 
framework (launch 
in April 2023 and on going), close 
to employee and business needs with 5 levels of 
CSR skills 
development; 
◾
 
Accelerate “Fresque du Climat”: target of 30% of staff 
trained achieved in 2023. 
 

 
 
 
Société Générale Luxembourg S.A. 
Consolidated Management report (continued) 
As at December 31, 2023 
23 
6.
Outlook
The tightening of economic policies is impacting growth on both sides of the Atlantic. China’s efforts to reduce 
its debt burden also continue to weigh on global growth, 
including that of emerging economies. 
Concerns 
around 
inflation 
are 
now 
focused 
on 
wages, 
but 
leading 
indicators 
show 
a 
weakening 
of 
labour 
markets with 
a convergence 
in the 
number of 
business bankruptcies 
and a 
lower rate 
of labour 
retention as 
companies’ 
profit 
margins 
come under 
pressure. 
Inflation 
is expected 
to average 
out to 
below 
3% in 
2024, 
close to central bank targets. 
Credit spreads are likely to bear 
the brunt of corporate bankruptcies 
while sovereign spreads in the eurozone 
could suffer to some degree from a return to 
more stringent fiscal policy in Europe from 1 January 
2024, particularly 
in view 
of the 
debate about 
PEPP (pandemic 
emergency 
purchase 
programme) reinvest-
ments. Greater market volatility cannot be ruled out 
as recessionary effects are starting to materialise. 
Rate 
cuts 
by 
the 
European 
Central 
Bank 
(ECB) 
and 
the 
US 
Federal 
Reserve 
(Fed) 
will 
be 
vital 
to 
avoid 
a 
recession. The Bank of Japan (BoJ) is expected to abandon 
negative deposit rates in 2024, but it is unlikely 
to move 
them beyond 
0% over 
the forecast 
horizon. Geopolitical 
risks are 
likely to 
remain high 
in 2024 
with 
elections on 
the agenda 
in Taiwan 
in the 
early part 
of the year, 
at the 
European Parliament 
in spring 
and in 
the US in November. 
From 
a 
regulatory 
perspective, 
governments 
sought 
to 
adapt 
throughout 
2023 
to 
the 
emergence 
of 
a 
new 
global geopolitical and economic paradigm. 
●
 
The worsening geopolitical 
environment, marked by 
conflicts in several of 
the world's regions, forced 
governments to respond and take measures to shore up the resilience of their economic and financial 
systems. This saw the EU push further ahead with the rollout of its financial 
sanctions policy and look 
further into strategic autonomy considerations, coming 
up with two initiatives in particular, 
the EU Net 
Zero Industry Act and 
the EU Critical Raw 
Materials Act, in response 
to protectionist measures 
intro-
duced by the 
US, notably under the 
Infrastructure Investment and Jobs 
Act and the 
Inflation Reduction 
Act. The 
EU also 
encouraged investment in 
infrastructure (Next 
Generation EU), energy 
(REPowerEU) 
and defence 
(European 
Defence Industrial 
Strategy). 
Discussions 
on the 
Stability 
and Growth 
Pact 
(SGP) and its 
impact on the 
capacity of European 
countries to (co-)finance 
the recovery and 
ecological 
and environmental transitions were the subject of much 
attention. 
●
 
The economic environment, marked by rising 
interest rates and the fight against inflation, 
also preoc-
cupied the regulatory authorities. 
Authorities first sought 
measures to restore 
purchasing power and 
lending to households 
and businesses. In 
this context, European 
banks faced new 
regulatory actions that 
weighed on their 
profitability, 
such as excep-
tional taxes in certain member countries and tougher 
ECB requirements on reserves. 
Meanwhile, the rising interest rate environment fuelled political debate around financial stability: already in the 
first half of 2023 authorities and the public alike began 
to query the resilience of banks amid rising 
rates following the 
regional bank failures experienced 
in the US. 
Still not settled 
in the US, 
this debate is 
poised 
to continue in 2024. 
The concerns in 
Europe, given that 
the bank collapses 
in the US 
virtually coincided with 
Credit 
Suisse's 
woes 
in 
March 
2023, 
were 
nevertheless 
brief 
and 
did 
not 
prompt 
any 
immediate 
calls 
to 
strengthen banks’ capital requirements beyond those set 
out under the Basel framework (CRR3/CRD6). 
ESG risks are 
now incorporated into the 
European prudential framework review. The question of 
the prudential 
treatment of 
bank exposures 
to emissions
‑
intensive activities 
under Pillar 
1 has 
been presently 
set aside 
in 
favour 
of 
additional 
requirements 
under 
Pillar 
2 
– 
the 
final 
conclusions 
of 
the 
European 
Banking 
Authority 
(EBA) on this matter are expected by the end of 2025. 

 
Société Générale Luxembourg S.A. 
Consolidated Management report (continued) 
As at December 31, 2023 
24 
GLOBAL STATEMENT 
FOR THE CONSOLIDATED 
FINANCIAL STATEMENTS 
To 
the best 
of our 
knowledge, 
the Consolidated 
Financial 
Statements 
give a 
true 
and fair 
view 
of the 
financial 
position and profit and losses of Société Générale Luxembourg and its consolidated subsidiaries as at December 
31, 2023, and its financial performance and cash flows for the period then ended in accordance with International 
Financial Reporting 
Standards (“IFRS”) 
as adopted by 
the European 
Union, and 
the Consolidated 
Management 
Report includes 
a true 
and fair 
presentation of 
the evolution 
and performance 
of Société 
Générale Luxembourg 
and its consolidated subsidiaries, together 
with a description of the 
main risks and uncertainties that 
Société Gé-
nérale Luxembourg and its consolidated subsidiaries face. 
Frédéric Surdon 
Société Générale Luxembourg Chief Executive Officer 
Luxembourg, 23 April 2024 

 
- 25 - 
INDEPENDENT AUDITOR’S REPORT 
To 
the Board of Directors of 
Société Générale Luxembourg S.A. 
11, Avenue 
Emile Reuter 
L-2420 Luxembourg 
Report on the audit of the consolidated financial statements 
Opinion 
We have audited the consolidated financial statements 
of Société Générale Luxembourg S.A. (the “Group”), 
which comprise the consolidated statement of financial 
position as at 31 December 2023, the consolidated 
income statement, the consolidated statement of net income 
and unrealised or deferred gains and losses, 
the consolidated statement of changes in shareholders’ equity 
and the consolidated cash flow statement for 
the year then ended, and the notes to the consolidated financial 
statements, including material accounting 
policies. 
In our opinion, the accompanying consolidated financial statements 
give a true and fair view of the consoli-
dated financial position of the Group as of 31 December 
2023, and of its consolidated financial performance 
and its consolidated cash flows for the year then ended 
in accordance with International Financial Reporting 
Standards (“IFRS”) as adopted by the European Union. 
Basis for opinion 
We conducted our audit in accordance with EU Regulation 
N° 537/2014, the Law of 23 July 2016 on the au-
dit profession (“Law of 23 July 2016”) and with International 
Standards on Auditing (“ISAs”) as adopted for 
Luxembourg by the “Commission de Surveillance du Secteur 
Financier” (“CSSF”). Our responsibilities under 
the EU Regulation Nº 537/2014, the Law of 23 July 2016 
and ISAs as adopted for Luxembourg by the CSSF 
are further described in the “Responsibilities of the “Réviseur 
d’Entreprises Agréé” for the audit of the con-
solidated financial statements” section of our report. 
We are also independent of the Group in accordance 
with the International Code of Ethics for Professional 
Accountants, including International Independence 
Standards, issued by the International Ethics Standards 
Board for Accountants (“IESBA Code”) as adopted 
for Luxembourg by the CSSF together with the ethical 
requirements that are relevant to our audit of the con-
solidated financial statements, and have fulfilled our other ethical 
responsibilities under those ethical require-
ments. We believe that the audit evidence we 
have obtained is sufficient and appropriate to provide 
a basis 
for our opinion. 
Key Audit Matters 
Key audit matters are those matters that, in our professional judgment, 
were of most significance in our audit 
of the consolidated financial statements of the current 
year. These matters were addressed 
in the context of 
the audit of the consolidated financial statements as a 
whole, and in forming our opinion thereon, and we do 
not provide a separate opinion on these matters. 

Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
26 
Impairments on customer loans and provisions on 
financing commitments
Description 
 
As of 31 December 2023, the gross amount of customer loans 
is EUR 17 740 million, and related impair-
ments amount to EUR 97 million (see Note 3.6). 
As of 31 December 2023, provisions relating to financing 
commitments amount to EUR 1 million (see Note 
3.9). 
Customer loans and financing commitments carry a credit 
risk which exposes the Group to a potential loss if 
its client or counterparty is unable to meet its financial 
obligations. The Group recognizes expected credit 
losses (“ECL”) to cover this risk. Such ECL are calculated 
in accordance with IFRS 9 “Financial instru-
ments”. 
The assessment of ECL for customer loans and financing 
commitments requires the exercise of judgment 
notably to: 
●
 
prepare, in an uncertain environment, macro-economic 
projections which are embedded in the deterio-
ration criteria and in the expected credit losses measurement; 
●
 
determine the loan classification criteria under stages 1, 2 
or 3,taking account of the material increase in 
credit risk at loan portfolio level and the impact of measures 
to support the economy; 
●
 
estimate the amount of expected credit losses depending on 
the different stages; 
●
 
determine the adjustments to models and parameters, as well as 
the sector adjustments considered 
necessary to reflect the impact of economic scenarios 
on expected credit losses and anticipate the de-
fault or recovery cycle for certain sectors. 
The qualitative information concerning in particular the 
recognition and procedure used to estimate ECL is 
mainly described in Note 1.6, Note 3.9, Note 8.3 and Note 
9 to the consolidated financial statements. 
We considered the assessment of ECL on customer 
loans and financing commitments to be a key audit 
matter for the following reasons: 
●
 
the significance of customer loans in the Group’s 
balance sheet; 
●
 
the use of various parameters and assumptions in the 
models to determine the probability of default, the 
loss given default and model adjustments; 
 

Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
27 
●
 
the importance of judgment in determining the criteria 
of significant increase in credit risk and the way 
macro-economic forecasts are taken into account, particularly 
concerning the economic sectors and ge-
ographic areas most affected by the geopolitical 
and macro-economic situation; 
●
 
the assessment of individual ECL on defaulted loans 
and financing commitments (stage 3); 
●
 
the heightened difficulty to determine ECL during an 
uncertain geopolitical and macro-economic situa-
tion with interest rates remaining at a high level following 
the sharp increase in 2022 and 2023. 
How the matter was addressed in our audit 
 
We obtained an understanding of the Group’s 
internal control and tested the manual and automated 
key 
controls relating to the assessment of the credit risk and 
the measurement of the ECL. 
With the support of internal specialists in risk management and 
modelling included in the audit team, we fo-
cused our work on the most significant loans and/or portfolios 
of loans to customers, as well as on the fi-
nancing granted to companies operating in economic sectors 
and geographical areas most impacted by the 
current geopolitical, and macro-economic situation. 
Concerning ECL, our audit work notably consisted in: 
●
 
examining the compliance of policies and methodologies 
implemented by the Group with IFRS 9 “Finan-
cial instruments” requirements; 
●
 
analyzing the main parameters used by the Group to classify 
outstanding exposures and assess 
stages 1 and 2 ECL calculation as at December 31, 2023, 
including the integration of macro-economic 
projections with the support of economists from our firm; 
●
 
testing a sample of customer loans and financing commitments 
consisting of key items and items se-
lected on the basis of our professional judgment to form 
our own assessment as to whether they are 
classified in the appropriate stage; 
●
 
performing tests on impairment models implemented in the 
information systems which are used to pre-
pare financial information; 
●
 
Assessing the ability of model adjustments and parameters, 
as well as sector adjustments to provide 
adequate coverage of the level of credit risk in the current geopolitical 
and macro-economic situation. 
●
 
performing a counter-calculation of the ECL as at December 
31, 2023; 
●
 
examining the analyses prepared by the Group regarding 
variations of customer loans and financing 
commitments between stages and the related ECL during the 
year; 
●
 
testing based on a sample of exposures selected using 
our professional judgment, as at 
December 31, 2023, the main assumptions used to classify 
loans in stage 3, as well as the estimation of 
the related individual ECL. We examined in a critical 
manner the conclusions of the specialized commit-
tee monitoring such exposures and the assumptions used to 
determine expected cash flows and esti-
mated recovery from any underlying collateral. 
 

Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
28 
Mirroring of financial assets and financial liabilities related 
to issuance activity at SG Issuer S.A. 
Description 
As of 31 December 2023, SG Issuer S.A. (“SGIS”) is accounted 
for using the equity method (see Note 
2.3.2). 
The activity of SGIS consists in issuing Notes and Warrants, 
which are subscribed by investors. These finan-
cial instruments are economically fully hedged with mirror 
transactions concluded with Société Générale 
S.A. replicating the financial instruments issued by SGIS. 
We considered the mirroring of financial instru-
ments issued to be a key audit matter in light of the financial 
risk to the Group which would result from the 
inadequate mirroring of the financial instruments issued by SGIS. 
How the matter was addressed in our audit 
We tested the key controls implemented by SGIS 
in relation with the issuance of financial instruments and 
the conclusion of mirror transactions with Société Générale 
S.A., as well as the key controls on the stock of 
financial instruments to ensure the mirroring effectiveness. 
We verified the intercompany reconciliation process 
between SGIS and Société Générale S.A., and the 
in-
tercompany reconciliations performed as of 31 December 
2023. 
We tested whether SGIS has contracted the mirror 
financial instruments with Société Générale S.A. 
for a 
sample of financial instruments issued by the Group as 
of 31 December 2023. 
We inquired about the existence of operational errors 
during the year and, if applicable, the related financial 
impact. 
Other information 
The Board of Directors is responsible for the other information. 
The other information comprises the infor-
mation included in the consolidated management report but 
does not include the consolidated financial 
statements and our report of “Réviseur d’Entreprises Agréé” thereon. 
Our opinion on the consolidated financial statements does 
not cover the other information and we do not ex-
press any form of assurance conclusion thereon. 
In connection with our audit of the consolidated financial 
statements, our responsibility is to read the other 
information and, in doing so, consider whether the other 
information is materially inconsistent with the con-
solidated financial statements or our knowledge obtained 
in the audit or otherwise appears to be materially 
misstated. If, based on the work we have performed, we 
conclude that there is a material misstatement of 
this other information, we are required to report this fact. 
We have nothing to report in this regard. 
 

Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
29 
Responsibilities of the Board of Directors for the consolidated 
financial statements 
The Board of Directors is responsible for the preparation 
and fair presentation of the consolidated financial 
statements in accordance with IFRS as adopted by the 
European Union, and for such internal control as the 
Board of Directors determines is necessary to enable the 
preparation of consolidated financial statements 
that are free from material misstatement, whether due 
to fraud or error. 
The Board of Directors is also responsible for presenting and 
marking up the consolidated financial state-
ments in compliance with the requirements set out in the Delegated 
Regulation 2019/815 on European Sin-
gle Electronic Format, as amended (“ESEF Regulation”).In preparing 
the consolidated financial statements, 
the Board of Directors is responsible for assessing the Group’s 
ability to continue as a going concern, dis-
closing, as applicable, matters related to going concern 
and using the going concern basis of accounting 
un-
less the Board of Directors either intends to liquidate the Group 
or to cease operations, or has no realistic 
alternative but to do so. 
Responsibilities of the “Réviseur d’Entreprises Agréé” for 
the audit of the consolidated financial 
statements 
The objectives of our audit are to obtain reasonable assurance 
about whether the consolidated financial 
statements as a whole are free from material misstatement, 
whether due to fraud or error, 
and to issue a re-
port of the “Réviseur d’Entreprises Agréé” that includes 
our opinion. Reasonable assurance is a high level of 
assurance, but is not a guarantee that an audit conducted 
in accordance with EU Regulation N° 537/2014, 
the Law of 23 July 2016 and with the ISAs as adopted 
for Luxembourg by the CSSF will always detect a 
ma-
terial misstatement when it exists. Misstatements can 
arise from fraud or error and are considered material 
if, individually or in the aggregate, they could reasonably 
be expected to influence the economic decisions of 
users taken on the basis of these consolidated financial statements. 
As part of an audit in accordance with EU Regulation N° 537/2014, 
the Law of 23 July 2016 and with ISAs 
as adopted for Luxembourg by the CSSF, 
we exercise professional judgment and maintain 
professional 
skepticism throughout the audit. We also: 
●
 
Identify and assess the risks of material misstatement 
of the consolidated financial statements, whether 
due to fraud or error, design 
and perform audit procedures responsive to those risks, 
and obtain audit 
evidence that is sufficient and appropriate to 
provide a basis for our opinion. The risk of not detecting 
a 
material misstatement resulting from fraud is higher than for one 
resulting from error, 
as fraud may in-
volve collusion, forgery, 
intentional omissions, misrepresentations, or the override 
of internal control; 
●
 
Obtain an understanding of internal control relevant to the audit 
in order to design audit procedures that 
are appropriate in the circumstances, but not for the purpose 
of expressing an opinion on the effective-
ness of the Group’s internal control; 
●
 
Evaluate the appropriateness of accounting policies used 
and the reasonableness of accounting esti-
mates and related disclosures made by the Board of Directors; 
 

Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
30 
●
 
Conclude on the appropriateness of Board of Directors’ use 
of the going concern basis of accounting 
and, based on the audit evidence obtained, whether a material 
uncertainty exists related to events or 
conditions that may cast significant doubt on the Group’s 
ability to continue as a going concern. If we 
conclude that a material uncertainty exists, we are required 
to draw attention in our report of the “Révi-
seur d’Entreprises Agréé” to the related disclosures in 
the consolidated financial statements or, 
if such 
disclosures are inadequate, to modify our opinion. Our conclusions 
are based on the audit evidence ob-
tained up to the date of our report of the “Réviseur d’Entreprises 
Agréé”. However, future 
events or con-
ditions may cause the Group to cease to continue as a going concern; 
●
 
Evaluate the overall presentation, structure and content 
of the consolidated financial statements, includ-
ing the disclosures, and whether the consolidated financial 
statements represent the underlying transac-
tions and events in a manner that achieves 
fair presentation; 
●
 
Assess whether the consolidated financial statements have been 
prepared, in all material respects, in 
compliance with the requirements laid down in the ESEF Regulation; 
●
 
Obtain sufficient appropriate audit evidence regarding 
the financial information of the entities and busi-
ness activities within the Group to express an opinion 
on the consolidated financial statements. We are 
responsible for the direction, supervision and performance of 
the Group audit. We remain solely respon-
sible for our audit opinion. 
We communicate with those charged with governance 
regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, including 
any significant deficiencies in internal control 
that we identify during our audit. 
We also provide those charged with governance with 
a statement that we have complied with relevant ethi-
cal requirements regarding independence and communicate to them 
all relationships and other matters that 
may reasonably be thought to bear on our independence, 
and where applicable, related safeguards. 
From the matters communicated with those charged with 
governance, we determine those matters that were 
of most significance in the audit of the consolidated financial 
statements of the current period and are there-
fore the key audit matters. We describe these 
matters in our report unless law or regulation precludes public 
disclosure about the matter. 
Report on other legal and regulatory requirements 
We have been appointed as “Réviseur d’Entreprises 
Agréé” by the Board of Directors on 31 May 2023 and 
the duration of our uninterrupted engagement, including previous 
renewals and reappointments, is 8 years. 
The consolidated management report is consistent with 
the consolidated financial statements and has 
been 
prepared in accordance with applicable legal requirements. 
The corporate governance statement, included in the consolidated 
management report, is the responsibility 
of the Board of Directors. 
The information required by article 70bis paragraph 1 of 
the law of 17 June 1992 
relating to the annual and consolidated accounts of credit 
institutions governed by the laws of Luxembourg, 
as amended, is consistent with the consolidated financial statements 
and has been prepared in accordance 
with applicable legal requirements. 

Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
31 
We have checked the compliance of the consolidated 
financial statements of the Group as of 
31 December 2023 with relevant statutory requirements 
set out in the ESEF Regulation that are applicable 
to the consolidated financial statements. For the Group, it relates 
to: 
●
 
Financial statements prepared in valid xHTML format; 
●
 
The XBRL markup of the consolidated financial statements using 
the core taxonomy and the common 
rules on markups specified in the ESEF Regulation. 
In our opinion, the consolidated financial statements of 
the Group as of 31 December 2023, identified as 
“Société Générale Luxembourg S.A. consolidated financial statements 
12.31.2023 ESEF”, have been pre-
pared, in all material respects, in compliance with the 
requirements laid down in the ESEF Regulation. 
We confirm that the prohibited non-audit services 
referred to in EU Regulation No 537/2014 were not provid-
edand that we remained independent of the Group in 
conducting the audit. 
 
Ernst & Young 
 
Société anonyme 
 
Cabinet de révision agréé 
 
Dorian Rigaud 
Luxembourg, 26 April 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
32 
Explanation of changes to the name or any 
other 
method of identifying the reporting entity since the 
end of the previous reporting period 
N/A
Name of the ultimate parent 
SOCIETE GENERALE
Name of the head company 
SOCIETE GENERALE Luxembourg S.A.
Address where the consolidated financial 
statements 
can be obtained 
11, Avenue Emile Reuter L-2420 Luxembourg
Entity address 
11, Avenue Emile Reuter L-2420 Luxembourg
Legal form of the entity 
A Luxembourg limited company founded in 1956
Country 
Luxembourg
Headquarters address 
11, Avenue Emile Reuter L-2420 Luxembourg
Head office of the subsidiary 
N/A 
Description of the nature of the entity's operations 
and of its main activities 
Bank
Main entity 
Société Générale Luxembourg
Name or other method of identification of the repor-
ting entity 
SG Luxembourg 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Consolidated financial statements 
As at December 31, 2023 
The accompanying Notes are an integral part of the consolidated 
financial statements. 
33 
CONSOLIDATED 
FINANCIAL 
STATEMENTS 
The amounts for 2022 have been restated (identified by 
a “R”) following the first retrospective application of 
IFRS 17 "Insurance Contracts" and IFRS 9 "Financial Instruments" 
by the insurance subsidiaries (see Note 1.4). 
CONSOLIDATED STATEMENT 
OF FINANCIAL POSITION - ASSETS 
(In EUR thousand) 
12.31.2023 
12.31.2022 R 
01.01.2022 R 
Cash due from central banks 
Note 3.1 
12 659 385
12 535 411
10 966 851
Financial assets at fair value through profit or loss 
Notes 3.2, 3.3 and 
3.5 
440 921
1 024 354
1 242 590
Hedging derivatives 
Notes 3.3 and 3.5 
156 525
217 206
5 625
Financial assets at fair value through other compre-
hensive income 
Notes 3.4 and 3.5 
1 539 911
2 238 820
3 171 567
Securities at amortised cost 
Notes 3.6 and 9.1 
9 953 229
9 309 177
8 063 920
Due from banks at amortised cost 
Notes 3.6 and 9.1 
23 067 296
21 990 338
19 841 124
Customer loans at amortised cost 
Notes 3.6 and 9.1 
17 633 172
19 965 886
22 817 851
Revaluation differences on portfolios hedged 
against interest rate risk 
Note 3.2 
-
-
-
Insurance and reinsurance contracts assets 
Note 4.3 
15 992
1 992
804
Tax 
assets 
Note 6 
1 966
5 321
1 560
Other assets 
Note 4.4 
588 643
351 678
477 147
Investments accounted for using the equity method 
Note 2.3 
113 779
102 095
104 625
Tangible 
and intangible fixed assets and right-of-
use assets 
Note 8.4 
192 812
144 089
139 945
Total 
66 363 631
67 886 367
66 833 609

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
The accompanying Notes are an integral part of the consolidated 
financial statements. 
34 
CONSOLIDATED STATEMENT 
OF FINANCIAL POSITION – LIABILITIES AND 
SHAREHOLDERS’ EQUITY 
(In EUR thousand) 
12.31.2023 
12.31.2022 R 
01.01.2022 R 
Financial liabilities at fair value through profit or 
loss 
Notes 3.2, 3.3 and 
3.5 
109 650
399 349
450 051
Hedging derivatives 
Notes 3.3 and 3.5 
2 599
16 003
98 483
 
Revaluation differences on portfolios hedged 
against interest risk 
Notes 3.3.2 and 
7.3 
22 629
-
-
Debt securities issued 
Note 3.7 
16 730
22 394
45 084
 
Due to banks 
Note 3.7 
21 761 332
21 543 080
24 147 288
Customer deposits 
Note 3.7 
39 127 204
41 283 263
38 006 508
 
Tax 
liabilities 
Note 6 
143 616
123 265
120 143
Other liabilities 
Note 4.4 
1 137 689
789 147
481 724
Insurance and reinsurance contracts liabilities 
Note 4.3 
73 516
64 009
77 548
Provisions 
Note 8.3 
55 688
56 697
66 010
Total liabilities 
62 450 653
64 297 207
63 492 839
Shareholders' equity 
- 
- 
- 
Shareholders' equity, Group share 
- 
- 
- 
Issued capital 
Note 7.1 
1 389 043
1 389 043
1 389 043
Reserves, share premium and retained ear-
nings 
Note 7.1 
1 972 641
1 932 958
1 616 113
Net income 
Note 7.1 
543 973
228 598
303 907
Sub-total 
3 905 657
3 550 599
3 309 063
Unrealised or deferred gains and losses 
Note 7.3 
7 212
38 454
31 597
Sub-total equity, Group share 
3 912 869
3 589 053
3 340 660
Non-controlling interests 
Note 2.3 
109
107
110
Total equity 
3 912 978
3 589 160
3 340 770
Total liabilities and equity 
66 363 631
67 886 367
66 833 609

 
Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
For the period ending December 31, 2023 
The accompanying Notes are an integral part of the consolidated 
financial statements. 
35 
CONSOLIDATED INCOME STATEMENT 
(In EUR thousand) 
2023 
2022 R 
Interest and similar income 
Note 3.8 
2 648 889
964 738
Interest and similar expense 
Note 3.8 
(2 056 960)
(553 513)
Net interest margin 
591 929
411 225
Fee income 
Note 4.1 
437 145
426 771
Fee expense 
Note 4.1 
(149 070)
(159 171)
Net fee margin 
288 075
267 600
Net gains and losses on financial transactions 
38 834
101 099
o/w net gains and losses on financial instruments at 
fair value through profit or loss 
Notes 3.2 and 3.3 
38 501
103 770
o/w net gains and losses on financial instruments at 
fair value through other comprehensive income 
-
(2 613)
o/w net gains and losses from the derecognition of 
financial assets at amortised cost 
333
(58)
Income from insurance activities 
Note 4.3 
19 942
17 228
Expenses from insurance services 
Note 4.3 
(7 980)
15 063
Net income and expenses from reinsurance held 
Note 4.3 
16
129
Finance income or expenses from insurance con-
tracts issued recognised in profit or loss 
Note 4.3 
(2 677)
(12 672)
Finance income or expenses from reinsurance con-
tracts held recognised in profit or loss 
Note 4.3 
4
(5)
Cost of risk of financial assets from insurance acti-
vities 
Note 3.9 
57
135
Income from other activities 
Note 4.2 
4 427
6 005
Expenses from other activities 
Note 4.2 
(6 209)
(6 089)
Net banking income 
926 418
799 718
Personnel expenses 
Note 5.1 
(228 665)
(211 350)
Other operating expenses 
Note 8.2 
(193 057)
(178 866)
Amortisation, depreciation and impairment of tan-
gible and intangible fixed assets and right-of-use 
assets 
Note 8.4 
(43 734)
(38 518)
Gross operating income 
460 962
370 984
Cost of risk 
Note 3.9 
92 354
(168 298)
Operating income 
553 316
202 686
Net income from investments accounted for using 
the equity method 
Note 2.3 
45 914
36 714
Net income/expense from other assets 
1 090
(3)
Earnings before tax 
600 320
239 397
Income tax 
Note 6 
(56 335)
(10 782)
Consolidated net income 
543 985
228 615
Non-controlling interests 
Note 2.3 
13
17
Net income, Group share 
543 972
228 598

 
Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
For the period ending December 31, 2023 
The accompanying Notes are an integral part of the consolidated 
financial statements. 
36 
CONSOLIDATED STATEMENT 
OF NET INCOME AND UNREALISED OR 
DEFERRED GAINS AND LOSSES 
(In EUR thousand) 
2023 
2022 R 
Consolidated net income 
543 985
228 615
Unrealised or deferred gains and losses that will be re-
classified subsequently into income 
(17 080)
9 971
Translation differences 
Note 7.3 
(1 326)
(1 918)
Revaluation of debt instruments at fair value through other 
comprehensive income 
Note 7.3 
2 702
(38 029)
 
Revaluation differences of the year 
(46 602)
143 330
 
Reclassified into income 
49 304
(181 359)
Revaluation of insurance contracts at fair value through other 
comprehensive income 
Notes 4.3 and 
7.3 
-
-
Revaluation of hedging derivatives 
Note 7.3 
(23 638)
52 336
 
Revaluation differences of the year 
(23 638)
52 336
 
Reclassified into income 
-
-
Unrealised gains and losses of entities accounted for using 
the equity method 
Note 7.3 
(7)
1 531
Tax 
related 
Note 7.3 
5 189
(3 949)
Unrealised or deferred gains and losses that will not be 
reclassified subsequently into income 
(3 315)
10 847
Actuarial gains and losses on defined benefits plans 
Notes 7.1 and 
7.3 
(4 118)
13 714
Unrealised gains and losses of entities accounted for using 
the equity method 
Notes 7.1 and 
7.3 
-
285
Related tax 
Notes 7.1 and 
7.3 
803
(3 152)
Total unrealised or deferred gains and losses 
(20 395)
20 818
Net income and unrealised or deferred gains and losses 
523 590
249 433
 
o/w Group share 
523 577
249 416
 
o/w non-controlling interests 
Note 2.3 
13
17

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
The accompanying Notes are an integral part of the consolidated 
financial statements. 
37 
CONSOLIDATED STATEMENT 
OF CHANGES IN SHAREHOLDERS’ EQUITY 
Capital and associated reserves 
Unrealised gains and losses 
(In EUR thousand) 
Issued com-
mon stocks 
Issuing pre-
mium and 
capital re-
serves 
Total 
Retained 
earnings 
Net income, 
Group share 
that will be 
reclassified 
subsequentl
y into in-
come 
that will not 
be reclassi-
fied 
subsequentl
y into in-
come 
Total 
Share-
holders' 
equity, 
Group share 
Non-control-
ling inte-
rests 
Total conso-
lidated sha-
reholders 
equity 
Shareholders’ equity at 
12.31.2021 
1 389 043
2 817
1 391 860
1 603 980
303 907
32 728
13 967
46 695
3 346 442
110
3 346 552
Allocation to retained ear-
nings 
-
-
-
317 874
(303 907)
-
(13 967)
(13 967)
-
-
-
Impact of the application 
of IFRS17 and IFRS9 for 
insurance activity (see 
Note 1.4) 
-
-
-
9 316
-
(15 092)
(6)
(15 098)
(5 782)
-
(5 782)
Shareholders’ equity at 
01.01.2022 R 
1 389 043
2 817
1 391 860
1 931 170
-
17 636
(6)
17 630
3 340 660
110
3 340 770
2022 dividends paid (see 
Note 7.2) 
-
-
-
-
-
-
-
-
-
(20)
(20)
Effect of changes of the 
consolidation scope 
-
-
-
-
-
-
-
-
-
-
-
Sub-total of changes 
linked to relations with 
shareholders 
-
-
-
-
-
-
-
-
-
(20)
(20)
Change in unrealised or 
deferred gains and losses 
-
-
-
-
-
9 971
10 853
20 824
20 824
-
20 824
2022 Net income 
-
-
-
-
228 598
-
-
-
228 598
17
228 615
Change in accounting po-
licy 
-
-
-
26
-
-
-
-
26
-
26
Other changes 
-
-
-
(1 055)
-
-
-
-
(1 055)
-
(1 055)
Sub-total 
-
-
-
(1 029)
228 598
9 971
10 853
20 824
248 393
17
248 410
Shareholders’ equity at 
December 31, 2022 R 
1 389 043
2 817
1 391 860
1 930 141
228 598
27 607
10 847
38 454
3 589 053
107
3 589 160
Allocation to retained ear-
nings 
-
-
-
239 445
(228 598)
-
(10 847)
(10 847)
-
-
-

 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
The accompanying Notes are an integral part of the consolidated 
financial statements. 
38 
Shareholders’ equity as 
at January 01, 2023 
1 389 043
2 817
1 391 860
2 169 586
-
27 607
-
27 607
3 589 053
107
3 589 160
Appropriation of net in-
come 
-
-
-
-
-
-
-
-
-
-
-
 
dividends paid (see Note 
7.2) 
-
-
-
(200 000)
-
-
-
-
(200 000)
(11)
(200 011)
Effect of changes of the 
consolidation scope 
-
-
-
-
-
-
-
-
-
-
Sub-total of changes 
linked to relations with 
shareholders 
-
-
-
(200 000)
-
-
-
-
(200 000)
(11)
(200 011)
Change in unrealised or 
deferred gains and losses 
-
-
-
-
-
(17 080)
(3 315)
(20 395)
(20 395)
-
(20 395)
 
Net income 
-
-
-
-
543 973
-
-
-
543 973
12
543 985
Change in accounting po-
licy 
-
-
-
-
-
-
-
-
-
-
-
Other changes 
-
-
-
238
-
-
-
-
238
1
239
Sub-total 
-
-
-
238
543 973
(17 080)
(3 315)
(20 395)
523 816
13
523 829
Shareholders’ equity at 
December 31, 2023 
1 389 043
2 817
1 391 860
1 969 824
543 973
10 527
(3 315)
7 212
3 912 869
109
3 912 978

 
Société Générale Luxembourg S.A. 
Consolidated financial statements (continued) 
As at December 31, 2023 
The accompanying Notes are an integral part of the consolidated 
financial statements. 
39 
CONSOLIDATED CASH FLOW STATEMENT
(In EUR thousand)
2023
2022 R
Consolidated net income (I)
543 985
228 615
Amortisation expense on tangible and intangible fixed assets (including operatio-
nal leasing)
Note 8.4
43 734
38 518
Depreciation and net allocation to provisions
(136 188)
141 795
Net income/loss from investments accounted for using the equity method
(45 914)
(36 714)
Change in deferred taxes
Note 6.1
5 264
(13 746)
Change in deferred income
(10 481)
7 030
Change in prepaid expense
(918)
(737)
Change in accrued income
(88 188)
7 732
Change in accrued expense
272 196
120 129
Other changes
54 435
27 191
Income tax paid
27 403
18 300
Non-cash items included in net income and others adjustments excluding 
income on financial instruments at fair value through profit or loss (II)
121 343
309 498
Income on financial instruments at fair value through profit or loss
178 810
78 908
Interbank transactions
(1 601 202)
(2 581 614)
Customers transactions
(631 267)
4 106 498
Transactions related to other financial assets and liabilities
639 770
1 102 529
Transactions related to other non financial assets and liabilities
208 174
(85 329)
Net increase/decrease in cash related to operating assets and liabilities (III)
(1 205 715)
2 620 992
Net cash inflow (outflow) related to operating activities (A) = (I) + (II) + (III)
(540 387)
3 159 105
Net cash inflow (outflow) related to acquisition and disposal of financial assets and 
long term investments
(546 739)
(1 217 171)
Net cash inflow (outflow) related to tangible and intangible fixed assets
(116 708)
(43 115)
Net cash inflow (outflow) related to investment activities (B)
(663 447)
(1 260 286)
Dividend paid to equity holders of the parent
Note 7.2
(200 000)
-
Repayment of subordinated loan
-
-
Other net cash flows arising from financing activities
-
-
Net cash inflow (outflow) related to financing activities (C) 
(200 000)
-
Net inflow (outflow) in cash and cash equivalents (A) + (B) + (C)
(1 403 834)
1 898 819
Cash due from central banks
Note 3.1
12 535 411
10 966 851
Demand deposits and current accounts with banks 
Notes 3.6, 
3.7.1
9 813 382
9 483 123
Cash and cash equivalents at the start of the year
22 348 793
20 449 974
Cash due from central banks
Note 3.1
12 659 385
12 535 411
Demand deposits and current accounts with banks 
Notes 3.6, 
3.7.1
8 285 574
9 813 382
Cash and cash equivalents at the end of the year
20 944 959
22 348 793
Net inflow (outflow) in cash and cash equivalents
(1 403 834)
1 898 819
Additonal information on operational cash flows from interest: 
(In EUR thousand)
2023
2022 R
Interests paid
Note 3.8
(1 782 232)
(452 324)
Interests received
Note 3.8
2 549 165
895 041
Dividends received
Note 3.2
191 337
90 631

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
40 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTES TO THE CONSOLIDATED 
FINANCIAL STATE-
MENTS 
NOTE 1 – CORPORATE 
INFORMATION 
AND SIGNIFICANT 
ACCOUNTING PRINCIPLES 
1. 
INTRODUCTION 
CORPORATE INFORMATION 
Société Générale Luxembourg S.A. (the 
“Group” or the “Bank”) was 
formed as Ingéfilux on 
April 11, 1956. Its name was changed to Luxbanque, Société Luxembourgeoise de Banque 
S.A. on May 7, 
1981. In 1995, the 
Extraordinary Shareholders' Meeting 
decided to change 
the 
Bank's 
name 
to 
Société 
Générale 
Bank 
& 
Trust 
S.A., with 
effect 
as at 
June 
1, 
1995. 
Furthermore, on January 27, 2020 the Bank changed its name to Société Générale Luxem-
bourg S.A. The Bank 
is governed by Luxembourg 
banking regulations and in 
particular the 
Law of April 
5, 1993, as amended, 
on the financial sector. The Bank 
was incorporated under 
Luxembourg and is 
a limited liability 
company (“Société Anonyme”) 
for an unlimited 
duration. 
The Group provides financing engineering in private banking, securities services, corporate 
and investments banking. It is active in the insurance activities through the integrated bank-
insurance model. 
The Group has also treasury and 
assets liabilities management functions which are respon-
sible for 
monitoring, managing and 
hedging structural risks 
arising from 
all the 
business units 
within SG Luxembourg. 
As at December 31, 
2023, the Bank's 
capital is wholly-owned by 
Sogeparticipations, a lim-
ited liability company (“Société Anonyme”), incorporated 
under French law. 
The 
Bank 
and 
other 
entities 
of 
the 
Group 
are 
included 
in 
Société 
Générale 
consolidated 
financial statements, which 
is the ultimate parent 
company of the 
Group. The consolidated 
financial statements 
of Société 
Générale may 
be obtained 
from its 
registered office 
at So-
ciété Générale, 29 Boulevard Haussmann, 75009 Paris, 
France. 
Société Générale Group is 
a public limited company (Société 
Anonyme) established under 
French law and 
headquartered in 
Paris, that prepares 
and published IFRS, 
as adopted 
by 
the European Union, consolidated financial statements since 
2005. 
The Bank holds a 
representation office in Germany (launched in 
2018) and in Belgium since 
2023 and a branch in Italy since 
January 2021 (former representation office opened in 2018 
and transformed into a branch as at January 1, 2021). 
These 
consolidated 
financial 
statements 
were 
approved 
by 
the 
Board 
of 
Directors 
of 
the 
Bank on April 23, 2024. 
ACCOUNTING STANDARDS 
In accordance with European Regulation 1606/2002 of July 19, 2002 on the application of Inter-
national Accounting Standards, Société Générale Luxembourg Group prepared its consolidated 
financial 
statements 
for 
the 
year 
ended 
December 
31, 
2023 
in 
accordance 
with 
International 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
41 
Financial Reporting 
Standards (IFRS) 
as adopted 
by the 
European Union 
and in 
force at 
that 
date and with the going concern principle. 
In accordance with the transitional measures provided by IFRS 9, the Group has elected to 
rec-
ognise 
hedging 
transactions 
under 
IAS 
39 
as 
adopted 
by 
the 
European 
Union, 
including 
measures related to macro-fair value hedge accounting 
(IAS 39 “carve-out”). 
FINANCIAL STATEMENTS 
PRESENTATION 
The consolidated financial statements have been prepared on an historical cost 
basis except for 
derivative financial instruments, financial 
assets and liabilities at fair 
value through profit or loss 
and financial assets 
at fair value 
through other comprehensive income that 
have been measured 
at fair value. 
The 
carrying 
values 
of 
assets 
and 
liabilities 
that 
are 
designated 
as 
hedged 
items 
(fair 
value 
hedges) 
are 
adjusted 
to 
record 
changes 
in 
the 
fair 
values 
attributable 
to 
risks 
that 
are 
being 
hedged in effective hedge relationships. These 
assets and liabilities would otherwise be 
carried 
at amortised cost. 
The disclosures provided in the notes 
to the consolidated financial statements 
of the Group are 
based on 
information 
that 
is 
both relevant 
and 
material 
to the 
financial 
statements 
of Société 
Générale Luxembourg 
Group, its 
activities and the 
circumstances in 
which it conducted 
its op-
erations over the year. 
The Group 
publishes its consolidated 
financial statements as 
at December 31,2023, 
in European 
Single Electronic Format (“ESEF”) in accordance with European Regulation 2019/815 and mod-
ified by the delegated Regulation 2022/352. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
42 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PRESENTATION 
CURRENCY 
The presentation currency of the consolidated financial statements 
is the euro (EUR). 
Functional 
currency 
for SG 
Luxembourg 
and 
its 
subsidiaries 
is 
EUR except 
for 
Société Générale 
Private Banking Suisse S.A. (“SGPB Suisse”), where the functional 
currency is CHF. 
The figures 
presented 
in the 
consolidated 
financial 
statements 
and 
in the 
notes 
are expressed 
In 
EUR thousand, 
unless otherwise 
specified. The 
effect of 
rounding can 
generate discrepancies 
be-
tween 
the 
consolidated 
figures 
presented 
in 
the 
financial 
statements 
and 
those 
presented 
in 
the 
notes. 
The statements 
of financial 
position of 
consolidated companies 
reporting in 
foreign currencies 
are 
translated into 
EUR at 
the official 
exchange rates 
prevailing at the 
closing date. 
The statements 
of 
income of these companies are translated into EUR at 
the monthly average exchange rates. 
The main spot exchange rates used as at December 31, 
2023 are as follows: 
 
12.31.2023
 
12.31.2022
EUR1= 
USD 1,1050 
USD 1,0666 
EUR1= 
GBP 0,8691 
GBP 0,8869 
EUR1= 
CHF 0,9260 
CHF 0,9847 
EUR1= 
JPY 156,33 
JPY 
140,66 
2. 
 
 
 
 
NEW ACCOUNTING STANDARDS 
APPLIED BY THE GROUP AS AT 
JANUARY 1, 2023 
“IFRS 17- Insurance Contracts” 
Amendments to IFRS 17 – “Insurance Contracts and IFRS 9 - 
Financial Instruments 
Amendments to IAS 1 “Disclosure of Accounting Policies” 
Amendments to IAS 8 “Definition of Accounting Estimates” 
Amendments to IAS 12 “Income Taxes 
- “Deferred Tax 
related to Assets and Liabilities 
arising from a Single Transaction” 
Amendments to IAS 12 “International Tax 
Reform - Pillar 2 Model Rules" 
IFRS 17 “INSURANCE CONTRACTS” – AMENDMENTS TO IFRS 17 PUBLISHED AS AT 25 JUNE 2020 AND 
AMENDMENTS TO IFRS 17 AND IFRS 9 PUBLISHED AS AT 9 DECEMBER 2021 
The impacts 
of the first 
application of 
IFRS 17 
and IFRS 
9 by the 
insurance subsidiaries 
are presented 
in 
paragraph 4 below. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
43 
 
 
 
 
 
 
 
 
 
 
 
 
 
AMENDMENTS TO IAS 1 “DISCLOSURE OF ACCOUNTING POLICIES” AND IFRS PRACTICE STATEMENT 
2 
“MAKING MATERIALITY JUDGEMENTS” 
The aim of 
these amendments 
is to help 
companies to 
clarify the 
concept of 
materiality of 
the information 
on accounting 
policies disclosed 
in the 
notes to 
the financial 
statements and 
the usefulness 
of that 
infor-
mation to investors and financial statement users. 
In the absence of a definition 
of the term “significant” in IFRS, the 
Board decided to replace it with “material” 
in the context of disclosing accounting policy information. 
Although standardized information is less 
useful to users, other than 
entity-specific accounting policy 
infor-
mation, the Board agreed that, in some 
circumstances, standardized accounting policy 
information may be 
needed for users to understand other material information in the 
financial statements. 
The Group 
takes into 
account these 
amendments for 
the preparation 
of its 
consolidated financial statements, 
with no material changes compared 
to the disclosures already usually 
presented in the consolidated finan-
cial statements. 
AMENDMENTS TO IAS 8 “DEFINITION OF ACCOUNTING ESTIMATES” 
These amendments aim to facilitate the distinction between changes in accounting policies and changes 
in 
accounting estimates. 
The Group 
takes into 
account these 
amendments for 
the preparation 
of its 
consolidated financial statements, 
with no material changes compared 
to the disclosures already usually 
presented in the consolidated finan-
cial statements. 
AMENDMENTS TO IAS 12 “INCOME TAX – DEFERRED TAX 
FOR ASSETS AND LIABILITIES RELATED TO THE 
SAME TRANSACTION” 
These amendments clarify and 
narrow the scope of 
the exemption provided by 
the IAS 12 
standard allowing 
institutions to 
not recognise any 
deferred tax during 
the initial recognition 
of an 
asset and a 
liability. All leases 
and decommissioning obligations for which 
companies recognize both an asset and 
a liability and have 
now 
to recognize deferred taxes, are excluded from the scope 
of these amendments. 
The aim 
of these 
amendments is 
to reduce 
heterogeneity in 
the recognition 
of the 
deferred tax 
related to 
leases and decommissioning obligations. 
Since the 
date 
of 
first application 
of IFRS 
16, the 
Group has 
been considering 
the 
rights 
of use 
and 
the 
lease-related debt as 
a single transaction. 
Consequently, 
on the initial 
recognition date, the 
amount of de-
ferred tax 
asset 
offsets 
the 
amount of 
deferred 
tax 
liability. 
The 
net 
temporary 
differences 
resulting 
from 
later variations in the right of use and lease debt subsequently result 
in the recognition of a deferred tax. 
As such, this amendment has no effect on the Group’s 
consolidated financial statements. 
AMENDEMENTS TO IAS 12 ”INTERNATIONAL TAX 
REFORM - MODEL PILLAR RULES”  
Published in May 2023, amendments effective immediately 
upon issuance but certain disclosure require-
ments are effective later.
These amendments introduce a mandatory temporary 
exception to the recognition of deferred tax assets 
and liabilities relating to income taxes arising from OECD 
Pillar 2 rules, and apply retrospectively to fiscal 
years beginning on or after January 1, 2023. 
This exemption is accompanied by specific disclosure requirements 
in the consolidated financial state-
ments. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
44 
2024
•Amendments 
to IFRS 16 « Lease liability in a sale and leaseback » (early 
application)
2025
 
 
 
 
 
•Amendments 
to IAS 21 Lack of Exchangeability
The Group has set up a project structure to identify the 
impact of these amendments and to comply with 
the new accounting requirements in line with the OECD's 
Pillar 2 international tax reform (see Note 6).
3. 
ACCOUNTING STANDARDS, 
AMENDMENTS OR INTERPRETATIONS 
TO BE APPLIED BY 
THE GROUP IN THE FUTURE 
The IASB published accounting standards and amendments, some 
of which have not been adopted by the 
European Union as at December 31, 2023. Their application is required for 
the financial years beginning on 
or after January 
1, 2024 at 
the earliest or on 
the date of their 
adoption by the 
European Union. They 
have 
thus not been applied to the Group as at December 31, 2023. 
The provisional application 
timeframe for the 
standards, amendments 
and interpretation 
with the most 
im-
pact on the Group is as follows: 
AMENDMENTS TO IFRS 16 “LEASE LIABILITY IN A SALE AND LEASEBACK” 
Published in September 2022, applicable for annual periods 
beginning on or after 1 January 2024. 
These amendments provide clarifications on the subsequent 
measurement of leaseback transactions 
when the initial sale of the asset meets the criteria of IFRS 15 
(“Revenue from contract with customers”) to 
be recognised as a sale. These amendments specify in particular 
how to subsequently assess the lease 
liability resulting from these leaseback transactions, made 
of variable lease payments that do not depend 
on an index or a rate. 
These amendments have no impact on the Group's consolidated 
financial statements. 
AMENDMENTS TO IAS 21 “LACK OF EXCHANGEABILITY” 
Published in August 2023, applicable for annual periods 
beginning on or after 1 January 2025. 
These amendments specify the situations in which a currency 
is considered convertible, and the proce-
dure for assessing the spot exchange rate when exchangeability 
is lacking. They also detail the supple-
mentary information to provide in the Notes to the financial statements 
for non-convertible currencies. 
A currency is considered to be exchangeable into another 
currency when an entity is able to obtain the 
other currency within a time frame that allows for a normal 
administrative delay and through a market or 
exchange mechanism in which an exchange transaction would 
create enforceable rights and obligations. 
If a currency is not exchangeable into another currency, 
an entity is required to estimate the spot ex-
change rate at the measurement date. An entity’s 
objective in estimating the spot exchange rate is to re-
flect the rate at which an orderly exchange transaction 
would take place at the measurement date be-
tween market participants under prevailing economic conditions. 
The amendments note that an entity can 
use an observable exchange rate without adjustment or 
another estimation technique. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
45 
 
The impact of these amendments for the Group is currently 
being analysed.
4. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INITIAL APPLICATION 
OF IFRS 17 “INSURANCE CONTRACTS” AND 
OF IFRS 9 “FINAN-
CIAL INSTRUMENTS” TO INSURANCE SUBSIDIARIES 
IFRS 17 “Insurance Contracts”, issued on 18 May 2017 
and modified by the 25 June 2020 
and 9 December 
2021 Amendments, replaces IFRS 4 
“Insurance Contracts” which allowed, in 
particular, insurance contracts 
to be recognised using methods set out by the local accounting 
regulations. 
On November 
23, 2021, 
the European 
Commission 
(EC) published 
in the 
Official Journal 
Regulation the 
regulation (EU) 
2021/2036 of 
November 19, 
2021 adopting 
IFRS 17 
“Insurance contracts“. 
This adoption 
included the possibility 
for European companies to 
not apply the requirement 
stated in the standard 
to group 
some insurance contracts by 
annual cohort for 
their measurement (see paragraph: “Grouping 
of contracts”); 
this exemption will be reassessed by the European Commission 
at the latest on December 31, 2027. 
Since 1 
January 2023, 
the Group 
has been 
applying IFRS17. 
On the 
same date, 
the Group’ 
subsidiaries 
operating in 
the insurance 
sector applied 
IFRS 9 
“Financial Instruments” 
for the 
first time; 
this application 
had 
been 
delayed 
as 
a 
result 
of 
the 
possibilities 
offered 
by 
the 
Amendments 
to 
IFRS 
17 
and 
to 
IFRS 
4 
issued by the IASB on June 25, 2020 and expanded 
by Regulations (EU) 2017/1988 and 2020/2097 of 
the 
European Commission. 
On 8 September 2022, the European Union adopted the amendments 
to IFRS 17 published by the IASB 
on 9 December 2021 with the aim of improving the usefulness 
of the comparative information about finan-
cial assets presented on the initial application of IFRS 17 and 
IFRS 9. 
The main consequences of the application of IFRS 17 
are: 
◾
the measurement of insurance contracts, materialised mainly as 
liabilities on the balance sheet: 
their value will be updated on each closing date based 
on a reestimate of the future cash flows 
related to their execution. This reestimate takes account, 
in particular, of market 
data in relation to 
financial elements and the behaviour of policyholders; 
◾
the recognition of the margin: although the profitability 
of the insurance contracts remains un-
changed, the pace of recognition in the income statement will 
be modified. Any expected profit will 
be deferred in the balance sheet and spread in the income 
statement over the coverage period of 
the insurance contracts. Conversely any expected loss 
will immediately be recognised in the in-
come statement upon its initial recognition or in subsequent 
measurements; and 
◾
the presentation of the income statement: the operating expenses 
attributable to the execution of 
insurance contracts will hence be presented in reduction of the 
Net Banking Income as Insurance 
services expenses and will thus not impact the total operating 
expenses on the consolidated in-
come statement anymore. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
46 
 
 
TRANSITIONAL AND INITIAL APPLICATION REQUIREMENTS 
IFRS 17 standard 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The initial 
application of 
IFRS 17 
as at 
January 
1, 2023 
is retrospective 
and the 
comparative data 
of the 
2022 financial year have been restated. 
The differences 
in measurement of 
the insurance assets 
and liabilities resulting 
from the retrospective 
ap-
plication of 
IFRS 17 
as at 
January 1, 
2022 are 
presented directly 
in equity. 
Fully retrospective 
application 
was used for SG Ré, SG Luxembourg Ré (“SGL Ré”) 
and SG Luxembourg Credit Insurance (“SG LUCI”). 
The retrospective 
measurement 
of these 
assets and 
liabilities, and 
in particular 
of the 
different 
insurance 
contract portfolios, may be subject to 
simplified alternate approaches when the historical 
data necessary for 
a fully retrospective application are not available. The standard 
then allows for the use of: 
-
 
either a modified retrospective approach 
that will provide, based on reasonable 
information availa-
ble at no 
cost or undue effort, 
measurements that are as 
close as possible 
to those that would 
result 
from the retrospective application of the standard (approach 
used for Sogelife); 
-
 
or an approach based on the fair value of the insurance contracts 
portfolios as at January 1, 2022. 
The assessment of 
the insurance contracts 
made on a 
current basis, taking 
into account the 
time value of 
money and the financial risks relating to future cash flows, required the review of the modalities to measure 
some assets backing the contracts with a view of removing 
the possible accounting mismatch. 
Transitioning to IFRS 17 requires including in the 
assessment of the insurance contracts the administrative 
costs (personnel expenses, 
amortisation expenses for 
fixed assets …) directly 
attributable to the fulfilment 
of contracts and present them as Insurance services expenses 
in the Net banking income. 
The Group’s 
insurance entities will 
systematically identify 
in the fulfilment 
cash flows 
of their contracts 
the 
amount of administrative costs they expect 
to bear. These administrative 
costs will be presented under the 
“Insurance services expenses in the Net banking income” item. Consequently, the administrative costs pre-
sented by nature on the income 
statement will be reduced 
by the amounts allocated to the 
fulfilment of the 
insurance contracts. 
IFRS 9 Standard 
The initial application of IFRS 9 by the Group’s insurance 
entities as at January 1, 2023 is retrospective. 
For the sake of 
consistency with the IFRS 17 transition 
arrangements, and in order to 
provide more relevant 
and useful information, 
the Group 
has restated 
the comparative 
data of the 
2022 financial 
year relating 
to 
the relevant financial instruments of its 
insurance entities (including the financial 
instruments derecognised 
during the 
2022 financial 
year 
in 
accordance 
with 
IFRS 
17 
amendment 
which 
allows 
the presentation 
of 
comparative information concerning a 
financial asset as 
if IFRS 
9 had previously 
been applied to 
that asset). 
Following the 
retrospective application 
of IFRS 
9 as 
at January 
1, 2022, 
differences 
resulting mainly 
from 
the measurement 
of the financial 
assets and 
liabilities concerned 
and of the 
impairment for 
credit risk 
are 
recognised directly in equity. 
The treatment 
of the financial 
assets currently 
measured at 
fair value through 
profit or loss 
have not 
been 
modified. The other financial assets (mainly Financial assets 
available for sale) comprise: 
◾
Equity financial instruments – these inst/ruments, which 
corresponds to variable income instru-
ment or equity investments negotiated in relation to the management 
of insurance contracts, were 
reclassified as Financial assets at fair value through profit 
or loss. 
◾
Financial debt financial instruments – the cash flows of 
which correspond solely to repayments of 
principal and payment of interest on the principal due – (see 
Note 4.3.2)
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
47 
 
 
 
 
 
 
 
 
 
 
o
 
held within a “Collect and sell” business model: these 
instruments, which correspond to invest-
ments negotiated 
in relation to 
the management 
of insurance contracts, 
will be reclassified 
as 
Financial assets at fair value through equity. 
o
 
held within a “Collect” business model: these instruments, primarily held for the 
reinvestment of 
own funds, will be reclassified as Financial assets at amortised 
cost; 
◾
Debt non-basic financial instruments: these instruments 
will be reclassified as Financial assets at 
fair value through Profit or Loss. The unrealised Gains 
and losses recognised directly in equity will 
be reclassified under Retained earnings (with no impact 
on the Group’s equity). 
Assessing the credit quality 
of the assets held 
(see Note 4.3.4), the 
application of the IFRS 9 
provisions to 
the recognition of expected credit losses should only result 
in a limited increase in their impairment. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New presentation of the financial statements 
On 
the 
balance 
sheet, 
the 
accounting 
outstanding 
amounts 
related 
to 
insurance 
contracts, 
previously 
booked under 
Other 
assets, Insurance 
contracts related 
liabilities and 
Other liabilities 
are now 
presented 
under Insurance and reinsurance contracts assets and 
Insurance and reinsurance contracts liabilities. 
The accounting outstanding 
amounts related to the 
financial instruments of 
insurance activities, previously 
booked on the 
assets side 
under Investments 
of insurance companies 
and on the 
liabilities side 
under In-
surance contracts 
related liabilities, 
are now 
presented under 
the different 
headings of 
the balance 
sheet 
according to their classification and valuation technique. 
In the consolidated income 
statement, in the Net 
banking income, the income 
and expenses related to 
the 
insurance contracts issued and the 
reinsurance contracts were previously 
grouped under Net income from 
insurance activities. These income and expenses are now 
measured and recognised according to IFRS 17, 
and presented in the Net banking income under the following headings: 
●
 
Income from insurance contracts issued; 
●
 
Insurance service expenses; 
●
 
Income and expenses from reinsurance contracts held; 
●
 
Net finance income or expenses from insurance contracts 
issued; and 
●
 
Net finance income or expenses from reinsurance contracts 
held. 
The incomes 
and expenses 
related to 
the financial 
instruments of 
insurance subsidiaries, 
previously pre-
sented under Net 
income from insurance 
activities, are now presented 
under the consolidated income 
state-
ment headings dedicated 
to the valuation 
of financial instruments, 
with the exception 
of the expenses 
and 
incomes related to credit risk which are presented in 
the Net banking income under Cost of credit risk 
of the 
financial assets related to insurance activities (Note 3.9.3). 
Furthermore, in 
the context 
of the 
application of 
IFRS 17, 
the Group 
has modified 
the presentation 
of the 
general operating expenses in the consolidated income statement to improve the readability of the Group’s 
performance. 
The 
Other 
general 
operating 
expenses 
heading 
now 
includes 
the 
amounts 
previously 
pre-
sented 
under 
Personnel 
expenses 
and 
Other 
operating 
expenses, 
from 
which 
are 
deducted 
the 
general 
operating expenses related 
to insurance contracts 
that are presented 
under the Insurance 
service expenses 
heading in the Net banking income.
Impacts on the Group’s financial 
statements of the application of IFRS 17 and IFRS 9 by 
insurance 
entities 
 
The retrospective application of IFRS 
17 and IFRS 9 
by the Group’s insurance entities as 
at January 1,2022 
(transition date), results in a EUR 5,8 
million decrease in the Group’s consolidated equity and in 
a decrease 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
48 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
of EUR 
2,4 million in 
total liabilities mainly 
explained by the 
recording of a 
differed contractual service margin 
for EUR 77,5 
million compared 
an amount of 
EUR 79,3 million 
insurance contracts 
related liabilities previ-
ously recorded under IFRS 4. 
The total assets decrease by EUR 8,2 million is mainly 
explained by 
●
 
the reclassification of investments of insurance activities 
for EUR 371,9 million under IAS 39 which 
were retreated in IFRS 9 as follows: EUR 356,6 million of financial 
assets (debt instruments) at fair 
value through other comprehensive income, EUR 12,3 million debt securities at 
amortized cost and 
EUR 2 million financial assets at fair value through profit 
and loss (equity instruments) on SG Ré; 
●
 
the 
decrease 
of 
other 
assets 
for 
EUR 
4,8 
million 
due 
to 
the 
retreatment 
under 
IFRS 
17 
of 
the 
receivables 
related to reinsurance operations; 
●
 
the retreatment of 
Sogelife 2022 result 
from IFRS 
4 to IFRS 
17 leading to 
a decrease of 
EUR 3,9 
million in the investments accounted for using the equity 
method. 
In the consolidated financial statements, 
the restated data are identified with “R”. 
The 
changes 
in 
presentation 
are 
presented 
below 
and 
in 
the 
notes 
related 
to 
financial 
instruments 
and 
insurance activities. 
In EUR thousand) 
12.31.2022 
IAS 39
IAS 39 
available 
for sale 
financial 
assets 
Other 
reclas-
sifica-
tion 
Reclassified 
balances
Adjustment of 
book value re-
lated to invest-
ments
01.01.2022 R 
IFRS 9 & IFRS 
17
12.31.2022 R
Cash, due from central banks
10 966 851 
- 
- 
10 966 851 
- 
10 966 851 
12 535 411 
Financial assets at fair value through 
profit or loss (Note 3.2)
1 240 582 
2 008 
- 
1 242 590 
- 
1 242 590 
1 024 354 
Hedging derivatives
5 625 
- 
- 
5 625 
- 
5 625 
217 206 
Financial assets at fair value through 
other comprehensive income (Note 
3.4)
2 815 004 
356 563 
- 
3 171 567 
- 
3 171 567 
2 238 820 
Securities at amortized cost (Note 
3.6)
8 051 597 
12 324 
- 
8 063 920 
- 
8 063 920 
9 309 177 
Due from banks at amortised cost 
(Note 3.6)
19 840 378 
746 
- 
19 841 124 
- 
19 841 124 
21 990 338 
Customer loans at amortised cost 
(Note 3.6)
22 817 851 
- 
- 
22 817 851 
- 
22 817 851 
19 965 886 
Investments of insurance activities
371 871 
(371 871) 
- 
N/A 
- 
N/A 
N/A 
Insurance and reinsurance contracts 
assets (Note 4.3) 
N/A 
- 
804 
804 
- 
804 
1 992 
Tax assets (Note 6)
1 560 
- 
- 
1 560 
- 
1 560 
5 321 
Other assets (Note 4.4)
481 959 
- 
- 
481 959 
(4 812) 
477 147 
351 678 
Investments accounted for using the 
equity method (Note 2.3)
108 560 
- 
- 
108 560 
(3 935) 
104 625 
102 095 
Tangible and intangible fixed assets 
and right of use assets
139 945 
- 
- 
139 945 
- 
139 945 
144 089 
Total 
66 841 783 
(230) 
804 
66 842 357 
(8 747) 
66 833 609 
67 886 367 
 

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
49 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In EUR thousand) 
12.31.2022 
IAS 39
IAS 39 
availa-
ble for- 
sale 
financial 
assets 
Reclassified 
balances
Reclassified 
balances
Adjustment of 
book value re-
lated to invest-
ments
01.01.2022 R 
IFRS 9 & IFRS 
17
12.31.2022 R
Financial liabilities at 
fair value through profit 
or loss (Note 3.2)
450 051 
- 
- 
450 051 
- 
450 051 
399 349 
Hedging derivatives
98 483 
- 
- 
98 483 
- 
98 483 
16 003 
Debt securities issued 
(Note 3.7)
45 084 
- 
- 
45 084 
- 
45 084 
22 394 
Due to banks (Note 3.7)
24 147 288 
- 
- 
24 147 288 
- 
24 147 288 
21 543 080 
Customer deposits 
(Note 3.7)
38 006 508 
- 
- 
38 006 508 
- 
38 006 508 
41 283 263 
Tax liabilities (Note 6)
120 757 
- 
(614) 
120 143 
- 
120 143 
123 265 
Other liabilities (Note 
4.4)
481 724 
- 
- 
481 724 
- 
481 724 
789 147 
Insurance contracts re-
lated liabilities
79 326 
(79 326) 
- 
N/A 
- 
N/A 
N/A 
Provisions 
66 010 
- 
- 
66 010 
- 
66 010 
56 697 
Insurance and reinsur-
ance contracts issued -
liabilities
N/A 
- 
77 548 
77 548 
- 
77 548 
64 009 
Total liabilities
63 495 231 
(79 326) 
76 934 
63 492 839 
- 
63 492 839 
64 297 207 
Issued Capital
1 389 043 
- 
- 
1 389 043 
- 
1 389 043 
1 389 043 
Reserves, share pre-
mium and retained 
earnings
1 606 797 
- 
9 316 
1 616 113
- 
1 616 113 
1 932 958 
 
Net income 
303 907 
- 
- 
303 907 
- 
303 907 
228 598 
Unrealised or deferred 
capital gains and losses 
46 695 
(15 099) 
- 
31 597
- 
31 597 
38 454 
Equity, Group share 
3 346 442 
(15 099) 
9 316 
3 340 660 
- 
3 340 660 
3 589 053
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
50 
5. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
USE OF ESTIMATES 
AND JUDGMENTS 
To 
prepare the 
Group’s 
consolidated 
financial 
statements, 
in 
application 
of the 
accounting 
principles 
de-
scribed in the Notes, the Board of Directors makes assumptions and estimates that may have an impact on 
the amounts recognised in the income statement as Unrealised or deferred capital gains and 
losses, on the 
valuation of assets and liabilities in the balance sheet, and on the information disclosed in the related notes 
to the consolidated financial statements. 
In order to make these assumptions and estimates, the Board of Directors uses the information available at 
the date of preparation of 
the consolidated financial statements 
and may exercise its 
judgment. Valuations 
based on 
estimates innately 
involve risks 
and uncertainties 
relating to 
their occurrence 
in the future. 
Con-
sequently, 
the 
actual future 
results may 
differ 
from these 
estimates 
and have 
a significant 
impact 
on the 
financial statements. 
The assumptions 
and estimates 
made for 
the preparation 
of these 
consolidated financial 
statements take 
into account the uncertainties 
about the economic consequences 
of the war in Ukraine. 
Those that remain 
with regard to 
the Covid-19 
pandemic, as well 
as of the 
current macroeconomic 
conditions. The effects 
of 
these events on the assumptions and estimates used are specified 
in the 6th paragraph of this Note. 
Uncertainty 
about these 
assumptions 
and 
estimates 
could 
result 
in outcomes 
that 
require 
a 
material 
ad-
justment to the carrying 
amount of assets or 
liabilities affected in 
future periods. In 
the process of applying 
the Group’s accounting policies, 
the Board of 
Directors has made 
the following judgments 
and assump-tions 
concerning 
the 
future 
and 
other 
key 
sources 
of 
estimation 
uncertainty 
at 
the 
reporting 
date, 
that 
have 
a 
significant risk of 
causing a 
material adjustment 
to the carrying 
amounts of assets 
and liabilities within 
the 
next financial 
year. 
Existing circumstances 
and assumptions 
about future 
developments may 
change due 
to circumstances beyond 
Group’s control and are 
reflected in the 
assumptions if and 
when they occur. Items 
with 
the 
most 
significant 
effect 
on 
the 
amounts 
recognized 
in 
the 
consolidated 
financial 
statements 
with 
substantial management 
judgment and/or 
estimates are 
listed below 
with respect 
to judgments/estimates 
involved. 
In the process 
of applying 
the Group’s 
accounting policies, 
the Board of 
Directors has 
made the following 
judgments 
and 
estimates, 
which 
have 
the 
most 
significant 
effect 
on 
the 
amounts 
recognized 
in 
the 
con-
solidated financial statements: 
-
 
the fair value in the balance 
sheet of financial instruments not listed 
on an active market which are 
recognised as Financial 
assets and liabilities 
at fair value 
through profit or 
loss, Hedging derivatives, 
Financial 
assets 
at 
fair 
value 
through 
other 
comprehensive 
income 
or 
Investments 
of 
insurance 
companies (described in 
Notes 3.2, 3.3, 
3.4, 3.5 and 
4.3), as well 
as the fair 
value of the 
instruments 
measured at amortised 
cost for which 
this information must 
be disclosed in 
the Notes to 
the financial 
statements; 
-
 
the impairment and provisions for credit risk related to financial assets measured at 
amortised cost 
or at 
fair value 
through other 
comprehensive income 
and loan 
commitments and 
guarantee com-
mitments granted measured using models or internal assumptions 
based on historical, current and 
prospective data (see Note 3.9, 8.3 and 9). The use of estimates and judgment relates in particular 
to the assessment of the deterioration in 
credit risk observed since the initial recognition of 
financial 
assets and the 
measurement of the 
amount of expected 
credit losses on 
these same financial 
as-
sets; 
-
 
the estimates related to the 
valuation of insurance contracts 
assets and liabilities and of the 
imple-
mentation of the 
transition methods in the 
context of the 
initial application of IFRS 
17 (see Note 
4.3); 
-
 
the tax assets and liabilities recognised on balance sheet 
(see Note 6); 
-
 
the analysis of the characteristics of the contractual cash 
flows of financial assets (see Note 3); 
-
 
the assessment of control 
for the determination of 
the scope of consolidated 
entities, especially with 
regard to structured entities (see Note 2). 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
51 
 
 
 
 
 
 
CLIMATE RISK 
In line with the 
Société Générale Group 
approach, Société Générale 
Luxembourg Group contin-
ues its 
work to 
gradually integrate 
climate risks 
in the 
preparation of 
its consolidated 
accounts. 
Climate change-related risks are not 
a new risk category but rather 
an aggravating factor for cat-
egories 
already 
covered 
by 
the 
Société 
Générale 
Group’s 
risk 
management 
system. 
In 
this 
regard, 
the 
impact of transitional risk on the credit risk of 
the corporate customers remains one of the major climate risk 
for the Société Générale Group and its subsidiaries. 
Furthermore, the Société 
Générale Group is 
currently analyzing the 
provisions in the 
Europe-an Sustaina-
bility Reporting 
Standards (ESRS) 
adopted by 
the European 
Commission on 
31 July 
2023, notably 
those 
related 
to 
the 
connections 
between 
the 
future 
sustainability 
reports 
and 
the 
consolidated 
financial 
state-
ments. 
6. 
GEOPOLITICAL CRISES AND MACROECONOMIC 
CONTEXT 
2023 was 
a year 
of cumulative 
uncertainties 
with, in 
particular, 
the continuing 
conflict in 
Ukraine but 
also 
tensions in the banking sector 
in the United States 
of America and Europe 
at the beginning of the 
year, as 
well as 
the situation 
in the 
Middle-East 
at the 
end of 
the year. 
Monetary 
policies 
were clearly 
restrictive. 
Focusing on inflation control, central banks increased interest 
rates rapidly and significantly.
In the euro area: 
◾
the slowdown in economic activity observed during the first half of 2023 continued and was accentuated 
during the second half of the year; 
◾
inflation remained 
high in 
2023; it 
is expected 
to drop 
down to 
around 3% 
in 2024 
and fall 
back to 
the 
target in the mid-term. 
In the 
U.S., 
the 
economy 
performed 
better 
than 
expected 
by 
most forecasters. 
Warning 
signs 
point to 
a 
sharper slowdown already apparent towards the end of 
the year. 
In this context, the Société Générale 
Luxembourg Group updated the macroeconomic scenarios chosen for 
the preparation of the consolidated financial statements. 
MACROECONOMIC SCENARIOS 
SG Luxembourg Group approach relies 
on the Société Générale Group’s modelizations 
for macroeconomic 
scenario and analysis of activities. 
The details of 
evolutions to 
macroeconomic scenarios 
and their impacts 
on calculation of 
Expected Credit 
Losses (ECL) under IFRS 9 are presented below. 
As at 
31 December 
2023, the 
Société Générale 
Group 
selected 
three 
macroeconomic 
scenarios 
to 
help 
understand the uncertainties related to the current macroeconomic 
context. 
The assumptions selected to build these scenarios are described 
below: 
◾
The central scenario 
(“SG Central”) predicts 
a continuing 
economic slowdown in 
the euro area 
in 2024 
with only 
a modest 
rebound 
in 2025. 
The fall 
in inflation, 
around 2,5%, 
will be 
accompanied by 
an in-
crease in 
the 
unemployment 
rate. The 
ECB would 
lower its 
interest rates 
starting in 
Spring 2024, 
but 
would continue scaling 
down its balance 
sheet at least 
until 2025 (reducing 
its direct purchases 
on the 
market). It 
is expected 
that in 
the U.S.A, 
too, economic 
growth shall 
decelerate in 
2024, interest 
rates 
shall decrease and inflation shall remain on a downward 
trend while the unemployment rate increases; 
◾
the favourable scenario (“SG 
Favourable”) describes an accelerated 
economic growth compared to 
the 
trajectory projected in 
the central scenario; 
this growth may 
result from improved 
supply conditions owing 
to a 
positive 
shock on 
productivity 
or from 
unexpectedly 
improved 
demand conditions. 
In both 
cases, 
stronger growth will have a positive impact on employment 
and the profitability of companies; 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
52 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
◾
the stressed 
scenario (“SG 
Stress”) corresponds 
to a 
crisis situation 
leading to 
a negative 
deviation in 
GDP compared to the central scenario. This scenario may result from 
a financial crisis (2008 crisis, euro 
area crisis…), an exogenous crisis (Covid-19-like pandemic) 
or a combination of both. 
These scenarios are developed by the Société Générale Economic 
and Sector Research Division for all 
the entities in the Société Générale Group based, in particular, 
on the information published by the statisti-
cal institutes in each country. 
Institutional forecasts produced 
by organisations like the IMF, 
the World Bank, the ECB and the OECD 
and the consensus among market economists serve 
as a reference to challenge the Société Générale 
Group’s forecasts. 
The scenarios 
provided by 
the Société 
Générale Group economists 
are incorporated into 
the expected 
credit 
loss provisioning models over a three-year horizon, followed by a two-year period to gradually return by the 
fifth year to the average probability of default observed 
during the calibration period. 
The assumptions 
made by 
the Société 
Générale 
Group with 
a view 
to developing 
these macroeconomic 
scenarios have been updated 
during the fourth quarter 
2023 to account for 
uncertainties about the macro-
economic context. 
VARIABLES 
The GDP growth rate, the profit margin of companies in 
France, the unemployment rates, the inflation rate 
in France and the yield on France 10-year government 
bonds are the main variables used in the expected 
credit losses measurement models. 
The variables with the stronger impact on the determination 
of expected credit losses (GDP growth per-
centage for the major countries in which the Société Générale 
Group operates and profit margin of busi-
nesses in France) for each scenario are detailed hereinafter: 
“SG Favourable” scenario 
2024 
2025 
2026 
2027 
2028 
France GDP 
1,5
2,7
2,1
2,3
1,5
Corporate profit margin in France 
33,0
32,7
32,9
32,9
32,4
Euro area GDP 
1,5
2,8
2,1
2,3
1,4
United States GDP 
1,9
3,5
2,8
3,0
2,2
China GDP 
5,4
6,0
4,8
4,8
3,8
“
SG Central
”
 
scenario 
2024 
2025 
2026 
2027 
2028 
France GDP 
0,5
0,7
1,1
1,3
1,5
Corporate profit margin in France 
32,4
32,4
32,4
32,3
32,4
Euro area GDP 
0,5
0,8
1,1
1,3
1,4
United States GDP 
0,9
1,5
1,8
2,0
2,2
China GDP 
4,4
4,0
3,8
3,8
3,8
“SG Stress
”
 
scenario 
2024 
2025 
2026 
2027 
2028 
France GDP 
(4,5)
(2,3)
(0,4)
0,8
1,5
Corporate profit margin in France 
30,2
30,2
30,2
30,1
32,4
Euro area GDP 
(4,5)
(2,2)
(0,4)
0,8
1,4
United States GDP 
(4,1)
(1,5)
0,3
1,5
2,2
China GDP 
(0,6)
1,0
2,3
3,3
3,8

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
53 
-5
-4
-3
-2
-1
0
1
2
3
4
2024
2025
2026
2027
GDP forecast by scenario, in percentage
SG Favourable
SG Central
SG Stress
ECB Baseline
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
These simulations assume that the historical relationships between the 
key economic variables and the risk 
parameters 
remain 
unchanged. 
In 
reality, 
these 
correlations 
may 
be 
impacted 
by 
geopolitical 
or 
climatic 
events, or changes in behaviour, 
legal environment or credit granting policy. 
The graph 
below compares 
the GDP 
forecasts in 
the euro 
area used 
by the 
Société Générale 
Group for 
each scenario with the scenarios published by the ECB in December 
2023. 
WEIGHTING OF THE MACROECONOMIC SCENARIOS 
The probabilities used are based on the differences 
observed over the past 25 years between the fore-
casts made by a consensus of economists regarding the 
US GDP and the actual scenario that occurred 
(forecast similar to the actual scenario, significantly optimistic 
or pessimistic). 
In order to better account for a possible reversal in the cycle, 
the Société Générale Group applies to its 
scenarios a weighting methodology (mainly based on the observed 
output gaps for the USA and the euro 
area) and assigns a higher weight to the SG Central scenario 
when the economy is depressed. Conver-
sely, the methodology 
provides for a higher weight to be assigned to the 
SG Stress scenario when the 
economy moves towards the peak of the cycle. Accordingly, 
the weighting applied to the SG Central sce-
nario is set at 62% as at 31 December 2023. 
Presentation of the changes in weightings: 
December 31, 2023
June 30, 2023 
December 31, 2022 
SG Central
 
62% 
62% 
60% 
SG Stress 
28% 
28% 
30% 
SG Favourable 
10% 
10% 
10% 
GEOPOLITICAL CRISES AND MACROECONOMIC 
CONTEXT 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
54 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In 2023, 
the Société 
Générale Group 
revised the 
parameters used 
in the 
models based 
on the 
based on 
the updated macroeconomic 
scenarios which take account 
of the recent economic 
developments and ma-
croeconomic impacts related to the current geopolitical 
environment. 
To 
account 
for 
the 
uncertainties 
related 
to 
the 
macroeconomic 
and 
geopolitical 
environment, 
the 
Group 
updated the model and post-model adjustments in 2023. 
The effects of these adjustments in the determination 
of expected credit losses are described hereinafter. 
ADJUSTMENTS SUPPLEMENTING THE APPLICATION OF MODELS 
As of 31 
December 2023, the 
adjustment regarding the 
additional criterion for 
classification in 
Stage 2 set 
in 2020 for the Société Générale Group following the Covid 
-19 crisis has been removed. 
Sectoral adjustments 
The Société Générale Group may supplement the models with sectoral adjustments relating 
to the possible 
revision of the expected credit 
loss estimates (with no impact 
on the stage classification 
of the outstanding 
loans) for some sectors. 
These adjustments 
allow for 
better anticipation 
of the 
default/recovery 
cycle in 
some sectors 
that have 
a 
cyclical business, have been 
subject to peaks 
of default in 
the past or 
are most exposed 
to the current 
crises 
and on 
which the 
Société Générale 
Group’s exposure 
exceeds a 
threshold that 
is annually 
reviewed and 
set by the Risk Division. 
These sectoral adjustments are examined and updated quarterly by 
the Risk Division and validated accord-
ing to materiality thresholds by Société Générale Group Management. 
The main relevant 
sectors as 
at 31 December 
2023 are ‘Mining 
industry’, ‘Hotels,restaurants 
and gaming’ 
and ‘Metallurgy and steel production’. 
The total sectoral 
adjustments amount 
to EUR 
2,7 million 
as of December 
31, 2023 (December 
31, 2022: 
EUR 2,2 million). 
Specific adjustments 
For 
Russian 
Corporate 
Investment 
banking 
clients, 
a 
specific 
adjustment 
has 
been 
computed 
based 
on 
multi-scenarios approach. 
-
Business as usual scenario
 
(probable to 30% vs. 2022 35%): PD and LGD remain 
unchanged. 
-
Intermediate 
scenario
 
(probable 
to 
40% 
same 
as 
2022): 
deepening 
of 
the 
crisis. 
The 
average 
rating of 
the portfolio decreases 
to 7- 
. LGDs 
are downgraded, especially 
as financing is 
less secure. 
This scenario is considered to have a high probability. 
-
Extreme 
scenario
 
(probable 
to 
30% 
vs. 
2022 
25%): 
default 
by 
all 
counterparties. 
LGD 
down-
graded. Off-balance sheet transactions are considered 
as eligible for drawdown. 
In 2023, 
on Corporate 
and 
Investment banking 
perimeter, 
this overlay, 
impacting 
stage 2, 
is designed 
to 
take into account the specific risk on the offshore credit portfolio 
for Russian clients, corporates and banks. 
These clients 
are subject 
to a 
specific risk 
of default, 
due to sanctions 
(particularly in 
the event 
of an 
em-
bargo), or, 
in the worst case 
scenario, the consequences 
of a breakdown in 
relations between Russia 
and 
Europe. In the event of default, 
recovery could be subject to specific 
difficulties due to the geopolitical 
con-
text. 
In 2023, on Private Banking perimeter, the Société Générale Group decided to maintain the specific adjust-
ment on the offshore credit portfolio to Russian clients (out of sanctioned or restricted PEP counterparties). 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
55 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The total specific 
adjustments amount 
to EUR 
27 million 
as at December 
31, 2023, 
down 75% 
(- EUR 
81 
million) compared with 
December 31, 2022 
following the sales 
and restructuring of 
loans towards Russian 
counterparties. 
Specially on 
Private Banking 
perimeter, 
the Société 
Générale Group 
has maintained 
in 2023, 
the specific 
adjustment on financial market instability 
IMPACTS ON CREDIT EXPOSURES 
The 
tables 
below 
present 
the 
exposures 
(measured 
at 
amortised 
cost) 
booked 
by 
the 
Société 
Générale 
Luxembourg Group entities on Russian counterparties 
and clients (nationality and/or tax residence). 
◾
GLBA perimeter - corporate exposures 
12.31.2023 
12.31.2022 
(In EUR million) 
Gross outstan-
ding 
Net outstanding* 
Gross outstan-
ding 
Net outstanding* 
Russia clients exposures 
138 
60 
676 
396 
*
The net outstanding column does not take into account the exposures covered by a specific credit insurance. 
◾
Private banking perimeter – retail exposures 
12.31.2023 
12.31.2022 
(In EUR million) 
EAD 
EAD 
Russia clients exposures 
471 
513 
of which restricted clients* 
32 
47 
*The restricted clients correspond to clients with Russian nationality and tax residence out of EU.
All the exposures related to corporates counterparties (138 million 
euros) are classified in Stage 2 (2 coun-
terparties) or in stage 3 (1 counterparty). 
On the Private Banking perimeter, 
as the exposures are fully collateralized 
by real estate or financial colla-
terals, a case-by-case analysis has been performed to 
identify “sensitive” counterparties. 
CALCULATION OF EXPECTED CREDIT LOSSES 
The main evolution that occurred over the year at SG Luxembourg 
Group level is the decrease in the 
amount of Russian exposures leading to provision reversal. 
Based on the scenarios and weightings mentioned above, and 
after taking into account the methodo-logi-
cal adjustments, the calculation of expected credit losses 
led SG Luxembourg Group to record a Net Cost 
of Risk reversal of EUR 92,36 million (without insurance activity) 
as of December 31, 2023. 
SG Luxembourg Group cost of risk as at December 31, 
2023 split by business lines (without insurance 
activity): 
(in EUR million)
2023 NCR 
Business line
Stage 1 & Stage 2
Stage 3
Global
Private Banking
(1,57) 
3,12 
1,55 
Securities services
0,26 
- 
0,26 
Corporate and Investment Banking
(94,77) 
0,26 
(94,51) 
Corporate center
0,34 
- 
0,34 
SG Luxembourg Group
(95,75) 
3,39 
(92,36) 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
56 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2023, the approved moratoriums amount 
a total commitment of EUR 27,60 million 
regarding four residual cases in SGPB Monaco (2022 
: EUR 28,00 million).
7. 
INTEREST RATE BENCHMARK 
REFORM – IBOR REFORM 
ACCOUNTING STANDARDS 
AMENDMENTS TO IFRS 7, IAS 39 AND IFRS 9 IN THE CONTEXT OF THE INTEREST RATE BENCHMARK RE-
FORM (“IBOR REFORM”) 
Issued by the IASB on August 27, 2020 and adopted by 
the European Union on January 14, 2021. 
In the 
context of 
the interest 
rate reform 
or IBOR 
reform, the 
accounting standards 
applicable have 
been 
amended by 
the IASB. The 
first amendments, 
with objective 
to enable 
the continued 
application of 
hedge 
accounting treatments, were implemented by the Group 
since December 31, 2019. 
The second phase 
of these 
amendments introduced 
by the 
IASB regards 
the treatment 
of the changes 
in 
financial instruments contracts in the framework of the IBOR reform and were early-applied by the Group in 
its financial statements as at December 31, 2020. 
In view of the arrangements introduced by the amendments of IBOR – Phase 2, the changes in contractual 
cash flows expected for this rate transition should not generate any significant effect on the Group’s conso-
lidated 
financial 
statements. 
In 
fact, 
the 
Group, 
following 
the 
recommendations 
issued 
by 
the 
regulatory 
authorities and local 
working groups 
on rate reform, 
migrates the contracts 
with an IBOR 
index, as a 
ben-
chmark, on an economically 
equivalent basis. This usually 
results in the replacement 
of the historical refe-
rence rate by an alternative 
reference rate to which is added a 
fixed spread compensating the interest 
rate 
differential between these two rates. 
Accounting treatments were 
presented in 2021 
financial statements 
and remaining impact 
in 2023 was 
on 
USD contracts due to migration in June 2023. 
Impact of the reform for Societe Générale Luxembourg 
Group 
The Société Générale Luxembourg Group relied on the 
Société Générale Group specific program to pre-
pare for the changes. The program was set-up in summer 
2018 and supervised by the Finance Division at 
Société Générale Group level.
To 
prepare for the announced cessation dates of LIBOR 
and other transitioning benchmarks, the public 
authorities and the working groups set up by the central banks 
issued recommendations to the banking 
industry. 
To 
ensure a consistent approach throughout the Societe 
Generale group, several internal guidelines have 
been issued covering four main themes: 
◾
strengthening of new contracts through the inclusion of 
fallback clauses and risk warnings; 
◾
cessation of 
the 
production 
of new 
transactions 
referencing 
benchmarks 
and 
use of 
alternative solu-
tions; 
◾
fair and homogenous treatment 
of customers in contracts’ 
renegotiations with the 
involvement of com-
pliance teams; 
◾
reporting obligation, and restrictions related to the use of certain 
interest rates. 
All directives are being applied and widely circulated among the 
Société Générale Group’s staff. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
57 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In order 
to build 
the capacity 
to deal 
on products 
referencing 
RFRs 
and thus 
ensure 
the continuity 
of its 
business after the 
phasing out of 
IBOR, the 
Group SG updated 
its tools 
and processes. Moreover, the 
Group 
continues monitoring developments in the use of RFRs rates 
in order to meet its customers’ needs. 
Migration of the USD LIBOR
The interest rate benchmark market reform is now complete. At the end of October 2023, Société Générale 
Luxembourg completed 
100% of 
the Group’s 
project through 
liquidation of 
part of the 
remaining contracts 
or 
legal migration of contracts on indices discontinued 
as of 30 June 2023. 
Risks associated with the benchmark rate reform 
All the risks identified in the context of the transition are, 
today, no longer 
relevant: 
-
Program governance 
and 
execution risk: 
the IBOR 
Transition 
program 
is now 
closed, and 
its budget 
has been fully financed; 
-
Legal 
documentation 
risk: 
templates 
for 
fallback 
clauses 
are 
made 
available 
by 
market 
associations 
(ISDA, LMA, 
etc.) or 
are available 
within the 
Group when 
there is 
no market 
standard templates. 
Ne-
vertheless, the 
contractual 
documentation 
may need 
to be 
adapted to 
the specificities 
of new 
cessa-
tions; 
-
Market risk: 
since benchmark 
cessations for 
the followed 
rates have 
already happened, 
this risk 
has 
disappeared; 
-
Operational 
risks 
in 
the 
execution 
of 
transactions’ 
migration: 
all 
mass 
migrations 
have 
already 
been 
completed; 
-
Regulatory risk: all 
of the Group’s guidelines 
related to ceasing and 
alternative interest rate benchmarks 
have been set up and disseminated in the Group’s 
business lines; 
-
Conduct risk: with all negotiations finalised, this risk has 
disappeared.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
58 
 
 
 
 
 
NOTE 2 – CONSOLIDATION 
MAKING 
IT 
SIMPLE 
The 
various 
activities 
of 
the 
Société 
Générale 
Luxembourg 
Group 
in 
Luxembourg 
and 
abroad are carried out by Société Générale Luxembourg 
– Parent company and by all of 
the entities that 
it controls either 
directly or indirectly 
(subsidiaries) or on 
which it exercises 
significant 
influence 
(associates). 
All 
of these 
entities 
make up 
the scope 
of the 
Group 
consolidation. 
Consolidation uses 
a standardized 
accounting process 
to give 
an aggregated 
presenta-
tion of the accounts of Société 
Générale Luxembourg – Parent 
company and its subsidi-
aries, associates, presented as if they were a single entity. 
To 
do so, the 
individual accounts 
of the entities 
that make up 
the Group are 
restated so 
that they 
are in 
accordance 
with IFRS, 
as adopted 
by 
the European 
Union, 
in 
order 
to 
present consistent information in the consolidated financial statements. 
In addition, the 
accounting balances 
(assets, liabilities, 
income and expense) 
generated 
by transactions between Group entities are 
eliminated through the consolidation process 
so 
that 
the 
consolidated 
financial 
statements 
present 
only 
the 
operations 
and 
results 
made with third parties outside of the Group.
ACCOUNTING PRINCIPLES 
The consolidated financial statements 
of Société Générale Luxembourg 
include the financial statements 
of the parent company and 
the main Luxembourg and foreign 
companies over which the Group exercises 
control 
or 
significant 
influence. 
There 
was 
no 
entity 
jointly 
controlled 
as 
of 
December 
31, 
2023 
and 
December 31, 2022. 
CONSOLIDATED ENTITIES 
◾
Subsidiaries 
Subsidiaries are the 
entities over 
which the Group 
has exclusive control. 
The Group controls 
an entity if 
and only if the three following conditions are met : 
-
the Group has 
power over 
the entity (ability 
to direct its 
relevant activities, i.e. 
the activities 
that sig-
nificantly affect the entity’s returns), through 
the holding of voting rights or other rights; and 
-
the Group has exposure or rights to variable returns from 
its involvement with the entity; and 
-
the Group has the ability to use its power over the entity 
to affect the amount of the Group’s returns. 
◾
Power 
When determining voting 
rights for 
the purpose of 
establishing the Group’s 
degree of control 
over an entity 
and the appropriate consolidation methods, potential voting rights 
are taken into account where they can 
be freely exercised at the 
time the assessment is made or 
at the latest when decisions 
about the direction 
of the relevant activities need to 
be made. Potential voting rights are 
instruments such as call options 
on 
ordinary shares outstanding on the market or rights to convert 
bonds into new ordinary shares. 
When voting rights are not relevant to determine whether or not the Group controls an entity, the assess-
ment of this control shall consider all the facts and circumstances, including the existence of one or more 
contractual arrangements. 
Power over 
an investee 
exists only 
if the investor 
has substantive 
rights that 
give it the current ability to direct relevant activities without 
barriers. 
Some rights are 
designed to protect the 
interests of their 
holder (protective rights) without 
giving that party 
power over the investee to which those rights relate. 

 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
59 
If 
several 
investors 
each 
have 
substantive 
rights 
that 
give 
them 
the 
unilateral 
ability 
to 
direct 
different 
relevant 
activities, 
the 
investor 
that 
has 
the 
current 
ability 
to 
direct 
the 
activities 
that 
most 
significantly 
affect the variable returns of the investee is 
presumed to have power over the investee.
◾
Exposure to variable return 
Control exists only if the 
Group is significantly exposed 
to the variability of variable 
returns generated by 
its investment or its 
involvement in the entity. These returns, which 
could be dividends, interest, fees, 
etc., 
can be only positive, only negative or both positive and 
negative. 
◾
Link between power and variable returns 
To assess the link between power and variable returns, if 
the Group has been delegated decision-making 
rights that it 
exercises on behalf 
and for the 
benefit of 
third parties (the 
principals), it is 
presumed to 
act 
as an agent for these principals, and therefore it does not 
control the entity when it exercises its decision-
making 
power. 
In 
asset 
management 
activities, 
an 
analysis 
shall 
be 
performed 
in 
order 
to 
determine 
whether the asset 
manager is 
acting as 
agent or principal 
when managing 
the net assets 
of a fund; 
the 
fund is presumed to be controlled by the asset manager if the 
latter is considered as a principal. 
◾
Special case of structured entities 
A structured entity is an entity that 
has been designed so that voting or 
similar rights are not the dominant 
factor in deciding who 
controls the entity. 
Such is the case, 
for example, when the 
relevant activities are 
directed by means of contractual arrangements. 
A structured entity often 
presents certain characteristics such as 
a limited business activity, a specific and 
carefully defined 
purpose, 
or insufficient 
capital to 
fund 
its activities 
without the 
use of 
subordinated 
fi-
nancing. Structured entities may assume different legal forms: stock companies, partnerships, securitisa-
tion vehicles, mutual funds, unincorporated entities, etc. 
When assessing 
the 
existence 
of control 
over 
a structured 
entity, 
all facts 
and 
circumstances 
shall be 
considered among which : 
◾
▪ 
the 
purpose 
and 
design 
of 
the 
entity; 
◾
▪ 
the 
structuring 
of 
the 
entity; 
◾
▪ 
risks 
to 
which 
the 
entity 
is 
exposed 
by 
way 
of 
its 
design 
and 
the 
Group’s 
exposure 
to 
some 
or 
all 
of 
these risks; 
◾
▪ 
potential 
returns 
and 
benefits 
for 
the 
Group. 
Unconsolidated structured entities are those 
that are not exclusively 
controlled by the Group. Please 
refer 
to Note 2.5. 
◾
Joint arrangements 
Through a joint arrangement 
(either a joint operation 
or a joint venture) the 
Group exercises joint control 
over an 
entity if 
decisions about 
the direction 
of its 
relevant activities 
require the 
unanimous consent 
of 
the parties that collectively control the entity. Assessing joint control requires an analysis of 
the rights and 
obligations of all the parties. In the case of a joint operation, the parties to the arrangement have rights to 
the assets and obligations for the liabilities. 
In the case 
of a joint 
venture, the parties 
have rights to 
the net assets 
of the entity. 
As at December 
31, 
2023 and 2022, the Group holds no interest in joint arrangements. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
60 
 
 
 
◾
Associates 
Associates are 
companies 
over which 
the Group 
exercises 
significant influence 
and are 
accounted 
for 
using 
the 
equity 
method 
in 
the 
Group’s 
consolidated 
financial 
statements. 
Significant 
influence 
is 
the 
power to participate 
in the financial 
and operating policies 
of an entity 
without exercising control. 
In par-
ticular, significant influence can result from Société 
Générale being represented on the 
Board of Directors 
or Supervisory Board, 
from its involvement 
in strategic decisions, 
from the 
existence of significant 
inter-
company transactions, from the 
exchange of management staff, or 
from the company’s technical depend-
ency on Société Générale. The Group is assumed to exercise 
significant influence over the financial and 
operating policies 
of an 
entity when 
it directly 
or indirectly 
holds at 
least 20% 
of the 
voting rights 
in this 
entity. 
CONSOLIDATION RULES 
AND METHODS 
The consolidated 
financial 
statements are 
built up 
from the 
financial 
statements 
of the 
entities that 
are 
included in the 
consolidation scope. All significant 
balances, profits and 
transactions between Group com-
panies are eliminated. 
The results of newly acquired subsidiaries 
are included in the consolidated financial statements 
from the 
date the 
acquisition 
became effective 
and results 
of subsidiaries 
disposed of 
during the 
fiscal year 
are 
included up to the date where the Group relinquished control. 
◾
Consolidation methods 
The subsidiaries, 
including the 
structured entities 
over which 
the Group 
has exclusive 
control, are 
fully 
consolidated. 
In the consolidated statement of financial position, full consolidation consists in replacing the value of the 
subsidiary’s 
equity 
securities 
held 
by 
the 
Group 
with 
each 
of 
the 
subsidiary’s 
assets 
and 
liabilities, 
in 
addition to the goodwill recognised when the Group assumed control 
over the entity. 
In the 
consolidated income 
statement and 
the statement 
of comprehensive 
income the 
subsidiary’s 
ex-
pense and income items are aggregated with those of 
the Group. 
The share of non-controlling interests in the subsidiary is presented separately in the Consolidated state-
ment 
of 
financial 
position, 
the 
Consolidated 
income 
statement 
and 
the 
Consolidated 
statement 
of 
net 
income and unrealised or deferred gains and losses. 
Associates 
and 
joint 
ventures 
are 
accounted 
for 
using 
the 
equity 
method 
in 
the 
consolidated 
financial 
statements of the Group. Under the equity method, on initial recognition the investment in 
an associate is 
recognised under 
Investments accounted 
for using 
the equity 
method at 
the cost 
of the Group’s 
invest-
ment in the 
associate, including goodwill and 
after the date 
of acquisition the 
carrying amount is increased 
or decreased to recognise the changes in the investor’s share in the 
net asset value of the investee. 
These investments are tested for impairment if there is objective evidence of impairment. If the recovera-
ble amount 
of the 
investment (value 
in use 
or market 
value net 
of selling 
costs, whichever 
is higher) 
is 
lower than 
its carrying 
amount, an 
impairment loss 
is recorded 
on the 
statement of 
financial position 
at 
the 
carrying 
amount 
of 
the 
investment. 
Impairment 
allowances 
and 
reversals 
are 
recorded 
under 
Net 
income from investments accounted for using the equity 
method. 
The Group’s share in the entity’s net income and unrealised or deferred gains 
and losses is presented on 
separate lines 
in the consolidated 
income statement 
and the 
consolidated statement 
of net 
income and 
unrealised or deferred gains and losses. If the Group’s share in 
the losses of an entity consolidated using 
the equity 
method becomes 
greater than 
or equal 
to 
its ownership 
interest in 
the 
company, 
the Group 

 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
61 
ceases 
to 
recognise 
its 
share 
in 
subsequent 
losses 
unless 
it 
is 
required 
to 
do 
so 
by 
legal 
or 
implied 
obligations, in which case it records a provision for said losses. 
Capital gains and losses generated on 
disposal of subsidiaries and of companies accounted 
for using the 
equity method are recorded under Net income/expense from other 
assets.
◾
Translation of foreign entity 
financial statements 
The balance 
sheet 
items 
of 
consolidated 
companies 
reporting 
in 
foreign currencies 
are translated 
into 
Euro at the 
official exchange 
rates prevailing at 
the closing date. 
Income statement items 
of these com-
panies 
are 
translated 
into 
euros, 
at 
the 
average 
month-end 
exchange 
rates. 
Gains 
and 
losses 
arising 
from the translation 
of capital, reserves, retained 
earnings and income 
are recognised under 
Unrealised 
or deferred gains and losses – Translation 
differences. 
On 
disposal 
of 
a 
foreign 
entity, 
such 
foreign 
exchange 
differences 
are 
recognized 
in 
the 
consolidated 
income statement as part of the gain or loss upon disposal. Initial consolidation differences and fair value 
adjustments 
arising 
from 
the 
acquisition 
of 
a 
foreign 
entity 
are 
treated 
as 
assets 
and 
liabilities 
of 
the 
foreign entity and are translated at the closing exchange 
rate.

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
62 
 
NOTE 2.1. – CONSOLIDATION SCOPE 
 
The consolidation scope includes subsidiaries and structured entities under the Group’s exclusive control, and associates 
whose financial statements are 
significant relative to the Group’s consolidated 
financial statements, notably regarding Group consolidated 
total assets and gross operating income. 
1. 
FULLY CONSOLIDATED 
SUBSIDIARIES 
Consolidation method
Group ownership interest
Group voting interest
Country
Company 
Activity
2023
2022
2023
2022
2023
2022
Ireland 
SGBT Finance Ireland DAC
Corporate Financing
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg
IVEFI S.A.
Other Financing Company
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg
SGBT Asset Based Funding S.A.
Investments & management
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg 
SGBTCI S.A. 
Corporate Financing
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg
Société Immobilière de l’Arsenal S.à r.l.
Non Financial Corporation
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg 
Société Générale Capital Market Finance S.A. 
Financial services
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg 
Société Générale Financing and Distribution S.A.
Financial services
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg 
Société Générale Life Insurance Broker S.A.
Brokerage
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg 
Société Générale Private Wealth Management S.A. 
Wealth management
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg 
Société Générale Ré S.A. *
Reinsurance
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg
Société Générale Luxembourg Ré S.A.
Reinsurance
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg
Société Générale Luxembourg Leasing S.A.
Financial services
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg
Surya Investments S.A.
Financial services
Full
Full
100,00%
100,00%
100,00%
100,00%
Luxembourg
Méribou Investments S.A.
Financial services
Full
Insignificant
100,00%
100,00%
100,00%
100,00%
Monaco 
Société Générale Private Banking Monaco S.A. 
Private Banking
Full
Full
100,00%
100,00%
100,00%
100,00%
Netherlands 
Montalis Investment B.V.
Corporate Financing
Full
Full
95,00%
95,00%
95,00%
95,00%
Luxembourg 
Société Générale Luxembourg Credit Insurance
Credit insurance 
Full
Full
100,00%
100,00%
100,00%
100,00%
Switzerland 
Société Générale Private Banking Suisse S.A.
Private Banking
Full
Full
100,00%
100,00%
100,00%
100,00%
* Société Générale Ré S.A. has stopped its reinsurance activity as at December 31, 2023.

 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
63 
2. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ASSOCIATES ACCOUNTED 
FOR USING THE EQUITY METHOD 
Consolidation method
Group ownership interest
Group voting interest
Country
Company 
Activity
2023
2022
2023
2022
2023
2022
Luxembourg 
Sogelife S.A. 
Insurance
Equity
Equity
39,86%
39,86%
39,86%
39,86%
Luxembourg
SG Issuer S.A. *
Security issuance
Equity
Equity
99,80%
99,80%
0,00%
0,00%
* Société Générale Luxembourg 
S.A. does not fully 
consolidate SG Issuer (“SGIS”) 
as it has no 
control as defined under 
IFRS 10 over the 
Company. However, 
Société 
Générale Luxembourg S.A. keeps 
a significant influence on 
SGIS in accordance with 
IAS 28 due to 
the existing significant economic 
relationships, the Group’s supervision 
in Luxembourg and common workforce. Therefore, SG Luxembourg accounts its interest in SGIS (99.8%) using the equity method.
 
3. NON-CONSOLIDATED 
SUBSIDIARIES AND PARTICIPATIONS 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023
2022
Country
Company 
Activity
Capital held
Reason for exclusion
Capital held
Reason for exclusion
Luxembourg
SGL Asia SCSp
Financial services
5,00%
No control(1)
5,00%
No control(1)
Luxembourg
Sociéte de la Bourse de Luxembourg
Stock exchange
0,01%
No control(1)
0,01%
No control(1)
Luxembourg
Société Immobilière du Golf S.A.
Real Estate
0,20%
No control(1)
0,20%
No control(1)
Luxembourg
Cercle Munster
Non Financial Corporation
0,01%
No control(1)
0,01%
No control(1)
Luxembourg
Méribou Investments S.A.
Financial services
100,00%
Full consolidation
100,00%
Insignificant
Luxembourg
Ischia Invesments
Financial services
100,00%
Insignificant
100,00%
Insignificant
Luxembourg
Vivara Investments S.A.
Financial services
100,00%
Insignificant
100,00%
Insignificant
Luxembourg
Procida Investments S.A.
Financial services
100,00%
Insignificant
100,00%
Insignificant
Luxembourg
Itaparica Investments S.A.
Financial services
100,00%
Insignificant
N/A
N/A
Luxembourg
Tinhare Investments S.A.
Financial services
100,00%
Insignificant
N/A
N/A
Luxembourg
Ilhabela Investments S.A.
Financial services
100,00%
Insignificant
N/A
N/A
Luxembourg
Torcello Investments S.A.
Financial services
100,00%
Insignificant
N/A
N/A
Luxembourg
Burano Investments S.A.
Financial services
100,00%
Insignificant
N/A
N/A
(1) 
Entities which are not controlled by the Group are held in minority of capital.
Non-consolidated subsidiaries 
and participations 
are accounted 
in the 
consolidated 
accounts 
of SG 
Luxembourg 
as financial 
instruments 
at fair 
value 
through profit or loss (see Note 3.2).

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
64 
 
 
 
 
 
 
 
NOTE 2.2. – MATERIAL CHANGES IN CONSOLIDATION 
SCOPE 
The Group amended the consolidation perimeter as follows: 
◾
companies consolidated for the first time in 2023: 
­
 
Méribou Investments S.A. 
◾
companies no longer consolidated in 2023 and reason for exclusion: 
­
 
None 
1. 
COMPANIES CONSOLIDATED 
FOR THE FIRST TIME IN 2023 
Méribou Investments 
S.A. is a 
100% SG Luxembourg 
indirect subsidiary held 
through 100% ownership 
by Société Générale Luxembourg 
Leasing S.A. that 
has economic ownership 
of assets financed by 
So-
ciété Générale Group and are leased 
to external clients through Société 
Générale Luxembourg Leasing 
S.A. (its direct parent company) intermediary. 
2. 
NON CONSOLIDATED 
ENTITIES INCORPORATED 
IN 2023 
In 2023, Itaparica 
Investments S.A., Ilhabela 
Investments S.A. and 
Tinhare Investments 
SA were incor-
porated 
as 100% 
Société 
Générale 
Luxembourg 
S.A. 
subsidiaries 
in the 
context 
of the 
Group leasing 
activity. 
 
In 2023, 
Burano Investments 
S.A. and 
Torcello 
Investments 
S.A. were 
incorporated 
as 100% 
Société 
Générale Luxembourg 
Leasing S.A. SGLL 
subsidiaries subsidiaries 
in the context 
of the Group 
leasing 
activity.
 

 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
65 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 2.3. – ADDITIONAL DISCLOSURE FOR CONSOLIDATED ENTI-
TIES AND INVESTMENTS ACCOUNTED FOR USING THE EQUITY 
METHOD 
This Note provides additional disclosures for entities included 
in the consolidation scope. 
These disclosures are for 
entities over which SG 
Luxembourg exercises exclusive 
control, or significant 
influence, 
provided 
these 
entities 
have 
significant 
impact 
on 
the 
Group’s 
consolidated 
financial 
state-
ments. The significance 
of the impact 
is considered in 
particular regarding Group 
consolidated total as-
sets and gross operating income. 
1. 
NON-CONTROLLING INTERESTS 
Non-controlling interests 
refer to 
equity holdings 
in one 
of fully 
consolidated subsidiary 
that are 
neither 
directly nor indirectly attributable to the Group. They include 
equity instruments issued by this subsidiary 
and not held 
by the Group, 
as well as 
the share 
of income and 
accumulated reserves, 
and of unrecog-
nised or deferred gains and losses attributable to the holders of these instruments. 
Non-controlling inter-
ests amounted 
to EUR 
109 thousand 
at December 
31, 2023 
and EUR 
107 thousand 
at December 
31, 
2022. 
December 31, 2023
(in EUR thousand)
Group voting 
interest
Group ownership 
interest
Net income attribu-
table to non-con-
trolling interests
Total non-control-
ling interests
Dividends paid during 
the year to the holders 
of non-controlling inte-
rest
Montalis Investment B.V.
95,00%
95,00%
13
109
11
Total
13
109
11
December 31, 2022 R
(in EUR thousand)
Group voting 
interest
Group ownership 
interest
Net income attribu-
table to non-con-
trolling interests
Total 
non-controlling inte-
rests
Dividends paid during 
the year to the holders 
of non-controlling inte-
rest
Montalis Investment B.V.
95,00%
95,00%
17
107
20
Total
17
107
20
 

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
66 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. INVESTMENT ACCOUNTED FOR USING THE EQUITY 
METHOD 
(in EUR thousand)
12.31.2023
12.31.2022 R
Group share
-
-
Net income
45 914
36 714
Unrealized or deferred gains and losses (net of 
tax)
(29)
1 343
Net income and unrealized or deferred gains 
and losses
45 885
38 057
There were no guarantee, nor 
commitment provided to associates as 
of December 31, 2023 and 
Decem-
ber 31, 2022. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. has 
a 99.8% interest in SG 
Issuer S.A., which activity is 
to issue both 
secured and 
unsecured 
notes though 
private placements 
or public 
offering. 
SG Issuer 
S.A. is 
a public 
limited company (please refer to note 2.1.2). 
Société Générale Luxembourg S.A.’s interest in SG Issuer 
S.A is accounted for using the equity method 
in 2023 and 2022 
consolidated financial statements. The following table illustrates 
the summarised finan-
cial information of SG Luxembourg’s investment 
in SG Issuer S.A. : 
(in EUR thousand)
12.31.2023
12.31.2022 R
Financial assets at fair value
51 181 490
39 783 165
Other assets
1 290 186
327 426
Total assets
52 471 676
40 110 591
Financial liabilities at fair value
51 175 297
39 779 264
Other liabilities
1 294 164
328 775
Total liabilities
52 469 461
40 108 039
Equity
2 215
2 552
Group’s share in equity – 99.80%
2 211
2 547
Group’s carrying amount of the investment
2 211
2 547
The 
associate 
had 
no 
contingent 
liabilities 
or 
capital 
commitments 
as 
at 
December 
31, 
2023 
and 
December 31, 2022.
 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
67 
 
 
 
 
 
 
NOTE 2.4. – RESTRICTIONS 
Legal, regulatory, statutory or contractual constraints or requirements may restrict 
the ability of the 
Group 
to transfer assets freely to or from entities within the Group. 
The 
ability 
of 
consolidated 
entities 
to 
distribute 
dividends 
or 
to 
grant 
or 
repay 
loans 
and 
advances 
to 
entities within the Group depends on, among other things, local regulatory requirements, European Cen-
tral Bank 
recommendations, statutory reserves 
and financial and 
operating performance. Local 
regulatory 
requirements 
may 
concern 
regulatory 
capital, 
exchange 
controls 
or 
non-convertibility 
of 
the 
local 
cur-
rency, 
liquidity 
ratios 
or 
large 
exposures 
ratios 
that 
aim 
to 
cap 
the 
entity’s 
exposure 
in 
relation 
to 
the 
Group. The Group was not exposed to significant limitations 
as of December 31, 2023 and 2022. 
The ability of the Group to use assets may also be restricted 
in the following cases: 
◾
assets pledged 
as security 
for liabilities, 
or assets 
pledged as 
security for 
transactions on 
financial 
instruments, mainly through guarantee deposits with clearing 
houses (Note 3.10); 
◾
securities that are sold under repurchase agreements 
or that are lent (Note 3.7); 
◾
mandatory deposits placed with central banks (Note 3.1).
 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
68 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 2.5. – UNCONSOLIDATED STRUCTURED ENTITIES 
The information provided hereafter concerns entities structured 
but not controlled by the Group. 
The Group’s interests 
in unconsolidated entities 
that have been structured 
by third parties are 
classified 
among financial instruments 
in the consolidated statement 
of financial position 
according to their 
nature 
(financial assets at 
fair value 
through profit 
or loss, 
available-for-sale financial assets 
on insurance, 
etc…). 
1. 
INTERESTS IN UNCONSOLIDATED 
STRUCTURED ENTITIES 
The Group’s interests 
in an unconsolidated 
structured entity refer 
to contractual and 
non-contractual in-
volvements 
that 
expose 
the 
Group to 
the 
variability 
of 
returns 
from 
the 
performance 
of this 
structured 
entity. 
BREAKDOWN OF INTERESTS OF THE GROUP IN UNCONSOLIDATED STRUCTURED ENTITIES 
(in EUR thousand)
12.31.2023
12.31.2022 R
Net carrying amount of Group interests in 
unconsolidated structured entities:
-
-
Assets : 
24 306
29 277
Financial assets at fair value through profit or loss
22 230
25 707
Financial assets at fair value through other comprehensive 
income
-
-
Due from banks at amortised cost and customer 
loans at amortised cost
2 076
3 570
Liabilities :
52
5 561
Financial liabilities at fair value through profit or 
loss
-
-
Due to banks and customer deposits
52
5 561
Other liabilities
-
-
The Group did 
not provide any 
financial support to 
these entities nor any 
binding contractual arrangement 
and, as of December 31, 2023 and did not have any intention 
to provide such support. 
The maximum loss exposure related to interests in unconsolidated 
structured entities is measured as: 
◾
the amortised cost or 
fair value for non-derivative financial 
assets entered into with the 
structured 
entity depending on how they are measured on the consolidated 
statement of financial position; 
◾
the fair value of 
derivative financial assets 
recognized in the consolidated 
statement of financial 
position; 
◾
the notional amount of written Credit Default Swaps (maximum 
amount to pay); 
◾
the notional amount of loan commitments or guarantee commitments 
granted. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
69 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other interests
(in EUR thousand)
12.31.2023
12.31.2022 R
Amortised cost or fair value 
(1)
 
(according to the measurement of the financial 
instrument) of non-derivative financial assets entered into with the structured 
entity
24 306
29 277
Fair value of derivative financial assets recognized in the consolidated statement of 
financial position 
(1)
-
-
Notional amount of loan or guarantee commitments 
granted
-
-
Maximum exposure to loss
24 306
29 277
 
(1) Fair value at the closing date, which may fluctuate in subsequent periods. 
The amount of maximum loss exposure can be mitigated 
by: 
◾
the notional amount of guarantee commitments received; 
◾
the fair value of collateral received; 
◾
the carrying amount of surety deposits received. 
These mitigating amounts 
must be capped 
in case of 
legal or contractual 
limitation of their 
realizable or 
recoverable amounts. 
2. 
INFORMATION ON UNCONSOLIDATED 
STRUCTURED ENTITIES SPONSORED BY THE 
GROUP 
The Group may have no ownership 
interest in a structured entity, 
but still be considered as a sponsor of 
this structured entity if it acts or has acted as: 
◾
a structure; 
◾
an originator for potential investors; 
◾
an asset manager; 
◾
an implicit or explicit guarantor of 
the entity’s performance (in particular via capital or 
return guar-
antees granted to mutual fund unit holders). 
A 
structured entity is also considered to be sponsored 
by the Group if its name includes the name 
of the 
Group or 
the name 
of one 
of its 
subsidiaries. Conversely, 
entities that 
are structured 
by the 
Group ac-
cording to specific 
needs expressed by 
one or more 
customers or investors 
are considered to 
be spon-
sored by said customers or investors. 
In 2023, no significant revenue has been recognised for 
these structured entities. 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
70 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset financing
Asset management
Others
(in EUR thousand)
12.31.2023
12.31.2022 R
12.31.2023
12.31.2022 R
12.31.2023
12.31.2022 R
Entity consolidated statement of financial position total
(1)
-
-
3 486 916
2 469 830
302 320
329 080
Income from those entities during the year
-
-
-
-
-
-
Carrying amounts of all assets transferred to 
those structured entities 
during the year
-
-
-
-
-
-
(1) For Asset Management, NAV (Net Asset Value) 
of the fund

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
71 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 3 - FINANCIAL INSTRUMENTS 
 
 
MAKING 
 
IT 
 
SIMPLE 
The financial 
instruments represent 
the contractual 
rights or 
obligations to 
receive or 
to 
pay cash or other 
financial assets. The Group’s banking activities generally take 
the form 
of financial instruments 
covering a broad 
spectrum of assets 
and liabilities, such 
as loans, 
investment portfolios (equity, bonds, etc.), deposits, debt securities issued 
and derivative 
instruments (swaps, options, forward contracts, credit derivatives, 
etc.). 
In the financial statements, the classification 
and valuation of financial assets 
and liabili-
ties depends 
on their 
contractual characteristics 
and the 
way the 
entity manages 
those 
financial instruments. 
However, 
this 
distinction 
is 
not 
applicable 
to 
derivative 
instruments, 
which 
are 
always 
measured at fair value 
in the statement of 
financial position, no matter what 
their purpose 
is (market activities or hedging transactions). 
ACCOUNTING PRINCIPLES 
Accounting principles presented 
in this Note 
3 are applied 
as from January 
1, 2018 according 
to the IFRS 
9 provisions excluding 
insurance activities (see 
Note 4.3), and 
hedge accounting, which 
is applied according 
to IAS 39 (see Note 3.3.). 
CASH DUE FROM CENTRAL BANKS 
Cash and cash equivalents 
are Cash consists primarily 
of cash balances, debit 
balances outstanding from 
the current account and the mandatory minimum reserve 
with the Central Bank of Luxembourg. 
The funds for the minimum reserves are 
not available for financing the current operations of 
the Group. The 
reserve base, 
calculated monthly, is based 
on balance sheet 
items in 
accordance with accounting 
principles. 
The baseline 
calculation, 
which determines 
the reserve 
requirement, 
is performed 
by the 
central 
bank of 
Luxembourg. 
CLASSIFICATION OF 
FINANCIAL ASSETS 
At initial recognition, financial 
instruments are classified 
in the Group statement 
of financial position 
in one 
of three 
categories (amortised 
cost, fair 
value through 
profit or 
loss, and 
fair value 
through other 
compre-
hensive income) 
that determines 
their accounting 
treatment and 
subsequent measurement 
method. Clas-
sification is based on their contractual cash flow characteristics and the entity’s 
business model for manag-
ing the assets. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
72 
Accounting classification
+ Fair value through OCI option 
without subsequent recycling in profit or loss (non-trading eq-
uity financial assets
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow character-
istics 
Fair 
value
 
through OCI 
with subsequent recycling in profit 
or loss
 
 
Amortised cost
Fair value through profit or 
loss 
Fair value through OCI 
without subsequent recycling in 
profit or loss 
Fair value through 
profit or loss
Fair value through profit or 
loss
The accounting principles 
for classifying financial 
assets require the 
entity to analyse 
the contractual cash 
flows generated by the financial 
instruments and to analyse the 
business model for managing 
the financial 
instruments. 
Analysis of contractual cash flow characteristics 
The 
aim 
of 
the 
analysis 
of 
contractual 
cash 
flow 
characteristics 
is 
to 
limit 
exclusively 
the 
recognition 
of 
revenues from financial assets using the effective interest 
method to the instruments whose characteristics 
are similar to those of a basic lending arrangement, meaning their associated cash flows are highly predict-
able. 
All 
other 
financial 
instruments 
that 
do 
not 
share 
these 
characteristics 
are 
measured 
at 
fair 
value 
through profit or loss, regardless of the business model 
used to manage them. 
Contractual cash flow 
that represent 
solely payments of 
principal and 
interest (SPPI) on 
the principal 
amount 
outstanding are consistent with a basic lending arrangement. 
In 
a 
basic 
lending 
arrangement, 
interest 
predominantly 
consists 
of 
a 
consideration 
for 
the 
time 
value 
of 
money and 
for credit 
risk. Interest 
may also 
include a 
consideration for 
liquidity risk, 
administrative costs, 
and a commercial profit margin. Negative interest is not 
inconsistent with this definition. 
All financial 
assets that 
are not 
basic will 
be mandatorily 
measured at 
fair value 
through profit 
or loss, 
re-
gardless of the business model for managing them. 
The Group can 
make the irrevocable 
decision, on a 
security-by-security basis, 
to classify and 
measure an 
investment in an equity instrument (shares and 
other equity securities) that is not held for trading 
purposes 
at fair 
value 
through 
other 
comprehensive 
income. 
Subsequently, 
the 
profit 
or loss 
accumulated 
in other 
comprehensive income 
will never be 
reclassified into 
profit or loss 
(only dividends 
from those investments 
will be recognised as income). 
Analysis of the business model 
SPPI 
(
S
olely 
P
ayments of 
P
rincipal and 
I
nte-
rest) 
•
Basic 
debt 
finan-
cial assets
NON SPPI 
•
Complex debt finan-
cial assets 
•
Equity 
financial 
as-
sets 
•
Derivatives 
instru-
ments 
Collecting contractual 
cash flows 
Collecting contractual 
cash flows and selling 
Trading portfolio 
Regardless of the 
business model
+ Fair value option 
(to eliminate or reduce an accounting mismatch) 
Business model 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
73 
 
 
 
 
 
 
 
 
 
The business model represents how the financial instruments are managed in order to generate cash flows 
and 
income. 
The 
Group 
uses 
several 
business 
models 
in 
the 
course 
of 
exercising 
its 
different 
business 
lines. 
Business 
models 
are 
assessed 
on 
how 
groups 
of 
financial 
instruments 
are 
managed 
together 
to 
achieve a 
particular business objective. 
The business 
model is 
not assessed on 
an instrument-by-instrument 
basis, but at a portfolio level, considering relevant evidence 
such as: 
◾
how the performance of the portfolio is evaluated and reported 
to the Group’s management; 
◾
how risks related to financial instruments within that business 
model are managed; 
◾
how managers of the business are compensated; 
◾
sales of assets realised or expected (value, frequency, 
purpose). 
To 
determine the classification and 
measurement of financial assets, 
three different business 
models shall 
be distinguished: 
◾
a business model whose objective is to collect contractual cash 
flows (“Collect” business model); 
◾
a business 
model whose 
objective is 
achieved by 
both collecting 
contractual cash 
flows and 
selling fi-
nancial assets (“Collect and Sell” business model); 
◾
and a separate business 
model for other financial 
assets, especially those 
that are held for 
trading pur-
poses, where collecting contractual cash flows is only incidental. 
Fair value option 
SPPI financial assets that 
are not held for 
trading purposes can 
be designated, at 
initial recognition, at fair 
value through 
profit or 
loss if 
such designation 
eliminates or 
significantly reduces 
discrepancies in 
the ac-
counting treatment of related financial assets and liabilities 
(accounting mismatch). 
CLASSIFICATION OF 
FINANCIAL LIABILITIES 
Financial liabilities are classified into one of the following 
two categories: 
◾
Financial liabilities 
at fair 
value through 
profit or 
loss: these 
are financial 
liabilities held 
for trading 
pur-
poses, which by 
default include 
derivative financial 
liabilities not qualifying 
as hedging 
instruments and 
non-derivative financial liabilities designated by the Group upon initial recognition to be measured at fair 
value through profit or loss using the fair value option; 
◾
Debts: these include the other non-derivative financial 
liabilities and are measured at amortised cost. 
Derivative financial assets and liabilities qualifying as 
hedging instruments are presented on separate lines 
of the statement of financial position (see Note 3.3). 
RECLASSIFICATION 
OF FINANCIAL ASSETS 
Reclassification of 
financial assets 
are only 
required in 
the exceptional 
event that 
the Group 
changes the 
business model used to manage these assets. 
These reclassifications are applied prospectively (no restatement of previously recognised profits, losses 
or 
interests). 
FAIR VALUE 
Fair 
value 
is 
the 
price 
that 
would 
be 
received 
to 
sell 
an 
asset 
or 
paid 
to 
transfer 
a 
liability 
in 
an 
orderly 
transaction 
between 
market 
participants 
at 
the 
measurement 
date. 
The 
valuation 
methods 
used 
by 
the 
Group to establish the fair value of financial instruments 
are detailed in Note 3.5. 
INITIAL RECOGNITION 

 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
74 
Purchases and sales of financial 
assets recorded under Financial 
assets at fair value through 
profit or loss 
and Financial assets at 
fair value through other 
comprehensive income are 
recognised in the 
statement of 
financial position 
at the 
delivery-settlement 
date. Changes 
in fair 
value between 
the trade 
and settlement 
dates are recorded in the income 
statement or booked to shareholders’ equity depending on the 
accounting 
category of the relevant 
financial assets. Loans, receivables 
and securities at 
amortised cost are recorded 
in statement of financial position on the date they are paid or at the maturity date for invoiced services. The 
trade date is the 
date on which the 
contractual commitment becomes binding and irrevocable for 
the Group. 
When 
initially 
recognised, 
financial 
assets 
and 
liabilities 
are 
measured 
at 
fair 
value 
including 
transaction 
costs directly attributable to their acquisition or 
issuance, except for financial instruments recognised 
at fair 
value through profit or loss, for which these costs are booked 
directly to the income statement. 
The fair value of structural notes and warrants 
is defined according to models or limited 
observable market 
data, and 
the sales 
margin is 
recognised at 
Société Générale’s 
level as 
it assumes 
the role 
of agent 
and 
absorbs the initial sales margin. 
des 
DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIES 
The Group 
derecognises 
all or 
part of 
a financial 
asset 
(or group 
of similar 
assets) 
when the 
contractual 
rights 
to 
the 
cash 
flows 
on 
the 
asset 
expire 
or 
when 
the 
Group 
has 
transferred 
the 
contractual 
rights 
to 
receive the cash flows and substantially all of the risks and rewards 
linked to ownership 
of the asset. 
The Group also derecognises financial 
assets over which it has retained 
the contractual rights to the asso-
ciated cash 
flows but 
is contractually obligated 
to pass 
these same cash 
flows through to 
a third 
party (“pass-
through 
agreement”) 
and 
for 
which 
it 
has 
transferred 
substantially 
all 
the 
risks 
and 
rewards. 
Where 
the 
Group has transferred the 
cash flows of a 
financial asset but 
has neither transferred 
nor retained substan-
tially all the risks and rewards of its ownership and has effectively not retained control of the 
financial asset, 
the Group derecognises it and, where necessary, recognises a separate asset or 
liability to cover any rights 
and obligations 
created or 
retained as 
a result 
of the 
asset’s transfer. 
If the 
Group has 
retained control 
of 
the asset, 
it continues 
to recognise 
it 
in the 
statement 
of financial 
position 
to the 
extent 
of its 
continuing 
involvement in that asset. 
When a financial 
asset is derecognised 
in its entirety, 
a gain or loss 
on disposal is 
recorded in the 
income 
statement for an 
amount equal to 
the difference 
between the carrying 
value of the 
asset and the 
payment 
received for it, 
adjusted where necessary 
for any unrealised 
profit or loss 
previously recognised 
directly in 
equity and for the value of any servicing asset or servicing liability. Indemnities billed to borrowers following 
the prepayment of their loan are recorded in the income statement 
on the prepayment date among Interest 
and similar income. 
The Group 
derecognises all 
or part 
of a 
financial liability 
when it 
is extinguished, 
i.e. when 
the obligation 
specified in the contract is discharged, cancelled or expired. 
A 
financial 
liability 
may 
also 
be 
derecognised 
in 
the 
event 
of 
a 
substantial 
amendment 
to 
its 
contractual 
conditions or 
where an 
exchange is 
made with 
the lender 
for an 
instrument whose 
contractual conditions 
are substantially different. The difference between the carrying value of the original financial 
liability and the 
consideration paid is recognised in profit or loss.
 

 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
75 
ancial assets (SPPI) are debt instruments which mainly 
include: 
 
 
 
 
 
 
 
 
Basic financial assets (SPPI)
 
are debt instruments which mainly include: 
◾
cash and cash equivalents, 
◾
fixed-rate loans, 
◾
variable-rate loans that can include caps or floors, 
◾
fixed or variable-rate 
debt securities 
(government or 
corporate bonds, 
other 
negotiable debt securities), 
◾
securities purchased under resale agreements (reverse 
repos), 
◾
guarantee deposits paid, 
◾
trade receivables.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contractual terms that would introduce exposure 
to risks or volatility in 
the contractual cash flows, unrelated 
to a basic lending arrangement (such 
as exposure to changes in equity 
prices or stock indexes for instance, 
or leverage features), could not be 
considered as being SPPI, except 
if their effect on the 
contractual cash 
flows remains minimum. 
Non-basic financial assets (non-SPPI) mainly include: 
◾
derivative instruments, 
◾
shares and other equity instruments held by the entity, 
◾
debt financial assets that can be converted or redeemed into a fixed number of shares 
(convertible bonds, equity-linked securities, etc.). 
The basic financial assets (SPPI) held 
by the Group include instruments financing sustainable development 
projects (ESG labelled) in the form of Sustainability-linked 
loans. 
The Non-basic financial assets (non-SPPI) include structured instruments the flows of which are indexed in 
full or in part on ESG related ratios (carbon emissions, 
or other ESG related Key Performance Indicators). 
Impact loans 
have been 
granted by 
the Group 
to support 
the enterprises’ 
sustainability approach 
through 
an incentive mechanism that reviews the margin according to ESG criteria specific to the borrower or to the 
achievement 
by 
the 
latter 
of 
sustainable 
development 
goals 
(Sustainability-linked 
loans). 
An 
analysis 
of 
these loans has allowed 
them to qualify as 
basic financial assets (SPPI) 
provided that their flows 
meet the 
Group internally 
defined de 
minimis criterion 
as well 
as the 
other SPPI 
criteria. This 
criterion is 
consistent 
with the Société Générale Group approach for ESG related loans, specifically the loans presenting a remu-
neration indexed 
on ESG 
related ratios. 
The criterion 
consists in 
reviewing and 
assessing the 
ratio repre-
sented by the remuneration variation 
related to the compliance with 
some ESG ratios and ensure 
this ratio 
remains below the Société Générale Group internal threshold. 
When the time value component of interest can be 
modified according to the contractual term 
of the instru-
ment, it may be necessary 
to compare the contractual cash 
flow with the cash flow 
that would arise from a 
benchmark 
instrument. 
For 
instance, 
that 
is 
the 
case 
when 
an 
interest 
rate 
is 
periodically 
reset, 
but 
the 
frequency of 
that reset 
does not 
match the 
tenor of 
the interest 
rate (such 
as an 
interest rate 
reset every 
month to a 
one-year rate), 
or when the 
interest rate 
is periodically 
reset to 
an average 
of short- 
and long-
term interest rates. 
If the 
difference between 
the undiscounted 
contractual cash 
flows and 
the undiscounted 
benchmark cash 
flows is or may become significant, then the instrument 
is not considered basic. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
76 
 
 
 
 
 
 
 
 
 
Depending on the contractual terms, the comparison 
with benchmark cash flow may be performed through 
a qualitative 
assessment; but 
in other 
cases, a 
quantitative test 
is required. 
The difference 
between con-
tractual and benchmark cash flows has to be considered in each reporting 
period and cumulatively over the 
life of 
the instrument. 
When performing 
this benchmark 
test, the 
entity considers 
factors that 
could 
affect 
future undiscounted contractual cash flows: using the yield curve at the date of the initial assessment is not 
enough, and the entity 
also has to consider 
whether the curve could 
change over the life 
of the instrument 
according to reasonably possible scenarios. 
Within the Group, 
the financial instruments 
concerned by a 
benchmark test include, 
for instance, variable-
rate housing loans for which interest rates are reset every year 
based on the twelve-month Euribor average 
observed over 
the two 
months previous 
to the reset. 
Another example 
is loans 
granted to real 
estate pro-
fessionals for 
which interest 
is revised 
quarterly based 
on the 
one-month Euribor 
average observed 
over 
the three 
months previous 
to the reset. 
Following the 
benchmark analysis 
performed by 
the Group, 
it has 
been concluded that these loans are basic. 
Furthermore, a specific analysis 
of contractual cash flow 
is required when financial 
assets are instruments 
issued by a securitisation 
vehicle or a similar entity 
that prioritises payments to 
holders using multiple con-
tractually-linked instruments 
that create 
concentrations of 
credit risk 
(tranches). When 
assessing whether 
contractual cash flows 
are SPPI or not, 
the entity must analyse 
the contractual terms, 
as well as the credit 
risk of each 
tranche and 
the exposure to 
credit risk 
in the underlying 
pool of financial 
instruments. To 
that 
end, the entity must apply a “look-through approach” to identify the underlying instruments that are creating 
the cash flows. 
TREATMENTS OF 
THE CHANGES IN THE BASIS FOR DETERMINING 
THE CONTRACTUAL CASH 
FLOWS OF FINANCIAL ASSETS AND LIABILITIES 
– IBOR REFORM 
In the context of the reference interest rates reform (IBOR 
reform) the basis for determining the contrac-
tual cash flows of a financial asset or liability may be modified: 
◾
either by amending the contractual terms and conditions set during 
the initial recognition of the 
financial instrument (example: when the agreement is renegotiated, 
the contractual terms and 
conditions are amended to replace the initial reference 
interest rate by an alternative one), 
◾
either by applying the appropriate external disposals without requiring 
a change in contractual 
terms (example: the adoption of European regulations 
requiring the migration of all contracts still 
indexed to Libor CHF and Eonia in the European Union respectively 
on 1 January and 3 January 
2022), 
◾
or as a result of the activation of an existing contractual term 
or condition (example: application of 
the contractual rate replacement provision, or “Fallback”). 
If, 
in 
the 
context 
of the 
reference 
interest 
rates 
reform 
(IBOR 
reform), 
there 
is 
a change 
in 
the 
basis 
for 
determining the contractual cash flows 
of a financial asset or 
liability at amortised cost or 
of a financial asset 
at fair 
value through 
other 
comprehensive 
income, the 
reassessment 
of the 
contractual cash 
flows is 
re-
garded 
as 
a 
modification 
of 
the 
effective 
interest 
rate 
applied 
to 
determine 
the 
future 
interest 
income 
or 
expense and does not generate a gain or loss in the income statement. 
This treatment depends on compliance with the following 
conditions: 
◾
a change in the basis for determining the contractual 
cash flows is required and results directly 
from the IBOR reform; and 
◾
the new basis for determining the contractual cash flows 
is economically equivalent to the former 
basis used before the change. 
◾
The cases giving rise to a new basis for determining the 
contractual cash flows considered econo-
mically equivalent to the former basis are, for example: 
◾
the replacement of an existing reference interest rate used 
to determine the contractual cash 
flows of a financial asset or liability by: 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
77 
 
 
 
o
 
an alternative reference interest rate (or by changing the 
method used to determine the 
reference interest rate in question), with 
o
 
the addition of a fixed spread necessary to compensate 
for the difference in basis be-
tween the existing reference interest rate and the alternative 
one; 
◾
changes in the determination of the amount of interest 
resulting from the use of a new reference 
interest rate (rate revision procedure, number of days between 
interest payment dates …); and 
◾
the addition of a Fallback provision to the contractual terms 
and conditions of a financial asset or 
liability to allow for the implementation of the changes described 
above (replacement of the rate; 
changes in the determination of the interest). 
Changes to a financial 
asset or liability, in addition to those deriving 
directly from the application of 
the IBOR 
reform, are 
treated as 
changes to 
instruments with 
an income 
statement impact 
whenever they 
are subs-
tantial.
 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
78 
 
NOTE 3.1. – CASH, DUE FROM CENTRAL BANKS 
(in EUR thousand) 
12.31.2023 
12.31.2022 R 
Cash 
690 
671 
Balances with central banks 
12 658 695 
12 534 740 
Total 
12 659 385 
12 535 411 
 
Mandatory reserve 
434 384 
482 043 
.
 
NOTE 3.2. – FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE 
THROUGH PROFIT OR LOSS 
 
SUMMARY OF THE 
IFRS 9 TRANSITION FOR INSURANCE ACTIVITY (SEE NOTE 1.4)
31.12.2021 
IFRS 9 reclassifica-
tions 
Reclassified 
balances 
01.01.2022 
R 
31.12.2022 
R 
(In EUR thousand) 
of available for-sale 
financial assets 
Financial assets at fair value 
through profit or loss 
Trading portfolio 
831 097 
- 
831 097 
831 097 
626 153 
Financial assets measured man-
datory at fair value through profit 
or loss 
409 485 
2 008 
411 493 
411 493 
358 339 
Total 
1 240 582 
2 008 
1 242 590 
1 242 590 
1 024 354 
Financial liabilities at fair va-
lue through profit or loss 
Trading portfolio 
425 086 
- 
425 086 
425 086 
379 810 
Financial liabilities measured 
mandatory at fair value through 
profit or loss 
24 965 
- 
24 965 
24 965 
19 539 
Total 
450 051 
- 
450 051 
450 051 
399 349

 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
79 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OVERVIEW 
12.31.2023
12.31.2022 R
(In EUR thousand)
Assets
Liabilities
Assets
Liabilities
Trading portfolio
110 619
108 527
626 153
379 810
Financial instruments mandatorily at fair value 
through profit or loss
283 572
-
358 339
-
Financial instruments at fair value through profit or 
loss using the fair value option
46 730
1 123
39 862
19 539
Total
440 921
109 650
1 024 354
399 349
 
1. TRADING PORTFOLIO 
ACCOUNTING PRINCIPLES 
The trading book contains financial assets 
and liabilities held or accrued for 
the purpose of capital markets 
activities. 
By default, 
derivative 
financial 
instruments 
are 
classified 
into the 
trading 
portfolio, 
unless 
they 
qualify 
as 
hedging instruments (see 
Note 3.3). 
The financial 
instruments 
recorded 
in the 
trading portfolio 
are measured 
at fair 
value 
at the 
statement 
of 
financial position date and recognised in the 
statement of financial position under Financial 
assets or liabil-
ities measured 
at fair 
value through profit 
or loss. 
Changes in 
their fair 
value, interests accrued 
and dividends 
net gains 
or losses 
and revenues 
from derecognition 
associated to 
those instruments 
are recorded 
in the 
income statement as Net gains and losses on financial instruments 
at fair value through profit or loss.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As at December 31, 2023, the Financial assets held for 
trading are mainly composed of : 
- 
financial derivatives, of which back-to-back operations 
(see Note 3.3 Financial derivatives). 
Trading portfolio 
includes all 
the financial 
assets held for 
trading purpose 
regardless of 
the characteristics 
of their 
contractual cash 
flows. Only 
non-SPPI financial 
assets that 
are not 
held for 
trading are 
classified 
amongst 
Financial assets measured mandatorily at fair value through 
profit or loss
 
(see section 3 below). 
ASSETS 
(In EUR thousand)
12.31.2023
12.31.2022 R
Bonds and other debt securities
-
-
Shares and other equity securities
2 300
1 934
Loans and receivables and securities purchased under resale agreements
184
222 614
Trading derivatives
108 135
401 605
Total 
110 619
626 153
o/w securities lent 
-
-
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
80 
 
 
 
 
 
 
LIABILITIES 
(In EUR thousand) 
12.31.2023
12.31.2022 R
Trading derivatives
108 527
379 810
Total
108 527
379 810
 
 
2. FINANCIAL INSTRUMENTS MANDATORILY 
AT FAIR 
VALUE THROUGH 
PROFIT OR LOSS 
 
ACCOUNTING PRINCIPLES 
Financial assets measured mandatorily at fair value through 
profit or loss include: 
◾
loans, bonds and other 
debt securities that 
are not held 
for trading purposes 
and do not pass 
the SPPI 
test (non-basic or non-SPPI instruments). 
◾
shares and share equivalents that are not classified in any other sub-category: trading book at fair value 
through profit 
or loss, 
instruments designated 
by the 
Group at 
fair value 
through other 
comprehensive 
income without subsequent reclassification to profit or 
loss. 
These 
financial 
assets 
are 
recordiged 
at 
fair 
value 
in 
the 
statement 
of 
financial 
position 
under 
Financial 
assets 
measured 
at 
fair 
value 
through 
profit 
or 
loss
 
and 
changes 
in 
the 
fair 
value 
of 
these 
instruments 
(excluding 
accrued 
interest 
income) 
are recorded 
in 
the 
income 
statement 
under 
Net gains 
or losses 
on 
financial instruments at fair value through profit or loss. 
Interest income is recorded in the income statement as 
Interest and similar income.
Dividends on shares & equity securities are recorded in the income statement under 
Net gains or losses on 
financial instruments at fair value through profit or loss
, (see paragraph 4 below).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BREAKDOWN OF FINANCIAL ASSETS MEASURED MANDATORILY 
AT FAIR 
VALUE THROUGH PROFIT OR 
LOSS 
(In EUR thousand) 
12.31.2023 
12.31.2022 R 
Bonds and other debt securities 
52 222 
48 154 
Shares and other equity securities 
82 532 
92 993 
Loans and receivables 
148 818 
217 192 
Total 
283 572 
358 339
 
 
 
 
3. FINANCIAL INSTRUMENTS AT 
FAIR VALUE 
THROUGH PROFIT OR LOSS USING FAIR 
VALUE 
OPTION 
ACCOUNTING PRINCIPLES 
In addition to 
financial assets 
and liabilities 
held for trading, 
and financial 
assets measured 
mandatorily at 
fair value through profit or loss, the same headings in the financial statements 
include non-derivative finan-
cial assets and 
liabilities that the 
Group has designated 
at fair value 
through profit or 
loss. Changes in 
the 
fair value of these instruments (including interest) are recorded in the income statement under 
Net gains or 
losses on financial instruments at fair value through profit 
or loss
. Interest income is recorded in the inco 
me statement as 
Interest and similar income. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
81 
 
 
 
For financial assets, 
this option may 
only be 
used to eliminate 
or significantly reduce 
accounting mismatches 
that would otherwise 
arise from applying 
different accounting 
treatments to certain 
related financial assets 
and liabilities. 

 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
82 
 
 
For financial liabilities, this option may only be used in 
the following cases: 
◾
to eliminate or 
reduce discrepancies 
in the accounting 
treatment of certain 
related financial 
assets and 
liabilities; 
◾
when it applies to a hybrid financial instrument with 
one or more embedded derivatives, which should be 
recognised separately; 
◾
when a group of financial assets and/or liabilities is managed together and its performance 
is measured 
at fair value. 
Furthermore, in order to simplify their accounting treatment by avoiding the separate recognition 
of embed-
ded derivatives, 
the Group 
applies the 
fair value 
option to 
convertible 
bonds that 
are not 
held for 
trading 
purposes.
 
ASSETS 
As at December 31, 2023, the Group holds assets for EUR 46,7 million in assets at fair value through profit 
and loss 
using fair 
value option 
as compared to 
EUR 39,8 
million as 
at December 
31, 2022 ( 
restated amount 
as described in Note 1 paragraph 4). 
LIABILITIES 
As at December 31, 2023, the 
Group holds structured deposits for 
EUR 1,1 
million in liabilities at fair value 
through profit and loss using fair value option as compared 
to EUR 19,5 million as at December 31, 2022.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. NET GAINS AND LOSSES ON FINANCIAL INSTRUMENTS 
FAIR VALUE 
THROUGH PROFIT 
OR LOSS 
(In EUR thousand)
2023
2022 R
Net gain/loss on trading portfolio (excluding derivatives)
(27 317)
2 350
Net gain/loss on financial instruments at fair value through profit or loss
17 427
(115)
 
o/w 
dividend income
191 337
90 631
Net gain/loss on financial instruments measured using fair value option 
(3 510)
(322)
Net gain/loss on derivative instruments 
1 658
57 500
Net gain/loss on hedging transactions 
(17 026)
(11 295)
Net gain/loss on foreign exchange transactions
67 269
55 652
Total
38 501
103 770
Insofar 
as 
income 
and 
expenses 
recorded 
in 
the 
income 
statement 
are 
classified 
by 
type 
of 
instrument 
rather than by purpose, the net income 
generated by activities in financial instruments 
at fair value through 
profit or loss must be assessed as a 
whole. It should be noted that the income shown here does 
not include 
the refinancing cost 
of these financial 
instruments, which 
is shown under 
interest expense 
and interest in-
come.
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
83 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 3.3. – FINANCIAL DERIVATIVES 
MAKING 
IT 
SIMPLE 
Derivative instruments are financial instruments for which the value changes according to 
that of 
an underlying 
item and 
can be 
accompanied by 
a leverage 
effect. The 
items un-
derlying 
these 
instruments 
are 
various 
(interest 
rates, 
exchange 
rates, 
equity, 
indexes, 
commodities, credit 
rating…), as 
well as 
are their 
forms (forward 
contracts, swaps, 
calls 
and puts…).desi 
The Group 
may use 
these derivative 
instruments for 
their market 
activities to 
provide to 
its customers solutions 
to meet their risk 
management or revenue 
optimisation needs. In 
that case, they 
are accounted for 
as trading 
derivatives. These 
financial instruments 
are 
issued in back-to-back. 
The Group 
may also 
use derivative 
instruments to 
manage and 
hedge its 
own risks. 
In 
which case, they are 
qualified as hedging derivatives. 
Hedging transactions can concern 
individual items or transactions 
(micro-hedging relationships) or 
portfolios of financial as-
sets and liabilities 
that can generate 
a structural interest-rate 
risk (macro-hedging relation-
ships). 
Contrary to other 
financial instruments, derivative instruments 
are always measured 
at fair 
value in the 
statement of financial 
position, regardless 
their purpose (market 
activities or 
hedging transactions). 
The fair 
value adjustments 
of trading 
derivatives are 
directly rec-
ognised 
in 
the 
income 
statement. 
However, 
the 
accounting 
method 
used 
on 
hedging 
transactions aims 
to neutralise 
in the 
income statement 
the effects 
of the 
revaluation of 
hedging derivatives, as long as the hedge is effective. 
ACCOUNTING PRINCIPLES 
Derivatives are financial instruments meeting the following 
three criteria: 
◾
their value changes in response 
to the change in a specified 
interest rate, foreign exchange 
rate, share 
price, index of prices, commodity price, credit rating, etc.; 
◾
they require little or no initial investment; 
◾
they are settled at a future date. 
All financial derivatives are recognised at fair value in the statement of financial 
position as financial assets 
or financial liabilities. 
They are considered 
to be trading 
derivatives by default, 
unless they are 
designated 
as hedging instruments for accounting purposes. 
EMBEDDED DERIVAT 
IVES 
An embedded derivative is a component of a hybrid contract that also includes a non-derivative host instru-
ment. 
Where 
the 
host contract 
is a 
financial 
asset, 
the 
entire 
hybrid contract 
is measured 
at fair 
value 
through 
profit or loss because its contractual cash flows do not 
pass the SPPI test. 
Where the 
host contract 
is a 
financial liability 
and is 
not measured 
at fair 
value through 
profit or 
loss, the 
embedded derivative is separated from the host contract if: at acquisition, the economic characteristics and 
risks 
of the 
embedded 
derivative 
are 
not closely 
related 
to 
the 
economic 
characteristics 
and 
risks 
of the 
host; and it would meet the definition of a derivative. As at December 31, 2023 and December 31,2022, the 
Group did not have these instruments. 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
84 
 
1. 
TRADING DERIVATIVES 
ACCOUNTING PRINCIPLES 
All financial derivatives are recognised at fair value in the statement of financial 
position as financial assets 
or financial liabilities. They are considered to be trading 
derivatives. 
Trading derivatives are recorded in the statement of financial position under Financial assets or liabilities at 
fair value through profit or loss. Changes in fair value and interest income 
and expense are recorded in the 
income statement under Net gains and losses on financial 
instruments at fair value through profit or loss.
 
Trading derivatives 
are mainly used by 
the Group for transactions 
with customers in back 
to back transac-
tions with Société Générale. 
BREAKDOWN OF TRADING DERIVATIVES 
COMMITMENTS (NOTIONAL AMOUNTS) 
(In EUR thousand)
12.31.2023
12.31.2022 R
Interest rate instruments
3 882 008
7 965 906
Firm instruments
3 882 008
7 262 648
 
Swaps
3 781 860
7 232 776
 
FRAs
100 148
29 872
Options
-
703 258
Foreign exchange instruments
10 655 190
21 674 296
Firm instruments
6 445 997
12 779 638
Options
4 209 193
8 894 658
Equity and index instruments
1 780 233
3 631 506
Firm instruments
46 831
721 048
Options
1 733 402
2 910 458
Commodities instruments
2 201
303
Firm instruments
2 201
303
Options
-
-
Other trading instruments
1 557 239
988 244
Total
17 876 871
34 260 255
 
BREAKDOWN OF ASSETS AND LIABILITIES 
12.31.2023
12.31.2022 R
(In EUR thousand)
Assets
Liabilities
Assets
Liabilities
Interest rate instruments
17 132
21 802
62 951
50 427
Foreign exchange instruments
35 711
31 474
29 186
22 889
Equities & index Instruments 
53 922
53 884
305 506
302 544
Other trading instruments
(1)
1 370
1 367
3 962
3 950
Total
108 135
108 527
401 605
379 810
(1) 
Other trading instruments are mainly composed of structured optional products (back to back activities).

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
85 
2. 
HEDGING DERIVATIVES 
According to the transitional provisions of IFRS 9, the Group made the choice to maintain the IAS 
39 provi-
sions related 
to hedge 
accounting. Consequently, 
equity instruments 
held (equities 
and similar 
securities) 
are not eligible for hedge accounting regardless of their 
accounting classification. 
In the 
context of the 
sharp increase of 
interest rates, the 
Group has 
not observed any 
ineffectiveness outside 
the IAS 39 
boundaries of 80-125% 
or disappearance of 
hedged items that 
could lead to the 
termination of 
its hedging relationships.
 
ACCOUNTING PRINCIPLES 
In order to 
be hedged against certain 
market risks, the Group 
sets up hedging derivatives. 
From an account-
ing standpoint, 
the 
Group 
designates 
the 
hedging 
transaction 
as 
a fair 
value 
hedge, 
a cash 
flow 
hedge, 
depending on the risk and on the instruments that are 
hedged. 
To 
designate an instrument 
as a hedging derivative, 
the Group must document 
the hedging relationship 
in 
detail, from 
the inception 
of the 
hedge. This 
documentation specifies 
the asset, 
the liability, 
the risk 
to be 
hedged and the 
associated risk management 
strategy, the type of 
financial derivative used 
and the valuation 
method that will be used to measure its effectiveness. 
A 
derivative 
designated 
as 
a 
hedging 
instrument 
must 
be 
highly 
effective 
in 
offsetting 
the 
change 
in 
fair 
value or cash 
flows arising from 
the hedged risk. 
This effectiveness is verified 
when changes in 
the fair value 
or cash flows of the hedged instrument 
are almost entirely offset by 
changes in the fair value or 
cash flows 
of the hedging instrument, with the expected ratio between 
the two changes ranging from 80% to 125%. 
Effectiveness shall be assessed both when 
the hedge is first set up and throughout its 
life. Effectiveness is 
measured each 
month retrospectively 
(effectiveness measured 
on past 
periods). Where 
the effectiveness 
falls outside the range specified above hedge accounting 
in discontinued. 
Hedging derivatives 
are recognised 
in the 
statement 
of financial 
position under 
Hedging derivatives. 
The 
purpose of these hedges is to protect the Group against an adverse fluctuation in the fair value 
of an instru-
ment which 
could affect 
profit or 
loss if 
the instrument 
were derecognised 
from the 
statement of 
financial 
position. 
FAIR VALUE 
HEDGES 
The purpose of 
these hedges 
is to protect 
the Group 
against an adverse 
fluctuation in 
the fair value 
of an 
instrument which could affect profit or loss if the instrument were derecognised from the statement of finan-
cial position. 
Changes in the 
fair value of 
the hedging 
derivative are 
recorded in the 
income statement 
under Net 
gains 
and losses on financial instruments at fair value through profit or loss; 
for interest rate derivatives, however, 
however, 
accrued 
interest income 
and expenses 
on the 
derivative 
are recorded 
in the 
income statement 
under Interest and similar income / Interest and similar expense – Hedging derivatives symmetrically 
to the 
accrued interest income and expenses related to the hedged 
item. 
In 
the 
consolidated 
statement 
of 
financial 
position, 
the 
carrying 
value 
of 
the 
hedged 
item 
is 
adjusted 
for 
gains and losses 
attributable to the 
hedged risk, which 
are reported in 
the income statement 
under Net gains 
and losses on financial instruments at fair value through profit or loss. To the extent that the hedge is highly 
effective, changes in the 
fair value of 
the hedged item and 
changes in the 
fair value of 
the hedging derivative 
are accurately offset through profit or loss, the 
difference corresponding to an ineffectiveness 
gain or loss. 
Prospective effectiveness 
is assessed 
via a 
sensitivity analysis 
based on 
probable market 
trends or 
via a 
regression analysis of the 
statistical relationship (correlation) 
between the hedged 
risk component and 
the 
hedging instrument. Retrospective effectiveness is assessed by comparing any changes in the fair value of 
the hedging instrument with any changes in the fair value of 
the hedged item. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
86 
 
 
 
If it becomes 
apparent that the derivative 
has ceased to meet 
the effectiveness criteria for 
hedge accounting 
or if it 
is terminated or 
sold, hedge accounting is 
discontinued prospectively. Thereafter, the carrying amount 
of the hedged asset or 
liability ceases to be adjusted for changes 
in fair value attributable to 
the hedged risk 
and the cumulative 
adjustments previously 
recognised under 
hedge accounting 
are amortised 
over its 
re-
maining 
life. 
Hedge 
accounting 
is 
also 
discontinued 
if 
the 
hedged 
item 
is 
sold 
prior 
to 
maturity 
or 
early-
redeemed, the valuation adjustments are then immediately recognised 
in the income statement. 
CASH FLOW HEDGES 
The purpose of interest rate cash flow hedges is to protect against changes in future cash flows associated 
with a financial instrument on the statement of financial 
position. The purpose of these hedges is to protect 
the Group 
against adverse 
fluctuations in 
the future 
cash-flows of 
an instrument 
or transaction 
that could 
affect profit or loss. 
The prospective effectiveness of the hedge is assessed via a sensitivity analysis based on 
probable market 
input trends or via a regression analysis 
of the statistical relationship (correlation) 
between the hedged risk 
component and the hedging instrument. The effectiveness 
of the hedge is assessed using the hypothetical 
derivative method, which consists in 
i) creating a hypothetical 
derivative which bears exactly the same 
char-
acteristics as the instrument being hedged (in terms of notional amounts, date on which the rates are reset, 
interest rate, exchange rate, 
etc.), but moves in 
the opposite direction and 
whose fair value is 
nil when the 
hedge is set up, then ii) comparing the expected changes 
in the fair value of the hypothetical derivative with 
those of the hedging instrument 
(sensitivity analysis) or performing a regression 
analysis on the prospective 
effectiveness of the hedge. 
The changes 
in fair 
value of 
the hedging 
financial instruments are 
recorded directly as 
Unrealised or 
deferred 
gains and losses 
for their effective 
portion, while the 
ineffective portion 
is recognised under 
Net gains and 
losses on 
financial instruments 
at fair 
value through 
profit or 
loss. With 
regard to 
interest rate 
derivatives, 
the portion corresponding 
to the rediscount 
of the derivative financial 
instrument is recorded 
in the income 
statement 
under 
Interest 
and 
similar 
income 
/ 
Interest 
and 
similar 
expense 
symmetrically 
to 
the 
interest 
income or expense related to the hedged item. 
The gains or losses, 
realised or unrealised, accumulated 
directly in equity for 
the effective portion 
of these 
changes in value, 
are carried in 
equity to be 
recycled in the 
income statement 
when the expected 
hedged 
cash flows impact the 
income statement. With regard 
to the hedging flows 
related to a 
variable-rate financial 
instrument recorded 
on the 
balance sheet, 
recycling 
is done 
as and 
when the 
hedged interest 
income or 
expenses are recognised 
in the income statement. 
In the case 
of hedging of future 
transactions, if it 
is the 
future sale of a financial instrument, recycling takes place on the date when the sold instrument is derecog-
nised; if the transaction is settled through the recognition on the balance sheet of 
a financial instrument, the 
gains or losses accumulated in equity are carried in it, before being recycled in the income statement at the 
same pace as the hedged cash flows generated by the instrument 
then recognised on the balance sheet. 
Whenever the hedging derivative ceases to meet the effectiveness criteria for hedge accounting or is 
termi-
nated or 
sold, hedge 
accounting 
is discontinued 
prospectively. 
Amounts previously 
recognised directly 
in 
equity are reclassified under Interest income and 
expense in the income statement over the periods 
during 
which interest income 
is affected by 
cash flows arising 
from the hedged 
item. If the 
hedged item is 
sold or 
redeemed earlier than expected, 
unrealised gains and 
losses recognised in equity 
are immediately reclas-
sified in the income statement. 
PORTFOLIO HEDGES (MACRO-HEDGE) 
In this 
type 
of 
hedge, 
interest 
rate 
derivatives 
are 
used to 
globally 
hedge 
the 
structural 
interest 
rate 
risk 
resulting mainly from clients’ deposits. 

 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
87 
In accounting 
for these 
transactions, are 
either documented 
as fair 
value hedges 
or as 
cash flow 
hedges 
depending 
on 
which 
type 
of 
hedging 
relationship 
is 
implemented 
and 
which 
financial 
instruments 
are 
hedged. 
A. 
Macro fair value hedge relationships 
While documenting a macro fair value hedge of fixed rate assets and liabilities portfolios, the Group applies 
the IAS 39 “carve-out” standard as adopted by the European 
Union, which facilitates: 
●
 
the application of 
fair value hedge accounting 
to the macro-hedges used 
for asset-liability management, 
including customer demand deposits in the fixed-rate positions 
being hedged; 
●
 
the performance of the effectiveness tests. 
The accounting 
treatment 
of the 
financial 
derivatives 
designated as 
macro fair 
value hedges 
is similar 
to 
that 
of 
other 
fair 
value 
hedging 
instruments. 
Changes 
in 
the 
fair 
value 
of 
the 
portfolio 
of 
macro-hedged 
instruments measured 
based on 
the modelled 
synthetic instrument 
are reported 
on a 
separate line 
in the 
balance sheet under Revaluation differences on portfolios hedged against interest rate risk through profit 
or 
loss (table 
Fair value hedge : Breakdown of hedged items detailed 
below
). 
B. 
Macro cash flow hedge relationships 
While 
documenting 
a macro 
cash 
flow 
hedge, 
the 
Group apply 
the same 
accounting 
principles 
as those 
presented above for cash flow hedge. Thus, macro 
-hedged assets or liabilities portfolios are not measured 
at fair value for the hedged risk. 
In the case of macro cash flow hedge, hedged portfolios 
include assets or liabilities at variable rate. 
Finally, regardless 
of the documentation 
used for these 
macro-hedges, they require 
the implementation of 
three tests to measure the effectiveness of the relationship: 
●
 
a non-over-coverage 
test to 
ensure, prospectively 
and retrospectively, 
that the nominal 
amount of 
the 
portfolios covered is higher 
than the notional amount 
of the hedging instruments 
for each future maturity 
band and each rate generation; 
●
 
a 
test 
of 
non-disappearance 
of 
the 
hedged 
item, 
which 
consists 
in 
prospectively 
and 
retrospectively 
ensuring that the historically covered maximum position is less than the notional amount of the 
hedging 
instruments on the closing date considered for each maturity band 
and each generation of rates; 
●
 
a quantitative test to retrospectively ensure that the fair value changes in the modelled synthetic instru-
ment offset the changes in fair value of the hedging 
instruments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BREAKDOWN OF HEDGING DERIVATIVES 
12.31.2023 
12.31.2022 R 
(In EUR thousand) 
Assets 
Liabilities 
Assets 
Liabilities 
Fair value hedge 
Interest rate instruments* 
100 096 
2 325 
133 203 
14 899 
Foreign exchange instruments 
- 
- 
- 
- 
Cash flow hedge 
Interest rate instruments 
56 403 
117 
83 965 
1 092 
Other forward financial instruments 
26 
157 
38 
12 
Total 
156 525 
2 599 
217 206 
16 003 
*o/w macro fair value hedging assets as of 12.31.2023: EUR 21 933 thousand (12.31.2022: nil). 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
88 
 
The Group sets up hedging relationships recognised 
for accounting purposes as fair value hedges 
in order 
to protect its fixed 
-rate financial assets 
and liabilities (primarily 
loans/borrowings and 
fixed-rate securities). 
against changes 
in long-term 
interest rates. 
In 
2023, the 
Group 
has set-up 
a macro 
hedge to 
hedge the 
fixed-rate customers deposits against changes in interest rates. The hedging instruments 
used mainly con-
sist of interest rate swaps. 
Through some of its operations, the Group is exposed to future cash flow changes in its short and medium-
term funding requirements, and sets up 
hedging relationships recognised for accounting 
purposes as cash 
flow hedges. Highly probable funding requirements are determined using historic 
data established for each 
activity and 
representative 
of balance 
sheet outstanding. 
These data 
may be 
increased or 
decreased 
by 
changes in management methods. 
BREAKDOWN OF HEDGING DERIVATIVES 
COMMITMENTS (NOTIONAL AMOUNTS) 
DERIVATIVE 
ASSETS (NOTIONAL AMOUNT) 
(In EUR thousand) 
12.31.2023 
12.31.2022 R 
Interest rate instruments 
3 616 475 
3 150 650 
Foreign exchange instruments 
- 
- 
Equity and index instruments 
- 
- 
Commodity instruments 
- 
- 
Credit derivatives 
- 
- 
Other forward financial instruments 
1 225 
1 507 
Total 
3 617 700 
3 152 157 
DERIVATIVE 
LIABILITIES (NOTIONAL AMOUNT) 
(in EUR thousand)
12.31.2023
12.31.2022 R
Interest rate instruments
3 616 475
3 150 650
Foreign exchange instruments
-
-
Equity and index instruments
-
-
Commodity instruments
-
-
Credit derivatives
-
-
Other forward financial instruments
-
-
Total
3 616 475
3 150 650
BREAKDOWN OF NET GAINS/LOSSES ON HEDGING TRANSACTIONS 
(In EUR thousand)
2023
2022 R
Net gain/loss on hedging transactions 
Net gain/loss on fair value hedging derivatives
(31 098)
192 580
Revaluation of hedged items attributable to hedged 
risks
30 201
(194 021)
Ineffective portion of cash flow hedge 
(16 129)
(9 853)
Total of net gains and losses on financial instruments at fair value 
through profit or 
loss from hedging transactions
(17 026)
(11 294)

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
89 
 
MATURITIES OF HEDGING FINANCIAL DERIVATIVES 
(NOTIONAL AMOUNTS) 
(In EUR thousand)
Up to 3 mon-
ths
From 3 months 
to 1 year
From 1 year to 5 
years
Over 5 years
12.31.2022 R
Interest rate instruments
21 000
558 000
2 196 150
375 500
3 150 650
Foreign exchange instruments
-
-
-
-
-
Equity and index instruments
-
-
-
-
-
Other forward financial instruments
-
-
1 507
-
1 507
Total
21 000
558 000
2 197 657
375 500
3 152 157
These items are presented according to the contractual maturity 
of the financial instruments. 
(In EUR thousand)
Up to 3 mon-
ths
From 3 months 
to 1 year
From 1 year to 5 
years
Over 5 years
12.31.2023
Interest rate instruments
37 500
1 053 500
2 073 216
452 259
3 616 475
Foreign exchange instruments
-
-
-
-
-
Equity and index instruments
-
-
-
-
-
Other forward financial instruments
-
-
1 225
-
1 225
Total
37 500
1 053 500
2 074 441
452 259
3 617 700

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
90 
 
FAIR VALUE 
HEDGE : BREAKDOWN OF HEDGED ITEMS 
12.31.2023
(In EUR thousand)
Carrying amount
Cumulative 
change in the fair 
value
Change in the fair 
value booked du-
ring the year
Hedge of interest rate risk
2 443 053
(97 830)
26 640
Hedged assets
1 374 898
(75 201)
49 269
Due from banks, at amortised cost
-
-
-
Customer loans, at amortised cost
45 191
(9 109)
3 553
Securities at amortised cost
-
-
-
Financial assets at fair value through other comprehensive 
income
1 329 707
(66 092)
45 716
Hedged liabilities
1 068 155
(22 629)
(22 629)
Debt securities issued
-
-
-
Due to banks
-
-
-
Customer deposits (macro hedged)
1 068 155
(22 629)
(22 629)
Subordinated debts
-
-
-
Hedge of currency risk
-
-
-
Hedged assets
-
-
-
Customer loans, at amortised cost
-
-
-
Hedged liabilities
-
-
-
Debt securities issued
-
-
-
Due to banks
-
-
-
Customer deposits
-
-
-
Hedge of equity risk
-
-
-
Hedged liabilities
-
-
-
Other liabilities
-
-
-
Total
2 443 053
(97 830)
26 640

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
91 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12.31.2022 R
(In EUR thousand)
Carrying amount
Cumulative 
change in the fair 
value
Change in the fair 
value booked du-
ring the year
Hedge of interest rate risk
1 835 741
(124 470)
(218 297)
Hedged assets
1 835 741
(124 470)
(218 297)
Due from banks, at amortised cost
-
-
-
Customer loans, at amortised cost
42 338
(12 662)
(12 662)
Securities at amortised cost
-
-
-
Financial assets at fair value through other comprehensive 
income
1 793 403
(111 
808)
(205 635)
Hedged liabilities
-
-
-
Debt securities issued
-
-
-
Due to banks
-
-
-
Customer deposits
-
-
-
Subordinated debts
-
-
-
Hedge of currency risk
-
-
-
Hedged assets
-
-
-
Customer loans, at amortised cost
-
-
-
Hedged liabilities
-
-
-
Debt securities issued
-
-
-
Due to banks
-
-
-
Customer deposits
-
-
-
Hedge of equity risk
-
-
-
Hedged liabilities
-
-
-
Other liabilities
-
-
-
Total
1 835 741
(124 470)
(218 297)
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
92 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FAIR VALUE 
HEDGE : BREAKDOWN OF HEDGING INSTRUMENTS 
12.31.2023
(In EUR thousand)
Commitments (no-
tional amounts)
Fair value 
(1)
Change in fair va-
lue booked during 
the year
Ineffectiveness re-
cognised during 
the year
Asset
Liabilities
Hedge of interest rate risk
2 497 475
100 096
2 325
(30 510)
(309)
Firm instruments – Swaps
2 497 475
100 096
2 325
(30 510)
(309)
For hedged assets
1 451 949
78 160
2 325
(53 353)
(495)
For hedged liabilities
1 045 526
21 936
-
22 843
186
Options
-
-
-
-
-
Hedge of currency risk
-
-
-
-
-
Firm instruments
-
-
-
-
-
For hedged liabilities
-
-
-
-
-
Non-derivative financial instruments
-
-
-
-
-
For hedged assets
-
-
-
-
-
Hedge of equity risk
-
-
-
-
-
Options
-
-
-
-
-
 
For hedged liabilities
-
-
-
-
-
Total
2 497 475
100 096
2 325
(30 510)
(309)
(1) 
The fair value of interest rate hedging derivatives includes accrued interests. 
12.31.2022 R
(In EUR thousand)
Commitments (no-
tional amounts)
Fair value 
(1)
Change in fair va-
lue booked during 
the year
Ineffectiveness re-
cognised during 
the year
Asset
Liabilities
Hedge of interest rate risk
1 965 650
133 203
14 899
192 882
(1 139)
Firm instruments – Swaps
1 965 650
133 203
14 899
192 882
(1 139)
For hedged assets
1 965 650
133 203
14 899
192 882
(1 139)
For hedged liabilities
-
-
-
-
-
Options
-
-
-
-
-
Hedge of currency risk
-
-
-
-
-
Firm instruments
-
-
-
-
-
For hedged liabilities
-
-
-
-
-
Non-derivative financial instruments
-
-
-
-
-
For hedged assets
-
-
-
-
-
Hedge of equity risk
-
-
-
-
-
Options
-
-
-
-
-
 
For hedged liabilities
-
-
-
-
-
Total
1 965 650
133 203
14 899
192 882
(1 139)
(1) 
The fair value of interest rate hedging derivatives includes accrued interests. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
93 
 
CASH FLOW HEDGE : BREAKDOWN OF HEDGED ITEMS 
The following table describes the change of fair value 
of hedged items used to book the ineffective portion 
of the hedge during the current period. As at December 
31, 2023 and 2022, hedged items are composed 
of customers deposits (Note 3.7.2) with floating interest 
rates mainly in EUR and USD. Regarding the 
cash flow hedges, the change in fair value of hedged 
items is assessed using the hypothetical derivative 
method described in the accounting principles above. 
12.31.2023
12.31.2022 R
(In EUR thousand) 
Change in the
fair value
Change in the
fair value
Hedge of interest rate risk
(10 839)
(51 182)
Hedged assets
-
-
Due from banks, at amortised cost
-
-
Customer loans, at amortised cost
-
-
Securities at amortised cost
-
-
Financial assets at fair value through other comprehensive 
income
-
-
Customer loans (macro hedged)
-
-
Hedged liabilities
(10 839)
(51 182)
Debt securities issued
-
-
Due to banks
-
-
Customer deposits
-
-
Subordinated debts
-
-
Customer deposits (macro hedged)
(10 839)
(51 182)
Forecast transactions
-
-
Total
(10 839)
(51 182)

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
94 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOW HEDGE : BREAKDOWN OF HEDGING INSTRUMENTS 
12.31.2023
(In EUR thousand)
Commitments 
(notional 
amounts)
Fair value
Changes in fair value recorded du-
ring the year
Cumulative 
change in fair va-
lue recorded in 
unrealised or de-
ferred gains and 
losses
Asset
Liability
Portion booked 
in unrealised or 
deferred gains 
and losses 
Ineffectiveness 
recorded in the 
profit or loss
Hedge of interest rate risk
1 119 000
56 403
117
(23 554)
(16 129)
22 875
Firm instruments – Swaps
1 119 000
56 403
117
(23 554)
(16 129)
22 875
For hedged assets
1 119 000
56 403
117
(23 554)
(16 129)
22 875
For hedged liabilities
-
-
-
-
-
-
Firm instruments – FRAs
-
-
-
-
-
-
For hedged liabilities
-
-
-
-
-
-
Hedge of currency risk
-
-
-
-
-
-
Firm instruments
-
-
-
-
-
-
For hedged assets
-
-
-
-
-
-
For hedged liabilities
-
-
-
-
-
-
For hedged future transactions
-
-
-
-
-
-
Non-derivative financial instruments
-
-
-
-
-
-
For hedged future transactions
-
-
-
-
-
-
Hedge of equity risk
1 225
26
157
(84)
-
(79)
Options
1 225
26
157
(84)
-
(79)
For hedged future transactions
1 225
26
157
(84)
-
(79)
Total
1 120 225
56 429
274
(23 638)
(16 129)
22 796
12.31.2022 R
(In EUR thousand)
Commitments 
(notional 
amounts)
Fair value
Changes in fair value recorded du-
ring the year
Cumulative 
change in fair va-
lue recorded in 
unrealised or de-
ferred gains and 
losses
Asset
Liability
Portion booked 
in unrealised or 
deferred gains 
and losses 
Ineffectiveness 
recorded in the 
profit or loss
Hedge of interest rate risk
1 185 000
83 965
1 092
52 369
(9 853)
46 429
Firm instruments – Swaps
1 185 000
83 965
1 092
52 369
(9 853)
46 429
For hedged assets
1 185 000
83 965
1 092
52 369
(9 853)
46 429
For hedged liabilities
-
-
-
-
-
-
Firm instruments – FRAs
-
-
-
-
-
-
For hedged liabilities
-
-
-
-
-
-
Hedge of currency risk
-
-
-
-
-
-
Firm instruments
-
-
-
-
-
-
For hedged assets
-
-
-
-
-
-
For hedged liabilities
-
-
-
-
-
-
For hedged future transactions
-
-
-
-
-
-
Non-derivative financial instruments
-
-
-
-
-
-
For hedged future transactions
-
-
-
-
-
-
Hedge of equity risk
1 507
38
12
(33)
-
5
Options
1 507
38
12
(33)
-
5
For hedged future transactions
1 507
38
12
(33)
-
5
Total
1 186 507
84 003
1 104
52 336
(9 853)
46 434
 

 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
95 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 3.4. - FINANCIAL ASSETS AT FAIR 
VALUE THROUGH OTHER 
COMPREHENSIVE INCOME 
 
 
 
 
 
 
 
 
 
 
 
 
 
SUMMARY OF THE IFRS 9 TRANSITION FOR INSURANCE ACTIVITY (SEE NOTE 1.4) 
31.12.2021
IFRS 9 reclassifica-
tions
Reclassified 
balances
01.01.2022 R
31.12.2022 R
(In EUR thousand)
of available for-sale 
financial assets
Debt instruments
2 815 004
356 563
3 171 567
3 171 567
2 238 820
Bonds and other debt securities
2 815 004
356 563
3 171 567
3 171 567
2 238 820
Total financial assets at fair value through 
other comprehensive income
2 815 004
356 563
3 171 567
3 171 567
2 238 820
OVERVIEW OF FINANCIAL ASSETS AT FAIR 
VALUE THROUGH OTHER COMPREHENSIVE INCOME 
(In EUR thousand)
12.31.2023
12.31.2022 R
Bonds and other debt securities
1 539 911
2 238 820
Shares and other equity securities
-
-
Total
1 539 911
2 238 820
o/w unrealized gain/loss through OCI, excluding deferred 
taxes and allo-
wances for impairment losses
1 527
(1 176)
o/w allowances for impairment losses
1
2
1. 
 
DEBT INSTRUMENTS 
ACCOUNTING PRINCIPLES 
Debt instruments are 
classified as Financial assets 
at fair value 
through other comprehensive income 
where 
their contractual cash 
flows are consistent 
with basic lending 
arrangements (SPPI) 
and they are 
managed 
under a Collect and Sell business model. 
Accrued or earned 
income on debt 
instruments is recorded 
in profit or 
loss based on 
the effective 
interest 
rate, under 
Interest and similar income
. 
At the 
reporting 
date, these 
instruments are 
measured at 
fair value, 
and changes 
in fair 
value, 
excluding 
income, are 
recorded 
under Unrealised 
or deferred 
gains and 
losses, except 
for foreign 
exchange differ-
ences, which are recorded in profit 
or loss. Furthermore, as these financial 
assets are subject to impairment 
for 
credit 
risk, 
changes 
in 
expected 
credit 
losses 
are 
recorded 
in 
profit 
or 
loss 
under 
Cost 
of 
risk 
with 
a 
corresponding entry 
to Unrealised 
or deferred 
gains and 
losses. The 
applicable impairment 
rules are 
de-
scribed in Note 3.9. The impairment does not impact the carrying 
amount of the assets. 
If 
these 
instruments 
are 
sold, 
the 
impairments 
for 
credit 
risk 
are 
reversed 
in 
Cost 
of 
risk 
in 
the 
income 
statement, and the unrealised or deferred gains and losses are reclassified to profit or loss under 
Net gains 
or losses on financial assets at fair value through other 
comprehensive income.
 
BUSINESS MODEL “HOLD TO COLLECT AND SELL” 
The objective 
of this 
business model 
is to 
realise cash 
flows by 
both collecting 
contractual payments 
and 
selling financial 
assets. In 
this type 
of business 
model, the 
sales of 
financial 
assets 
are not 
incidental 
or 
exceptional, but they are integral to achieving the business’ 
objectives. 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
96 
 
Cash management 
Within the 
Group, the 
“hold to 
collect and 
sale” business 
model is 
mainly applied 
by the 
Treasury 
activity for 
managing HQLA 
securities (High 
Quality Liquid 
Assets) included 
in 
the liquidity buffer.
 
CHANGES OF THE CARRYING AMOUNT 
(In EUR thousand)
2023 
Balance on January 1 
2 238 820 
Acquisitions / disbursements 
225 
Disposals / redemptions 
(740 494) 
Changes in fair value during the year 
50 130 
Changes in related receivables 
(8 770) 
Translation differences 
- 
Balance on December 31 
1 539 911 
BREAKDOWN OF CUMULATED UNREALISED GAINS AND LOSSES RECOGNISED DIRECTLY 
IN EQUITY AND 
THAT WILL BE RECLASSIFIED SUBSEQUENTLY 
INTO INCOME 
(
In EUR thousand)
12.31.2023
12.31.2022 R
Unrealised gains
6 312
4 517
Unrealised losses
(4 784)
(5 691)
Total
1 528
(1 174)
The amounts as at 
December 31, 2023 and 
December 31, 2022 were 
reclassified into income from 
financial 
instruments at fair value through other comprehensive 
income and 
presented in the paragraph 3 below.

 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
97 
 
2. 
 
EQUITY INSTRUMENTS 
ACCOUNTING PRINCIPLES 
Equity instruments (shares 
and share equivalents), 
that are 
not held for 
trading purposes, 
can be ini-
tially designated by the Group to be measured at fair value through other comprehensive income. This 
choice made instrument by instrument, is irrevocable.desi 
These equity instruments are then measured at fair value and 
the changes in fair value are recognised 
under Unrealised 
or deferred 
gains and 
losses with 
no subsequent 
reclassification to 
profit or 
loss. If 
the 
instruments 
are 
sold, 
the 
realised 
gains 
and 
losses 
are 
reclassified 
to 
Retained 
earnings 
at 
the 
opening of the next financial 
year. Only 
dividend income, if it 
is considered as a 
return on investment, 
is recorded 
in profit 
or loss 
under Net 
gains or 
losses on 
financial 
assets at 
fair value 
through 
other 
comprehensive income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As 
at 
December 
31, 
2023 
and 
December 
31,2022, 
the 
Group 
did 
not 
apply 
the 
fair 
value 
through 
other 
comprehensive income option to any equity instruments. 
3. 
NET GAINS AND LOSSES RECOGNISED IN NET INCOME 
ON FINANCIAL INSTRUMENTS 
AT FAIR 
VALUE THROUGH 
OTHER COMPREHENSIVE INCOME 
(In EUR thousand)
2023
2022 R
Realised gains and losses on sale of debt instruments
-
(2 613)
Dividends incomes on financial assets at fair 
value through other comprehensive in-
come
-
-
Total
-
(2 613)
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
98 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 3.5. - FAIR VALUE 
OF FINANCIAL INSTRUMENTS 
MAKING 
IT 
SIMPLE 
The financial assets and liabilities 
recognised in the Group statement 
of financial position 
are measured either 
at fair value 
or at amortised 
cost. In the 
latter case, the 
fair value of 
the instruments is disclosed in the notes (see Note 3.6). 
If an instrument is quoted on an active market, its fair value 
is equal to its market price. 
But many 
financial instruments are 
not listed : 
most of the 
notes issued by 
the Group, loans 
and receivables, structured products, 
Financial 
derivatives traded by the Group are mostly only negotiable on over-the-counter 
markets. 
In such situations, the fair value of the instruments is calculated using measurement tech-
niques or valuation models. Market parameters are included in these models and must be 
observable; otherwise they 
are determined based 
on internal estimates. The 
models and 
parameters used are subject to independent validations 
and internal controls. 
ACCOUNTING PRINCIPLES 
DEFINITION OF FAIR VALUE 
Fair 
value 
is 
the 
price 
that 
would 
be 
received 
to 
sell 
an 
asset 
or 
paid 
to 
transfer 
a 
liability 
in 
an 
orderly 
transaction between market participants at the measurement 
date. 
In the absence of observable prices for identical assets or liabilities, the fair value of financial 
instruments is 
determined using 
another measurement technique 
that maximises 
the use 
of observable 
market input 
based 
on assumptions that market operators would use to set 
the price of the instrument in question. 
FAIR VALUE 
HIERARCHY 
The fair values of financial instruments include accrued 
interest as applicable 
For information 
purposes, in 
the notes 
to the 
consolidated 
financial statements, 
the fair 
value of 
financial 
instruments is classified 
using a fair 
value hierarchy that 
reflects the observability 
level of the 
inputs used. 
The fair value hierarchy is composed of the following 
levels: 
Level 1 
(L1): 
instruments 
valued on 
the 
basis of 
quoted 
prices (unadjusted) 
in active 
markets 
for 
identical assets or liabilities. 
Level 1 
instruments carried 
at fair 
value on 
the statement 
of financial 
position include 
in particular 
shares 
listed in an active market, government or corporate bonds priced 
directly by external brokers/dealers, deriv-
atives traded on organised markets 
(futures, options), and units of 
funds (including UCITS) whose net asset 
value is available on the statement of financial position 
date. 
A 
financial instrument 
is regarded 
as quoted 
in an 
active market 
if quoted 
prices are 
readily and 
regularly 
available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and if they 
reflect actual and regular market transactions on an arm’s 
length basis. 
Determining whether 
a market is 
inactive requires 
the use 
of indicators 
such as 
a sharp decline 
in trading 
volume and the 
level of activity 
in the market, 
a sharp disparity 
in prices over 
time and among 
the various 
above-mentioned market participants, 
or the fact that 
the latest transactions conducted 
on an arm’s length 
basis did not take place recently enough. 
Where a financial instrument is traded in several markets to which the Group has immediate access, its fair 
value is represented by the market price at which volumes and activity levels are 
highest for the instrument 
in question.

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
99 
 
 
 
 
Transactions resulting from involuntary liquidations or distressed sales are usually not taken into account to 
determine the market price. 
Level 2 (L2): instruments 
valued using inputs 
other than the 
quoted prices included 
in Level 1 
that 
are observable for the 
asset or liability, 
either directly (i.e. 
as prices) or indirectly 
(i.e. derived from 
prices). 
These are 
instruments measured 
using a 
financial model 
based on 
observable market 
inputs. The 
inputs 
used shall be 
observable in 
active markets ; 
using some unobservable 
inputs is 
possible only if 
those last 
have a 
less decisive 
influence on 
the fair 
value of 
the instrument. 
Prices published 
by an 
external source 
derived from the valuation of similar instruments are considered 
as data derived from prices. 
Level 
2 
instruments 
include 
in 
particular 
non 
derivative 
financial 
instruments 
carried 
at 
fair 
value 
on 
the 
statement of 
financial position 
that are 
not directly 
quoted or 
do not 
have a 
quoted price 
on a 
sufficiently 
active market 
(e.g. corporate 
bonds, repos 
transactions, mortgage-backed 
securities, units 
of funds), 
and 
firm 
derivatives 
and 
options 
traded 
over-the-counter: 
interest 
rate 
swaps, 
caps, 
floors, 
swaptions, 
equity 
options, index options, foreign exchange 
options, commodity options and 
credit derivatives. The maturities 
of 
these 
instruments 
are 
linked 
to 
ranges 
of 
terms 
commonly 
traded 
in 
the 
market, 
and 
the 
instruments 
themselves can be simple or offer 
a more complex remuneration profile 
(e.g. barrier options, products with 
multiple underlying instruments), with said complexity remaining limited however. 
The valuation techniques 
used in this category are based on common methods shared by the 
main market participants. 
This category also 
includes the 
fair value of 
loans and 
receivables measured 
at amortised 
cost in the 
bal-
ance-sheet granted to counterparties whose credit risk 
is quoted via Credit Default Swap (See Note 3.10). 
Level 3 
(L3): instruments 
valued using 
significant part 
of inputs 
that are 
not based 
on observable 
market data (referred to as unobservable inputs). 
Level 3 instruments 
carried at fair 
value on the 
balance sheet 
are valued using 
financial models based 
on 
market inputs 
among which 
those which 
are unobservable 
or observable 
on insufficiently 
active markets, 
have a significant impact on the fair value of the financial 
instrument as a whole. 
Accordingly, 
Level 3 financial 
instruments include 
derivatives and 
repo transactions 
with longer 
maturities 
than those usually traded and/or with specifically-tailored return profiles, structured 
debts including embed-
ded derivatives valued based 
on a method using 
unobservable inputs or long-term 
equity investments val-
ued based on a 
corporate valuation method, 
which is the case 
for unlisted companies 
or companies listed 
on an insufficiently liquid market.
 
 

 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
100 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. FINANCIAL ASSETS MEASURED AT 
FAIR VALUE 
As at December 31, 2023 and 
December 31, 2022, the fair value hierarchy 
of financial assets by instrument 
type is as follows: 
12.31.2023 
12.31.2022 R 
(In EUR thousand) 
(L1) 
(L2) 
(L3) 
Total 
(L1) 
(L2) 
(L3) 
Total 
Trading portfolio (excluding de-
rivatives) 
2 300 
184 
- 
2 484 
1 934 
222 614 
- 
224 548 
Bonds and other debt securities 
- 
- 
- 
- 
- 
- 
- 
- 
Shares and other equity securities 
2 300 
- 
- 
2 300 
1 934 
- 
- 
1 934 
Securities purchased under resale 
agreements 
- 
- 
- 
- 
- 
- 
- 
- 
Loans, receivables and other tra-
ding assets 
- 
184 
- 
184 
- 
222 614 
- 
222 614 
Trading derivatives 
- 
108 135 
- 
108 135 
- 
401 605 
- 
401 605 
Interest rate instruments 
- 
17 132 
- 
17 132 
- 
62 951 
- 
62 951 
Foreign exchange instruments 
- 
35 711 
- 
35 711 
- 
29 186 
- 
29 186 
Equity and index instruments 
- 
53 922 
- 
53 922 
- 
305 506 
- 
305 506 
Commodity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
Credit derivatives 
- 
- 
- 
- 
- 
- 
- 
- 
Other forward financial instru-
ments 
- 
1 370 
- 
1 370 
- 
3 962 
- 
3 962 
Financial assets measured man-
datorily at fair value through 
profit or loss 
2 438 
6 688 
274 446 
283 572 
10 889 
6 304 
341 146 
358 339 
Bonds and other debt securities 
362 
- 
51 860 
52 222 
- 
- 
48 154 
48 154 
Shares and other equity securities 
2 076 
6 688 
73 768 
82 532 
10 889 
6 304 
75 800 
92 993 
Loans, receivables and securities 
purchased under resale agree-
ments 
- 
- 
148 818 
148 818 
- 
- 
217 192 
217 192 
Financial assets measured 
using fair value option through 
profit or loss 
46 730 
- 
- 
46 730 
39 862 
- 
- 
39 862 
Hedging derivatives 
- 
156 525 
- 
156 525 
- 
217 206 
- 
217 206 
Interest rate instruments 
- 
156 499 
- 
156 499 
- 
217 168 
- 
217 168 
Foreign exchange instruments 
- 
26 
- 
26 
- 
38 
- 
38 
Equity and index instruments 
- 
- 
- 
- 
- 
- 
- 
- 
Financial assets measured at 
fair value through other compre-
hensive income 
1 539 911 
- 
- 
1 539 911 
2 238 820 
- 
- 
2 238 820 
Bonds and other debt securities 
1 539 911 
- 
- 
1 539 911 
2 238 820 
- 
- 
2 238 820 
Shares and other equity securities 
- 
- 
- 
- 
- 
- 
- 
- 
Loans and receivables 
- 
- 
- 
- 
- 
- 
- 
- 
Total 
1 591 379 
271 532 
274 446 
2 137 357 
2 291 505 
847 729 
341 146 
3 480 380
 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
101 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. FINANCIAL LIABILITIES MEASURED AT 
FAIR VALUE 
As at December 31, 2023 and as at December 31, 
2022, the fair value hierarchy of financial liabilities by 
instrument type is as follows: 
12.31.2023 
12.31.2022 R 
(In EUR thousand) 
Level 1 
Level 2 
Level 3 
Total 
Level 1 
Level 2 
Level 3 
Total 
Trading portfolio 
(excluding derivatives) 
- 
- 
- 
- 
- 
- 
- 
- 
Trading derivatives 
- 
108 527 
- 
108 527 
- 
379 810 
- 
379 810 
Interest rate instruments 
- 
21 802 
- 
21 802 
- 
50 427 
- 
50 427 
Foreign exchange instruments 
- 
31 474 
- 
31 474 
- 
22 889 
- 
22 889 
Equity and index instruments 
- 
53 884 
- 
53 884 
- 
302 544 
- 
302 544 
Commodity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
Credit derivatives 
- 
- 
- 
- 
- 
- 
- 
- 
Other forward financial instruments 
- 
1 367 
- 
1 367 
- 
3 950 
- 
3 950 
Financial liabilities measured 
using fair value option through 
profit or loss 
- 
1 123 
- 
1 123 
- 
19 539 
- 
19 539 
Hedging derivatives 
- 
2 599 
- 
2 599 
- 
16 003 
- 
16 003 
Interest rate instruments 
- 
2 442 
- 
2 442 
- 
15 991 
- 
15 991 
Foreign exchange instruments 
- 
157 
- 
157 
- 
12 
- 
12 
Equity and index instruments 
- 
- 
- 
- 
- 
- 
- 
- 
Total 
- 
112 249 
- 
112 249 
- 
415 352 
- 
415 352 
There have been no 
transfer of financial 
assets or liabilities 
measured at fair value 
from Level 2 to 
Level 1 
in 2023, as well as in 2022.
 

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
102 
 
3. FINANCIAL INSTRUMENTS MEASURED AT 
AMORTISED COST 
ACCOUNTING PRINCIPLES 
For financial instruments that are not recognised at fair value on the balance sheet, the figures disclosed 
in 
this note and broken down according to the fair value hierarchy as described above should 
not be taken as 
an estimate of the 
amount that would 
be realised if 
all such financial 
instruments were to 
be settled imme-
diately. 
The fair value of financial instruments includes accrued 
interest if applicable. 
For financial instruments that are not recognised at fair value on the balance sheet, the figures disclosed 
in 
this note are estimates of their 
fair value broken down according 
to the fair value hierarchy as 
described in 
Note 3.5 paragraphs 1 and 2. 
These estimates are 
disclosed for information 
purpose only, 
they are not 
used for the 
management of the 
Group’s activities, 
and should not 
be taken as 
an estimate of 
the amount that 
would be realised 
if all such 
financial instruments were to be settled immediately.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Please refer 
to Note 
3.5.5 for 
additional details 
on the 
valuation methods 
for loans 
and debt 
securities at 
amortised cost. 
FINANCIAL ASSETS MEASURED AT AMORTISED COST 
The Group 
analyzed the 
main variations 
in fair 
value of 
financial instruments 
measured at 
amortised cost 
and assessed the following: 
- 
Interest rate 
risk impacts 
mainly loans 
and deposits 
with fixed 
rates with 
maturities above 
1 year. 
Regarding the other financial 
instruments at amortised 
cost such as debt 
securities and loans 
and 
deposits 
with 
variable 
rates 
or fixed 
rates 
with 
maturities 
below 
1 year, 
the 
Group 
considers 
the 
interest rate risk impact as non material; 
- 
At Group level, the loans and deposits with 
fixed rates with maturities above 1 year and sensitive to 
interest rate risk represent a 
limited volume in terms of 
amount and number, 
considering the loans 
and deposits from the Private Banking subsidiaries are 
fully hedged back-to-back by the Group. 
With the above described 
approach, the fair value 
assessment of financial instruments 
measured at amor-
tised cost is reported below as at December 31, 2023 
and December 31, 2022. 
ASSETS
12.31.2023
(In EUR thousand)
Carrying 
amount
Fair value
Level 1
Level 2
Level 3
Due from banks 
23 067 296
22 806 955
-
22 806 955
-
Customer loans 
17 633 172
17 500 515
-
17 500 515
-
Debt securities
9 953 229
9 953 229
-
9 953 229
-
Total
50 653 697
50 260 699
-
50 260 699
-
ASSETS
12.31.2022
(In EUR thousand)
Carrying 
amount 
Fair value 
Level 1 
Level 2 
Level 3 
Due from banks 
21 990 338 
21 629 373 
- 
21 629 373 
- 
Customer loans 
19 965 886 
19 620 928 
- 
19 620 928 
- 
Debt securities 
9 291 435 
9 291 435 
- 
9 291 435 
- 
Total 
51 247 658 
50 541 736 
- 
50 541 736 
- 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
103 
 
Analysis of fair value related to debt securities is described 
in Note 3.6. paragraph Securities 
LIABILITIES
12.31.2023
(In EUR thousand)
Carrying 
amount
Fair value
Level 1
Level 2
Level 3
Due to banks
21 761 332
21 709 217
-
21 709 217
-
Customer deposits
39 127 204
39 119 033
-
39 119 033
-
Debt securities issued
16 730
16 730
-
16 730
-
Total
60 905 266
60 844 980
-
60 844 980
-
LIABILITIES
12.31.2022
(In EUR thousand)
Carrying 
amount 
Fair value 
Level 1 
Level 2 
Level 3 
Due to banks 
21 543 080 
21 366 416 
- 
21 366 416 
- 
Customer deposits 
41 283 263 
41 268 812 
- 
41 268 812 
- 
Debt securities issued 
22 394 
22 394 
- 
22 394 
- 
Total 
62 848 737 
62 657 622 
- 
62 657 622 
-

 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
104 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. VARIATION 
IN LEVEL 3 FINANCIAL INSTRUMENTS 
During the year of 2023, no transfer of level 3 instruments 
were observed and no new financial instruments were classified 
in Level 3. 
The following tables show a reconciliation of the opening and 
closing amounts of Level 3 which are recorded 
at fair value. 
12.31.2023
(In EUR thousand)
Balance as at 
12.31.2022 R
Acquisitions
Disposals/
Redemptions
Transfer to 
Level 2
Transfer from 
Level 2
Gains and 
losses
Translation 
differences
Change in 
scope and 
others
Balance as at 
12.31.2023
Financial assets measured mandatorily at fair value 
through profit or loss
341 146
3 059
-
-
-
(69 030)
(858)
129
274 446
Bonds and other debt securities
48 154
2 969
-
-
-
737
-
-
51 860
Shares and other equity instruments
75 800
90
-
-
-
(1 393)
(858)
129
73 768
Loans and receivables
217 192
-
-
-
-
(68 374)
-
-
148 818
o/w other financial instruments
217 192
-
-
-
-
(68 374)
-
-
148 818
Financial assets measured using fair value option 
through profit or loss
-
-
-
-
-
-
-
-
-
Hedging derivatives
-
-
-
-
-
-
-
-
-
Interest rate instruments
-
-
-
-
-
-
-
-
-
Total financial assets at fair value
341 146
3 059
-
-
-
(69 030)
(858)
129
274 446

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
105 
 
 
5. VALUATION 
METHODS OF FINANCIAL INSTRUMENTS CARRIED 
AT FAIR 
VALUE ON THE 
BALANCE SHEET 
For financial instruments recognised at fair value on 
the balance sheet, fair value is determined primarily on 
the basis of 
the prices quoted 
in an active 
market. These 
prices may be 
adjusted, if they 
are not available 
at the 
balance sheet 
date in 
order to 
incorporate the 
events that 
have an 
impact 
on prices 
and occurred 
after the closing of 
the stock markets but 
before the measurement date or 
in the event of 
an inactive market. 
However, 
due notably 
to the 
varied characteristics 
of financial 
instruments traded 
over
‑
the
‑
counter on 
the 
financial markets, a large number of financial products 
traded by the Group does not have quoted prices 
in 
the markets. 
For these 
products, fair value 
is determined 
using models 
based on 
valuation techniques 
commonly used 
by market participants to measure financial instruments, 
such as discounted future cash flows for swaps or 
the Black & Scholes 
formula for certain 
options and using 
valuation parameters that 
reflect current market 
conditions at 
the balance 
sheet date. 
These valuation 
models are 
validated independently 
by the 
experts 
from the Market Risk Department of the Group’s 
Risk Division. 
Furthermore, the inputs used in the valuation models, whether derived from observable market 
data or not, 
are checked by the Finance Department, 
in accordance with the methodologies defined by the Market Risk 
Department of Société Générale Group. 
If necessary, these valuations 
are supplemented by 
additional reserves (such 
as bid
‑
ask spreads 
or liquidity) 
determined reasonably and appropriately after an analysis 
of available information. 
Derivatives and security financing transactions 
are subject to a Credit Valuation 
Adjustment (CVA) 
or Debt 
Valuation Adjustment 
(DVA). 
The CVA 
is determined on 
the basis of 
the Group entity’s 
expected positive exposure 
to the counterparty, 
the counterparty’s 
probability of 
default and 
the amount 
of the 
loss given 
default. The 
DVA 
is determined 
symetrically based 
on the 
negative expected 
exposure. These 
calculations are 
carried out 
over the 
life of 
the potential exposure, with a focus on the use of relevant 
and observable market data. 
Observable data must be: 
independent, available, publicly distributed, based on 
a narrow consensus and/or 
backed up by transaction prices. 
For example, consensus 
data provided by 
external counterparties 
are considered observable 
if the under-
lying market 
is liquid 
and if 
the prices 
provided are 
confirmed by 
actual transactions. 
For long 
maturities, 
these consensus data are not observable. This is the case for the implied volatility used for the valuation 
of 
equity options with 
maturities of more than 
five years. However, when the 
residual maturity of the 
instrument 
falls below five years, its fair value becomes sensitive to 
observable inputs. 
In 
the 
event 
of 
unusual 
tensions 
on 
the 
markets, 
leading 
to 
a 
lack 
of 
the 
usual 
reference 
data 
used 
to 
measure a financial instrument, the Risk Division may implement a new model in accordance with pertinent 
available data, similar to methods used by other market 
players. 
BONDS & OTHER DEBT SECURITIES 
The fair value of these financial instruments 
is determined based on the quoted price on 
the balance sheet 
date or prices provided by brokers on the 
same date, when available. For unlisted financial instruments, fair 
value is determined using valuation techniques. 
SHARES AND OTHER EQUITY INSTRUMENTS 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
106 
 
 
 
 
 
For listed shares, fair value 
is taken to be the quoted 
price on the balance sheet 
date. For unlisted shares, 
fair value is determined depending on the type of financial instrument and 
according to one of the following 
methods: 
◾
Discounted Cash Flows method based on business plans 
◾
Discounted Dividend Method based on business plans 
LOANS AND RECEIVABLES 
For listed financial instruments, 
fair value is taken 
as their closing 
quoted price on 
the balance sheet 
date. 
For unlisted financial instruments, fair value is determined by discounting future cash 
flows to present value 
at market rates (including counterparty risks, non-performance 
and liquidity risks). 
FINANCIAL DERIVATIVES 
The fair value of these financial instruments 
is determined based on the quoted price on 
the balance sheet 
date or prices provided by brokers on the 
same date, when available. For unlisted financial instruments, fair 
value is determined using valuation techniques.
 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
107 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER DEBTS 
For listed financial instruments, 
fair value is taken 
as their closing 
quoted price on 
the balance sheet 
date. 
For unlisted financial instruments, fair value is determined by discounting future cash 
flows to present value 
at market rates (including counterparty 
risks, non-performance and liquidity risks). 
DUE FROM BANKS & CUSTOMER LOANS 
The fair value of 
loans and receivables is 
calculated, in the absence 
of an actively traded 
market for these 
loans, by 
discounting the 
expected cash 
flows to 
present value 
at a 
discount rate 
based on 
interest rates 
prevailing on the market at the reporting date for Ioans 
with broadly similar terms and maturities. 
6. 
ESTIMATES OF MAIN 
UNOBSERVABLE 
INPUTS 
According to the fair value hierarchy established by IFRS 13, Level 3 (L3) comprises products valued using 
inputs that are not based on observable market data (referred 
to as unobservable inputs). 
The following table 
provides the valuation 
of level 3 instruments 
on the balance 
sheet as at December 
31, 
2023 and the range of values of the most significant 
unobservable inputs by main product type. 
Type of un-
derlyings 
Assets
(EUR thou-
sand)
Liabilities
(EUR thou-
sand)
Main pro-
ducts 
Valuation tech-
niques used
Significant unob-
servable inputs
Range of unobservable in-
puts 
Min
Max
Equities/funds
73 768
-
Equity shares
Discounted cash 
flows or dividend 
distribution mo-
dels
Equity dividends
0%
15,9%
Correlations
-72,4%
99,9%
Illiquidity discount
0%
20%
Credit
200 678
-
Loans with 
embedded 
derivatives, 
convertible 
bonds
Recovery and 
base correlation 
projection mo-
dels
Time to default cor-
relations
0%
100%
Recovery rate va-
riance for single 
name underlyings
0%
100%
Credit spreads
0 bps
 
1 000 bps
Total
274 446
-
Unobservable inputs add a degree of uncertainty in the 
valuation of Level 3 instruments. 
However, 
by the 
nature of 
its activities 
(mainly private 
banking, securities 
services, corporate 
lending) the 
Group has very 
limited market 
risk exposure. The 
impact of an 
immediate change 
in an unobservable 
pa-
rameter would have very limited consequence on the 
Group net profit. 
7. 
SENSITIVITY OF FAIR VALUE 
FOR LEVEL 3 INSTRUMENTS 
Unobservable inputs are 
assessed carefully, particularly in this 
persistently uncertain economic 
environment 
and market. However, 
by their very nature, 
unobservable inputs inject 
a degree of uncertainty 
into the val-
uation of Level 3 instruments. 
To 
quantify this, fair value sensitivity 
was estimated at 31 December 
2023 on instruments whose 
valuation 
requires certain unobservable inputs. This estimate was based either on a “standardised” variation in unob-
servable inputs, 
calculated 
for each 
input on 
a net 
position, or 
on assumptions 
in line 
with 
the additional 
valuation adjustment policies for the financial instruments in 
question. 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
108 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SENSITIVITY OF LEVEL 3 FAIR VALUE 
TO A “STANDARDISED” VARIATION 
IN UNOBSERVABLE INPUTS 
12.31.2023
12.31.2022 R
(In EUR m) 
Negative im-
pact
Positive impact
Negative im-
pact
Positive impact
Shares and other equity instruments and derivatives
(927)
1 008
(1 067)
1 159
Equity volatilities
(927)
1 008
(1 067)
1 159
Rates or Forex instruments and derivatives
(138)
135
(256)
248
Correlations between exchange rates and/or interest 
rates 
(138)
135
(256)
248
*The 
“standardised” 
variation corresponds 
to 
the 
standard deviation 
of 
consensus 
prices used 
to 
measure 
an 
input 
nevertheless considered as 
unobservable. In cases 
of unavailability of 
these data, the 
standard deviation of 
historical 
data is then used to assess the input.

 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
109 
 
 
 
 
 
NOTE 3.6. - LOANS, RECEIVABLES AND SECURITIES AT 
AMORTISED 
COST 
1. 
OVERVIEW OF FINANCIAL ASSETS AT 
AMORTISED COST 
ACCOUNTING PRINCIPLES 
Loans, receivables and 
debt securities are 
measured at amortised 
cost where their 
contractual cash flows 
are 
consistent 
with 
basic 
lending 
arrangements 
(SPPI) 
and 
they 
are 
managed 
under 
a 
“Hold 
to 
Collect” 
business model. 
Subsequent to initial recognition, 
they are measured at 
amortised cost using the 
effective interest method, 
and their accrued or earned income is recorded in the income statement under Interest and similar income. 
Furthermore, as these financial assets 
are subject to impairment for 
credit risk, changes in expected 
credit 
losses are 
recorded in 
profit or 
loss under Cost 
of risk 
with a corresponding 
impairment of 
amortised cost 
under balance sheet assets. The applicable impairment 
rules are described in Note 3.9. 
Loans issued by the Group may 
be subject to renegotiations for 
commercial reasons, where the 
borrowing 
customer is not 
experiencing financial difficulties 
or insolvency. 
Such efforts are 
undertaken for customers 
for which the 
Group agrees to renegotiate 
their debt in 
the interest of 
preserving or developing 
a business 
relationship, in accordance 
with the credit approval 
procedures in force 
and without relinquishing 
any prin-
cipal or accrued interest. Renegotiated loans 
are derecognised at the renegotiation date, 
and the new loans 
contractualised under the 
renegotiated terms and 
conditions replace the 
previous loans in 
the balance sheet 
at this 
same date. 
The new 
loans are 
subject to 
the SPPI 
test to 
determine how 
they are 
classified in 
the 
balance sheet. If a 
loan qualifies as SPPI, 
renegotiation fees received 
are included in the 
effective interest 
rate of the new instrument. The applicable renegociation on 
loans rules are described in Note 3.9.
SUMMARY OF THE TRANSITION IFRS 9 FOR INSURANCE ACTIVITY (SEE NOTE 1.4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12.31.2021 
IFRS 9 reclassifica-
tions 
Reclassified 
balances 
Adjustment of book 
value related to in-
vestments 
01.01.2022 
R 
31.12.2022 
R 
(In EUR thousand) 
of available for-sale 
financial assets 
Impairment and provi-
sions for credit risk 
Securities at amortised cost 
8 051 597 
 
12 331 
8 063 928 
(8) 
8 063 920 
9 309 177 
Due from banks at amortised 
cost 
19 840 378 
 
746 
19 841 124 
- 
19 841 124 
19 965 886 
Customer loans and receivables 
at amortised cost 
22 817 851 
 
22 817 851 
- 
22 817 851 
21 990 338 
Total 
50 709 826 
 
13 077 
50 722 903 
(8) 
50 722 895 
51 265 401
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OVERVIEW 
12.31.2023
12.31.2022 R
(In EUR thousand) 
Carrying 
amount
o/w impair-
ment
Carrying 
amount
o/w impair-
ment
Due from banks 
23 067 296
(662)
21 990 338
(755)
Customer loans
17 633 172
(96 913)
19 965 886
(237 531)
Securities
9 953 229
(150)
9 309 177
(221)
Total
50 653 697
(97 725)
51 265 401
(238 507)
DUE FROM BANKS 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
110 
 
(in EUR thousand) 
12.31.2023 
12.31.2022 R 
Current accounts 
5 943 191 
7 718 310 
Deposits and loans 
16 965 971 
14 202 237 
Securities purchased under resale agreements 
21 
- 
Subordinated and participating loans 
- 
- 
Related receivables 
158 775 
70 546 
Due from banks before impairment 
23 067 958 
21 991 093 
Credit loss impairment 
(662) 
(755) 
Revaluation of hedged items 
- 
- 
Total 
23 067 296 
21 990 338
 
CUSTOMER LOANS 
(In EUR thousand) 
12.31.2023 
12.31.2022 R 
Unsecured loans
(1)
5 434 948 
8 329 089 
Other collateralized loans 
6 842 859 
6 502 711 
Housing loans 
2 915 406 
3 118 662 
Overdrafts 
2 155 634 
1 499 943 
Lease Financing agreements 
20 520 
189 355 
Subordinated loans 
35 000 
37 000 
Related receivables 
87 513 
67 094 
Doubtful loans 
247 316 
472 225 
Customer loans before impairment
(2)
17 739 196 
20 216 079 
Impairment 
(96 913) 
(237 531) 
Revaluation of hedged items 
(9 111) 
(12 662) 
Net customer loans 
17 633 172 
19 965 886 
 
(1) 
Unsecured loans include exposures with related parties, which are guaranteed by Société Générale Group, 
amounting to EUR 3 656 million as at December 31, 2023 (December 31, 2022: 5 153 million). 
(2) 
As at December 31, 2023, the amount due from customers classified as Stage 3 impairment (credit impaired) is 
EUR 38 144 
thousand compared to EUR 82 902 thousand as at 31 December 2022. The accrued interests in-
cluded in this amount are limited to interests recognised in net income by applying the effective interest rate to the 
net carrying amount of the financial asset (see Note 3.8).

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
111 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SECURITIESGR 
(In EUR thousand) 
12.31.2023
12.31.2022 R
Negotiable certificates, bonds and other debt securities
9 947 664
9 304 711
Related receivables
5 715
4 687
Securities before impairment
9 953 379
9 309 398
Impairment
(150)
(221)
Total
9 953 229
9 309 177
Securities at amortized 
cost are mainly 
composed of 
Notes of securitization 
vehicles purchased 
by a sub-
sidiary of the Group. 
The above mentioned Notes are variable rate instruments held in a specific activity of securities purchasing 
financed by limited recourse deposits from related parties entities from Société Générale Group. The varia-
ble 
rates 
considered 
are 
similar 
to 
standard 
generally 
accepted 
rates 
(such 
as 
ESTER 
or 
Euribor 
rate). 
Please also refer to Note 9.2 Market Risk for Interest Rate risk 
analysis for the Group. 
Consequently, the fair value of securities at amortized cost 
is considered approximately equal to their 
amor-
tized cost net of credit risk impairment.
 

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
112 
 
 
 
NOTE 3.7. - DEBTS 
ACCOUNTING PRINCIPLES 
Debts include non-derivative financial liabilities that are not 
measured at fair value through profit or loss. 
They are recognised in the balance sheet 
according to the type of instrument 
and counterparty, 
under 
Due 
to banks, Customer deposits, Debt securities issued
. 
Debts are initially recognised at cost, 
measured at the fair value of 
the amount borrowed net of transaction 
fees. These liabilities are 
measured at period-end at amortised 
cost using the effective interest 
rate method. 
As 
a 
result, 
issue 
or 
redemption 
premiums 
on 
bonds 
are 
amortised 
over 
the 
lifetime 
of 
the 
instruments 
concerned. Accrued or paid expenses are recorded in 
profit or loss under 
Interest and similar expense
.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. DUE TO BANKS 
(In EUR thousand) 
12.31.2023 
12.31.2022 R 
Term deposits 
21 005 187 
20 975 055 
Securities sold under repurchase agreements 
445 537 
386 998 
Demand deposits and current accounts 
65 780 
98 333 
Related payables 
234 991 
67 844 
Overnight deposits / borrowings and others 
9 837 
14 850 
Total 
21 761 332 
21 543 080 
2. 
CUSTOMER DEPOSITS 
(In EUR thousand) 
12.31.2023 
12.31.2022 R 
Demand deposits 
15 857 346 
20 079 519 
Term deposits 
23 120 997 
21 162 463 
Related payables 
148 861 
41 281 
Total customer deposits 
39 127 204 
41 283 263 
Securities sold to customers under repurchase agreements 
- 
- 
Total 
39 127 204 
41 283 263 
 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
113 
 
BREAKDOWN OF DEMAND DEPOSITS BY CUSTOMER TYPE 
(In EUR thousand) 
12.31.2023 
12.31.2022 R 
Non-financial corporations 
2 091 250 
1 060 929 
Individual customers 
899 536 
1 513 757 
Financial customers 
12 866 440 
17 504 241 
Others 
(1)
120 
592 
Total 
15 857 346 
20 079 519 
(1) 
Including deposits linked to governments and central administrations. 
3. 
DEBT SECURITIES ISSUED 
(In EUR thousand) 
12.31.2023 
12.31.2022 R 
Interbank certificates and negotiable debt instruments 
16 576 
22 241 
Related payables 
154 
153 
Total 
16 730 
22 394

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
114 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 3.8. – INTEREST INCOME AND EXPENSE 
MAKING 
IT 
SIMPLE 
Interest 
is 
compensation 
for 
a 
financial 
service, 
consisting 
in 
a 
lender 
making 
a 
certain 
amount of 
cash available 
to a 
borrower for 
an agreed 
period of 
time. Such 
compensated 
financing arrangements can be loans, deposits or securities (bonds, negotiable debt secu-
rities…). 
This compensation is 
a consideration 
for the 
time value of 
money, and additionally for 
credit 
risk, liquidity 
risk and 
administrative costs, 
all borne 
by the 
lender for 
the duration 
of the 
financing agreement. 
Interest is recognised 
as expense or 
income over the 
life of the financing 
service granted 
or received, proportionally to the principal amount outstanding. 
ACCOUNTING PRINCIPLES 
Interest income and expense 
are recorded in the 
income statement under 
Interest and similar 
income
 
and 
Interest and similar 
expense
 
for all financial 
instruments measured 
using the effective 
interest method (in-
struments at amortised cost and debt instruments at fair 
value through other comprehensive income). 
-
Interest income and 
expense are recorded 
in the income 
statement under 
Interest and similar 
income 
and Interest and similar expense for : 
-
all financial 
instruments 
measured using 
the effective 
interest method 
(instruments 
at amortised 
cost 
and debt instruments at fair value through other comprehensive 
income) ; 
-
hedging financial derivatives ; 
-
trading portfolio 
-
all financial instruments mandatorily measured at fair value through 
profit and loss ; 
-
all financial instruments at fair value through profit or loss 
using fair value option 
-
interest rate 
risk hedging derivatives 
for the 
portion of income 
or expenses representative 
of the 
effective 
interest rate ; 
-
interest on lease liabilities (from IFRS 16 application). 
Negative 
interest 
cashflows 
on assets 
are recorded 
under 
Interest 
and 
similar 
expense
; 
positive 
interest 
cashflows on liabilities are recorded under 
Interest and similar income
. 
The effective interest rate is taken to be the rate used to 
net discount future cash inflows and outflows over 
the expected life 
of the instrument 
in order to establish 
the net book value 
of the financial 
asset or liability. 
The calculation of this 
rate considers the future 
cash flows estimated 
on the basis of 
the contractual provi-
sions of the financial 
instrument without taking 
into account possible 
future credit losses 
and also includes 
commissions paid 
or received 
between the 
parties where these 
may be 
assimilated to 
interest, directly linked 
transaction costs, and all types of premiums and discounts. 
Where a financial asset is classified in Stage 3 for impairment, subsequent interest income is recognized in 
profit or loss by applying the effective interest 
rate to the net amount calculated by deducting 
the credit risk 
impairment applicable from the net carrying amount of 
the financial asset.

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
115 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023
2022 R
(In EUR thousand) 
Income
Expense
Net
Income
Expense
Net
Financial instruments at amortised 
cost 
2 519 864
(2 031 565)
488 299
912 283
(513 307)
398 976
Central banks
206 582
(42)
206 540
45 611
(23 241)
22 370
Bonds and other debt securities
539 043
(2 359)
536 684
184 108
(718)
183 390
Due from/to banks
1 185 015
(844 570)
340 445
281 221
(223 569)
57 652
Customer loans and deposits
589 143
(1 171 933)
(582 790)
400 235
(265 679)
134 556
Securities lending/borrowing
-
-
-
-
(100)
(100)
Securities purchased/sold under re-
sale/purchase agreements and bor-
rowings secured by notes and secu-
rities
81
(12 661)
(12 580)
1 108
-
1 108
Hedging derivatives
95 409
(22 129)
73 280
14 578
(38 346)
(23 768)
Financial instruments at fair value 
through other comprehensive income 
22 996
-
22 996
34 591
(1 470)
33 121
Lease agreement
19
(3 266)
(3 247)
37
(390)
(353)
Real estate lease agreements
-
(2 997)
(2 997)
-
(385)
(385)
Non-real estate lease agreements
19
(269)
(250)
37
(5)
32
Subtotal interest income/expense 
on financial instruments using the 
effective interest method
2 638 288
(2 056 960)
581 328
961 489
(553 513)
407 976
Financial instruments at fair value 
through profit or loss 
10 601
-
10 601
3 249
-
3 249
Total Interest income and expense
2 648 889
(2 056 960)
591 929
964 738
(553 513)
411 225
o/w interest income from impaired 
financial assets
3 997
-
3 997
10 704
-
10 704
These interest expenses 
include the refinancing 
cost of financial 
instruments at fair 
value through profit 
or 
loss, which 
results 
are classified 
in net 
gains or 
losses 
on these 
instruments. 
Given that 
income and 
ex-
penses booked in the income statement are classified by type of instrument rather than by purpose, the net 
income generated by activities in financial instruments at fair value 
through profit or loss must be assessed 
as a whole.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
116 
Transfer criteria
Measurement of 
credit 
risk
Credit risk category
12-month 
expected credit losses
Lifetime 
expected credit losses
Lifetime 
expected credit losses
Initial recognition of the 
instrument in stage 1
ð
Maintained if 
the credit risk 
has not increased 
significantly 
Credit risk on the instrument 
has increased significantly 
since initial recognition /
30 days past due
Evidence that the 
instrument has become 
credit-impaired /
90 days past due
Stage 1
Performing assets
Interest income 
recognition basis
Gross carrying amount of 
the asset before 
impairment
Observed deterioration in credit risk 
since initial recognition of the financial asset
Stage 2
Under-performing or 
downgraded assets
Stage 3
Credit-impaired or 
defaulted assets
Gross carrying amount of 
the asset before 
impairment
Net carrying amount of the 
asset after impairment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 3.9. - IMPAIRMENT AND PROVISIONS 
MAKING 
IT 
SIMPLE 
Some financial assets 
(loans, debt securities) 
involve credit risk 
which exposes the 
Group 
to a potential 
loss if the 
counterparty or 
the securities 
issuer were 
to be unable 
to respect 
their financial commitments. To 
bear this risk, a portion of the 
contractual interest received 
by the Group on those assets, called credit margin, compensate 
it. 
This potential loss, or expected credit loss, 
is recognised in profit or loss without 
waiting the 
occurrence of a default event on a specific counterparty. 
For loans, receivables and debt securities measured at 
amortised cost or fair value through 
other comprehensive 
income, the 
expected credit 
loss, as 
assessed by 
the Group, is 
rec-
ognised in 
profit or 
loss in 
the Cost 
of risk. 
On balance 
sheet, this 
potential loss 
is recog-
nised as an impairment that reduces the carrying amount of assets measured at amortised 
cost. Impairments 
are written-back in case of a subsequent decrease of credit 
risk. 
Potential losses recognised in profit or loss represent 
initially the credit losses expected by 
the Group over the 
year to come. 
Subsequently, 
the amount is 
increased by the 
expected 
loss at maturity of the instrument in case of significant increase of risk. The losses are then 
reassessed if the counterparty or issuer of the security 
is in default. 
For financial assets measured at 
fair value through profit or 
loss (including instruments hold 
by global 
markets activities), 
their fair 
value includes 
already the 
expected credit 
loss, as 
assessed by the market participant, on the residual 
lifetime of the instrument. 
ACCOUNTING PRINCIPLES 
RECOGNITION OF EXPECTED CREDIT LOSSES 
Debt instruments classified as financial assets at 
amortised cost or as financial assets at fair value 
through 
other comprehensive 
income, customer 
receivables, as 
well as loan 
commitments granted 
and guarantee 
commitments 
issued, 
are 
systematically 
subject 
to 
impairment 
or 
provisions 
for 
expected 
credit 
losses. 
These impairments and provisions are 
recognised as the loans are 
granted, the commitments undertaken, 
or the debt securities purchased, without waiting for the occurrence of an objective evidence of impairment. 
To determine the amount of impairment or provision to be 
recorded at each reporting date, these 
exposures 
are split among 
three categories 
based on the 
increase in credit 
risk observed since 
initial recognition. An 
impairment or provision shall be recognised for the exposures 
in each category as follows: 
EXPOSURES CLASSIFIED IN STAGE 
1 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
117 
 
 
 
 
At the 
initial recognition 
date, the 
exposures are 
systematically classified 
in Stage 
1, unless 
they are 
pur-
chased or originated credit-impaired instruments. 
EXPOSURES CLASSIFIED IN STAGE 
2 
To 
identify 
Stage 
2 
exposures, 
the 
significant 
increase 
in 
credit 
risk 
is 
assessed 
by 
the 
Group 
using 
all 
available past 
and forward-looking 
data (behavioral 
scores, loan 
to value indicators, 
macroeconomic fore-
cast scenarios, etc.). 
This assessment of 
changes in 
credit risk takes 
account of the 
following three criteria’s: 
-
The counterparty’s credit rating 
The Group 
analyses 
changes 
in 
the counterparty’s 
credit 
rating, 
as well 
as any 
changes 
in 
its operating 
sector, in macroeconomic 
conditions and in the behaviors of 
the counterparty that may, 
above and beyond 
the review of the credit rating, be a sign of deteriorating credit risk. 
If, after a review, a counterparty is 
deemed “sensitive” (notion of watch list), 
all contracts between the Group 
and this counterparty are transferred into Stage 
2 and the related impairment and provisions are 
increased 
up 
to 
the 
lifetime 
expected 
credit 
losses. 
Once 
a 
counterparty 
has 
been 
placed 
on 
a 
watch 
list, 
all 
new 
transactions originated with that counterparty are recorded 
in Stage 2. 
-
The magnitude of the change in a counterparty’s credit 
rating 
This magnitude is assessed from contract to 
contract, from the date of their initial 
recognition to the balance 
sheet date. 
To 
determine whether 
a deterioration or 
improvement in the 
credit rating between 
the date of 
initial recog-
nition and the balance sheet date is 
significant enough to prompt a change in the 
impairment Stage, thresh-
olds are set once a 
year by the Risk 
Division. These transfer thresholds 
between Stage 1 and 
Stage 2 are 
determined for 
each homogenous 
portfolio of 
contracts (notion 
of risk 
segment) and 
are calculated 
based 
on the 
probability-of-default 
curves 
for each 
(thus, the 
threshold is 
different 
depending on 
whether it 
is a 
Sovereign portfolio or a 
Large Corporates portfolio, for instance). 
The thresholds are therefore differentiated 
based on the one-year 
probability of default curves; 
this assumes there is 
no distortion with respect 
to any 
comparison made with the lifetime probability-of-default curves. 
From 
2019 
the 
thresholds 
are 
differentiated 
based 
on 
the 
lifetime 
probability-of-default 
curves 
for 
the 
Group’s main portfolios. 
The transition from one-year 
probability-of-default curves 
to lifetime probability-of-
default curves 
is ongoing 
for the 
remaining portfolios, 
assuming that 
there is 
no distortion 
with respect 
to 
any comparison made with the lifetime probability-of-default curves. 
-
 
The existence of payments more than 30 days past due 
There is a rebuttable presumption of a significant deterioration in credit risk 
when a payment on an asset is 
more than 30 days past due. 
Once any one of 
these three criteria 
is met, the instrument 
is transferred from 
Stage 1 to Stage 
2, and the 
related impairments or provisions are adjusted accordingly. 
The first two 
criteria are symmetrical: a 
sufficient improvement in the 
credit rating, or 
removal from the watch 
list of sensitive counterparties, results in a return to Stage 1. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
118 
 
 
 
 
 
EXPOSURES CLASSIFIED IN STAGE 
3 
To 
identify Stage 
3 exposures 
(doubtful exposures), 
the Group 
has been 
applying 
to most 
of its 
entities, 
since July 2020, the new definition of default as detailed in the guidelines published by the European Bank-
ing Authority (EBA). This definition leads to applying 
the following criteria to classify exposures as Stage 
3: 
●
 
One or more unpaid payments of one or more unpaid payments of over 500 euros for Non
‑
retail during 
90 consecutive 
days, representing at 
least 1% 
of the 
total exposure of 
the customer. This unpaid 
amount 
may or may 
not be accompanied 
by a recovery 
procedure except for 
restructured loans 
classified into 
Stage 1 or 2 which are retransferred into 
Stage 3 from the first amount unpaid 
after 30 days during the 
two
‑
year 
probation 
period. 
In 
addition, 
only 
missed 
payments 
related 
to 
business 
litigations, 
specific 
contractual features or IT failures may avoid automatic 
transfer into Stage 3 after 90 days; 
●
 
identification of other 
criteria that evidence, 
even in the 
absence of missed 
payments, that this 
is unlikely 
that the counterparty could meet all its financial obligations: 
-
A significant deterioration in the counterparty’s 
financial situation creates a strong 
probability that it will 
not be able to meet all of its commitments and thus represents 
a risk of loss for the Group; 
-
Concessions are granted 
to the clauses 
of the loan agreement, 
in light of the 
borrower’s financial diffi-
culties, that would not have been granted in other circumstances; 
-
The existence 
of litigious 
proceedings (ad hoc 
mandate, bankruptcy protection, 
court-ordered settlement 
or compulsory liquidation or other similar proceedings in 
local jurisdictions). 
The 
Group 
applies 
the 
impairment 
contagion 
principle 
to 
all 
of 
the 
defaulting 
counterparty’s 
exposures. 
When 
a debtor 
belongs 
to 
a group, 
the 
impairment 
contagion 
principle 
may also 
be 
applied 
to 
all 
of the 
group’s exposures. 
In 
the 
case 
of 
a 
return 
in 
Stage 
2, 
the 
exposures 
are 
kept 
in 
Stage 
2 
during 
a 
probation 
period 
before 
assessing whether they could be transferred in Stage 1. 
This probation period in Stage 2 is 
from six months 
to two years according to the nature of the risk portfolio 
to which the exposures belong. 
MEASUREMENT OF DEPRECIATION 
AND PROVISION 
Stage 1 
exposures are 
impaired for 
the amount 
of credit 
losses that 
the Group 
expects to 
incur within 
12 
months (12-months expected credit 
losses), based on past 
data and the current situation. 
Accordingly, 
the 
amount of 
impairment 
is the 
difference 
between 
the 
gross 
carrying amount 
of the 
asset 
and the 
present 
value of future cash 
flows deemed to 
be recoverable, taking 
into account the 
impact of collateral called 
up 
or liable to be called up and the probability of a default 
event occurring within the next 12 months. 
Stage 2 and 3 exposures 
are impaired for the amount 
of credit losses that the 
Group expects to incur over 
the life 
of the 
exposures (lifetime 
expected credit 
losses), taking 
into consideration 
past data, 
the present 
situation 
and 
reasonable 
forecast 
changes 
in 
economic 
conditions, 
and 
relevant 
macroeconomic 
factors 
through 
to 
maturity. 
Accordingly, 
the 
amount 
of 
impairment 
is 
the 
difference 
between 
the 
gross 
carrying 
amount of the 
asset and 
the present 
value of 
future cash 
flows deemed 
to be 
recoverable, taking 
into ac-
count the 
impact of 
collateral called up 
or liable 
to be 
called up 
and the 
probability of a 
default event 
occurring 
through to the instrument’s maturity. 
Irrespective of 
the Stage 
in which the 
exposures are 
classified, cash 
flows are 
discounted using 
the initial 
effective interest rate of 
the financial asset. The 
amount of impairment is 
included in the net 
carrying amount 
of the credit 
impaired financial 
asset. Impairment 
allocations/reversals are 
recorded in 
profit or 
loss under 
Cost of risk. 
ESTIMATION OF 
EXPECTED CREDIT LOSSES 
The methodology 
for calculating 
Stage 1 
and 2 
expected credit 
losses is 
based on 
the Basel 
framework, 
which served 
as the 
basis for 
determining the 
methods for 
setting calculation 
inputs (probability 
of default 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
119 
 
 
 
and loss 
given default for exposures under the A-IRB 
and F-IRB approaches, and the provisioning rate for 
exposures under the standardised method). 
SG Group portfolios have been segmented 
to ensure that they are 
consistent in terms of risk characteristics 
and to ensure better correlation with global and local macroeconomi 
c 
variables. 
This 
segmentation 
factors 
in 
all 
specific 
characteristics 
associated 
with 
the 
Group’s 
activities. 
This 
new 
segmentation 
is consistent 
or equivalent 
to 
the 
segmentation 
defined 
in the 
Basel framework 
in 
order 
to 
ensure the uniqueness of past data on defaults and losses. 
The forward-looking 
expected credit loss 
approach (12-months/lifetime) 
is based first 
and foremost on 
the 
incorporation of economic forecasts in probability of default. 
IFRS 9 
expected credit losses 
are calculated using 
the probabilised average 
of 3 macroeconomic 
scenarios, 
established by Société Générale Group 
economists for all entities of 
Société Générale Group (base scenar-
ios and current stress scenarios, plus an optimistic scenario). 
The probabilities used 
are based on 
past observations, spanning 
a 25-year period, 
of differences in 
outcome 
between the base scenario and the actual scenario (positive and 
negative differences). 
The method is not 
based on expert opinion; 
rather it is intended 
to be replicated over 
time and updated each 
quarter. 
The method is supplemented 
with a sector adjustment 
that increases or 
decreases expected credit 
loss in 
an effort to better anticipate defaults or recoveries 
in certain cyclical sectors. 
On Private Banking perimeter, a simplified approach of expected credit losses calculation 
is deployed. This 
methodology is based 
on segmentation by 
homogeneous portfolio specification for 
which a provisioning 
rate 
is applied. These rates are reviewed by the business line on 
a quarterly basis. 
Lastly, on an ancillary basis, 
loss allowances based on expert opinions that increase or decrease expected 
credit loss have been retained to factor in future risks which cannot be modelled. These inputs are updated 
at each reporting date. 
RESTRUCTURED LOANS 
Loans issued or 
acquired by the 
Group may be 
restructured due to 
financial difficulties. This takes 
the shape 
of a contractual modification of the 
initial terms of the loan (e.g. 
lower interest rates, rescheduled loan 
pay-
ments, partial debt forgiveness, 
or additional collateral). 
This adjustment of 
the contractual terms 
is strictly 
linked to the borrower’s financial difficulties and/or 
insolvency (whether they have already become insolvent 
or are certain to do so if the loan is not restructured). 
Where they still pass the SPPI test, restructured loans are recognized 
in the balance sheet and their amor-
tised cost before 
credit risk allowance 
is adjusted for 
a discount representing 
the restructuration loss. 
This 
discount is 
equal to 
the negative 
difference between 
the present 
value of 
the new 
contractual cash 
flows 
resulting 
from 
the 
restructuring 
of 
the 
loan 
and 
the 
amortised 
cost 
before 
credit 
risk 
allowance 
less 
any 
partial 
debt 
forgiveness; 
it 
is booked 
to 
Cost 
of 
risk
 
in 
the 
income 
statement. 
As 
a result, 
the 
amount 
of 
interest income 
subsequently 
recognised into 
income 
are still 
computed using 
the initial 
effective 
interest 
rate of the loan. 
Post-restructuring, these financial 
assets are classified in 
Stage 3 (credit-impaired 
exposures) whether the 
present value 
of modified 
cash flows 
decreases by 
more than 
1% compared 
with the 
carrying amount 
of 
financial instruments before the restructuring or 
there is a high probability 
that the counterparty cannot meet 
all its commitments 
involving a risk 
of loss for 
the Group. In 
these two cases, 
the restructuring of 
financial 
assets leads 
to default. 
Stage 3 
classification is 
maintained for 
at least 
one year, 
or longer 
if the Group 
is 
uncertain that the borrowers will be able to meet their 
commitments. Once the loan is no longer classified in 
Stage 3, the assessment 
of the significant increase 
of credit risk will be 
performed by comparing the 
credit 
risk level at the closing date and the level at the initial recognition 
date of the loan before restructuring. 

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
120 
Where they no longer 
pass the SPPI test, restructured 
loans are derecognised and 
replaced by new loans 
recognized 
according 
to 
the 
restructured 
terms 
and 
conditions. 
These 
new 
loans 
are 
then 
classified 
as 
Financial assets measured mandatorily at fair value through 
profit or loss
. 
Restructured loans do 
not include loans and 
receivables subject to commercial 
renegotiations that are loans 
to customers for which 
the Group has 
agreed to renegotiate 
the debt with 
the aim of 
maintaining or devel-
oping 
a commercial 
relationship, 
in 
accordance 
with 
the 
credit 
approval 
procedures 
in 
force 
and 
without 
relinquishing any principal or accrued interest.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OVERVIEW OF IMPAIRMENT AND PROVISIONS 
(In EUR thousand)
12.31.2023
12.31.2022 R
Impairment of financial assets at fair value through 
other comprehen-
sive income 
1
2
Impairment of financial assets at amortised cost 
97 847
238 716
Loans and receivables at amortised cost, including 
debt securities
97 725
238 507
Other assets at amortised cost
122
209
Total impairment of financial assets
97 848
238 718
Provisions on Financing commitments
1 346
1 383
Provisions on Guarantee commitments
262
588
Total credit risk provisions
1 608
1 971
1. 
IMPAIRMENT OF FINANCIAL 
ASSETS 
BREAKDOWN OF FINANCIAL ASSETS IMPAIRMENT 
(In EUR thousand)
Amounts as 
at 
12.31.2022 R
Allocations 
Write-backs 
available * 
Net impair-
ment losses
Write-backs 
used **
Currency 
and scope 
effects
Amounts as 
at 
12.31.2023
Financial assets at fair value 
through other comprehen-
sive income
2
17
(18)
(1)
-
-
1
Impairment on perfor-
ming outstandings 
(Stage 1)
2
17
(18)
(1)
-
-
1
Impairment on under-
performing outstandings 
(Stage 2)
-
-
-
-
-
-
-
Impairment on doubtful 
outstandings (Stage 3)
-
-
-
-
-
-
-
Financial assets at amor-
tised cost
238 716
64 331
(152 623)
(88 292)
(51 266)
(1 311)
97 847
Impairment on perfor-
ming outstandings 
(Stage 1)
22 480
12 888
(13 554)
(666)
-
281
22 095
Impairment on under-
performing outstandings 
(Stage 2)
133 220
20 699
(115 420)
(94 721)
-
(1 011)
37 488
Impairment on doubtful 
outstandings (Stage 3)
83 016
30 744
(23 649)
7 095
(51 266)
(581)
38 264
Total
238 718
64 348
(152 641)
(88 293)
(51 266)
(1 311)
97 848
*Reversals available correspond to reversal of impairment 
**Reversals used correspond to impairment utilisation previously recorded 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
121 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
VARIATION 
OF IMPAIRMENT ACCORDING TO CHANGES IN THE CARRYING 
AMOUNT OF FINANCIAL AS-
SETS 
(In EUR thousand)
Amounts as 
at 
12.31.2022 R
Production 
& Acquisi-
tion
Derecognition 
(among which 
write-offs) and re-
payments
Transfer between 
stages of impair-
ment and model 
updates
Other varia-
tions
Amounts as 
at 
12.31.2023
Financial assets at fair value 
through other comprehensive 
income
2
17
(18)
-
-
1
Impairment on performing 
outstandings (Stage 1)
2
17
(18)
-
-
1
Impairment on under-per-
forming outstandings 
(Stage 2)
-
-
-
-
-
-
Impairment on doubtful 
outstandings (Stage 3)
-
-
-
-
-
-
Financial assets at amortised 
cost
238 716
4 640
(121 484)
(20 988)
(3 037)
97 847
Impairment on performing 
outstandings (Stage 1)
22 480
2 528
(2 887)
(96)
70
22 095
Impairment of under-perfor-
ming outstandings (Stage 
2)
133 220
1 345
(70 163)
(26 969)
55
37 488
Impairment on doubtful 
outstandings (Stage 3)
83 016
767
(48 434)
6 077
(3 162)
38 264
TOTAL
238 718
4 657
(121 502)
(20 988)
(3 037)
97 848
*Variations mainly linked to overlays explained in note 3.9.3
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
122 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. CREDIT RISK PROVISIONS 
BREAKDOWN OF PROVISIONS 
(In EUR thousand)
Amounts as at 
12.31.2022 R
Allocations
Write-backs 
available
Net impair-
ment losses
Currency and 
scope effects
Amounts as at 
12.31.2023
Financing commitments
1 383
969
(1 048)
(79)
42
1 346
Provisions on performing 
outstandings (Stage 1) 
1 290
962
(949)
13
42
1 345
Provisions on under-perfor-
ming outstandings (Stage 
2) 
93
7
(99)
(92)
-
1
Provisions on doubtful 
outstandings (Stage 3)
-
-
-
-
-
-
Guarantee commitments
588
367
(698)
(331)
5
262
Provisions on performing 
outstandings (Stage 1) 
502
345
(653)
(308)
3
197
Provisions on under-perfor-
ming outstandings (Stage 
2) 
86
22
(45)
(23)
2
65
Provisions on doubtful 
outstandings (Stage 3)
-
-
-
-
-
-
TOTAL
1 971
1 336
(1 746)
(410)
47
1 608
VARIATION 
OF PROVISION ACCORDING TO CHANGES IN THE AMOUNT OF FINANCING AND GUARANTEE 
COMMITMENTS 
(In EUR thousand)
Amounts as 
at 
12.31.2022 R
Production, 
Acquisition
Derecognition 
(among which 
write-offs) and re-
payments
Transfer between 
stages of impair-
ment
Other varia-
tions
Amounts as 
at 
12.31.2023
Financing and Guarantee 
commitments
Provisions on performing 
outstandings (Stage 1)
1 792
446
(472)
(238)
14
1 542
Provisions on under-perfor-
ming outstandings (Stage 
2)
179
21
(18)
(129)
13
66
Provisions on doubtful 
outstandings (Stage 3)
-
-
-
-
-
-
Total
1 971
467
(490)
(367)
27
1 608

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
123 
 
 
 
 
 
3. 
 
COST OF RISK 
ACCOUNTING PRINCIPLES 
Cost of risk
 
only includes net allocations to impairments losses allowances for credit risk, losses on irrecov-
erable loans and amounts recovered on amortised receivables. 
The Group proceed to a write off by 
recognising a loss on the bad loan and a 
reversal of impairment in Cost 
of credit risk when a debt is forgiven 
or when there are no longer any 
hopes of future recovery. 
The lack of 
future hopes 
of recovery 
is documented 
when a certificate 
issued as proof 
that the 
debt is 
uncollectible is 
delivered by the relevant 
authority or when strong 
circumstantial evidences are 
identified (years in default, 
provisions at 100%, lack of recent recoveries, specificities of 
the case). 
However, 
a write-off 
in accounting 
terms 
does not 
imply debt 
forgiveness 
in the 
legal sense 
as recovery 
actions on 
cash due 
by the 
counterparty are 
pursued particularly 
if the latter’s 
fortune improve. 
In case 
of 
recoveries on an exposure previously written-off, such recoveries are recognised as 
Amounts recovered on 
bad loans
 
on the year of collection.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OVERVIEW COST OF RISK 
(in EUR thousand) 
12.31.2023
12.31.2022 R
Cost of risk of financial instruments related to insurance activities 
57 
135 
Cost of risk 
92 354 
(168 298) 
Total 
92 411 
(168 163) 
(In EUR thousand)
2023 
2022 R 
Credit risk
Net allocation to impairment losses 
88 293 
(160 632) 
On financial assets at fair value through other comprehensive income 
1 
1 
On financial assets at amortised cost 
88 292 
(160 633) 
Net allocations to provisions 
410 
557 
On financing commitments 
79 
241 
On guarantee commitments 
331 
316 
Losses not covered on irrecoverable loans* 
(28 293) 
(8 088) 
Amounts recovered on irrecoverable loans* 
32 001 
- 
Income from guarantee not taken into account for the calculation of impairment 
- 
- 
Other risks
- 
Total 
92 411 
(168 163) 
* In 2023, losses not covered on irrecoverable loans for an amount of EUR 28 million are related to disposal losses on 
2 deals in Corporate portfolio. Further to such disposal, financial guarantees were activated and allowed recoveries 
disclosed in “amounts recovered on irrecoverable loans” for EUR 32 million. 
The net recovery over year 2023, mostly composed of 
recoveries on Stage 2 exposures, was mainly ex-
plained by the favorable evolution of the credit portfolio on Russian 
corporates, with an active policy of 
sale of credit exposures and restructuration of debt carried out 
throughout 2023. 
 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
124 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate Investment Banking portfolio 
The main variation is related to the decrease in the 
amount of overlay for a total amount of EUR 81,3 mil-
lion with: 
-
 
The restructuration of two credit exposures to Russian 
counterparties (- EUR 49,5 million); 
-
 
The activation of default status on one Russian corporate client (- EUR 
17 million), as the defaulted 
credit exposures have 
a credit risk 
calculated individually 
and are not 
included in 
Russian overlay 
scope; 
-
 
One progressive amortization of a Russian client’s 
debt (- EUR 15,1 million). 
The decrease of 
residual maturity and 
the gradual amortization 
(- EUR 13,2 
million) of the 
Watchlist client 
exposure also allowed the recovery of ECL provision 
representing EUR 11,5 
million decrease. 
The sale to 
third parties of 
two Russian defaulted 
loans, generated a 
negative Net 
Cost of Risk 
impact for 
EUR 1,9 million in Profit and loss. 
Retail portfolio 
On Private Banking portfolio, the 
Group’s program for 
the sale of defaulted receivables 
resulted in Stage 3 
additional provisions at the end of the year 2023 for EUR 
12,11 million. This negative impact on Net Cost of 
Risk 
was 
mainy 
compensated 
by 
favorable 
developments 
in 
some 
litigation 
files 
representing 
EUR 
8,99 
million, resulting in a Net 
Cost of Risk on stage 3 for retail portfolio of approximately 
EUR 3,12 million. 
A reversal of provisions on exposures in Stages 1 and 2 for EUR 1,57 million explained by repayments and 
transfers of Stage contributed to lower total Net Cost of 
Risk on the Retail Portfolio for 2023.
 

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
125 
 
 
 
 
 
NOTE 3.10. – ASSETS UNDER MANAGEMENT, COMMITMENTS AND 
ASSETS PLEDGED AND RECEIVED AS SECURITIES 
ACCOUNTING PRINCIPLES 
LOAN COMMITMENTS 
Loan commitments 
that are 
not considered 
as financial 
derivatives or 
that are 
not measured 
at fair 
value 
through profit 
and loss 
for trading 
purpose are 
initially recognised 
at fair 
value. Thereafter, 
they are 
provi-
sioned as necessary in accordance with the accounting 
principles for 
Impairment and provisions
 
(see Note 
3.9). 
GUARANTEE COMMITMENTS 
A financial guarantee 
contract is a 
contract that requires 
the issuer to 
make specified payments 
to reimburse 
the holder for 
a loss it incurs 
because of the 
failure of a 
specified debtor to 
make a payment 
at maturity at 
the initial or modified terms in the debt instrument. 
When 
considered 
as 
non-derivative 
financial 
instruments, 
financial 
guarantees 
issued 
by 
the 
Group 
are 
initially recognised in the balance sheet at fair value. Thereafter, they are measured at either the amount of 
the obligation or 
the amount initially 
recognised (whichever is higher) 
less, when appropriate, the 
cumulative 
amortisation of 
a guarantee 
commission. Where 
there is 
objective evidence 
of impairment, 
a provision 
for 
financial guarantees given is recognised on the liabilities side 
of the balance sheet (see Note 3.9). 
SECURITIES COMMITMENTS 
Securities bought 
and sold, 
which are 
booked to 
Financial assets at 
fair value 
through profit or 
loss, Financial 
assets at fair value through other comprehensive income
 
and 
Financial assets at amortised cost
 
are recog-
nised 
on 
the 
balance 
sheet 
at 
the 
settlement-delivery 
date. 
Between 
the 
trade 
date 
and 
the 
settlement-
delivery date, securities receivable or deliverable 
are not recognized on the balance 
sheet. Changes in the 
fair value 
of securities 
measured at 
fair value 
through 
profit or 
loss and 
securities 
measured at 
fair value 
through other comprehensive 
income between the trade 
date and the settlement-delivery 
date are booked 
to profit or loss or equity, 
depending on the accounting classification of the securities. 
FIDUCIARY ASSETS 
The Group 
provides 
trust 
and 
other 
fiduciary 
services 
that result 
in 
the 
holding or 
investing 
of 
assets 
on 
behalf of its clients. Assets held in a fiduciary capacity, 
unless recognition criteria are met, are not reported 
in the consolidated statement of financial position, as they 
are not assets of the Group. 
The Group records though commitments due 
to the fiduciary transactions as it is 
committed to restitute the 
fiduciary 
advance 
to 
the 
clients 
with 
the 
proceeds 
of 
the 
fiduciary 
trust 
to 
be 
received 
at 
the 
end 
of 
the 
transaction.
1. 
 
COMMITMENTS 
COMMITMENTS GRANTED 
To meet the financial needs of customers, the Group enters into various irrevocable commitments and con-
tingent liabilities. These consist of financial guarantees, letters of credit and other undrawn commitments to 
lend. 
Letters of 
credit and 
guarantees (including 
standby letters 
of credit) 
commit the 
Group to 
make payments 
on behalf of customers in 
the event of a specific act. 
Guarantees and standby letters of credit carry a 
similar 
credit risk to loans. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
126 
 
(In EUR thousand)
12.31.2023
12.31.2022 R
Loan commitments
4 432 441
4 045 213
To banks
111 
953
306 157
To customers
4 320 488
3 739 056
Issuance facilities
-
-
Confirmed credit lines
4 320 488
3 739 056
Others
-
-
Guarantee commitments
1 086 142
1 021 584
On behalf of banks
484 929
321 403
On behalf of customers
601 213
700 181
Securities commitments
266 127
68 162
Securities to be delivered
266 127
68 162
COMMITMENTS RECEIVED 
(In EUR thousand)
12.31.2023
12.31.2022 R
Loan commitments
1 925 418
1 347 814
From banks
1 925 418
1 347 814
Guarantee commitments
13 545 655
13 717 919
From banks
12 265 766
11 980 935
Other guarantee commitments
1 279 889
1 736 984
Securities commitments
266 851
68 747
Securities to be received
266 851
68 747
Other commitments
1 988 665
2 187 568

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
127 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. 
FINANCIAL ASSETS PLEDGED AND RECEIVED AS SECURITY 
FINANCIAL ASSETS PLEDGED 
(In EUR thousand)
12.31.2023
12.31.2022 R
Book value of assets pledged as cash for 
transactions in financial instru-
ments
(1)
525 044
520 417
Book value of assets pledged as deposit for off-balance 
sheet commit-
ments
266 766
209 766
Total
791 810
730 183
(1)Assets pledged as security for transactions in financial 
instruments mainly include security deposit. 
As of December 31, 2023, the Group has pledged: 
◾
No collateral asset for secured issuances (December 31, 2022: 
nil); 
◾
collateral for derivative transactions 
for EUR 80 470 
thousand (December 31, 
2022: EUR 133 
735 
thousand) and; 
◾
collateral for 
repurchase 
agreements 
for EUR 
444 574 
thousand (Decemb 
er 31, 
2022: EUR 
386 
682 thousand). 
FINANCIAL LIABILITIES RECEIVED AS PLEDGE 
(In EUR thousand)
12.31.2023
12.31.2022 R
Book value of liabilities received as pledged security 
for transactions in fi-
nancial instruments
13 916 150
14 606 947
Book value of liabilities received as pledged security 
for off-balance sheet 
commitments
1 026 021
1 094 472
Total
14 942 171
15 701 419

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
128 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3. 
ASSETS UNDER MANAGEMENT 
(In EUR thousand)
12.31.2023
12.31.2022 R
Custody assets
421 988 474
287 236 195
Fiduciary transactions
6 248 215
8 057 337
Asset management
19 947 914
18 651 513
Total
448 184 603
313 945 045
The Group provides management and 
representation services to third 
parties, particularly wealth manage-
ment services, custody and administration of securities, 
fiduciary representation and agent functions. 
A fiduciary 
issuance program 
has been 
launched by 
Société Générale 
Luxembourg in 
2017, according 
to 
the Luxembourg Law of the March 27, 2003 on fiduciary 
operations. 
During 2023, the Group issued 2 fiduciary notes (of which one redeemed before year end 2023) in EUR for 
an outstanding amount of EUR 1,5 billion, and 1 fiduciary 
note in USD for an amount of USD 420 million. 
As 
at 
December 
31, 
2023, 
the 
Group 
had 
61 
outstanding 
notes 
(December 
31,2022: 
71), 
listed 
on 
the 
Luxembourg Stock Exchange, amounting to EUR 6 billion 
(December 31, 2022: EUR 7,6 billion). 
-
 
36 notes in EUR 
for an outstanding 
amount of EUR 
3,2 billion and 
a nominal amount 
of EUR 4,4 
billion (December 
31,2022: 47 
notes in 
EUR for 
an outstanding 
amount of 
EUR 4,3 
billion and 
a 
nominal amount of EUR 6 billion); 
-
 
20 
notes 
in 
JPY 
for 
an 
outstanding 
amount 
of 
JPY 
268,4 
billion 
and 
a 
nominal 
amount 
of 
JPY 
390,72 billion (December 31, 2022: 
20 notes in JPY 
for an outstanding amount of 
JPY 351,6 billion 
and a nominal amount of JPY 390,7 billlion); 
-
 
2 notes in USD 
for an outstanding amount of 
USD 866,7 million and a 
nominal amount of USD 688 
million (December 31, 
2022 : 1 note 
in USD for an 
outstanding amount of 
USD 417 million 
and a 
nominal amount of USD 400 million); 
-
 
1 note in CHF for an outstanding amount of 
CHF 279,9 million and a nominal amount of CHF 300 
million (December 31, 
2022 : 1 
note in CHF 
for an outstanding 
amount of CHF 
308 million and 
a 
nominal amount of CHF 300 million); 
-
 
1 note in GBP for 
an outstanding amount 
of GBP 5,9 million 
and a nominal of 
GBP 3 million (De-
cember 
31,2022: 
1 
note 
in 
GBP 
for 
an 
outstanding 
amount 
of 
GBP 
15,6 
million 
and 
a 
nominal 
amount of GBP 3 million); 
-
 
1 
note 
in 
SGD 
for 
an 
outstanding 
amount 
of 
SGD 
8,1 
million 
and 
a 
nominal 
amount 
of 
SGD 
7 
million (December 31, 2022 : 1 note in 
SGD for an outstanding amount of SGD 
15,6 million and a 
nominal amount of SGFD 7 million). 
The Group fiduciary issuance with the Parent Company Société Générale represents 
EUR 377,3 million as 
of December 31, 2023 (December 31, 2022: EUR 500, 
3 
million). 
The total amount 
of fiduciary 
transactions also includes 
other single fiduciary 
operations with some 
corpo-
rate client.
 

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
129 
 
 
 
 
NOTE 3.11. – TRANSFERRED FINANCIAL ASSETS 
ACCOUNTING PRINCIPLES 
Transferred 
financial 
assets 
that are 
not 
derecognised 
include 
securities 
lending 
transactions 
and 
repur-
chase agreements as well as certain loans transferred 
to consolidated securitisation vehicles. 
The tables 
below show 
securities lending 
and repurchase 
agreements that 
only concern 
securities recog-
nised on the asset side of the balance sheet. 
Securities 
involved 
in 
a 
repurchase 
agreement 
or 
securities 
lending 
transaction 
are 
held 
in 
their 
original 
position on the 
asset side of 
the Group’s balance sheet. 
For repurchase agreements, the 
obligation to return 
the 
amounts 
deposited 
is 
recorded 
under 
Liabilities
 
on 
the 
liabilities 
side 
of 
the 
balance 
sheet, 
with 
the 
exception of 
transactions initiated 
under trading 
activities, which 
are recorded 
under 
Financial liabilities 
at 
fair value through profit or loss.
Securities involved in a reverse repurchase agreement or securities borrowing transaction are not recorded 
in the Group’s balance sheet. 
For securities received 
under a reverse 
repurchase agreement, the 
right to recover 
the amounts delivered 
by the Group 
is recorded 
under 
Customer Loans 
and receivables
 
or 
Due from 
banks 
on the asset 
side of 
the balance 
sheet, with 
the exception 
of transactions 
initiated under 
trading activities, 
which are 
recorded 
under 
Financial assets at fair value through profit 
or loss.
 
In the case of a subsequent sale of the borrowed 
securities, a debt 
due to the 
lender of those 
securities is recognised 
on the Group 
balance sheet amongst 
Financial liabilities at fair value through profit or loss. 
Securities lending 
and securities 
borrowing transactions 
that are 
fully matched 
by cash 
are assimilated 
to 
repurchase and reverse 
repurchase agreements 
and are recorded 
and recognised as 
such in the 
balance 
sheet. 
With securities 
lending and 
repurchase agreements, 
the Group 
remains exposed 
to issuer 
default (credit 
risk) and to increases or 
decreases of securities value 
(market risk). The underlying 
securities cannot sim-
ultaneously be used as collateral in other transactions.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. TRANSFERRED FINANCIAL ASSETS NOT DERECOGNISED 
12.31.2023
(In EUR thousand)
Carrying amount of trans-
ferred assets
Carrying amount of asso-
ciated liabilities
Financial assets at fair value through profit or loss
446 189
445 537
Financial assets at fair value through other comprehensive 
income
-
-
Total
446 189
445 537
12.31.2022 R
(In EUR thousand)
Carrying amount of trans-
ferred assets
Carrying amount of asso-
ciated liabilities
Financial assets at fair value through profit or loss
381 618
386 998
Financial assets at fair value through other comprehensive 
income
-
-
Total
381 618
386 998
2. 
TRANSFERRED FINANCIAL ASSETS PARTIALLY 
OR FULLY 
DERECOGNISED 
As at December 31, 2023 and December 31,2022, 
the Group carried out no material transactions 
resulting 
in the partial or 
full derecognition of financial assets 
leaving the Group with a 
continuous involvement in said 
assets.
 

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
130 
 
 
 
NOTE 3.12. – OFFSETTING FINANCIAL ASSETS AND FINANCIAL 
LIABILITIES 
ACCOUNTING PRINCIPLES 
A financial asset and a 
financial liability are offset and the net 
amount presented on the balance sheet 
when 
the Group has a legally 
enforceable right to set 
off the recognised 
amounts and intends either 
to settle the 
asset and liability on a 
net basis, or to realise the 
asset and settle the liability simultaneously. The legal right 
to set 
off the 
recognised amounts 
must be 
enforceable in 
all circumstances, 
in both 
the normal 
course of 
business and in the event of default of one of 
the counterparties. In this respect, the Group recognises in its 
balance sheet the net amount of derivative 
financial instruments traded with certain 
clearing houses where 
they achieve net settlement through 
a daily cash margining process, 
or where their gross settlement 
system 
has features that eliminate or result 
in insignificant credit and liquidity risk, 
and that process receivables and 
payables in a single settlement process or cycle.
As at December 31, 
2023, and December 
31, 2022, there is 
no impact due to 
offsetting of financial 
assets 
and liabilities in the Group’s balance sheet.
 

 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
131 
 
 
 
 
 
NOTE 4 – OTHER ACTIVITIES 
NOTE 4.1. - FEE INCOME AND EXPENSE 
ACCOUNTING PRINCIPLES 
Fee income
 
and 
Fee expense
 
combine fees on services rendered and received, as well as 
fees on commit-
ments that cannot be assimilated to interest. Fees that can be assimilated to interest are integrated into the 
effective 
interest 
rate on 
the 
associated 
financial 
instrument 
and 
are recorded 
under 
Interest 
and 
similar 
income
 
and 
Interest and similar expense
 
(see Note 3.8). 
Transactions 
with banks 
includes the 
fees that 
relates to 
banking services 
such as 
brokerage fees, 
inter-
change fees, account management fees or fiduciary fee income 
if the counterparty is a bank. 
Transactions with customers 
includes the fees from customers from the 
Group banking activities (in partic-
ular, 
brokerage fees, 
account management 
fees, fiduciary 
fee income 
if the 
counterparty 
is not 
a bank 
or 
structuring fees outside the effective interest rate). 
Financial instruments operations gather specific services 
on financial instruments and 
are not directly linked 
to client account management. 
In particular, the remuneration 
of issuance and structuration is composed by 2 distinct 
services: 
-
The 
issuing 
upfront 
fee 
for 
the 
initiation 
and 
structuration 
of 
the 
operation 
(thereafter 
issuing 
upfront 
fee); 
-
The account and security servicing during the lifecycle of 
the security (thereafter security servicing fee), 
accrued on a monthly basis. 
Sundry services 
provided includes 
the fees 
from customers 
from the 
other Group 
activities (in 
particular, 
interchange fees, funds management fees or fees on insurance 
products sold within the network). 
The Group recognises fee income or expense for an amount 
equivalent to the remuneration for the service 
provided and depending on the progress transferring control 
of these services: 
-
fees for ongoing 
services, such as 
some payment services, custody 
fees, or digital 
service subscriptions 
are recognised as income over the life of the service; 
-
fees for 
one-off 
services, 
such as 
fund activity, 
finder’s fees 
received, arbitrage 
fees, or 
penalties 
on 
payment incidents are recognised as income when the 
service is provided. 
The amount equivalent to the remuneration for the service provided is composed of fixed and variable 
con-
tractual compensation 
whether they 
are paid 
in kind 
or in 
cash, less 
any payments 
due to 
customers (for 
example, in case 
of promotional 
offers). The 
variable compensation 
(for example, 
discounts based 
on the 
provided services volume over 
a period of 
time or fees payable 
subject to the achievement 
of a performance 
target, etc.) are included in the amount equivalent to the remuneration for the service provided if and only if 
this compensation is highly probable not to be subsequently reduced 
significantly. 
The possible mismatch between the payment 
date of the service provided and 
the date of execution of the 
service gives contract assets and contract liabilities depending 
on the type of contract and mismatch which 
are recognized under 
Other Assets
 
and 
Other Liabilities
 
(see Note 4.4): 
-
customer contracts generate trade receivables, accrued 
income or prepaid income; 
-
supplier contracts generate trade payables, accrued expenses 
or prepaid expenses.
 
 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
132 
 
2023 
2022 R 
(In EUR thousand) 
Income 
Expense 
Net 
Income 
Expense 
Net 
Transactions with banks 
878 
(5 394) 
(4 516) 
339 
(6 341) 
(6 002) 
Transactions with customers 
87 367 
- 
87 367 
76 375 
- 
76 375 
Financial instruments operations 
101 406 
(63 609) 
37 797 
115 595 
(59 522) 
56 073 
Securities transactions 
54 993 
(62 473) 
(7 480) 
69 731 
(56 037) 
13 694 
Primary market transactions 
39 292 
- 
39 292 
33 468 
- 
33 468 
Foreign exchange transactions and 
financial derivatives 
7 121 
(1 136) 
5 985 
12 396 
(3 485) 
8 911 
Loan and guarantee commit-
ments 
74 465 
(51 205) 
23 260 
70 290 
(53 131) 
17 159 
Sundry services 
148 063 
- 
148 063 
141 014 
- 
141 014 
Fund administration fees and cus-
tody fees 
64 432 
- 
64 432 
63 140 
- 
63 140 
Asset management fees 
75 043 
- 
75 043 
67 021 
- 
67 021 
Means of payment fees 
4 187 
- 
4 187 
4 511 
- 
4 511 
Insurance products fees 
2 327 
- 
2 327 
2 591 
- 
2 591 
Underwriting fees of UCITS 
2 074 
- 
2 074 
3 751 
- 
3 751 
Others 
24 966 
(28 862) 
(3 896) 
23 158 
(40 177) 
(17 019) 
Total 
437 145 
(149 070) 
288 075 
426 771 
(159 171) 
267 600
 
NOTE 4.2. - INCOME AND EXPENSES FROM OTHER ACTIVITIES 
ACCOUNTING PRINCIPLES 
Other activities gather all services that are not directly 
in scope of banking activities. 
The income and expense from other activities mainly relate to: 
-
Sundry activities that are not the main banking activities but are considered as an extension to banking 
services (safe deposit box rental, assistance and advice); 
-
Non-financing services.
 
(In EUR thousand) 
2023 
2022 R 
Income from other activities 
4 427 
6 005 
Expenses from other activities 
(6 209) 
(6 089) 
Total 
(1 782) 
(84)

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
133 
 
 
 
 
NOTE 4.3. – INSURANCE ACTIVITIES
Insurance activities (non-life insurance for SG Luxembourg) 
add to the range of pro-
ducts included in the banking services offered to Group 
customers. 
These activities are carried out by dedicated subsidiaries, 
subject to regulations speci-
fic to the insurance sector. 
The rules for measuring and accounting for risks associated 
with insurance contracts 
are specific to the Insurance sector. 
ACCOUNTING PRINCIPLES 
Insurance contracts subject 
to IFRS 17 “Insurance 
Contracts” are insurance 
contracts issued, reinsurance 
contracts issued (reinsurance 
assumed) or held 
(reinsurance ceded), as 
well as 
investment contracts issued 
including a 
discretionary participation 
clause provided 
that they 
are issued 
by an 
entity which 
also issues 
insurance contracts. 
The accounting principles below do 
not apply to the insurance contracts 
for which the Group is the insured 
beneficiary except for the contracts identified as reinsurance 
treaties. 
Investment 
contracts 
without 
discretionary 
participation 
features 
and 
with 
no 
insurance 
component 
(pure unit-linked contracts) do not meet the IFRS 17 definition of an 
insurance contract and are recognised 
as Financial liabilities measured at fair value 
through profit or loss (not applicable to 
the Group). These are 
financial 
liabilities 
indexed 
on 
the 
performance 
of 
underlying 
assets 
for 
which 
the 
Group 
has 
elected 
to 
exercise the option to measure the 
instruments at fair value without requiring 
the separation of the embed-
ded derivatives. 
GROUPING OF CONTRACTS 
For their assessment, insurance contracts 
are grouped into homogeneous portfolios 
to take account of the 
pooling of risks 
specific to the 
insurance activity. 
These portfolios 
include insurance 
contracts that 
are ex-
posed to similar risks and managed together. 
Within each portfolio, three groups of contracts shall be distinguished on initial recognition of the later: one-
rous contracts, 
contracts with 
no significant 
possibility of 
becoming subsequently 
onerous, and 
other con-
tracts. 
Lastly, 
contracts 
issued more 
than one 
year 
apart cannot 
be included 
in the 
same group. 
Consequently, 
each group of contracts shall be subdivided into annual cohorts. However, 
while adopting IFRS 17, the Eu-
ropean Union 
has provided 
European undertakings 
with an 
option not 
to implement 
this provision 
to con-
tracts 
benefiting 
from 
an 
intergenerational 
mutualisation 
of 
returns 
on 
the 
underlying 
assets 
in 
countries 
where these undertakings market insurance contracts. 
The 
Group 
uses 
this 
optional 
exemption 
on 
the 
life-insurance 
savings 
and 
retirement 
savings 
contracts 
issued as 
they 
include 
direct 
or discretionary 
profit-sharing 
items 
for which 
both 
risks 
and cashflows 
are 
shared between different generations of policyholders. These savings life-insurance 
contracts are also ma-
naged on an intergenerational basis in order to mitigate interest 
rate risk and longevity risk exposures. 
The portfolios of contracts 
are determined by the 
Group, using 
(i)
 
the product line 
to identify the insurance 
contracts 
exposed 
to 
similar 
risks 
and 
(ii)
 
the 
country 
of 
issuance 
of 
the 
contract 
and/or 
the 
distribution 
entity. 
When the materiality of the outstanding amounts of the contracts concerned is not significant in the context 
of 
the 
aggregates 
of 
the 
Group’s 
consolidated 
balance 
sheet, 
some 
of 
these 
portfolios 
may 
be 
grouped 
together. 
MAKE IT 
SIMPLE 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
134 
 
The major portfolios identified by Société Générale Group 
are as follows: 
Scope of products 
Product line 
Savings 
Life Insurance Savings 
with accumulation 
of capital paid 
out upon re-
demption or death (investments in euro funds, unit-linked funds, multi-
vehicle contracts) 
Retirement 
 
Individual and group insurance contracts such as Retirement savings 
plans (French 
‘Plan Epargne Retraite’ – PER
) with payout in 
annuities 
and/or capital (single or multiple unit-linked investments) 
Protection–Provident 
Borrower insurance; Individual 
protection; Group protection; 
Individual 
health insurance; Group health insurance; 
Funeral insurance; 
Nursing 
care insurance. 
 
Protection–Non-life insurance 
(property and casualty) 
Personal 
injury 
accident; 
Insurance 
of 
the 
Means 
of 
payment; 
Multi-
risk 
home 
insurance; 
Land 
motor 
vehicle 
insurance; 
Miscellaneous 
Risk Insurance. 
At the 
level of 
SG Luxembourg Group, 
the insurance activities 
are included in 
“Protection-Provident portfolio. 
MEASUREMENT MODELS 
Each group of insurance contracts 
is measured separately, 
and its value is presented in 
the balance sheet 
either under Insurance and reinsurance contract assets 
or under Insurance and reinsurance contract liabil-
ities. 
General model applicable to the insurance contracts 
issued 
Initial measurement 
Upon initial recognition, 
the value 
of a 
group of 
insurance contracts 
issued corresponds 
to the sum 
of the 
following items:

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
135 
 
Future estimated cash flows 
These cash flows 
are the current 
estimates of 
all the amounts 
that the insurer 
expects to receive 
(for pre-
miums) or pay 
to the benefit 
of insurance policyholders 
(in relation to 
life insurance, claims 
to be compen-
sated, guaranteed 
benefits and 
other directly 
attributable expenses) 
as part 
of the 
fulfilment of 
insurance 
contracts, until their settlement. 
These amounts are adjusted to reflect: 
◾
the present value of 
the future cash flows 
taking into account the 
time value of money 
and the financial 
risks related to the future cash flows (see 
Discounting
), 
◾
the uncertainties 
about the 
amount and 
frequency 
of the 
cash flows 
(see 
Adjustment for 
non-financial 
risk
). 
Discounting 
The future cash flows estimated are 
discounted using a risk-free 
yield curve (swap rate curve) adjusted 
for 
an illiquidity 
premium to 
represent the 
differences 
in 
characteristics 
between the 
liquid, risk 
-free financial 
instruments and the financial instruments backed insurance contracts 
(bottom-up approach). 
Adjustment for non-financial risk 
The discounted cash flows 
are adjusted to reflect 
the uncertainties about the 
amount and frequency 
of the 
future cash flows. This adjustment for non-financial risks is determined using a quantile approach based on 
a confidence level estimated between 80% and 90% for 
Protection business. 
The calculation 
method of 
the adjustment 
for non-financial 
risks ignores 
the diversification 
effect between 
the different insurance activities. 
Contractual service margin (CSM) 
The contractual 
service margin 
(CSM) represents 
the 
unearned profit 
that the 
entity 
will recognise 
in the 
income statement as the insurance services are provided in the future. Its amount is determined at the time 
of initial recognition of the group of insurance 
contracts so that, at that date, neither 
income nor expense is 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
136 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
recorded in 
the income 
statement. In 
the event 
of onerous 
contracts, the 
expected loss 
shall immediately 
be recognised in profit or loss. This initial loss will later be reversed in profit or loss to 
offset the expense for 
incurred claims. 
Subsequent measurement 
On each closing date, the carrying 
amount in the balance 
sheet of the group of insurance 
contracts issued 
is remeasured. It is then equal to the sum of the following 
amounts: 
◾
the liability for remaining coverage (LRC), for an amount equal to the 
reestimated value as at the date of 
the fulfilment cash flows related to future services (discounted value of the amounts receivable and pay-
able related to the supply of insurance services on the 
remaining coverage period and the deposit com-
ponents) and, 
when appropriate, 
the contractual 
service margin 
reestimated on 
the same 
date as 
de-
scribed below; 
◾
the liability for 
incurred claims (LIC), 
for an amount 
equal to the 
reestimated value as 
at the date 
of the 
fulfilment 
cash 
flows 
related 
to 
past 
services 
(discounted 
value 
of 
the 
amounts 
payable 
in 
relation 
to 
services on already incurred claims). 
Income and 
expense are 
recognised for 
the changes 
in liabilities 
for remaining 
coverage and 
for incurred 
claims, as summarised below: 
Changes 
in 
liability 
for 
remaining 
co-
verage 
Changes in liability for incurred 
claims 
Insurance products 
◾
Reversals related to the insurance 
services 
provided 
during 
the 
pe-
riod 
Insurance 
services 
ex-
penses 
◾
Losses 
recognised 
on 
onerous 
contracts 
and 
reversal 
of 
these 
losses 
◾
Allocations 
of 
liabilities 
for 
the 
in-
curred 
claims 
and 
the 
unfunded 
expenses 
incurred 
during 
the 
pe-
riod 
◾
Subsequent 
changes 
in 
the 
fulfil-
ment cash 
flows relating 
to the 
in-
curred 
claims 
and 
the 
unfunded 
expenses incurred 
Insurance 
financial 
ex-
penses and income 
◾
Account 
taken 
of 
the 
impacts 
of 
the time value of money 
◾
Account taken 
of the 
impacts of 
the 
time value of money 
On this same closing date, the 
amount of contractual service margin is adjusted to 
take notably account, for 
all contracts, of: 
◾
the impact of the new contracts added to the Group; 
◾
the interest capitalised 
on the carrying 
amount of the 
margin at the 
discounting rate 
used to determine 
the initial margin value; 
◾
the 
reestimate 
of 
the 
fulfilment 
cash 
flows 
(discounted 
value 
of 
the 
amounts 
receivable 
and 
payable 
related 
to 
the 
insurance 
services 
provided 
during 
the 
remaining 
coverage 
period, 
excl. 
estimated 
amounts to be paid for already incurred claims that are subject 
to separate measurement); 
◾
the amount recognised 
as insurance 
revenue because 
of the transfer 
of insurance 
contract services 
in 
the period. 
Moreover, 
the 
contractual 
service 
margin 
is 
recognised 
in 
profit 
or 
loss 
according 
to 
coverage 
units 
that 
reflect the amount of service provided 
and the expected coverage period 
for the contracts remaining in the 
group of contracts. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
137 
 
The contractual service 
margin is not 
adjusted for the 
following changes in 
cash flows as 
they are not 
related 
to future services: 
◾
inclusion of the impacts (and changes 
in them) of the time value of 
money and the financial risk (for 
ex-
ample, the impact of a change in the discounting rate); 
◾
changes in estimates of the fulfilment cash flows of liabilities 
for incurred claims; 
◾
adjustments 
related 
to 
experience 
(difference 
between 
the 
estimate 
of 
the 
amounts 
expected 
for 
the 
period and the actual cash flows of the period). 
Protection-Provident business 
The Group mainly applies the 
General Model to measure its Protection-Provident contracts (borrower insur-
ance, funeral, dependency contracts…). 
The Group will 
apply the General 
Model to 
measure its 
provident contracts. 
This approach 
will be applied 
on the reinsurance subsidiaries (Société Générale Luxembourg Ré S.A. and Société Générale Ré 
S.A.), as 
well as on credit insurance subsidiary (Société Générale Luxembourg 
Credit Insurance S.A.). 
For the Protection – 
Provident business, the 
insured value (for example 
the outstanding capital 
of the loan 
in the context of 
a borrower contract) is 
used to measure the 
quantity of service (or 
coverage units) provided 
or to be provided, in 
order to recognise a portion 
of the contractual service margin 
in the net income of 
the 
period. 
General Model adapted to the 
insurance contracts issued with direct participation features 
(Variable 
Fee Approach) 
Insurance contracts 
issued with 
direct participation 
features may 
be regarded 
as creating 
an obligation 
to 
pay to policyholders an amount 
equal to the fair value 
of the underlying items (for 
example, investments in 
units of funds), minus a variable fee for the service. 
The variable fee: 
a) 
represents the counterparty that a company receives to 
provide investment services; 
b) 
is based 
on the 
portion of 
the performance 
of the 
underlying items 
that varies 
over time. 
Conse-
quently, 
the variable fee 
reflects the performance 
of the underlying 
items and the 
other cash flows 
necessary for the fulfilment of the contracts. 
The general accounting model 
is adapted to reflect 
that the consideration 
received for this type 
of contract 
is a variable fee (Variable 
Fee Approach - VFA). 
This adaptation of 
the general accounting 
model is used 
to measure the 
groups of insurance 
contracts for 
which: 
◾
the contractual clauses specify 
that the policy holder is 
entitled to a portion of 
a clearly defined portfolio 
of underlying items; 
◾
the entity expects 
to pay to 
the policyholder 
an amount equal 
to a substantial 
share of the 
yield on the 
fair value of the underlying items; and 
◾
the entity expects any 
change in the amounts 
payable to the 
shareholder to be attributable, 
substantially, 
to a change in fair value of the underlying items. 
Eligibility 
to this 
measurement 
model 
is analysed 
on 
the 
issuance 
date 
of the 
contracts 
and 
may subse-
quently be reassessed 
only in case of changes in the contract. 
This measurement model is in line with the general model 
with regards to the following items: 
◾
the fulfilment cash flows are measured the same way; 
◾
during the initial measurement, the contractual service 
margin is identical; 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
138 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
◾
the subsequent changes 
in the fulfilment 
cash flows associated 
with the future services 
adjust the con-
tractual service 
margin while 
the other 
changes, 
related to 
the 
services 
provided 
during the 
period or 
before impact the net income. 
There are however several differences: 
General model 
Tailored General 
model - VFA 
Recognition of the changes in 
fulfilment 
cash 
flows 
in 
rela-
tion 
to 
the 
changes 
in 
dis-
counting 
rates 
and 
other 
fi-
nancial variables 
◾
in full in the Statement of 
net in-
come 
and 
unrealised 
or 
de-
ferred gains and losses 
◾
as 
an 
adjustment 
of 
the 
con-
tractual 
service 
margin 
for 
the 
portion 
of 
this 
change 
asso-
ciated 
with 
the 
insurer’s 
share 
of underlying items 
Determination 
of 
the 
interest 
expense for 
the capitalisation 
of 
interest 
on 
the 
contractual 
service margin 
◾
explicitly 
applying 
the 
discount 
rate used during the initial mea-
surement 
◾
implicitly 
when 
taking 
account 
of 
the 
insurer’s 
share 
in 
the 
change 
in 
fair 
value 
of 
the 
un-
derlying 
items 
for 
the 
determi-
nation 
of 
the 
contractual 
ser-
vice margin 
General Model adapted to the reinsurance contracts 
held 
Following 
the 
issuance 
of insurance 
contracts, 
some 
risks 
may be 
ceded 
to another 
insurance company 
through reinsurance contracts. 
The general 
accounting model 
is adapted 
to take 
account of 
the specificities 
of the 
reinsurance contracts 
held. 
These 
reinsurance 
contracts 
held 
are 
booked 
under 
the 
General 
Model, 
modified 
on 
the 
following 
features: 
Estimate 
of 
the 
fulfilment 
cash flows 
The fulfilment 
cash 
flows take 
into account 
the risk 
of non-fulfilment 
by 
the issuer 
of the 
reinsurance contract 
(i.e. the 
risk of 
not recovering 
the 
expected compensation in the event of default of the reinsurer). 
Measurement of the 
contrac-
tual service margin 
during ini-
tial recognition 
Any net cost or profit determined at initial 
recognition (determined based 
on the estimated amount of premiums payable, expenses to be paid and 
compensations 
to 
be 
received) 
is 
recognised 
as 
a 
contractual 
service 
margin. 
Measurement of the 
contrac-
tual 
service 
margin 
in 
the 
context 
of 
onerous 
under-
lying contracts 
The contractual service margin is adjusted, and an income is recognised 
accordingly, when 
a loss is recognised at 
initial recognition of a group 
of 
onerous underlying 
insurance contracts 
or when 
onerous underlying 
in-
surance contracts are added to the group. 
Simplified model (Premium Allocation Approach) 
The standard 
also allows, 
under some 
conditions, for 
the application 
of a 
simplified accounting 
model for 
the contracts whose 
insurance coverage 
is lower or 
equal to 12 
months, or for 
which the measurement 
of 
the Group’s remaining 
coverage liabilities determined 
using this approach is 
not significantly different 
from 
the one that would result from the application of the general 
model. 
The remaining coverage liabilities presented on the balance 
sheet corresponds to: 
◾
the amount of 
premium received 
under the contract 
adjusted for the 
amounts recognised 
as insurance 
contracts income as the company provides the insurance coverage; 
◾
minus the remaining depreciable acquisition costs paid. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
139 
 
If a 
group of 
contracts is 
onerous, the 
remaining coverage 
liability is 
increased up 
to the 
estimated future 
fulfilment cash flows and a loss is recognised in the income 
statement. 
The 
incurred 
claim 
liability 
is 
measured 
based 
on 
the 
general 
model. 
The 
Group 
does 
not 
discount 
the 
liability when it expects the claims to be settled within one 
year. 
The simplified approach does not require: 
◾
an explicit measurement of the contractual service margin; 
◾
an update of the remaining coverage liability for the changes 
in discount rate and financial variables. 
Protection – non-life insurance activity 
The 
Group 
mostly 
applies 
the 
simplified 
approach 
to 
measure 
its 
non-life 
insurance 
contracts 
(personal 
injuries, means of payment, multi-risk home insurance…). 
PRESENTATION 
OF THE FINANCIAL PERFORMANCE OF INSURANCE 
CONTRACTS 
Expenses and income relating to insurance contracts are 
presented in the income statement, distinguishing 
between: 
◾
the income arising from insurance services which includes: 
-
 
income from insurance contracts issued; 
-
 
insurance services expenses; 
-
 
net income or expenses from the reinsurance contracts 
held; 
◾
the financial result of the insurance and reinsurance contracts. 
Income from insurance contracts issued 
The revenues 
from insurance 
contracts represent 
the consideration 
that the 
insurance subsidiary 
expects 
to receive (representative of the premium received) against the 
services provided under the contracts. 
The revenues recognised for the period include the amount representative of the premium received as cov-
erage of the 
insurance service expenses and 
the margin expected in 
relation to the services 
provided during 
the period. 
Many insurance contracts providing 
investment services include a 
deposit component, which is an 
amount 
paid by the policyholder and repaid by the insurer even when the insured event does not take place. These 
deposit components are excluded from the income statement, as the collection and repayment of a deposit 
are not, respectively, 
an income and an expense. 
Insurance services expenses 
Insurance services expenses 
reflect thecosts incurred 
to provide services 
over the period, 
including those 
associated with the claims incurred, and excluding the 
deposit component. 
The expenses 
recorded 
over 
the period 
include 
the 
insurance 
services 
expenses 
related to 
the 
services 
provided for the 
incurred claims 
during the current 
or past periods 
and other 
amounts such as 
the amorti-
sation of the insurance acquisition costs, the costs on 
onerous contracts and their reversals. 
Income and expenses of the reinsurance contracts 
held. 
Income and expenses are representative of the amounts recovered 
from reinsurers and of the allocation of 
the premiums paid for this coverage. 
Financial income and expenses of insurance contracts 

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
140 
The fulfilment 
cash flows 
and contractual 
service margin 
are booked 
on a 
discounted basis 
reflecting the 
frequency of 
cash flows. 
Over time, 
the effect 
of the 
time value 
of money 
decreases, which 
is reflected 
in 
the 
income 
statement 
as 
an 
insurance 
financial 
expense 
(the 
present 
value 
of 
future 
disbursements 
in-
creases). Indeed, 
the financing 
costs (financial 
expenses 
of the 
contracts) of 
insurance are 
similar to 
the 
interest paid on 
an early payment 
(in the form 
of a premium) 
and reflect the 
fact that policyholders 
usually 
pay the premiums in advance and receive benefits 
at a later date. 
Finance income 
or expenses 
from insurance 
also include 
the effects 
on the carrying 
amount of 
insurance 
contracts of some changes in financial assumptions (namely 
discount rate and other financial variables).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Group 
decided 
to 
present 
the 
Notes 
detailing 
the 
financial 
data 
of the 
insurance 
subsidiaries 
distin-
guishing 
between 
the 
data 
attributed 
to 
the 
insurance 
contracts 
within 
the 
scope 
of 
IFRS 
17 
(col-
umns headed Insurance contracts) 
including the 
measurement of 
these contracts and 
the investments back-
ing them. These data also 
distinguish between the insurance 
contracts issued with 
direct participation fea-
tures measured using the VFA 
model and their underlying investments. 
The financial data of 
the investment contracts 
without participation features 
and without insurance 
compo-
nent (contracts within 
the scope of 
IFRS 9) as 
well as all 
financial instruments that are 
not backing insurance 
contracts within the scope of IFRS 17 
(ex: financial instruments negotiated in 
the context of the investment 
of equity) are presented separately from the other financial 
data in the Others column. 
As a 
reminder, 
on the 
transition 
date of 
1 January 
2022, the 
Group 
applied a 
modified retrospective 
ap-
proach for the measurement of savings life insurance contracts. 
The future 
cash 
flows of 
the 
assets 
and 
liabilities 
of 
the 
insurance 
contract 
assets 
and 
liabilities 
are 
dis-
counted using a risk-free 
rate curve (swap rate 
curve) modified by an 
illiquidity premium per 
entity and per 
activity. The following 
table shows the average discount rates used: 
31.12.2023 
31.12.2022 R 
Average discount rate 
for the euro 
1 year 
5 
years 
10 
years 
15 
years 
20 
years 
40 
years 
1 year 
5 
years 
10 
years 
15 
years 
20 
years 
40 
years 
Savings and retirement 
4.30% 
3.26% 
3.33% 
3.41% 
3.36% 
3.29% 
3.73% 
3.69% 
3.66% 
3.57% 
3.32% 
3.12% 
Protection 
3.35% 
3.84% 
2.39% 
2.47% 
2.41% 
2.71% 
3.18% 
3.13% 
3.09% 
3.02% 
2.77% 
N.A. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
141 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. 
BALANCE SHEET OF INSURANCE ACTIVITY 
The tables below present the carrying amount 
of the assets and liabilities recognised 
on the balance sheet 
of the Group’s insurance subsidiaries for: 
-
Insurance contracts or investment contracts; 
-
Investments made (whether or not backed by insurance 
contracts). 
ASSETS FROM INSURANCE ACTIVITIES 
12.31.2023
12.31.2022 R
Insurance contracts
Other
Total
Insurance contracts
Other
Total
(In EUR thousand)
with direct par-
ticipations fea-
tures
Other
with direct par-
ticipations fea-
tures
Other
Financial assets at fair value through profit or loss
49 099
-
-
49 099
42 189
-
-
42 189
Trading portfolio
-
-
-
-
-
-
-
-
Bonds and other debt securities
-
-
-
-
-
-
-
-
Shares and other equity securities
-
-
-
-
-
-
-
-
Loans, receivables and securities purchased under resale 
agreements
-
-
-
-
-
-
-
-
Trading derivatives
-
-
-
-
-
-
-
-
Other trading assets
-
-
-
-
-
-
-
-
Financial assets measured mandatorily at fair value through profit 
or loss
2 369
-
-
2 369
2 327
-
-
2 327
Bonds and other debt securities
361
-
-
361
-
-
-
-
Shares and other equity securities
2 008
-
-
2 008
2 327
-
-
2 327
Loans, receivables and securities purchased under resale 
agreements
-
-
-
-
-
-
-
-
Financial instruments measured using fair value option through 
profit or loss
46 730
-
-
46 730
39 862
-
-
39 862
Bonds and other debt securities
46 730
-
-
46 730
39 862
-
-
39 862
Loans, receivables and securities purchased under resale 
agreements
-
-
-
-
-
-
-
-
Separate assets for employee benefits plans
-
-
-
-
-
-
-
-
Hedging derivatives
-
-
-
-
-
-
-
-
Financial assets at fair value though other comphrensive in-
come
-
-
-
-
171 413
-
-
171 413
Debt instruments
-
-
-
-
171 413
-
-
171 413
Bonds and other debt securities
-
-
-
-
171 413
-
-
171 413
Loans, receivables and securities purchased under resale 
agreements
-
-
-
-
-
-
-
-
Shares and other equity securities
-
-
-
-
-
-
-
-
Financial assets at amortised cost *
75 083
-
-
75 083
22 179
-
-
22 179
Investment Property
-
-
-
-
-
-
-
-
TOTAL INVESTMENTS OF INSURANCE ACTIVITIES
124 182
-
-
124 182
235 781
-
-
235 781
Deferred acquisition costs
-
-
-
-
-
-
-
-
Insurance and reinsurance contracts issued assets
-
15 818
-
15 818
-
1 832
-
1 832
Reinsurance contracts held assets
-
174
-
174
-
160
-
160
TOTAL INSURANCE AND REINSURANCE CONTRACTS ASSETS
-
15 992
-
15 992
-
1 992
-
1 992
* The item Financial assets at amortised cost corresponds to Securities at amortised cost, Due from banks at amor-
tised cost and Customer loans at amortised cost. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
142 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES FROM INSURANCE ACTIVITIES 
12.31.2023
12.31.2022 R
Insurance contracts
Other
Total
Insurance contracts
Other
Total
(In EUR thousand)
with direct par-
ticipations fea-
tures
Other
with direct par-
ticipations fea-
tures
Other
Financial liabilities at fair value through profit or loss
-
-
-
-
-
-
-
-
Trading portfolio
-
-
-
-
-
-
-
-
Amounts payable on borrowed securities
-
-
-
-
-
-
-
-
Bonds and other debt instruments sold short
-
-
-
-
-
-
-
-
Shares and other equity instruments sold short
-
-
-
-
-
-
-
-
Borrowings and securities sold under repurchase agreements
-
-
-
-
-
-
-
-
Trading derivatives
-
-
-
-
-
-
-
-
Other trading liabilities
-
-
-
-
-
-
-
-
Financial instruments measured using fair value option through profit or 
loss
-
-
-
-
-
-
-
-
Hedging derivatives
-
-
-
-
-
-
-
-
Debt securities issued
-
-
-
-
-
-
-
-
Due to banks
-
-
-
-
-
-
-
-
Customer deposits
-
-
-
-
-
-
-
-
TOTAL OF FINANCIAL LIABILITIES FROM INSURANCE ACTIVITIES
-
-
-
-
-
-
-
-
Insurance and reinsurance contracts issued liabilities
-
73 516
-
73 516
1 876
62 133
-
64 009
Reinsurance contracts held liabilities
-
-
-
-
-
-
-
-
TOTAL INSURANCE AND REINSURANCE CONTRACTS LIABILITIES
-
73 516
-
73 516
1 876
62 133
-
64 009

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
143 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. 
PERFORMANCE OF INSURANCE ACTIVITIES 
The tables 
below show 
the details 
of the 
income and 
expenses recognised 
in the 
income statement 
or in 
the gains and losses directly recognised in equity by the Group’s 
insurance subsidiaries for: 
◾
the commercial 
performance 
of insurance 
services 
presented within 
the Net 
income of 
insurance ser-
vices, 
◾
the financial performance related to the management of contracts 
resulting from: 
- 
the financial income and expenses recognised on insurance 
contracts, 
- 
the financial income and expenses recognised on the investments 
backed on contracts, 
◾
the financial performance of the other investments. 
2.1 BREAKDOWN OF 
THE PERFORMANCE FOR INSURANCE ACTIVITIES 
2023
2022 R
Insurance contracts
Other
Total
Insurance contracts
Other
Total
(In EUR thousand)
with direct parti-
cipations fea-
tures
Other
with direct parti-
cipations fea-
tures
Other
Financial result of investments and other operations of insurance 
activities
(1 486)
-
-
(1 486)
(11 059)
-
-
(11 059)
Interest and similar income
2 101
-
-
2 101
2 991
-
-
2 991
Interest and similar expenses
(809)
-
-
(809)
(1 757)
-
-
(1 757)
Commissions (income)
(9)
-
-
(9)
-
-
-
-
Commissions (expenses)
(77)
-
-
(77)
(325)
-
-
(325)
Net income from financial operations
(2 749)
-
-
(2 749)
(12 103)
-
-
(12 103)
O/w net gains or losses on financial instruments at fair value 
through profit or loss
(3 082)
-
-
(3 082)
(9 432)
-
-
(9 432)
O/w net gains or losses from financial instruments at fair value 
through equity
-
-
-
-
-
-
-
-
O/w net gains or losses resulting from the derecognition of ins-
truments at amortized cost
333
-
-
333
(2 671)
-
-
(2 671)
Cost of credit risk of financial instruments related to the insurance 
business
57
-
-
57
135
-
-
135
Net income from other activities *
-
-
-
-
-
-
-
-
Net income from insurance services
-
11 978
11 978
-
32 420
32 420
Income from insurance contracts issued
-
19 942
19 942
-
17 228
17 228
insurance service expenses
-
(7 980)
(7 980)
-
15 063
15 063
Income and expenses from reinsurance contracts held
-
16
16
-
129
129
Financial result of insurance services recognized in profit or loss
-
(2 673)
(2 673)
(12 672)
(5)
(12 677)
Net financial income or expense from insurance contracts issued
-
(2 677)
(2 677)
(12 672)
-
(12 672)
Net financial income or expense from reinsurance contracts held
-
4
4
-
(5)
(5)
Gains and losses recognized directly in equity from insurance bu-
siness investments and which will be reclassified subsequently to 
profit or loss
-
-
-
-
-
-
-
-
Revaluation of debt instruments at fair value through equity
-
-
-
-
-
-
-
-
Revaluation of derivative hedging instruments
-
-
-
-
-
-
-
-
Gains and losses recognized directly in equity of insurance con-
tracts and which will be reclassified subsequently to profit or loss
-
-
-
-
-
-
Revaluation of issued insurance and reinsurance contracts
-
-
-
-
-
-
Revaluation of reinsurance contracts held
-
-
-
-
-
-
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
144 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.2 
Follow-up of cumulative amounts included in OCI for debt instruments underlying with direct partici-
pation contracts present on the date of transition 
The 
Group 
elected, 
for 
the 
groups 
of 
contracts 
with 
direct 
participation 
features, 
to 
recognise 
in 
the 
Net 
income of 
the period 
the financial 
income or 
expenses 
that eliminate 
accounting 
mismatches with 
the in-
come or 
expenses 
recognised 
in 
the Net 
income 
for the 
underlying 
items 
held. 
Consequently, 
insurance 
subsidiaries directly recognise in equity the difference between the total financial income or expenses to be 
booked for 
the period 
for the 
contracts with 
direct participation 
features and 
the amount 
recognised in 
the 
Net income to eliminate an accounting mismatch. 
The table below shows the 
changes in cumulative amount 
of the financial income 
and expenses related to 
insurance activities recognised directly in equity in relation to the contracts with direct participation 
features 
identified as 
at 1 
January 2022 
(date of 
transition to 
the new 
measurement method 
of contracts 
provided 
by IFRS 17). 
12.31.2023 
12.31.2022 R 
(in EUR thousand) 
Cumulative amounts included in 
OCI for debt instruments under-
lying with direct participation con-
tracts present on the date of tran-
sition 
Cumulative amounts included in 
OCI for debt instruments under-
lying with direct participation con-
tracts present on the date of tran-
sition 
Opening balance 
(4 845) 
5 226 
Unrealised or deferred gains and losses for the 
pe-
riod 
4 490 
(10 071) 
Unrealised or deferred gains and losses reclassified 
in profit or loss 
10 
- 
Closing balance 
(345) 
(4 845) 
3. 
BREAKDOWN RELATED 
TO INSURANCE CONTRACTS OUTSTANDINGS 
12.31.2023 
12.31.2022 R 
Insurance contracts 
Other 
Total 
Insurance contracts 
Other 
Total 
(In EUR thousand)
with direct 
participations 
features 
Other 
with direct 
participations 
features 
Other 
Insurance contracts issued assets 
- 
15 818 
- 
15 818 
- 
1 832 
- 
1 832 
o/w insurance contracts not measured under the 
PAA 
- 
15 194 
- 
15 194 
- 
387 
- 
387 
Insurance contracts issued liabilities 
- 
73 516 
- 
73 516 
1 876 
62 133 
- 
64 009 
o/w insurance contracts not measured under the 
PAA 
- 
1 305 
- 
1 305 
- 
368 
- 
368 
Reinsurance contracts held assets 
- 
174 
- 
174 
- 
160 
- 
160 
o/w reinsurance contracts not measured under the 
PAA 
- 
- 
- 
- 
- 
- 
- 
- 
Reinsurance contracts held liabilities 
- 
- 
- 
- 
- 
- 
- 
- 
o/w reinsurance contracts not measured under the 
PAA 
- 
- 
- 
- 
- 
- 
- 
- 
Investment contracts 
- 
- 
- 
- 
- 
- 
- 
- 
BREAKDOWN OF NET INCOME OF INSURANCE SERVICES 
The table 
below shows 
the Net 
income from 
insurance services. 
The way 
in which 
the Insurance 
income 
and expenses are recognised are detailed 
in the accounting principles under 
the Presentation of the finan-
cial performance of insurance contracts heading. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
145 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12.31.2023
12.31.2022 R
Insurance contracts
Insurance contracts
(In EUR thousand)
with direct par-
ticipations fea-
tures
Other
Total
with direct par-
ticipations fea-
tures
Other
Total
Income from insurance contracts issued
-
19 942
19 942
-
17 228
17 228
Contracts not measured under the PAA 
-
2 070
2 070
-
-
-
Income of premiums (relating to changes in Liabilities for 
Remaining Coverage) relative to: 
-
-
-
-
-
-
- Deferred acquisition costs
-
-
-
-
-
-
- Expected claims and handling costs
-
-
-
-
-
-
- Expected non financial risk adjustment
-
-
-
-
-
-
- Expected contractual services margin
-
2 070
2 070
-
-
-
Net income on premiums not expected
-
-
-
-
-
-
Contracts measured under the PAA 
-
17 872
17 872
-
17 228
17 228
Insurance service expenses
-
(7 980)
(7 980)
-
15 063
15 063
Amortisation of acquisition costs 
-
-
-
-
-
-
Net impairment of unallocated deferred acquisition costs to 
insurance and reinsurance contracts issued 
-
-
-
-
-
-
Net expenses for expected costs of claims, handling costs 
and non-financial risk adjustment (changes in Liabilities In-
curred Claims) - Incurred in the period
-
(10 627)
(10 627)
-
(10 530)
(10 530)
Changes in net expenses for expected costs of claims and 
handling costs (changes in Liabilities Incurred Claims) - Past 
services
-
2 647
2 647
-
25 593
25 593
Losses and reversals of losses on onerous contracts 
(changes in Liabilities for Remaining Coverage)
-
-
-
-
-
-
Net income or expenses from reinsurance contracts held
-
16
16
-
129
129
INSURANCE SERVICE RESULT
-
11 978
11 978
-
32 420
32 420
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
146 
 
3.1 INSURANCE CONTRACTS ASSESSED ACCORDING TO BBA, VFA AND PAA MODELS 
TABLE OF LIABILITIES RECONCILIATION 
BY TYPE OF COVERAGE (REMAINING COVERAGE AND IN-
CURRED CLAIMS) 
12.31.2023
Remaining coverage
Incurred claims
(not measured 
under the PAA)
Incurred claims
(measured under the PAA)
Total
(In EUR thousand)
excluding the 
loss component
Loss compo-
nent
Present value 
of the future 
cash flows
Non-financial 
risk adjustment
Insurance contracts issued liabilities
(4 982)
-
-
65 721
3 270
64 009
Insurance 
contracts issued assets
(2 629)
-
-
759
38
(1 832)
NET BALANCE AS AT 1 JANUARY
(7 611)
-
-
66 480
3 308
62 177
Income from insurance contracts issued *
(19 942)
-
-
-
-
(19 942)
Insurance service expenses
-
-
-
2 907
5 073
7 980
Amortisation of acquisition costs 
-
-
-
-
-
-
Net expenses for expected costs of claims, handling costs and 
non-financial risk adjustment (changes in Liabilities Incurred 
Claims) - Incurred in the period
-
-
-
9 472
1 155
10 627
Changes in net expenses for expected costs of claims and han-
dling costs (changes in Liabilities Incurred Claims) - Past services
-
-
-
(6 565)
3 918
(2 647)
Losses and reversals of losses on onerous contracts (changes in 
Liabilities for Remaining Coverage)
-
-
-
-
-
-
Net finance income or expenses from insurance 
contracts is-
sued 
(1)
2
-
-
2 675
-
2 677
Changes relative to the investment component including in the 
insurance contract
-
-
-
-
-
-
Other changes
(11 477)
-
-
-
-
(11 477)
Cash flows:
26 082
-
-
(9 799)
-
16 283
Premiums received (as a reduction of premiums to be received in-
cluded in the remaining coverage)
26 082
-
-
-
-
26 082
Costs of claims and handling costs (as a reduction of the incurred 
claims liabilities)
-
-
-
(9 799)
-
(9 799)
Paid acquisition costs
-
-
-
-
-
-
NET BALANCE AS AT 31 DECEMBER
(12 946)
-
-
62 263
8 381
57 698
Insurance 
contracts issued liabilities
3 552
-
-
61 615
8 349
73 516
Insurance 
contracts issued assets
(16 498)
-
-
648
32
(15 818)
(1) This heading includes the financial income and expenses that were recorded under the heading Revaluation of insurance contracts in equity within Gains and losses reco-
gnised directly in equity and which will be reclassified later in profit or loss.
* 
o/w concerning the insurance contracts present at 
the transition date (and measured under General 
Model): EUR 2 070 thousand.

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
147 
 
12.31.2022 R
Remaining coverage
Incurred claims
(not measured 
under the PAA)
Incurred claims
(measured under the PAA)
Total
(In EUR thousand)
excluding the 
loss component
Loss compo-
nent
Present value 
of the future 
cash flows
Non-financial 
risk adjustment
Insurance contracts issued liabilities
914
-
-
73 001
3 633
77 548
Insurance 
contracts issued assets
(1 124)
-
-
464
23
(637)
NET BALANCE AS AT 1 JANUARY
(210)
-
-
73 465
3 656
76 911
Income from insurance contracts issued *
(17 228)
-
-
-
-
(17 228)
Insurance service expenses
-
-
-
(14 715)
(348)
(15 063)
Amortisation of acquisition costs 
-
-
-
-
-
-
Net expenses for expected costs of claims, handling costs and 
non-financial risk adjustment (changes in Liabilities Incurred 
Claims) - Incurred in the period
-
-
-
10 028
502
10 530
Changes in net expenses for expected costs of claims and han-
dling costs (changes in Liabilities Incurred Claims) - Past services
-
-
-
(24 743)
(850)
(25 593)
Losses and reversals of losses on onerous contracts (changes in 
Liabilities for Remaining Coverage)
-
-
-
-
-
-
Net finance income or expenses from insurance 
contracts is-
sued
-
-
-
12 672
-
12 672
Changes relative to the investment component including in the 
insurance contract
-
-
-
-
-
-
Other changes
(2 933)
-
-
1
-
(2 932)
Cash flows:
12 760
-
-
(4 943)
-
7 817
Premiums received (as a reduction of premiums to be received in-
cluded in the remaining coverage)
12 760
-
-
-
-
12 760
Costs of claims and handling costs (as a reduction of the incurred 
claims liabilities)
-
-
-
(4 943)
-
(4 943)
Paid acquisition costs
-
-
-
-
-
-
NET BALANCE AS AT 31 DECEMBER
(7 611)
-
-
66 480
3 308
62 177
Insurance 
contracts issued liabilities
(4 982)
-
-
65 721
3 270
64 009
Insurance 
contracts issued assets
(2 629)
-
-
759
38
(1 832)
* o/w concerning the insurance contracts present at the transition date (and measured under General Model): nil.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
148 
(In EUR thousand)
Insurance 
contracts issued liabilities
(1,141)
 
1,034
 
475
 
368 
- 
- 
- 
- 
Insurance 
contracts issued assets
-
 
-
 
(387)
 
(387) 
- 
- 
- 
- 
NET 
BALANCE 
AS 
AT 
1 JANUARY 
(1,141) 
1,034 
88 
(19) 
- 
- 
- 
- 
Changes 
that 
relate 
to 
future 
services
(14,483) 
3,094 
(88) 
(11,477) 
- 
- 
- 
- 
Changes in 
estimates that adjust the CSM
-
 
-
 
-
 
- 
- 
- 
- 
- 
Changes in 
estimates that result in losses and reversals 
on onerous contracts (ie, that do 
not adjust the CSM)
- 
- 
- 
- 
- 
- 
- 
- 
Effect 
of new contracts 
recognised in the year 
(14,483)  
3,094 
(88)
 
(11,477)
 
- 
- 
- 
 
- 
Changes 
that 
relate 
to 
current 
services
-
 
-
 
(2,070)
 
(2,070)
 
-
 
-
 
88 
88 
Contractual services margin recognised in profit 
or loss for 
services provided 
- 
- 
(2,070) 
(2,070) 
- 
- 
88 
88 
Change in 
non financial risk adjustment for risk expired
-
 
-
 
-
 
- 
- 
- 
- 
- 
Experiences adjustments
-
 
-
 
-
 
-
 
-
 
-
 
-
 
- 
Changes 
that 
relate 
to 
past 
services 
(ie, 
changes 
in 
fulfilment 
cash 
flows 
relative 
to 
incurred 
claims)
- 
- 
- 
- 
- 
- 
- 
- 
Net 
finance 
income 
or 
expenses 
from 
insurance 
contracts 
issued
(323) 
- 
- 
(323) 
- 
- 
- 
- 
Other 
changes
-
 
-
 
-
 
-
 
(1,141)
 
1,034
 
-
 
(107)
 
Cash 
flows:
- 
- 
- 
- 
- 
- 
- 
- 
Premiums 
received (as a 
reduction of 
premiums 
to be received included in the remaining 
coverage)
- 
- 
- 
- 
- 
- 
- 
- 
Costs of 
claims and 
handling costs (as a reduction of 
the incurred claims 
liabilities)
-
 
-
 
-
 
- 
- 
- 
- 
- 
Paid acquisition costs
-
 
-
 
-
 
- 
- 
- 
- 
- 
NET 
BALANCE 
(15,947) 
4,128 
(2,070) 
(13,889) 
(1,141) 
1,034 
88 
(19) 
Insurance 
contracts issued liabilities 
*
(15,947)
 
4,128
 
13,124
 
1,305 
(1,141) 
1,034 
475 
368 
Insurance 
contracts issued assets *
-
 
-
 
(15,194)
 
(15,194) 
- 
- 
(387) 
(387) 
12.31.2023
12.31.2022 
R
Present value 
of 
the 
future 
cash 
flows
Non-financial 
risk 
adjustment
Contractual 
services 
margin
Total
Present 
value 
of 
the 
future 
cash 
flows
Non-
financial risk 
adjustment
Contractual 
services 
margin
Total
3.2 CONTRACTS ASSESSED USING BBA AND 
VFA MODELS 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TABLE OF LIABILITIES RECONCILIATION 
BY ESTIMATE COMPONENTS (DISCOUNTED FUTURE CASH 
FLOWS, NON-FINANCIAL RISK ADJUSTMENT AND CONTRACTUAL SERVICES MARGIN) 
BREAKDOWN OF THE EFFECT OF NEW AGREEMENTS RECOGNISED OVER THE PERIOD 
12.31.2023
12.31.2022 R
(In EUR thousand)
Insurance contracts 
issued
o/w transfer of con-
tracts
Insurance contracts 
issued
o/w transfer of con-
tracts
Present value of:
Estimated cash outflows
-
-
-
-
 
o/w acquisitions costs
-
-
-
-
 
o/w costs of claims and handling costs
-
-
-
-
Estimated cash inflows
(9 300)
-
(1 141)
-
Non-financial risk adjustment
2 400
-
1 034
-
Contractual services margin
(1 200)
-
88
-
Loss component on onerous contracts
-
-
-
-
TOTAL
(8 100)
-
(19)
-

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
149 
 
3.3 BREAKDOWN OF 
THE PLANNED ELEMENTS RELATED TO THE VALUATION 
OF CONTRACTS 
SCHEDULING OF LIABILITIES PORTFOLIOS CASHFLOWS OF INSURANCE CONTRACTS 
(In EUR thousand)
Up to 3 months
3 months to 1 year
 
1 to 5 years 
More than 5 years
12.31.2023
Net 
contracts liabilities
1 124
26 310
32 789
13 293
73 516
RECOGNITION EXPECTED IN PROFIT OR LOSS OF CONTRACTUAL SERVICES MARGIN CALCULATED AT 
END OF PERIOD (1) 
(In EUR thousand)
12.31.2023
12.31.2022 R
Expected years before recognising CSM in profit or loss
Insurance con-
tracts issued
Insurance con-
tracts issued
1 to 5 years
 
(2,070)
 
88 
6 to 10 years
 
- 
 
- 
> 10 years
 
- 
 
- 
Total
 
(2,070)
 
88 
(1) 
The contractual service margin determined at the end of the period does not include future new insurance con-
tracts, and insurance contracts valued according to the simplified model. Furthermore, this contractual service 
margin includes the discounting effect and the adjustment taking into account the financial performance of the 
underlying assets.
 
NOTE 4.4. – OTHER ASSETS AND LIABILITIES 
1. OTHER ASSETS 
(In EUR thousand)
12.31.2023
12.31.2022 R
Guarantee deposits paid 
(1)
97 961
154 912
Settlement accounts on securities transactions
306 524
24 156
Prepaid expenses
8 148
7 230
Miscellaneous receivables 
176 132
165 589
 
o/w amounts receivable and prepayments
82 234
93 705
 
o/w other 
93 898
71 884
Gross amount
588 765
351 887
Impairment 
(122)
(209)
Net amount
588 643
351 678
(1) 
Mainly relates to guarantee deposits paid on financial instruments. 
2. OTHER LIABILITIES 
(In EUR thousand)
12.31.2023
12.31.2022 R
Guarantee deposits received 
(1)
173 034
268 911
Settlement accounts on securities transactions
299 870
136 199
Expenses payable on employee benefits
50 126
27 928
Lease liability
102 343
71 088
Deferred income
13 306
23 787
Miscellaneous payables 
(2) 
499 010
261 234
Total
1 137 689
789 147
(1) 
Miscellaneous payables primarily include other securities transactions, amounts payable and sundry creditors

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
150 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 5 - PERSONNEL EXPENSES AND EMPLOYEE 
BENE-
FITS 
MAKING 
IT 
SIMPLE 
Employee benefits correspond to the compensation 
granted by the Group to its employees 
in 
exchange for work carried out during the annual reporting 
period. 
All forms of compensation for work rendered are recorded 
in the expenses: 
- 
whether paid to employees or to external social security 
agencies, 
- 
whether paid during 
the annual reporting 
period or 
to be paid 
by the Group 
in the 
future 
as entitlements to employees (pension plans, retirement benefits…). 
- 
whether paid in cash or in shares of Société Générale 
S.A. 
ACCOUNTING PRINCIPLES 
Employee benefits are divided into four categories: 
◾
Short-term employee benefits which 
are employee benefits 
expected to be settled 
wholly before twelve 
months after the 
end of the 
annual reporting period 
in which the 
employees render 
the related service, 
such as fixed and variable compensation, annual leave, taxes 
and social security contributions, manda-
tory employer contributions and profit-sharing; 
◾
Post-employment benefits, including defined contributions plans and defined benefit 
plans such as pen-
sion plans and retirement benefits; 
◾
Long-term 
employee 
benefits 
which 
are 
employee 
benefits 
not 
expected 
to 
be 
settled 
wholly 
before 
twelve months, such as defined 
variable compensation paid in cash 
and not indexed to the 
Group share, 
long service awards and time saving accounts; 
◾
Termination 
benefits. 
NOTE 5.1. – PERSONNEL EXPENSES AND RELATED PARTY 
TRANSACTIONS 
ACCOUNTING PRINCIPLES 
Personnel expenses
 
include all expenses related 
to personnel, including 
employee benefits and expenses 
related to payments based on the Group shares. 
Short-term employee 
benefits are 
recorded under 
Personnel expenses
 
during the 
period according 
to the 
services provided by the employee. 
The accounting principles 
relating to post-employment benefits 
and long-term benefits 
are described in 
Note 
5.2.
 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
151 
 
PERSONNEL EXPENSES 
(In EUR thousand)
2023 
2022 R 
Employee compensation 
(195 445) 
(176 299) 
Social security charges and payroll taxes 
(23 673) 
(17 304) 
Net pension expenses - defined contribution plans 
(4 089) 
(5 819) 
Net pension expenses - defined benefit plans 
(5 458) 
(11 928) 
Total 
(228 665) 
(211 350) 
Including net expenses from share - based payments 
(1 849) 
(2 330) 
Over the 
course of 
2023, the 
Group employed 
an average 
of 1 
693 employees 
(2022: 1 
726 employees), 
including representive offices abroad. 
Staff may be broken down as follows: 
(Average full time-equivalent employees over the year)
12.31.2023
12.31.2022
General Management
36
32
Senior managers
409
417
Other employees
1 192
1 277
Total
1 637
1 726
NOTE 5.2. – EMPLOYEE BENEFITS 
Group entities in Luxembourg and abroad, may award their employees: 
◾
post-employment benefits, such as pension plans or retirement 
benefits; 
◾
termination benefits. 
DETAIL OF PROVISIONS FOR EMPLOYEE BENEFITS 
(In EUR thousand)
Provisions at 
12.31.2022
Allocation 
Rever-
sals/utiliza-
tion
Net alloca-
tion
Actuarial gains 
and losses
Other
Provisions at 
12.31.2023
Provisions for employee 
benefits
41 862
4 473
(2 335)
2 138
2 139
440
46 579
Provisions for retirement 
plans
33 672
2 876
(1 612)
1 264
2 139
1
37 076
Provisions for other long-
term benefits 
6 394
802
(291)
511
-
76
6 981
Other provisions for em-
ployee benefits
1 796
795
(432)
363
-
363
2 522

 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
152 
 
 
1. POST-EMPLOYMENT BENEFITS 
ACCOUNTING PRINCIPLES 
Post-employment benefits 
can be 
broken down 
into two 
categories: defined 
contribution pension 
plans or 
defined benefit pension plans. 
DEFINED CONTRIBUTION PLANS 
Defined contribution plans limit the Group’s liability to the subscriptions paid into the plan but do 
not commit 
the Group to 
a specific level 
of future benefits. 
Contributions paid are 
recorded as an 
expense for the 
current 
year. 
DEFINED BENEFIT PLANS 
Defined benefit plans 
commit the Group, 
either formally or 
constructively, 
to pay a 
certain amount or 
level 
of future benefits and therefore bare the associated medium 
or long-term risk. 
Provisions are recognised 
on the liabilities 
side of the 
balance sheet under 
Provisions
, to cover 
the whole 
of these retirement 
obligations. These provisions are 
assessed regularly by independent 
actuaries using the 
projected unit credit method. This 
valuation technique incorporates assumptions about demographics, early 
retirement, salary rises and discount and inflation rates. 
The Group previously chose to finance 
defined benefit plans through assets 
held by a long-term employee 
benefit fund or 
by qualifying 
insurance policies. 
Since then, the 
Group transferred 
employees to a 
defined 
contributions plan on voluntary basis. 
Funding 
assets, 
made 
by 
funds 
are 
classified 
as 
plan 
assets 
if 
assets 
are 
held 
by 
a 
fund 
that 
is 
legally 
separate from the reporting entity and are available to be used 
only to pay employee benefits. 
When these plans are financed 
from extrernal funds classified 
as plan assets, the fair value 
of these funds 
is substracted from the provision to cover obligations. 
Differences 
arising 
from 
changes 
in 
calculation 
assumptions 
(early 
retirements, 
discount 
rates, 
etc.) 
and 
differences 
between 
actuarial 
assumptions 
and 
real 
performance 
are 
recognised 
as 
actuarial 
gains 
and 
losses. Actuarial gains and losses, as well 
as the return on plan assets 
excluding amounts expensed as net 
interest on 
the net 
defined benefit 
liability (or 
asset) and 
any change 
in the 
effect 
of the 
asset ceiling 
are 
components used to re-measure the net 
defined benefit liability (or asset). 
These components are immedi-
ately and fully recognised in shareholder’s equity 
among Unrealised or deferred gains and 
losses and they 
cannot be subsequently reclassified as income. 
In 
the 
Group 
consolidated 
financial 
statements, 
these 
items 
that 
cannot 
be 
subsequently 
reclassified 
as 
income are displayed separately 
in the Statement of 
net income and unrealised 
or deferred gain and 
losses, 
but are transferred immediately to retained earnings in the Statement of changes in shareholder’s equity so 
that they are presented directly under Retained earnings 
on the liabilities side of the balance sheet. 
Where a 
new or 
amended 
plan comes 
into force, 
past service 
cost is 
immediately 
recognised in 
profit or 
loss. 
An annual charge is recorded under Personnel expenses 
for defined benefit plans consisting of: 
◾
the additional entitlements vested by each employee (current 
service cost); 
◾
past service cost resulting from a plan amendment or a curtailment; 
◾
the financial expense 
resulting from the discount 
rate and the 
interest income on plan 
assets (net interest 
on the net defined benefit liability or asset); 
◾
plan settlements.

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
153 
 
 
 
 
 
 
 
 
 
 
 
 
 
POST-EMPLOYMENT DEFINED BENEFIT PLANS 
Plans' provisions and assumptions 
The defined 
contribution 
plans 
provided 
to 
employees 
of the 
Group 
are located 
in Luxembourg, 
Monaco 
and Switzerland. The following disclosures are 
provided only for the main 
retirement plans of the Group: 
the 
Luxembourg 
plan 
in 
place 
at 
Société 
Générale 
Luxembourg 
S.A.and 
the 
Swiss 
plan 
in 
place 
at 
Société 
Générale Private Banking Suisse S.A. (“SGPB Suisse”). 
The Luxembourg retirement plan provisions 
The Group offers 
a supplemental defined 
benefit retirement plan 
to all 
eligible employees at 
its headquarters 
in Luxembourg. 
Under the defined benefit retirement plan, payment of 
a supplementary pension to the Luxembourg govern-
ment pension starting 
from age 65 
is planned. The 
goal of the 
business pension plan is 
to grant, for 
35 years 
of service, benefits equal to approximately 60% of salary at retirement, including Luxembourg 
Social Secu-
rity. 
More specifically, 
for 35 
years of 
service in 
the company, 
the retirement 
benefit will 
be equal 
to 8.33% 
of 
the portion of the final pensionable salary, 
limited to the pension ceiling plus 62.5% of the final pensionable 
salary that surpasses 
this ceiling. The 
salary used for 
calculation purposes is 
the annual base 
salary. 
The 
pension benefit is a planned joint and survivor annuity 
of 60% to the survivor after retirement. 
The plan allows 
for payment of 
capital instead of 
the planned supplemental retirement 
annuity. By its nature, 
this defined benefit retirement plan exposes SG Luxembourg to certain associated actuarial 
risks*, such as 
investment risk, interest rate risk, longevity, 
inflation and the effect of an increase in payroll. 
The risks defined below are applicable for all plans defined 
among the Group: 
*Those risks are applicable to all pension plan of the Group. 
Invest-
ment risk 
The present value of the defined benefit commitment is calculated using a discount rate determined by 
reference to the interest rates of the highest-quality corporate bonds. If the return on plan assets is be-
low this rate, this will create a plan deficit. The plan assets are limited to those of a reduced insurance 
group that benefits from a guaranteed return from an insurer. 
Interest 
rate risk 
A decline in interest rates for bonds will increase the plan's commitments. 
Longevity 
risk 
The present value of the pension commitment is calculated taking into account the estimated mortality 
tables. The objective being to best reflect the mortality of the pension plan's participants. However, an 
increase in the life expectancy of participants will increase the plan's commitments. 
Risk of 
payroll 
growth 
The present value of the pension commitment is calculated under the assumption that the pension 
plan's participants' salaries will increase. Any future increase that is greater than the estimate will in-
crease the plan's commitments. 
Inflation 
risk 
The inflation rate directly affects the changes in payrolls and the pension ceiling. An increase in the in-
flation rate will cause an increase in the current value of the pension commitments. 
Risks related to benefits 
paid to beneficiaries in 
the event of the 
death of a plan 
participant before retirement 
age is insured by an insurance company. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
154 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Swiss retirement plan provisions 
The plan provisions detailed were effective from January 
1, 2011. 
All employees aged at least 18 with an indefinite working contract 
beyond 3 months are eligible. 
For death and 
disability benefits, participation starts at 
hire date, but 
not before 1st of 
January following 17th 
birthday. For retirement 
and termination benefits, participation starts 
at hire date, but not before 1st 
of Jan-
uary following 22nd birthday. 
The participant has the option of electing to take all 
the benefit as a pension payable monthly or electing 
to 
take part or all of the benefit as a lump sum. 
Annual pension is payable monthly (if 
married or have a registered 
partner, 60% J&S 
annuity and if single, 
life annuity): 
Accrued Retirement 
Savings Capital 
converted to 
annuity using 
conversion rates, 
varying by 
portion of benefit associated with BVG 
(Survivors’, disability and pension plan) minimum benefit 
and portion 
of benefit in excess of BVG minimum benefit. 
Lump sum: Accrued Retirement Savings Capital. 
The plan must be financed. 
The components of the overall contribution include the 
cost of: 
◾
retirement benefits; 
◾
risk benefits (death, disability), including cost-of-living 
adjustments; 
◾
payments to the Guarantee Fund; 
◾
administrative costs. 
The 
Group 
has 
measured 
the 
obligations 
of 
the 
retirement 
plan 
as 
at 
December 
31, 
2023 
and 
as 
at 
December 31, 2022 in accordance with IAS19 Revised. 
The present value of the 
defined benefit pension obligation 
as well as the pension 
cost related to one year 
of service were measured using the actuarial method called 
the “projected unit credit method”. 
The principal assumptions used for measuring pension fund obligations 
are summarized below: 
12.31.2023
12.31.2022
Luxembourg
SG Luxembourg
Discount rate
3,15%
3,65%
Inflation rate
2,15%
2,42%
Expected rate of return on assets
N/A
N/A
Compensation increase rate
Age
Rate
Age
Rate
<35 years
1,9%-2,00%
<35 years
1,9%-2,00%
35 years <= age < 45 years
1%-1,3%
35 years <= age < 45 years
1%-1,3%
45 years <= age < 55 years
0,3%-0,65%
45 years <= age < 55 years
0,3%-0,65%
55 years <= age < 65 years
0%-0,7%
55 years <= age < 65 years
0%-0,7%
Switzerland
SGPB Suisse
Discount rate
1,38%
2,24%
Inflation rate
1,50%
1,00%
Expected rate of return on assets
n/a
n/a
Compensation increase rate (exclu-
ding indexation)
0,20%
0,20%

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
155 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The discount rate used as at December 31, of the year in question is based on 
the yield curve for corporate 
bonds rated AA. The discount rate is determined by Société 
Générale Central (Risk Department). 
This curve is observed in October via the Merrill Ly 
nch Index. 
IAS19 requires 
taking 
the same 
rate for 
the expected 
return. The 
inflation rates 
used are 
in line 
with the 
long-term objectives of the central banks of the Euro zone. 
The cost of services 
rendered and the 
net interest on 
net liabilities (assets) 
are reported under 
“Personnel 
expenses” in profit or loss. 
Following 
the 
adoption 
of IAS 
19R, 
the 
“corridor” 
method 
is no 
longer 
used: 
net 
actuarial 
gains 
are 
now 
reported at their total amount on the liability side of the 
consolidated statement of financial position. 
Revaluations of net liabilities (assets) are reported in the 
other items of comprehensive income. 
PENSION PLAN LIABILITIES 
The pension plan's liabilities according to IAS 19R breaks 
down as follows: 
(In EUR thousand)
12.31.2023
12.31.2022
Defined benefit obligation
205 157
171 152
Fair value of plan assets
(168 488)
(159 147)
Net defined benefit asset/ (liability)
36 669
12 005
BREAKDOWN OF FAIR VALUE 
OF PLAN ASSETS 
(In EUR thousand)
12.31.2023
12.31.2022
Insurance contract
12 216
12 300
Equity
50 413
46 596
Bonds
50 345
49 353
Real Estate
38 031
32 695
Others
17 483
18 203
Total
168 488
159 147
ACTUARIAL GAINS AND LOSSES 
Total 
actuarial gains and losses increases or decreases provision 
booked by the Group. 
Actuarial gains and losses for the year are booked against 
Other Comprehensive Income. 
Each January 1st, actuarial 
gains and losses for 
the year are reclassified 
towards reserves 
with no impact 
on provision calculation 
As at 
December 31, 
2023, 
total actuarial 
gains and 
losses recorded 
in OCI 
and retained 
earnings, gross 
from deferred taxes, were as follows: 
(In EUR thousand)
Total at January 1, 2022
(13 492)
Net 2022 change 
(1)
(13 714)
Total at December 31, 2022
(27 206)
Net 2023 change 
(2)
4 118
Total at December 31, 2023
(23 088)
(1) 
See note 7.2 Actuarial gains and losses on defined 
benefits plans gross value 
01.01.2022
(2) 
See note 7.2 Actuarial gains and losses on defined 
benefits plans gross value 
12.31.2023
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
156 
 
RECONCILIATION OF ASSETS AND LIABILITIES RECORDED IN THE BALANCE SHEET 
(In EUR thousand)
12.31.2023
12.31.2022
A 
- Present value of funded defined benefit obligations
205 157
171 152
B - Fair value of plan assets and separate assets 
(168 488)
(159 147)
C = A + B Deficit (surplus)
36 669
12 005
D - Present value of unfunded defined benefit obligations
-
-
E - Change in asset ceiling
-
-
C + D + E = Net balance recorded in the 
balance sheet
36 669
12 005
COMPONENTS OF THE COST OF DEFINED BENEFITS 
(In EUR thousand)
12.31.2023
12.31.2022
Current service cost including social security contributions
4 795
7 970
Employee contributions
-
-
Past service cost/curtailments
-
-
Settlements
-
-
Net interest
1 139
344
A - Components recognised in income statement
5 934
8 314
Actuarial gains and losses on assets
-
-
Actuarial gains and losses due to changes in demographic 
assumptions
-
-
Actuarial gains and losses due to changes in economic 
and financial assumptions
(1 753)
(29 214)
Actuarial gains and losses due to experience
1 573
153
Return on assets excluding amounts included in interest 
income
4 298
15 347
B - Components recognised in unrealised or deferred 
gains and losses
4 118
(13 714)
C = A + B Total components of the cost of defined benefits
10 052
(5 400)
CHANGES IN THE PRESENT VALUE OF DEFINED BENEFIT OBLIGATIONS 
(In EUR thousand)
12.31.2023
12.31.2022
Balance at January 1
171 152
212 400
Current service cost including social security contributions
7 843
10 612
Past service cost / curtailments
(601)
-
Settlements
-
-
Net interest
3 661
426
Actuarial gains and losses due to changes in demographic 
assumptions
-
-
Actuarial gains and losses due to changes in economic 
and financial assumptions
-
-
Actuarial gains and losses due to experience
-
-
Revaluation – actuarial gains and losses
21 856
(50 062)
Foreign exchange adjustment
9 979
7 699
Benefit payments
(1 612)
(1 309)
Change in consolidation scope
-
-
Payment from plan assets
(7 115)
(8 614)
Transfers and others
(6)
-
Balance at December, 31
205 157
171 152

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
157 
 
CHANGES IN THE FAIR VALUE 
OF PLAN ASSETS 
(In EUR thousand)
12.31.2023
12.31.2022
Balance at January 1
159 147
167 045
Interest income
2 838
87
Expected return on plan assets
-
-
Expected return on separate assets
-
-
Actuarial gains and losses due to assets
(4 216)
(14 924)
Foreign exchange adjustment
10 045
7 870
Employee contributions
2 700
2 633
Employer contributions to plan assets
5 091
5 052
Benefit payments
(7 117)
(8 616)
Change in consolidation scope
-
-
Return on assets excluding amounts included in interest 
income
-
-
Transfers and others
-
-
Balance at December, 31
168 488
159 147
SENSITIVITY ANALYSIS 
Actuarial assumptions which are 
significant in determining pension 
commitments are: discount rates, 
infla-
tion and future payroll growth. 
The calculation's sensitivity to 
these individual key assumptions 
was analyzed on 
the date of the 
calculation, 
i.e. December 31, 2023, using the same projection method (projected 
unit credit method). 
The impact 
of each 
individual assumption is 
not representative 
of the 
potential impact 
of a 
sensitivity analysis 
based on combined variations of assumptions. 
DBO 
sensitivity 
to 
a 
change 
of 
assumptions 
by 
+0,5%, 
-0,5% 
would 
have 
the 
following 
effect 
as 
at 
December 31, 2023: 
2023
Luxembourg
SG Luxembourg
Sensitivity
Defined benefit obligation
Service cost
Expected expenses N+1
Discount rate -0,5%:
5,3%
4,7%
-2,1%
Discount rate +0,5%:
-4,9%
-4,4%
1,7%
Inflation rate -0,5%:
-3,4%
-4,1%
-3,9%
Inflation rate +0,5%:
3,6%
4,3%
4,1%
Salary increase +0,5%:
5,9%
7,4%
6,8%
Switzerland
Sensitivity
Defined benefit obligation
Service cost
Expected expenses N+1
Discount rate -0,5%:
6,3%
7,7%
12,8%
Discount rate +0,5%:
-5,6%
-6,9%
-9,8%
Inflation rate -0,5%:
-0,8%
0,8%
1,2%
Inflation rate +0,5%:
0,9%
-0,9%
-1,0%
Salary increase +0,5%:
0,9%
-0,8%
-1,0%

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
158 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LUXEMBOURG’S PLAN FINANCING 
Luxembourg 
law 
does 
not 
require 
companies 
to 
outsource 
pension 
obligations 
to 
a 
pension 
fund 
or 
an 
insurance group. 
The Group's retirement plan is 
funded directly by the payment 
of benefits when they become 
due. In order 
to provide 
the benefits 
expected, the 
Group recognizes 
accounting reserves 
in consolidated 
statement of 
financial position liabilities. 
The retirement plan can 
be considered as an 
internally-funded retirement plan. 
Pension plan liabilities are recognized in 
the consolidated balance sheet of the 
company while pension plan 
assets are included 
in the assets 
used in the 
company's business 
activities. Should the 
company become 
insolvent, a mechanism to protect pension rights is provided through insolvency insurance 
with the German 
pension security fund (“Pensionssicherungsverein” 
- PSV). 
Finally, for 
staff hired before 
1997, a small part 
of the retirement obligation 
is funded in a former 
insurance 
group that no longer receives additional inflows of contributions. There is also 
a reduced hedging insurance 
reserve. 
Plan duration: 
In years
12.31.2023
12.31.2022
Luxembourg
SG Luxembourg
10,0
11,0
Switzerland
SGPB Suisse
12,0
10,0
Expected future benefit payments are as follows: 
Luxembourg
Switzerland
Year
12.31.2023
12.31.2023
(in EUR thousand)
(in EUR thousand)
2025
2 130
10 624
2026
1 517
10 429
2027
1 499
10 631
2028
2 015
10 360
2029-2033
20 190
48 623
Luxembourg
Switzerland
Year
12.31.2022
12.31.2022
(in EUR thousand)
(in EUR thousand)
2024
1 132
10 376
2025
2 074
10 055
2026
2 016
10 134
2027
1 745
9 821
2028-2032
18 755
48 013
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
159 
 
 
 
Treatment of entities that participate in the plan but are not part of SG LUXEMBOURG GROUP 
For entities 
that participate 
in the 
plan but 
are not 
part of 
SG Luxembourg 
Group, paragraphs 
32 to 
39 of 
IAS 19R apply, and the 
plan is treated as a multiemployer plan. 
There are two possible scenarios, depending on whether the entity does or does not have sufficient data to 
categories the plan in its books as a defined benefit or 
defined contribution plan. 
The number of employees 
(active or retired) benefiting 
from the plan in 
each entity must 
be considered as 
a major 
feature. In 
fact, the 
use of 
projection techniques 
(IAS 19R’s 
projected unit 
credit method) 
and all 
demographic parameters based on a small number of people cannot 
give truly pertinent results and gener-
ates significant statistical volatility each time there is a change in personnel. In such 
cases the results could 
be considered insufficiently reliable. 
Furthermore, some of these entities have an employee policy based on the use 
of employees that stay with 
the entity for 
a short period 
(four to five 
years) and come from/return 
to SG Luxembourg, 
effectively resulting 
in high 
employee 
turnover. 
Similarly, 
in 
this context, 
projecting these 
employees’ 
compensation 
over 
the 
long term 
does not 
make much 
sense as, 
by design, 
they do 
not remain 
with the 
company although 
they 
stay with the Group. 
Within this framework, and in 
order to prevent administrative 
work that does not take 
into account financial 
challenges at the SG Luxembourg 
Group level, these entities 
treat this plan as a 
defined benefit plan (par-
agraph 36) and pay 
SG Luxembourg their share 
of the total 
annual cost of financing 
the plan, proportional 
to the percentage of total eligible 
employees represented by the 
entities’ employees, through a contractual 
agreement. 
The materiality 
threshold has 
been set 
at 20 
people (i.e., 
3% of 
the total 
number of 
employees benefiting 
from the plan) as defined with the actuary in charge of the work. 
Treatment of entities that do not participate in the pension plan and employ staff from an affiliated entity 
This occurs when SG Luxembourg 
assigns its personnel to other 
Société Générale Group entities. In 
such 
cases, employee entitlements in the pension plan are 
maintained during their assignment period. 
The 
obligation 
remains 
with 
the 
original 
affiliation 
entity. 
The 
unaffiliated 
entity, 
to 
which 
an 
employee 
is 
assigned, has no obligation, not even an implicit one, to the 
defined benefit plan. 
The 
original 
entity 
therefore 
invoices 
the 
expense 
of 
maintaining 
the 
employee’s 
entitlements 
under 
the 
supplementary pension plan to the entity 
to which the employee is assigned, 
as it does for other employee 
benefits. Société Générale 
has implemented a standard 
reinvoicing contract that the 
assigning entity must 
use, filling out the appendices with the various benefits 
due to the employee in question. 
Accordingly, the accounting treatment used is the one used for intra-Group billing of 
payroll expenses in the 
entity to which an employee is assigned and for 
defined benefits in the original entity. Income received from 
each entity contributes to the financing of the plan at the 
original entity. 
For simplicity’s sake, 
the invoicing principles 
is based on 
a fixed amount, 
defined annually 
in proportion to 
the length 
of time that 
employees are 
assigned to 
an entity 
and based on 
the annual cost 
of the plan 
and 
the percentage represented by assigned employees in 
the total number of eligible employees in the plan. 
 

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
160 
 
 
 
 
 
 
 
 
Defined contribution plan 
Starting in 2015, all new incoming 
SG Luxembourg employees enroll in a defined 
contribution pension plan. 
Retirement capital 
Retirement capital, 
or Early Retirement 
capital, is paid 
to Plan Members 
when they 
retire at normal 
retire-
ment age or when they take early retirement, respectively. 
Plan Members have the option of taking all of the 
benefit as a pension payable monthly or taking 
part or all 
of the benefit as a lump sum. 
Death benefit 
If a Plan Member 
dies before retirement age, the retirement 
savings at the time of 
death are paid in 
the form 
of capital to the Beneficiaries designated in the event of death. 
Employer contributions 
Employer contriutions are calculated as follows: 
2.5% S1 + 9% S2 
Where: 
◾
S1 represents the portion of 
S below the annual cap on 
contributions to Social Security 
in force as 
of the calculation date; 
◾
S2 represents the portion of S which exceeds this cap; 
◾
S represents January’s monthly salary x 13. 
The employer contribution is multiplied by the percentage 
of employee time as of the calculation date. 
The employer contribution for 
the year of enrolment 
in the plan may be 
paid, in accordance with 
the plan’s 
administrative provisions, in the year of enrolment or in the 
following year. 
Personal contributions 
The Plan 
Member may 
elect to 
contribute to 
the Plan 
and can 
choose the 
monthly or 
annual contribution 
amount at the time of enrolment. 
Funding vehicle 
The Plan 
Member 
may choose 
from among 
three 
financial management 
and 
investment 
formulas for 
in-
vesting 
the 
investment 
of 
employer 
contributions, 
and 
for 
the 
transfer 
of 
any 
entitlements 
resulting 
from 
employer contributions. 
However, according 
to current legal 
provisions, personal contributions 
may only be 
invested in a fund 
with 
a guaranteed rate of return at 
least equal to the rate set by 
the Commissariat aux Assurances (Luxembourg 
Insurance Commission). 
Finance 
The 
company 
guarantees 
the 
payment 
of 
benefits 
and 
contributions 
provided 
for 
by 
the 
supplementary 
pension plan. 
To 
accomplish this, the Company signed a group insurance 
contract with the AXA insurance company.
 

 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
161 
 
2. LONG-TERM BENEFITS 
ACCOUNTING PRINCIPLES 
Long-term 
employee 
benefits 
are 
benefits 
other 
than 
post-employment 
and 
termination 
benefits 
that 
are 
paid to employees 
more than twelve 
months after the 
end of the 
annual period in 
which they provided 
the 
related services. 
Long-term benefits 
are measured 
and recognised 
in the same 
way as 
post-employment benefits, 
with the 
exception of actuarial gains and losses, which are immediately recognised in the consolidated statement of 
comprehensive income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMPLOYEE BENEFITS - JUBILEE AWARDS 
Plans' provisions and assumptions 
Disclosures are provided only for the two mains jubilee plans in 
the Group: the Luxembourg plan in place at 
Société Générale 
Luxembourg S.A., 
and the 
Swiss plan 
in place 
at Société 
Générale Private 
Banking Suisse 
S.A. 
SG Luxembourg Group employees are 
entitled to a plan 
that provides for a 
jubilee award which is 
a function 
of their seniority in the Group. 
The defined benefit obligation corresponding to this plan was estimated according to 
the standard IAS 19R. 
For this plan, the 
actuarial gains and 
losses are immediately 
recognized in the 
consolidated income state-
ment account. 
The principal assumptions used for measuring the jubilee 
plan obligations are summarized below: 
SG Luxembourg
12.31.2023
12.31.2022
Discount rate
4,08%
3,77%
Inflation rate
N/A
N/A
Expected rate of return on assets
N/A
N/A
Compensation increase rate
Age
Age
Age
Age
<35 years
1,9% - 2%
<35 years
1,9% - 2%
35 years <= age < 45 years
1% - 1,3%
35 years <= age < 45 years
1% - 1,3%
45 years <= age < 55 years
0,3% - 0,65%
45 years <= age < 55 years
0,3% - 0,65%
55 years <= age < 65 years
0% - 0,7%
55 years <= age < 65 years
0% - 0,7%
Switzerland
12.31.2023
12.31.2022
Discount rate
0,19%
0,19%
Inflation rate
1,00%
1,00%
Expected rate of return on assets
N/A
N/A
Compensation increase rate (exclu-
ding indexation)
1,20%
1,20%
Plan results 
The cost associated with jubilee awards is reported under “Personel expenses” in Profit 
or Loss and breaks 
down as follows: 
(In EUR thousand)
12.31.2023
12.31.2022
Service cost
39
(4 983)
Financial cost
71
21
Actuarial gains and losses
-
-
Total
110
(4 962)

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
162 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in the present value of the defined benefit obligations during the year 
The reconciliation of opening and closing obligation 
balances related to defined benefits for the 
current year 
is as follows: 
(In EUR thousand)
12.31.2023
12.31.2022
Obligation in relation to defined benefits - Opening
3 053
8 036
Total (expense)/ revenue recognized in the 
income statement
110
(4 962)
Paid benefits
(174)
(79)
Other
-
-
Translation effect
80
58
Obligation in relation to defined benefits - Closing
3 069
3 053
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 6 - INCOME TAX 
MAKING IT 
SIMPLE 
Income tax expenses 
are presented separately 
from other taxes 
which are classified 
among Other operating expenses. They 
are calculated according to the rates and 
tax 
regulations applicable in the countries where each consolidated 
entity is located. 
Income 
tax 
presented 
in 
the 
income 
statement 
includes 
current 
taxes 
and 
deferred 
taxes: 
- 
current taxes correspond to the amount of taxes due (or refundable) as 
calcu-
lated according to the taxable profit base for the reporting 
period. 
- 
deferred taxes correspond to the amount of taxes resulting from past transac-
tions and that will be payable (or refundable) in a future reporting 
period. 
ACCOUNTING PRINCIPLES 
CURRENT TAXES 
Current tax is 
based on the 
taxable profits of 
each consolidated taxable entity 
and determined in 
accordance 
with the rules 
established by the 
local taxation authorities, 
upon which income 
taxes are payable. 
This tax 
expense also includes net allowances for tax adjustments 
pertaining to income tax. 
Tax 
credits arising in respect of interest from loans and income from securities 
are recorded in the relevant 
interest account 
as they 
are applied 
in settlement 
of income 
taxes for 
the year. 
The related 
tax charge 
is 
included under 
Income tax
 
in the consolidated income statement.
DEFERRED TAXES 
Deferred 
taxes 
are 
recognised 
whenever 
the 
Group 
identifies 
a 
temporary 
difference 
between 
the 
book 
value and tax value of balance 
sheet assets and liabilities that 
will affect future tax 
payments. Deferred tax 
assets and liabilities are measured in each consolidated taxable entity 
considering rules established by the 
local taxation authorities. 
The amount is based on the tax rate enacted or substantively enacted which is expected to apply when the 
asset is 
realized or 
the liability 
settled. These 
deferred 
taxes are 
adjusted in 
the 
event of 
changes to 
tax 
rates. This amount is not discounted to present value. 
Deferred tax assets can result from deductible temporary differences or from 
tax loss carry forwards. These 
deferred tax 
assets are 
recorded only 
if the 
entity concerned 
is likely 
to recover 
these assets 
within a 
set 
time. Temporary 
differences 
or tax 
loss carry 
forwards can 
also be 
used against 
future taxable 
profit. Tax 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
163 
 
 
 
loss carry 
forward review 
taking 
into account 
the tax 
system applicable 
to each 
relevant tax 
entity 
and a 
realistic projection of their tax income or expense, based on their business development outlook: any previ-
ously unrecognized 
deferred tax assets 
are recorded 
in the consolidated 
statement of 
financial position to 
the extent it has become probable 
that future taxable profit will allow the 
deferred tax asset to be recovered; 
however, 
the 
carrying 
value 
of 
deferred 
tax 
assets 
already 
recognized 
in 
the 
consolidated 
statement 
of 
financial position is reduced where a risk of total or partial non-recovery 
occurs. 
Current and deferred taxes 
are recognized in the consolidated 
income statement under Income 
Tax. 
How-
ever, deferred 
taxes related to gains 
and losses recorded 
under “Unrealized or 
deferred gains and losses” 
are also recognized under the same heading in the consolidated 
statement of comprehensive income.
 
TAX INTEGRATION 
Since financial 
year 
2005, 
SG 
Luxembourg 
has 
elected 
to 
be 
considered 
as 
an 
integrated 
group 
for 
tax 
purposes (intégration fiscale or tax integration). 
As at December 31, 2023, 14 subsidiaries were 
included in the group filing a consolidated return (202 
2: 13 
subsidiaries). In accordance 
with a tax 
integration agreement 
entered into with 
SG Luxembourg, some 
af-
filiates recognize in 
their financial statements the 
tax which they 
would have paid 
had they not 
been included 
in SG Luxembourg's Group tax scope. 
Tax 
integration implies that the Head of the 
tax group, Société Générale Luxembourg, 
should be in charge 
of income tax payment for the whole Group. 
SG Luxembourg establishes its income 
tax provisions (“Impôt sur le 
revenu des collectivités” or “IRC”, 
and 
the “Impôt commercial communal” or 
“ICC”) based on the taxable 
income of the entire consolidated 
group, 
including its own revenue. 
Tax 
prepayments due by SG Luxembourg are also calculated on this basis and paid 
by SG Luxembourg as 
the lead company 
of the integrated 
group. Tax 
are prepaid and 
then, when the 
right amount is 
known, the 
prepayment is netted with the definitive amount. 
There is 
no tax 
filing integration 
for wealth 
tax. However, 
in compliance 
with existing 
tax law, 
SG Luxem-
bourg 
sets 
up, 
on 
behalf 
of 
some 
affiliates, 
a 
special 
reserve 
for 
the 
purpose 
of 
charging 
each 
of 
these 
affiliates for 
the wealth 
tax. The 
reserve thus 
constituted for 
each affiliate 
is equal 
to five 
times the wealth 
tax due in 
principle by each 
of the members 
of the integrated 
group and is 
unavailable for 
a period of 
five 
years. 
The reserve for the wealth 
tax charged to affiliates 
is separate from the 
tax expense reserve set 
up for SG 
Luxembourg’s own needs. The reserve is set up 
each year and maintained for the specified legal 
time limit 
i.e. five years. The maximum amount of 
wealth tax that can be charged by 
affiliates and by SG Luxembourg 
is determined by reference to the IRC payable by the integrated 
group before the allocation of tax credits. 
PROVISIONS FOR TAX 
ADJUSTMENTS 
Provisions for tax adjustments represent liabilities 
whose timing or amount cannot be 
precisely determined 
and that are 
adjusted throughout 
time. The expected 
outflows are then 
discounted to present 
value to de-
termine 
the 
amount 
of 
the 
provision, 
where 
this 
discounting 
has 
a 
significant 
impact. 
Allocations 
to 
and 
reversals of provisions for tax 
adjustments are booked to the 
consolidated income statement under “Income 
tax”. 

 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
164 
 
 
 
TAX PROVISIONS 
Provisions may be recorded: 
◾
where, by virtue of a commitment to a third-party, the Group will probably or certainly incur an outflow of 
resources to this third-party without receiving at least the 
equivalent value in exchange; 
◾
and when the amount of probable outflow of resources can be 
reliably estimated. 
Information on the nature 
and the amount of 
the associated risks is not 
disclosed when the Group considers 
that such 
disclosure could 
seriously undermine 
its position 
in a 
dispute with 
other parties 
on the 
object of 
the provision.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. INCOME TAX 
(In EUR thousand)
2023 
2022 R 
Current taxes 
(51 071) 
(24 528) 
Deferred taxes 
(5 264) 
13 746 
Total taxes 
(56 335) 
(10 782) 
Reconciliation of the difference between the Group’s 
standard tax rate and its effective tax rate: 
(In EUR thousand)
2023
2022 R
Income before tax excluding net income from companies 
accounted for 
using the equity method
554 406
202 683
Tax rate applicable at the end of the year
25,08%
24,94%
Theoretical income tax
(139 017)
(50 549)
Tax effect of non-taxable income 
53 385
48 477
Tax effect of non-deductible expenses
(1 534)
(18 924)
Tax without basis *
25 771
13 007
Provisions for tax adjustments
-
-
Sub-consolidated results taxed at other rates
(357)
(3 665)
Previous year corrections
-
-
Other items
5 417
872
Total income tax
(56 335)
(10 782)
*mainly refers to tax expenses of fiscally integrated 
entities.
Tax 
credits 
resulting 
on 
income 
from 
receivables 
and 
trading 
portfolios, 
when 
used 
to 
settle 
the 
tax 
on 
income due 
in the 
same period, 
are booked 
in the 
same accounts 
as the 
income they 
are linked 
to. The 
corresponding 
tax 
charge 
is 
maintained 
in 
the 
account 
“Tax 
expense”, 
explaining 
the 
transfer 
in 
the 
net 
banking result. 
Tax 
impact on non-taxable 
income is mainly 
explained through various 
income received from 
fully taxable 
resident or 
non-resident participations 
held by 
the Group. 
As all 
conditions for 
participation exemption 
re-
gime are met 
(EU parent 
directive and 
article 166 LITL), 
the Group avoids 
double taxation 
by using these 
provisions.
 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
165 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. TAX ASSETS AND 
LIABILITIES 
TAX ASSETS 
(In EUR thousand)
2023
2022 R
Current tax assets
1 147
1 523
Deferred tax assets
819
3 798
o/w deferred tax assets on tax loss carryforward
-
-
o/w deferred tax assets on temporary differences
819
3 798
Total 
1 966
5 321
TAX LIABILITIES 
(In EUR thousand)
12.31.2023
12.31.2022 R
Current tax liabilities 
53 045
29 377
Deferred tax liabilities and provision from income 
tax adjustments
90 571
93 888
Total 
143 616
123 265
PILLAR TWO: TAX 
REFORM – GLOBAL MINIMUM TAX (“GloBE” Rules) 
In October 2021, 137 of the 140 jurisdictions that are members of the Anti-Tax Fraud Strategy-Group of the 
Organisation for 
Economic Co-operation 
and Development 
(OECD) committed 
to the principle 
of establis-
hing a global minimum 
corporate tax rate 
of 15% on profits. 
A regulatory model, referred 
to as “Pillar Two” 
or “Pillar 
2” (or 
“GloBE 
rules”), 
published by 
the OECD 
on 20 
December 
2021, specifies 
the mechanism 
which will 
apply, 
in the 
States that 
will adopt 
it, to the 
profits by 
country of 
multinational groups 
with more 
than EUR 750 million in revenues. 
 
Council Directive (EU) 2022/2523 of 14 December 2022 on 
ensuring a global minimum level of taxation for 
multinational enterprise groups and large-scale 
domestic groups in the Union”, intended 
to 
implement that 
in the EU, was adopted and published in the Official Journal of the European Union on 22 December 2022. 
The Luxembourg law of 
22 December 2023 incorporates 
the directive into Luxembourg 
law. The 
minimum 
level of tax 
will take the 
form of Qualifying 
Domestic Minimum Top-up Tax (“
impôt national complémentaire
”) 
determined according 
to rules 
compliant with 
the directive. 
The temporary 
simplification rules 
as provided 
for by the OECD for the first three financial years are also included in the Luxembourg law. These 
rules will 
apply to the Group 
from 31 December 2023, in 
respect of any Qualifying 
Domestic Minimum Top-up tax due 
in Luxembourg. 
Under the provisions 
introduced by 
the amendments 
to IAS 12, 
adopted by the 
European Union 
on 8 No-
vember 2023 with both 
immediate and retrospective 
implementation (see Note 1), 
the Group applies, from 
1 January 2023, the 
mandatory and temporary exception to 
the accounting recognition of 
the deferred taxes 
associated with the top-up taxes resulting from the 
Pillar Two rules. 
A project structure has been established, to analyse 
the provisions of the Pillar Two European directive and 
take the 
appropriate measures 
to comply 
with them 
as soon 
as they 
enter into 
force. To 
date, the 
Group 
does not anticipate 
any material impact 
of this reform 
in respect of 
its current tax 
. Because of 
the calculation 
complexity resulting from these rules, the 
effects of this reform are still 
being examined for a first application 
in the Group’s consolidated accounts as at 30 
June 2024. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
166 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3. 
BREAKDOWN OF DEFERRED TAX 
ASSETS AND DEFERRED TAX 
LIABILITIES 
The following table 
shows deferred tax recorded 
in the statement of 
financial position and changes 
recorded 
in the income tax expense: 
December 31, 2023
(In EUR thousand)
Deferred 
Tax As-
set
Deferred Tax Liabi-
lity
Income Statement
OCI
Provisions
- 
37 625
8 246
585
Impairment allowance for loans and advances 
to 
customers
781
(2 478)
(11 846)
- 
Fair value of financial instruments through profit 
or loss
- 
7 445
260
- 
Revaluation of hedging derivatives 
- 
5 737
- 
6 155
Revaluation of debt instruments at fair value 
through other comprehensive income
- 
464
- 
(677)
Foreign currency translation reserve
- 
- 
- 
- 
Derivative financial instruments
- 
- 
- 
- 
Net gain on hedge of net investment
- 
- 
- 
- 
Consolidation treatments
- 
43 321
(3 655)
- 
Other temporary differences
38
(1 543)
1 731
- 
Total
819
90 571
(5 264)
6 063
December 31, 2022 R
(In EUR thousand)
Deferred 
Tax As-
set
Deferred Tax Liabi-
lity
Income Statement
OCI
Provisions
- 
46 160
12 104
(3 008)
Impairment allowance for loans and advances to 
customers
3 791
(11 293)
13 501
- 
Fair value of financial instruments through profit 
or loss
- 
7 695
(9)
- 
Revaluation of hedging derivatives 
- 
11 580
- 
(13 061)
Revaluation of debt instruments at fair value 
through other comprehensive income
- 
53
- 
9 485
Foreign currency translation reserve
- 
- 
- 
- 
Derivative financial instruments
- 
- 
- 
- 
Net gain on hedge of net investment
- 
- 
- 
- 
Consolidation treatments
- 
39 629
(11 583)
- 
Other temporary differences
7
64
(267)
5
Total
3 798
93 888
13 746
(6 579)
 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
167 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. 
CHANGE IN DEFERRED TAX 
The change in deferred taxes is analysed as follows: 
ASSETS 
(In EUR thousand)
12.31.2023
12.31.2022 R
Net opening balance
3 798
17
Items taken directly to net profit or loss 
(2 979)
3 781
Items taken directly to equity 
-
-
Impact change in accounting policy
-
-
Closing balance
819
3 798
LIABILITIES 
(In EUR thousand)
12.31.2023
12.31.2022 R
Net opening balance
93 888
96 994
Items taken directly to net profit or loss 
2 285
(9 965)
Items taken directly to equity 
(6 063)
6 579
Others movements
461
280
Closing balance
90 571
93 888
5. 
DEFERRED TAX 
ASSETS RECOGNIZED ON TAX 
LOSS CARRIED FORWARD 
As at December 31, 
2023, and December 
31, 2022 the 
Group has no Deferred 
Tax 
Asset recognized due 
to tax loss carried forward.

 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
168 
 
 
 
 
NOTE 7 - SHAREHOLDERS’ EQUITY 
MAKING 
IT 
SIMPLE 
Equity are the 
resources contributed 
to the Group 
by external shareholders 
as capital, as 
well 
as 
the 
cumulative 
and 
undistributed 
results 
(retained 
earnings). 
It 
also 
includes 
re-
sources received 
when financial 
instruments 
are issued 
and 
for which 
the issuer 
has no 
contractual obligation 
to deliver 
cash to 
the holders 
of these 
instruments (such 
as certain 
perpetual subordinated notes). 
Equity has no contractual maturity, and when compensation is awarded to shareholders or 
holders 
of 
other 
equity 
instruments, 
it 
does 
not 
affect 
the 
income 
statement 
but 
directly 
reduces the retained earnings in the equity. 
The statement “Changes in Shareholders’ Equity” presents the various changes that affect 
the components of equity over the reporting period.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 7.1. – SHAREHOLDERS’ EQUITY 
(In EUR thousand)
12.31.2023
12.31.2022 R
Share capital
1 389 043
1 389 043
Share premium
2 817
2 817
Consolidation reserve
476 589
579 603
Revaluation reserve
7 212
38 454
Legal reserve
138 905
138 905
Special reserve for Net Wealth Tax reduction
237 881
249 965
Retained earnings
1 116 449
961 668
Net income for the year
543 973
228 598
Total
3 912 869
3 589 053
1. SHARE CAPITAL 
As 
of 
December 
31, 
2023 
and 
December 
31, 
2022, 
the 
fully 
subscribed 
share 
capital 
amounted 
to 
EUR 1 389 042 648 divided into 11 
024 148 registered shares with a nominal value of 
EUR 126 each.
 
2. CONSOLIDATION 
RESERVE 
Consolidation reserves represent the contribution of the subsidiaries 
to the reserves of the Group. 

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
169 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3. 
REVALUATION 
RESERVE 
Revaluation reserve 
is composed of 
translation reserves, 
change in fair 
value of assets 
available-for-sale, 
change in 
fair value 
of hedging 
derivatives, change 
in fair-value 
of debt 
instruments 
at fair 
value through 
other comprehensive income, change in gains 
and losses on entities accounted for 
using the equity method 
and actuarial gains and 
losses on post-employment 
defined benefits plans. If 
the instruments are sold, 
the 
associated unrealised or deferred 
gains and losses are 
reclassified to Retained earnings 
at the opening of 
the next financial year. 
(In EUR thousand)
12.31.2023
12.31.2022 R
Translation reserve
(7 626)
(6 300)
Revaluation of debt instruments at fair value through 
other comprehensive income
1 528
(1 174)
Revaluation of hedging derivatives
22 796
46 434
Unrealized gains and losses of entities accounted 
for using the equity method
4
11
Tax related
(6 175)
(11 364)
Unrealized or deferred gains (losses) that 
may be reclassified subsequently to profit 
or loss
10 527
27 607
Actuarial gains (losses) on defined benefits plans
(4 118)
13 714
Unrealised gains and losses of entities accounted 
for using the equity method
- 
285
Revaluation of equity instruments at fair value through 
other comprehensive income
- 
(1)
Tax related
803
(3 151)
Unrealized or deferred gains (losses) that 
will not be reclassified subsequently to 
profit or loss
(3 315)
10 847
Total Revaluation reserve
7 212
38 454
4. 
LEGAL RESERVE 
In accordance 
with legal 
requirements, 5% 
of the 
net income 
for the 
year must 
be allocated 
to a 
legal re-
serve. This 
allocation is 
no longer 
required once 
this reserve 
reaches 10% 
of the 
subscribed and 
paid-up 
share capital. The legal reserve cannot be used for dividend 
payments. 
As 
at 
December 
31, 
2023 
and 
December 
31, 
2022, 
the 
legal 
reserve 
reached 
10% 
of 
the 
capital 
and 
amounted to EUR thousand 138 905.
 

 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
170 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5. SPECIAL RESERVE FOR NET WEALTH 
TAX REDUCTION 
For the reporting 
periods ended 
from December 
31, 2016 
to 2023, 
the Group 
reduced its 
Net Wealth 
Tax 
charge in accordance 
with the tax 
legislation; i.e. by 
setting up an 
unavailable reserve in 
an amount equal 
to five 
times the 
amount of 
the Net 
Wealth Tax 
reduction. The 
lock-in period 
on this 
reserve is 
five years 
starting on January 1, of the year following the year in 
which the Net Wealth Tax 
has been reduced. 
(in EUR thousand)
12.31.2023
12.31.2022
2017
- 
41 356
2018
42 525
42 525
2019
41 283
41 283
2020
40 139
40 139
2021
42 738
42 738
2022
41 924
41 924
2023
29 272
- 
Total
237 881
249 965
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 7.2. - DIVIDENDS PAID AND PROPOSED 
(in EUR thousand)
12.31.2023
12.31.2022 R
Declared and paid during the year
Dividends on ordinary shares
200 000
-
Dividends per share (in EUR) 
18
-
Proposed for approval at Annual General Meeting 
(not recognized as a liability as 
at December 31)
Dividends on ordinary shares
544 000
200 000
Dividends per share (in EUR)
49
18
 
For 
the 
year 
2023, 
a 
dividend 
of 
EUR 544 million
 
will 
be 
proposed 
for 
approval 
at 
the 
Annual 
General 
Meeting on May 31, 2024.

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
171 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 7.3. - GAINS AND LOSSES RECOGNISED IN OTHER COMPREHENSIVE 
INCOME 
BREAKDOWN OF CHANGES OF UNREALISED OR DEFERRED GAINS AND LOSSES 
01.01.2023
Variation
12.31.2023
(In EUR thousand)
Gross value 
Tax
Net value
Net Group 
share
Gross value 
Tax
Net value
Net Group 
share
Gross value 
Tax
Net value
Net Group 
share
Translation differences
(6 300)
- 
(6 300)
- 
(1 326)
- 
(1 326)
- 
(7 626)
- 
(7 626)
- 
Revaluation of debt instruments at fair value 
through other comprehensive income
(1 174)
219
(955)
- 
2 702
(677)
2 025
- 
1 528
(458)
1 070
- 
Revaluation of hedging derivatives 
46 434
(11 580)
34 854
- 
(23 638)
5 864
(17 774)
- 
22 796
(5 716)
17 080
- 
Unrealised gains and losses of entities ac-
counted for using the equity method
11
(3)
8
- 
(7)
2
(5)
- 
4
(1)
3
- 
Subtotal of unrealised gains and losses 
with subsequent recycling in the income 
statement
38 971
(11 364)
27 607
- 
(22 269)
5 189
(17 080)
- 
16 702
(6 175)
10 527
- 
Actuarial gains and losses on defined benefit 
plans
13 714
(3 056)
10 658
- 
(17 832)
3 883
(13 949)
- 
(4 118)
827
(3 291)
- 
Unrealised gains and losses of entities ac-
counted for using the equity method
284
(95)
189
- 
(284)
71
(213)
- 
- 
(24)
(24)
- 
Subtotal of unrealised gains and losses 
without subsequent recycling in the in-
come statement
13 998
(3 151)
10 847
- 
(18 116)
3 954
(14 162)
- 
(4 118)
803
(3 315)
- 
Total of unrealised gains and losses 
52 969
(14 515)
38 454
- 
(40 385)
9 143
(31 242)
- 
12 584
(5 372)
7 212
- 
(1) 
Unrealised gains and losses on available-for-sale financial assets are related exclusively to insurance activities. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
172 
 
 
 
 
 
 
 
 
 
 
 
 
 
01.01.2022 R
Variation
12.31.2022 R
(In EUR thousand)
Gross value 
Tax
Net value
Net Group 
share
Gross value 
Tax
Net value
Net Group 
share
Gross value 
Tax
Net value
Net Group 
share
Translation differences
(4 382)
- 
(4 382)
- 
(1 918)
- 
(1 918)
- 
(6 300)
- 
(6 300)
- 
Revaluation of debt instruments at fair value 
through other comprehensive income
36 855
(9 266)
27 589
- 
(38 029)
9 485
(28 544)
- 
(1 174)
219
(955)
- 
Revaluation of available-for-sale financial as-
sets
(1)
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
Revaluation of hedging derivatives 
(5 903)
1 477
(4 426)
- 
52 337
(13 057)
39 280
- 
46 434
(11 580)
34 854
- 
Unrealised gains and losses of entities ac-
counted for using the equity method
(1 519)
374
(1 145)
- 
1 530
(377)
1 153
- 
11
(3)
8
- 
Subtotal of unrealised gains and losses 
with subsequent recycling in the income 
statement
25 051
(7 415)
17 636
- 
13 920
(3 949)
9 971
- 
38 971
(11 364)
27 607
- 
Actuarial gains and losses on defined benefit 
plans
16 223
(2 279)
13 944
- 
(2 509)
(777)
(3 286)
- 
13 714
(3 056)
10 658
- 
Unrealised gains and losses of entities ac-
counted for using the equity method
(1)
18
17
- 
285
(113)
172
- 
284
(95)
189
- 
Subtotal of unrealised gains and losses 
without subsequent recycling in the in-
come statement
16 222
(2 261)
13 961
- 
(2 224)
(890)
(3 114)
- 
13 998
(3 151)
10 847
- 
Total of unrealised gains and losses 
41 273
(9 676)
31 597
- 
11 696
(4 839)
6 857
- 
52 969
(14 515)
38 454
- 
(1) 
Unrealised gains and losses on available-for-sale financial assets are related exclusively to insurance activities.

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
173 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 8 - ADDITIONAL DISCLOSURES 
NOTE 8.1. - SEGMENT REPORTING 
1. 
DEFINITION OF SEGMENT REPORTING 
The Group 
includes in 
the results 
of each 
segment all 
operating income 
and expenses 
directly related 
to its 
activity. Income for each segment, 
except for the 
Corporate Center, also includes the 
return on equity 
allocated 
to it, based 
on the estimated 
rate of return 
on Group equity. 
Transactions 
between segments are 
carried out 
under the same terms and conditions as those applying 
to non-Group customers, while these transactions are 
eliminated from segment assets and liabilities. 
For the purpose of segment reporting by 
geographical region, segment profit or loss 
and assets and liabilities 
are presented based on the location of the booking entities. 
No revenue from transactions with 
a single external customer or 
counterparty amounted to 10% or more 
of the 
Group’s total revenue in 2023 
or 2022. 
In 
2023 
and 
2022, 
the 
Group’s 
core 
businesses 
are 
managed 
through 
the 
following 
strategic 
segments 
of 
activity that are regrouped into five segments: 
1. 
Private Banking 
Société Générale 
Luxembourg 
Private 
Banking 
has 
a foothold 
in 
Luxembourg, 
Switzerland 
and 
Monaco. 
It 
offers global financial 
engineering and wealth 
management solutions, 
in addition to 
global expertise 
in struc-
tured 
products, 
hedge 
funds, 
mutual 
funds, 
private 
equity 
funds, 
life 
insurance 
and 
real 
estate 
investment 
solutions. It also offers customer access to the capital 
markets. 
2. 
Securities services 
The Securities Services (SGSS) business 
in Luxembourg offers a 
comprehensive and complete range 
of As-
sets and Securities services to Corporate 
and Financial Institutions as well as 
Institutional Investors, including: 
◾
custody and depository bank activities, covering all asset classes; 
◾
fund administration services for investment managers on all asset classes including complex financial 
products; 
◾
private 
asset 
services 
for 
alternative 
investment 
managers 
covering 
real 
estate, 
private 
equity 
and 
infrastructure funds; 
◾
issuer 
services, 
including 
issuing 
and 
paying 
agency 
services 
to large 
international 
corporate 
bond 
programs; 
◾
transfer agent activities, providing a comprehensive array 
of services to support fund distribution; 
◾
middle office and trade execution services. 
3. 
Corporate and Investment Banking that includes; 
The Corporate 
Banking and 
Cash Management 
teams in 
Luxembourg are 
geared to 
economic and 
financial 
operators and particularly 
domestic and international 
financial institutions, medium 
and large companies 
with 
international and multinational 
activities that require 
flow management assistance 
for their banking, 
commer-
cial, corporate 
flows and/or 
payment flow 
assistance. The 
business line 
offers a 
full and 
integrated range 
of 
solutions and services, 
leveraging the expertise 
of the Transaction Banking 
business lines. It 
houses five bank-
ing activities: 
◾
cash management; 

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
174 
 
 
 
 
◾
short & medium term financing; 
◾
financial & commercial guarantees issuance; 
◾
foreign exchange services and interest rate hedging; 
◾
financial assets custody.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Global Banking & 
Advisory (GLBA) platform in Luxembourg contributes 
to Group worldwide platform com-
posed 
by 
expert 
teams 
located 
in 
Europe, 
the 
CEEMEA 
region, 
the 
Americas 
and 
in 
Asia 
region, 
whose 
knowledge of customers and local regulations 
are key to conducting domestic, international 
and cross-border 
activities 
due 
to 
the 
international 
dimension 
of 
customers. 
Leveraging 
this 
global 
expertise 
and 
sectoral 
knowledge, the 
Financing 
Banking teams 
provide issuer 
clients with 
a full 
range of 
products and 
integrated 
solutions, products and advisory, 
and are housed in three divisions: 
◾
The Asset 
Finance division, which 
consists of five 
businesses: export finance, 
aircraft finance, 
shipping 
finance, real estate finance, 
and structured solutions 
and leasing. Through 
a wide range of 
products, 
experienced professionals design tailor-made solutions for customers, financial companies and public 
institutions, combining financial knowledge and industry 
expertise; 
◾
The Natural 
Resources and 
Infrastructures division 
is tasked 
with developing 
a global 
activity in 
the 
natural 
resources, 
energy 
and 
infrastructure 
sector 
by 
providing 
clients 
with 
financing 
solutions, 
as 
well as 
advisory services. 
The customers 
of this 
division 
are producers, 
operators, 
refinery groups, 
traders, commodity service providers, 
commodity and distributor logistics 
companies, as well as 
public 
and private institutions; 
◾
The Asset Backed Product division, which combines GLBA's expertise in the primary markets, blends 
sectoral skills, 
securitisation and 
structuring with 
know-how in 
secondary market 
trading, distribution 
channels and debt security refinancing, making it possible to capitalise on credit capacities and act as 
the single entry 
point for ABS-type 
products and structured 
loans, and assist 
the development of 
our 
issuer clients and investors. 
Within the 
Global Markets 
Business Unit, 
the Issuing 
activity is 
performed through 
the “SOGEIS” 
framework 
based on 
Luxembourg’s 
fiduciary legal 
framework and 
provides investors 
with access 
to the 
entire range 
of 
financial 
engineering 
services 
(Asset 
and Liability 
Management 
– portfolio 
management, 
securitisation, 
risk 
policy management 
and Capital 
Management – 
strategic management 
of shareholdings, 
equity-linked prod-
ucts, and employee savings plans). SOGEIS issues secured notes. The securities 
issued by SG Luxembourg 
via SOGEIS are also backed by a guarantee from the 
Société Générale Group. 
4. 
Insurances activities 
The 
Insurance 
activities 
develop 
the 
Group’s 
Insurance 
business 
through 
the 
integrated 
bank-insurance 
model. 
5. 
Corporate Center 
It includes Treasury 
and Assets Liabilities Management 
functions which are responsible 
for monitoring, man-
aging and 
hedging structural 
risks (liquidity, 
interest rate 
and forex) 
arising from 
all the 
active business 
units 
within SG 
Luxembourg namely 
Securities Services, 
Private Banking, 
Corporate Banking 
and Cash 
Manage-
ment. This team is 
also in charge of 
the oversight of similar 
activities in Monaco 
and Switzerland SG 
Luxem-
bourg’s affiliates devoted to 
the Private Banking 
area, and operates 
under the functional 
oversight of the 
Group 
central departments. 
It recognises too the 
carrying cost of equity investments in 
subsidiaries and related dividend payments, as 
well 
as income and expenses stemming from the 
Group’s Asset and Liability Management (ALM) and income from 
the Group’s 
management of 
its assets 
(management of 
its industrial 
and bank 
equity portfolio 
and of its 
real 
estate assets). 
Income or 
expenses that 
do not 
relate directly 
to the 
activity of 
the core 
businesses are 
also 
allocated to the Corporate Center.

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
175 
 
2. SEGMENT REPORTING BY OPERATING 
SEGMENTS 
Amounts by division incorporate the organizational structure 
of Group activities. 
2023
(In EUR thousand)
Private Banking
Securities Ser-
vices
Corporate and 
Investment Ban-
king
Insurance activi-
ties
Corporate cen-
ter
Total
Interest margin
206 206
53 794
395 443
1 703
(65 217)
591 929
Net fees income
132 903
92 143
63 444
(110)
(305)
288 075
Net income from other activity
2 614
(202)
(4 256)
-
62
(1 782)
Total income on financial instruments
12 217
2 139
(17 056)
(4 045)
45 579
38 834
Net income of insurance activities
-
-
-
9 362
-
9 362
Internal remuneration
2 456
916
5 751
-
(9 123)
-
Net banking income
356 396
148 790
443 326
6 910
(29 004)
926 418
Operating expenses
(260 117)
(120 421)
(77 565)
(960)
(6 393)
(465 456)
Gross operating income
96 279
28 369
365 761
5 950
(35 397)
460 962
Cost of risk
(1 552)
(262)
94 511
-
(343)
92 354
Operating income
94 727
28 107
460 272
5 950
(35 740)
553 316
Net income from investments accounted for using the equity 
method
-
-
34 642
11 272
-
45 914
Net income/expense from other assets
-
-
-
-
1 090
1 090
Consolidated Net Income before tax
94 727
28 107
494 914
17 222
(34 650)
600 320
Tax expenses
(8 889)
(2 638)
(46 444)
(1 616)
3 252
(56 335)
Consolidated net income
85 838
25 469
448 470
15 606
(31 398)
543 985
(In EUR thousand)
Private Banking
Securities Ser-
vices
Corporate and 
Investment Ban-
king
Insurance activi-
ties
Corporate cen-
ter
Total
Total assets
9 165 320
-
18 345 997
83 925
38 768 389
66 363 631
o/w customer loans and securities at amortised cost 
(Note 3.6)
9 165 320
-
18 345 997
75 084
-
27 586 401
Total liabilities and equity
12 264 574
5 812 242
27 671 355
83 926
20 531 534
66 363 631
o/w customer deposits (Note 3.7 table 2)
12 264 574
5 450 935
21 411 695
-
-
39 127 204

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
176 
 
2022 R
(In EUR thousand)
Private Banking
Securities Ser-
vices
Corporate and 
Investment Ban-
king
Insurance activi-
ties
Corporate cen-
ter
Total
Interest margin
172 161
49 852
234 691
1 234
(46 713)
411 225
Net fees income
124 833
98 969
50 936
(821)
(6 317)
267 600
Net income from other activity
87
(1 367)
(932)
(45)
2 173
(84)
Total income on financial instruments
19 562
1 305
4 664
(12 103)
87 671
101 099
Net income of insurance activities
-
-
-
19 878
-
19 878
Internal remuneration
1 729
798
6 464
-
(8 991)
-
Net banking income
318 372
149 557
295 823
8 143
27 823
799 718
Operating expenses
(240 355)
(112 598)
(67 988)
(1 245)
(6 548)
(428 734)
Gross operating income
78 017
36 959
227 835
6 898
21 275
370 984
Cost of risk
(20 332)
(27)
(148 473)
-
534
(168 298)
Operating income
57 685
36 932
79 362
6 898
21 809
202 686
Net income from investments accounted for using the equity 
method
-
-
22 649
14 065
-
36 714
Net income/expense from other assets
-
-
(3)
-
-
(3)
Consolidated Net Income before tax
57 685
36 932
102 008
20 963
21 809
239 397
Tax expenses
(2 598)
(1 663)
(4 594)
(944)
(983)
(10 782)
Consolidated net income
55 087
35 269
97 414
20 019
20 826
228 615
(In EUR thousand)
Private Banking
Securities Ser-
vices
Corporate and 
Investment Ban-
king
Insurance activi-
ties
Corporate cen-
ter
Total
Total assets*
9 718 811
-
19 538 509
178 355
38 450 692
67 886 367
o/w customer loans and securities at amortised cost 
(Note 3.6)*
9 718 811
-
19 538 509
17 743
-
29 275 063
Total liabilities and equity*
12 863 594
7 304 505
29 811 740
178 356
17 728 172
67 886 367
o/w customer deposits (Note 3.7 table 2)*
11 995 699
6 758 090
22 529 474
-
-
41 283 263
* 2022 amounts were reclassified for comparability purposes

 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
177 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3. SEGMENT REPORTING BY GEOGRAPHICAL REGION 
12.31.2023
12.31.2022 R
(In EUR thousand)
Luxembourg
Monaco
Switzerland
Other
Total
 
Luxembourg 
 
Monaco 
 
Switzerland 
 
Other 
 
Total 
Net banking income
732 857
73 711
107 940
11 910
926 418
623 507
63 911
105 004
7 296
799 718
Total assets 
59 572 319
3 089 484
2 320 153
1 381 675
66 363 631
60 262 940
3 287 036
2 839 388
1 497 003
67 886 367
Total liabilities
59 572 319
3 089 484
2 320 153
1 381 675
66 363 631
60 262 940
3 287 036
2 839 388
1 497 003
67 886 367

 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
178 
 
 
 
NOTE 8.2. - OTHER OPERATING EXPENSES 
ACCOUNTING PRINCIPLES 
The Group 
records 
operating expenses 
under expenses, 
according to 
the type 
of services 
to which 
they 
refer and the rate of use of said services. 
This 
type 
of 
services 
mainly 
includes 
re-charge 
fees, 
IT 
expenses, 
professional 
fees 
and 
other 
taxes 
charges. 
Other operating expenses mainly include lease 
payments, building maintenance and other costs, travel 
and 
business expenses, outsourcing and advisory fees and 
marketing and advertising expenses.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in EUR thousand)
2023 
2022 R 
VAT 
and other taxes (1) 
(30 401) 
(33 806) 
Re-charge fees (2) 
(56 261) 
(54 388) 
IT expenses 
(41 811) 
(32 754) 
Professional fees 
(27 043) 
(23 874) 
Service and maintenance 
(12 867) 
(11 290) 
Data provider fees 
(7 804) 
(6 693) 
Telecommunication 
expenses 
(4 336) 
(4 104) 
Other operating expenses 
(3 621) 
(4 827) 
Marketing, advertising and public relations 
(3 327) 
(2 641) 
Premises and equipment leases 
(2 656) 
(1 525) 
Administrative expenses 
(1 066) 
(848) 
Insurance fees 
(1 411) 
(1 332) 
Training 
(453) 
(784) 
Total 
(193 057) 
(178 866) 
 
(1) Other taxes include the contribution to bank resolution mechanisms paid by the Group. 
 
(2) Mainly reinvoiced personal fees from SG Group and allocated share of headquarter expenses. 
CONTRIBUTION TO BANK RESOLUTION MECHANISMS 
The European 
Regulation UE 
n°806/2014 
of July 
15, 2014 
determined the 
financing means 
of resolution 
mechanisms 
within 
the 
European 
Banking 
Union through 
the 
establishment 
of a 
Single Resolution 
Fund 
(SRF), represented in Luxembourg by the 
“Fonds de Résolution Luxembourgeois” (Luxembourg Resolution 
Fund, 
or 
FRL). 
In 
addition 
to 
this 
instrument, 
the 
“Fonds 
Nationaux 
de 
Résolution” 
(National 
Resolution 
Funds) exists for institutions subject to this resolution mechanisms, 
but that have no SRF. 
SG Luxembourg also made its 
contribution to the “Fonds de 
Garantie des Dépôts Luxembourgeois” (FGDL) 
over the course of 2022. For the 
financial year of 2022, the contribution to 
the FGDL is included in the same 
account than the FRL amouting EUR 352 thousand broken down 
as follows: 
• 
1st compartiment : EUR 95 thousand 
• 
2nd compartiment: EUR 239 thousand 
• 
Administrative fee: EUR 18 thousand 

 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
179 
 
 
 
 
 
 
 
 
 
 
 
 
The Single Resolution 
Fund, established in 
January 2016, shall 
receive annual contributions 
from the par-
ticipating European financial institutions. By the end 
of 2023, the available financial means 
of the Fund shall 
reach at least 1% of 
the amount of covered 
deposits of all these participating 
financial institutions. A share 
of the annual contributions can be provided through 
irrevocable payment commitments (IPC). 
Please find below the detailed amount paid by the Group 
for the resolution mechanisms contribution: 
(In EUR thousand)
2023 
2022 R
Net contribution paid
27 754
31 316
IPC deposit (22.5% of net contribution applied 
for 2023, 15% for 2022)
(6 244)
(4 697)
Total
21 510
26 619
By a ruling of 25 October 2023, the General Court of the 
European Union dismissed the appeal of a French 
Credit 
institution 
against 
the 
Single 
Resolution 
Board 
(SRB) 
following 
the 
rejection, 
by 
the 
latter, 
of 
the 
request for 
return of 
collateral linked 
to ex 
ante contributions 
provided in 
the form 
of irrevocable 
payment 
commitments. 
The 
reimbursement 
of 
the 
collateral 
linked 
to 
the 
irrevocable 
payment 
commitments, 
re-
quested 
by 
the 
institution 
after 
the 
withdrawal 
of 
its 
licence 
from 
the 
European 
Central 
Bank, 
had 
been 
refused by the 
SRB. It required, 
as a prior 
condition, 
to return the 
collateral backing, 
the prior 
payment by 
the institution of an amount in cash corresponding to the amount committed under the irrevocable 
payment 
commitments entered 
into. The 
institution concerned 
decided to 
appeal to 
the European 
Court of 
Justice 
against 
the 
ruling 
of 
the 
General 
Court 
of 
the 
European 
Union. 
Societe 
Generale 
Luxembourg 
will 
keep 
abreast 
of 
new 
developments 
in 
this 
matter 
and 
will 
analyse 
the 
possible 
consequences 
on 
its 
financial 
statements.
 
 
 
NOTE 8.3. - PROVISIONS 
ACCOUNTING PRINCIPLES 
Under statement of financial liabilities, Provisions are comprised of provisions for financial instruments, dis-
putes, employee benefits and income tax adjustments (only for 
2018). 
Provisions, 
other 
than 
those 
for 
credit 
risk 
or 
employee 
benefits, 
are 
recognized 
when 
the 
Group 
has 
a 
present obligation (legal, contractual or implicit) as a result of a past event and it is probable that an outflow 
of resources 
embodying 
economic 
benefits will 
be required 
to settle 
the 
obligation. 
Provisions 
are deter-
mined based on 
the best 
estimate of the 
expenditure required to 
settle the obligation, 
in application of 
certain 
assumptions. 
Provisions 
are 
discounted 
when 
the 
effect 
of 
the 
time 
value 
of 
money 
is 
material, 
using 
a 
discount rate that 
reflects current 
market assessments 
of the time 
value of money. 
Provisions are 
booked 
in profit and loss accounts according to the nature of the expenses. 
Provisions include provisions for credit 
risk related to guarantee commitments granted 
to third parties by 
the 
Group and to 
contingent liabilities whose 
timing or amount 
cannot be precisely 
determined (primarily 
legal 
disputes and restructuring). 
Probable 
losses incurred 
by the 
Group in 
identifying 
objective 
evidence 
of credit 
risk related 
to 
loan and 
guarantee commitments are recorded in the consolidated 
income statement of under Cost of risk against 
a 
liability booked under Provision in the consolidated statement of 
financial position. 
Provisions are presented in Note 5.7. Information relating to the nature and the 
amount of the relevant risks 
is not 
disclosed if 
the Group 
considers that 
it could 
cause the 
Group serious 
harm in 
a dispute 
with third 
parties on the matter covered by the provision.

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
180 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1. BREAKDOWN OF PROVISIONS 
(In EUR thousand)
Provisions as at 
12.31.2022 R
Allocations
Reversals avai-
lable
Net allocation
Actuarial Gain and 
Losses
Currency and 
others
Provisions as at 
12.31.2023
Provisions for credit of risk on off statement of financial 
com-
mitments (see Note 3.9)
1 971
1 336
(1 746)
(410)
-
47
1 608
Provisions for employee benefits (see Note 5.2)
41 862
4 473
(2 335)
2 138
2 139
440
46 579
Other provisions
(1)
12 864
-
(5 682)
(5 682)
-
319
7 501
Total
56 697
5 809
(9 763)
(3 954)
2 139
806
55 688
(1) 
Other provisions include provisions for commercial litigation and provisions for future repayment of funds in connection with customer financing transactions..
 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
181 
2. OTHER PROVISIONS 
Other provisions include 
provisions for restructuring, 
provisions for commercial 
litigation and provisions 
for 
future repayment of funds in connection with customer financing 
transactions. 
Every quarter, 
the Group 
reviews 
in detail 
the disputes 
presenting a 
significant risk. 
These disputes 
may 
lead to the recording 
of a provision if 
it becomes probable 
or certain that the 
Group will incur an 
outflow of 
resources for the benefit of 
a third party without receiving 
at least the equivalent value 
in exchange. These 
provisions 
for 
litigations 
are 
classified 
among 
the 
Other 
provisions 
included 
in 
the 
Provisions 
item 
in 
the 
liabilities of the balance-sheet. 
No detailed information can be disclosed on either the recording or the amount of a specific provision given 
that such disclosure would likely seriously prejudice the 
outcome of the disputes in question. 
◾
On January 3, 2023, Société Générale Private Banking (Switzerland) (“SGPBS”) entered 
into an agreement 
to settle 
litigation in 
the United 
States stemming 
from the 
Ponzi scheme 
of Robert 
Allen Stanford 
and his 
affiliates. On 
February 21, 
2023, the 
US Receiver 
and the 
Official Stanford 
Investors Committee 
(“OSIC”) 
filed 
a 
motion 
in 
US 
District 
Court 
for 
the 
Northern 
District 
of 
Texas 
seeking 
approval 
of 
the 
settlement. 
The settlement provides 
for the 
payment by 
SGPBS of 
USD 157 
million in 
exchange for 
the release 
of all 
claims. During the 7 June 2023 hearing, 
the Court granted the US Receiver’s motion to 
approve the settle-
ment. This order is now subject to an appeal. The settlement amount that SGPBS must pay is fully covered 
by 
reserves 
in 
the 
accounts 
of 
Société 
Générale 
S.A. 
following 
a 
financial 
guarantee 
provided 
by 
So-
ciété Générale S.A. to 
SGPBS. Each of 
the other defendant 
banks in this 
litigation also announced 
settle-
ments in the first quarter of 2023 with the US 
Receiver and OSIC resolving their claims. These 
settlements 
were reached in 
advance of 
a jury trial 
that had been 
scheduled to start 
on February 
27, 2023 (which 
ulti-
mately did not take place). 
In the 
same 
matter, 
a pre 
-contentious 
claim (
requête 
en conciliation
) was 
initiated 
in 
Geneva 
in 
Novem-
ber 2022 by the Joint Liquidators of Stanford International Bank Limited (“SIBL”), appointed by the courts in 
Antigua, representing 
the 
same investors 
as 
those represented 
by the 
US plaintiffs. 
SGPBS was 
served 
with the statement of claim on June 20, 2023 and will defend 
itself against the claims in this proceeding.

 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
182 
 
 
 
 
 
NOTE 8.4. - TANGIBLE AND INTANGIBLE 
FIXED ASSETS 
ACCOUNTING PRINCIPLES 
Tangible 
and intangible fixed assets include operating and investment 
fixed assets. 
Tangible 
and intangible 
fixed assets are 
carried at their 
purchase price 
on the asset 
side of the 
statement of 
financial position, less depreciation, amortisation and impairment. 
Software developed 
internally 
is recorded 
under fixed 
asset, on 
the asset 
side 
of the 
statement 
of financial 
position in the amount of the direct cost of development. 
Depreciation and 
amortization expenses 
are recognized 
in consolidated 
income statement 
under “
Amortiza-
tion, depreciation and impairment of property, 
plant and equipment and other intangible assets”.
The range of the useful life of assets used by the Group 
is as follows: 
Intangible assets are amortised using the straight-line method 
based on their estimated useful lives; the amor-
tization rates used range from 20% to 33.33%. 
Property, plant 
and equipment are depreciated using the straight-line 
method based on their estimated useful 
lives; the depreciation rates used are: 
◾
other facilities, office furniture and equipment: 
10 – 33,33% 
◾
computer hardware: 
20 – 33,33% 
Land with an indefinite life is not depreciated. 
Any residual value of the asset is deducted 
from its depreciable amount. If there 
is a subsequent decrease or 
increase in this initial residual value, the depreciable amount of the asset is adjusted, leading to a prospective 
modification of the depreciation schedule. 
Depreciation 
and 
amortisation 
are 
recorded 
in 
the 
income 
statement 
under 
Amortisation, 
depreciation 
and 
impairment of tangible and intangible fixed assets. 
Fixed assets grouped 
into Cash Generating 
Units are tested 
for impairment whenever 
there is any 
indication 
that their 
value may 
have diminished. 
Allocations and 
reversals of 
provisions for 
impairment are 
recorded in 
the income statement under 
Amortisation, depreciation and impairment of tangible and 
intangible fixed assets. 
Realised capital gains 
and losses on 
operating fixed assets 
are recognised under 
Net income from 
other as-
sets.
 
 
 
 
RIGHTS-OF-USE FOR ASSETS LEASED BY THE GROUP 
Lease 
Definition of the lease 
A contract is, or contains, a lease if 
it conveys to the lessor the right to control 
the use of an identified asset for 
a period of time in exchange for consideration: 
◾
Control is conveyed when the customer has both the right to direct the identified asset’s use, and to obtain 
substantially all the economic benefits from that use throughout 
the lease period. 
◾
The existence of an 
identified asset will depend 
on the absence, for 
the lessor, 
of substantive substitution 
rights for the 
leased asset; 
this condition is 
measured with regard 
to the facts 
and circumstances existing 
at the 
commencement of 
the contract. 
If the 
lessor has 
the option 
of freely 
substituting the 
leased asset, 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
183 
Non-cancellable 
period of the 
lease 
Periods covered 
by an option to 
extend the 
lease
*
Periods covered 
by an option to 
terminate the 
lease** 
LEASE TERM
the contract 
can 
not 
be qualified 
as a 
lease, 
since 
its 
purpose 
is the 
provision 
of 
a capacity 
and 
not 
an 
asset. 
A capacity 
portion of 
an asset 
is still 
an identified 
asset 
if it 
is physically 
distinct 
(e.g. a 
floor 
of a 
building). 
Conversely, a portion of 
the capacity or 
of an 
asset that 
is not 
physically distinct does 
not constitute 
an identified 
asset (e.g. the lease of co-working area within a unit 
with no pre-defined location inside that unit). 
Separation of lease and non-lease components 
A contract may 
cover the 
lease of an 
asset by 
the lessor 
as well as 
the supply 
of additional 
services by 
that 
lessor. In this scenario, the lessee can separate the lease components 
from the non-lease components of the 
contract and treat them separately. The rental payments stipulated in the contract must 
be separated between 
the lease components and the non-lease components based on their individual 
prices (as directly indicated in 
the contract or estimated 
on the basis on all 
of the observable information). 
If the lessee cannot 
separate the 
lease components from the non-lease components (or 
services), the entire contract is treated as a lease. 
Lease term 
Definition of the lease term 
The lease period to 
be applied in determining 
the rental payments to 
be discounted matches the 
non-cancel-
lable period of the lease adjusted for: 
◾
options to extend the contract that the lessee is reasonably 
certain to exercise, 
◾
and early termination options that the lessee is reasonably 
certain not to exercise. 
* 
if the lessee is reasonably certain to exercise 
that option 
** if the lessee is reasonably certain not to exercise 
that option 
Following the decision of IFRIC consultation in November 2019, the measurement of the reasonable certainty 
of exercising 
or not 
exercising the 
extension or 
early termination 
options shall 
take into 
account all 
the facts 
and circumstances that may create an economic incentive 
to exercise or not these options, specifically: 
◾
the conditions 
for exercising 
these options 
(including measurement 
of the amount 
of the rental 
payments 
in case of an extension, or of the amount of penalties that may 
be imposed for early termination), 
◾
substantial changes made to the leased premises (specific 
layouts, such as a bank vault), 
◾
the costs 
associated with 
terminating 
the contract 
(negotiation costs, 
moving costs, 
research costs 
for a 
new asset that meets the lessee’s requirements, 
etc.), 
◾
the importance of 
the leased asset for 
the lessee, in 
view of its specific 
nature, its location, or 
the availability 
of substitute assets (specifically for branches located in commercially strategic sites, given their accessibil-
ity, expected traffic, 
or the prestige of the location), 
◾
the history of 
renewals of similar 
contracts, as well 
as the strategy 
for the future 
use of the 
assets (based 
on the prospect of redeployment or rearrangement of a commercial 
branch network, for example). 
Changing the lease term 
In the event of a change of circumstances of the lessee which has an impact on 
the certainty of exercise of an 
option that 
the lessee has 
or has 
not included in 
its calculation of 
the lease 
term, the term 
must be re-estimated. 
 
+ 
 
= 
 
+ 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
184 
 
 
 
 
 
 
 
 
 
 
 
 
 
The entity must also revise the term of the lease contract 
in any one of the following situations: 
◾
the lessee exercises an option that had not been included when 
calculating the term of the lease; 
◾
the lessee does not exercise an option that had been included 
when calculating the term of the lease; 
◾
the lessee is contractually obliged, due to an event, to exercise an option that had not been included when 
calculating the term of the lease; 
◾
the lessee 
is contractually 
prevented, due 
to an 
event, from 
exercising an 
option that 
had been 
included 
when calculating the term of the lease. 
Following 
a change 
in 
the 
lease 
term 
(re-estimate 
or 
revision), 
the 
lease 
obligation 
must 
be 
reassessed 
to 
reflect those 
changes. The 
revised rate 
is the 
interest rate 
implicit in 
the lease 
for the 
remaining term 
of the 
contract if it is possible to calculate 
this rate, otherwise the lessee 
must use its incremental borrowing 
rate on 
the date of modification of the lease term. 
Accounting treatment by the Group as a lessee 
On the 
starting date 
(on which 
the leased 
asset is 
made available 
for use), 
the lessee 
must record 
a lease 
liability on the 
liabilities side of 
the statement of 
financial position 
and a right-of-use 
asset on the 
assets side 
of the statement of financial position except for the exemptions 
described below. 
In the 
income 
statement, 
the 
lessee 
must 
recognise 
an interest 
expense (see 
Note 
3.8) 
calculated 
on the 
lease liability under 
Net banking income
 
and a depreciation 
of the right-of-use 
under 
Amortisation, depreciation 
and impairment of tangible and intangible fixed assets.
The rental 
payments will partly 
reduce the lease 
liability and 
partly remunerate this 
liability in 
the form 
of interest 
expense. 
Exemptions and exclusions 
Lessee 
may 
choose 
not 
to 
apply 
the 
new 
lease 
treatment 
to 
contracts 
on 
low-value 
items 
by 
applying 
the 
exemption threshold 
of EUR 
5,000 determined 
by the 
Group (the threshold 
should be 
measured against 
the 
replacement cost per 
unit of the 
leased asset). This 
last simplification 
applies specifically to 
small equipment 
such as personal computers, tablets, telephones, and 
small items of office furniture. 
The Group has chosen to apply this exemption permitted. Related 
expenses are disclosed in the table below, 
and classified under 
other operating expenses
 
(Note 8.2) . 
Rental payment amounts 
The 
payments 
to 
be 
considered 
for 
the 
measurement 
of 
the 
lease 
liability 
include 
fixed 
and 
variable 
rental 
payments based 
on an index 
(e.g. consumer 
price index 
or construction 
cost index) 
or a benchmark 
interest 
rate (Euribor), 
plus, where 
applicable, the 
funds that 
the lessee 
expects to 
pay the 
lessor for 
residual value 
guarantees, purchase options, or early termination penalties. 
However, 
variable lease 
payments that 
are indexed 
on the 
use of 
the leased 
asset (indexed 
on revenue 
or 
mileage, for example) are excluded from the 
measurement of lease liability. 
This variable portion of the rental 
payments is recorded in the net income over time according to fluctuations in contractual indexes fluctuations. 
SG Luxembourg does not have variable rental payments. 
Rental payments have to be considered based 
on their amount net of value-added tax. In 
addition, for building 
leases, occupancy 
taxes and 
property taxes 
passed on 
by lessors 
will be 
excluded from 
lease liabilities 
be-
cause their amount, as set 
by the competent public authorities, 
is variable. The liability 
initial amount is equal 
to the discounted value of the rental payments that will 
be payable over the lease period. 
This lease liability is then measured 
at the amortised cost using the 
effective interest rate method: part of each 
rental payment 
will then 
be booked 
as interest 
expenses in 
the income 
statement, and 
part will 
be gradually 
deducted from the lease liability on the statement of financial 
position. 

 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
185 
 
 
 
 
 
 
 
 
 
 
After the 
starting 
date, the 
amount of 
the lease 
liability 
may be 
adjusted 
if the 
lease is 
amended, the 
lease 
period is re-estimated, or 
to account for contractual 
changes in the rental 
payments related to the 
application 
of indices or rates. 
As applicable, 
the lessee 
must also 
recognise a 
provision 
in its 
liabilities to 
cover the 
costs of 
restoring the 
leased asset that would be assumed when the lease ends. 
Recognition of a lease liability 
The initial 
amount of 
the liability 
is equal 
to the 
discounted value 
of the 
rental payments 
that will 
be payable 
over the lease period. 
This lease liability is then measured 
at the amortised cost using the 
effective interest rate method: part of each 
rental payment 
will then 
be booked 
as interest 
expenses in 
the income 
statement, and 
part will 
be gradually 
deducted from the lease liability on the statement 
of financial position. 
The lease liability is recorded under 
Other liabilities
 
(see Note 4.4). 
After the commencement 
date, the amount of 
the lease liability may 
be adjusted if the 
lease is amended, the 
lease period is re-estimated, or to account for contractual changes in the rental 
payments related to the appli-
cation of indices or rates. 
The Group, 
as a 
lessee, 
must 
also recognise 
a provision 
in 
its liabilities 
to cover 
the costs 
of restoring 
the 
leased asset that would be assumed when the lease ends. 
Recognition of a right-of-use 
On the 
availability date 
of the 
leased asset, 
the lessee 
must enter 
a right-of-use 
to the 
leased asset, 
on the 
assets side of 
the statement of 
financial position, for 
an amount equal 
to the initial value 
of the lease 
liability, 
plus, as applicable, initial direct costs, advance payments, 
and restoration costs. 
This asset is 
then depreciated on 
a straight-line basis 
over the lease 
period that is 
applied for measuring 
the 
lease liability. 
After the starting date, 
the asset’s value may be 
adjusted if the lease 
is amended, as it 
is the case for 
the lease 
liability. 
Rights-of-use is presented on 
the lessee’s statement of 
financial position under the 
items of fixed 
assets where 
properties of the 
same type that 
are held in 
full ownership are entered. 
If the lease 
stipulates the initial 
payment 
of 
a 
leasehold 
right 
to 
the 
former 
tenant 
of 
the 
premises, 
the 
amount 
of 
that 
right 
is 
stated 
as 
a 
separate 
component of the right of use and presented under the same heading 
as the latter. 
Lease discount rates 
The 
implicit 
contract 
rates 
are 
not 
generally 
known 
nor 
easily 
determined, 
specifically 
for 
building 
leases. 
Therefore, the 
Group has 
decided to 
use the 
lessees’ incremental 
borrowing rate 
to discount 
the rental 
pay-
ments as well as the amount of lease liabilities. 
The incremental borrowing rate is determined through 
a function of three factors specific to each contract: 
◾
the duration of the contract and the currency of the lessee 
entity, which together 
define the risk-free rate; 
◾
the country 
of the lessee, which defines the liquidity spread. 
The liquidity spread by country is defined centrally by the Group 
on basis of macroeconomic observations.
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
186 
 
CHANGES IN TANGIBLE AND INTANGIBLE 
FIXED ASSETS 
December 31, 2023
(In EUR thousand)
Gross book 
value as at 
January 1, 
2023
Acquisitions
Disposals
Changes in tran-
slation, consoli-
dation scope and 
reclassifications
Gross value as 
at December 
31, 2023
Accumulated 
depreciation 
and amortisa-
tion of assets 
at January 1 
Allocations to 
amortisation 
and deprecia-
tion in the year
Impairment of 
assets in the 
year
Reversals from 
amortisation 
and deprecia-
tion in the year
Other
Net book value 
as at Decem-
ber 31, 2023
Intangible assets
Software, EDP development 
costs
49 883
40
-
1 832
51 755
(46 458)
(1 927)
-
-
(854)
2 516
Internally generated assets
55 249
-
-
3 896
59 145
(43 877)
(5 325)
-
-
1
9 944
Assets under development
7 482
5 190
-
(4 983)
7 689
(2 126)
-
-
-
-
5 563
Others
6 104
-
-
-
6 104
(1 542)
-
-
-
42
4 604
Sub-total
118 718
5 230
-
745
124 693
(94 003)
(7 252)
-
-
(811)
22 627
Property and Equipment
Land and buildings
9 476
-
-
55 216
64 692
(6 851)
(1 590)
-
-
-
56 251
Assets under development
37 335
31 271
(130)
(65 790)
2 686
-
-
-
-
-
2 686
Others
67 500
6 815
-
11 468
85 783
(58 409)
(4 991)
-
-
(762)
21 621
Sub-total
114 311
38 086
(130)
894
153 161
(65 260)
(6 581)
-
-
(762)
80 558
Real estate
144 755
72 245
(39 474)
1 940
179 466
(76 890)
(21 769)
(6 937)
19 455
(6 148)
87 177
IT
4 500
604
(1 159)
(1)
3 944
(2 473)
(808)
-
1 159
-
1 822
Others
1 811
543
(276)
1
2 079
(1 380)
(387)
-
316
-
628
Right-of-use
151 066
73 392
(40 909)
1 940
185 489
(80 743)
(22 964)
(6 937)
20 930
(6 148)
89 627
Property and equipment, 
other intangible and right-
of-use assets
384 095
116 708
(41 039)
3 579
463 343
(240 006)
(36 797)
(6 937)
20 930
(7 721)
192 812

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
187 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2022
(In EUR thousand)
Gross book 
value as at 
January 1, 
2022
Acquisitions
Disposals
Changes in tran-
slation, consoli-
dation scope and 
reclassifications
Gross value as 
at December 
31, 2022
Accumulated 
depreciation 
and amortisa-
tion of assets 
at 1 January 
Allocations to 
amortisation 
and deprecia-
tion in the year
Impairment of 
assets in the 
year
Reversals from 
amortisation 
and deprecia-
tion in the year
Other
Net book value 
as at Decem-
ber 31, 2022
Intangible assets
Software, EDP development 
costs
48 170
638
-
1 075
49 883
(42 188)
(3 658)
-
-
(612)
3 425
Internally generated assets
47 566
-
-
7 683
55 249
(35 977)
(7 900)
-
-
-
11 372
Assets under development
9 929
5 680
-
(8 127)
7 482
(2 126)
-
-
-
-
5 356
Others
1 500
4 604
-
-
6 104
(1 500)
(42)
-
-
-
4 562
Sub-total
107 165
10 922
-
631
118 718
(81 791)
(11 600)
-
-
(612)
24 715
Property and Equipment
Land and buildings
9 492
-
(16)
-
9 476
(6 641)
(210)
-
-
-
2 625
Assets under development
20 088
18 318
(939)
(132)
37 335
-
-
-
-
-
37 335
Others
62 787
3 955
-
758
67 500
(52 552)
(5 424)
-
-
(433)
9 091
Sub-total
92 367
22 273
(955)
626
114 311
(59 193)
(5 634)
-
-
(433)
49 051
Real estate
134 133
9 310
-
1 312
144 755
(55 883)
(19 957)
-
-
(1 050)
67 865
IT
4 650
369
(519)
-
4 500
(2 063)
(930)
-
519
1
2 027
Others
1 741
241
(171)
-
1 811
(1 181)
(397)
-
171
27
431
Right-of-use
140 524
9 920
(690)
1 312
151 066
(59 127)
(21 284)
-
690
(1 022)
70 323
Property and equipment, 
other intangible and right-
of-use assets
340 056
43 115
(1 645)
2 569
384 095
(200 111)
(38 518)
-
690
(2 067)
144 089

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
188 
 
The Group’s tangible assets are classified as follows: 
Property Leases 
Most of the leases (>90%) involve building leases 
contracted for the lease of commercial 
and office spaces. 
The buildings in 
question consist in 
office buildings 
leased to the 
Group and its 
subsidi-
aries at Luxembourg level or the local head offices 
of foreign representation desks. 
Equipment Leases 
Other leases (<10%) are mainly related to the lease of 
vehicles. 
DETAILS OF THE EXPENSES ON LEASES 
12.31.2023
(In EUR thousand)
Real estate
Computer 
equipment
Others
Total
Lease
(26 809)
(891)
(717)
(28 417)
Interest expenses on lease liabilities
(2 997)
(10)
(11)
(3 018)
Depreciation charge for right-of-use assets 
(22 392)
(808)
(387)
(23 587)
Expense relating to short-term leases
(1 420)
(73)
(319)
(1 812)
Expense relating to leases of low-value assets
-
-
-
-
Expense relating to variable lease payments
-
-
-
-
12.31.2022 R
(In EUR thousand)
Real estate
Computer 
equipment
Others
Total
Lease
(22 292)
(1 085)
(806)
(24 183)
Interest expenses on lease liabilities
(385)
(5)
(1)
(391)
Depreciation charge for right-of-use assets 
(20 559)
(930)
(397)
(21 886)
Expense relating to short-term leases
(1 348)
(150)
(408)
(1 906)
Expense relating to leases of low-value assets
-
-
-
-
Expense relating to variable lease payments
-
-
-
-

 
 
 
 
 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
189 
 
 
 
 
NOTE 8.5. - FOREIGN EXCHANGE TRANSACTIONS 
ACCOUNTING PRINCIPLES 
At the consolidated statement of financial 
position date, monetary assets and 
liabilities denominated in for-
eign currencies are translated into Euro at 
the prevailing spot exchange rate. Realized or unrealized foreign 
exchange losses or gains are recognized 
in the consolidated income statement. 
Forward foreign exchange transactions are recognized at fair value based on the 
forward exchange rate for 
the remaining maturity. Spot foreign exchange positions are valued using the official spot rates prevailing at 
the end 
of the 
period. Unrealized 
gains and 
losses are 
recognized 
in the 
consolidated 
income statement 
under 
Net gains and 
losses on financial instruments 
at fair value 
through profit or loss
 
(see Note 7.3), 
except 
when hedge accounting 
is applied to 
a cash-flow hedge 
transaction or to 
a hedge of 
a net investment 
in a 
foreign currency operation (see Note 3.5). 
Non-monetary financial 
assets denominated 
in foreign 
currencies, including 
shares and 
other variable 
in-
come securities that 
are not part 
of the trading 
portfolio, are converted 
into the entity’s 
functional currency 
at the spot exchange rate prevailing at the end of the period. 
Foreign 
exchanges 
losses 
or 
gains 
are 
recognised 
either 
in 
the 
income 
statement 
under 
Net 
gains 
and 
losses on 
financial 
instruments at 
fair value 
through 
profit or 
loss
, or 
under other 
comprehensive income 
(Unrealised and deferred gains and 
losses), depending on the accounting 
of the gains or losses 
relative to 
these assets/liabilities. 
The main spot exchange rates used December 31, 2023 are 
described in the Note 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BREAKDOWN OF ASSETS AND LIABILITIES BY CURRENCY 
The 
table 
presents 
the 
split 
of 
assets 
and 
liabilities 
by 
currency, 
countervalued 
in 
Euro 
as 
of 
December 31, 2023 and December 31, 2022. 
12.31.2023
12.31.2022 R
(In EUR thousand)
Assets
Liabilities
Assets
Liabilities
EUR
46 588 588
46 317 138
45 591 258
43 940 718
USD
10 766 851
12 736 336
12 526 782
15 396 531
GBP
3 197 901
3 595 360
2 814 344
3 389 397
JPY
2 000 733
2 025 898
2 892 412
2 882 876
AUD
69 491
79 994
75 825
85 728
CZK
47 613
46 789
5 213
5 291
RUB
210
197
500
330
RON
139
135
115
93
CHF
3 085 375
844 781
2 846 906
1 212 461
SEK
106 580
88 407
161 738
123 722
DKK
133 480
101 886
224 938
120 524
Other currencies
366 670
526 710
746 336
728 696
Total
66 363 631
66 363 631
67 886 367
67 886 367
 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
190 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 8.6. - FEES PAID TO STATUTORY 
AUDITORS 
In accordance 
with the 
requirements of 
article 107 
(15) of 
the banking 
law dated 
June 17, 
1992, as 
amended, 
and of article 
10 (2) g) 
of the EU 
Regulation 537-2014, 
the fees paid 
to the Group's 
independent auditors, 
Ernst & 
Young, 
during 
2023 
and 
2022 
fiscal 
years 
in 
relation 
with 
Société 
Générale 
Luxembourg 
Group 
were as follows : 
(In EUR thousand)
12.31.2023
12.31.2022 R
Statutory audit of the consolidated financial statements
(1 486)
(1 206)
Other assurance services
(181)
(354)
Tax consulting services
-
-
Other services
-
-
Total
(1 667)
(1 560)
.

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
191 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 8.7.- TRANSACTIONS WITH RELATED PARTIES 
The Group 
enters into 
transactions with 
its parent 
company Société 
Générale and 
Société Générale 
sub-
sidiaries. 
Other 
related 
parties 
refer 
to 
entities 
which 
are 
part 
of 
Group 
Société 
Générale 
with 
no 
direct 
equity link or with no full or joint control and with no significant influence from Société Générale. The follow-
ing table shows the outstanding balance at year end. 
OUTSTANDING ASSETS AND LIABILITIES WITH RELATED 
PARTIES 
As at 12.31.2023
(in EUR thousand)
Headquarter
Subsidiaries 
Other related 
parties
Total
ASSETS
Financial assets at fair value though profit or loss
24 295
48 043
176 791
249 129
Hedging derivatives
156 499
-
26
156 525
Financial assets at fair value through other comprehen-
sive income
-
-
-
-
Financial assets at amortised cost
20 452 006
37 158
5 022 790
25 511 954
Others
65 349
1 283
4 245
70 877
TOTAL 
20 698 149
86 484
5 203 852
25 988 485
LIABILITIES 
-
-
-
-
Financial liabilities at fair value through profit or 
loss
24 296
-
47
24 343
Hedging derivatives
2 325
-
-
2 325
Customer deposits
17 570
227 101
11 301 437
11 546 108
Financial liabilities at amortised cost
21 423 310
2 325
95 873
21 521 508
Others
244 936
-
12 221
257 157
TOTAL 
21 712 437
229 426
11 409 578
33 351 441
As at 12.31.2022 R
(in EUR thousand)
Headquarter
Subsidiaries 
Other related 
parties
Total
ASSETS
Financial assets at fair value though profit or loss
116 130
39 816
249 141
405 087
Hedging derivatives
172 308
-
38
172 346
Financial assets at fair value through other comprehen-
sive income
-
-
62 790
62 790
Financial assets at amortised cost
19 547 170
37 776
6 593 006
26 177 952
Others
10 038
2 265
4 176
16 479
TOTAL 
19 845 646
79 857
6 909 151
26 834 654
LIABILITIES 
-
-
-
-
Financial liabilities at fair value through profit or loss
51 235
-
-
51 235
Hedging derivatives
14 899
-
12
14 911
Customer deposits
20 421
119 116
9 817 815
9 957 352
Financial liabilities at amortised cost
21 029 770
-
28 435
21 058 205
Others
309 810
-
9 069
318 879
TOTAL 
21 426 135
119 116
9 855 331
31 400 582
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
192 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET BANKING INCOME FROM RELATED PARTIES 
2023
(in EUR thousand)
Headquarter
Subsidiaries
Other related 
parties
Total
Interest and similar income 
56 466
(1 590)
(365 689)
(310 813)
Fees
(3 581)
11 892
(20 387)
(12 076)
Net gains and losses from financial transactions
(24 673)
(1)
187 097
162 423
Income from other activities
1 134
-
-
1 134
Net banking income
29 346
10 301
(198 979)
(159 332)
General Administrative expense
(43 610)
1 146
(10 636)
(53 100)
Gross operating income
(14 264)
11 447
(209 615)
(212 432)
Cost of risk
-
-
-
-
Operating income
(14 264)
11 447
(209 615)
(212 432)
Consolidated Net Income before tax
(14 264)
11 447
(209 615)
(212 432)
Tax expenses
-
-
-
-
Consolidated Net Income
(14 264)
11 447
(209 615)
(212 432)
2022 R
(in EUR thousand)
Headquarter
Subsidiaries
Other related 
parties
Total
Interest and similar income 
6 867
1 112
(60 358)
(52 379)
Fees
(16 516)
11 536
(18 446)
(23 426)
Net gains and losses from financial transactions
279 962
-
81 753
361 715
Income from other activities
1 716
2 601
-
4 317
Net banking income
272 029
15 249
2 949
290 227
General Administrative expense
(46 669)
2 035
(9 973)
(54 607)
Gross operating income
225 360
17 284
(7 024)
235 620
Cost of risk
-
-
-
-
Operating income
225 360
17 284
(7 024)
235 620
Consolidated Net Income before tax
225 360
17 284
(7 024)
235 620
Tax expenses
-
-
-
-
Consolidated Net Income
225 360
17 284
(7 024)
235 620
COMMITMENTS TO RELATED PARTIES 
12.31.2023
(in EUR thousand)
Headquarter
(1)
Subsidiaries
Other related par-
ties
Total
Commitments granted
8 022 888
-
90 998
8 113 886
Commitments received
13 884 345
-
811 744
14 696 089
Derivative financial assets commitments
5 689 064
-
112
5 689 176
Derivative financial liabilities commitments
5 689 670
-
-
5 689 670
TOTAL 
33 285 967
-
902 854
34 188 821
(1) 
The commitments towards Headquarters include the fiduciary notes issued by the Group and disclosed in 
Note 3.10. 
12.31.2022 R
(in EUR thousand)
Headquarter
(1)
Subsidiaries
Other related par-
ties
Total
Commitments granted
8 277 375
-
225 815
8 503 190
Commitments received
13 094 368
-
1 033 034
14 127 402
Derivative financial assets commitments
9 425 849
-
394
9 426 243
Derivative financial liabilities commitments
9 876 688
-
-
9 876 688
TOTAL 
40 674 280
-
1 259 243
41 933 523
(1) 
The commitments towards Headquarters include the fiduciary notes issued by the Group and disclosed in 
Note 3.10. 

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
193 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EMPLOYEE BENEFITS FOR KEY MANAGEMENT PERSONNEL 
Key management 
personnel 
include 
the 
authorized 
management 
of 
the 
Group, 
their 
respective 
spouses 
and any children 
residing in 
the family 
home, subsidiaries 
which are 
controlled either 
exclusively or 
jointly 
by the Group, and companies over which the Group exercises 
significant influence. 
(in EUR thousand)
12.31.2023
12.31.2022 R
Short-term benefits
1 704
1 146
Post-employment benefits
-
3
Long-term benefits
167
215
Share-based payments
315
159
Total
2 186
1 523
Share-based payments are deferred payments in actions from 
Société Générale Group.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 9 – NOTE ON RISK EXPOSURES 
The understanding, 
identification, 
mitigation 
and 
management 
of risk 
are essential 
elements 
for the 
suc-
cessful management of the 
Group. The Group deployed 
a strategy to ensure 
the implementation of 
robust 
and efficient risk management and monitoring 
organization where the main objective is: 
◾
to contribute to the development of the Group's business 
lines by optimizing the overall profitability 
in consideration of assumed risks; 
◾
to ensure the Group’s sustainability by rolling out a high-performance organization 
for the analysis, 
valuation and monitoring of risks: global risk policies and procedures define the framework for con-
trolling all types 
of risks by 
describing the methods 
used, defining limits, 
as well as 
setting escalation 
procedures; 
◾
to provide the Authorized Management and the Board of Directors with a comprehensive, objective 
and relevant overview of the risks; 
◾
to design dedicated risk 
monitoring reports sent 
and presented to 
the Chief Risk 
Officer (CRO) on 
a regular basis; 
◾
to ensure that the 
risk limits are compatible with 
the Group’s strategy, business model and structure 
through an effective 
risk appetite 
framework, which 
defines the 
level of risk 
the Group 
is willing to 
take in order to achieve its strategic and financial goals; 
◾
to 
ensure 
compliance 
with 
banking 
regulation 
requirements 
by 
submitting 
regular 
reports 
to 
the 
regulators (CSSF, 
ECB, EBA and BCL), taking part in regulatory discussions and analyzing all new 
requirements related to risk management that could affect 
the regulatory monitoring of the Group’s 
activities. 
The governance 
of risk 
management relies 
on an active 
involvement from 
all the 
company's managers, 
a 
clear and 
well-defined structure 
of internal 
rules, procedures 
and, monitoring 
actions, performed 
by inde-
pendent operational management teams, to structure the underwriting 
of new risks. 
SG Luxembourg's 
Enterprise 
Risk Committee, 
chaired 
by the 
Chief Executive 
Officer, 
meets quarterly 
to 
review risk management 
and, if necessary, to determine 
whether to accept 
risks or to 
decide how to 
manage 
them. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
194 
 
 
 
It aims to: 
■ 
inform the Executive Management about the 
nature and magnitude of the risks 
to which the Group 
is exposed and to provide analyses of the credit portfolio on 
a periodic basis; 
■ 
find possible remedial measures for identified risks; 
■ 
examine provisions from a prudential perspective; 
■ 
report on the 
progresses of each Risk 
Department initiatives finalized to 
manage each counterparty, 
market, credit and operational risk. 
To 
reflect 
a proper 
management 
of risk 
and develop 
an integrated 
risk 
culture, the 
Group 
has set 
up an 
effective Risk Management organization, encompassing 
the relevant risks coming from its activities. 
The overall 
Risk Management 
framework 
remains under 
the CRO’s 
responsibility, 
who is 
responsible 
for 
providing any relevant information on risks to the Authorized 
Management. 
The CRO delegates the day-to-day supervision of the department to 
the Head of the Group’s Risk Manage-
ment. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 9.1. - CREDIT RISK 
Credit risk is 
defined by the 
Group as the 
risk of loss 
resulting from the 
inability of the 
Group's customers, 
sovereign 
issuers 
or 
other 
counterparties 
to 
honor 
their 
financial 
commitments. 
This 
risk 
may 
be 
further 
amplified by individual, country and sector concentration. 
It includes: 
■ 
the risk linked to securitisation activities; 
■ 
the underwriting risk 
which is the 
risk of loss 
arising from debt 
syndication activities where the 
Group 
fails to meet its final take target due 
to market conditions, inaccurate analysis of investor’s demand, 
miscalculated credit 
profile or 
credit deterioration 
of the 
borrower during 
the syndication 
phase of 
the loan/the bond. 
It also includes the counterparty risk relating to the market 
activities conducted by the Group entities. 
The 
Group 
has 
established 
a 
Global 
credit 
risk 
policy 
covering 
all 
of 
its 
activities 
that 
specified 
the 
risk 
tolerance of the 
various business 
lines and 
establishes a number 
of common 
principles relating 
to the ac-
ceptance and monitoring of risk. This policy has been 
validated by the Group's Board of Directors. 
The risks approval complies with rules common to all 
business lines: 
◾
all transactions 
resulting in 
a counterparty 
risk, are 
subject to 
a prior 
analysis, finalized 
to 
credit risk monitoring and to an authorization process; 
◾
the Group's 
internal organization 
makes appropriate 
arrangements to 
monitor clients' 
cre-
ditworthiness; 
◾
with the support from their associated risk 
departments, the business lines are responsible 
for analyzing and approving risk insofar as their delegations 
of authority permit; 
◾
the comparison 
of the 
commercial interest, 
driven by 
a profitability/risk 
pairing on 
the one 
hand, and the 
independent opinion of 
the risk departments 
on the 
other hand, supports 
the decision-
making. In the event of a 
disagreement between the parties, the decision is subject to 
an arbitration 
process; 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
195 
 
 
 
 
 
 
◾
all decisions in respect of 
the granting of credit must 
automatically take into account the 
risk 
ratings attributed internally 
to the 
counterparties, communicated by 
the business lines 
and approved 
by the SG Luxembourg Group's risk management team. 
Private Banking 
division loans 
are predominantly 
granted to 
Ultra High 
Networth 
clients who 
hold assets 
with this 
department, or 
prospect to 
have a 
significant 
potential development 
for Private 
Banking division 
target. The credit approach relies on the assessment of the ability of the debtor to repay on time (and 
more 
generally to 
meet its 
obligations under 
the credit 
documentation), on 
the economical 
rationale of 
the pro-
posed transaction, on the appraisal of 
the collateral and finally on the Group's 
operational capacity to track 
changes 
in 
each 
loan's 
collateral. 
Loan 
to 
Value 
is 
determined 
by 
applying 
haircuts 
to 
the 
value 
of 
the 
collateral that 
are based 
on its 
quality, 
liquidity, 
volatility, 
and the diversity 
of its 
assets. The 
Group imple-
ments a 
daily monitoring 
mechanism 
for detecting 
deterioration 
in collateral 
and 
defining, with 
its clients, 
measures for regularizing shortfalls. 
For corporate and institutional 
clients, the acceptance 
of any credit commitment 
is based on a credit 
appli-
cation including a 
detailed analysis of 
financial performance 
of the client 
and of the 
purpose, the structure 
and the sources of debt repayment. 
In a 
credit transaction, 
risk acceptability 
is based, 
first, on 
the borrower’s 
ability to 
meet its 
commitments 
and so to 
repay its debt, through the 
cash flows. For medium and 
long-term operations, the funding duration 
must remain 
compatible 
with 
the economic 
life of 
the 
financed asset 
and the 
visibility horizon 
of the 
bor-
rower’s cash flow. 
The Group has specific 
credit policies and/or 
limits for sectors 
or types of credit 
transactions which have 
a 
specific or intrinsically higher 
concentration risk profile. In 
addition, certain types of transactions 
benefit from 
the expertise off specialized 
business line teams 
within Société Générale Group 
(in particular: LBOs, 
financ-
ing of 
real estate 
professionals, securitization, hedge 
fund transactions, commodities 
trade financing, 
aircraft 
and shipping, and project financing). 
A Credit 
Committee, chaired 
by an 
approved member 
from SG 
Luxembourg's General 
Management, ap-
proves the Group’s main exposures within the limits 
of the Committee's delegated responsibilities. The Risk 
Department is responsible for monitoring exposure, compiling 
reports and when necessary issuing alerts 
as 
well as for the regular update of analyses. 
CREDIT RISK CONSIDERATIONS 
UNDER IFRS 9 
ESTIMATING EXPECTED CREDIT LOSSES 
The Group 
is exposed 
to counterparty 
and concentration 
risks, which 
may have 
a material 
adverse effect 
on the Group’s 
business, economic results 
and financial position. 
The Group is 
exposed to credit 
risk with 
respect to numerous counterparties in 
the ordinary course of its 
trading, lending, issuing and deposit-taking, 
clearing, settlement 
and other 
activities. These 
counterparties include, 
among others, 
institutional clients, 
brokers 
and 
dealers, 
commercial 
and 
investment 
banks, 
corporates, 
clearing 
houses, 
hedge 
funds, 
and 
sovereign states. 
The Group 
may realise 
losses if 
a counterparty 
defaults on 
its obligations, 
if the 
Group 
encounters legal or other difficulties in enforcing its collateral or/and if the value 
of the collateral is not suffi-
cient to fully recover the exposure. 
In order to 
protect itself, the 
Group performs hedging 
activities and other 
risk management 
strategies also 
through transactions 
with financial 
services counterparties. 
Any default 
or insolvency 
on the 
part of 
these 
counterparties may impair the effectiveness of the Group’s 
hedging and risk management strategies. 
Following the 
financial crisis, 
regulators have 
encouraged or 
imposed the 
mandatory 
netting of 
certain fi-
nancial instruments formerly traded over-the-counter. 
This has increased the exposure of the Group and of 
other 
financial 
market 
participants 
to 
clearing 
houses: 
the 
default 
of 
any 
one 
of 
them 
or 
of 
one 
of 
their 
members could affect the financial markets and 
could have negative consequences for the Group. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
196 
 
 
 
 
 
 
 
 
 
 
Consequently, 
the 
default 
of 
one 
or 
more 
significant 
counterparties 
of 
the 
Group 
could 
have 
a 
material 
adverse effect on the Group. 
This risk is increased if exposures are 
concentrated on a particular counterparty, borrower or issuer (includ-
ing sovereign issuers), 
or on a 
particular country 
or industry. 
The devices and 
methods the Group 
uses to 
ensure the diversification of its credit and counterparty risks, 
could be insufficient or defective in preventing 
the concentration of credit 
risk. Such a 
concentration could result 
in losses for the 
Group, even when 
eco-
nomic and market conditions are generally 
favourable for its competitors and may 
have a material adverse 
impact. 
The Group’s results of operations and financial position could 
be adversely affected by a late or insufficient 
provisioning of credit exposures. 
The Group regularly records provisions 
for loan losses on 
its lending activities in 
order to anticipate as 
much 
as 
possible 
the 
occurrence 
of 
such 
losses 
and 
moderate 
the 
volatility 
of 
its 
results. 
The 
amount 
of 
loan 
provisions is based 
on the most 
accurate assessment 
to date of 
it’s recoverability. 
This assessment relies 
on an analysis 
of the current 
and prospective 
situation of 
the borrower 
as well as 
an analysis of 
the value 
and recoverability of the debt, taking into 
account any security interests. In some 
cases (loans to individual 
customers), the provisioning 
method may be 
based on the 
use of statistical 
models and of 
loss and historical 
data. 
The Group could be required to substantially increase its loan provision, following an 
increase in defaults or 
a re-evaluation of recovery prospects. 
Since January 
1, 2018, 
the 
Group has 
been recording 
provisions on 
performing 
loans 
under 
the IFRS 
9 
accounting standard. This 
assessment is based on 
probabilities of default 
statistical models on 
default po-
tential 
losses, 
which 
take 
into 
account 
a 
prospective 
analysis 
based 
on 
macroeconomic 
scenarios. 
The 
Group’s cost 
of risk could 
be negatively 
impacted by 
a proven or 
anticipated deterioration 
in the quality 
of 
the outstanding loan portfolios 
or macroeconomic prospects. In 
addition, IFRS 9 accounting 
standard prin-
ciples and provisioning models could be pro-cyclical in the event of a sharp and sudden deterioration in the 
environment or can generate enhanced volatility 
in the event of 
fluctuations in the economic prospects. This 
could lead to a significant and/or not fully anticipated change in the cost of risk and therefore in the Group's 
results. 
Accounting policies which govern the outstandings to be provisioned as well as the principles for classifica-
tion in stages of provisioning are described in Note 3.9. 
RISK MEASUREMENT AND INTERNAL RATINGS 
To 
calculate its capital requirements under 
the IRB method, the Group 
estimates its Risk-Weighted 
Assets 
(RWA) and the Expected 
Loss (EL) that 
may be incurred 
with regard 
the nature of 
the transaction, the 
quality 
of the counterparty and all measures taken to mitigate 
risk; 
To 
calculate its RWA, 
the Group uses its own Basel parameters, 
which are estimated using its internal 
risk 
measurement system: 
◾
the Exposure 
at Default 
(EAD) value 
is defined 
as the 
Group’s exposure 
in the 
event that 
the counterparty should 
default. The EAD 
includes exposures recorded 
on the statement 
of financial 
position 
(loans, 
receivables, 
accrued 
income, 
market 
transactions, 
etc.), 
and 
a 
proportion 
of 
off-
balance sheet exposures calculated using internal or regulatory 
Credit Conversion Factors (CCF); 
◾
the Probability of 
Default (PD): the 
probability that 
a counterparty 
of the Group 
will default 
within one year; 
◾
the Loss 
Given Default 
(LGD): the 
ratio between 
the loss 
incurred on 
an exposure 
in the 
event a counterparty defaults and the amount of the exposure 
at the time of the default. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
197 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Group also takes into account: 
o
 
the impact of guarantees and credit derivatives, by 
substituting the PD, the LGD and 
the risk-weighting 
calculation of the guarantor 
for that of the 
obligor (the exposure is 
considered to be 
a direct exposure 
to the 
guarantor) in 
the event 
that the 
guarantor’s risk 
weighting is 
more favourable 
than that 
of the 
obligor; 
o
 
collateral used as guarantees (physical or financial). This impact is factored in either at the level of the 
LGD models for the pools concerned or on a line-by-line 
basis. 
ANALYSIS OF GROSS OUTSTANDINGS 
AND PROVISIONS FOR CREDIT RISK 
The following 
tables detail 
the outstandings 
provisioned (balance 
sheet and 
off-balance 
sheet) subject 
to 
impairment in accordance with IFRS 9 provisions by stage. 
The perimeter includes: 
◾
securities (excluding 
securities received 
under repurchase 
agreements), customer 
loans and 
due 
from banks measured at amortised cost; 
◾
financing and guarantee commitments.

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
198 
 
Table 1: Basel portfolio 
breakdown of provisioned outstandings 
12.31.2023
12.31.2022 R
(In EUR thousand)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Sovereign
1 007
-
-
1 007
4 281
-
-
4 281
Institutions
23 683 190
-
-
23 683 190
22 624 360
-
-
22 624 360
Corporates
28 022 450
719 727
172 524
28 914 701
28 660 790
992 958
419 778
30 073 526
Retail
3 488 985
107 330
74 792
3 671 107
3 751 609
64 484
52 447
3 868 540
Total
55 195 632
827 057
247 316
56 270 005
55 041 040
1 057 442
472 225
56 570 707
Institutions are credit institutions (such as banks) or an investment firms (professional entities of financial sector) 
Sovereign means nations and governments as well as agencies and entities owned by governments and central banks 
Corporates are companies and entities with legal personality and a defined purpose among various activity sectors, and different from institutions 
Retail are single persons, group of persons or small or medium size enterprise acting for their own. 
Table 2: Geographical 
breakdown of provisioned outstandings based on the 
tax residency 
12.31.2023
12.31.2022 R
(In EUR thousand)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
 
Total
Luxembourg
9 060 481
200 994
10 050
9 271 525
9 414 740
239 004
19 534
9 673 278
Africa and Middle East
1 599 546
2 023
10 674
1 612 243
1 912 386
99 138
5 801
2 017 325
Asia Pacific
380 913
16 657
-
397 570
616 780
-
-
616 780
Eastern Europe (excluding EU)
121 086
100 653
68 639
290 378
26 991
331 352
227 033
585 376
Eastern Europe EU
55 392
0
-
55 392
21 977
-
-
21 977
Latin America and Caribbean
1 511 258
-
53 112
1 564 370
1 922 311
24 583
51 538
1 998 432
North America
1 249 074
103 362
-
1 352 436
1 776 149
-
-
1 776 149
Western Europe (excluding Luxembourg)
41 217 882
403 368
104 841
41 726 091
39 349 706
363 365
168 319
39 881 390
Total
55 195 632
827 057
247 316
56 270 005
55 041 040
1 057 442
472 225
56 570 707

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
199 
 
Table 3: Basel portfolio 
breakdown of provisions and impairment for credit 
risk 
12.31.2023
12.31.2022 R
(In EUR thousand)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Sovereign
0
- 
- 
0
1
- 
- 
1
Institutions
688
- 
- 
688
717
- 
- 
717
Corporates
16 944
37 315
18 233
72 492
17 505
133 070
70 808
221 383
Retail
6 002
241
19 910
26 153
6 050
232
12 095
18 377
Total
23 634
37 556
38 143
99 333
24 273
133 302
82 903
240 478
Table 4: Geographical 
breakdown of provisions and impairment for credit risk 
based on the tax residency 
12.31.2023
12.31.2022 R
(In EUR thousand)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
 
Total
Luxembourg
4 988
14 193
4 802
23 983
2 865
26 013
4 362
33 240
Africa and Middle East
454
11
3 819
4 284
460
41
3 695
4 196
Asia Pacific
137
11
-
148
98
-
-
98
Eastern Europe (excluding EU)
4
21 739
5 917
27 660
16
69 132
46 101
115 249
Eastern Europe EU
12
-
-
12
8
-
-
8
Latin America and Caribbean
137
-
-
137
219
43
5 128
5 390
North America
209
575
-
784
367
-
-
367
Western Europe (excluding Luxembourg)
17 693
1 027
23 605
42 325
20 240
38 073
23 617
81 930
Total
23 634
37 556
38 143
99 333
24 273
133 302
82 903
240 478

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
200 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Table 5: Provisioned 
outstandings, provisions and impairment for credit 
risk by rating of counterparty 
12.31.2023
Provisioned outstandings 
Impairment and Provisions
(in EUR thousand)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
1
3 800
20
- 
3 820
- 
- 
- 
- 
2
655 000
- 
- 
655 000
17
- 
- 
17
3
26 014 700
- 
- 
26 014 700
592
- 
- 
592
4
2 930 573
- 
- 
2 930 573
906
- 
- 
906
5
2 711 346
29 083
- 
2 740 429
2 361
476
- 
2 837
6
195 068
403 235
- 
598 303
905
36 353
- 
37 258
7
13 779
- 
- 
13 779
- 
- 
- 
- 
Default (8,9,10)
- 
- 
247 316
247 316
- 
- 
38 143
38 143
Other method 
(1)
22 671 366
394 719
- 
23 066 085
18 853
727
- 
19 580
TOTAL 
55 195 632
827 057
247 316
56 270 005
23 634
37 556
38 143
99 333
(1) 
Other method corresponds mainly to the retail methodology described in Note 9.1. 
12.31.2022 R
Provisioned outstandings 
Impairment and Provisions
(in EUR thousand)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
1
622
- 
- 
622
- 
- 
- 
- 
2
898 724
- 
- 
898 724
25
- 
- 
25
3
26 851 506
- 
- 
26 851 506
634
45
- 
679
4
3 117 769
159 470
- 
3 277 239
706
412
- 
1 118
5
1 853 773
72 312
- 
1 926 085
2 206
14 625
- 
16 831
6
69 259
689 900
- 
759 159
1 083
116 906
- 
117 989
7
272
6 432
- 
6 704
- 
655
- 
655
Default (8,9,10)
- 
- 
472 225
472 225
- 
- 
82 903
82 903
Other method 
(1)
22 249 115
129 328
- 
22 378 443
19 619
659
- 
20 278
TOTAL 
55 041 040
1 057 442
472 225
56 570 707
24 273
133 302
82 903
240 478

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
201 
 
Table 6: Provisioned 
outstandings, provisions and impairment for credit 
risk by sector 
12.31.2023
Provisioned outstandings 
Impairment and Provisions
(In EUR thousand)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Central administrations
1 007
-
-
1 007
-
-
-
-
Credit institutions
23 683 190
-
-
23 683 190
688
-
-
688
Other financial corporations 
16 388 136
9 438
10 048
16 407 622
2 522
71
4 850
7 443
Non-financial corporations
(1)
11 634 314
710 289
162 476
12 507 079
14 422
37 244
13 383
65 049
Retail customers
3 488 985
107 330
74 792
3 671 107
6 002
241
19 910
26 153
TOTAL 
55 195 632
827 057
247 316
56 270 005
23 634
37 556
38 143
99 333
(1) Detail of non-financial corporations : 
(in EUR thousand)
12.31.2023
Mining and quarrying
437 801
Manufacturing
880 941
Electricity, gas, steam and air conditioning supply
199 380
Water supply
20 112
Construction
186 305
Wholesale and retail trade
682 301
Transport and storage
938 032
Accommodation and food service activities
225 275
Information and communication
73 074
Real estate activities
533 987
Professional, scientific and technical activities
564 951
Administrative and support service activities
4 494 605
Other services
3 270 315
Total 
12 507 079

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
202 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12.31.2022 R
Provisioned outstandings 
Impairment and Provisions
(In EUR thousand)
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Central administrations
4 281
-
-
4 281
1
-
-
1
Credit institutions
22 624 362
-
-
22 624 362
717
-
-
717
Other financial corporations 
14 804 461
11 428
10 536
14 826 425
2 191
715
757
3 663
Non-financial corporations
(1)
13 856 329
981 531
409 241
15 247 101
15 314
132 353
70 050
217 717
Retail customers
3 751 609
64 484
52 447
3 868 540
6 050
232
12 095
18 377
TOTAL 
55 041 042
1 057 443
472 224
56 570 709
24 273
133 300
82 902
240 475
(1) Detail of non-financial corporations : 
(in EUR thousand)
12.31.2022 R
Mining and quarrying
725 578
Manufacturing
1 469 288
Electricity, gas, steam and air conditioning supply
382 279
Water supply
-
Construction
153 027
Wholesale and retail trade
395 101
Transport and storage
1 192 127
Accommodation and food service activities
262 960
Information and communication
205 776
Real estate activities
564 168
Professional, scientific and technical activities
728 933
Administrative and support service activities
5 595 106
Other services
3 572 758
Total 
15 247 101
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
203 
 
Table 7: Provisioning 
of doubtful loans 
(In EUR thousand)
12.31.2023
12.31.2022
Gross book outstandings
56 270 005
56 570 707
Doubtful loans
247 316
472 225
GROSS DOUBTFUL LOANS RATIO
0,4%
0,8%
Stage 1 provisions 
23 634
24 273
Stage 2 provisions 
37 556
133 302
Stage 3 provisions 
38 143
82 903
GROUP GROSS DOUBTFUL LOANS COVERAGE 
RATIO (STAGE 3 PROVISIONS / DOUBTFUL LOANS)
15%
18%
Scope: customer loans, amounts due from 
banks, operating leases, lease financing and similar agreements.

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
204 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ANALYSIS 
OF MAXIMUM CREDIT RISK EXPOSURE 
The following table shows the maximum exposure to credit risk by class 
of financial asset and commitment. 
It also shows the total collateral fair value. 
Any collateral 
surplus 
(fair 
value of 
collateral 
held is 
greater than 
the 
exposure 
to which 
it relates) 
is not 
presented. 
12.31.2023
12.31.2022 R
(In EUR thousand)
Credit risk ex-
posures
Collateral
Credit risk ex-
posures
Collateral
Financial assets at fair value through profit or loss
-
-
-
-
Hedging derivatives
156 525
-
217 206
-
Financial assets at fair value through other comprehensive 
income
1 539 911
96 202
2 067 407
158 321
Securities at amortised cost
9 953 229
9 317 315
9 291 435
8 697 121
Due from banks at amortised cost 
(1)
23 067 296
2 408 383
21 990 338
2 178 874
Customer loans at amortised cost
(2)
17 633 172
15 377 108
19 965 886
17 043 806
Other assets
117 992
-
122 450
-
Total
52 468 125
27 199 008
53 654 721
28 078 122
Loan commitments
4 432 441
1 686 224
4 045 213
1 599 900
Financial guarantees
1 086 142
315 848
1 021 585
130 789
Other commitments
266 127
-
68 162
-
Total
5 784 710
2 002 072
5 134 960
1 730 689
(1) Below is detailed the financial effect of the collateral related to due from banks at amortised cost as of December 
31: 
DUE FROM BANKS AT AMORTISED COST 
(In EUR thousand)
12.31.2023
12.31.2022 R
Other collateralized loans
2 343 355
2 178 860
Cash
2 170 772
2 061 339
Other
172 583
117 521
Financial guarantees received
65 028
14
(2) Below are detailed the financial effect of the collateral related to customers loans at amortised cost as of December 
31: 
CUSTOMERS LOANS AT AMORTISED COST 
(In EUR thousand)
12.31.2023
12.31.2022 R
Mortgage loans
3 073 106
3 044 988
Residential
2 715 950
2 745 841
Commercial
357 156
299 147
Other collateralized loans
6 325 086
6 140 244
Cash
2 367 377
2 179 743
Others
3 957 709
3 960 501
Financial guarantees received
5 978 916
7 858 574
Total
15 377 108
17 043 806
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
205 
 
 
 
 
 
 
 
COLLATERAL AND OTHER CREDIT ENHANCEMENTS 
The amount and type of 
collateral required depends on an assessment of the 
credit risk of the counterparty. 
Guidelines are in place covering the acceptability and valuation 
of each type of collateral. 
The main types of collateral obtained are the following: 
◾
for securities lending and reverse repurchase transactions, cash 
or securities; 
◾
for commercial lending, charges over real estate properties, 
inventory and trade receivables; 
◾
for retail lending, mortgages over residential properties. 
The Group also obtains guarantees from parent companies 
for loans to their subsidiaries. 
For securities collateral, 
a loan to 
Value is determined by applying 
discounts to the value 
of the surety 
based 
on its quality, liquidity, 
volatility, and 
the diversity of its assets. 
The Risk department monitors 
the market value and 
the loanable value of 
collateral and can 
request addi-
tional collateral in accordance with the underlying agreement. 
For real estate, 
the Société Générale 
Group obtains a 
detailed real estate expert 
appraisal, including market 
analysis by an independent company for all 
financing of more than 3 M€ for 
residential real estate and 1 M€ 
for commercial 
real estate. 
A loan to 
value is 
also determined, 
generally between 
30 and 85% 
depending 
on the type of credit and the 
location. The location of the assets is limited to 
the following countries: France, 
Monaco, 
Switzerland, 
Luxembourg, 
and 
the 
UK 
and 
on 
a 
punctual 
and 
on 
a 
case-by-case 
basis 
: 
Italy, 
Spain, Germany. 
In its normal course of business, the Group 
does not physically retain properties or 
other assets in its retail 
portfolio, but engages external agents to recover funds 
generally at the auctions to settle outstanding debt. 
Any surplus funds 
are returned to 
the customers/obligors. 
As a result 
of this practice, 
the residential prop-
erties under legal repossession 
processes are not recorded 
on the consolidated 
statement of financial 
po-
sition and treated as non-current held for sale. 
CREDIT QUALITY OF FINANCIAL ASSETS THAT ARE NEITHER PAS 
T 
DUE NOR INDIVIDUALLY IMPAIRED 
The Société Générale Group records Expected Credit Losses on financial assets, financial guarantees and 
other financial commitments 
on the basis of 
Société Générale Group 
calculation rules defined 
in Note 3.9. 
The Société Générale Group 
determines that “individually impaired” financial 
assets refer mainly to 
financial 
assets classified in Stage 3 under IFRS 9. 
Analysis of risk exposure by rating 
On the Corporate portfolio, the Société Générale Group 
manages the credit quality of financial assets using 
internal risk ratings. 
It is the 
Société Générale Group’s 
policy to maintain 
accurate and consistent 
risk ratings 
across the credit portfolio. This 
facilitates focused management of 
the applicable risks and the comparison 
of credit exposures 
across all business 
lines, geographic regions,sectors 
and products. The 
rating system 
is supported by a variety 
of financial analytics, combined 
with processed market 
information to provide the 
main inputs for the measurement of counterparty risk. 
All internal risk ratings are tailored to the various categories and are derived in accordance with the Société 
Générale Group’s rating policy. 
Internal rating is based on 
a detailed analysis of qualitative 
and financial information of the 
counterparty, the 
economic, sector or juridical background, etc. 
The internal ratings are regularly assessed and reviewed 
by the Risk Division. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
206 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The rating determines the level of probability 
of default of the counterparty and 
is directly influenced by the 
level of risk weight. There’s a correspondence 
between internal and external ratings (see table hereafter). 
Counterparty internal rating
Indicative equivalent 
FitchRatings
Indicative equivalent 
Moody’s
Indicative equivalent 
S&P
Probability of Default 
(one year)
1
AAA
Aaa
AAA
0.01%
2
AA+ à AA-
Aa1 à Aa3
AA+ à AA-
[0.01% -0.03%]
3
A+ à A-
A1 à A3
A+ à A-
[0.03% -0.09%]
4
BBB+ à BBB-
Baa1 à Baa3
BBB+ à BBB-
[0.09% -0.74%]
5
BB+ à BB-
Ba1 à Ba3
BB+ à BB-
[0.74% -3.88%]
6
B+ à B-
B1 à B3
B+ à B-
[3.88% -12.79%]
7
CCC+ à CCC-
Caa1 à Caa3
CCC+ à CCC-
[12.79% -100%]
8,9 and 10
CC and below
Ca and below
D and below
100%
On the Private Banking portfolio, the approach is based on the collateral and the Société Générale Group's 
operational 
capacity 
to 
track 
changes 
in 
each 
loan's 
collateral. 
Loan 
to 
Value 
is 
determined 
by 
applying 
haircuts to the value of the surety based on its quality, 
liquidity, volatility, 
and the diversity of its assets. 
The Société Générale Group implemented a 
monitoring mechanism 
for detecting any deterioration in collat-
eral and defining, through its credit policy, 
measures for making up insufficient margins. 
As of December 31, 
2023 and December 31, 2022 
the breakdown of EAD by 
the Basel method is as 
follows 
12.31.2023
12.31.2022 R
IRBA
97%
97%
Standard 
3%
3%
Total
100%
100%

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
207 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
QUALITY OF FINANCIAL ASSETS 
PAST DUE AND IMPAIRED 
LOANS AND ADVANCES 
12.31.2023
Past due but not impaired 
assets
Credit impaired assets
Total Past Due but 
not impaired and 
Credit Impaired 
Assets
Gross carrying 
amount financial 
assets
Guarantees held 
for past due or 
(In EUR thousand)
≤ 30 days
> 30 days
Unlikely to 
pay or ≤ 90 
days
> 90 days 
> 180 days
> 1 year
> 5 years
≤ 90 days
≤ 180 days
≤ 1 year
≤ 5 years
Credit Institutions
-
-
-
-
-
-
-
-
-
-
Other financial corporations
2 008
-
-
-
-
10 048
-
12 056
10 048
7 116
Non financial Corporations
3 659
44 029
54 974
7 649
14 743
81 156
3 954
210 164
162 476
313 967
Households
16 204
10 707
27 219
13 986
6 007
15 052
12 528
101 703
74 792
77 929
Total
21 871
54 736
82 193
21 635
20 750
106 256
16 482
323 923
247 316
399 012
12.31.2022 R
Past due but not impaired 
assets
Credit impaired assets
Total Past Due but 
not impaired and 
Credit Impaired 
Assets
Gross carrying 
amount financial 
assets
Guarantees held 
for past due or 
(In EUR thousand)
≤ 30 days
> 30 days
Unlikely to 
pay or ≤ 90 
days
> 90 days 
> 180 days
> 1 year
> 5 years
≤ 90 days
≤ 180 days
≤ 1 year
≤ 5 years
Credit Institutions
-
-
4
-
-
-
-
4
4
-
Other financial corporations
243
4 000
-
-
500
10 032
-
14 775
10 532
13 769
Non financial Corporations
59 596
13 084
174 131
4
192 639
38 516
3 952
481 922
409 243
296 539
Households
7 632
12 337
18 542
-
14 268
8 647
10 989
72 415
52 446
45 407
Total
67 471
29 421
192 677
4
207 407
57 195
14 941
569 116
472 225
355 715

 
 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
208 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GUARANTEES HELD FOR PAST DUE OR INDIVIDUALLY 
IMPAIRED ASSETS AND DEBT INSTRUMENTS 
(In EUR thousand)
12.31.2023
12.31.2022 R
Past due
76 607
96 891
Impaired
247 316
472 225
Total
323 923
569 116
COLLATERAL OR OTHER 
CREDIT ENHANCEMENTS OBTAINED 
BY TAKING 
POSSESSION OF 
THE GUARANTEE HELD 
The carrying value of assets obtained during the period 
by taking possession of the guarantees held is: 
(in EUR thousand)
12.31.2023
12.31.2022 R
Mortgage
4 714
25 983
Total
4 714
25 983
RESTRUCTURED DEBT 
Group “restructured” debt 
refers to loans 
whose amount term or 
financial conditions have been 
contractually 
modified due to the borrower’s insolvency 
(whether insolvency has already occurred 
or will definitely occur 
unless the debt is 
restructured). The Société Générale Group aligned 
its definition of restructured loans 
with 
the EBA definition. 
(In EUR thousand)
12.31.2023
12.31.2022 R
Non-performing restructured debt
7 128
5 582
Performing restructured debt
473 708
327 072
Total 
480 836
332 654
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
209 
 
 
 
 
 
 
 
 
 
 
NOTE 9.2. MARKET RISK 
1. 
GENERAL 
Market risk is 
defined as the 
risk of loss 
due to unfavorable 
movements in market 
factors such as 
interest 
rates share prices or currency exchange rates impacting 
the value of the Group’s proprietary 
positions. 
Although 
the 
primary 
responsibility 
of 
the 
monitoring 
of risks 
lies 
down 
with 
the 
managers 
of 
the 
trading 
rooms (Front Office) 
the organization of 
the supervision 
relies on the 
independent structures 
which in par-
ticular are in charge of: 
■ 
the calculation on a daily basis of market risks based 
on a formal and secure procedure; 
■ 
the daily monitoring of compliance with the limits notified 
for each activity; 
■ 
the preparation of a daily report on the use of the limits sent to the general management of the entities 
related to the front office and to the SG Luxembourg 
Group's market risk department. 
The Group's market risk assessment is based on daily 
indicators which are used to define exposure limits: 
■ 
99%
Value at Risk (VaR) and Stressed Value-at-Risk (SVaR) in accordance with the 
internal regulatory 
model used 
to calculate 
capital: synthetic 
indicator for 
day-to-day monitoring 
of market 
risks incurred 
by SG Luxembourg 
as part of 
its trading activities. 
The “historical simulation” 
method takes into 
account 
shocks and correlations between various markets using a one-day horizon calculated on a rolling one-
year basis (for the VaR) 
and on a stresses annual window chosen a long-term 
period (for the SVaR); 
■ 
The stress testing 
is based on 
ten-year risk indicators. Stress 
testing makes it 
possible to limit 
exposure 
to systemic risks 
and to cases 
of exceptional market 
shock. A stress 
test estimates 
the loss resulting 
from an 
extreme shift 
in market 
prices over 
a period 
corresponding to 
the time 
required to 
unwind or 
hedge the 
positions 
affected 
(5 to 
20 
days 
for 
most 
trading 
positions). 
This 
estimate 
uses 
historical 
scenarios as well as 
theoretical scenarios that 
are regularly reviewed 
and updated by the 
SG Luxem-
bourg Group Risk 
Division. At 
the end of 
the most recent 
review the 
stress test used 
12 scenarios 
(3 
historical and 9 theoretical); 
■ 
additional 
indicators 
(in 
sensitivity 
nominal 
holding 
or 
modify 
duration 
etc.) 
enable 
to 
ensure 
con-
sistency between the overall risk limits and the operational thresholds used 
by the Front Office. These 
limits also allow mitigating the risks which would only partially be caught by 
the “VaR” or stress testing. 
MEASUREMENT OF MARKET RISK AND DEFINITION OF LIMITS 
Market risk is managed through procedures that 
explain how and when to activate 
and monitor limits for SG 
Luxembourg independently and for its subsidiaries. 
Although 
primary 
responsibility 
for 
risk 
monitoring 
naturally 
falls 
into 
front 
office 
managers 
the 
oversight 
mechanism also relies on independent structures. 
From an organizational 
viewpoint responsibility 
for managing 
market risk 
within SG 
Luxembourg Group 
is 
distributed as follows: 
◾
Société Générale Group's Market Risk Department establishes the 
risk measurement methods and 
control procedures, centrally handles 
Société Générale Group's market 
risk reporting examines and 
validates the limits requests from the various activities. 
◾
The entities 
of 
SG Luxembourg 
Group 
bearing 
market 
risk 
(SG 
Luxembourg 
and 
SGPB 
Suisse) 
have a dedicated 
risk, independent 
from the 
business lines, 
in charge 
of managing 
risks resulting 
from market activities. The 
daily market risk calculation 
and monitoring and the 
limits and method-
ologies validation are under the accountability of the Risk 
department. 
Market risk management is based on a combination of several 
types of indicators: 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
210 
 
 
 
 
 
■ 
The internal VaR 
model was introduced 
at the end of 
1996 and has 
been approved by 
the French 
supervisor within 
the scope 
of the 
regulatory capital 
requirements. This 
approval was 
renewed in 
2020 
at 
the 
Target 
Review 
of 
Internal 
Models 
(TRIM). 
The 
Value 
at 
Risk 
(VaR) 
assesses 
the 
potential losses on 
positions over 
a defined time 
horizon and for 
a given confidence 
interval (99% 
for Société Générale). The method used is the “historical simulation” method, which implicitly takes 
into account the correlation 
between the various markets, 
as well as general 
and specific risk. 
It is 
based on the following principles: 
o
 
storage in a 
database of the risk 
factors that are 
representative of the Group’s positions 
(i.e. 
interest rates share prices. Controls are regularly performed in order to check that all 
major 
risk factors for the trading portfolio of the Group are taken 
into account by the internal VaR 
model; 
o
 
definition of 260 scenarios 
corresponding to one-day variations in 
these market parameters 
over a rolling 
one-year period: these scenarios are 
updated daily with the 
inclusion of a new 
scenario and 
the removal 
of the 
oldest 
scenario. There 
are three 
coexisting 
methods for 
modeling scenarios 
(relative shocks, 
absolute shocks 
and hybrid 
shocks), 
the choice 
be-
tween these 
methods 
for a 
given risk 
factor 
is determined 
by its 
nature 
and 
its historical 
trend; 
o
 
the application of these 260 scenarios to the market parameters 
of the day; 
o
 
revaluation of 
daily positions 
on the basis 
of the 260 
sets of 
adjusted market 
parameters: 
in most cases, 
this calculation involves a 
full re-pricing. Nonetheless, for 
certain risk factors, 
a sensitivity-based approach may be used. 
Within the framework 
described above, 
the one-day 
99% VaR, 
calculated according 
to the 260 scenarios, 
corresponds to the weighted average 
of the second and 
third largest losses computed, without 
applying any 
weighting to the other scenarios. 
The relevance of 
the model is 
checked through ongoing 
backtesting in order 
to verify whether 
the number 
of days for which the negative result exceeds the VaR 
complies with the 99% confidence interval. 
■ 
The Stressed VaR (SVaR) model was introduced at the end of 2021 and has been approved by the 
Regulator within 
the scope 
of the regulatory 
capital requirements 
on the same 
scope as 
the VaR. 
As with the VaR model, this approval was renewed in 2020 at the Target Review of Internal Models 
(TRIM). The calculation method used for the 99% one-day SVaR is the same as the one for VaR. It 
consists in carrying out an 
historical simulation with one-day shocks and a 
99% confidence interval. 
SVaR uses a fixed 
one-year historical window of scenarios corresponding 
to a period of significant 
financial tension. 
■ 
The Market Stress Test focuses 
on market risk and estimates the loss resulting from shocks on the 
set of 
risk factors. 
This stress 
test is 
based on 
12 scenarios 
(3 historical 
and 9 
hypothetical). The 
main principles are as follows: 
o
 
The 
scenario 
considered 
in 
the 
market 
stress 
test 
is 
the 
worst 
of 
the 
different 
scenarios 
defined; 
o
 
The shocks 
applied are 
calibrated 
on 
time 
horizons 
specific 
to each 
risk 
factor 
(the 
time 
horizon can range from 
five days for the 
most liquid risk factors 
to three months for 
the least 
liquid); 
o
 
Risks are 
calculated 
every 
day for 
each 
of the 
Group’s 
market activities 
(all products 
to-
gether), using each of the historical and hypothetical scenarios. 
o
Historical scenarios:
 
this method consists 
of an analysis 
of the 
major economic crises 
that 
have affected the 
financial markets: 
changes in the 
prices of financial 
assets (equities, 
in-
terest rates, 
exchange rates, 
credit spreads, etc.) 
during each 
of these 
crises have 
been 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
211 
analysed 
in 
order 
to 
define 
scenarios 
for 
potential 
variations 
in 
these 
main 
risk 
factors 
which, when applied to the 
Bank’s trading positions, could 
generate significant losses. 
Ac-
cordingly, this approach makes it possible to 
determine the historical scenarios used 
for the 
calculation of 
the stress 
test. This 
set of 
scenarios is 
also the 
subject of 
regular reviews. 
In 2020, 2 
new historical 
scenarios related 
to the 
Covid-19 crisis 
were integrated: 
a crisis 
scenario (marked by 
a decline in 
equity indices and 
an increase in 
credit spreads) as 
well 
as a 
rebound scenario 
(marked by 
an increase 
in equity 
indices and 
a decrease 
in credit 
spreads). 
In 2023, 
the 
historical 
rebound 
scenario 
in 
financial 
markets 
observed 
in 2020 
was 
replaced 
by 
two 
hypothetical 
scenarios 
based 
on 
the 
same 
market 
context. 
So-
ciete Generale Group is currently 
using 3 historical scenarios 
in the calculation 
of the stress 
test, which cover the monthly periods 
of October 2008, December 2008 and March 2020. 
o
Hypothetical scenarios:
 
the hypothetical 
scenarios are 
defined with 
the Group’s 
econo-
mists and are designed to identify possible sequences 
of events that could lead to a major 
crisis in the financial markets 
(e.g. European crisis, a drop 
in assets, etc.). The Group’s aim 
is to select 
extreme but 
plausible events 
which would 
have major 
repercussions on 
all in-
ternational markets. 
Accordingly, 
Societe Generale 
has defined 
9 hypothetical 
scenarios. 
In 2023, an obsolete scenario corresponding to the Russian crisis of 1998 was replaced by 
a new 
theoretical scenario 
centered on 
an inflationary 
crisis and 
2 new 
hypothetical sce-
narios corresponding to bull markets were added. 
■ 
Risks 
are 
calculated 
daily 
for 
each 
market 
activity 
of 
the 
Société 
Générale 
Group 
all 
products 
included. A limit in “stress-test” is set for the global activity 
of the Société Générale Group; 
■ 
Different 
Stress 
test 
scenarios 
are 
subject 
to 
regular 
review 
and 
improvements 
from 
teams 
of 
economists of the Société Générale Group. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
212 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
These scenarios are supplemented by a set of adverse stress 
tests calculated by activity or risk factor to 
take extreme risks on a specific market into account (dislocation 
liquidity concentration etc.). 
■ 
An 
"Emerging 
Countries” 
stress 
test 
combining 
shocks 
calibrated 
to 
the 
history 
of 
fluctuations 
observed in the 
past. The calibration 
is created from 
the 99% 
quantile of the 
shock distribution 
by 
risk factor for each country. An aggregation by country region and worldwide is used to quantify the 
risk by geographical area. The Stress Test 
limit relates to the most sensitive area. 
■ 
“Sensitivity” 
and 
“nominal” 
indicators 
control 
position 
size: 
sensibilities 
are 
calculated 
using 
the 
major 
valuation 
risk 
factors 
(e.g. 
sensitivity 
of 
an 
option 
to 
changes 
in 
underlying 
asset 
prices); 
nominal values are used for risk significant. 
2023 METRICS 
SG Luxembourg
Limit (€k)
Average use 
(€k)
Number of 
overruns ob-
served
Maximum 
use (€k)
Maximum 
period of 
overrun
VaR
250
3,86
-
13,86
N/A
SVaR
400
5,60
-
23,19
N/A
Stress Test
500
14,99
-
39,37
N/A
Emerging Stress Test
500
3,03
-
8,09
N/A
10bp sensitivity
15
0,05
-
0,23
N/A
Nominal FX Postion
2 000
79,05
-
441,20
N/A
2022 METRICS 
SG Luxembourg
Limit (€k)
Average use 
(€k)
Number of 
overruns ob-
served
Maximum 
use (€k)
Maximum 
period of 
overrun
VaR
250
5,43
-
16,84
N/A
SVaR
400
12,75
-
43,15
N/A
Stress Test
500
15,80
-
437,68
N/A
Emerging Stress Test
500
5,74
-
15,51
N/A
10bp sensitivity
15
0,51
-
0,86
N/A
Nominal FX Position
2 000
160,82
-
732,45
N/A
In 2023, the principal 
metrics levels, VaR, SVaR and Stress Test, remained low overall, way under the limits 
validated by the head office. These indicators never 
reached their limit in 2023. 
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
213 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. 
INTEREST RATE RISK 
Structural interest rate risk (also 
referred to as Interest Rate Risk 
in the Banking Book – “IRRBB”) 
refers to 
the risk – current or 
prospective – to SG Luxembourg 
Group’s equity and earnings 
(hence for the Net 
Pre-
sent 
Value 
(“NPV”) 
and 
the 
Net 
Interest 
Margin 
(“NIM”)) 
posed 
by 
adverse 
movements 
in 
interest 
rates 
affecting the items comprising its banking book. 
There are four main types of risk: 
◾
rates level risk; 
◾
curve risk, related to the term structure of the instruments 
in the banking book; 
◾
optional risk arises 
from automatic options 
(typically caps and 
floors on the 
floating rate of 
a loan) 
and behavioral options (typically the right for a customer to prepay a fixed rate loan with no or fixed 
penalty); 
◾
basis risk, related to the impact of relative changes in interest 
rates indices in statement of financial 
position and off-balance sheet items. 
All four 
types of 
IRRBB may 
potentially affect 
the value 
or yield 
of interest-rate 
sensitive assets, 
liabilities 
and off 
-balance 
sheet 
items. 
Assets, liabilities 
and 
off-balance 
sheet 
items are 
analyzed 
through 
a static 
approach based on no 
commercial assumption. Instalments 
on the outstanding are 
calculated considering 
the contractual characteristics of 
the transactions and 
the results of 
modelling of client 
behavior (in particular 
for sight accounts, special savings plans and loan 
prepayments), as well as assumptions based on conven-
tional scenarios for certain aggregates. 
Main internal amortization standards are: 
◾
For SG Luxembourg Group’s own funds, the retained internal 
standard for amortization is based on 
the assumption 
that such 
items constitute 
long term 
fixed rate 
resources. The 
standard has 
been 
built on the 
assumption of 
a reinvestment every 
year of one 
tenth of the 
amount, on 10 
-year fixed 
rate instruments. The expected average 
replacement rate will then converge to 
the moving average 
over 10 years of 10-year rates. 
◾
In connection with the above, this standard 
also applies to the subsidiaries own 
funds (with excep-
tions for shorter term structures) and the corresponding investment in such subsidiaries, as 
well as 
to provisions, intangible 
assets and goodwill. 
For intangible assets, 
the retained maturity 
is never-
theless capped to the remaining IFRS amortization schedule. 
SG Luxembourg Group structural interest rate risk management primarily relies on the sensitivity of NPV of 
fixed-rate residual 
positions (excesses 
or shortfalls) 
to interest 
rate changes 
according to 
several interest 
rate scenarios. 
Such NPV sensitivity captures the rates level risk, the 
curve risk and the optional risk: 
◾
when automatic options are identified, their NPV is calculated with 
standard pricing tools; 
◾
when behavioral options are 
modeled, the risk metrics 
include either their intrinsic 
values calculated 
as the NPV of the expected amortization 
modeled profile or the marked to market 
value calculated 
with specific pricing tools, thus including also the time 
value of the option. 
The NPV is calculated by 
discounting actual principal cash 
flows as well as either 
actual or estimated cou-
pons flows. When 
estimated, the coupons 
proxy is based 
on the interest 
rates levels as 
of the NPV 
calcu-
lation date. In any case, the coupons do not include any 
sales margin. 
Thresholds/limits are defined on: 
◾
Global (all currencies), 
as well as on 
major currencies, and 
on an aggregate 
(on all currencies not 
framed specifically) 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
214 
 
◾
Four Group steering scenarios (2 business-as-usual and 2 under stress): 
-
 
an immediate and parallel 10 bps rise in the yield curve; 
-
 
an immediate and parallel 10 bps fall in the yield curve; 
-
 
an immediate and parallel 100 bps rise in the yield curve 
-
 
an immediate and parallel 
100 bps fall in the yield curve. 
Depending on the 
monitored currency 
and on the 
time bucket, 
the SG 
Luxembourg solo (as 
a main entity 
of the Group) thresholds and limits are validated either by the SG Luxembourg ALM Committee, the central 
Group ALM Risk 
department, or 
Société Générale 
Group Risk 
Finance Committee, 
on a yearly 
basis. For 
the other entities within the consolidated perimeter of SG Luxembourg Group, the NPV sensitivity threshold 
and limits are set and approved by their respective BU 
ALCOs. 
IRRBB risks being concentrated at SG Luxembourg 
standalone entity, 
the risk appetite at the consolidated 
level is identical to the NPV thresholds/limits notified at solo level and focused on the global (all currencies) 
NPV sensitivity. 
The sensitivity on 
a currency basis 
is monitored on 
a monthly basis 
and discussed during 
SG Luxembourg ALM Committee. 
The current 
NPV sensitivity limits 
applicable to SG 
Luxembourg and the 
entities of its 
consolidated perimeter 
are presented in the table below (including limits as of 
Q4-23): 
 
Q4 2023 
+10 bps 
-10 bps 
+100 bps 
-100 bps 
BU 
Entity 
name 
Currency 
[0;end[ 
[0;end[ 
[0;end[ 
[0;end[ 
SG Lux 
SG Luxembourg 
EUR 
-10.88 
-10.88 
-
108.80 
-108.80 
USD 
-1.66 
-1.66 
-16.60 
-16.60 
CHF 
-1.25 
-1.25 
-12.50 
-12.50 
Aggregate 
-6.47 
-6.47 
-64.69 
-64.69 
Global 
-20.26 
-20.26 
-
202.59 
-202.59 
PRIV 
SG Private Banking 
Switzerland 
EUR 
-0.23 
-0.23 
-2.30 
-2.30 
USD 
-0.23 
-0.23 
-2.30 
-2.30 
CHF 
-0.45 
-0.45 
-4.50 
-4.50 
Aggregate 
-0.03 
-0.03 
-0.28 
-0.28 
SG Private Banking 
Monaco 
EUR 
-0.22 
-0.22 
-2.20 
-2.20 
USD 
-0.07 
-0.07 
-0.70 
-0.70 
Aggregate 
-0.01 
-0.01 
-0.13 
-0.13 
SG Private Wealth Man-
agement 
- 
Not monitored 
SG Life Insurance Bro-
ker 
- 
Not monitored 
MARK 
Montalis Investment 
EUR 
Not monitored 
GLBA 
SG Capital Market Fi-
nance 
EUR 
-0.5 
-0.5 
-5.00 
-5.00 
Aggregate 
-0.05 
-0.05 
-0.50 
-0.50 
EUR 
-0.09 
-0.09 
-0.9 
-0.9

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
215 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG Financing and Distri-
bution 
Aggregate 
-0.05 
-0.05 
-0.5 
-0.5 
SGBT Credit Interna-
tional 
EUR 
-0.13 
-0.13 
-1.30 
-1.30 
Aggregate 
-0.015 
-0.015 
-0.15 
-0.15 
SGBT Asset Based Fund-
ing 
EUR 
-0.26 
-0.26 
-2.6 
-2.6 
Aggregate 
-0.03 
-0.03 
-0.3 
-0.3 
SGBT Finance Ireland 
EUR 
Not monitored 
Surya investment S.A 
EUR 
Not monitored 
SG Luxembourg Leasing 
EUR 
Not monitored 
IVEFI 
EUR 
-0.05 
-0.05 
-0.5 
-0.5 
ASSU 
SG Luxembourg Credit 
Insurance S.A. 
EUR 
Not monitored 
SG Ré 
EUR 
Not monitored 
SGL Ré 
EUR 
Not monitored 
Sogelife 
EUR 
-0.34 
-0.34 
-3.4 
-3.4 
Aggregate 
-0.006 
-0.006 
-0.063 
-0.063 
*Source : Rafal reports 7003 
The “Supervisory Outlier 
Test” 
(“SOT”) as defined 
in EBA Regulatory 
Technical 
Standards on supervisory 
outlier tests, 
EBA/RTS/2022/10 
is calculated 
on a 
quarterly basis 
and presented 
to SG 
Luxembourg ALM 
committee. This test is based on 
Economic Value of Equity (“EVE”) sensitivity (the EVE being the NPV 
after 
exclusion of own funds, investments in subsidiaries and intangible 
assets): 
●
 
According to article 98(5) 
of Directive 2013/36/EU, 
the sensitivity under 
the 6 regulatory 
scenarios 
has to remain below 15% of Tier 1 capital. 
The IRRBB is also 
measured by an 
income metric, the 
Net Interest Margin (“NIM”) 
sensitivity. It 
measures 
the change 
in the 
net interest 
margin resulting 
from interest 
rate 
movements. 
The Net 
Interest Margin 
is 
computed as the 
difference between the interest 
revenues and expenses 
generated by assets 
and liabilities. 
NIM sensitivity is 
computed based 
on a parallel 
shift of 
the whole yield 
curve of +/-10bp, 
a parallel shift 
of 
the whole yield curve of 
+/-200bp as well as 
based on the 6 EBA 
scenarios. The limit framework 
has been 
enhanced with the 
introduction of 
a set of 
limits for the 
NIM sensitivity 
over 1 and 
2 years (+/- 
10 bps and 
+/- 
200bps 
scenarios) 
for 
SG 
Luxembourg 
solo 
with 
a 
monthly 
monitoring. 
Additionally, 
EBA 
Regulatory 
Technical 
Standards EBA/RTS/2022/10 introduced 
a SOT NII under 
2 regulatory scenarios that 
should re-
main below 5% of Tier 1 capital. 
The current limits 
applicable to SG 
Luxembourg solo is 
presented in the 
table below (including 
limits as of 
Q4-23): 
In accordance with guideline EBA/GL/2022/14, the Group has defined in 2023 a new metric that adds up to 
NIM sensitivity, 
called Market Value 
Change that applies 
to items recorded at 
Fair Value 
and consists of a 
sensitivity to a parallel shift of the whole yield curve of 
+/-10bp and +/-200 bps on those items. 
The current limits 
applicable to SG 
Luxembourg solo is 
presented in the 
table below (including 
limits as of 
Q4-23): 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
216 
 
 
 
 
 
 
 
 
3. 
CURRENCY RISK 
Structural exchange risk is the risk 
that a loss occurs due 
to an unfavorable movement of the 
exchange rate 
that would affect the Group on existing foreign 
currencies opened positions. 
Structural exchange rate risk is mainly caused by: 
-
 
foreign 
currency 
denominated 
capital 
contributions 
and 
equity 
investments 
financed 
through 
the 
purchase of foreign currencies; 
-
 
retained earnings in foreign subsidiaries; 
-
 
investments made 
for regulatory 
reasons by 
certain foreign 
subsidiaries 
in a 
currency 
other than 
what used for their equity funding. 
OBJECTIVE OF THE GROUP 
The Group’s policy consists in calibrating the hedging of its 
net investments in foreign entities in such a 
way 
as to 
reduce the 
sensitivity 
of its 
Common 
Equity Tier 
1 ratio 
to 
fluctuations 
in exchange 
rates 
as far 
as 
possible. 
To 
this 
end, it 
enters 
into hedging 
transactions 
to maintain 
a currency 
exposure 
reducing 
such 
sensitivity 
to 
within 
limits. 
The 
Group 
quantifies 
its 
exposure 
to 
structural 
foreign 
exchange 
rate 
risks 
by 
analyzing all assets and liabilities denominated in foreign currencies. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
217 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. 
MEASUREMENT AND MONITORING OF STRUCTURAL 
FOREIGN EXCHANGE RATE 
RISKS 
The Group 
settles many forward 
foreign exchange transactions 
that are 
systematically backed by 
spot trans-
actions. 
The 
residual 
position 
on 
those 
operations 
corresponds 
to 
interests 
of 
the 
currency 
in 
which 
the 
forward operation has 
been concluded and 
therefore represents 
an interest rate 
position monitored by 
the 
treasury desk. 
The 
structural 
currency 
risk 
is 
monitored 
through 
monitoring 
process 
of 
the 
market 
currency 
risk. 
Those 
monitoring 
processes 
cover 
both 
natures 
of 
currency 
risks. 
Please 
refer 
to 
Note 
9.2 
for 
more 
details 
on 
those risk monitoring processes. 
5. 
SENSITIVITY OF THE PROFIT OF THE GROUP TO 
A 10% CURRENCY CHANGE 
The table below presents the impact on 
the Group profit of a 10% currency 
depreciation or appreciation as 
at December 31, 2023 and December 31, 2022: 
(in EUR thousand)
12.31.2023
12.31.2022 R
Effect on the profit of 
a 10% currency ap-
preciation
Effect on the profit of 
a 10% currency de-
preciation
Effect on the profit of 
a 10% currency ap-
preciation
Effect on the profit of 
a 10% currency de-
preciation
EUR
-
-
-
-
USD
156
(191)
(432)
528
GBP
16
(20)
50
(61)
JPY
(75)
92
(31)
38
AUD
(1)
1
(4)
5
CZK
(3)
4
(4)
5
RUB
(1)
1
(1)
1
RON
-
-
(2)
2
CHF
(6)
8
50
(61)
HKD
(1)
1
(6)
7
Others
(29)
35
(17)
21
Total
56
(69)
(397)
485
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
218 
 
MONITORING OF FOREIGN CURRENCY RISK EXPOSURE 
The Group sets an 
overnight global limit 
to EUR 2 million 
that breaks down 
as follows: the global 
limit and 
all specifics 
limits have 
been globally 
maintained 
compared 
to 20 
22. 
Currencies 
have been 
allocated 
by 
zones. 
Currency 
Limit 
Currency 
Limit 
Currency 
Limit 
Currency 
Limit 
AUD 
+/-1 MEUR 
BRL 
+/-0.5 MEUR 
COP 
+/-0.2 MEUR 
AED 
+/-0.2 MEUR 
CHF 
CNY 
EGP 
ARS 
GBP 
CZK 
HUF 
BGN 
JPY 
HKD 
IDR 
BHD 
USD 
KRW 
ILS 
ISK 
CAD 
+/-0.5 MEUR 
MXN 
INR 
QAR 
DKK 
PLN 
MYR 
SAR 
NOK 
RMB 
OMR 
ARS 
+/-0.1 MEUR 
NZD 
RUB 
PEN 
SEK 
TRY 
PHP 
SGD 
RON 
RSD 
THB 
TWD 
ZAR 
The Forex position on the 
Trading Book perimeter 
is monitored on a daily 
basis. As of December 31, 
2023 
the opened positions of SG Luxembourg Group are as follows: 
Currency 
Position (in EUR)
CHF 
-4 434 
USD 
-94 117 
GBP 
1 877 
AUD 
562 
JPY 
943 
CAD 
3 586 
NOK 
-22 155 
NZD 
2 026 
SEK 
102 
SGD 
-261 
HKD 
32 192 
CZK 
138 
MXN 
122 
TRY 
-6 
ILS 
1 019 
IMPACT OF CURRENCY RATE 
DEPRECIATION ON EQUITY TIER 1 RATIO 
AND PROFIT 
The foreign exchange 
positions are 
hedged on 
a daily basis 
(for some 
positions on a 
monthly basis), with 
no 
structural 
FX 
position 
remaining 
at 
SG 
LUXEMBOURG 
level. 
Considering 
this, 
no 
additional 
capital 
charge is deemed necessary to cover this risk and no 
significant impact is to be considered on profit.

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
219 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OTHER ENTITIES SIGNIFICANTLY EXPOSED TO MARKET RISK 
Société Générale Private Banking Suisse S.A. 
Société Générale Private 
banking Suisse S.A. 
manages all of 
its positions through a 
system based on 
limits. 
Those limits 
are mainly 
set in 
terms of 
positions. On 
an accounting level 
the evaluation of 
the trading 
portfolio 
positions is performed daily at the market price. 
■ 
Risk management : 
Monitoring of market 
risk of Société 
Générale Private 
banking Suisse 
S.A. is the 
responsibility of the 
Risk 
management the control 
of the forex 
activity and of 
the bonds positions 
is managed daily 
in relation to 
the 
overnight limits. Such control is 
performed by the department responsible for 
market and counterparties risk 
who then reports daily to the Chief Executive Officer 
the Chief Operating Officer and the Chief Risk Officer. 
Both SG Luxembourg and Société Générale Group 
are informed on those exposures on a 
daily basis. Such 
report contains the market value 
of the bond positions the 
forex positions and the commodities positions 
the 
utilization the limits applied and the result. 
■ 
Risk monitoring and management: 
Positions for own account are limited to: 
- 
some forex operations 
and on forex 
derivatives (spot swap 
forwards) and on 
commodities. Daily limits 
are as follows: Forex: EUR 5 million 
Commodities: EUR 2 million; 
- 
long positions towards head office (Paris) or other 
credit institutions allowed by Group policy; 
- 
overnight placings; 
- 
positions from client portfolios 
following execution errors or 
commercial gestures from Société 
Générale 
Private Banking Suisse S.A. 
Follow-up of 
client bonds 
positions 
in the 
trading portfolio 
is performed 
jointly by 
the investment 
and risk 
teams. 
When shares or funds quotas are taken in the trading 
portfolio Management is informed. 
Limits definition is evaluated following a risk appetite estimate 
from the business line validated by the Man-
agement. 
Exposure towards those limits as of December 31, 2023 and 
December 31,2022 
are as follows: 
SGPB Suisse 
2023 
2022R 
Limit (€k) 
Average use 
(€k) 
% use 
Limit (€k) 
Average use 
(€k) 
% use 
Stress Test 
9 000 
- 
- 
9 000 
- 
- 
10bp sensitivity 
20 
0,12 
0,61% 
35 
0,23 
1,14% 
Nominal FX Postion 
5 000 
889 
17,78% 
5 000 
261 
5,21% 
Precious metal position 
2 000 
80,38 
4,02% 
1 000 
0,21 
0,04% 
There is no stress test consumption in 2022 and 2023 due to the revision 
of the Bank regarding the market 
risk limits 
framework 
for “Out 
of Global 
Tools” 
entities at 
the beginning 
of 2021. 
Those entities, 
including 
SGPB 
Suisse, 
are 
not 
able 
to 
produce 
Hypo/Histo 
stress 
test. 
Therefore, 
they 
are 
no 
longer 
obliged 
to 
produce Stress test metrics. 
Société Générale Private Banking Monaco S.A. 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
220 
 
 
 
 
 
 
 
 
 
 
Société Générale Private Banking Monaco 
S.A. does not have any management 
and monitoring capability 
in 
relation 
to 
market 
risk. 
It 
backs 
systematically 
each 
operation 
with 
its 
head 
office 
SG 
Luxembourg. 
It 
therefore does not 
manage any open 
position on derivatives. 
Clients of Société 
Générale Private 
Banking 
Monaco S.A. perform 
operations on derivatives. Even 
though the market 
risk does not 
exist the counterparty 
risk exists on such operation. 
For those operations clients 
systematically sign a derivative 
product convention. If the 
maturity of the posi-
tions is short 
the potential risk is 
collateralized by the 
client investment portfolio. Otherwise, a 
cash collateral 
is systematically 
required 
to cover 
the position. 
Such position 
is accounted 
for 25 
to 30% 
of the 
position 
representing the extreme volatility risk of the position.
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
221 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 9.3. - LIQUIDITY RISK 
The Group measures 
and oversees liquidity 
risk using gaps 
(static and stressed) 
based on “asset-liability” 
scenarios and using regulatory liquidity ratios (“LCR”). Since June 30, 2021, SG Luxembourg Group is also 
subject to NSFR requirement. 
Liquidity 
risks 
reflect 
a 
mismatch 
between 
statement 
of financial 
position’s 
assets 
and 
liabilities 
over 
the 
short medium or long term. 
Funding 
requirements 
or surpluses 
are 
measured 
by 
the 
liquidity 
gap 
governed 
by thresholds 
and 
limits 
defined by the Société Générale Group Finance Committee. 
Threshold 
breaches 
are 
subject 
to 
action 
plans 
aimed 
at 
resolving 
and 
preventing 
the 
recurrence 
of 
the 
breach. 
The Group oversees its cash management within this 
framework. Changes in the structure of the statement 
of 
financial 
position 
and 
its 
run-off 
are 
managed 
by 
the 
ALM 
(Asset 
and 
Liability 
Management) 
unit 
and 
monitored by the ALM Committee. 
SG Luxembourg Group is 
required to report the 
liquidity ratios defined by 
the CRD4. The Finance 
Division 
is responsible 
for producing 
and analyzing 
the CRD4 
liquidity ratios 
(LCR and 
NSFR) of 
SG Luxembourg 
Group and sub-group via a process coordinated with 
Société Générale Group. 
SG Luxembourg Group submits the LCR monthly and the NSFR 
quarterly to the CSSF and BCL. 
The ALM 
Committee 
chaired by 
SG Luxembourg 
CEO meets 
once a 
month and 
supervises 
the Group’s 
liquidity position based on the associated metrics produced. 
1. 
BREAKDOWN OF FINANCIAL ASSETS BY RESIDUAL 
MATURITY 
12.31.2023
(in EUR thousand)
Less than 3 
months
3 months to 
1 year
1 to 5 years
More than 5 
years
Total
Cash, due from central banks
12 659 385
-
-
-
12 659 385
Financial assets at fair value through profit 
or loss
308 138
8 568
33 570
90 645
440 921
Hedging derivatives
56 429
-
-
100 096
156 525
Financial assets at fair value through other 
comprehensive income
33 412
496 526
915 889
94 084
1 539 911
Securities at amortised cost
2 132 793
3 710 417
3 411 327
698 692
9 953 229
Due from banks at amortised cost
10 942 187
2 466 011
5 232 332
4 426 766
23 067 296
Customer loans at amortised cost
3 917 973
4 278 229
6 418 909
3 018 061
17 633 172
Insurance and reinsurance contracts assets
651
147
15 194
-
15 992
Total
30 050 968
10 959 898
16 027 221
8 428 344
65 466 431
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
222 
 
12.31.2022 R
(in EUR thousand)
Less than 3 
months
3 months to 
1 year
1 to 5 years
More than 5 
years
Total
Cash, due from central banks
12 535 411
-
-
-
12 535 411
Financial assets at fair value through profit 
or loss
779 636
465
-
244 253
1 024 354
Hedging derivatives
217 206
-
-
-
217 206
Financial assets at fair value through other 
comprehensive income
191 415
561 853
1 221 857
263 695
2 238 820
Securities at amortised cost
2 645 204
3 287 668
2 982 532
393 773
9 309 177
Due from banks at amortised cost
13 823 843
1 755 507
4 032 552
2 378 436
21 990 338
Customer loans at amortised cost
3 959 343
4 018 048
9 619 865
2 368 630
19 965 886
Insurance and reinsurance contracts assets
1 669
323
-
-
1 992
Total
34 153 727
9 623 864
17 856 806
5 648 787
67 283 184
2. 
BREAKDOWN OF FINANCIAL LIABILITIES BY RESIDUAL 
MATURITY 
12.31.2023
(in EUR thousand)
Less than 
3 months
3 months 
to 1 year
1 to 5 
years
More than 
5 years
Total
Financial liabilities at fair value through profit or loss
20 531
760
-
88 359
109 650
Hedging derivatives
117
-
-
2 482
2 599
Due to banks
3 581 049
3 562 179
12 028 317
2 589 787
21 761 332
Customer deposits
28 141 887
6 605 917
4 216 022
163 378
39 127 204
Debt securities issued
16 730
-
-
-
16 730
Subordinated debts
-
-
-
-
-
Insurance and reinsurance contracts issued -liabili-
ties
1 125
64 789
7 602
-
73 516
Total 
31 761 439
10 233 645
16 251 941
2 844 006
61 091 031
12.31.2022 R
(in EUR thousand)
 
Less than 
3 months 
 
3 months 
to 1 year 
 
1 to 5 
years 
 
More than 
5 years 
 
Total 
Financial liabilities at fair value through profit or loss
399 349
-
-
-
399 349
Hedging derivatives
16 003
-
-
-
16 003
Due to banks
2 316 480
4 037 765
13 429 770
1 759 065
21 543 080
Customer deposits
15 683 245
8 958 708
13 735 620
2 905 690
41 283 263
Debt securities issued
22 394
-
-
-
22 394
Subordinated debts
-
-
-
-
-
Insurance and reinsurance contracts issued -liabili-
ties
-
20 066
30 900
13 043
64 009
Total 
18 437 471
13 016 539
27 196 290
4 677 798
63 328 098

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
223 
 
3. 
BREAKDOWN OF COMMITMENTS BY RESIDUAL MATURITY 
COMMITMENTS GRANTED 
12.31.2023
(in EUR thousand)
Less than 
3 months
3 months 
to 1 year
1 to 5 
years
More than 
5 years
Total
Loan commitments
4 048 174
161 313
216 704
6 250
4 432 441
Guarantee commitments
308 075
110 078
33 654
634 335
1 086 142
Securities commitments
246 244
-
-
19 883
266 127
Total 
4 602 493
271 391
250 358
660 468
5 784 710
12.31.2022 R
(in EUR thousand)
Less than 
3 months
3 months 
to 1 year
1 to 5 
years
More than 
5 years
Total
Loan commitments
3 596 437
78 905
346 941
22 930
4 045 213
Guarantee commitments
932 575
56 844
28 210
3 955
1 021 584
Securities commitments
68 162
-
-
-
68 162
Total 
4 597 174
135 749
375 151
26 885
5 134 959
COMMITMENTS RECEIVED 
12.31.2023
(in EUR thousand)
 
Less than 3 
months 
3 months to 
1 year
1 to 5 years
More than 5 
years
Total
Financing commitments
1 804 711
2 834
93 307
24 566
1 925 418
Guarantee commitments
1 467 321
547 967
11 520 523
9 844
13 545 655
From banks 
192 027 
547 967 
11 520 523 
5 249 
12 265 766 
Other guarantee commitments 
1 275 294 
- 
- 
4 595 
1 279 889 
Securities commitments
256 184
-
-
10 667
266 851
Other commitments
1 742 574
-
-
246 091
1 988 665
Total 
5 270 790
550 801
11 613 830
291 168
17 726 589
12.31.2022 R
(in EUR thousand)
 
Less than 3 
months 
3 months to 
1 year
1 to 5 years
More than 5 
years
Total
Financing commitments
1 326 374
21 440
-
-
1 347 814
Guarantee commitments
2 085 771
122 696
4 073
11 505 379
13 717 919
From banks 
348 787 
122 696 
4 073 
11 505 379 
11 980 935 
Other guarantee commitments 
1 736 984 
- 
- 
- 
1 736 984 
Securities commitments
68 747
-
-
-
68 747
Other commitments
2 187 568
-
-
-
2 187 568
Total 
5 668 460
144 136
4 073
11 505 379
17 322 048

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
224 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOTE 9.4. - OPERATIONAL RISK 
Operational risk 
is defined 
as the 
risk 
of loss 
or fraud 
because 
of defects 
in or 
failure 
of internal 
systems, procedures human error or external events including legal, IT and management risk. Par-
ticular attention is paid to the risk of compliance which is the subject of enhanced structural 
organi-
zation. 
The SG Luxembourg Group is engaged in 
the process of strengthening the control and steering 
the 
operational risks. This 
approach is steered by 
the operational risks 
department within the 
SG Lux-
embourg Group's risk management division. 
The valuation of 
operational risk is 
based on 
the advanced assessment 
approaches deployed under 
the Basel II reforms. The AMA 
(Advanced Measurement Approach)
 
method is used to calculate the 
regulatory capital requirement except of SGCMF and 
SGFD for which standard method is applied. 
Although the primary responsibility 
for controlling operational relays 
all department managers within 
the business 
lines and 
support functions 
who must 
promote the 
culture of 
operational risks 
within 
their teams. 
On a daily 
basis the organization 
relies mainly 
on 4 processes, 
supervised by 
the operational risk 
departments and consolidated within the SG Luxembourg 
Group : 
i. 
the 
periodic 
self-assessment 
of 
the 
risks 
and 
controls 
(
Risk 
and 
Control 
Self-Assessment- 
RCSA
) which aims to: 
◾
identify and measure the operational risks inherent in each activity 
and department of all 
entities of SG Luxembourg Group; 
◾
assess the quality of the prevention and control systems in 
place to reduce these risks 
and thereby measure the exposure to the latent risks 
with which each activities/depart-
ment must contend; 
◾
implement corrective action plans. 
ii. 
the gathering of internal data relating to losses associated 
with operational risks with a compre-
hensive declaration 
and on 
a specific 
tool, providing 
all the 
information necessary 
for analysis 
and monitoring this data being relayed to the senior management. The approach closely follows 
the formulation and 
follow-up of corrective 
actions that have 
to be 
subject to a 
degree of criticality 
a deadline and the appointment of a manager; 
iii. 
the continuous monitoring 
mechanism, including the 
organisation and coordination 
of a set of 
first-level controls and key risk 
indicators and the production of 
summary reporting intended for 
the Société Générale 
Luxembourg’s General Management and Société 
Générale Group’s cen-
tral operational risk teams; 
iv. 
analyses of scenarios 
targeting particularly sensitive 
functions and processes 
within the Group. 
These are assessments 
of severe operational 
risks which the 
SG Luxembourg Group 
may face 
under certain conditions. These analyses 
aim to assess rarely occurring but extremely 
severe 
potential losses. 
Furthermore, the 
entities composing 
the Société 
Générale Luxembourg’s 
Group have 
defined information 
security policies and ensure 
their enforcement, in 
line with the SG 
Group Guidelines. Those 
policies cover 
the management of 
computer access 
and rights, the 
prevention of information 
leaks, anonymization rules, 

 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
225 
the conducting of intrusion tests, and the 
websites monitoring. Prevention and employee awareness-raising 
campaigns are conducted regularly in conjunction with the 
implementation of Clean Desk policies. 
Those processes 
are supplemented 
by a 
crisis management 
mechanism 
and a 
business continuity 
plan, 
the purpose of which 
is to develop the 
inherent capacity of 
each entity’s activities 
to withstand crises. This 
is done by 
combining the 
organisations' own 
capacities (robust 
systems) and 
special resources 
(business 
continuity plans). 
Furthermore, the Société Générale Luxembourg Group's constant 
innovations in terms of the products and 
services 
proposed to 
its 
clients 
must be 
approved 
by a 
New Products 
Committee, 
which determines 
the 
necessary conditions, in terms of both operations and acceptable risks, including an 
analysis of compliance 
risks.
 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
226 
 
 
 
 
 
 
 
NOTE 10 – CAPITAL 
The Group 
maintains an 
actively managed 
capital base 
to cover risks 
inherent to 
the business and 
meets 
the local banking supervisor 
capital adequacy requirements. 
The adequacy of 
the Group’s capital 
is moni-
tored using 
among other 
measures the 
rules and 
ratios 
established 
by the 
Basel Committee 
on Banking 
Supervision (BIS rules/ratios). 
SG Luxembourg 
Group has 
fully complied with 
all its externally 
imposed capital requirements 
over the re-
ported period. 
NOTE 10.1. - CAPITAL MANAGEMENT 
As part 
of managing 
its capital 
the Group 
(under the 
supervision of 
the Finance 
Division) ensures 
that its 
solvency level is always compatible with the following 
objectives: 
■ 
meeting its regulatory requirement 
■ 
maintaining its financial solidity and respecting the Risk 
Appetite targets; 
■ 
preserving 
its financial 
flexibility 
to finance 
organic 
growth 
within 
SG Group 
risk 
weighted 
assets 
allocation; 
■ 
maintaining the Group’s resilience in the event of stress 
scenarios; 
SG Luxembourg Group Board of Directors approves its internal capital risk appetite thresholds and limits in 
accordance with these objectives and regulatory requirements. 
The SG Luxembourg Group has an 
internal process (Internal Adequacy Assessment 
Process “ICAAP”) for 
assessing the 
adequacy of 
its capital 
that measures 
the adequacy 
of the 
Group’s 
capital ratios 
in light 
of 
regulatory constraints 
and future regulatory 
changes. The assessment 
of this adequacy 
is based on 
a se-
lection of key metrics 
that are relevant to 
the SG Luxembourg 
Group in terms of 
risk and capital 
measure-
ment, such as solvency ratios (CET1, Tier 1 and Total Capital), leverage ratio and MREL ratios. The capital 
regulatory indicators 
are supplemented 
by an assessment 
of the internal 
capital needs 
by available CET1 
capital, thus confirming the relevance of the targets set in the risk 
appetite. 
As of 31st 
December 2023, 
the Group’s 
Common Equity 
Tier 1 
ratio stood at 
23,78% and the 
total capital 
ratio at 23,20%. 
The Group fully complied with all its externally imposed 
capital requirements over the reported period. 
1. 
LEVERAGE RATIO 
MANAGEMENT 
The Group steers its 
leverage ratio according to the 
CRR rules as amended by 
the delegated act of 
October 
10, 2014. 
Steering the leverage 
ratio means both 
calibrating the 
amount of Tier 
1 capital (the 
ratio’s numerator) 
and 
controlling the SG 
Luxembourg Group’s 
leverage exposure 
(the ratio’s 
denominator) to 
achieve the 
target 
ratio levels that 
the SG Luxembourg 
Group sets for 
itself. To this end the “leverage” 
exposure of the 
different 
business lines is contained under the Finance Division’s 
control. 
Return on assets (i.e. Net 
Income divided by the 
total consolidated statement 
of financial position per con-
solidated financial statements) for the Group stood at 
0,82% as at December 31, 2023 (2022 R: 0,34%). 

Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
227 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. 
LARGE EXPOSURES 
The CRR (European 
Capital Requirements 
Regulation) incorporates 
the provisions 
regulating large 
expo-
sures. As such the SG Luxembourg Group must not have any exposure where the total amount of net risks 
incurred on a single beneficiary exceeds 25% of the Group’s 
Tier 1 capital. 
The eligible capital used to calculate 
the large exposure ratio is the 
total regulatory capital with a limit 
on the 
amount of Tier 2 capital. Tier 
2 capital cannot exceed one-third of Tier 
1 capital. 
On December 31, 
2023, SGL Group 
had no additional 
RWA requirements due to 
the large exposures 
frame-
work. 
NOTE 10.2. - REGULATORY 
CAPITAL 
Reported according to 
international financial reporting 
standards (IFRS) SG 
Luxembourg Group’s regulatory 
capital consists of the following components. 
1. 
COMMON EQUITY TIER 1 CAPITAL 
TIER 1 CAPITAL 
According to CRR 2/CRD5 regulations Common Equity 
Tier 1 capital is made up primarily of the 
following: 
■ 
ordinary shares 
(net of 
repurchased 
shares and 
treasury 
shares) and 
related share 
premium ac-
counts; 
■ 
retained earnings; 
■ 
components of other comprehensive income; 
■ 
other reserves; 
Deductions from Common Equity Tier 
1 capital essentially involve the following: 
◾
estimated dividend payment; 
◾
goodwill and intangible assets net of associated deferred tax 
liabilities; 
◾
unrealized capital gains and losses on cash flow hedging; 
◾
any positive difference between expected 
losses on customer loans and receivables 
risk-weighted 
using the 
Internal Ratings 
Based (IRB) 
approach 
and the 
sum of 
related value 
adjustments and 
collective impairment losses; 
◾
value adjustments resulting from the requirements of prudent 
valuation; 
◾
excess of deduction from T2 items in CET1 capital. 
◾
insufficient coverage for non-performing exposures. 
ADDITIONAL TIER 1 CAPITAL 
SG Luxembourg Group has no Additional Tier 
1 capital. 

 
 
Société Générale Luxembourg S.A. 
Notes to the consolidated financial statements (continued) 
As at December 31, 2023 
228 
 
 
 
2. 
TIER 2 CAPITAL 
According to CRR2/CRD5 regulations, Tier 
2 capital is made up primarily of the following: 
• 
IRB Excess of provisions over expected losses eligible; 
• 
Deduction of T2 instruments of financial sector entities 
where the institution has a significant invest-
ment. 
SGL Group's capital on a consolidated basis is composed 
of: 
• 
Common Equity Tier 1 capital: EUR 3 114 
million (2022: EUR 3 030 million). 
• 
Tier 2 capital : EUR nil (2022: EUR 8 
million)* 
SG Luxembourg 
is benefiting 
from 
a favorable 
assessment 
by the 
rating agency 
Standard 
& Poor's 
with 
regard to 
the Group's 
financial stability: 
A-1 in 
the short 
-term A 
in the 
long term 
(confirmed in 
December 
2023). 
The SGL Group has 
not issued any hybrid 
securities or subordinated 
borrowings not eligible for 
prudential 
capital. 
* In the last 
quarter of 2023, SGL Group has no 
more T2 capital following the negative difference 
between IRB Excess of provisions 
over expected losses eligible and subordinated loan 
to SOGELIFE of EUR 35 million.
 
NOTE 11 
- EVENTS AFTER THE CONSOLIDATED 
STATEMENT 
OF FINANCIAL POSITION DATE 
After December 31, 
2023 the Group 
has sold some 
loans in its 
Retail perimeter on 
Private Banking defaulted 
counterparties for a nominal amount of EUR 46 million. Considering the provision booked in 2023, this sale 
has no material 
impact on the 
Group net result 
as presented in 
the consolidated 
income statement for 
the 
period ended December 31, 2023. 
In March 2024, 
the Group 
has proceeded to 
an increase 
of EUR 32 
million in Sogelife 
equity participation 
with no impact on its 
ownership due to the parallel 
increase of equity participation 
by Sogelife other share-
holder.