4.4 Legal risk - Scor

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The Group conducted its annual assessment of the amortization period and amortization method of these finite life intangible assets and has concluded that both the amortization period and existing amortization methodology are appropriate. The amortization charge associated with other intangible assets with finite lives was EUR 9 million, EUR 8 million, and EUR 7 million for the years ended 31 December 2012, 2011, and 2010 respectively. Software which is not in use anymore with a global value of EUR 16 million has been disposed of. This software was fully amortized in prior periods. Other intangible assets also include indefinite life intangible assets associated with Lloyd’s syndicate participations acquired through the Converium business combination. The Lloyd’s intangibles of EUR 15 million are deemed to have an indefinite life due to the ability to realize cash for these contractual rights through the Lloyd’s auction process. Other intangible assets having an indefinite useful life at 31 December 2012 were EUR 15 million compared with EUR 15 million at 31 December 2011. Intangible assets with an indefinite life are tested for impairment annually. The price of the Lloyd’s syndicate participations from the Lloyd’s auction process are key inputs to the impairment tests conducted which demonstrated that there are no indicators of impairment. 20.1.6.5 NOTE 5 - TANGIBLE ASSETS AND PROPERTY RELATED COMMITMENTS TANGIBLE ASSETS Tangible assets as at 31 December 2012 were EUR 541 million compared to EUR 515 million as at 31 December 2011. These primarily relate to buildings used by SCOR as offices, office furniture and equipment, and building fixtures and fittings. In EUR million Fixed assets Gross value at 31 December 2010 146 Foreign exchange rate movements 4 Additions 450 Reclassification from real estate investments (Note 6 (C)) 10 Disposals (17) Change in scope of consolidation 18 Other - Gross value at 31 December 2011 611 Foreign exchange rate movements 7 Additions 42 Reclassification from real estate investments (Note 6 (C)) - Disposals (47) Change in scope of consolidation - Other - Gross value at 31 December 2012 613 Cumulative depreciation and impairment at 31 December 2010 (94) Depreciation for the period (13) Impairment for the period - Reclassification from real estate investments (Note 6 (C)) (6) Disposals 17 Cumulative depreciation and impairment at 31 December 2011 (96) Depreciation for the period (20) Impairment for the period - Reclassification from real estate investments (Note 6 (C)) - Disposals 44 Cumulative depreciation and impairment at 31 December 2012 (72) Carrying value as at 31 December 2010 52 Carrying value as at 31 December 2011 515 Carrying value as at 31 December 2012 541 224
The additions to tangible assets in 2011 were mainly related to the following acquisitions: On 1 July 2011, SCOR Group finalized the purchase of Kléber SAS, whose primary asset is an office building located in Paris. The SCOR head office was moved to the Kléber office building at the beginning of 2012. This transaction resulted in an increase of the Group’s fixed assets of EUR 344 million, and financial debts of EUR 170 million in 2011. On 6 July 2011, SCOR Holding Switzerland AG, a wholly owned subsidiary of the Group, acquired PPG Lime Street Ltd, a company whose primary asset is a building located in London. This transaction resulted in an increase of the Group’s fixed assets of EUR 53 million (GBP 47 million) in 2011. EUR 26 million were capitalized as asset in progress in relation to a building in Cologne. See below “Property related commitments received and granted”. The change in scope of consolidation in 2011, presented in the table above, related to the acquisition of a company whose main asset is a share in an aircraft of EUR 18 million. The additions to tangible assets in 2012 are mainly related to the EUR 31 million acquisition in relation to a building in Cologne (please see note property related commitments and guarantees below). PROPERTY RELATED COMMITMENTS RECEIVED AND GRANTED Operating lease contracts Payments for operating leases concern in particular rents for offices and business premises of the Group. They include extension options as well as restrictions regarding the agreement of subleases. In the period under review, minimum lease payments of EUR 29 million (2011: EUR 26 million; 2010: EUR 27 million) were recognised as an expense, net of sublease payments of EUR (6) million (2011: EUR (4) million; 2010: EUR (4) million). The largest lease contract is for SCOR Zurich office where during 2011 the lease term has been extended until December 2016. The minimum payments are as follows (1) : 2012 2011 In EUR million Minimum payments Minimum payments Less than one year 14 22 From one to five years 48 33 More than five years 30 - TOTAL MINIMUM PAYMENTS 92 55 (1) 2011 minimum lease payments comprised the largest lease contracts from SCOR Zurich and SCOR Paris, whereas 2012 minimum lease payments comprise all SCOR entities. The increase in 2012 is mainly due to two newly signed lease contracts in Charlotte and Texas. Property related commitments and guarantees In December 2003, the Group sold its headquarters in Paris La Défense but remained as tenant of this building until December 2012, except for one floor which is still rented. The Group has returned it on 28 December 2012, date of its lease termination, and all the related guarantees have been cancelled. On 29 June 2012, SCOR SE, German branch became owner of a new 6,500 square meters building at Goebenstrasse 1 in Cologne which was under construction since 2009. The Cologne HUB head office has moved to Goebenstrasse 1 beginning of March 2012. This resulted in an additional increase of the Group’s fixed assets of EUR 11 million in 2012. In 2011 EUR 26 million of the total purchase price of EUR 37 million including fixtures and fittings were already capitalized as asset in progress. In January 2012, the Group partially funded the cost of the purchase with a financial debt of EUR 18 million. 225
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NOTICE Certain statements contained
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1 Person responsible 8 1.1 Name and
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13 Profit forecasts or estimates 11
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8 PERSON RESPONSIBLE
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1 PERSON RESPONSIBLE 1.1 Name and t
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2.1 Auditors 13 2.2 Resignation or
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14 SELECTED FINANCIAL INFORMATION
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3 GROUP KEY FIGURES (UNDER CURRENT
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4.1 Risk related to the business en
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claims or surrenders of policies th
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B. Life reinsurance The main catego
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statutory reserve requirements or h
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B. SCOR is exposed to Guaranteed Mi
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4.1.9 FINANCIAL RATINGS PLAY AN IMP
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and amortization expenses related t
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F. Deposits with custodians As part
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4.2.2 SCOR FACES RISKS RELATED TO I
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Details of intangible assets, relat
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4.4.2 INCONSISTENT APPLICATION OF E
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See “Appendix B - II. Internal co
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5.1 History and development of the
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proportion of the voting rights hel
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Gerling Global Re Group, which deve
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5.2 Investments 5.2.1 PRINCIPAL INV
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6.1 Primary activities 53 6.2 Princ
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The targets of the strategic plan a
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B. Proportional and non-proportiona
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payment of commercial debts. Surety
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Long-Term Care Long-Term Care (“L
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with local lines of business and po
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transfer solutions (e.g., catastrop
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Retrocession procedures are central
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The portion invested in fixed incom
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6.2 Principal markets SCOR is chara
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On 6 March 2010, STOXX announced SC
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The premiums up for renewal, which
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75 ORGANIZATIONAL STRUCTURE
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E U R O P E 7 ORGANIZATIONAL STRUCT
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7.1.1.2 Project "New SCOR" In conne
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7.2 List of issuer’s significant
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8.1 Major existing or planned prope
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86 OPERATING AND FINANCIAL REVIEW
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9 OPERATING AND FINANCIAL REVIEW Th
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year ended 31 December 2012 down fr
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In 2011, SCOR was affected by the f
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31 March 2014. This transaction suc
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Net investment income and investmen
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IFRS classification In EUR million
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Combined ratio For detailed calcula
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10.1 Capital 103 10.2 Cash flow 103
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FINANCIAL LEVERAGE As at 31 Decembe
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11.1 Research and development activ
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studies and publications produced o
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12.1 Most significant trends in pro
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SCOR Global Life expects business o
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114 PROFIT FORECASTS OR ESTIMATES
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116 ADMINISTRATIVE AND MANAGEMENT B
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14 ADMINISTRATIVE AND MANAGEMENT BO
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Name Date of Birth Other principal
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Clariden Leu and from 10 January 20
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Name Age Current Position Executive
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of Alea Europe from 1999 to 2006, w
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134 REMUNERATION AND BENEFITS
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15 REMUNERATION AND BENEFITS 15.1 A
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and analysts; deepening of the empl
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Subscription and share purchase opt
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Year 2011 Year 2010 Premium/ Gross
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144 BOARD PRATICES
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16 BOARD PRATICES 16.1 Date of expi
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148 EMPLOYEES
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17 EMPLOYEES 17.1 Number of employe
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17.2.2 STOCK OPTIONS HELD BY THE ME
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Options exercised Number of stock o
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Plan Share award rights Price per s
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180 of the Commercial Code, options
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(5) Absolute appliance of Group’s
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The following table shows the free
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Shareholders meeting and Company's
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and, for the not tax resident of Fr
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17.4.2 DEFINED BENEFITS PENSION SCH
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18.1 Significant shareholders known
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Distribution of capital (number of
Page 174 and 175: On 4 July 2012, Alecta Pensionsför
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Page 178 and 179: Amendment #7 to the retrocession ag
Page 180 and 181: The Board of Directors of SCOR SE,
Page 182 and 183: absorption of its wholly owned subs
Page 184 and 185: to the Facility Agreement granted/w
Page 186 and 187: adjusted on the date of departure b
Page 188 and 189: 188 FINANCIAL INFORMATION CONCERNIN
Page 190 and 191: 20 FINANCIAL INFORMATION CONCERNING
Page 192 and 193: LIABILITIES AS AT 31 DECEMBER In EU
Page 194 and 195: 20.1.3 CONSOLIDATED STATEMENTS OF C
Page 196 and 197: 20.1.5 CONSOLIDATED STATEMENTS OF C
Page 198 and 199: 20.1.6 NOTES TO THE CONSOLIDATED FI
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Page 208 and 209: available and the reserves are adju
Page 210 and 211: Shadow accounting For the measureme
Page 212 and 213: together with actuarial assumptions
Page 214 and 215: The following table sets forth the
Page 216 and 217: CASH FLOWS BY SEGMENT The cash flow
Page 218 and 219: SCOR recognised the redemption rece
Page 220 and 221: PRO FORMA STATEMENT OF INCOME 2011
Page 222 and 223: 2009 In EUR million (1) Provisional
Page 226 and 227: 20.1.6.6 NOTE 6 - INSURANCE BUSINES
Page 228 and 229: (B) MOVEMENTS IN LEVEL 3 FINANCIAL
Page 230 and 231: Financial lease contracts The Group
Page 232 and 233: At 31 December 2012 and 2011, the u
Page 234 and 235: MORTALITY SWAPS On 1 January 2008,
Page 236 and 237: 20.1.6.10 NOTE 10 - ASSUMED AND CED
Page 238 and 239: Issued share capital The number of
Page 240 and 241: CAPITAL MANAGEMENT POLICY, OBJECTIV
Page 242 and 243: Share-based payments The caption
Page 244 and 245: SCOR has entered into a cross-curre
Page 246 and 247: SCOR Global P&C The table below sho
Page 248 and 249: The table below is a reconciliation
Page 250 and 251: (C) SHARE OF RETROCESSIONAIRES IN C
Page 252 and 253: (c) Defined benefits pension cost 2
Page 254 and 255: The following table summarizes the
Page 256 and 257: The table below presents the change
Page 258 and 259: The performance conditions will be
Page 260 and 261: In 2010 the tax rate change impact
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Page 268 and 269: SIGNIFICANT SUBSIDIARIES, INVESTMEN
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(iv) Pandemic In Life reinsurance,
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Different types of GMDBs are covere
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(b) Receivables from retrocessionai
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(i) Default of pool members SCOR pa
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Additional information on the timin
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On the other hand, an increase in i
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The market sensitivities of the Gro
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20.2 Auditing of historical consoli
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Other information audited by the le
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21.1 Share capital 293 21.2 Charter
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Directors of SCOR SE decided on 28
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Number initially authorized (date o
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Objective 1. Stimulation of the sec
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21.1.7 HISTORY OF THE COMPANY’S S
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Board of Directors’ borrowing pow
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maintained by BNP on our behalf. Ea
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Proxies may be granted by a shareho
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Shareholders’ Meeting that may ta
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22 MATERIAL CONTRACTS None. 310
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23.1 Expert’s report 313 23.2 Inf
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314 DOCUMENTS ON DISPLAY
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316 INFORMATION ON HOLDINGS
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318 NON FINANCIAL INFORMATION
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320 FEES PAID BY THE GROUP TO THE A
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322 PUBLISHED INFORMATION
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28 PUBLISHED INFORMATION 28.1 Infor
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Date Subject Marchés Financiers 27
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328
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1.1 Significant events of the year
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1.2 Balance sheet 1.2.1 BALANCE SHE
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1.3 Income statement In EUR million
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In EUR million NON-UNDERWRITING ACC
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1.5 NOTES TO THE CORPORATE FINANCIA
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1.7 RECORDING OF REINSURANCE TRANSA
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1.12 FINANCIAL INSTRUMENTS RECEIVED
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Name Original currency Share capita
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NOTE 4 - TRANSACTIONS WITH SUBSIDIA
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(b) Financial liabilities • Initi
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• EUR 44 million in reserves for
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NOTE 10 - ANALYSIS OF GENERAL EXPEN
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Number of which to Group directors
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NOTE 15 - ANALYSIS OF COMMITMENTS G
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Appeal of Versailles. On the basis
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aforementioned notes is appropriate
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362 APPENDIX B: REPORT OF THE CHAIR
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APPENDIX B: REPORT OF THE CHAIRMAN
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Pursuant to the Internal Charter, t
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Lastly, Directors are required to i
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The Audit Committee is composed of
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Every year, the conditions of remun
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Moreover, the Chairman and Chief Ex
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The Group SCOR consists of the pare
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Within this environment, control re
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organization, training sessions tar
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For SCOR Global Life: - an internal
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(D) INFORMATION AND COMMUNICATION
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• enhanced audit trail. The initi
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Other information We confirm that t
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APPENDIX C: GLOSSARY* *This glossar
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D DECENNIAL INSURANCE Decennial ins
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M MARINE AND AVIATION INSURANCE ALS
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RETROCESSION Transaction in which t
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elevant at the date of acquisition.
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1 Operating and financial review of
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1.2 Operating results of SCOR SE du
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3.2 Group social indicators 3.2.1 D
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As a global company organised into
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3.2.10 Distribution by age Indicato
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in cooperation with the company doc
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- The items pertain to the entire G
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• Two approaches have been develo
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POLLUTION AND WASTE MANAGEMENT Info
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BIODIVERSITY PROTECTION formation r
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The Group’s French subsidiaries a
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5.5 OTHER ACTIONS TAKEN IN SUPPORT
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7 STATUTORY AUDITORS’REPORT ON TH
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426 APPENDIX E: CROSS REFERENCE TAB
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European Company With a share capit
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4.4 Legal risk - Scor

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