4.4 Legal risk - Scor

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(B) MOVEMENTS IN LEVEL 3 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE During the year ended 31 December 2012, there were EUR 6 million net transfers out of Level 3 fair value measurement category. Total gains / (losses) At 1 recognized January in statement 2012 of income Transfer into / out of level 3 fair value measurement At 31 December 2012 Change in In EUR million fair value Purchases Sales Equities - - - - - - - Fixed income 8 - - - (6) - 2 Available-for-sale investments 8 - - - (6) - 2 Derivative instruments 133 (50) (1) - - (2) - 81 Investments 141 (50) - - (8) - 83 (1) Movements in derivative instruments mainly due to the change in fair value of ATLAS V and VI catastrophe bonds Total gains / (losses) At 1 recognized January in statement 2011 of income Transfer into / out of level 3 fair value measurement At 31 December 2011 Change in In EUR million fair value Purchases Sales Equities - - - - - - - Fixed income 14 - - - (2) (4) 8 Available-for-sale investments 14 - - - (2) (4) 8 Derivative instruments 61 (31) (1) - 103 (2) - - 133 Investments 75 (31) - 103 (2) (4) 141 (1) Movements in derivative instruments mainly due to the change in fair value of ATLAS V and VI catastrophe bonds (2) Mainly purchase of ATLAS VI series 2011-1 and 2011-2 catastrophe bonds At 1 Total gains / January (losses) 2010 recognized in statement of income Change in fair value Purchases Sales Transfer into / out of level 3 fair value measurement At 31 December 2010 Equities 2 - - - - (2) - Fixed income 8 - - - - 6 14 Available-for-sale investments 10 - - - - 4 14 Derivative instruments 60 (25) (1) - 26 (2) - - 61 Investments 70 (25) - 26 - 4 75 (1) Movements in derivative instruments mainly due to the change in fair value of ATLAS V and VI catastrophe bonds (2) Purchase of the second tranche of ATLAS VI catastrophe bonds The EUR (50) million total losses recorded in the statement of income in 2012, include EUR (50) million of change in FV (2011: EUR (31) million; 2010: EUR (25) million) and no realized gains/losses (2011: Nil; 2010: Nil). 228
(C) REAL ESTATE INVESTMENTS The properties held by the Group and considered as investment property are owned either by SCOR Auber, a 100% subsidiary of SCOR SE or by SCOR Properties, a 100% subsidiary of Group entities including SGP&C, SGL and SSAG. They consist of office buildings, which the Group owns and leases, and one office building capitalized under finance lease contracts. The movements in the real estate investments and finance leases are analyzed as follows: Real estate Finance In EUR million investments Leases Total Gross value at 31 December 2010 386 91 477 Foreign exchange rate movements (1) - (1) Additions 150 - 150 Disposals (27) - (27) Reclassification to owner-occupied property (Note 5) (10) - (10) Change in scope of consolidation - - - Gross value at 31 December 2011 498 91 589 Foreign exchange rate movements - - - Additions 143 - 143 Disposals (75) - (75) Reclassification to owner-occupied property (Note 5) - - - Change in scope of consolidation - - - Gross value at 31 December 2012 566 91 657 Cumulative depreciation and impairment at 31 December 2010 (71) (28) (99) Depreciation for the period (8) (3) (11) Impairment for the period - - - Disposals 14 - 14 Reclassification to owner-occupied property (Note 5) 6 - 6 Cumulative depreciation and impairment at 31 December 2011 (59) (31) (90) Depreciation for the period (11) (3) (14) Impairment for the period - - - Disposals 31 - 31 Reclassification to owner-occupied property (Note 5) - - - Cumulative depreciation and impairment at 31 December 2012 (39) (34) (73) Carrying value as at 31 December 2010 315 63 378 Fair value as at 31 December 2010 398 95 493 Carrying value as at 31 December 2011 439 60 499 Fair value as at 31 December 2011 523 95 618 Carrying value as at 31 December 2012 527 57 584 Fair value as at 31 December 2012 591 91 682 In 2012, SCOR Auber sold 4 buildings for a total sale price of EUR 83 million providing a total capital gain of EUR 39 million. SCOR Properties acquired 2 buildings, through 2 dedicated SPVs, SAS Pershing and SAS Coligny, one in Paris 17, and the other in Saint Quentin en Yvelines in state of future completion, for EUR 163 million out of which EUR 143 million have been booked at 31 December 2012 (see below, “Property related commitments and guarantees”). These acquisitions were financed by SCOR through the use of own funds. 229
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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
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On 4 July 2012, Alecta Pensionsför
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19.1 Related party transactions 177
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
Page 200 and 201: • Amendments to IAS 19 - Employee
Page 202 and 203: Intangible assets The cost of intan
Page 204 and 205: (e) Cash and cash equivalents Cash
Page 206 and 207: Impairment of financial assets At e
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 224 and 225: The Group conducted its annual asse
Page 226 and 227: 20.1.6.6 NOTE 6 - INSURANCE BUSINES
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
Page 262 and 263: Applying the deferred tax netting m
Page 264 and 265: These expenses are further allocate
Page 266 and 267: In the event of termination of the
Page 268 and 269: SIGNIFICANT SUBSIDIARIES, INVESTMEN
Page 270 and 271: 20.1.6.25 NOTE 25 - COMMITMENTS REC
Page 272 and 273: and documented before the pricing i
Page 274 and 275: (iv) Pandemic In Life reinsurance,
Page 276 and 277: 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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