4.4 Legal risk - Scor

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Financial lease contracts The Group holds a finance lease which contains an option to purchase an investment property in Paris at the end of the lease term. The lease was extended until 25 June 2013 by an addendum in 2011. The amount of the minimum payments and their discounted values are as follows: 2012 2011 Present Value of Minimum Lease Minimum Interest Payments payments expenses Present Value of Minimum Lease Payments Minimum Interest In EUR million payments expenses Less than one year 4 (1) 3 8 (1) 7 From one to five years - - - 4 (1) 3 More than five years - - - - - - Total 4 (1) 3 12 (2) 10 Commitments relating to the financing of acquisitions of investment properties through financial leases and other bank loans are presented within Note 14 – Financial debt. Rental income As part of its real estate investment activities described above, SCOR leases its investment buildings. The leases generally conform to the local market conditions and have annual indexation clauses for the rental payments. The estimated minimum rental income is as follows: 2012 2011 In EUR million Minimum rental income Minimum rental income Less than one year 35 39 From one to five years 96 69 More than five years 58 16 TOTAL MINIMUM RENTAL INCOME 189 124 The rental income related to investment property was EUR 38 million in 2012 (2011: EUR 37 million) and the direct operating expenses EUR 2 million (2011: EUR 2 million). Property related commitments and guarantees SCOR signed in 2012 a contract of sale before completion (VEFA) to acquire a building in Saint-Quentin-en-Yvelines. Total costs for building and land are EUR 93 million. Total cost of the land and finished portion of the building (EUR 72 million) was capitalised as at 31 December 2012, as transfer of ownership is contingent upon progress of construction work. As at 31 December 2012, SCOR has not the right to use the building. This right is contingent upon the delivery of the building. (D) FIXED INCOME SECURITIES (a) Credit ratings – fixed income securities classified as available-for-sale or fair value through income An analysis of the credit ratings of fixed income securities classified as available-for-sale and fair value through income is as follows: In EUR million AAA AA A BBB < BBB Not rated Total As at 31 December 2012 Available-for-sale 3,109 2,733 1,934 1,146 605 124 9,651 Fair value through income 11 34 10 - - 1 56 Total fixed income securities as at 31 December 2012 3,120 2,767 1,944 1,146 605 125 9,707 As at 31 December 2011 Available-for-sale 3,079 2,086 1,775 1,022 272 100 8,334 Fair value through income - 28 9 - - 1 38 Total fixed income securities as at 31 December 2011 3,079 2,114 1,784 1,022 272 101 8,372 230
(b) Maturity – fixed income securities classified as available-for-sale and fair value through income The table below presents the estimated maturity profiles of financial assets, which are expected to generate cash inflows to meet cash outflows on financial liabilities: As at 31 December 2012 Less than one year One to five years Five to ten years Ten to twenty years More than twenty years In EUR million 1,421 6,018 1,675 318 275 9,707 In percentage 15% 62% 17% 3% 3% 100% As at 31 December 2011 In EUR million 941 4,989 1,313 467 662 8,372 In percentage 11% 59% 16% 6% 8% 100% (c) Net unrealized gains (losses) – fixed income securities The following table summarizes the fixed income securities and unrealized gains / (losses) by class of fixed income security: In EUR million Government bonds & assimilated Total As at 31 December 2012 As at 31 December 2011 Net unrealized Net unrealized Net book value gains / (losses) Net book value gains / (losses) France 183 (5) 219 (13) Germany 617 10 920 11 Netherlands 150 (14) 165 (21) United Kingdom 340 1 175 3 Other EU (1) 159 (9) 209 (10) United States 1,115 11 890 7 Canada 297 26 344 26 Other 740 1 517 (10) Total Government bonds & assimilated 3,601 21 3,439 (7) Covered bonds & Agency MBS 1,359 49 839 8 Corporate bonds 3,997 130 3,413 (22) Structured & securitized products 750 (3) 681 (27) Total fixed income securities (2) 9,707 197 8,372 (48) (1) As at 31 December 2012, SCOR has no investment exposure related to sovereign <strong>risk</strong> of Portugal, Ireland, Italy, Greece, Hungary or Spain (2) The balance includes EUR 56 million fixed income securities which are classified as fair value through income (as at 31 December 2011: EUR 38 million) (E) AVAILABLE FOR SALE INVESTMENTS – UNREALIZED GAINS AND LOSSES (a) Movements in unrealized gains (losses) The change in the valuation of the available-for-sale portfolio affecting shareholders’ equity is as follows: In EUR million 2012 2011 2010 Net unrealized gains (losses) net of tax 1 January (178) 56 37 Transferred to consolidated net income during the period, net of impairment 47 (18) 46 Change in unrealized gains and losses (including investments purchased during the period) (1) 169 (215) (56) Impact of foreign exchange 28 1 36 Change in scope and other - (2) (7) Net unrealized gains (losses) net of tax 31 December 66 (178) 56 231
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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
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Amendment #7 to the retrocession ag
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Page 182 and 183: absorption of its wholly owned subs
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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 202 and 203: Intangible assets The cost of intan
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Page 208 and 209: available and the reserves are adju
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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 228 and 229: (B) MOVEMENTS IN LEVEL 3 FINANCIAL
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
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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
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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
Page 278 and 279: (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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