4.4 Legal risk - Scor

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20.1.6.10 NOTE 10 - ASSUMED AND CEDED INSURANCE AND REINSURANCE RECEIVABLES AND PAYABLES 2012 2011 In EUR million SCOR Global Life SCOR Global P&C SCOR Total Global Life SCOR Global P&C Total Gross receivables from ceding companies 245 318 563 225 303 528 Provision for bad debts - - - (3) (10) (13) Estimated premiums receivable from cedants, net of commission 1,865 1,777 3,642 1,974 1,595 3,569 Assumed insurance and reinsurance accounts receivable 2,110 2,095 4,205 2,196 1,888 4,084 Amount due from reinsurers 1 77 78 98 79 177 Provision for bad debts - (2) (2) - (2) (2) Receivables from ceded reinsurance transactions 1 75 76 98 77 175 Assumed insurance and reinsurance accounts payable (280) (78) (358) (166) (71) (237) Liabilities for cash deposits from retrocessionaires (359) (210) (569) (337) (197) (534) Amount due to reinsurers (43) (29) (72) (57) (39) (96) Estimated premiums payable to retrocessionaires, net of commission (115) (132) (247) (60) (162) (222) Accounts payable on ceded reinsurance transactions (517) (371) (888) (454) (398) (852) Accounts receivable from and payable to cedants and retrocessionaires are mostly due in less than one year. A complete aging of financial assets is included in Note 26 – Insurance and financial <strong>risk</strong>. 20.1.6.11 NOTE 11 - DEFERRED ACQUISITION COSTS SCOR Global Life 2012 2011 2010 SCOR SCOR SCOR SCOR SCOR Global Global Global Global Global P&C Total Life P&C Total Life P&C In EUR million Total Net value at 1 January 397 325 722 485 278 763 529 238 767 Capitalisation of new contracts for the period / Change of the period 224 360 584 98 313 411 51 280 331 Change in scope of consolidation and contract portfolio exchanges - - - (105) - (105) - - - Amortisation for the year (176) (329) (505) (79) (268) (347) (80) (255) (335) Impairment losses during the year - - - - - - - - - Foreign exchange rate movements 6 3 9 (2) 2 - 31 15 46 Other changes (including change in shadow accounting) - - - - - - (46) - (46) Net value at 31 December 451 359 810 397 325 722 485 278 763 236
20.1.6.12 NOTE 12 - CASH AND CASH EQUIVALENTS AND CASH FLOWS In EUR million 2012 2011 Cash on hand and cash equivalent 806 698 Short-term deposits and investments 660 583 Cash and cash equivalents 1,466 1,281 Total cash and cash equivalents include short term deposits and investments, which mature less than three months from the date of the initial investment and earn interest based on the daily rates for short term deposits. Money market funds meeting certain criteria are also classified as cash equivalent. Liquidity is defined as cash and cash equivalents (as presented above) and short term investments comprised primarily of government bonds maturing between 3 and 12 months from date of purchase (as presented within Note 7 – Loans and receivables). Total liquidity as at 31 December 2012 is EUR 2,735 million (2011: EUR 3,055 million). NET CASH FLOW FROM OPERATIONS The following table reconciles consolidated net income to net cash flow provided by (used in) operations as presented on the statement of cash flows: For the year ended 31 December In EUR million 2012 2011 2010 Consolidated Group net income 418 330 418 Realized gains and losses on investment disposals (54) (168) (24) Change in accumulated amortization and other provisions 55 99 (1) Changes in deferred acquisition costs (97) (37) 68 Net increase in contract liabilities 256 845 432 Change in fair value of financial instruments recognized at fair value through income 57 43 28 Other non-cash items included in operating results 34 (601) (325) Net cash flow provided by operations, excluding changes in working capital 669 511 596 Change in loans and accounts receivable 181 4 73 Cash flows from other assets and liabilities - - - Net tax (paid)/received (89) 15 (13) Net cash flow provided by operations 761 530 656 During the year the Group received and paid out operational cash relating to investment income and taxes. Dividend and interest cash receipts relating to investments held during the year were EUR 34 million (2011: EUR 50 million and 2010: EUR 40 million) and EUR 354 million (2011: EUR 360 million and 2010: EUR 399 million). Tax cash outflows/inflows during the year were EUR (89) million (2011: outflow of EUR 15 million and 2010: inflow of EUR 13 million). In 2011, Life cash flow did not include AEGON operating settlements of EUR 108 million which were not received until January 2012. 20.1.6.13 NOTE 13 - INFORMATION ON SHARE CAPITAL, CAPITAL MANAGEMENT, REGULATORY FRAMEWORK AND SHAREHOLDERS’ EQUITY SHARE CAPITAL Authorized share capital The authorized share capital of the Company at 31 December 2012 was 192,384,219 shares with a nominal value of EUR 7.8769723 each compared with authorized share capital of 192,021,303 shares with a nominal value of EUR 7.8769723 at the end of 2011 and with authorized share capital of 187,795,401 shares with a nominal value of EUR 7.8769723 at the end of 2010. 237
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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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The Board of Directors of SCOR SE,
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absorption of its wholly owned subs
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to the Facility Agreement granted/w
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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
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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 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 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 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
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Page 260 and 261: In 2010 the tax rate change impact
Page 262 and 263: Applying the deferred tax netting m
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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
Page 280 and 281: (i) Default of pool members SCOR pa
Page 282 and 283: Additional information on the timin
Page 284 and 285: 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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