4.4 Legal risk - Scor

(C) SHARE OF RETROCESSIONAIRES IN CONTRACT LIABILITIES
An analysis of the share of retrocessionaires in the Group’s contract liabilities by rating of the retrocessionaires and
collateral from retrocessionaires in favor of SCOR at 31 December 2012 and 2011 is as follows:
Not
rated
Total as at
31 December
2012
In EUR million AAA AA A BBB < BBB
Share of retrocessionaires contract
liabilities - 410 628 150 1 133 1,322
Securities pledged - 86 90 53 - 315 544
Deposits received - 95 307 134 - 29 565
Letters of credit - 128 27 - - 5 160
Total collateral from
retrocessionaires in favor of SCOR - 309 424 187 - 349 1,269
Share of retrocessionaires contract
liabilities net of collateral (2) - 101 204 (37) 1 (216) 53
Not
rated
Total as at
31 December
2011
In EUR million AAA AA A BBB < BBB
Share of retrocessionaires contract
liabilities - 357 696 85 2 111 1,251
Securities pledged - 5 192 12 - 95 304
Deposits received - 87 354 55 1 28 525
Letters of credit - 64 77 15 - 22 178
Total collateral from
retrocessionaires in favor of SCOR - 156 623 82 1 145 1,007
Share of retrocessionaires contract
liabilities net of collateral (2) - 201 73 3 1 (34) (1) 244
(1) To limit credit risk related to retrocessionaires, certain unrated retrocessionaires are obliged to pledge assets to the value of their maximum potential contract liability,
even though the actual retrocessionaire liability to SCOR recorded in the balance sheet is lower.
(2) The total collateral from retrocessionaires is related to the contract liabilities recorded in the balance sheet and also to potential losses that have not yet occurred.
20.1.6.17 NOTE 17 - PROVISIONS FOR EMPLOYEE BENEFITS
The post-employment benefits granted by the Group vary based on legal obligations and local requirements. Group
employees are entitled to short term benefits (holiday pay, sick leave and profit sharing) and long-term benefits (service
awards, loyalty bonus and seniority bonus) and post-employment benefits classified as defined benefit or defined
contribution plans (termination benefit, pension).
The short-term benefits granted are recognized as an expense for the period by the different entities of the Group.
DEFINED CONTRIBUTION PLANS
Defined contribution plans include plans whereby an employer makes periodic contributions to an external plan which
manages all administrative and financial aspects. These external plans relieve the employer of all future obligations and
manage the payment to employees of all amounts which are due (e.g. National insurance pension scheme, complementary
pension scheme (AGIRC/ARRCO in France), defined contribution retirement plans).
The payments made by the Group are expensed during the period in which the expense was incurred.
The amounts paid under defined contribution plans were EUR 16.6 million, EUR 12.9 million, and EUR 11.3 million for the
years ended 31 December 2012, 2011, and 2010 respectively.
TERMINATION BENEFIT
These plans call for the payment of a lump sum, calculated by reference to the employee’s length of service within the
Group and the salary level at the time of departure. These plans relate primarily to employees of the French and Italian
entities.
The employees of SCOR in Paris take benefit of an agreement "Indemnité de Fin de Carrière" signed during 2001. This
agreement has been cancelled as at 28 September 2009 with coverage valid until 31 December 2010.
The lump sum defined benefit is granted to SCOR employees only if they are employed by SCOR at the date of their
retirement and if they are eligible under the conditions stated in this agreement.
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