4.4 Legal risk - Scor

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NOTE 4 - TRANSACTIONS WITH SUBSIDIARIES AND AFFILIATES In EUR million ASSETS (Gross) Related companies 2012 2011 Related companies Total Other affiliates Other Other affiliates Other Investments 5,029 - 178 5,207 5,141 1 155 5,297 Investment properties 150 - 1 151 158 - 2 160 Shares other than variableincome securities and bonds 4,138 - 177 4,315 4,093 1 152 4,246 Loans 741 - - 741 871 - 1 872 Cash deposits with ceding companies - - - - 19 - - 19 Share of retrocessionaires in underwriting reserves 5 - - 5 5 - - 5 Accounts receivable 194 - 111 305 308 - 46 354 Accounts receivable from reinsurance transactions 5 - 39 44 71 - 15 86 Other accounts receivable 189 - 72 261 237 - 31 268 Total Others assets 168 - 180 348 125 - 222 347 Accrued income and deferred charges 1,823 - 126 1,949 1,687 - 154 1,841 Deferred acquisition costs – assumed (Non-Life) 31 - 47 78 31 - 31 62 Other assumed reinsurance transactions 1,792 - 63 1,855 1,656 - 87 1,743 Other accruals - - 16 16 - - 36 36 LIABILITIES Other Capital base 1,067 - - 1,067 - - 854 854 Gross underwriting reserves 2,994 - 278 3,272 2,883 - 231 3,114 Contingency reserves 64 - - 64 - - 61 61 Liabilities for cash deposits received from retrocessionaires - - - - - - - - Other liabilities 257 - 240 497 642 - 240 882 Liabilities arising from reinsurance operations - - 1 1 6 - 1 7 Financial liabilities 189 - 163 352 613 - 164 777 Other creditors 68 - 76 144 23 - 75 98 Deferred income and accrued expenses - - - - 1 - - 1 Deferred commissions received from reinsurers (Non-Life) - - - - - - - - Reinsurance estimates – Retrocession - - - - 1 - - 1 Other accruals - - - - - - - - The list of material related-party transactions required by French accounting standard CRC 2010-06 issued on 7 October 2010 is not applicable to SCOR SE as all related-party transactions are with 100%-owned entities. 346
2012 2011 In EUR million Related companies Other affiliates Other Total Related companies Other affiliates Other Total Other accounts receivable 189 - 72 261 237 - 31 268 Treasury advances granted 48 - - 48 157 - - 157 Transfer pricing receivables 38 - - 38 37 - - 37 Miscellaneous 103 - 72 175 43 - 31 74 Other creditors 68 - 76 144 23 - 75 98 Treasury advances granted 40 - - 40 23 - - 23 Miscellaneous 28 - 76 104 - - 75 75 4.1 OTHER EQUITY AND FINANCIAL LIABILITIES In EUR million Other capital base Maturity 2012 2011 Net book Net book value Fair value value Fair value EUR 50 million Perpetual - - 50 50 EUR 350 million Perpetual 262 265 261 199 CHF 650 million Perpetual 544 559 535 477 CHF 315 million Perpetual 260 266 - - Total other capital base 1,066 1,090 846 726 Financial liabilities USD 100 million 06/06/2029 52 52 52 52 EUR 100 million 05/07/2020 94 94 94 94 Total Financial liabilities 146 146 146 146 The balance includes EUR 15 million accrued interests (as at 31 December 2011: EUR 13 million) Long-term financial debt includes: (a) Other capital base • EUR 50 million in Perpetual Step-Up subordinated notes issued on 23 March 1999 and redeemed on 25 September 2012 at 80% of par. SCOR SE realized a EUR 10 million gain on the transaction. • Initial EUR 350 million reduced to EUR 257 million after repurchase of EUR 93 million during 2009 undated deeply subordinated notes (Tier 1 type) issued on 28 July 2006 in connection with the financing of the acquisition of Revios Ruckversicherung AG. The bond issuance is represented by last-rank subordinated bearer notes with a par value of EUR 50,000 each bearing interest at an initial rate of 6.154% per annum, a floating rate indexed on the 3-month EURIBOR plus a margin of 2.90%, payable quarterly. No fixed redemption date is set but SCOR SE reserves the right to redeem the bonds in full or in part as from 28 July 2016. • CHF 650 million fixed rate perpetual subordinated notes issued in two pari-passu ranking placements on 2 February and 3 June 2011. The notes are redeemable by SCOR each quarter as at payment of interests date as from 2 August 2016 with a first call date of 2 August 2016. The coupon has been set to 5.375% (until 2 August 2016) and 3-month CHF LIBOR plus a margin of 3.7359% thereafter. The notes are hedged with a cross-currency swap detailed in section 15.1.1. - Financial instruments received and given, in the analysis of commitments given and received. • CHF 315 million fixed rate perpetual subordinated notes issued in two pari-passu ranking placements on 10 September and 24 September 2012. The notes are redeemable by SCOR each quarter as at payment of interests date as from 8 June 2018 with a first call date of 8 June 2018. The coupon has been set to 5.25% (until 8 June 2018) and 3-month CHF LIBOR plus a margin of 4.8167% thereafter. The notes are hedged with a cross-currency swap detailed in section 15.1.1. - Financial instruments received and given, in the analysis of commitments given and received. 347
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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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adjusted on the date of departure b
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188 FINANCIAL INFORMATION CONCERNIN
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20 FINANCIAL INFORMATION CONCERNING
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LIABILITIES AS AT 31 DECEMBER In EU
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20.1.3 CONSOLIDATED STATEMENTS OF C
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20.1.5 CONSOLIDATED STATEMENTS OF C
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20.1.6 NOTES TO THE CONSOLIDATED FI
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• Amendments to IAS 19 - Employee
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Intangible assets The cost of intan
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(e) Cash and cash equivalents Cash
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Impairment of financial assets At e
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available and the reserves are adju
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Shadow accounting For the measureme
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together with actuarial assumptions
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The following table sets forth the
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CASH FLOWS BY SEGMENT The cash flow
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SCOR recognised the redemption rece
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PRO FORMA STATEMENT OF INCOME 2011
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2009 In EUR million (1) Provisional
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The Group conducted its annual asse
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20.1.6.6 NOTE 6 - INSURANCE BUSINES
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(B) MOVEMENTS IN LEVEL 3 FINANCIAL
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Financial lease contracts The Group
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At 31 December 2012 and 2011, the u
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MORTALITY SWAPS On 1 January 2008,
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20.1.6.10 NOTE 10 - ASSUMED AND CED
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Issued share capital The number of
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CAPITAL MANAGEMENT POLICY, OBJECTIV
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Share-based payments The caption
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SCOR has entered into a cross-curre
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SCOR Global P&C The table below sho
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The table below is a reconciliation
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(C) SHARE OF RETROCESSIONAIRES IN C
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(c) Defined benefits pension cost 2
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The following table summarizes the
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The table below presents the change
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The performance conditions will be
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In 2010 the tax rate change impact
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Applying the deferred tax netting m
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These expenses are further allocate
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In the event of termination of the
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SIGNIFICANT SUBSIDIARIES, INVESTMEN
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20.1.6.25 NOTE 25 - COMMITMENTS REC
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and documented before the pricing i
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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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Page 300 and 301: 21.1.7 HISTORY OF THE COMPANY’S S
Page 302 and 303: Board of Directors’ borrowing pow
Page 304 and 305: maintained by BNP on our behalf. Ea
Page 306 and 307: Proxies may be granted by a shareho
Page 308 and 309: Shareholders’ Meeting that may ta
Page 310 and 311: 22 MATERIAL CONTRACTS None. 310
Page 312 and 313: 23.1 Expert’s report 313 23.2 Inf
Page 314 and 315: 314 DOCUMENTS ON DISPLAY
Page 316 and 317: 316 INFORMATION ON HOLDINGS
Page 318 and 319: 318 NON FINANCIAL INFORMATION
Page 320 and 321: 320 FEES PAID BY THE GROUP TO THE A
Page 322 and 323: 322 PUBLISHED INFORMATION
Page 324 and 325: 28 PUBLISHED INFORMATION 28.1 Infor
Page 326 and 327: Date Subject Marchés Financiers 27
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Page 330 and 331: 1.1 Significant events of the year
Page 332 and 333: 1.2 Balance sheet 1.2.1 BALANCE SHE
Page 334 and 335: 1.3 Income statement In EUR million
Page 336 and 337: In EUR million NON-UNDERWRITING ACC
Page 338 and 339: 1.5 NOTES TO THE CORPORATE FINANCIA
Page 340 and 341: 1.7 RECORDING OF REINSURANCE TRANSA
Page 342 and 343: 1.12 FINANCIAL INSTRUMENTS RECEIVED
Page 344 and 345: Name Original currency Share capita
Page 348 and 349: (b) Financial liabilities • Initi
Page 350 and 351: • EUR 44 million in reserves for
Page 352 and 353: NOTE 10 - ANALYSIS OF GENERAL EXPEN
Page 354 and 355: Number of which to Group directors
Page 356 and 357: NOTE 15 - ANALYSIS OF COMMITMENTS G
Page 358 and 359: Appeal of Versailles. On the basis
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Page 362 and 363: 362 APPENDIX B: REPORT OF THE CHAIR
Page 364 and 365: APPENDIX B: REPORT OF THE CHAIRMAN
Page 366 and 367: Pursuant to the Internal Charter, t
Page 368 and 369: Lastly, Directors are required to i
Page 370 and 371: The Audit Committee is composed of
Page 372 and 373: Every year, the conditions of remun
Page 374 and 375: Moreover, the Chairman and Chief Ex
Page 376 and 377: The Group SCOR consists of the pare
Page 378 and 379: Within this environment, control re
Page 380 and 381: organization, training sessions tar
Page 382 and 383: For SCOR Global Life: - an internal
Page 384 and 385: (D) INFORMATION AND COMMUNICATION
Page 386 and 387: • enhanced audit trail. The initi
Page 388 and 389: Other information We confirm that t
Page 390 and 391: APPENDIX C: GLOSSARY* *This glossar
Page 392 and 393: D DECENNIAL INSURANCE Decennial ins
Page 394 and 395: 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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