4.4 Legal risk - Scor

NOTE 9 - ANALYSIS OF INVESTMENT INCOME AND EXPENSES BY KIND
2012 2011
In EUR million
Related
companies Other Total
Related
companies Other Total
Revenues from securities 266 - 266 191 1 192
Revenues from other investments 40 27 67 25 15 40
Other revenues 25 10 35 180 30 210
Realised gains - 1 1 - 1 1
TOTAL INVESTMENT INCOME 331 38 369 396 47 443
Management and financial costs 10 85 95 27 68 95
Other investment expenses 1 12 13 4 14 18
Realised losses - 23 23 22 - 22
TOTAL INVESTMENT EXPENSES 11 120 131 53 82 135
Dividends received from subsidiaries total EUR 266 million and include: SCOR Global Life SE EUR 100 million, SCOR
Global P&C EUR 87 million, SCOR Auber EUR 14 million, SCOR Global Investments EUR 4 million and SCOR Holding
Switzerland EUR 61 million.
Results from transactions involving financial instruments (rate swaps, interest-rate options, real estate swap) were
posted to financial income in the net amount of EUR 0.2 million in 2012 compared to EUR (0.5) million in 2011.
Foreign currency transactions
Currency losses were EUR (6) million in 2012 compared to a gain of EUR 15.1 million in 2011.
Foreign currency hedging strategy
The corporate financial statements are prepared in original currencies converted to Euros. Fluctuations in the exchange
rates used to convert the accounts might generate a significant foreign exchange impact. To limit the exchange rate
fluctuation risk, forward foreign currency transactions are entered into at the beginning of the year to hedge the main
currency surpluses in the balance sheet at the beginning of the year and adjusted during the year for material arbitrage
transactions involving currencies. Hedges include spot trades of foreign currencies, forward trades of foreign currencies
and option strategies.
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