4.4 Legal risk - Scor

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M MARINE AND AVIATION INSURANCE ALSO REFERRED TO AS OFFSHORE/SPACE AND TRANSPORTATION INSURANCE Insurance covering damage occasioned during carriage (by sea, river, land, or air) to the means of transport (“hull”), excluding motor-driven land vehicles, and to the goods carried (“cargo”), and third party liability incurred by the carrier. MATHEMATICAL RESERVE Amount that a Life insurance or capitalization company must set aside and capitalize in order to meet its commitments to the insured. MORBIDITY The probability that an individual in a given group will develop a certain disease or disorder. MORTALITY The relative incidence of death of Life insureds or annuitants holding a Life insurance policy. N NET WRITTEN PREMIUM Gross premiums less the portion of premiums paid for retrocession. NON-PROPORTIONAL (EXCESS OF LOSS) REINSURANCE Reinsurance contract written to protect the ceding company from all or part of claims in excess of a specified amount retained (priority). This generally takes the form of Excess of Loss (or XL) or excess of annual loss reinsurance. NON-TRADITIONAL REINSURANCE Initially, this concerned a multi-year, multiline form of reinsurance whose contract terms included an aggregate limit of liability and loss sensitive features (e.g. profit sharing or additional premium). Currently, it also encompasses technical and investment accounts within a single cover, securitization of insurance risks, credit derivatives, and climate derivatives. O OCEANE (OBLIGATION CONVERTIBLE EN ACTIONS NOUVELLES OU EXISTANTES) The issuer of this convertible bond may give the creditor or new shares issued for the occasion, or existing shares held in a portfolio. P PERILS PERILS provides index values which can be used in industry-loss-based ILS transactions. The underlying data for the index is thereby directly collected from insurance companies underwriting property business in the affected areas and is processed in a standardized procedure to estimate industry-wide insured losses, which then form the basis of the PERILS index service. POLITICAL RISK All political or administrative events, actions or decisions that could lead to losses for companies contracting or investing abroad. PREMIUMS EARNED Premiums an insurance company has recorded as revenues during a specific accounting period. PRIMARY INSURER An insurance company that issues insurance contracts to the public generally or to certain non-insurance entities. 394
PROBABLE MAXIMUM LOSS (“PML”) The estimated anticipated maximum loss, taking into account ceding company and contract limits, caused by a single catastrophe affecting a broad contiguous geographic area, such as that caused by a hurricane or earthquake of such a magnitude that it is expected to recur once during a given return period, such as every 50, 100 or 200 years. PROPERTY & CASUALTY (P&C) CLASSES All insurance classes other than Life. PROPERTY INSURANCE Insurance that provides coverage to a person with an insurable interest in tangible property for that person’s property loss, damage or loss of use. PROPORTIONAL (PRO RATA) REINSURANCE Reinsurer’s share of claims carried by the insurer in proportion to its share of premiums received. Proportional reinsurance is generally written as a quota share of business or as surplus reinsurance. PROVISION FOR CLAIMS PAYABLE Reserve for claims reported but not yet settled. These are estimated by ceding companies and communicated to the reinsurer. R RATE Scale showing the various premium rates applied to risks belonging to a given category of insurance (as in motor rates, fire rates). REINSTATEMENT PREMIUMS Additional premiums charged under certain excess of loss reinsurance contracts to restore coverage amounts after a loss. REINSURANCE Procedure whereby an insurance company in turns insures itself with an outside company (the reinsurer) for part or all of the risks covered by him, in return for payment of a premium. REINSURANCE COMMISSION Percentage of premiums paid by the reinsurer to the insurer in quota-share or facultative treaties as a contribution to the acquisition and administrative costs relating to the business ceded. REINSURANCE POOLS A reinsurance pool involves insurance and reinsurance companies as well as public authorities in order to spread the risks. It allows the Group to have limited and known commitments. REINSURANCE PORTFOLIO The total reinsurance business (Treaty and Facultative) written and managed by a reinsurance company. REINSURANCE PREMIUM Amount received by the reinsurer as a consideration for covering a risk. REINSURANCE TREATY Reinsurance convention between an insurer and a reinsurer defining the terms under which the risks covered by the convention are ceded and accepted. The two main categories of treaty reinsurance are proportional and nonproportional. REINSURER Company that undertakes to cover the portion of a risk ceded to it by the insurer. RESERVE FOR UNEXPIRED RISKS Reserves intended to cover the portion of the cost of claims not covered by the unearned premiums reserve, for the period between the accounts closing date and the contract expiration date. RETENTION Share of the risk retained by the insurer or reinsurer for its own account. 395
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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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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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Page 346 and 347: NOTE 4 - TRANSACTIONS WITH SUBSIDIA
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 396 and 397: RETROCESSION Transaction in which t
Page 398 and 399: elevant at the date of acquisition.
Page 400 and 401: 1 Operating and financial review of
Page 402 and 403: 1.2 Operating results of SCOR SE du
Page 404 and 405: 3.2 Group social indicators 3.2.1 D
Page 406 and 407: As a global company organised into
Page 408 and 409: 3.2.10 Distribution by age Indicato
Page 410 and 411: in cooperation with the company doc
Page 412 and 413: - The items pertain to the entire G
Page 414 and 415: • Two approaches have been develo
Page 416 and 417: POLLUTION AND WASTE MANAGEMENT Info
Page 418 and 419: BIODIVERSITY PROTECTION formation r
Page 420 and 421: The Group’s French subsidiaries a
Page 422 and 423: 5.5 OTHER ACTIONS TAKEN IN SUPPORT
Page 424 and 425: 7 STATUTORY AUDITORS’REPORT ON TH
Page 426 and 427: 426 APPENDIX E: CROSS REFERENCE TAB
Page 428: European Company With a share capit
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4.4 Legal risk - Scor

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