4.4 Legal risk - Scor

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6.1 Primary activities 53 6.2 Principal markets 68 6.3 Extraordinary events influencing the principal business and markets 69 6.4 Dependency of the issuer with respect to patents or licenses, industrial, commercial or financial contracts and new manufacturing processes 70 6.5 Information on SCOR’s competitive position 70 50
6 BUSINESS OVERVIEW Between 2002 and 2010, SCOR developed and implemented four three-year strategic plans to strengthen its balance sheet and achieve its profitability goals through an underwriting policy focused on profitability, including by optimum allocation of capital throughout the business cycle, and by maintaining its strong customer base and franchise in its three geographical areas, Europe, Middle East and Africa (“EMEA”), Asia-Pacific, North America and particularly in developing countries. The Group's acquisitions of Revios (in 2006) and Converium (in 2007) contributed to its diversification strategy by balancing the proportion of its consolidated premiums written, respectively, in its Non-Life division and in its Life division. In September 2010, SCOR launched a new three-year Strategic Plan, known as “Strong Momentum,” which replaced its previous strategic plan for 2007-2010, known as “Dynamic Lift.” On 7 September 2011, SCOR presented to the public an update of its Strong Momentum plan called Strong Momentum "SMV1.1". SMV1.1 took into account the August 2011 acquisition of the mortality reinsurance business of Transamerica Re, the July 2011 sale of IIC which was SCOR's U.S. fixed annuity business, and the latest (at the time) financial and economic developments. SMV1.1 confirmed the three main targets to be achieved during the 2010-2013 business cycle: • Optimization of the Group’s risk profile The Group's strategy is based on a moderate risk appetite, both on the underwriting side and on the asset side. SCOR continuously seeks to “optimize” its risk profile and has further decided to gradually and moderately increase its risk appetite in the belly (rather than in the tail) of its target profit/loss probability distribution. As compared to the previous strategic plan "Dynamic Lift", "Strong Momentum" therefore targets slightly higher expected returns coupled with slightly higher earnings volatility. The Group believes an increase in risk appetite is appropriate given its increased size and stronger balance sheet and risk management as compared to the prior three-year plan period. • “AA” level of financial security SCOR seeks to provide a level of security to its insurance and reinsurance clients that is consistent with an "AA" financial strength rating, based on Standard & Poor’s financial strength rating scale. Such level of security is currently estimated with its Group Internal Model GIM-SMV1.1 on the basis of a 0.05% probability of default (which corresponds to the average of Moody's and Standard & Poor's expected default statistics). Although SCOR's objective is to provide an AA level of security, the Group cannot commit on behalf of the rating agencies to be rated AA. • Profitability of 1,000 basis points above the three-month risk-free rate over the cycle SCOR targets a return on equity of 1,000 basis points above the three-month risk-free rate over the three year plan period. The Group considers the three-month risk-free rate to be the weighted three months daily interest rate of Treasury bills in the Euro area, the U.S., U.K., Canada and Switzerland averaged over the period under consideration. The weighted average used for this calculation is based on the percentage of SCOR's managed assets denominated in the currency of these assets. SCOR aims to achieve this goal through higher technical profitability (defined as profitability related to underwriting), increased investment income, generating new fee income streams and higher productivity and efficiency. On 6 September 2012, SCOR presented to the public an update of its Strong Momentum plan, called "Strong Momentum" Season 3. "Strong Momentum" Season 3 presented updated information and analyses demonstrating that the Group is consistently delivering on its promises and is well positioned to seize new profitable growth opportunities, leveraging on its competitive advantages. In spite of an increasingly uncertain environment with high market volatility, low yields and economic stagnation, "Strong Momentum Season Three" demonstrated that SCOR's operational performance is consistent with the assumptions and objectives of its strategic plan "Strong Momentum V1.1": • SCOR's return on equity is in line with its "Strong Momentum V1.1" target • Improved solvency and recent A+ upgrades confirm SCOR's capacity to provide an AA level of security to its clients • The Group experiences double-digit growth, supported by robust January, April and July 2012 P&C renewals and a deepening global franchise. • SCOR Global P&C exceeds "Strong Momentum V1.1" technical profitability assumptions, confirming an ongoing positive trend. • SCOR Global Life delivers a technical performance consistent with "Strong Momentum V1.1" assumptions, with the successful integration of the ex-Transamerica Re. • SCOR Global Investments maintains a prudent strategy with high investment flexibility. • SCOR's cost ratio trends towards the "Strong Momentum V1.1" assumption, while actively investing for the future, with more than 25 on-going projects. 51
Page 2 and 3: NOTICE Certain statements contained
Page 4 and 5: 1 Person responsible 8 1.1 Name and
Page 6 and 7: 13 Profit forecasts or estimates 11
Page 8 and 9: 8 PERSON RESPONSIBLE
Page 10 and 11: 1 PERSON RESPONSIBLE 1.1 Name and t
Page 12 and 13: 2.1 Auditors 13 2.2 Resignation or
Page 14 and 15: 14 SELECTED FINANCIAL INFORMATION
Page 16 and 17: 3 GROUP KEY FIGURES (UNDER CURRENT
Page 18 and 19: 4.1 Risk related to the business en
Page 20 and 21: claims or surrenders of policies th
Page 22 and 23: B. Life reinsurance The main catego
Page 24 and 25: statutory reserve requirements or h
Page 26 and 27: B. SCOR is exposed to Guaranteed Mi
Page 28 and 29: 4.1.9 FINANCIAL RATINGS PLAY AN IMP
Page 30 and 31: and amortization expenses related t
Page 32 and 33: F. Deposits with custodians As part
Page 34 and 35: 4.2.2 SCOR FACES RISKS RELATED TO I
Page 36 and 37: Details of intangible assets, relat
Page 38 and 39: 4.4.2 INCONSISTENT APPLICATION OF E
Page 40 and 41: See “Appendix B - II. Internal co
Page 42 and 43: 5.1 History and development of the
Page 44 and 45: proportion of the voting rights hel
Page 46 and 47: Gerling Global Re Group, which deve
Page 48 and 49: 5.2 Investments 5.2.1 PRINCIPAL INV
Page 52 and 53: The targets of the strategic plan a
Page 54 and 55: B. Proportional and non-proportiona
Page 56 and 57: payment of commercial debts. Surety
Page 58 and 59: Long-Term Care Long-Term Care (“L
Page 60 and 61: with local lines of business and po
Page 62 and 63: transfer solutions (e.g., catastrop
Page 64 and 65: Retrocession procedures are central
Page 66 and 67: The portion invested in fixed incom
Page 68 and 69: 6.2 Principal markets SCOR is chara
Page 70 and 71: On 6 March 2010, STOXX announced SC
Page 72 and 73: The premiums up for renewal, which
Page 75 and 76: 75 ORGANIZATIONAL STRUCTURE
Page 77: E U R O P E 7 ORGANIZATIONAL STRUCT
Page 80 and 81: 7.1.1.2 Project "New SCOR" In conne
Page 82 and 83: 7.2 List of issuer’s significant
Page 84 and 85: 8.1 Major existing or planned prope
Page 86 and 87: 86 OPERATING AND FINANCIAL REVIEW
Page 88 and 89: 9 OPERATING AND FINANCIAL REVIEW Th
Page 90 and 91: year ended 31 December 2012 down fr
Page 92 and 93: In 2011, SCOR was affected by the f
Page 94 and 95: 31 March 2014. This transaction suc
Page 96 and 97: Net investment income and investmen
Page 98 and 99: 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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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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