4.4 Legal risk - Scor

IFRS
classification
In EUR million
Management
classification
Fixed
Real
Cash income Equities estate
As at 31 December 2011
Other
investments
Total
invested
assets
Funds
withheld
by
cedants
Total
investments
Accrued Technical
interests items (1)
Total
IFRS
Classifi
cation
Real estate investments 499 499 499 499
Equities 84 699 148 227 1,158 1,158 1,158
Fixed income 8,248 1 1 8,250 8,250 84 8,334
Available-for-sale
investments
8,332 700 148 228 9,408 9,408 84 9,492
Equities 15 - 74 89 89 89
Fixed income 38 38 38 1 38
Investments at fair
value through income
53 - 74 126 126 1 127
Loans and receivables 1,768 1,768 8,098 9,866 6 9,872
Derivative instruments 158 158
TOTAL INSURANCE
BUSINESS
10,153 700 647 302 11,802 8,098 19,900 91 158 20,148
INVESTMENTS
Cash and cash
equivalents
1,281 1,281 1,281 1,281
TOTAL INSURANCE
BUSINESS
INVESTMENTS AND 1,281 10,153 700 647 302 13,083 8,098 21,181 91 158 21,429
CASH AND CASH
EQUIVALENTS
Direct real estate
Unrealised Gains and
Losses (2) 119 119 119
Direct real estate debt (3) (247) (247) (247) (247)
TOTAL MANAGEMENT
CLASSIFICATION
1,281 10,153 700 519 302 12,955 8,098 21,053
(1) Including Atlas cat bonds, mortality swap and FX derivatives
(2) Fair Value less Carrying Value of Real Estate Investments as at 31 December 2012 and 2011
(3) Real Estate financing related to real estate investments (buildings owned for investment) only
Management cost ratio
For detailed calculation of cost ratio refer to table below:
At 31 December
In EUR million 2012 2011 2010
Total Expenses as per Profit & Loss account (1) (556) (438) (393)
Unallocated Loss Adjustment Expenses (ULAE) (2) (32) (30) (29)
Total management expenses (588) (468) (422)
Investment management expenses 30 26 24
Total expense base (558) (442) (398)
Corporate finance 7 3 8
Amortization 27 16 12
Non controllable expenses 24 7 8
Total management expenses (for cost ratio
calculation) (500) (416) (370)
Gross Written Premiums 9,514 7,602 6,694
MANAGEMENT COST RATIO 5.3% 5.5% 5.5%
(1) Total expenses are Investment management expenses, Acquisition and administrative expenses and other current operating expenses as presented in Paragraph
20 – Financial information concerning the issuer’s assets and liabilities, financial position and profits and losses
(2) ULAE are part of gross benefits and claims paid
98