Annual Report - Scor

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SCOR CDS 5Y 250 200 150 100 50 0 Jan. 09 share Data (in EUR) Number of shares 185,213,031 Market capitalization at 31/12/2009 3,241,228,043 Book value per share 21.8 Price high 18.96 (on 12 October 2009) Price low 14.05 (on 24 February 2009) Price at 31/12/2009 17.50 Average daily volume 561,373 Dividend 0.80 scor cDs spreaD DeVelopMent SCOR CDS 5Y 24 scOR bOnds Oceane share and technical data Evolution of SCOR’s CDS actuarial margin 250 200 150 100 50 0 March 09 Jan. 09 May 09 March 09 July 09 May 09 SCOR debt overview Debt original aMount issueD Subordinated debt Subordinated debt Subordinated debt Super subordinated debt Oceane – convertible bond Sept. 09 July 09 Nov. 09 Sept. 09 current aMount outstanDing (booK Value) <strong>Annual</strong> <strong>Report</strong> SCOR 2009 Jan. 10 Nov. 09 US $ 100 million US$ 100 million 7 June 1999 € 100 million € 93 million 6 July 2000 € 50 million € 350 million € 200 million € 50 million 23 March 1999 € 265 million 28 July 2006 € 191 million 2 July 2004 Jan. 10 share technical Data Code ISIN FR0010411983 SEDOL B1LB9P6 FR Bloomberg Code SCR FP Equity Reuters Code SCOR.PA scor bonD spreaD DeVelopMent Z spread SCOR (bps) 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Jan. 09 Z spread SCOR (bps) 3,500 3,000 2,500 2,000 1,500 1,000 500 issue Date Maturity floating/ fixeD rate 30 years June 2029 20 years July 2020 0 March 09 Jan. 09 May 09 March 09 July 09 May 09 Sept. 09 July 09 Nov. 09 Sept. 09 coupon + step-up next call Date floating first 10 years: 3-month Libor rate +0.80%, and 1.80% thereafter floating first 10 years: 3-month Euribor +1.15%, and 2.15% thereafter Perpetual floating first 15 years: 6-month Euribor +0.75%, and 1.75% beyond the 15 years Perpetual fixed Initial rate at 6.154% p.a. until July 2016, floating rate indexed on the 3-month Euribor +2.90% margin 5 years January 2010 25 June 2009 6 July 2010 24 March 2014 28 July 2016 fixed 4.125% SCOR reimbursed the remaining bondholders in cash on 4 January 2010 Jan. 10 Nov. 09 Jan. 10
efficient hedging Of peaK expOsuRes SCOR’s risk profile is produced by the Group’s internal model, which simulates a large number of risks whilst taking into account the current economic and financial crisis. To ensure that the Group’s portfolio of retained risks respects the Group Risk Tolerance limits, SCOR defines its hedging needs precisely and puts them into place (using mainly traditional retrocession instruments, Insurance-Linked Securities and derivatives). Group Risk Tolerance limits The Group Risk Tolerance limits, which are designed to ensure that the Group achieves its objectives in terms of solvency and return on capital, are as follows: ■ The amount of retained exposure for around 40 Lines of Business and asset classes is limited so that an annual loss from any one of these does not exceed 5% (or 7.5% for CAT business) of the Group’s available capital. These limits are intended to avoid a concentration of risk in specific lines of business or asset classes and consequently to ensure that the diversification benefits, and hence returns, are optimised. ■ The Group’s retained exposure to extreme scenarios (with a probability of more than or equal to 1 in 250 years) is limited to a loss of 15% of the Group’s available capital. These limits are designed to restrict the impact of extreme scenarios on shareholders’ capital. Enhancing and protecting our capital Protecting our capital buffeR capital In addition to the solvency capital required to support retained risks, SCOR also holds Buffer Capital. This additional economic capital enables the Group to absorb a defined amount of inherent volatility in the results, thereby avoiding having to turn to the market. The level of Buffer Capital is defined according to the following risk/reward strategy: ■ To satisfy the objective of a return on shareholders’ equity of 900 bps above the risk-free rate over the cycle; ■ To reduce the probability of sustaining a reduction in economic value in excess of the Buffer Capital. There is a 1 in 10 year probability that a single event or an accumulation of exceptionally costly events will occur, thereby reducing the available capital by an amount equal to or greater than the Buffer Capital. For such a situation to occur there would need to be exceptional losses during the year, arising from an unexpected amount and/or magnitude of random events affecting the Group’s activities. The Buffer Capital is expected to absorb a single extreme event such as a severe pandemic, a major natural catastrophe or a wave of terrorist attacks in a given year. 25
Page 1 and 2: Annual Report 2009
Page 3 and 4: Table of Contents 2 Message from th
Page 5 and 6: this vital field will continue, sin
Page 7 and 8: ReinsuRance has weatheRed the cRisi
Page 9 and 10: What are the traditional structures
Page 11 and 12: 2009 Calendar january february marc
Page 23 and 24: Annual Report SCOR 2009 Enhancing a
Page 25: SCOR share price (EUR) 18 17 16 15
Page 29 and 30: What are the programme’s objectiv
Page 31 and 32: ■ Given the outstanding amounts o
Page 33 and 34: SCOR maintains a high level of capi
Page 35 and 36: Annual Report SCOR 2009 Corporate G
Page 37 and 38: diRectORs The Board of Directors is
Page 39 and 40: stRategy cOmmittee The Strategy Com
Page 41 and 42: Corporate Governance The Executive
Page 43 and 44: Gilles Meyer chief executive office
Page 45 and 46: The SCOR group is active on the mar
Page 47 and 48: gross written preMiuMs in €m 3,24
Page 49 and 50: cOnstantly impROving Results In a v
Page 51 and 52: pOsitive OutlOOK The Life reinsuran
Page 53 and 54: At 31 December 2009, overall invest
Page 55 and 56: Annual Report SCOR 2009 Mobilising
Page 57 and 58: dialOgue between management, the un
Page 59 and 60: thROugh the gReen scOR pROgRamme Mo
Page 61 and 62: Mobilising employees and promoting
Page 63 and 64: Mobilising employees and promoting
Page 65 and 66: Annual Report SCOR 2009 Glossary &
Page 67 and 68: Commutation A transaction through w
Page 69 and 70: Reserves for unexpired risks Reserv
Page 71 and 72: scor global life u.s. re insurance
Page 73: Israel scor global life Amot Invest
Page 76:
Societas Europaea with a share capi
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