4.4 Legal risk - Scor

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12.1 Most significant trends in production, sales, inventory, costs, and selling prices since the end of the last financial year 111 12.2 Known trends, uncertainties, demands, commitments and events reasonably likely to have a material effect on the issuer’s prospects 111 110
12 TREND INFORMATION 12.1 Most significant trends in production, sales, inventory, costs, and selling prices since the end of the last financial year 12.1.1 NON-LIFE SCOR Global P&C announced on the 7 February 2013, that during the January 2013 renewals it recorded a 9% increase in gross written premiums (to EUR 2.507 billion) with an expected 1.3% improvement in technical profitability for total contracts renewed and a price rise of 1.9% net of general inflation. SCOR Global P&C continued to strengthen its competitive position during these renewals, both with its existing clients and with new cedants. The rating upgrades to “A+” which happened in the course of 2012 recognised this business franchise and its constant reinforcement, as well as provided a catalyst for new opportunities that strengthen SCOR Global P&C’s position at the very forefront of the reinsurance industry. These renewals constituted one of the final steps before the conclusion of the strategic plan “Strong Momentum v1.1”, and satisfied its profitability objectives and premium income growth assumptions. They confirmed the evolution of premium income, which is trending towards the EUR 5 billion level. EUR 2.3 billion of premiums were up for renewal in January 2013, i.e. around half of SCOR Global P&C’s premiums. This proportion was particularly significant for Non-Life treaty business (71%), and represented more than half of specialty treaty business (55%). During these renewals, SCOR Global P&C continued to improve the expected technical performance of its business thanks to the active management of its portfolio. Its position as one of the leaders on a number of segments, along with the longterm relationships it has established with cedants, enabled it to negotiate satisfactory pricing conditions that were higher than those recorded by the rest of the market. Price increases in the Americas notably reached 5.1 %, with P&C prices increasing overall by 1.5% and 3.0% respectively for proportional and non-proportional contracts. Treaty P&C renewals The total volume of premiums renewed at 1 January 2013 increased by 9% to EUR 1,890 million, of which 6 points related to a quota share treaty for an Asian cedant. SCOR Global P&C’s ability to seize this opportunity bore witness its benchmark role in this region of the world. Moreover, the emerging countries recorded particularly strong growth overall (+48% in Asia, +16% in Latin America, and +12% in Africa & the Middle East). This growth accompanied active portfolio management: more than 8% of business was cancelled and restructured, while new clients represented three additional growth points. This growth took place in favourable pricing conditions, which were up by more than 2%. Specialty Treaty Gross written premiums increased by 9% to EUR 617, driven by a good performance in the Marine branch (+11 %). This branch benefited from a significant improvement in pricing conditions (notably +14.5% for non-proportional contracts, of which the portfolio share increased), following a year marked by exceptional losses in 2012. The year opened with the shipwreck of the Costa Concordia, and closed on Hurricane Sandy, which had a considerable impact on the Marine branch. Moreover, prices for specialty treaties rose by more than 1% overall, showing strong resilience in branches sensitive to the economic cycle such as credit reinsurance and construction reinsurance, where rates remained stable (+0.7% and +0.4% respectively). Moreover, while conditions remained difficult for the Aviation reinsurance market, SCOR Global P&C managed to maintain stable price levels and premium volume. 12.1.2 LIFE The life reinsurance market is characterized by long-term contractual relationship, which is the case for the majority of SCOR Global Life reinsurance portfolios. Only in selected markets like in Spain and Italy for certain products such as Health and Group Life reinsurance, the life reinsurance industry follows the practice of annual renewals. SCOR Global Life continues to offer traditional life and health reinsurance products in all markets based on proportional risk sharing models applying SCOR’s pricing assumptions to meet the company’s capital and margin targets. Over all markets SCOR Global Life negotiates with its business partner on sophisticated business solution transactions with different motivations such as portfolio risk diversification. The majority of SCOR Global Life’s portfolio consists of pure death cover, exposed to mortality risk. Moreover, SCOR Global Life does not currently underwrite variable annuities and exposure to unemployment risk is minimal. Consequently, SCOR’s Life portfolio is largely immunized against the effects of economic slowdown. 111
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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
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
Page 100 and 101: Combined ratio For detailed calcula
Page 102 and 103: 10.1 Capital 103 10.2 Cash flow 103
Page 104 and 105: FINANCIAL LEVERAGE As at 31 Decembe
Page 106 and 107: 11.1 Research and development activ
Page 108 and 109: studies and publications produced o
Page 112 and 113: SCOR Global Life expects business o
Page 114 and 115: 114 PROFIT FORECASTS OR ESTIMATES
Page 116 and 117: 116 ADMINISTRATIVE AND MANAGEMENT B
Page 118 and 119: 14 ADMINISTRATIVE AND MANAGEMENT BO
Page 120 and 121: Name Date of Birth Other principal
Page 128 and 129: Clariden Leu and from 10 January 20
Page 130 and 131: Name Age Current Position Executive
Page 132 and 133: of Alea Europe from 1999 to 2006, w
Page 134 and 135: 134 REMUNERATION AND BENEFITS
Page 136 and 137: 15 REMUNERATION AND BENEFITS 15.1 A
Page 138 and 139: and analysts; deepening of the empl
Page 140 and 141: Subscription and share purchase opt
Page 142 and 143: Year 2011 Year 2010 Premium/ Gross
Page 144 and 145: 144 BOARD PRATICES
Page 146 and 147: 16 BOARD PRATICES 16.1 Date of expi
Page 148 and 149: 148 EMPLOYEES
Page 150 and 151: 17 EMPLOYEES 17.1 Number of employe
Page 152 and 153: 17.2.2 STOCK OPTIONS HELD BY THE ME
Page 154 and 155: Options exercised Number of stock o
Page 156 and 157: Plan Share award rights Price per s
Page 158 and 159: 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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4.4 Legal risk - Scor

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