4.4 Legal risk - Scor

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together with actuarial assumptions. To the extent that net operating losses carried forward cannot be utilized or expire, there may be deferred income tax expenses recorded in the future. Taxes relating to items recorded directly in shareholders’ equity are recorded directly in equity and not in the statement of income. Deferred tax assets and liabilities are offset, if a legally enforceable right exists to set off current tax assets and liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Deferred tax assets and liabilities are assessed at the tax rate applicable in the fiscal year in which the asset will be realized or the liability settled, based on the tax rates (and tax regulations) that have been enacted or substantially enacted at the balance sheet date. (S) SEGMENT INFORMATION For management purposes the Group is organized into two operating segments and one corporate cost center Group Functions. The operating segments are: the SCOR Global P&C segment, with responsibility for our property and casualty insurance and reinsurance (also referred to as “Non-Life”); and the SCOR Global Life segment, with responsibility for our life reinsurance (also referred to as “Life”). Each operating segment underwrites different types of risks and offers different products and services, which are marketed via separate channels; responsibilities and reporting within the Group are established on the basis of this structure. Management evaluates the performance of these segments and allocates resources to them in accordance with various performance indicators. The amount of inter-segment transactions, primarily in relation to gross written premiums, is not significant. 20.1.6.2 NOTE 2 - SEGMENT INFORMATION The SCOR Global P&C segment operates in four business areas being: Property and Casualty Treaties; Specialty Lines (including Credit & Surety, Inherent Defects Insurance, Aviation, Space, Marine, Engineering, Agriculture and Structured Risk Transfer); Business Solutions (large corporate accounts underwritten essentially on a facultative basis and occasionally as direct insurance for industrial groups and services companies); and Joint Ventures and Partnerships. The SCOR Global Life segment offers the following lines of business: Life (treaties with mainly mortality risks); Life Financing Reinsurance; Critical Illness; Disability; Long Term Care; Health; Annuities; Personal Accident and Longevity. As at 1 January 2011, the cost allocation methodology of the Group was refined in the preparation of segment information, resulting in a new corporate cost center being created, Group Functions. Group Functions is not an operating segment and does not generate revenues. The costs in Group Functions are Group related costs that are not directly attributable to either the Non-Life or Life segments. Group Functions includes the cost of departments fulfilling duties for the benefit of the whole Group, such as the costs for Group Internal audit, Group Chief Financial Officer functions (Group Tax, Group Accounting, Group Consolidation and Reporting), Group Chief Operating Officer functions (Group Legal, Group Communication, Group Human Resources) and Group Chief Risk Officer expenses. The Group Functions costs are included in the subsequent table in which prior year amounts have been adjusted for comparative purposes. Management reviews the operating results of the SCOR Global P&C and SCOR Global Life segments individually for the purpose of assessing the operational performance of the business and to allocate resources. No operating segments have been aggregated to form the SCOR Global P&C and SCOR Global Life reportable operating segments. 212
The following table sets forth the operating income for each of the Group’s operating segments and its corporate cost center for the financial years ended 31 December 2012, 2011, and 2010 as if Group Functions had been separately reported for all financial years under view. SCOR Global Life 31 December 2012 31 December 2011 31 December 2010 Adjustments Adjustments Group and SCOR SCOR and Group SCOR SCOR Group Functionations elimin- Global Global Funct- elimin- Global Global Functions (1) Total Life P&C ions ations (1) Total Life P&C SCOR Global P&C (1) Inter-segment recharges of expenses are eliminated on consolidation. (2) Technical results are the balance of income and expenses allotted to the insurance business. Adjustm -ents and eliminations (1) In EUR million Total Gross written premiums 4,864 4,650 - - 9,514 3,620 3,982 - - 7,602 3,035 3,659 - - 6,694 Change in gross unearned premiums 3 (150) - - (147) (7) (180) - - (187) 2 (111) - - (109) Gross earned premiums 4,867 4,500 - - 9,367 3,613 3,802 - - 7,415 3,037 3,548 - - 6,585 Gross benefits and claims paid (3,780) (2,833) - - (6,613) (2,615) (3,038) - (1) (5,654) (2,386) (2,405) - - (4,791) Gross commission on earned premiums (953) (956) - - (1,909) (804) (773) - - (1,577) (694) (714) - - (1,408) GROSS TECHNICAL RESULT (2) 134 711 - - 845 194 (9) - (1) 184 (43) 429 - - 386 Ceded written premiums (531) (445) - - (976) (345) (391) - - (736) (286) (265) - - (551) Change in ceded unearned premiums - 8 - - 8 (1) 32 - - 31 1 7 - - 8 Ceded earned premiums (531) (437) - - (968) (346) (359) - - (705) (285) (258) - - (543) Ceded claims 458 177 - - 635 137 402 - 1 540 204 63 - - 267 Ceded commissions 95 49 - - 144 126 32 - - 158 101 15 - - 116 Net results of retrocession 22 (211) - - (189) (83) 75 - 1 (7) 20 (180) - - (160) NET TECHNICAL RESULT (2) 156 500 - - 656 111 66 - - 177 (23) 249 - - 226 Other income and expense from reinsurance operations 3 (39) - - (36) (34) (19) - (2) (55) (3) (18) - (2) (23) Investment revenues 91 224 - 2 317 106 238 - - 344 155 229 - 1 385 Interests on deposits 178 24 - - 202 160 30 - - 190 168 29 - - 197 Realized capital gains/(losses) on investments 24 137 - - 161 40 148 - (1) 187 52 157 - (2) 207 Change in fair value of investments - 8 - - 8 (5) (2) - - (7) 3 (3) - - - Change in investment impairment (16) (70) - - (86) (16) (46) - - (62) (26) (40) - - (66) Foreign exchange gains/(losses) (2) 25 - - 23 3 10 - - 13 - (15) - - (15) Investment income 275 348 - 2 625 288 378 - (1) 665 352 357 - (1) 708 Investment management expenses (10) (15) (5) - (30) (7) (13) (6) - (26) (6) (12) (6) - (24) Acquisition and administrative expenses (165) (176) (8) - (349) (114) (166) (12) - (292) (92) (160) (10) (1) (263) Other current operating expenses (45) (44) (88) - (177) (33) (35) (52) - (120) (25) (28) (54) 2 (105) CURRENT OPERATING RESULTS 214 574 (101) 2 689 211 211 (70) (3) 349 203 388 (70) (2) 519 Other operating expenses - (50) - - (50) - (30) - - (30) - (29) - - (29) Other operating income 6 - - - 6 - 4 - - 4 - - - - - OPERATING RESULTS (BEFORE IMPACT OF ACQUISITIONS) 220 524 (101) 2 645 211 185 (70) (3) 323 203 359 (70) (2) 490 213
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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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Page 168 and 169: 17.4.2 DEFINED BENEFITS PENSION SCH
Page 170 and 171: 18.1 Significant shareholders known
Page 172 and 173: Distribution of capital (number of
Page 174 and 175: On 4 July 2012, Alecta Pensionsför
Page 176 and 177: 19.1 Related party transactions 177
Page 178 and 179: Amendment #7 to the retrocession ag
Page 180 and 181: The Board of Directors of SCOR SE,
Page 182 and 183: absorption of its wholly owned subs
Page 184 and 185: to the Facility Agreement granted/w
Page 186 and 187: adjusted on the date of departure b
Page 188 and 189: 188 FINANCIAL INFORMATION CONCERNIN
Page 190 and 191: 20 FINANCIAL INFORMATION CONCERNING
Page 192 and 193: LIABILITIES AS AT 31 DECEMBER In EU
Page 194 and 195: 20.1.3 CONSOLIDATED STATEMENTS OF C
Page 196 and 197: 20.1.5 CONSOLIDATED STATEMENTS OF C
Page 198 and 199: 20.1.6 NOTES TO THE CONSOLIDATED FI
Page 200 and 201: • Amendments to IAS 19 - Employee
Page 202 and 203: Intangible assets The cost of intan
Page 204 and 205: (e) Cash and cash equivalents Cash
Page 206 and 207: Impairment of financial assets At e
Page 208 and 209: available and the reserves are adju
Page 210 and 211: Shadow accounting For the measureme
Page 214 and 215: The following table sets forth the
Page 216 and 217: CASH FLOWS BY SEGMENT The cash flow
Page 218 and 219: SCOR recognised the redemption rece
Page 220 and 221: PRO FORMA STATEMENT OF INCOME 2011
Page 222 and 223: 2009 In EUR million (1) Provisional
Page 224 and 225: The Group conducted its annual asse
Page 226 and 227: 20.1.6.6 NOTE 6 - INSURANCE BUSINES
Page 228 and 229: (B) MOVEMENTS IN LEVEL 3 FINANCIAL
Page 230 and 231: Financial lease contracts The Group
Page 232 and 233: At 31 December 2012 and 2011, the u
Page 234 and 235: MORTALITY SWAPS On 1 January 2008,
Page 236 and 237: 20.1.6.10 NOTE 10 - ASSUMED AND CED
Page 238 and 239: Issued share capital The number of
Page 240 and 241: CAPITAL MANAGEMENT POLICY, OBJECTIV
Page 242 and 243: Share-based payments The caption
Page 244 and 245: SCOR has entered into a cross-curre
Page 246 and 247: SCOR Global P&C The table below sho
Page 248 and 249: The table below is a reconciliation
Page 250 and 251: (C) SHARE OF RETROCESSIONAIRES IN C
Page 252 and 253: (c) Defined benefits pension cost 2
Page 254 and 255: The following table summarizes the
Page 256 and 257: The table below presents the change
Page 258 and 259: The performance conditions will be
Page 260 and 261: 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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