4.4 Legal risk - Scor

SCOR recognised the redemption received from AEGON in May 2012 and the changes in the fair value of the separately
recognized identifiable assets and liabilities at the end of the measurement period of one year from the acquisition date in
the consolidated balance sheet as at 31 December 2012.
Share of Transamerica Re income included in the 2011 SCOR Group’s consolidated income
The share of the mortality risk reinsurance business of Transamerica Re income included in the SCOR Group’s
consolidated income corresponds to the results generated during the period from 9 August 2011, the date of acquisition by
the SCOR Group, up to the end of the reporting period, 31 December 2011.
TRANSAMERICA RE: STATEMENT OF INCOME FROM ACQUISITION DATE TO 31 DECEMBER 2011
In EUR million (1)
Gross written premiums 677
Change in unearned premiums 1
Gross earned premiums 678
Other income and expense from reinsurance operations -
Investment income 5
Total income from ordinary activities 683
Gross benefits and claims paid (490)
Gross commission on earned premiums (92)
Net results of retrocession (55)
Investment management expenses -
Acquisition and administrative expenses (20)
Other current operating expenses -
Other current operating income (1)
Total other current operating income and expense (658)
CURRENT OPERATING RESULTS 25
Other operating expenses -
Other operating income -
OPERATING RESULTS (BEFORE IMPACT OF ACQUISITIONS) 25
Acquisition related expenses (18)
Gain from bargain purchase (2) 127
OPERATING RESULTS 134
Financing expenses (5)
Share in results of associates -
CONSOLIDATED NET INCOME, BEFORE TAX 129
Corporate income tax 2
NET INCOME 131
(1) Based on the EUR/USD average exchange rate
(2) Gain from bargain purchase valued at the average EUR/USD exchange rate of 0.7148 for the year ended 31 December 2011
Pro forma information
The pro forma financial information as at 31 December 2011 is presented to illustrate the effect on the Group’s statement of
income of the Transamerica Re acquisition as if the acquisition had occurred on 1 January 2011. The Transamerica Re
information is based on the estimated revenues and net income of the acquired business for the twelve month period ended
31 December 2011 and includes estimates for the impact of purchase accounting. The pro forma information is not
necessarily indicative of what would have occurred had the acquisition and related transactions been made on the dates
indicated, or of the future results of the Group.
• The pro forma statement of income presented below has been prepared in accordance with SCOR Group’s
accounting principles and corresponds to the following:The 2011 statement of income of the SCOR Group
excluding Transamerica Re (first column in the pro forma statement of income presented below);
• The 2011 statement of income of Transamerica Re before pro forma adjustments, presented in accordance with
IFRS (second column in the pro forma statement of income presented below);
• The pro forma adjustments to adjust the standalone statement of income of SCOR Group and Transamerica Re as
though the acquisition of Transamerica Re would have occurred on 1 January 2011 (third column of the pro forma
statement of income presented below).
218