4.4 Legal risk - Scor

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SCOR has entered into a cross-currency swap which exchanges the principal into EUR and exchanges the CHF coupon on the notes to EUR 6.925% and matures on 2 August 2016. Refer to Note 8 – Derivative Instruments for Currency Swap fair values. This instrument is recognized as debt because under the terms and conditions of the issuance contract, SCOR does not have an unconditional right to avoid delivering cash to settle the contractual obligation and based on projected cash flow there is no equity component of the instrument. (f) CHF 315 million perpetual subordinated debt On 10 September 2012, SCOR issued CHF 250 million perpetual subordinated notes, redeemable by SCOR each quarter as at payment of interest dates from 8 June 2018. The strong market demand observed prompted the Group to extend its placements from CHF 250 million to a total of CHF 315 on 24 September 2012. The settlement of the notes took place on 8 October 2012. The coupon has been set to 5.25% (until 2 June 2018) and 3-month CHF LIBOR plus a margin of 4.8167% thereafter. SCOR has entered into a cross-currency swap which exchanges CHF 250 million of the principal into EUR and exchanges the CHF coupon on the notes to EUR 6.2855% and matures on 8 June 2018. SCOR has entered into a second crosscurrency swap which exchanges CHF 65 million of the principal into EUR and exchanges the CHF coupon on the notes to EUR 6.2350% and matures on 8 June 2018. Refer to Note 8 – Derivative Instruments for Currency Swap fair values. This instrument is recognized as debt because under the terms and conditions of the issuance contract, SCOR does not have an unconditional right to avoid delivering cash to settle the contractual obligation and based on projected cash flow there is no equity component of the instrument. OTHER FINANCIAL DEBT Real estate financing relates to the acquisition of investment properties through property-related bank loans of EUR 409 million (EUR 419 million as at 31 December 2011) including EUR 3 million of financial lease contract (2011: EUR 10 million). The main property related bank loan amounts to EUR 170 million and is used to finance the Group’s headoffice in Paris, at Kléber. It bears interest indexed to the 3-month Euribor rate plus 1.35% and is redeemable in June 2018. SCOR entered into three interest rate swaps which cover its exposure to the variable interest rate whereas SCOR pays fixed 2.97% and receives three-months Euribor. The interest rate swaps have been accounted for as cash flow hedges (for further detail refer to Note 8 – Derivative instruments). The other property-related bank loans bear interests indexed to the 3 - month Euribor and redeemable between 2016 and 2021. They are used to finance other buildings owned by the Group. Other financial debt relates to deposit and guarantees of EUR 26 million (EUR 14 million as at 31 December 2011). FINANCING EXPENSES In EUR million 2012 2011 2010 Interest on subordinated debt (4) (4) (4) Interest on perpetual subordinated debt (56) (47) (17) Atlas V and VI (set up costs) (2) (3) (2) Finance lease (2) (2) (3) Real estate Financing (18) (8) (5) Other financial costs (1) (24) (30) (15) TOTAL (106) (94) (46) (1) The amounts presented in other financial costs include certain other Letter Of Credit charges, custodian and overdraft fees, amortization of issuance fees and other bank charges (commissions, etc), and a gain on debt repurchase in 2012 for EUR 10 million MATURITY The maturity profiles of financial debt is included in Note 26 – Insurance and financial risk. 244
20.1.6.15 NOTE 15 - CONTINGENCY RESERVES The following table summarizes amounts included in contingency reserves: In EUR million Reserves for post employment benefits Other reserves Total At 1 January 2011 79 9 88 Acquisition of a subsidiary - 16 16 Current year provision 10 9 19 Used reserves (8) (3) (11) Reversal of unused reserves - - - Foreign exchange rate movements 1 1 2 Adjusted discount rate 5 - 5 Others - - - At 31 December 2011 87 32 119 Acquisition of a subsidiary - - - Current year provision 15 1 16 Used reserves (11) (25) (36) Reversal of unused reserves - - - Foreign exchange rate movements - 1 1 Adjusted discount rate 17 - 17 Others - - - At 31 December 2012 108 9 117 Retirement employee benefits These benefits amount to EUR 108 million and EUR 87 million at 31 December 2012 and 2011, respectively and include post-employment benefits such as pension plans of EUR 102 million (2011: EUR 82 million) and Long service awards provisions EUR 6 million (2011: EUR 5 million). Other reserves At 31 December 2012, the other reserves include provisions related to employee and litigation of EUR 9 million (2011: EUR 6 million). At 31 December 2011, the other reserves were also comprised of provisions related to the Transamerica Re acquisition of EUR 17 million, provisions for loss making contract of EUR 8 million and provisions for restructuring cost of EUR 1 million. 20.1.6.16 NOTE 16 – NET CONTRACT LIABILITIES SCOR Global Life SCOR Global P&C Total In EUR million 2012 2011 2012 2011 2012 2011 Gross contract liabilities Gross claim reserves 3,838 3,666 10,857 10,602 14,695 14,268 Mathematical reserves 7,238 7,293 - - 7,238 7,293 Unearned premium reserves 77 85 1,682 1,516 1,759 1,601 Total gross insurance contract liabilities 11,153 11,044 12,539 12,118 23,692 23,162 Reserves for financial contracts - - 142 145 142 145 Total gross contract liabilities 11,153 11,044 12,681 12,263 23,834 23,307 Reinsurance recoverable Ceded claims reserves & claims expense reserves (282) (149) (690) (765) (972) (914) Ceded mathematical reserves (257) (252) - - (257) (252) Ceded unearned premium reserves - (1) (93) (84) (93) (85) Ceded contract liabilities (540) (402) (783) (849) (1,322) (1,251) Net contract liabilities 10,613 10,642 11,898 11,414 22,512 22,056 Underwriting reserves, or contract liabilities, are subject to the use of estimates. Payments linked to these reserves are not usually fixed, either by amount or by due date. Liquidity information related to contract liabilities is included in Note 26 – Insurance and financial risk. An aging analysis of the reinsurance asset is also included in Note 26 – Insurance and financial risk. 245
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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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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
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
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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 212 and 213: together with actuarial assumptions
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
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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
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Page 268 and 269: SIGNIFICANT SUBSIDIARIES, INVESTMEN
Page 270 and 271: 20.1.6.25 NOTE 25 - COMMITMENTS REC
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Page 274 and 275: (iv) Pandemic In Life reinsurance,
Page 276 and 277: Different types of GMDBs are covere
Page 278 and 279: (b) Receivables from retrocessionai
Page 280 and 281: (i) Default of pool members SCOR pa
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Page 284 and 285: On the other hand, an increase in i
Page 286 and 287: The market sensitivities of the Gro
Page 288 and 289: 20.2 Auditing of historical consoli
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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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