4.4 Legal risk - Scor

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NOTE 15 - ANALYSIS OF COMMITMENTS GIVEN AND RECEIVED Commitments received Commitments given In EUR million 2012 2011 2012 2011 Ordinary business operations (Note 15.1) 2,046 1,686 1,361 1,101 Financial instruments (Note 15.1.1) 1,342 1,081 1,312 1,051 Confirmed credits, letters of credit and guarantees given (Note 15.1.2) 796 597 26 25 Other commitments given and received (Note 15.1.3) 8 8 23 25 Hybrid transactions (Note 15.2) - - - - TOTAL 1,941 1,686 1,361 1,101 15.1 COMMITMENTS RECEIVED AND GIVEN IN THE ORDINARY COURSE OF BUSINESS 15.1.1 Financial instruments received and given Commitments received Commitments given In EUR million 2012 2011 2012 2011 Rate swaps - 60 - 60 Cross-currency swaps 796 528 771 511 Currency forward purchases/sales 546 493 541 480 TOTAL 1,342 1,081 1,312 1,051 Commitments given and received on rate swaps for an amount of EUR 60 million were related to real estate and exchanged the performance of the French property market with the performance of the German market. Cross-currency swaps are used to hedge foreign exchange and rate <strong>risk</strong>s of perpetual notes in CHF issued in 2011 and 2012: the instruments exchange the principal of 2011 placements for a total of CHF 650 million into EUR and exchange the coupon on the CHF 400 million placement to 6.98% and on the CHF 250 million placement to 6.925%. Both instruments mature on 2 August 2016. Additional instruments exchange the principal of 2012 placements for a total of CHF 315 million into EUR and exchange the coupon on the CHF 250 million tranche to 6.2855% and on the CHF 60 million tranche to 6.235%. These latest instruments mature on 8 June 2018. Currency forward purchases and sales generated an unrealized gain of EUR 3 million. 15.1.2 Confirmed credits, letters of credit, and guarantees received and given Commitments received Commitments given In EUR million 2012 2011 2012 2011 Confirmed credit - - - - Letters of credit 796 597 5 6 Securities pledged to financial institutions - - - - Investments in subsidiaries and affiliates pledged to financial institutions - - - 3 Other guarantees given to financial institutions - - 21 16 TOTAL 796 597 26 25 SCOR SE has signed agreements with different financial institutions concerning the granting of letters of credit for EUR 591 million. 15.1.2.1 Letters of credit received The commitments received in terms of capacity to issue letters of credit amounted to EUR 796 million, corresponding mainly to contracts signed with the banks: • BNP Paribas: USD 237 million (EUR 182 million), • Deutsche Bank: USD 190 million (EUR 146 million), • Natixis: USD 22 million (EUR 17 million), • JP Morgan: USD 72 million (EUR 56 million), • Helaba: USD 130 million (EUR 100 million), • Commerzbank: USD 85 million (EUR 65 million), • Citibank: USD 300 million (EUR 231 million). 356
15.1.2.2 Letters of credit given In consideration of its commitments relating to technical reserves, SCOR SE has granted letters of credit in the amount of USD 7 million (EUR 5 million) to cedants compared to EUR 796 million in letter of credit capacity received from banks. 15.1.2.3 Other guarantees given The guarantee given in consideration for underwriting commitments with the cedant ACE was USD 18 million (EUR 14 million). This guarantee was in the form of securities pledged to ceding companies. 15.1.3 Other commitments given and received Commitments received Commitments given In EUR million 2012 2011 2012 2011 Guarantees and securities (1) 8 8 16 8 Underwriting commitments - - - 9 Assets pledged to ceding companies - - - - Contract termination indemnities - - 7 8 TOTAL 8 8 23 25 (1) Rent guarantee given by HSBC, collateralized by pledged securities 15.2 COMMITMENTS GIVEN AND RECEIVED IN RESPECT OF HYBRID TRANSACTIONS Apart from mentioned commitments in the note above and the parental guarantee ( section 2.3), the Company no longer has any commitment with respect to hybrid transactions such as asset swaps or index default swaps. No facts in connection with the aforementioned commitments given and received have come to our knowledge, which may have an adverse impact on cash flows, cash positions or on our liquidity requirements. NOTE 16 - POST BALANCE SHEET EVENTS None. NOTE 17 - LITIGATION MATTERS Converium Class Action Settlement Following the approval of the settlement agreements by the competent jurisdictions in the United States and Europe (see Reference Document 2011 for more information) and at the expiration of the deadlines for opposition by the parties, these agreements have become final and will allow for stipulated distributions by the parties, withdrawn from a sequestered bank account in place at the time of the signing of the settlement agreements. The matter is therefore concluded for SCOR and has no further supplementary financial impact for SCOR. In Europe On 12 November 2009, and following an administrative sanctioning procedure, the Spanish competition authority (Comisión Nacional de la Competencia, or the “CNC”) sanctioned SCOR Global P&C SE Ibérica Sucursal, a branch of SCOR Global P&C, and a number of other insurance and reinsurance companies for an alleged infringement of Article 1 of Law 15/2007, of 3 July 2007, on Competition (the “Competition Act” which prohibits agreements and concerted practices that may have as an object or effect the restriction of competition in the market). The infraction would have consisted in an agreement to set the minimum price and other commercial conditions applied to customers in the market for decennial insurance for construction in Spain. Pursuant to such decision, SCOR was required to pay a fine of EUR 18.6 million. Other insurers and reinsurers were also fined in relation to the same matter. On 21 December 2009 SCOR filed an appeal to the sanctioning decision before the Administrative Chamber of the National Audience (Audiencia Nacional, or the "NA"). On 28 December 2012, the NA issued its judgment on the appeal, annulling the decision of the NCC. The NA accepted SCOR's grounds and declared that the company did not infringe the Competition Act. Consequently, the economic sanction impose on SCOR by the CNC has been annulled. The State Attorney (Abogado del Estado) representing the NCC has appealed the NA judgment to the Supreme Court (Tribunal Supremo). SCOR’s lawyers are studying the arguments set forth in the appeal. On 18 June 2009, SCOR commenced an action before the Commercial Court of Nanterre against an insurance company with respect to the recovery of the attorney’s fees and costs arising from the Highfields Capital LTD, Highfields Capital I LP and Highfields Capital II LP litigation covered by the directors and officers insurance policy. The proceedings were dismissed on 24 October 2012. On 23 November 2012, SCOR filed an appeal before the Court of 357
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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
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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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Page 310 and 311: 22 MATERIAL CONTRACTS None. 310
Page 312 and 313: 23.1 Expert’s report 313 23.2 Inf
Page 314 and 315: 314 DOCUMENTS ON DISPLAY
Page 316 and 317: 316 INFORMATION ON HOLDINGS
Page 318 and 319: 318 NON FINANCIAL INFORMATION
Page 320 and 321: 320 FEES PAID BY THE GROUP TO THE A
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Page 326 and 327: Date Subject Marchés Financiers 27
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Page 330 and 331: 1.1 Significant events of the year
Page 332 and 333: 1.2 Balance sheet 1.2.1 BALANCE SHE
Page 334 and 335: 1.3 Income statement In EUR million
Page 336 and 337: In EUR million NON-UNDERWRITING ACC
Page 338 and 339: 1.5 NOTES TO THE CORPORATE FINANCIA
Page 340 and 341: 1.7 RECORDING OF REINSURANCE TRANSA
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Page 346 and 347: NOTE 4 - TRANSACTIONS WITH SUBSIDIA
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Page 352 and 353: NOTE 10 - ANALYSIS OF GENERAL EXPEN
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Page 366 and 367: Pursuant to the Internal Charter, t
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Page 382 and 383: For SCOR Global Life: - an internal
Page 384 and 385: (D) INFORMATION AND COMMUNICATION
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Page 388 and 389: Other information We confirm that t
Page 390 and 391: APPENDIX C: GLOSSARY* *This glossar
Page 392 and 393: D DECENNIAL INSURANCE Decennial ins
Page 394 and 395: M MARINE AND AVIATION INSURANCE ALS
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Page 400 and 401: 1 Operating and financial review of
Page 402 and 403: 1.2 Operating results of SCOR SE du
Page 404 and 405: 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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