4.4 Legal risk - Scor

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aforementioned notes is appropriate, and that the approaches and policies described were properly applied by the company. • Notes 6 and 17 to the annual financial statements describe the uncertainties relating to the potential litigation encountered by the company. We examined the company’s procedures to identify these <strong>risk</strong>s, to evaluate and reflect them in the annual financial statements. • Notes 1.5 and 6 to the annual financial statements specify the valuation methods applied to pension obligations and other related obligations. Our work consisted of assessing the data and assumptions used, reviewing the company’s calculations and verifying that the information in notes 1.5 and 6 to the annual financial statements are appropriate. These assessments were made as part of our audit of the financial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed in the first part of this report. III. Specific verifications and information We have also performed, in accordance with professional standards applicable in France, the specific verifications required by law. We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the management report of the board of directors and in the documents addressed to the shareholders with respect to the financial position and the financial statements. Concerning the information given in accordance with the requirements of article L. 225-102-1 of the French commercial code (Code de commerce) relating to remunerations and benefits received by the directors and any other commitments made in their favor, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your company from companies controlling your company or controlled by it. Based on this work, we attest the accuracy and fair presentation of this information. In accordance with law, we have ensured that the required information concerning the purchase of investments and controlling interests and the names of the main shareholders has been properly disclosed in the directors’ report. Paris-La Défense, March 5, 2013 The statutory auditors French original signed by MAZARS ERNST & YOUNG AUDIT ANTOINE ESQUIEU MICHEL BARBET-MASSIN GUILLAUME FONTAINE 360
1.7 Reconciliation of French GAAP to IFRS The main reconciling items between French GAAP on a statutory basis and IFRS on a consolidated basis stated in the tables below relate to the consolidation of subsidiaries in the IFRS consolidated financial statements (whereas such subsidiaries are accounted for at cost less impairment in the stand alone French GAAP Parent Company financial statements) and to deferred taxes that are not recognized under French GAAP. In EUR million 2012 2011 NET INCOME Net Income in French GAAP (statutory basis) 208 235 Dividends from subsidiaries (266) (191) Deferred taxes under IFRS 30 71 Other consolidation adjustments 446 215 NET INCOME IN IFRS (CONSOLIDATED BASIS) 418 330 In EUR million 2012 2011 SHAREHOLDERS' EQUITY Shareholders’ Equity in French GAAP (statutory basis) 2,632 2,614 Deferred taxes under IFRS 399 362 Other consolidation adjustments 1,924 1,531 Treasury shares (163) (120) Reversal of French GAAP accrual for share award plans 18 16 TOTAL SHAREHOLDERS' EQUITY IN IFRS (CONSOLIDATED BASIS) 4,810 4,403 361
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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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Proxies may be granted by a shareho
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Shareholders’ Meeting that may ta
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
Page 322 and 323: 322 PUBLISHED INFORMATION
Page 324 and 325: 28 PUBLISHED INFORMATION 28.1 Infor
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
Page 342 and 343: 1.12 FINANCIAL INSTRUMENTS RECEIVED
Page 344 and 345: Name Original currency Share capita
Page 346 and 347: NOTE 4 - TRANSACTIONS WITH SUBSIDIA
Page 348 and 349: (b) Financial liabilities • Initi
Page 350 and 351: • EUR 44 million in reserves for
Page 352 and 353: NOTE 10 - ANALYSIS OF GENERAL EXPEN
Page 354 and 355: Number of which to Group directors
Page 356 and 357: NOTE 15 - ANALYSIS OF COMMITMENTS G
Page 358 and 359: Appeal of Versailles. On the basis
Page 362 and 363: 362 APPENDIX B: REPORT OF THE CHAIR
Page 364 and 365: APPENDIX B: REPORT OF THE CHAIRMAN
Page 366 and 367: Pursuant to the Internal Charter, t
Page 368 and 369: Lastly, Directors are required to i
Page 370 and 371: The Audit Committee is composed of
Page 372 and 373: Every year, the conditions of remun
Page 374 and 375: Moreover, the Chairman and Chief Ex
Page 376 and 377: The Group SCOR consists of the pare
Page 378 and 379: Within this environment, control re
Page 380 and 381: organization, training sessions tar
Page 382 and 383: For SCOR Global Life: - an internal
Page 384 and 385: (D) INFORMATION AND COMMUNICATION
Page 386 and 387: • enhanced audit trail. The initi
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
Page 396 and 397: RETROCESSION Transaction in which t
Page 398 and 399: elevant at the date of acquisition.
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
Page 406 and 407: As a global company organised into
Page 408 and 409: 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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