4.4 Legal risk - Scor

5 Information about the issuer 43
5.1 History and development of the issuer 43
5.1.1 Legal name and commercial name of the issuer 43
5.1.2 Place and registration number of issuer 43
5.1.3 Date of incorporation and length of life of issuer 43
5.1.4 Domicile and legal form of issuer, legislation governing its activities, country of incorporation,
address and telephone number of its registered office 43
5.1.5 Important events in the development of the issuer’s business 45
5.2 Investments 48
5.2.1 Principal investments made over the past three financial years 48
5.2.2 Principal investments in progress 48
5.2.3 Principal future investments 48
6 Business overview 51
6.1 Primary activities 53
6.1.1 The reinsurance business 53
6.1.2 Breakdown of the Group’s business 54
6.1.3 Underwriting, distribution, catastrophe risk, claims and reserves 58
6.1.4 Capital shield policy 63
6.1.5 Investments 65
6.2 Principal markets 68
6.2.1 Breakdown of gross premiums by division 68
6.2.2 Distribution by geographic area 68
6.3 Extraordinary events influencing the principal business and markets 69
6.4 Dependency of the issuer with respect to patents or licenses, industrial, commercial or financial
contracts and new manufacturing processes 70
6.5 Information on SCOR’s competitive position 70
6.5.1 Non-Life reinsurance 70
6.5.2 Life reinsurance 73
7 Organisational structure 77
7.1 Brief description of the Group and of the position of the issuer 79
7.1.1 Group operating companies 79
7.2 List of issuer’s significant subsidiaries 81
8 Property, plant and equipment 83
8.1 Major existing or planned property, plants and equipment 85
8.2 Environmental issues that may affect the utilization of property, plants and equipment 85
9 Operating and financial review 88
9.1 Financial position 88
9.2 Operating results 89
9.2.1 Consolidated operating results 89
9.2.2 SCOR Global P&C 90
9.2.3 SCOR Global Life 92
9.2.4 Capital shield policy 94
9.2.5 Strategy or factors of governmental, economic, fiscal, monetary or political character which have
had or could have a material impact on the operations of the SCOR Group 94
9.2.6 Calculation of financial ratios 95
10 Capital resources 101
10.1 Capital 103
10.2 Cash flow 103
10.3 Borrowing conditions and financing structure 103
10.4 Restrictions on the use of capital 104
10.5 Sources of financing relating to the future investments by the company and to its property, plant and
equipment 104
11 Research and development, patents and licenses 105
11.1 Research and development activities 107
11.2 Information technologies 108
12 Trend information 109
12.1 Most significant trends in production, sales, inventory, costs, and selling prices since the end of the
last financial year 111
12.1.1 Non-Life 111
12.1.2 Life 111
12.2 Known trends, uncertainties, demands, commitments and events reasonably likely to have a
material effect on the issuer’s prospects 113
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