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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION


WASHINGTON, D.C. 20549


FORM 20-F

|  |  |                                                                                                                                                                                           |  |  |  | 
|- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  |  |  | 
|o |  | REGISTRATION STATEMENT PURSUANT TO SECTION
    12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF
    1934                                                                                    |  |  |  | 
|  |  | OR                                                                                                                                                                                        |  |  |  | 
|x |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR
    15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
    For the fiscal year ended December 31, 2002                                              |  |  |  | 
|  |  | OR                                                                                                                                                                                        |  |  |  | 
|o |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR
    15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period
    from      to      
    Commission file number: 1-14518 |  |  |  | 

SCOR

(Exact name of registrant as specified in its
charter)


|                                                           |  |                                                                          
|---------------------------------------------------------- |  | -------------------------------------------------------------------------
|N/A(Translation of
    registrants
    name into English) |  | The Republic of France(Jurisdiction of incorporation
    or organization)




1, Avenue du Général de Gaulle,
92074 Paris-La Défense Cedex, France

(Address of principal executive
offices)




---

Securities registered or to be registered
pursuant to Section 12(b) of the Act:

|                                                                                                                        |  |                                          
|----------------------------------------------------------------------------------------------------------------------- |  | -----------------------------------------
|Title of each class                                                                                                     |  | Name of each exchange on which registered
|                                                                                                                        |  |                                          
|American Depositary Shares (as evidenced
    by American Depositary Receipts), each
    representing one Ordinary Share |  | New York Stock Exchange                  
|                                                                                                                       
|Ordinary Shares, no par value*                                                                                          |  | New York Stock Exchange                  



|  |                                                                                                                                                                        
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|* | Not for trading, but only in connection with the
    listing of American Depositary Shares, pursuant to the
    requirements of the Securities and Exchange Commission.




Securities registered or to be registered
pursuant to Section 12(g) of the Act:

None



---

Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act:

None



---

Indicate the number of outstanding shares of each
of the issuers class of capital or common stock as of the
close of the period covered by the annual report:



| |                                                                                                                                                                         | 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| | 136,544,845 Ordinary Shares, including 121,317
    American Depositary Shares (as evidenced by American Depositary
    Receipts), each representing one Ordinary Share. | 



---

Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and
(2) has been subject to such filing requirement for the
past 90 days.

x  Yes       o  No


Indicate by check mark which financial statement
item the registrant has elected to follow:

o  Item 17       x  Item 18



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In this Annual Report on Form 20-F, the term
the Company refers to SCOR and the terms
SCOR and the Group, or we,
us and our refer to the Company together
with its consolidated subsidiaries.

As used herein, references to EUR or
 is
to euro and references to dollars, USD
or $ are to U.S. dollars. For your convenience,
this annual report contains translations of certain euro amounts
into dollars at the rate of USD 1.1592 per EUR 1.00,
the noon buying rate in New York for cable transfers in euro as
certified for customs purposes by the Federal Reserve Bank of
New York (the Noon Buying Rate) on June 25,
2003. See Item 3  Selected Financial
Data for certain historical information regarding the Noon
Buying Rate.

CAUTIONARY STATEMENT WITH RESPECT TO
FORWARD-LOOKING STATEMENTS

This annual report contains statements that
constitute forward-looking statements within the
meaning of Section 27A of the U.S. Securities Act of
1933, as amended, or the Securities Act, and Section 21E of
the U.S. Securities Exchange Act of 1934, as amended, or
the Exchange Act. In addition, other written or oral statements,
which constitute forward-looking statements, have been made and
may in the future be made by or on behalf of SCOR.

In this annual report, such forward-looking
statements include, without limitation, statements relating to:



| |    |                                                                                                                                                                    
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. | the implementation of the Groups Back
    on Track plan described under
    Item 4.  Information on the company;                                             
|
| | 2. | the implementation of strategic initiatives,
    including the update of information systems;                                                                      
|
| | 3. | changes in premium revenues;                                                                                                                                       
|
| | 4. | changes in the balance of lines and class of
    business, including the development of alternative risk transfer
    activities and of personal lines reinsurance;
|
| | 5. | the development of revenues overall and within
    specific business areas;                                                                                        
|
| | 6. | the development of expenses, including
    Property-Casualty expenses;                                                                                             
|
| | 7. | the direction of insurance and reinsurance rates
    and, the demand for reinsurance products and services;                                                        
|
| | 8. | the market risks associated with interest and
    exchange rates and equity markets; and                                                                           
|
| | 9. | other statements relating to SCORs future
    business development and economic performance.                                                                      

The words anticipate,
believe, expect, estimate,
intend, plan and similar expressions
identify certain of these forward-looking statements. Readers
are cautioned not to put undue reliance on forward-looking
statements because actual events and results may differ
materially from the expected results described by such
forward-looking statements.

Many factors may influence SCORs actual
results and cause them to differ materially from expected
results as described in forward-looking statements. Such factors
include:



| |   |                                                                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the frequency and severity of insured loss
    events, including natural and man-made catastrophes, terrorist
    attacks and environmental and asbestos claims;          
|
| |  | mortality and morbidity levels and trends;                                                                                                                                
|
| |  | the underwriting results of primary insurers;                                                                                                                             
|
| |  | the accuracy and overall quality of information
    provided to us by primary insurance companies with which we
    transact, particularly regarding their reserve levels;
|
| |  | the availability of and terms under which we are
    able to enter into retrocessional arrangements;                                                                      
|
| |  | the state of the reinsurance brokerage market;                                                                                                                            

2



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##### Table of Contents





| |   |                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------
| |  | persistency levels;                                                                                                   
|
| |  | interest rate levels;                                                                                                 
|
| |  | currency exchange rates, including the
    euro  U.S. dollar exchange rate;                                          
|
| |  | economic trends in general;                                                                                           
|
| |  | global debt and equity markets performance;                                                                           
|
| |  | increasing levels of competition in France,
    Europe, North America and other international reinsurance
    markets;
|
| |  | ratings downgrades;                                                                                                   
|
| |  | changes in laws, regulations and case law; and                                                                        
|
| |  | general competitive factors, in each case on a
    global, national and/or regional basis.                            

SCOR disclaims any intention or obligation to
update and revise any forward-looking statements, whether as a
result of new information, future events or otherwise. See
Item 3.D  Risk Factors for certain
risks that may affect the Groups results.

3



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TABLE OF CONTENTS



|                                                                         |                                                                                       |  |  |  |  |  |  | 
|------------------------------------------------------------------------ | ------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I                                                                  
|                                                                         | Item 1. Identity of Directors, Senior Management and Advisers                        
|                                                                         | Item 2. Offer Statistics and Expected Timetable                                      
|                                                                         | Item 3. Key Information                                                              
|                                                                         | Item 4. Information on the company                                                   
|                                                                         | Item 5. Operating and Financial Review and Prospects                                 
|                                                                         | Item 6. Directors, Senior Management and Employees                                   
|                                                                         | Item 7. Major Shareholders and Related Party Transactions                            
|                                                                         | Item 8. Financial Information                                                        
|                                                                         | Item 9. The Offer and Listing                                                        
|                                                                         | Item 10. Additional Information                                                      
|                                                                         | Item 11. Quantitative and Qualitative Disclosures About Market Risk                  
|                                                                         | Item 12. Description of Securities Other than Equity Securities                      
|PART II                                                                 
|                                                                         | Item 13. Default, Dividend Arrearages and Delinquencies                              
|                                                                         | Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
|                                                                         | Item 15. Controls and procedures                                                     
|                                                                         | Item 16. [Reserved]                                                                  
|PART III                                                                
|                                                                         | Item 17. Financial Statements                                                        
|                                                                         | Item 18. Financial Statements                                                        
|                                                                         | Item 19. Exhibits                                                                    
|REPORT OF INDEPENDENT AUDITORS                                          
|Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|Exhibit Index                                                           
|BYLAWS                                                                  
|SHORT-TERM CREDIT LINE AGREEMENT                                        
|LIST OF SUBSIDIARIES                                                    
|CERTIFICATIONS                                                          



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Table of Contents

|                                                |  |                                                                                  |           |      |     | 
|----------------------------------------------- |  | -------------------------------------------------------------------------------- | --------- | ---- | --- | 
|                                                |  |                                                                                  |           | Page
|                                                |  |                                                                                  |           |     
|PART I                                          |  |                                                                                  |           |     
|Item  1.                                        |  | Identity of Directors, Senior Management and
    Advisers                        |           |      | 5   | 
|Item  2.                                        |  | Offer Statistics and Expected Timetable                                          |           |      | 5   | 
|Item  3.                                        |  | Key Information                                                                  |           |      | 5   | 
|Item  4.                                        |  | Information on the company                                                       |           |      | 14  | 
|Item  5.                                        |  | Operating and Financial Review and Prospects                                     |           |      | 43  | 
|Item  6.                                        |  | Directors, Senior Management and Employees                                       |           |      | 60  | 
|Item  7.                                        |  | Major Shareholders and Related Party Transactions                                |           |      | 72  | 
|Item  8.                                        |  | Financial Information                                                            |           |      | 74  | 
|Item  9.                                        |  | The Offer and Listing                                                            |           |      | 75  | 
|Item 10.                                        |  | Additional Information                                                           |           |      | 80  | 
|Item 11.                                        |  | Quantitative and Qualitative Disclosures About
    Market Risk                   |           |      | 96  | 
|Item 12.                                        |  | Description of Securities Other than Equity
    Securities                       |           |      | 99  | 
|PART II                                         |  |                                                                                  |           |     
|Item 13.                                        |  | Default, Dividend Arrearages and Delinquencies                                   |           |      | 100 | 
|Item 14.                                        |  | Material Modifications to the Rights of Security
    Holders and Use of Proceeds |           |      | 100 | 
|Item 15.                                        |  | Controls and procedures                                                          |           |      | 100 | 
|Item 16.                                        |  | [Reserved]                                                                       |           |      | 100 | 
|PART III                                        |  |                                                                                  |           |     
|Item 17.                                        |  | Financial Statements                                                             |           |      | 101 | 
|Item 18.                                        |  | Financial Statements                                                             |           |      | 101 | 
|Item 19.                                        |  | Exhibits                                                                         |           |      | 101 | 
|Consolidated Financial Statements and Schedules |  |                                                                                  | F-1  S-5 |     
|Appendix 1                                      |  |                                                                                  | A-1  A-6 |     
|Exhibits                                        |  |                                                                                  | E-1  E-9 |     

4



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##### Table of Contents






PART I




Item 1. Identity of Directors,
Senior Management and Advisers

Not applicable.




Item 2. Offer Statistics and
Expected Timetable

Not applicable.




Item 3. Key Information

A. SELECTED FINANCIAL DATA

Currency Translations And Exchange
Rates:

Since the euro did not exist prior to
January 1, 1999, exchange rates between the euro and the
U.S. dollar for periods prior to January 1, 1999
cannot be presented. Our functional currency during those
periods was the French franc. In order to show how the trends in
our financial results might have appeared had they been
expressed in U.S. dollars, the table below shows the high,
low, average and period end Noon Buying Rates for the French
franc per U.S. dollar for 1998:

|                        |  |      |      |     |  |         |      |        |  |  |      |  |  |  |      | 
|----------------------- |  | ---- | ---- | --- |  | ------- | ---- | ------ |  |  | ---- |  |  |  | ---- | 
|                        |  |      |      |     |  | Average |      | End of
|Year Ended December 31, |  | High |      | Low |  | Rate(1) |      | Period
|                        |  |      |      |     |  |         |      |       
|1998                    |  |      | 6.21 |     |  |         | 5.39 |        |  |  | 5.90 |  |  |  | 5.59 | 






|    |                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------
|(1) | The average of the Noon Buying Rates on the last
    business day of each month during the relevant period.

The following table sets forth, for the periods
indicated, the high, low, average and end of period Noon Buying
Rates, expressed in U.S. dollars per euro:

|                          |                           |      |      |      |  |         |      |        |  |  |      |  |  |  |      |  | 
|------------------------- | ------------------------- | ---- | ---- | ---- |  | ------- | ---- | ------ |  |  | ---- |  |  |  | ---- |  | 
|                          |                           |      |      |      |  | Average |      | End of
|Year Ended December 31,   |                           | High |      | Low  |  | Rate(1) |      | Period
|                          |                           |      |      |      |  |         |      |       
|1999                      |                           |      | 1.18 |      |  |         | 1.00 |        |  |  | 1.06 |  |  |  | 1.01 | 
|2000                      |                           |      | 1.03 |      |  |         | 0.83 |        |  |  | 0.92 |  |  |  | 0.94 | 
|2001                      |                           |      | 0.95 |      |  |         | 0.83 |        |  |  | 0.89 |  |  |  | 0.89 | 
|2002                      |                           |      | 1.05 |      |  |         | 0.86 |        |  |  | 0.95 |  |  |  | 1.04 | 
|                          | December                  |      |      | 1.05 |  |         |      | 0.99   |  |  |      |  |  |  |      |  | 
|2003 (through June 25)(2) |                           |      | 1.19 |      |  |         | 1.04 |        |  |  | 1.10 |  |  |  | 1.16 | 
|                          | January                   |      |      | 1.09 |  |         |      | 1.04   |  |  |      |  |  |  |      |  | 
|                          | February                  |      |      | 1.09 |  |         |      | 1.07   |  |  |      |  |  |  |      |  | 
|                          | March                     |      |      | 1.11 |  |         |      | 1.05   |  |  |      |  |  |  |      |  | 
|                          | April                     |      |      | 1.12 |  |         |      | 1.06   |  |  |      |  |  |  |      |  | 
|                          | May                       |      |      | 1.19 |  |         |      | 1.12   |  |  |      |  |  |  |      |  | 
|                          | June (through June 25)(2) |      |      | 1.19 |  |         |      | 1.15   |  |  |      |  |  |  |      |  | 






|    |                                                                                                                                                                                                                               
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The average of the Noon Buying Rates on the last
    business day of each month during the relevant period, except
    for the month of June 2003 where June 25, 2003 has
    been used in place of the last day of the month.
|   
|(2) | The Noon Buying Rate on June 25, 2003 was
    USD 1.1592 per EUR 1.00.                                                                                                                                                        

SCOR prepares and publishes its financial
statements in euro. Because a substantial portion of the
Groups revenues and expenses is denominated in dollars and
other currencies, SCOR has a financial reporting translation
exposure attributable to fluctuations in the value of these
currencies against the euro.

See also Item 5  Operating
and Financial Review and Prospects for information
regarding the effects of currency fluctuations on the
Groups results.

5



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Fluctuations in the exchange rate between the
euro and the dollar will affect the dollar amounts received by
holders of American Depositary Shares (ADSs) on conversion by
the Depositary of dividends paid in euro on the Ordinary Shares
underlying the ADSs.

Selected U.S. GAAP Consolidated Financial
Data

The following selected financial data are derived
from the consolidated financial statements of SCOR which have
been audited by Ernst & Young, independent auditors, except
for the financial statements of:



| |   |                                                                                                                                                                                                                                                                                                                                                         
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Commercial Risk Partners Limited, or CRP, a
    wholly-owned subsidiary, for the years ended December 31,
    2000 and prior, which financial statements reflected total
    assets constituting 10% in 2000, 9% in 1999, 7% in 1998, and
    total revenues constituting 20% in 2000, 15% in 1999, 11% in
    1998, of the related consolidated totals;
|
| |  | SCOR Deutschland, a wholly-owned subsidiary, for
    the year ended December 31, 1998, which financial
    statements reflected total assets constituting 6% in 1998 and
    total revenues constituting 6% in 1998, of the related
    consolidated totals; and                                                                                        
|
| |  | SCOR Italia, a wholly-owned subsidiary, for the
    year ended December 31, 1998, which financial statements
    reflected total assets constituting 6% in 1998, and total
    revenues constituting 4% in 1998, of the related consolidated
    totals;                                                                                                

which were in each case audited by other
independent auditors.

The selected consolidated financial data should
be read in conjunction with the Companys consolidated
financial statements, related Notes and other financial
information included elsewhere in this annual report and in
Item 5  Operating and Financial Review and
Prospects.

The dollar amounts presented in the table below
have been translated solely for convenience at the Noon Buying
Rate on June 25, 2003, which was USD 1.1592 per
EUR 1.00.

6



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##### Table of Contents



SELECTED U.S. GAAP CONSOLIDATED FINANCIAL
DATA

|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |       |       |  
|-------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------ | ------ | ----- | ----- | ----- | ------ | ----- | ----- | ----- | ------ | ---------- | ----- | - | ------ | ----- | ------ | - | ------- | ----- | ----- | - | ------- | ----- | ----- | -
|                                                               |                                                                                                                                        |                                                                                                             
|                                                               |                                                                                                                                        | As at and for the year ended December 31,                                                                   
|                                                               |                                                                                                                                        |                                                                                                             
|                                                               |                                                                                                                                        |                                                                                                              |        | 2002 
|                                                               |                                                                                                                                        | 1998(1)                                                                                                      |        | 1999  |       | 2000  |        | 2001  |       | 2002  |        | Translated
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |           
|                                                               |                                                                                                                                        | (EUR)                                                                                                        |        | (EUR) |       | (EUR) |        | (EUR) |       | (EUR) |        | (USD)     
|                                                               |                                                                                                                                        |                                                                                                             
|                                                               |                                                                                                                                        | (millions, except per share amounts)                                                                        
|Income Statement                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|Gross premiums written                                         |                                                                                                                                        |                                                                                                              | 2,425  |       |       |       | 2,760  |       |       |       | 3,355  |            |       |   | 4,429  |       |        |   | 4,914   |       |       |   | 5,696   |      
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|Net premiums written                                           |                                                                                                                                        |                                                                                                              | 2,156  |       |       |       | 2,457  |       |       |       | 2,878  |            |       |   | 3,720  |       |        |   | 4,358   |       |       |   | 5,052   |      
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|Net premiums earned                                            |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               | Life (net of premiums ceded 59, 63, 109, 101 and
    97)                                                                               |                                                                                                              |        | 282   |       |       |        | 343   |       |       |        | 396        |       |   |        | 546   |        |   |         | 578   |       |   |         | 670   |      
|                                                               | Property-casualty (net of premiums ceded totaling
    238, 235, 360, 547, 471)                                                         |                                                                                                              |        | 1,846 |       |       |        | 2,019 |       |       |        | 2,281      |       |   |        | 3,107 |        |   |         | 3,575 |       |   |         | 4,144 |      
|Net investment income                                          |                                                                                                                                        |                                                                                                              | 250    |       |       |       | 236    |       |       |       | 287    |            |       |   | 347    |       |        |   | 381     |       |       |   | 442     |      
|Net realized gains (losses) on investment                      |                                                                                                                                        |                                                                                                              | 149    |       |       |       | 143    |       |       |       | 413    |            |       |   | 10     |       |        |   | (52     | )     |       |   | (60     | )    
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        | Total revenues                                                                                               |        |       | 2,527 |       |        |       | 2,741 |       |        |            | 3,377 |   |        |       | 4,010  |   |         |       | 4,482 |   |         |       | 5,196 |  
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|Expense                                                        |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               | Life claims (net of reinsurance recoveries
    totaling 33, 42, 63, 90 and 41)                                                         |                                                                                                              |        | 189   |       |       |        | 239   |       |       |        | 283        |       |   |        | 451   |        |   |         | 459   |       |   |         | 532   |      
|                                                               | Property-casualty claims and loss adjustment
    expenses (net of recoveries reinsurance totaling 180, 191, 381,
    1,051 and 139)(3) |                                                                                                              |        | 1,400 |       |       |        | 1,552 |       |       |        | 2,204      |       |   |        | 2,962 |        |   |         | 3,361 |       |   |         | 3,896 |      
|                                                               |                                                                                                                                        | Pre-tax catastrophe losses and loss adjustment
    expenses, net of reinsurance(2)                           |        |       | 55    |       |        |       | 134   |       |        |            |       |   |        |       | 215    |   |         |       | 94    |   |         |       | 109   |  
|                                                               | Policy acquisition costs and commissions                                                                                               |                                                                                                              |        | 547   |       |       |        | 552   |       |       |        | 661        |       |   |        | 848   |        |   |         | 909   |       |   |         | 1,054 |      
|                                                               | Underwriting and administration expenses                                                                                               |                                                                                                              |        | 132   |       |       |        | 142   |       |       |        | 162        |       |   |        | 209   |        |   |         | 208   |       |   |         | 241   |      
|                                                               | Foreign exchange loss (gain), net                                                                                                      |                                                                                                              |        | 5     |       |       |        | 21    |       |       |        | 18         |       |   |        | (8    | )      |   |         | (61   | )     |   |         | (71   | )    
|                                                               | Amortization of goodwill                                                                                                               |                                                                                                              |        | 13    |       |       |        | 14    |       |       |        | 15         |       |   |        | 17    |        |   |         | 17    |       |   |         | 20    |      
|                                                               | Other operating expenses (income), net                                                                                                 |                                                                                                              |        | 6     |       |       |        | (4    | )     |       |        | 16         |       |   |        | (1    | )      |   |         | 19    |       |   |         | 22    |      
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        | Total expenses                                                                                               |        |       | 2,347 |       |        |       | 2,650 |       |        |            | 3,359 |   |        |       | 4,693  |   |         |       | 5,006 |   |         |       | 5,803 |  
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        | Income (loss) before taxes, minority interests
    and income investments accounted for by the equity method |        |       | 180   |       |        |       | 91    |       |        |            | 18    |   |        |       | (683   | ) |         |       | (524  | ) |         |       | (607  | )
|Income tax(3)                                                  |                                                                                                                                        |                                                                                                              | (53    | )     |       |       | (23    | )     |       |       | 57     |            |       |   | 273    |       |        |   | (28     | )     |       |   | (32     | )    
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        | Income (loss) before minority interests and
    income from investments accounted for by the equity method   |        |       | 127   |       |        |       | 68    |       |        |            | 75    |   |        |       | (410   | ) |         |       | (552  | ) |         |       | (640  | )
|Minority interest                                              |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        | Income (loss) before income from investments
    accounted for by the equity method                          |        |       | (7    | )     |        |       | (2    | )     |        |            | (1    | ) |        |       | (1     | ) |         |       | (13   | ) |         |       | (15   | )
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        |                                                                                                              | 120    |       |       |       | 66     |       |       |       | 74     |            |       |   | (411   | )     |        |   | (565    | )     |       |   | (655    | )    
|Income from investments accounted for by the
    equity method |                                                                                                                                        |                                                                                                              | 25     |       |       |       | 23     |       |       |       | 3      |            |       |   | 4      |       |        |   | 4       |       |       |   | 5       |      
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        | Income (loss) before cumulative effect of change
    in accounting                                           |        |       | 145   |       |        |       | 89    |       |        |            | 77    |   |        |       | (407   | ) |         |       | (561  | ) |         |       | (650  | )
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        | Cumulative effect of change in accounting
    principles, net of income taxes(3)                             |        |       |       |       |        |       |       |       |        |            |       |   |        |       | 42     |   |         |       |       |   |         |       |       |  
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        | Net income (loss)                                                                                            |        |       | 145   |       |        |       | 89    |       |        |            | 77    |   |        |       | (365   | ) |         |       | (561  | ) |         |       | (650  | )
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        | Net income per Ordinary Share, basic                                                                         |        |       | 4.08  |       |        |       | 2.70  |       |        |            | 2.44  |   |        |       | (10.74 | ) |         |       | (4.11 | ) |         |       | (4.76 | )
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               |                                                                                                                                        | Net income per Ordinary Share, diluted                                                                       |        |       | 3.98  |       |        |       | 2.58  |       |        |            | 2.27  |   |        |       | (9.40  | ) |         |       | (4.11 | ) |         |       | (4.76 | )
|                                                               |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|Balance sheet data (at end of year)                            |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|Total investments and cash                                     |                                                                                                                                        |                                                                                                              | 4,510  |       |       |       | 5,113  |       |       |       | 7,402  |            |       |   | 9,017  |       |        |   | 9,011   |       |       |   | 10,446  |      
|Total assets                                                   |                                                                                                                                        |                                                                                                              | 7,793  |       |       |       | 9,385  |       |       |       | 12,776 |            |       |   | 16,933 |       |        |   | 15,936  |       |       |   | 18,473  |      
|Total liabilities(4)                                           |                                                                                                                                        |                                                                                                              | 6,286  |       |       |       | 8,044  |       |       |       | 11,381 |            |       |   | 15,623 |       |        |   | 14,79l  |       |       |   | 17,146  |      
|Shareholders equity                                           |                                                                                                                                        |                                                                                                              | 1,507  |       |       |       | 1,341  |       |       |       | 1,395  |            |       |   | 1,310  |       |        |   | 1,145   |       |       |   | 1,327   |      
|Property-casualty                                              |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               | Loss and LAE reserves, gross                                                                                                           |                                                                                                              |        | 3,942 |       |       |        | 4,774 |       |       |        | 5,575      |       |   |        | 8,365 |        |   |         | 7,967 |       |   |         | 9,235 |      
|                                                               | Loss and LAE reserves, net                                                                                                             |                                                                                                              |        | 3,606 |       |       |        | 4,353 |       |       |        | 5,068      |       |   |        | 6,917 |        |   |         | 6,900 |       |   |         | 7,998 |      
|                                                               | Unearned premium reserves, gross                                                                                                       |                                                                                                              |        | 729   |       |       |        | 919   |       |       |        | 1,226      |       |   |        | 1,665 |        |   |         | 1,617 |       |   |         | 1,874 |      
|                                                               | Unearned premium reserves, net                                                                                                         |                                                                                                              |        | 638   |       |       |        | 812   |       |       |        | 1,097      |       |   |        | 1,411 |        |   |         | 1,487 |       |   |         | 1,724 |      
|Life                                                           |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|                                                               | Reserve for future policy benefits, gross                                                                                              |                                                                                                              |        | 708   |       |       |        | 824   |       |       |        | 2,468      |       |   |        | 2,601 |        |   |         | 2,368 |       |   |         | 2,745 |      
|                                                               | Reserve for future policy benefits, net                                                                                                |                                                                                                              |        | 650   |       |       |        | 761   |       |       |        | 1,798      |       |   |        | 1,953 |        |   |         | 1,857 |       |   |         | 2,153 |      
|Book value per Ordinary Share                                  |                                                                                                                                        |                                                                                                              | 42     |       |       |       | 42     |       |       |       | 44     |            |       |   | 35     |       |        |   | 8       |       |       |   | 9       |      
|Number of Ordinary Share outstanding at                        |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      
|December 31 (in thousands)                                     |                                                                                                                                        |                                                                                                              | 34,357 |       |       |       | 34,629 |       |       |       | 34,794 |            |       |   | 41,244 |       |        |   | 136,545 |       |       |   | 136,545 |      
|Certain financial ratios and operating
    data                |                                                                                                                                        |                                                                                                              |        |       |       |       |        |       |       |       |        |            |       |   |        |       |        |   |         |       |       |   |         |      

|                                                                |  |  |     |   |  |  |     |   |  |  |     |   |  |  |     |   |  |  |     |   |  |  |     |  
|--------------------------------------------------------------- |  |  | --- | - |  |  | --- | - |  |  | --- | - |  |  | --- | - |  |  | --- | - |  |  | --- | -
|Property-casualty                                               |  |  |     |   |  |  |     |   |  |  |     |  
|Loss ratio(5)                                                   |  |  | 79  | % |  |  | 83  | % |  |  | 96  | % |  |  | 102 | % |  |  | 97  | % |  |  | 97  | %
|Expense ratio(6)                                                |  |  | 32  | % |  |  | 31  | % |  |  | 29  | % |  |  | 29  | % |  |  | 27  | % |  |  | 27  | %
|Combined ratio(7)                                               |  |  | 111 | % |  |  | 114 | % |  |  | 125 | % |  |  | 132 | % |  |  | 124 | % |  |  | 124 | %
|Effect of catastrophe losses on Property-casualty
    ratio (8) |  |  | 3   | % |  |  | 6   | % |  |  |     |   |  |  | 7   | % |  |  | 3   | % |  |  | 3   | %






|    |                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Amounts have been restated from the prior
    reporting currency, French franc, to euro, using the fixed
    exchange rate of 6.55957 French francs = one euro.        
|   
|(2) | A catastrophe is defined by the
    Company as an event involving multiple insured risks and causing
    pre-tax losses net of reinsurance of EUR 10 million or more.

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | The change in accounting principles due to the
    discount of reserves occurred for the first time in 2001. The
    effect of the change in 2001 was to increase net income by EUR
    62 million before tax and EUR 41 million after tax. In
    2002, the impact of the discount of reserves included in the
    Property-Casualty claims and loss adjustment expenses was to
    increase net income by EUR 17 million before tax and EUR
    11 million after tax. You should read note 1.14 to our
    consolidated financial statements for additional information
    about changes in accounting principles relating to the discount
    of reserves.
|   
|(4) | Assumes of full conversion of the Companys
    Convertible Bonds into Ordinary Shares. See Note 6 to the
    consolidated financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   
|(5) | Loss ratios are calculated on the basis of
    aggregate losses and LAE expressed as a percentage of net
    premiums earned.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   
|(6) | Expense ratios are calculated on the basis of
    underwriting and administration expenses expressed as a
    percentage of net premiums earned.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|   
|(7) | Combined ratios are calculated on the basis of
    underwriting and administration expenses and aggregate losses
    and LAE expressed as a percentage of net premiums earned.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   
|(8) | The effect of catastrophe losses on
    Property-casualty ratios is calculated on the basis of pre-tax
    catastrophe losses and LAE net of reinsurance expressed as a
    percentage of Property-casualty net premiums earned.                                                                                                                                                                                                                                                                                                                                                                                                                              

Dividends

The payment and amount of dividends on
outstanding Ordinary Shares are subject to the recommendation of
the Companys board of directors and the approval by the
Companys shareholders at an ordinary general meeting. The
board of directors also recommends, and the Companys
shareholders determine at the annual general meeting, the
portion, if any, of the annual dividend that each shareholder
will have the option to receive in Ordinary Shares. Since 1996,
dividends have been paid entirely in cash. Future dividends will
depend on the Companys earnings, financial condition and
other factors.

Under French law and the Companys
statuts, or bylaws, net income in each fiscal year (after
deduction for depreciation and reserves), as increased or
reduced, as the case may be, by any profit or loss of the
Company carried forward from prior years, less any contributions
to legal reserves, is available for distribution to the
shareholders of the Company as dividends, subject to other
applicable requirements of French law and the Companys
statuts.

Dividends paid to holders of ADSs are converted
from euro to U.S. dollars, subject to a charge by the
Depositary for any expenses incurred by the Depositary in such
conversion. See Item 10.E  Taxation
for a description of the principal French and U.S. federal
income tax consequences to holders of ADSs and Ordinary Shares.

Dividends for each year are paid in the year
following the approval of such dividend at the annual meeting of
shareholders (generally held in April or May). The aggregate
annual dividends paid with and without the French avoir
fiscal, or tax credit, and before deduction of any French
withholding tax for each of the five years ended
December 31, were as follows:

|     |  |             |         |              |  |                 |      |              |  |                    |      |  |  |  |      |  |  |  |      | 
|---- |  | ----------- | ------- | ------------ |  | --------------- | ---- | ------------ |  | ------------------ | ---- |  |  |  | ---- |  |  |  | ---- | 
|     |  |             |         |              |  | Dividend per    |      |              |  |                   
|     |  |             |         | Dividend per |  | Ordinary        |      |              |  | Dividend per      
|     |  | Ordinary    |         | Ordinary     |  | Share including |      | Dividend per |  | ADS including     
|     |  | Shares      |         | Share        |  | Avoir Fiscal(1) |      | ADS(2)       |  | Avoir Fiscal(1)(2)
|     |  |             |         |              |  |                 |      |              |  |                   
|     |  | (Thousands) |         | (EUR)        |  | (EUR)           |      | (USD)        |  | (USD)             
|1998 |  |             | 34,357  |              |  |                 | 1.70 |              |  |                    | 2.55 |  |  |  | 1.76 |  |  |  | 2.64 | 
|1999 |  |             | 34,629  |              |  |                 | 1.70 |              |  |                    | 2.55 |  |  |  | 1.63 |  |  |  | 2.45 | 
|2000 |  |             | 34,794  |              |  |                 | 1.70 |              |  |                    | 2.55 |  |  |  | 1.52 |  |  |  | 2.28 | 
|2001 |  |             | 41,244  |              |  |                 | 0.30 |              |  |                    | 0.45 |  |  |  | 0.27 |  |  |  | 0.40 | 
|2002 |  |             | 136,545 |              |  |                 | 0.00 |              |  |                    | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Any payment equivalent to the French avoir
    fiscal, or tax credit, less applicable French withholding
    tax, will be made only following receipt by the French tax
    administration of a claim of such payment, and is generally not
    expected to be paid until after the close of the calendar year
    in which the respective dividends are paid. Certain holders of
    Ordinary Shares or ADSs will not be entitled to payments of
    avoir fiscal. See Item 10.E 
    Taxation.
|   
|(2) | Solely for convenience, the dividend per Ordinary
    Share and avoir fiscal amounts have been translated from
    the French francs or euro amounts actually paid into the
    corresponding U.S. dollar amounts at the Noon Buying Rates.
    The Noon Buying Rate may differ                                                                                                                                                                                                                    

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| |                                                                                                                                                              
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------
| | from the rate that may be used by the Depositary
    to convert French francs or euro to U.S. dollars for
    purposes of making payments to holders of ADSs.

B. CAPITALIZATION AND
INDEBTEDNESS

Not applicable.

C. REASONS FOR THE OFFER AND USE OF
PROCEEDS

Not applicable.

D. RISK FACTORS

The insurance and reinsurance sectors are
cyclical, which may impact our results.

The Property and Casualty insurance and
reinsurance sectors are cyclical. Historically, reinsurers have
experienced significant fluctuations in operating results due to
volatile and sometimes unpredictable developments, many of which
are beyond the direct control of the reinsurer, including,
notably, competition, frequency or severity of catastrophic
events, levels of capacity and general economic conditions.
Demand for reinsurance is influenced significantly by
underwriting results of primary insurers and prevailing general
economic conditions. The supply of reinsurance is related to
prevailing prices, the levels of insured losses, levels of
sector surplus and utilization of underwriting capacity that, in
turn, may fluctuate in response to changes in rates of return on
investments being earned in the insurance and reinsurance
industries. In addition, claims may be higher when economic
conditions are unfavorable, particularly for products that
provide reinsurance coverage for a risk that is related to the
financial condition of the company that is being insured. As a
result, the reinsurance business has been cyclical historically,
characterized by periods of intense price competition due to
excessive underwriting capacity often accompanied by favorable
economic conditions and relatively low levels of claims, and
periods when shortages of underwriting capacity, often in the
context of adverse economic conditions and/or in the aftermath
of catastrophic events, permit favorable premium levels. For
example, certain reinsurance sectors in which the Group does
business have, particularly since the terrorist events of
September 11, 2001, been characterized by a reduction in
subscription capacity on the part of reinsurance companies, in
turn leading to increases in pricing and tightened reinsurance
conditions. These improved market conditions have led to an
increase in supply, including from new entrants in the
reinsurance market, which may limit increases in premiums in the
future.

We can be expected to experience the effects of
such cyclicality and there can be no assurances that changes in
premium rates, the performance of the global economy, the
frequency and severity of catastrophes or other loss events or
other factors affecting the insurance or reinsurance industries
generally will not have a material adverse effect on the
Groups results of operations in future periods.

We are exposed to losses from catastrophic
events.

As with other reinsurers, our operating results
and financial condition can be adversely affected by natural and
man-made catastrophes that may give rise to claims under
Property-Casualty and Life reinsurance coverage. Catastrophes
can be caused by various events including hurricanes,
windstorms, earthquakes, floods, hail, explosions, severe winter
weather and fires, the frequency and severity of which are
inherently unpredictable. Although catastrophes can cause losses
in a variety of the Groups business lines, most of the
Groups catastrophe-related claims in the past have related
to underlying homeowners or commercial property coverage. Such
risk exposure arises primarily in respect of earthquake risk in
the United States, Canada, Turkey, Japan, Australia, Latin
America and Italy, as well as weather-related risks in Europe,
Asia, Australia and the United States.

We generally seek to manage our exposure to
catastrophe losses through selective underwriting practices,
including the monitoring of risk accumulations on a geographic
basis, and through the purchase of catastrophe retrocessional
reinsurance. There can be no assurance that such practices,
including management of risk accumulations on a geographic
basis, or the reinsurance purchased by us, will be adequate to
protect us against

9



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material catastrophe losses or that
retrocessional reinsurance will continue to be available in the
future at commercially reasonable rates.


Although we attempt to limit our exposure to
acceptable levels, it is possible that a single or multiple
catastrophic events could have a material adverse effect on our
consolidated financial condition, results of operations and cash
flows.

We may be subject to losses due to our
exposure to risks related to terrorist acts.

In the context of its business, SCOR may be
exposed to claims arising from the consequences of terrorist
acts. These risks (the potential significance of which can be
illustrated by the September 11, 2001 attacks in the United
States) can affect both individuals and property. These attacks
resulted in the Group establishing a total amount of reserves,
net of retrocession, of approximately USD 190 million,
based on the assumption that the attack on the two towers of the
World Trade Center was one single event, and not two events. See
also Item 8  Financial
Information  Legal Proceedings.

After the events of September 11, 2001, we
adopted measures designed to exclude or limit our exposure to
risks related to terrorism in our reinsurance contracts (in
particular in those countries and for the risks that are the
most exposed to terrorism). Contracts entered into prior to the
implementation of these measures, however, remain unchanged. In
addition, it has not always been possible to implement these
measures, particularly in our principal markets. For example,
certain European countries do not permit excluding terrorist
risks from insurance policies. Due to these regulatory
constraints, SCOR has actively supported the creation of
insurance and reinsurance pools that involve insurance and
reinsurance companies as well as public authorities in order to
spread the risks of terrorist activity among the members of
these pools. SCOR participates in or reinsures pools created in
France (GAREAT), in Germany (Extremus), in the United Kingdom
and in Austria. Likewise, in the United States the relevant
authorities in certain states have limited the possibility of
excluding terrorist risks from insurance policies. In addition
to the commitments described above, the Group does reinsure,
from time to time, terrorist risks, usually limiting by event
and by period the coverage that cedents receive for damage
caused by terrorist acts. Likewise, we have made an investment
in SRIR, a private Luxembourg company that specializes in
reinsuring terrorist risks, in particular large corporate risks.

As a result, additional terrorist acts could
cause us to make significant claims payments and, as a result,
could have a significant effect on our operating income, our
financial condition and our future profitability.

In addition, our portfolio includes investments
in sectors, such as air travel and tourism, that could be among
the most heavily affected by terrorist attacks or reactions to
these attacks. The consequences of terrorist attacks on the
value of our investments are unpredictable and could cause us to
depreciate our valuations of these investments.

We could be subject to losses as a result of
our exposure to environmental and asbestos related
risks.

Like other reinsurance companies, SCOR is exposed
to environmental and asbestos related risks, particularly in the
United States. Since insurers are required under their contracts
with us to notify us of any claims or potential claims that they
are aware of, we receive notices from insurers of potential
claims related to environmental and asbestos risks that are
generally imprecise (sometimes, the primary insurer has not even
evaluated the risk at the time it notifies us of the claim). Due
to the imprecise nature of these claims, SCOR can only give a
very approximate estimate of its potential exposure to
environmental and asbestos claims that may or may not have been
reported. In addition, due to the changing legal and regulatory
environment and changes in tort law, in our evaluation, the
final cost of our exposure to asbestos related and environmental
claims appears to be increasing, but we are unable to determine
to what degree. Diverse factors could increase our exposure to
the consequences of asbestos related risks, such as an increase
in the number of claims filed or in the number of persons likely
to be covered by these claims. These uncertainties inherent to
environmental and asbestos claims are unlikely to be resolved in
the near future. Evaluation of these risks is all the more
difficult given that claims related to asbestos and
environmental pollution are often subject to payments over long
periods of time. In these circumstances, it is difficult for us
to estimate the reserves that should be

10



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##### Table of Contents



recorded for these risks and to guarantee that
the amount reserved will be sufficient. As a result of these
imprecisions and uncertainties, we cannot exclude the
possibility that we could be required to pay significant claims
in these areas and that these payments would have a material
effect on our results and financial condition.


If our reserves prove to be inadequate, our
results may be adversely affected.

We are required to maintain reserves to cover our
estimated ultimate liability for Property-Casualty losses and
loss adjustment expenses, or LAE, with respect to reported and
unreported claims incurred as of the end of each accounting
period (net of estimated related salvage and subrogation
claims). For our Life business, we are required to maintain
reserves for future policy benefits that take into account
expected investment yields and mortality, morbidity, lapse rate
and other assumptions. In our Non-Life business, our reserves
and pricing for policies are also based on certain assumptions
or on information provided by third parties, that, if found
incorrect, could have an effect on our results. Likewise,
reserving for risks related to reinsurance of credit derivatives
is largely dependant on statistics provided by third parties and
fluctuations in general market conditions. The inherent
uncertainties of estimating reserves are increased for
reinsurers by the significant periods of time that often elapse
between the occurrence of an insured loss, the reporting of the
loss to the primary insurer and, ultimately, to the reinsurer,
the primary insurers payment of that loss and subsequent
indemnification by the reinsurer, as well as by differing
reserving practices among ceding companies and changes in law,
particularly in the United States.

We periodically review our methods for
establishing reserves and their amounts. To the extent our
reserves prove to be insufficient to cover actual losses, loss
adjustment expenses or future policy benefits after taking into
account available retrocessional coverage, we would have to
increase such reserves and incur a charge to earnings which
could have a material adverse effect on our consolidated
financial condition, results of operations and cash flows.

Our reserves are established on the basis of
information that we receive from insurance companies,
particularly their own reserve levels. Even if we have the
possibility of auditing certain companies that we do business
with, and despite our frequent contacts with these companies,
our reserve policy remains dependent on the risk evaluations of
these companies, particularly for risks related to claims that
may be made after long periods of time.

Ratings are important to our
business.

Our ratings are reviewed periodically. Recently,
several rating agencies have downgraded our ratings,
particularly after we announced that we would be increasing our
reserves in 2002. There can be no assurance that our ratings
will be maintained in the future. Any significant downgrade in
our ratings could result in us being removed or in our
subsidiaries being removed from the approved list of some
insurance or reinsurance brokers or of some insurance ceding
companies and could materially adversely affect our ability to
write business through such brokers or for such ceding
companies. In addition, any downgrading could have the effect of
increasing the cost of any new borrowings we make and would also
make it more difficult for us to renew our existing contracts or
to enter into new contracts.

In addition, an important part of our business
and that of our subsidiaries (notably CRP) is conducted with
American ceding companies. As a foreign reinsurance company in
the United States, American regulations and market practice
require that we obtain letters of credit from banks in order to
conclude reinsurance contracts with American ceding companies.
If we are unable to renew our existing letters of credit, our
financial condition and results could be materially affected.
Downgrading of our ratings has increased the cost of letters of
credit and has sometimes made it more difficult for us to renew
or obtain letters of credit and, as a result, to conclude or
renew reinsurance contracts. For example, a downgrade of our
S&P credit rating below BBB- would give the banks, with
which we entered an agreement in late 2002 for
100 million
in confirmed credit lines and
864 million
in letters of credit, the right to suspend these facilities. For
additional information, see Item 5 
Operating Financial Review and Prospects  Off-Balance
Sheet Transactions. Thus, these downgradings can cause us
to be required to give additional collateral, in particular to
the banks

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that issue letters of credit. Any further
downgrading would significantly restrict our ability to obtain
letters of credit and would affect our operations. In these
circumstances, we could be led to reduce our activities and our
financial condition could be materially adversely affected.


Our results may be impacted by the inability
of our reinsurers to meet their obligations.

We transfer a part of our exposure to certain
risks to others through retrocession arrangements. Under these
arrangements, other reinsurers assume a portion of our losses
and expenses associated with reported and unreported losses in
exchange for a portion of policy premiums. When we obtain
retrocession, we are still liable for those transferred risks if
the reinsurer cannot meet its obligations. Therefore, the
inability of our reinsurers to meet their financial obligations
could materially affect our operating results. Although we
conduct periodic reviews of the financial condition of our
reinsurers, our reinsurers may become financially unsound by the
time they are called upon to pay amounts due, which may not
occur for many years. In addition, retrocession may prove
inadequate to protect against losses or may become unavailable
in the future or at commercially reasonable rates. Furthermore,
since our reinsurers do business in the same sectors as we do,
events that have an affect on those sectors could have an effect
on all of the participants in those sectors.

We operate in a highly competitive
industry.

The reinsurance business is highly competitive.
Our position in the reinsurance market is based on many factors,
such as underwriting expertise, reputation and experience in the
lines written, the jurisdictions in which the reinsurer is
licensed or otherwise authorized to do business, premiums
charged, as well as other terms and conditions of the
reinsurance offered, services offered and speed of claims
payment and perceived overall financial strength of the
reinsurer. We compete for business in the French, European,
United States and other international reinsurance markets with
numerous international and domestic reinsurance companies, some
of which have a larger market share, greater financial resources
and higher ratings from financial rating agencies than we do.

When the supply of reinsurance is greater than
the demand from ceding companies, these competitors may be
better positioned to enter into new contracts and to gain market
share at our expense. If we do not reach or maintain a
competitive level in these markets, our business, our financial
condition and our results of operations could be seriously
affected.

We are exposed to the impact of changes in
interest rates and developments in the financial and
equity markets.

Even though our diversified portfolio and our
policy of matching investments and commitments, where possible,
by currency tends to lower the effects of interest rate
fluctuations in each market, these interest rate fluctuations
could have consequences on our return from fixed maturity
securities, as well as the market values of, and corresponding
levels of capital gains or losses on, the fixed maturity
securities in our investment portfolio.

In addition, the level of or changes in interest
rates, as well as developments in the capital markets, could
lead to unanticipated changes in the pattern of surrender and
withdrawal of our annuity and other Life reinsurance products,
including the fixed annuities of SCOR Life US Re. These would
result in cash outflows that might require the sale of assets at
a time when the investment portfolio is affected by increases in
interest rates, resulting in losses.

We are exposed to risks on the fixed-income
securities markets. The financial difficulties of certain
issuers and the deterioration of their credit quality could make
payment of their obligations uncertain and lead to lower market
prices for their fixed-income securities, which would affect the
value of our investment portfolio.

We are also exposed to equity price risk. We have
recently sought to reduce our exposure by diversifying our
equity portfolio and implementing a conservative investment
policy. We may be led to depreciate our equity portfolio again,
as we have recently done, as a result of depreciations connected
to as yet unrealized losses. Such depreciation could affect our
results and financial condition.

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We are exposed to the risk of changes in
foreign exchange rates.

We publish our consolidated financial statements
in euro, but a significant part of our income and expenses, as
well as our assets and liabilities, are denominated in
currencies other than the euro, primarily U.S. dollars,
Canadian dollars, British pounds and Singapore dollars.

For the year ended December 31, 2002,
approximately 40% of our shareholders equity was
denominated in currencies other than the euro, predominantly the
U.S. dollar (30%). As a result, from year to year, adverse
changes in the exchange rates used to translate foreign
currencies into euros, such as the weakening of the
U.S. dollar against the euro, may impact our reported
results. We do not generally engage in hedging transactions to
reduce our exposure to foreign translation risk. For additional
information on the impact of foreign exchange movements on our
financial statements for the year ended December 31, 2002,
see Item 5  Operating and Financial Review
and Prospects.

Our American subsidiaries are facing financial
difficulties.

The operations of our American subsidiaries
deteriorated due principally to losses stemming from the
underwriting years 1997, 1998 and 1999, the impact of the
terrorist attacks of September 11 and the claims experience
of the health insurance and credit markets. At the request of
American insurance regulators, we were required to refinance our
American subsidiaries in 2000 and 2001, through capital
investments or by granting loans, for a total amount of
approximately $200 million. The level of risk-based capital
was still low through most of 2002. The operations of our
American subsidiaries and in particular the level of their
risk-based capital is still being monitored by insurance and
reinsurance regulators in the United States. If the financial
situation of our American subsidiaries does not improve, we
could be led to reduce our activity in these markets, increase
the financial assistance that we give to these subsidiaries or
even cause the American insurance and reinsurance regulators to
limit the right of our American subsidiaries to engage in the
reinsurance business. Our American subsidiaries accounted for
34.5% of our gross premiums written as of December 31,
2002, and as a result developments in our American operations
could have a material adverse effect on our results of
operations, cash flow and financial situation.

A significant part of our business is
conducted with a limited number of brokers.

As is the case with many reinsurance companies,
an important part of our Non-Life business comes through
reinsurance brokers. The non-life reinsurance brokerage market
is dominated by a limited number of participants with whom we do
business. If for any reason, one or more of these large brokers
should decide not to continue doing business with us, our
revenues would be affected, which could have significant
consequences on our net income and our financial condition.

If the Group does not successfully implement
its Back on Track plan or if this plan is not
effective, its financial condition and business would be
adversely affected.

In late 2002, our Board of Directors formulated a
recovery plan and took several decisions with immediate effect,
concerning new underwriting priorities, the resulting
adjustments in allocation of capital and financial goals and
constraints for 2003-2005. The full implementation and ultimate
success of this recovery plan are based on a certain number of
assumptions and factors that are not under our control. If
economic conditions, our competitive position, our financial
condition or our internal organization are not consistent with
these assumptions or our objectives or if the measures envisaged
by the recovery plan are insufficient, it is possible that our
recovery plan would fail and that we would not achieve our
objectives, including our return to profitability in 2003 and
our high performance objectives for 2004 and 2005. In this case,
our business and financial condition would deteriorate and new
measures would need to be devised, without guarantee that these
would be successful.

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Item 4. Information on the
company

A. BUSINESS OVERVIEW

General

SCOR provides treaty and facultative reinsurance
on a worldwide basis to Property-Casualty and Life insurers. In
2002, the Group had net written premiums of EUR
4,358 million, which management believes makes it the
largest reinsurer in France, one of the five largest European
reinsurers and one of the worlds ten largest reinsurers,
in each case based on managements estimate of the 2002 net
written premiums of other major international reinsurers and
excluding intra-group business.

Through December 31, 2001, our operations
were organized in three business segments: Property-Casualty
treaty, Life/Accident & Health and Specialty
Property-Casualty. Beginning January 1, 2002, the former
Specialty segment has been split into the following
three segments: Alternative Reinsurance, Credit,
Surety & Political Risks and Large Corporate Accounts,
in order to better reflect our underlying operations. Segment
disclosures for all prior periods have been restated
accordingly. See Note 15 to the financial statements.

The Group seeks to achieve long-term sustainable
growth by adhering to the following principles and making them
its priorities:



| |   |                                             
| | - | --------------------------------------------
| |  | Maintain high standards of customer service.

Getting to know our customers thoroughly in order
to identify and anticipate their needs is a key priority at
SCOR. Through a broad array of programs and initiatives, we seek
to support our clients, share our know-how and maintain high
levels of customer satisfaction.



| |   |                                      
| | - | -------------------------------------
| |  | Make optimum use of new technologies.

We rely extensively on new technologies to
provide all units of the Group access to the same information
concerning our customers and contracts, provided through OMEGA,
our unified global information system for customer relations,
underwriting, claims processing and accounting, determining
estimates and recording transactions.

We use technology to strengthen our relations
with customers in the field of underwriting, and provide access
to our risk appraisal and rating expertise via the Internet, for
both Property-Casualty and Life reinsurance.

We also make use of technology to automate the
exchange and processing of reinsurance transactions. Working
with two leading US brokers, we introduced a fully automated
system at the end of 2000, designed to process reinsurance
accounts transmitted in electronic format, and to standardize
administrative procedures.

SCOR has also developed modeling and simulation
tools, such as SERN (Système dEvaluation des
Risques Naturels or Natural Risks Evaluation System)
for evaluating the impact of natural catastrophes, or
Risk-Adjusted Return on Capital (RAROC) for
evaluating capital allocation and contract profitability. In
addition, for non-reinsurance functions, software packages
(among which the Peoplesoft solutions for human resources and
finance) have been implemented across the Group.

Our enterprise portal gathers and classifies
unstructured data, SCORs rules and procedures and
information on products and markets.



| |   |                                       
| | - | --------------------------------------
| |  | Maintain strong shareholder relations.

Since its Paris stock market flotation in 1989
and the listing of its ADSs on the New York Stock Exchange in
1996, SCOR has successfully built up a diversified and loyal
shareholder base.

The number of shareowners has increased
significantly in recent years, and includes a large proportion
of individuals and many leading institutional investors.
Approximately 65% are located in France, 25% in the UK, 5% in
the rest of Europe, and 5% in North America.

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SCOR regularly informs shareowners and the
financial community about its results and strategy. In 2002,
members of the Group Executive Committee visited more than 340
institutional investors in 14 cities around the world, and
received a further 200 analysts and investors in Paris and
London.



| |   |                                                               
| | - | --------------------------------------------------------------
| |  | Create and maintain a spirit of enterprise and
    innovation.

The very broad range of expertise and wide
cultural diversity of our human capital rank foremost among
SCORs strengths. Underwriters, engineers, physicians,
actuaries and lawyers from more than 45 countries daily combine
their talents in the service of innovation and the satisfaction
of our customers.

Our human resources management policy seeks to:



| |   |                                                                                               
| | - | ----------------------------------------------------------------------------------------------
| |  | acknowledge and promote the spirit of enterprise
    and innovation throughout the Group,     
|
| |  | empower staff, giving each employee an
    opportunity to find fulfillment in his or her work,
|
| |  | facilitate communication and teamwork, and                                                    
|
| |  | blend collective action with individual
    excellence.                                       

Strategy

In November 2002, faced with the need for
substantial additions to reserves and as a result of losses
realized on the disposal of impaired financial assets, the
Company decided to proceed with a capital increase in order to
restore the Groups solvency.

On November 4, 2002, after eight years as
Chairman and Chief Executive Officer of SCOR, Jacques Blondeau
was replaced by Denis Kessler. The new Chairman and Chief
Executive Officer made the capital increase part of the
Groups Back on Track plan.

The plan calls for SCOR to refocus on its core
businesses and its most profitable areas of know-how,
i.e., Property and Casualty treaty, Large Corporate
Accounts facultatives, and Life and Accident reinsurance, at the
expense of other businesses (credit derivatives, finite risk and
Alternate Risk Transfer (ART)) which have been abandoned. The
new underwriting plan gives priority to short tail insurance
classes, as opposed to long tail classes most common in the area
of casualty reinsurance.

In accordance with the plan, SCOR has shifted its
underwriting focus back toward Europe and the Asia-Pacific
region, while maintaining a substantial presence in many other
markets, such as the United States, and while respecting the
plans combined ratio and operating margin targets. SCOR
has also focused on reducing its administrative and operating
costs significantly, to align them with its new underwriting
plan, and fully exploiting rate increases in all business
classes.

In addition, the Back on Track plan
called for reinforced controls across the Group, by reorganizing
its internal business processes and markets, and by enhancing
its rules of corporate governance. In particular, pursuant to
the objectives of the plan, we strengthened internal controls
through the creation of the position of chief reserving actuary,
reinforced the internal audit function and created a department
responsible for defining claims policy and administering major
claims.

In the area of corporate governance, major recent
initiatives include the promotion of a more international board
of directors with wider expertise and a majority of
non-executive directors, as well as the restructuring of board
committees, including the creation of a new Risks Committee with
responsibility to identify major technical and financial risks
facing the Group.

Historical Background

The Company is organized as a
société anonyme, or stock company, under the
laws of the Republic of France. Its registered office is located
at 1, Avenue du Général de Gaulle, 92074 Paris La
Défense Cédex, France, phone number:
(+33) 1 46 98 70 00.

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The Company was established in 1970 at the
direction of the French Government in order to create a French
reinsurance company of international stature. The term of the
Company expires on June 30, 2024.

At the beginning of the 1980s, the French state
progressively reduced its interest in the Companys capital
(held via the Caisse Centrale de Réassurance), and was
replaced by insurance companies operating in the French market.
In 1989, SCOR and UAP Réassurances combined their
Property-Casualty and Life reinsurance businesses as part of the
restructuring of SCORs capital, which led to the listing
of the Company on the Paris stock market. Compagnie UAP, which
held 41% of SCORs capital, disposed of most of its
interest in October 1996 via an international public offering
timed to coincide with the listing of SCORs shares on the
New York Stock Exchange.

On June 29, 2001, the Companys
extraordinary shareholders meeting approved the
acquisition of SOREMA S.A., a French company and
SOREMA N.A., a U.S. company, both reinsurance
subsidiaries of GROUPAMA, Frances second-largest composite
insurer. Following the Companys capital increase in
December 2002, GROUPAMA remained SCORs largest shareholder
with an interest of approximately 19.2%. In May 2002, SCOR sold
the renewal rights and certain other assets relating to its
American business unit Fulcrum, acquired as part of its purchase
of SOREMA. Fulcrums activities are centered on direct
insurance underwriting, which did not fit with SCORs
development strategy.

SCORs Ordinary Shares have been listed on
the Paris Bourse since 1989 and on the New York Stock
Exchange in the form of ADSs evidenced by American Depositary
Receipts (ADRs), since October 11, 1996.

On December 27, 2002, SCOR completed a
capital increase, in line with the Back on Track
plan to strengthen the Groups equity. The capital increase
amounted to EUR 381 million, or 99 million new shares.
In addition, the Companys board of directors decided to
cancel all the 3.7 million shares SCOR held as treasury
stock, effective as of December 31, 2002.

Recent Developments

In light of the Groups new policies under
the Back on Track plan, SCORs Bermuda-based
subsidiary, CRP, which specializes in ART business in the United
States, was deemed to be no longer strategic as of January 2003,
and has ceased writing business entirely.

During its 2003 renewals campaign, the Group
strictly observed its new underwriting plan. The preparations
for the planned reorganization of the Group began in December
2002, and the resulting measures were announced and implemented
in the course of January and February 2003.

On March 28, 2003, SCOR signed a letter of
intent for the disposal of its Bermudan subsidiary CRP, and
discussions with the potential buyer under the letter of intent
are continuing. There can be no assurance as to whether a sale
to such buyer will be completed, or the timing or terms thereof.
SCOR continues to evaluate its options with respect to CRP,
including retaining CRP as a run-off operation.

On March 31, 2003, SCOR announced a net loss
of EUR 455 million for 2002 under French GAAP, reflecting
the impact of the stock market performance and additions to
prior-year reserves. At the same date, SCOR announced changes to
the composition of its board of directors in order to have a
majority of non-executive directors, a greater diversity of
expertise and a more international perspective. For additional
information, see Item 6  Directors, Senior
Management and Employees.

On April 4, 2003, SCOR announced that it had
offered to purchase an additional 6.67% of the share capital of
IRP Holdings Limited, or IRP, an Irish based reinsurer
incorporated at the end of 2001. Following the exercise of
pre-emptive rights by certain other shareholders in IRP, the
board of directors of IRP allocated 3.34% of the share capital
of IRP to SCOR. The transfer is expected to take place on
June 30. SCORs initial participation in IRP was 41.7%
and had already been increased to 46.7% on March 20, 2003.
If the purchase of additional 3.34% of the share of capital is
effective, SCORs participation in IRP will be slightly in
excess of 50%. For additional information on IRP, see
Item 9  The Offer and Listing 
Offer and Listing Details.

On June 17, 2003, Standard & Poors
(S&P) announced that it placed all its long-term
ratings, including its A counterparty credit and
insurer financial strength ratings, on SCOR and its subsidiaries
on CreditWatch

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with negative implications. If, upon resolution
of the CreditWatch placement, S&P decides to lower the
ratings on SCOR and its subsidiaries, S&P does not expect
that they will be lowered by more than one or two notches. On
June 18, 2003, the Fitch International Bank Credit Analyst
(Fitch IBCA):




| |   |                                                                                                                                                                     
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | affirmed the Insurer Financial Strength (IFS)
    ratings of the Group at BBB and the long-term and short-term
    ratings of SCOR at BBB- and F3, respectively; and
|
| |  | announced that the IFS ratings of CRPs
    subsidiaries remain on rating watch 
    evolving.                                                                   

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INDUSTRY OVERVIEW

General

Reinsurance is an arrangement in which a company,
the reinsurer, agrees to indemnify an insurance company, the
ceding company, against all or a portion of the primary
insurance risks underwritten by the ceding company under one or
more insurance contracts. Reinsurance can provide a ceding
company with several benefits, including a reduction in net
liability on individual risks, catastrophe protection from large
or multiple losses and assistance in maintaining acceptable
financial ratios. Reinsurance also provides a ceding company
with additional underwriting capacity by permitting it to accept
larger risks and write more business than would be possible
without a concomitant increase in capital and surplus.
Reinsurance, however, does not discharge the ceding company from
its liability to policyholders.

In general, primary property insurance protects
an insured against financial loss arising out of the loss of
property or its use caused by an insured peril. Primary casualty
insurance protects an insured against financial loss arising out
of its obligation to others for loss or damage to persons or
property. Property and Casualty reinsurance protects the cedent
against loss to the extent of the reinsurance coverage provided.
Property reinsurance involves a high degree of volatility but
losses are generally reported within a relatively short time
period after the event. A greater degree of unpredictability is
associated with casualty risks because there tend to be a
greater lag in the reporting and payment of casualty claims, due
to the nature of the risks and the greater potential for
litigation. Life reinsurance generally provides coverage to
primary insurers for Life insurance risks underwritten by them,
including under individual and group ordinary life, annuity and
retirement-related products. Generally, reinsurance of such
risks provides cedents with coverage against mortality and
morbidity risks, as well as investment related risks in the case
of certain interest-sensitive life products.

The Property and Casualty insurance and
reinsurance industries are cyclical. Historically, reinsurers
have experienced significant fluctuations in operating results
due to volatile and sometimes unpredictable developments, many
of which are beyond the direct control of the reinsurer,
including price competition, frequency of occurrence of losses
or severity of catastrophic events, levels of capacity, general
economic conditions and other factors. Demand for reinsurance is
influenced significantly by underwriting results of primary
insurers and prevailing general economic conditions. The supply
of reinsurance is related to prevailing prices, the levels of
insured losses, levels of industry surplus and utilization of
underwriting capacity that, in turn, may fluctuate in response
to changes in rates of return on investments being earned in the
insurance and reinsurance industries. As a result, the
reinsurance business historically has been a cyclical industry
characterized by periods of intense price competition due to
excessive underwriting capacity as well as periods when
shortages of underwriting capacity permitted favorable premium
levels. Increases in the frequency and severity of losses
suffered by insurers can significantly affect these cycles.
Conversely, the absence of severe or frequent catastrophe and
other loss events could lead to declining premium rates in the
global market. The reinsurance business is also competitive.
Competition with respect to the types of reinsurance in which
the Group is engaged is based on many factors, such as
underwriting expertise, reputation and experience in the lines
written, the jurisdictions in which the reinsurer is licensed or
otherwise authorized to do business, premiums charged, as well
as other terms and conditions of the reinsurance offered,
services offered and speed of claims payment and perceived
overall financial strength of the reinsurer.

Types of Reinsurance

Treaty and Facultative
Reinsurance

The two basic types of reinsurance arrangements
are treaty and facultative reinsurance. In treaty reinsurance,
the ceding company is obligated to cede and the reinsurer is
obligated to assume a specified portion of a type or category of
risks insured by the ceding company. Treaty reinsurers,
including the SCOR Group, do not separately evaluate each of the
individual risks assumed under their treaties and, consequently,
after a review of the ceding companys underwriting
practices, are largely dependent on the original risk
underwriting decisions made by the ceding primary policy
writers. Such dependence subjects reinsurers in general,

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including the Group, to the possibility that the
ceding companies have not adequately evaluated the risks to be
reinsured and, therefore, that the premiums ceded in connection
therewith may not adequately compensate the reinsurer for the
risk assumed. The reinsurers evaluation of the ceding
companys risk management and underwriting practices as
well as claims settlement practices and procedures, therefore,
will usually impact the pricing of the treaty.


In facultative reinsurance, the ceding company
cedes and the reinsurer assumes all or part of the risk under a
single insurance contract. Facultative reinsurance is negotiated
separately for each insurance contract that is reinsured.
Facultative reinsurance normally is purchased by ceding
companies for individual risks not covered by their reinsurance
treaties, for amounts in excess of the monetary limits of their
reinsurance treaties and for unusual risks. Underwriting
expenses and, in particular, personnel costs, are higher
relative to premiums written on facultative business because
each risk is individually underwritten and administered. The
ability to separately evaluate each risk reinsured, however,
increases the probability that the underwriter can price the
contract to more accurately reflect the risks involved.

Proportional and Non-Proportional
Reinsurance

Both treaty and facultative reinsurance can be
written on a proportional, or pro rata, basis or a
non-proportional, or excess of loss, basis. With respect to
proportional or pro rata reinsurance, the reinsurer, in return
for a predetermined portion or share of the insurance premium
charged by the ceding company, indemnifies the ceding company
against a predetermined portion of the losses and loss
adjustment expenses (LAE) of the ceding company under the
covered insurance contract or contracts. In the case of
reinsurance written on a non-proportional, or excess of loss
basis, the reinsurer indemnifies the ceding company against all
or a specified portion of losses and LAE in excess of a
specified amount, known as the ceding companys retention
or reinsurers attachment point, subject to a negotiated
reinsurance contract limit.

Although the frequency of losses under a pro rata
reinsurance contract is usually greater than on an excess of
loss contract, generally the loss experience is more predictable
and the terms and conditions of a pro rata contract can be
structured to limit aggregate losses from the contract. A pro
rata reinsurance contract therefore does not necessarily require
that a reinsurance company assume greater risk exposure than on
an excess of loss contract. The predictability of the loss
experience may better enable underwriters to price such business
accurately in light of the risk assumed, therefore reducing the
volatility of results.

Excess of loss reinsurance is often written in
layers. One or a group of reinsurers accepts the risk just above
the ceding companys retention up to a specified amount, at
which point that reinsurer or another reinsurer or a group of
reinsurers accepts the excess liability up to an additional
specified amount or such liability reverts to the ceding
company. The reinsurer taking on the risk just above the ceding
companys retention layer is said to write working layer or
low layer excess of loss reinsurance. A loss that reaches just
beyond the ceding companys retention will create a loss
for the lower layer reinsurer, but not for the reinsurers on the
higher layers. Loss activity in lower layer reinsurance tends to
be more predictable than that in higher layers due to a greater
historical frequency, and therefore, like pro rata reinsurance,
better enables underwriters and actuaries to more accurately
price the underlying risks.

Premiums payable by the ceding company to a
reinsurer for excess of loss reinsurance are not directly
proportional to the premiums that the ceding company receives
because the reinsurer does not assume a direct proportionate
risk. In contrast, premiums that the ceding company pays to the
reinsurer for pro rata reinsurance are proportional to the
premiums that the ceding company receives, consistent with the
proportional sharing of risk. In addition, in pro rata
reinsurance the reinsurer generally pays the ceding company a
ceding commission. The ceding commission is usually based on the
ceding companys cost of acquiring the business being
reinsured (commissions, premium taxes, assessments and
miscellaneous administrative expense) and also may include a
profit factor for producing the business.

Retrocession

Reinsurers typically purchase reinsurance to
cover their own risk exposure or to increase their capacity.
Reinsurance of a reinsurers business is called a
retrocession. Reinsurance companies cede risks under

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retrocessional agreements to other reinsurers,
known as retrocessionaires, for reasons similar to those that
cause primary insurers to purchase reinsurance: to reduce net
liability on individual risks, protect against catastrophic
losses, stabilize financial ratios and obtain additional
underwriting capacity.


Broker vs. Direct Reinsurance

Reinsurance can be written through professional
reinsurance brokers or directly from ceding companies. From a
ceding companys perspective, both the broker market and
the direct market have advantages and disadvantages. A ceding
companys selection of one market over the other will be
influenced by its perception of such advantages and
disadvantages relative to the reinsurance coverage being placed.
For example, broker coverages usually involve a number of
participating reinsurers that have been assembled by a broker,
each assuming a specified portion of the risk being reinsured. A
ceding company may find it easier to arrange such coverage in a
difficult underwriting environment where risk capacity is
constrained and reinsurers are seeking to limit their risk
exposure. In contrast, direct coverage usually are structured by
ceding companies directly with one or a limited number of
reinsurers. The relative amount of brokered and direct business
written by the Groups subsidiaries varies according to
local market practice.

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PRODUCTS AND MARKETS

General

Our operations are organized in the following
five business segments: Property-Casualty Treaty, Life/ Accident
& Health, Alternative Reinsurance, Credit, Surety &
Political Risks and Large Corporate accounts. Within each
segment, we write various classes of business, as indicated
below. Responsibilities and reporting within the Group are
established based on this structure, and our consolidated
financial statements reflect the activities of each segment.

The following table sets forth our gross premiums
written by segment and class of business:

|                                 |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |     | 
|-------------------------------- | ------------------------------ | ----------------------- | ----- | ----- |  | ---- | -- | --- |  | --- | ----- | ----- |  |  | -- | --- |  |  | ----- | ----- |  |  | -- | --- | 
|                                 |                                |                        
|                                 |                                | Year Ended December 31,
|                                 |                                |                        
|                                 |                                |                         |       |       |  |     
|                                 |                                | 2000                    |       | 2001  |  | 2002
|                                 |                                |                         |       |       |  |     
|                                 |                                | EUR                     |       | %     |  | EUR  |    | %   |  | EUR |       | %    
|                                 |                                |                         |       |       |  |      |    |     |  |     |       |      
|                                 |                                |                        
|                                 |                                | (EUR, in millions)     
|By segment of business           |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |    
|Property-Casualty Treaty         |                                |                         | 1,272 |       |  |      | 38 |     |  |     | 1,922 |       |  |  | 43 |     |  |  | 2,176 |       |  |  | 44 |    
|Life/Accident Health             |                                |                         | 934   |       |  |      | 28 |     |  |     | 1,062 |       |  |  | 24 |     |  |  | 1,218 |       |  |  | 25 |    
|Alternative Reinsurance          |                                |                         | 615   |       |  |      | 18 |     |  |     | 712   |       |  |  | 16 |     |  |  | 467   |       |  |  | 10 |    
|Credit, Surety & Political Risks |                                |                         | 201   |       |  |      | 6  |     |  |     | 175   |       |  |  | 4  |     |  |  | 123   |       |  |  | 3  |    
|Large Corporate Accounts         |                                |                         | 333   |       |  |      | 10 |     |  |     | 558   |       |  |  | 13 |     |  |  | 930   |       |  |  | 19 |    
|                                 |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |    
|                                 | Total                          |                         |       | 3,355 |  |      |    | 100 |  |     |       | 4,429 |  |  |    | 100 |  |  |       | 4,914 |  |  |    | 100 | 
|                                 |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |    
|By segment and class of business |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |    
|Property-Casualty Treaty         |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |    
|Property                         |                                |                         | 529   |       |  |      | 41 |     |  |     | 796   |       |  |  | 42 |     |  |  | 1,139 |       |  |  | 52 |    
|Casualty                         |                                |                         | 687   |       |  |      | 54 |     |  |     | 1,039 |       |  |  | 54 |     |  |  | 920   |       |  |  | 42 |    
|Marine, Space and Transportation |                                |                         | 34    |       |  |      | 3  |     |  |     | 61    |       |  |  | 3  |     |  |  | 77    |       |  |  | 4  |    
|Construction                     |                                |                         | 22    |       |  |      | 2  |     |  |     | 26    |       |  |  | 1  |     |  |  | 40    |       |  |  | 2  |    
|                                 |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |    
|                                 | Total Property-Casualty Treaty |                         |       | 1,272 |  |      |    | 100 |  |     |       | 1,922 |  |  |    | 100 |  |  |       | 2,176 |  |  |    | 100 | 
|                                 |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |    
|Life/Accident & Health           |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |    
|Annuity-based                    |                                |                         | 153   |       |  |      | 16 |     |  |     | 121   |       |  |  | 11 |     |  |  | 182   |       |  |  | 15 |    
|Individual & group life          |                                |                         | 352   |       |  |      | 38 |     |  |     | 527   |       |  |  | 50 |     |  |  | 493   |       |  |  | 40 |    
|Accident                         |                                |                         | 75    |       |  |      | 8  |     |  |     | 81    |       |  |  | 8  |     |  |  | 100   |       |  |  | 8  |    
|Disability                       |                                |                         | 94    |       |  |      | 10 |     |  |     | 57    |       |  |  | 5  |     |  |  | 56    |       |  |  | 5  |    
|Health                           |                                |                         | 204   |       |  |      | 22 |     |  |     | 229   |       |  |  | 22 |     |  |  | 200   |       |  |  | 16 |    
|Unemployment                     |                                |                         | 6     |       |  |      | 1  |     |  |     | 12    |       |  |  | 1  |     |  |  | 14    |       |  |  | 1  |    
|Long-term care                   |                                |                         | 50    |       |  |      | 5  |     |  |     | 35    |       |  |  | 3  |     |  |  | 173   |       |  |  | 14 |    
|                                 |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |    
|                                 | Total Life/Accident & Health   |                         |       | 934   |  |      |    | 100 |  |     |       | 1,062 |  |  |    | 100 |  |  |       | 1,218 |  |  |    | 100 | 
|                                 |                                |                         |       |       |  |      |    |     |  |     |       |       |  |  |    |     |  |  |       |       |  |  |    |    

Property-Casualty Treaty

The Property-Casualty Treaty segment includes the
proportional (pro rata) and non-proportional (excess of loss and
stop loss) treaty classes of property, casualty, marine, space
and transportation and construction reinsurance.

Property.The
Groups proportional property treaty business provides
reinsurance coverage for underlying insured property damage or
business interruption losses resulting from fires or other
perils in the homeowners, personal auto, industrial and general
commercial property lines.

Non-proportional property treaty business covers
the same lines and risks, but some specialized excess of loss
covers provide primarily catastrophe loss protection to cedents.

21



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##### Table of Contents



Casualty.The
Groups casualty proportional and non-proportional treaty
reinsurance includes auto liability and general third party
liability coverage, as well as the liability components of both
homeowners and general commercial coverage. Auto liability
reinsurance covers bodily injury and third party property and
other liability risks arising from both private passenger and
commercial fleet auto coverage.

Marine, Space and
Transportation.The Groups
marine, space and transportation treaty business relates
primarily to ocean and inland marine risk, as well as a limited
amount of commercial aviation and space coverage.

Construction.The
Groups construction treaty business, primarily written on
a proportional basis, includes inherent defect insurance covers,
also known as decennial insurance. As required by French law,
decennial insurance covers the risk of major structural defects
and collapse for ten years after completion of construction of a
building.

Life/Accident & Health

Life/Accident & Health reinsurance includes
life reinsurance products, as well as personal casualty
reinsurance, namely accident, disability, health, unemployment
and long-term care.

Life.The
Groups Life business, written primarily on a proportional
and non-proportional treaty basis, provides life reinsurance
coverage with respect to individual and group life, reinsurance
of annuity-based products, and longevity reinsurance, to primary
life insurers and pension funds.

Accident, disability, health, unemployment and
long-term care.The personal segments
of this business are written primarily on a proportional treaty
basis.

On June 12, 2002, Investors Insurance
Corporation, or IIC, a U.S. direct insurance company
acquired by SCOR when it bought PartnerRe Life in
August 2000, entered into an agreement for the distribution
and management of annuity insurance products with Legacy
Marketing Group. Legacy Marketing Group has a distribution
network of 22,000 independent agents specialized in the
development, distribution and administration of insurance
products, with a particular focus on annuities. Insurance
policies will be written by IIC, and will be reinsured by SCOR.
This arrangement also includes an option for the purchase IIC by
Legacy Marketing Group within a five-year period.

At the end of June 2002, SCOR announced the
opening of a Life office in Brussels in order to take advantage
of the development potential of the Life/Accident & Health
reinsurance activity in Belgium and Luxembourg.

Alternative Reinsurance

The Groups alternative reinsurance business
was conducted primarily out of CRP, the Groups
Bermuda-based subsidiary. It focused on three distinct products:



| |   |                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------
| |  | loss frequency driven by workers
    compensation, motor insurance and general liability in the
    U.S. market;                                   
|
| |  | using insurance techniques to cover weather
    variations, primarily temperature-based derivatives;                                                
|
| |  | developing single integrated risk transfer
    instruments to protect against combinations of fortuitous
    uncertainties with financial exposures.

Reported incurred loss ratios on CRPs
prospective workers compensation portfolio for accident years
1999 and 2000 began to deteriorate during the first half of 2002
and this trend continued for the remainder of 2002.
Consequently, a decision was made in the latter part of the year
to withdraw from the underwriting of prospective casualty
business. In January 2003, it was decided that the Group
should sell CRP or transfer it to run-off status. On
March 28, 2003, SCOR signed a letter of intent for the
disposal of its Bermudan subsidiary CRP, and discussions with
the potential buyer under the letter of intent are continuing.
There can be no assurance as to whether a sale to such buyer
will be completed, or the timing or terms thereof. SCOR
continues to evaluate its options with respect to CRP, including
retaining CRP as a run-off operation.

22



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##### Table of Contents



Credit, Surety and Political Risks

SCORs credit, surety and political risks
business is organized horizontally and conducted by teams based
in Europe and in the United States. Complementing the more
traditional forms of reinsurance that meet the needs of its
credit and surety insurance clients, SCOR developed new credit
derivatives activity aimed at a different and much broader
clientele.

In credit insurance contracts, the insurer covers
risks of loss due to non-payment of debts, while in surety
insurance contracts, the insurer acts as guarantor to pay (or
make pay) a debt. Political risks insurance covers risks of loss
as a result of measures taken by governments or governmental
entities jeopardizing a sales contract or an obligation.

Large Corporate accounts (SCOR Business
Solutions)

The Groups large facultative business is
written by specialized underwriting teams organized under SCOR
Business Solutions. This structure was reorganized in 2000
around the activities of corporate buyers seeking global risk
financing solutions that combine traditional risk covers and
alternative financing. It shares risks with cedents for large,
complex industrial or technical risks, such as automotive
assembly lines, semiconductor manufacturing plants, oil and gas
or chemical facilities, oil and gas exploration and production
sites, energy facilities, and boiler and machinery installations.

Large facultative business is primarily written
in property, as well as, to a lesser degree, in the liability,
transportation, space and construction classes of business.
Casualty facultative also encompasses commercial fleet auto
coverage, workers compensation, fraud and commercial third party
liabilities.

Space and transportation facultative coverage is
written particularly in the areas of space and offshore risks,
and requires the application of sophisticated, highly technical
risk analysis and underwriting criteria. Offshore Business
relates in the energy sector to offshore oil and gas exploration
and operations, while the space business relates to satellite
assembly, launch and coverage for commercial space programs.

Construction facultative coverage is typically
provided against risk of loss due to physical damage caused
during the construction period as well as, in certain cases,
business interruption or other financial losses incurred as a
result of completion delays for large and complex construction
and industrial projects. The Group has acted or is acting as
lead or principal reinsurer on several world scale
infrastructure projects. For these leading projects, SCOR takes
an active role in all phases of development, and works with
cedents, brokers, insureds, risk managers and project sponsors
in optimizing the combination of risk management techniques and
insurance solutions.

Distribution by geographic area

In 2002, SCOR generated approximately 45% of its
gross premiums written in Europe, with significant market
positions in France, Germany, Spain and Italy, and 39% of its
gross premiums written in North America, including Bermuda
and the Caribbean region.

23



---



##### Table of Contents



The following table shows the distribution of the
Groups gross premiums written by geographic area:

Gross Premiums Written by Geographic
Area(1)

|                                     |  |                           |       |      |  |      |      |   |  |     |       |   |  |  |      |  |  |  |       |  |  |  |      | 
|------------------------------------ |  | ------------------------- | ----- | ---- |  | ---- | ---- | - |  | --- | ----- | - |  |  | ---- |  |  |  | ----- |  |  |  | ---- | 
|                                     |  |                          
|                                     |  | Year ended December 31,  
|                                     |  |                          
|                                     |  |                           |       |      |  |     
|                                     |  | 2000                      |       | 2001 |  | 2002
|                                     |  |                           |       |      |  |     
|                                     |  | EUR                       |       | %    |  | EUR  |      | % |  | EUR |       | %
|                                     |  |                           |       |      |  |      |      |   |  |     |       |  
|                                     |  |                          
|                                     |  | (EUR figures in millions)
|France                               |  |                           | 479   |      |  |      | 14%  |   |  |     | 586   |   |  |  | 13%  |  |  |  | 840   |  |  |  | 17%  | 
|Europe (Outside of France)           |  |                           | 751   |      |  |      | 23%  |   |  |     | 1,083 |   |  |  | 24%  |  |  |  | 1,377 |  |  |  | 28%  | 
|North America                        |  |                           | 1,720 |      |  |      | 51%  |   |  |     | 2,229 |   |  |  | 50%  |  |  |  | 1,934 |  |  |  | 39%  | 
|Asia-Pacific and Other International |  |                           | 405   |      |  |      | 12%  |   |  |     | 531   |   |  |  | 12%  |  |  |  | 763   |  |  |  | 16%  | 
|                                     |  |                           |       |      |  |      |      |   |  |     |       |   |  |  |      |  |  |  |       |  |  |  |      | 
|Total                                |  |                           | 3,355 |      |  |      | 100% |   |  |     | 4,429 |   |  |  | 100% |  |  |  | 4,914 |  |  |  | 100% | 
|                                     |  |                           |       |      |  |      |      |   |  |     |       |   |  |  |      |  |  |  |       |  |  |  |      | 






|    |                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Premiums are allocated by geographic area based
    on information received by the Group from its cedents concerning
    the primary location of the cedents underlying insured
    risks.

RATINGS

Our current group ratings by A.M. Best Co.
(A.M. Best), Fitch IBCA, and S&P are as follows:

|                    |  |                           |  |       |  |                    
|------------------- |  | ------------------------- |  | ----- |  | -------------------
|A.M. Best           |  | Financial Strength rating |  | A-    |  | Excellent          
|(April 1, 2003)     |  | Long-term debt            |  | BBB   |  | Adequate           
|                    |  | Short-term debt           |  | AMB-2 |  | Adequate           
|Fitch IBCA          |  | Financial strength rating |  | BBB   |  | Good               
|(December 31, 2002) |  | Long-term debt            |  | BBB-  |  | Good credit quality
|                    |  | Short-term debt           |  | F3    |  | Fair credit quality
|S&P                 |  | Financial strength rating |  | A-    |  | Strong             
|(December 27, 2002) |  | Long-term debt            |  | BBB   |  | Capacity weakened  
|                    |  | Short-term debt           |  | A-2   |  | Satisfactory       

On January 22, 2003, A.M. Best downgraded
CRP to B++ (very good) from A-(Excellent). On
January 23, 2003, S&P confirmed there was no rating
change on CRP (A- with negative outlook). On January 28,
2003, Fitch placed CRP on rating watch 
evolving.

On June 17, 2003, S&P announced that it
placed all its long-term ratings, including its A
counterparty credit and insurer financial strength ratings, on
SCOR and its subsidiaries on CreditWatch with negative
implications. If, upon resolution of the CreditWatch placement,
S&P decides to lower the ratings on SCOR and its
subsidiaries, S&P does not expect that they will be lowered
by more than one or two notches. On June 18, 2003, Fitch
IBCA:



| |   |                                                                                                                                                                     
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | affirmed the Insurer Financial Strength (IFS)
    ratings of the Group at BBB and the long-term and short-term
    ratings of SCOR at BBB- and F3, respectively; and
|
| |  | announced that the IFS ratings of CRPs
    subsidiaries remain on rating watch 
    evolving.                                                                   

24



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##### Table of Contents



UNDERWRITING, RISK MANAGEMENT AND
RETROCESSION

Underwriting

Consistent with its strategy of selective market
and business segment development, the Group seeks to maintain a
portfolio of business risks that is well diversified both
geographically and by line and class of business. In addition,
the Company has centrally established underwriting guidelines
for its subsidiary companies to ensure the diversification and
management of risk with respect to its business by line and
class of business.

The Groups underwriting is conducted
through Property-Casualty treaty and facultative, and Life
underwriting teams, with the support of technical departments
such as actuarial, claims, legal, retrocession and accounting.

Both underwriting and support staff are located
in the Groups Paris headquarters as well as in local
subsidiaries and branches, although some support functions, like
retrocession, have been centralized at the head office level.
While underwriting is carried out at decentralized (subsidiary
or division) level, the Groups overall exposure to
particular risks and in particular geographic zones is centrally
monitored from Paris.

Management believes that its diversified
portfolio lessens the impact of local economic and insurance
cycles and reduces some of the volatility that would be found in
a more concentrated portfolio. In addition to diversification by
geographic area and line and class of business, the Company has
recently limited its general exposure to catastrophe risk.

The Groups underwriting function consists
of about 500 individuals, including 290 underwriters, split
between our business segments: Property-Casualty treaty,
Life/Accident & Health, Alternative Reinsurance, Credit,
Surety & Political Risks and SCOR Business Solutions. The
underwriting support functions include about 200 additional
persons, including more than 75 actuaries and pricing
technicians.

Facultative underwriters belong to the
Groups SCOR Business Solutions integrated division which
operates on a worldwide basis, from 4 underwriting centers
(in Paris, London, New York and Singapore) and with underwriting
entities located in the Groups subsidiaries and branches.
This division is dedicated to large corporation business and is
geared to provide its clients with solutions for the
conventional and/or alternative transfer of their risks.

Life underwriting within the Group is under the
worldwide responsibility of the SCOR Vie operating unit. Our
Life clients are life or Accident and Health insurance companies
worldwide. They are served by specialized Life underwriters
familiar with the specific features of each of the markets in
which they operate, including mortality tables, morbidity risks,
disability and pension coverage, product development, financing
and specific market coverage and policy conditions. Life
underwriting consists of the consideration of many factors,
including the type of risks to be covered, ceding company
retention levels, product and pricing assumptions and the ceding
companys underwriting standards and financial strength.

Life underwriters worldwide are supported by the
Life Underwriting Department (LUD), which
coordinates underwriting activities at the group level and
conducts underwriting audits in the operating units, and by the
Technical and Development Department (TDD),
responsible for pricing tools, reserving rules, product
development and retrocession. These two departments set in
common the underwriting guidelines, which are approved by the
Underwriting Innovation Committee, comprising SCOR Vie General
Management, and the heads of underwriting units LUD and TDD.
This Committee periodically reviews and updates the level of
underwriting authority (there are four levels) delegated to each
underwriter.

Property-Casualty treaty underwriters manage
client relationships and offer reinsurance support after a
careful review and assessment of the cedents underwriting
policy, portfolio profile, exposures and management procedures.
They are responsible for writing treaty business as well as
small facultative risks in their respective territories within
the limits of their delegated underwriting authority and the
scope of underwriting guidelines approved by the Group General
Management.

25



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##### Table of Contents



The underwriting teams are supported by a
technical underwriting unit based in the Group head office. The
technical underwriting unit is providing worldwide treaty and
small facultative underwriting guidelines, the delegation of
capacity, underwriting support to specific classes or individual
risks when required, ceding company portfolio analyses and risk
surveys.

The underwriting teams are also supported by a
Group actuarial unit responsible for pricing and reserving
methods and tools to be applied by the actuarial units based in
the treaty operating units.

The Group audit department conducts frequent
underwriting audits in the operating units.

Catastrophe Risk and Exposure
Controls

Like other reinsurance companies, SCOR is exposed
to multiple insured losses arising out of a single occurrence,
whether a natural event such as a hurricane, flood or an
earthquake, or another man-made catastrophe such as an explosion
or fire at a major industrial facility. Any such catastrophic
event could generate insured losses in one or many of
SCORs lines of business.

During the summer of 2002, the catastrophic
floods in Central Europe affecting the Czech Republic, Germany
and Austria produced a pre-tax catastrophe loss for the Group,
net of retrocession, of EUR 94 million. Typhoon Rusa in
Korea in August 2002, the flooding in the south-east of France
in September 2002 and the windstorm Jeannet in northern Europe
in October 2002 did not have a material impact on SCOR.

The consequences of the earthquakes, which
occurred in January 2001 in El Salvador and in India, in
February 2001 in Washington State, U.S., and in March 2001 in
Japan, were limited due to either a relatively low involvement
of the Group in the damaged regions or limited overall insured
and reinsured losses.

In 2000, we experienced no major natural
catastrophe losses except adverse run-off 1999 European
storms.

The European storms which occurred in December
1999 resulted in pre-tax catastrophe losses, net of
retrocession, to the Group of EUR 95 million. Before these
losses, the Groups largest single catastrophe loss in
recent years were the 1998 ice storms in Canada and the 1994
earthquake in Northridge, California, which produced pre-tax
catastrophe losses, net of retrocession, to the Group of EUR
36 million and EUR 35 million, respectively. SCOR
carefully evaluates its potential natural event and other risk
accumulation for its entire property portfolio at the head
office level, including exposures underwritten by its
subsidiaries worldwide. Pursuant to overall guidelines and
procedures established from the Paris headquarters, each
subsidiary monitors its own accumulation for the relevant
country or region, and the Risk Management Department based in
Paris centrally consolidates the results for the Group.

SCOR employs various techniques, depending upon
the region and peril, to assess and manage its accumulated
exposure to property catastrophe losses in any one region of the
world and quantifies that exposure in terms of its potential
maximum loss. SCOR defines this as its anticipated maximum loss,
taking into account contract limits, caused by a single
catastrophe affecting a broad contiguous geographic area, such
as that caused by a windstorm, a hurricane or an earthquake,
occurring within a given return period. SCOR estimates that its
current Group-wide potential maximum loss, before retrocessional
reinsurance, with the most significant exposures relating to
earthquake risks are located in Japan, Turkey, Peru and Canada
and that its wind and other weather-related risks are
concentrated in Europe and the United States.

The following table summarizes the main Group
identified catastrophe exposures by geographic area:

|                                           |  |                                                                                 
|------------------------------------------ |  | --------------------------------------------------------------------------------
|Range of Potential Catastrophe Exposure(1) |  | Subject countries as of December 2002                                           
|                                           |  |                                                                                 
|(EUR, in millions)                         |  |                                                                                 
|100 to 200                                 |  | Australia, Canada, Italy, Colombia, New Zealand,
    Greece, Chile, Mexico, Peru
|200 to 300                                 |  | Israel, United States, Taiwan, Turkey, Japan
    (windstorm)                    
|300 and over                               |  | Japan, Europe (windstorm)                                                       






|    |                                                                            
|--- | ---------------------------------------------------------------------------
|(1) | Calculated on a potential maximum loss basis for
    a given return period.

26



---



##### Table of Contents



Depending on the peril and region, the results
are based on proprietary software or models provided by
third-party vendors.

For more than 15 years, SCOR has been using
its own internally developed and regularly updated software
program for evaluating earthquake potential maximum losses for
20 countries. The methods utilized for the simulation of the
events and of their consequential damages have been upgraded
into SERN (Système dEvaluation des Risques
Naturels or Natural Risks Evaluation System), an
enhancement of existing models initiated in 1997 by SCOR and
partners from prominent research institutes and recognized
private IT companies. This software program is directly linked
to our worldwide database and available to all of SCORs
subsidiaries and operating units. As of December, 2002, SERN is
operational for earthquake exposure in Australia, Canada, Chile,
Colombia, Greece, Indonesia, Israel, Jordan, Italy, Japan,
Mexico, New Zealand, Peru, Philippines, Portugal, Taiwan, the
United States and Venezuela. SERN modeling development for
Turkey is in progress and estimates of earthquake exposure and
related potential maximum losses are obtained from SCORs
older proprietary system. For countries such as Japan and the
United States, SCORs analyses are compared with other
calculations performed using programs developed by specialized
independent consultants.

The potential accumulation due to hurricanes in
the United States and typhoons in Japan are analyzed in a
similar fashion, using third-party software and simulation tools.

European windstorm accumulation in the treaty
portfolio is also assessed by SERN, which has been adapted to
analyze windstorm events and is now operational in eight
European countries, reproducing past events and simulating
super-storms.

SCOR continues to refine its loss estimation
methodologies internally with the assistance of outside
consultants, geophysicists, meteorologists, statisticians and
other specialists.

The following table sets forth certain data
regarding the Groups catastrophe loss experience in each
of the three years ended December 31, 2002:

|                                                                  |  |                    |    |      |  |      |     |     |  |  |    |    
|----------------------------------------------------------------- |  | ------------------ | -- | ---- |  | ---- | --- | --- |  |  | -- | ---
|                                                                  |  |                   
|                                                                  |  | Year Ended        
|                                                                  |  | December 31,      
|                                                                  |  |                   
|                                                                  |  | 2000               |    | 2001 |  | 2002
|                                                                  |  |                    |    |      |  |     
|                                                                  |  |                   
|                                                                  |  | (EUR, in millions)
|Number of catastrophes(1)                                         |  |                    |   |      |  |      | 1   |     |  |  | 1  |    
|Incurred losses and LAE from catastrophes, gross                  |  |                    |   |      |  |      | 670 | (2) |  |  | 95 | (3)
|Incurred losses and LAE from catastrophes, net of
    reinsurance |  |                    |   |      |  |      | 215 | (2) |  |  | 94 | (3)
|Group loss ratio(4)                                               |  |                    | 96 | %    |  |      | 102 | %   |  |  | 97 | %  
|Group loss ratio excluding catastrophes                           |  |                    | 96 | %    |  |      | 95  | %   |  |  | 94 | %  






|    |                                                                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | A catastrophe is defined by SCOR as an event
    involving multiple insured risks causing pre-tax losses, net of
    reinsurance, of EUR 10 million or more.



|    |                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------
|(2) | World Trade Center.                                                                                                                      
|   
|(3) | Catastrophic floods in Central Europe.                                                                                                   
|   
|(4) | Loss ratios are calculated on the basis of
    underwriting and administrative expenses expressed as a
    percentage of premiums earned.

Claims

Individual claims reported to the Groups
subsidiaries are initially monitored and managed by the claims
departments at each subsidiary. In addition to managing reported
claims and conferring with ceding companies on claim matters,
the claims departments conduct periodic audits of specific
claims and the overall claims procedures at the offices of
ceding companies. Prior to accepting certain risks, the claims
departments are often requested by underwriters to conduct
claims audits of prospective ceding companies. SCOR attempts to
evaluate the ceding companys adjusting techniques,
reserves adequacy, staff and whether it follows proper claims
processing procedures. During such audits, the ceding
companys management is provided with a review and
assessment of its claims operation and recommendations regarding
procedures, processing and personnel.

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In addition, the Group has established a Group
Major Claims Committee which is located in Paris and designed to
centralize and strengthen the supervision of large claims at
group level across SCORs underwriting units. Its
objectives are to provide both a common group technical/ legal
opinion on the nature of the claims and a common group
estimation of the market loss and SCORs share.

Retrocessional Reinsurance

The Group retrocedes a portion of the risks it
underwrites in order to control its exposures and losses, and
pays premiums based upon the risks and exposures of its
facultative and treaty acceptances, subject to such retrocession
reinsurance. Retrocession reinsurance is subject to
collectibility in all cases where the original business accepted
by the Group suffers from a loss. The Group remains primarily
liable to the direct insurer on all risks reinsured although the
retrocessionaire is liable to SCOR to the extent of the
reinsurance limits purchased. SCOR then monitors the financial
condition of retrocessionaires on an ongoing basis. In recent
years, the Group has not experienced any material difficulties
in collecting recoverable amounts from its retrocessional
reinsurers. SCOR reviews its retrocession arrangements
periodically, to ensure that they fit closely to the development
of its business.

Through its centralized Retrocession Department
for Property-Casualty business and for Life business, the Group
establishes annual underwriting and retrocession guidelines by
class and line of business to make sure that the risks
underwritten remain within the capacity available through
retrocession purchases. The Group utilizes a variety of
retrocession agreements with non-affiliated retrocessionaires to
control its exposures to large property losses. The overall
program set in place on an annual basis provides coverage for up
to three major events within one occurrence year. A major event
is likely to be a natural catastrophe such as an earthquake, a
windstorm, a hurricane or a typhoon in a region where the Group
has aggregate exposures stemming from the business written.

Had a major catastrophe occurred resulting in a
loss equal to the Groups natural perils potential maximum
exposure, management estimates that the net loss before tax for
SCOR, including the cost of reinstatement retrocession premium
(excluding any reinstatement premium collected from ceding
companies) would have been EUR 200 million.

In response to a volatile retrocession market and
in order to both diversify its sources of retrocession capacity
to financial markets and improve its quality, in March 2000, the
Group purchased a USD 150 million multi-year
reinsurance cover for specific natural catastrophe event
exposure in specified geographic zones subject to a limit of USD
100 million per occurrence. The contract, provided by Atlas
Reinsurance p.l.c., protects SCORs property and
construction portfolio, for a period of three years, against the
occurrence of an earthquake in the U.S. or in Japan, or a
severe windstorm in Europe. Atlas Reinsurance p.l.c. issued
three classes of notes for a total of USD 200 million with
principal reduction contingent on the loss indemnification
provided to SCOR. This cover will expire on March 31, 2003.

IRP was established in December 2001 to reinsure
(as a retrocessionaire) some of SCORs non-Life reinsurance
business on a quota share basis from 2002 forward: 25% in 2002,
reduced to 16% for treaties in the 3 following zones:
United States (earthquakes and hurricanes), Japan (earthquakes)
and Europe (storm risk). SCORs initial participation in
IRP was 41.7%, and was increased to 46.7% on March 20,
2003. On April 4, 2003, SCOR announced that it had offered
to purchase an additional 6.67% of the share of IRP. SCORs
participation in IRP is expected to be further increased through
the purchase of minority interests prior to May 2006. For more
information on IRP; see Item 9A  The Offer
and Listing  Offer and Listing Details. IRP was
fully consolidated from fiscal year 2001.

In January 2002, the Group purchased a
USD 150 million multi-year reinsurance cover, to
provide a second event cover, for the same exposure and subject
to a limit of USD 100 million per occurrence. The
contract, provided by Atlas Reinsurance II p.l.c., protects
SCORs property and construction portfolio for a period of
three years. Atlas Reinsurance II p.l.c. issued two
classes of notes for a total of USD 150 million with
principal reduction contingent on the parametric model designed
by Risk Management Solutions (RMS) based on SCORs exposure.

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RESERVES

Significant periods of time may elapse between
the occurrence of an insured loss, the reporting of the loss to
the ceding company and the reinsurer and the ceding
companys payment of that loss and subsequent payments to
the ceding company by the reinsurer. To recognize liabilities
for unpaid losses, LAE and future policy benefits, insurers and
reinsurers establish reserves, which are balance sheet
liabilities representing estimates of future amounts needed to
be paid in respect of reported and not yet reported claims and
related expenses on losses that have already occurred.

The Group maintains reserves to cover its
estimated ultimate liability for losses and LAE with respect to
reported and not yet reported claims. Because reserves are
estimates of ultimate losses and LAE, management monitors
reserve adequacy over time, evaluating new information, as it
becomes known and adjusting reserves, as necessary. Management
considers many factors when setting reserves, including the
following:



| |   |                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------
| |  | information from ceding companies,                                                                                
|
| |  | historical trends, such as reserving patterns,
    loss payments, pending levels of unpaid claims and product mix,
|
| |  | internal methodologies that analyze the
    Groups experience with similar cases,                                
|
| |  | current legal interpretations of coverage and
    liability, and                                                  
|
| |  | economic conditions.                                                                                              

Based on these considerations, management
believes that adequate provision has been made for the
Groups Property-Casualty loss and LAE reserves, which
totaled
6,900 million
(net of retrocession) as of December 31, 2002. Actual loss
and LAE paid may deviate, perhaps significantly, from such
reserves. To the extent reserves prove to be insufficient to
cover actual losses and LAE after taking into account available
retrocessional coverage, the Group would have to augment such
reserves and incur a charge to earnings which could have a
material adverse effect on the Companys consolidated
financial condition, results of operations and cash flows. The
Groups Back on Track plan bolstered reserves
in the third-quarter 2002 accounts in response to rising losses
on underwriting years prior to 2002. Reserves were notably
strengthened in the following lines of business:



| |   |                                                                                                                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 154 million
    increase in reserves at SCOR U.S. These additional reserves
    cover all underwriting years, especially 1998 to 2001;                                                                                                       
|
| |  | 141 million
    increase in reserves for Commercial Risk Partners. These
    additional reserves chiefly concern finite prospective
    workers compensation business written in 1999 and 2002.
    Underwriting was halted in January 2003;
|
| |  | 30 million
    increase in reserves for credit and bond activities, chiefly to
    cover reinsurance of credit derivatives risk. SCOR has ceased
    writing this business since November 2001;                                              
|
| |  | 15 million
    addition to reserves for asbestos and pollution exposures in
    order to allow for developments in U.S. court awards.                                                                                                        

Pursuant to the Back on Track plan,
the Group has decided to put into run-off or to sell CRP. The
financial consequences of this decision were a strengthening of
technical reserves and an amortization of CRPs goodwill.

The Group Chief Reserving Actuary conducted an
appraisal of the Groups technical reserves at the end of
December 2002, based on reports by internal and outside
actuaries. As a result, a further USD 74 million were added
to reserves for underwriting years prior to 2002, including USD
54 million for CRP, relative to the state of technical
reserves at the end of September 2002 which served as the
benchmark for the outside actuaries valuation.

29



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General

As part of the reserving process, insurers and
reinsurers review historical data and anticipate the impact of
various factors such as legislative enactments and judicial
decisions that may tend to affect potential losses from casualty
claims, changes in social and political attitudes that may
increase exposure to losses, mortality and morbidity trends and
trends in general economic conditions. This process assumes that
past experience, adjusted for the effects of current
developments, is an appropriate basis for anticipating future
events. The reserving process implicitly recognizes the impact
of inflation and other factors affecting losses by taking into
account changes in historical claim patterns and perceived
trends. There is no precise method, however, for subsequently
evaluating the impact of any specific item on the adequacy of
reserves, because the eventual deficiency or redundancy of
reserves is affected by many factors.

The Group periodically reviews and updates its
methods of determining estimates for incurred but not yet
reported (IBNR) losses and establishing resulting reserves, and
such adjustments are currently reflected in income. Estimation
of loss reserves is a difficult process, however, especially in
view of changes in the legal and tort environment that may
impact the development of loss reserves. While the reserving
process is difficult and subjective for the ceding companies,
the inherent uncertainties of estimating such reserves are even
greater for the reinsurer, due primarily to the longer time
between the date of an occurrence and the reporting of any
attendant claims to the reinsurer, the diversity of development
patterns among different types of reinsurance treaties or
facultative contracts, the necessary reliance on the ceding
companies for information regarding reported claims and
differing reserving practices among ceding companies. In
addition, trends that have affected development of liabilities
in the past may not necessarily occur or affect liability
development to the same degree in the future. Thus, actual
losses, LAE and future policy benefits may deviate, perhaps
significantly, from estimates of reserves reflected in the
Groups consolidated financial statements.

When a claim is reported to the ceding company,
its claims personnel establishes a case reserve for the
estimated amount of the ultimate settlement, if any, with
respect to such claim. The estimate reflects the judgment of the
ceding companys claims personnel, based on its reserving
practices. The ceding company reports the claim to the Group
subsidiary from which it obtained the reinsurance, together with
the ceding companys suggested estimate of the claims
cost. SCOR records the ceding companys suggested reserve
and may establish additional reserves based on review by the
Groups claims department and internal actuaries. Such
additional reserves are based upon the consideration of many
factors, including coverage, liability, severity and the
Groups assessment of the ceding companys ability to
evaluate and handle the claim.

In accordance with industry practice, the Group
maintains IBNR reserves. IBNR reserves are actuarially
determined and reflect:



| |    |                                                                                                                                                                                                                              
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. | the ultimate loss amount which may have to be
    paid by the Group on claims for events and circumstances which
    have occurred but which have not yet been reported either to the
    ceding company or to the Group, and
|
| | 2. | the expected change in the value of those claims,
    which have already been reported to the Group.                                                                                                                         

In its actuarial determination of IBNR reserves,
the Group uses generally accepted actuarial reserving techniques
that take into account quantitative loss experience data,
together with, where appropriate, qualitative factors. IBNR
reserves are also adjusted to reflect changes in the volume of
business written, reinsurance contract terms and conditions, the
mix of business and claims processing that can be expected to
affect the Groups liability for losses over time. With the
exception of reserves associated with workers compensation
and CRP finite reinsurance contracts that are discounted, the
Group does not discount Property and Casualty reserves.

In the Life area, reserves for future policy
benefits and claims are established based upon the Groups
best estimates of mortality, morbidity, persistency and
investment income, with appropriate provision for adverse
deviation. The liabilities for future policy benefits
established by the Group with respect to individual risks or
classes of business may be greater or less than those
established by ceding companies due to the use of different
mortality and other assumptions. Reserves for policy claims and
benefits include both mortality and morbidity claims in the
process of settlement and claims that have been incurred but not
yet reported. Actual

30



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experience in a particular period may be worse
than assumed experience and, consequently, may adversely affect
the Groups operating results for such period.


In addition to loss, LAE, future policy benefits
and IBNR reserves, under French GAAP and pursuant to applicable
French insurance regulations, and in the case of certain
non-French subsidiaries, pursuant to applicable local
regulations, SCOR is required to establish certain catastrophe
equalization reserves for future catastrophes and other losses.
These reserves are generally established by setting aside in
each year a specified portion of underwriting gains, if any, for
such year, subject to specified aggregate limits based on
premium volumes in lines of business affected by catastrophes or
other events. These reserves are not recorded as liabilities in
the financial statements prepared in accordance with
U.S. GAAP. The U.S. GAAP financial statements do,
however, include an allocation of retained earnings to a
catastrophe reserve recorded as an account in
shareholders equity. Retained earnings allocated to the
catastrophe reserve represent amounts expensed as catastrophe
coverage premium expense under French GAAP but not under
U.S. GAAP. Because such amounts have been expensed for
French accounting purposes, these amounts are not distributable
as dividends and consequently have been shown as an allocation
of retained earnings in the U.S. GAAP financial statements.

Changes in Historical Reserves

The table below shows changes in historical loss
reserves, on a French GAAP basis for the Groups
Property-Casualty operations for 1992 and subsequent years, net
of retrocessional reinsurance. The Groups reinsurance
contracts are generally written on an underwriting year basis
and the Group maintains its records on this same basis. As
compared to loss development tables presented on an accident
year basis by U.S. registrants, presentation on an
underwriting year basis accelerates the timing of the
presentation of loss reserve development by moving development
of losses that actually occur in an accident year subsequent to
the end of the applicable underwriting year back into such
underwriting year. As discussed in the third paragraph below,
the Companys underwriting year loss development data is,
as a result, not fully comparable with accident year data
presented by U.S. registrants.

The top line of the table shows the initial
estimated reserves for unpaid losses and LAE recorded at each
year-end date, as well as the amount of such initial reserve net
of amounts retroceded to reinsurers. The upper (paid) portion of
the table presents the cumulative amounts paid through each
subsequent year on those claims for which reserves were carried
as of each specific year-end. The lower (liability re-estimated)
portion shows the re-estimated amount of the previously recorded
reserves, net of retrocession, based on experience as of the end
of each succeeding year. The estimate changes as more
information becomes known about the actual claims for which the
initial reserves were carried. The cumulative redundancy/
deficiency line represents the cumulative change in estimates
since the initial reserve was established. It is equal to the
latest liability re-estimated amount less the initial reserve.

An underwriting year reinsurance contract
reinsures losses incurred on underlying insurance policies that
begin at any time during the reinsurance contract term. This
means that, if both the underlying insurance contracts and the
reinsurance contract have twelve-month terms, the reinsurance
contract will cover underlying losses occurring over a
twenty-four month period. For example, if an underwriting year
reinsurance contract term was from January 1 to
December 31, 2002, it would cover underlying policies with
terms beginning on both January 1, 2002 and
December 31, 2002. Losses incurred on underlying policies
beginning on January 1, 2002 could occur as early as
January 1, 2002 while losses incurred on underlying
policies beginning on December 31, 2002 could occur as late
as December 30, 2003. For purposes of the loss reserve
development table, the Group has assigned all losses incurred
under reinsurance contracts written in a particular year to that
year, even though some of those losses may not have been
incurred until twelve months after the end of the year.

Since losses have been so assigned, the
reserve re-estimated x years later set
forth in the table includes all those losses incurred during the
x years following the reference year, but related to
an underwriting year prior to and including the reference year.
As a result, the amounts on the line labeled cumulative

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redundancy/(deficiency) before premium
development in the loss development tables are not a
precise indication of the adequacy of the initial reserves that
appear on the first and third lines of the tables.


This has been partially corrected by inclusion in
the line labeled premium development of all the
premiums attributable to the underwriting year that are earned
in subsequent years. Such earned premiums are comprised
primarily of amounts included in the unearned premium reserves
at the end of a given reference year and which are progressively
earned during the years following such reference year, but also
include experience rated premiums received under certain
reinsurance contracts written in such underwriting year. The
Group does not specifically segregate experience rated premiums
in its accounting systems, but management does not believe such
amounts are material. This presentation permits a comparison of
the reserves for claims and claims expenses as initially
established with the re-estimated reserves for claims and claims
expenses, which have been adjusted for the effect of claims and
claims expenses incurred subsequent to the reference year-end.
While the resulting adjusted cumulative redundancy/ deficiency
is not a precise measurement and is not fully comparable to the
amounts that would be determined using accident year data,
management believes it to be a reasonable indication of the
adequacy of the Groups loss and loss adjustment expense
reserves as recorded in its consolidated financial statements as
of the referenced year ends.

32



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Ten -Year Loss Development Table Presented Net
of

Reinsurance with Supplemental Gross Data
(French GAAP)(1)


|                                                                        |                            |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|----------------------------------------------------------------------- | -------------------------- | ------------------ | ----- | ----- |  | ---- | ----- | ----- |  | ---- | ----- | ----- |  | ---- | ----- | ----- |  | ---- | ----- | ----- |  |  | ----- | ----- |  |  | ------ | ----- |  |  | ------ | ----- |  |  | ------ | ----- |  |  | ----- |  | 
|                                                                        |                            |                   
|                                                                        |                            | December 31,      
|                                                                        |                            |                   
|                                                                        |                            | 1993               |       | 1994  |  | 1995 |       | 1996  |  | 1997 |       | 1998  |  | 1999 |       | 2000  |  | 2001 |       | 2002 
|                                                                        |                            |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |      
|                                                                        |                            |                   
|                                                                        |                            | (EUR, in millions)
|Initial gross reserves for unpaid loss and LAE                          |                            |                    | 2,374 |       |  |      | 2,311 |       |  |      | 2,463 |       |  |      | 3,062 |       |  |      | 3,479 |       |  |  | 4,050 |       |  |  | 4,904  |       |  |  | 5,696  |       |  |  | 8,468  |       |  |  | 8,055 | 
|Initial retroceded reserves                                             |                            |                    | 536   |       |  |      | 284   |       |  |      | 242   |       |  |      | 306   |       |  |      | 298   |       |  |  | 354   |       |  |  | 438    |       |  |  | 536    |       |  |  | 1,462  |       |  |  | 1,085 | 
|                                                                        |                            |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|Initial net reserves(3)                                                 |                            |                    | 1,838 |       |  |      | 2,027 |       |  |      | 2,221 | (2)   |  |      | 2,756 |       |  |      | 3,181 |       |  |  | 3,696 |       |  |  | 4,466  |       |  |  | 5,160  |       |  |  | 7,006  |       |  |  | 6,970 | 
|                                                                        | Paid (cumulative)(4)as of: |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | One year later             |                    |       | 376   |  |      |       | 450   |  |      |       | 520   |  |      |       | 723   |  |      |       | 874   |  |  |       | 1,040 |  |  |        | 1,399 |  |  |        | 1,807 |  |  |        | 2,514 |  |  |       |  | 
|                                                                        | Two years later            |                    |       | 673   |  |      |       | 784   |  |      |       | 934   |  |      |       | 1,135 |  |      |       | 1,440 |  |  |       | 1,570 |  |  |        | 2,294 |  |  |        | 3,163 |  |  |        |       |  |  |       |  | 
|                                                                        | Three years later          |                    |       | 881   |  |      |       | 1,074 |  |      |       | 1,191 |  |      |       | 1,405 |  |      |       | 1,778 |  |  |       | 1,946 |  |  |        | 3,046 |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Four years later           |                    |       | 1,116 |  |      |       | 1,292 |  |      |       | 1,368 |  |      |       | 1,599 |  |      |       | 2,015 |  |  |       | 2,356 |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Five years later           |                    |       | 1,291 |  |      |       | 1,431 |  |      |       | 1,505 |  |      |       | 1,731 |  |      |       | 2,306 |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Six years later            |                    |       | 1,407 |  |      |       | 1,542 |  |      |       | 1,590 |  |      |       | 1,953 |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Seven years later          |                    |       | 1,498 |  |      |       | 1,613 |  |      |       | 1,779 |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Eight years later          |                    |       | 1,555 |  |      |       | 1,777 |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Nine years later           |                    |       | 1,702 |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|Reserves re-estimated as of:                                            |                            |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|                                                                        | One year later             |                    |       | 2,040 |  |      |       | 2,215 |  |      |       | 2,482 |  |      |       | 3,173 |  |      |       | 3,453 |  |  |       | 4,148 |  |  |        | 5,108 |  |  |        | 6,029 |  |  |        | 8,127 |  |  |       |  | 
|                                                                        | Two years later            |                    |       | 2,045 |  |      |       | 2,285 |  |      |       | 2,585 |  |      |       | 3,125 |  |      |       | 3,536 |  |  |       | 4,172 |  |  |        | 5,391 |  |  |        | 6,443 |  |  |        |       |  |  |       |  | 
|                                                                        | Three years later          |                    |       | 2,134 |  |      |       | 2,387 |  |      |       | 2,554 |  |      |       | 3,115 |  |      |       | 3,573 |  |  |       | 4,208 |  |  |        | 5,559 |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Four years later           |                    |       | 2,249 |  |      |       | 2,378 |  |      |       | 2,543 |  |      |       | 3,118 |  |      |       | 3,570 |  |  |       | 4,299 |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Five years later           |                    |       | 2,285 |  |      |       | 2,367 |  |      |       | 2,527 |  |      |       | 3,093 |  |      |       | 3,651 |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Six years later            |                    |       | 2,285 |  |      |       | 2,342 |  |      |       | 2,504 |  |      |       | 3,142 |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Seven years later          |                    |       | 2,277 |  |      |       | 2,331 |  |      |       | 2,563 |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Eight years later          |                    |       | 2,270 |  |      |       | 2,397 |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Nine years later           |                    |       | 2,347 |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|Cumulative redundancy/                                                  |                            |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|(deficiency) before premium development                                 |                            |                    | (432  | )     |  |      | (304  | )     |  |      | (283  | )     |  |      | (337  | )     |  |      | (389  | )     |  |  | (512  | )     |  |  | (925   | )     |  |  | (869   | )     |  |  | (1,121 | )     |  |  |       | 
|Percentage before premium development                                   |                            |                    | (24   | )%    |  |      | (15   | )%    |  |      | (13   | )%    |  |      | (12   | )%    |  |      | (12   | )%    |  |  | (14   | )%    |  |  | (21    | )%    |  |  | (17    | )%    |  |  | (16    | )%    |  |  |       | 
|Premium development(5)                                                  |                            |                    | 302   |       |  |      | 243   |       |  |      | 227   |       |  |      | 355   |       |  |      | 341   |       |  |  | 385   |       |  |  | 447    |       |  |  | 912    |       |  |  | 1,122  |       |  |  |       | 
|                                                                        |                            |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|Cumulative redundancy/                                                  |                            |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|(deficiency) after premium development                                  |                            |                    | (130  | )     |  |      | (61   | )     |  |      | (56   | )     |  |      | 18    |       |  |      | (48   | )     |  |  | (127  | )     |  |  | (478   | ) (6) |  |  | 43     |       |  |  | 1      |       |  |  |       | 
|Percentage after premium development                                    |                            |                    | (7    | )%    |  |      | (3    | )%    |  |      | (3    | )%    |  |      | 1     | %     |  |      | (2    | )%    |  |  | (3    | )%    |  |  | (11    | )%    |  |  | 1      | %     |  |  | 0      | %     |  |  |       | 
|Gross re-estimated liability at December 3l,
    2002                   |                            |                    | 2,824 |       |  |      | 2,732 |       |  |      | 2,827 |       |  |      | 3,521 |       |  |      | 4,072 |       |  |  | 4,872 |       |  |  | 6,436  |       |  |  | 7,471  |       |  |  | 11,612 |       |  |  |       | 
|Re-estimated retro ceded at December 3l, 2002                           |                            |                    | 554   |       |  |      | 401   |       |  |      | 323   |       |  |      | 428   |       |  |      | 502   |       |  |  | 664   |       |  |  | 1,045  |       |  |  | 1,442  |       |  |  | 3,485  |       |  |  |       | 
|                                                                        |                            |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|Net re-estimated liability at December 31,
    2002                     |                            |                    | 2,270 |       |  |      | 2,331 |       |  |      | 2,504 |       |  |      | 3,093 |       |  |      | 3,570 |       |  |  | 4,208 |       |  |  | 5,391  |       |  |  | 6,029  |       |  |  | 8,127  |       |  |  |       | 
|Gross cumulative redundancy/(deficiency) before
    premium development |                            |                    | (450  | )     |  |      | (421  | )     |  |      | (364  | )     |  |      | (459  | )     |  |      | (593  | )     |  |  | (822  | )     |  |  | (1,532 | )     |  |  | (1,775 | )     |  |  | (3,144 | )     |  |  |       | 
|Gross premium development                                               |                            |                    | 414   |       |  |      | 339   |       |  |      | 310   |       |  |      | 448   |       |  |      | 445   |       |  |  | 465   |       |  |  | 658    |       |  |  | 1,024  |       |  |  | 1,281  |       |  |  |       | 
|                                                                        |                            |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|Gross redundancy/(deficiency) after premium
    development             |                            |                    | (36   | )     |  |      | (82   | )     |  |      | (54   | )     |  |      | (11   | )     |  |      | (148  | )     |  |  | (357  | )     |  |  | (874   | ) (6) |  |  | (751   | )     |  |  | (1,863 | )     |  |  |       | 
|Percentage                                                              |                            |                    | (2    | )%    |  |      | (4    | )%    |  |      | (2    | )%    |  |      | 0     | %     |  |      | (4    | )%    |  |  | (9    | )%    |  |  | (18    | )%    |  |  | (13    | )%    |  |  | (22    | )%    |  |  |       | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The loss reserve development table is presented
    on an underwriting year basis, consistent with the reporting
    practices of the Company and its cedents, particularly in the
    European market. Accordingly, reserves re-estimated and the
    excess of re-estimated reserves over initial reserves include
    reserves for losses occurring up to twelve months subsequent to
    the original calendar year end.

33



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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Pursuant to changes in French insurance
    regulations adopted in 1995, the Company reclassified as loss
    and LAE reserves in that year certain amounts relating to the
    Groups construction business previously held as unearned
    premium reserves (EUR 78 million) and certain amounts
    relating to the Groups Accident and Health business
    previously held as future policy benefits
    (EUR 107 million). These reclassifications did not
    affect the Groups earned premiums or results of operations
    for the year ended December 31, 1995. The amount of the
    reclassifications relating to prior years cannot be determined.
|   
|(3) | For 1993 and 1994, SCORs initial gross
    reserves for claims and claims expenses and initial retroceded
    reserves have been adjusted to include the historical amount of
    reserves of CRP, which was not included in the scope of
    SCOR s French GAAP consolidation during such years.                                                                                                                                                                                                                                                                                                                                                              
|   
|(4) | Cash commutation payments (i) received in
    1993 of EUR 60 million and in 1994 of
    EUR 129 million and (ii) paid in 1994 of
    EUR 48 million have been excluded from the paid
    (cumulative) amounts presented. The Incoming portfolio losses
    from the business of the North American portfolio acquired in
    1996 received in 1996 of EUR 260 million for the years
    concerned have been excluded from the paid (cumulative) amount
    presented.                                                                                                                                                                                            
|   
|(5) | Re-estimated gross claims reserves for a given
    underwriting year are reduced by the amount of any premiums
    earned subsequent to but related to that underwriting year,
    including experience-rated premiums received and accrued from
    the ceding insurers as assumed losses were incurred.                                                                                                                                                                                                                                                                                                                                                        
|   
|(6) | Mostly adverse development on December
    1999 European Storms incurred by the whole market, and
    increase of reserves for US Casualty Risks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

Payout pattern

The payout pattern for the Groups
reinsurance claims varies from year to year, but the
Groups overall experience has been that approximately 50%
of cumulative payments for an underwriting year occur by the end
of year four, 70% by the end of year seven and 100% by the end
of year fifteen.

Reconciliation of Reserves for Losses and LAE
(French GAAP)

|                                                                            |              |                               |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |       |       | 
|--------------------------------------------------------------------------- | ------------ | ----------------------------- | ----- | ----- | ----- | ---- | ----- | ----- | ----- | ---- | ----- | ----- | ----- |  | ----- | ----- | ----- |  | ----- | ----- | ----- | 
|                                                                            |              |                              
|                                                                            |              | Year ended December 31,      
|                                                                            |              |                              
|                                                                            |              | 1998                          |       | 1999  |       | 2000 |       | 2001  |       | 2002
|                                                                            |              |                               |       |       |       |      |       |       |       |     
|                                                                            |              |                              
|                                                                            |              | (EUR, in millions)           
|Reserves for losses and LAE at beginning of year,
    net                   |              |                               | 3,181 |       |       |      | 3,696 |       |       |      | 4,466 |       |       |  | 5,160 |       |       |  | 7,006 |      
|Effect of changes in foreign currency exchange
    rates                    |              |                               | (138  | )     |       |      | 356   |       |       |      | 180   |       |       |  | 129   |       |       |  | (683  | )    
|Effect of claims reserve portfolio transfer and
    other reclassifications |              |                               | 316   |       |       |      |      |       |       |      | 46    |       |       |  | 943   | (1)   |       |  |      |      
|Incurred related to:                                                        |              |                               |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|                                                                            | Current year |                               |       | 1,096 |       |      |       | 1,277 |       |      |       | 1,517 |       |  |       | 2,428 |       |  |       | 2,146 |      
|                                                                            | Prior years  |                               |       | 272   |       |      |       | 452   |       |      |       | 642   |       |  |       | 824   |       |  |       | 1,120 |      
|                                                                            |              |                               |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|                                                                            |              | Total incurred losses and LAE |       |       | 1,368 |      |       |       | 1,729 |      |       |       | 2,159 |  |       |       | 3,252 |  |       |       | 3,266 | 
|                                                                            |              |                               |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|Paid related to:                                                            |              |                               |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|                                                                            | Current year |                               |       | 157   |       |      |       | 275   |       |      |       | 292   |       |  |       | 686   |       |  |       | 105   |      
|                                                                            | Prior years  |                               |       | 874   |       |      |       | 1,040 |       |      |       | 1,399 |       |  |       | 1,792 |       |  |       | 2,514 |      
|                                                                            |              |                               |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|                                                                            |              | Total paid losses and LAE     |       |       | 1,031 |      |       |       | 1,315 |      |       |       | 1,691 |  |       |       | 2,478 |  |       |       | 2,619 | 
|                                                                            |              |                               |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|Reserves for losses and LAE at end of
    year  net                        |              |                               | 3,696 |       |       |      | 4,466 |       |       |      | 5,160 |       |       |  | 7,006 |       |       |  | 6,970 |      
|                                                                            |              |                               |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|Reinsurance recoverable on unpaid losses                                    |              |                               | 354   |       |       |      | 438   |       |       |      | 536   |       |       |  | 1,462 |       |       |  | 1,085 |      
|                                                                            |              |                               |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|Reserves for losses and LAE at end of
    year  gross                      |              |                               | 4,050 |       |       |      | 4,904 |       |       |      | 5,696 |       |       |  | 8,468 |       |       |  | 8,055 |      
|                                                                            |              |                               |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      






|    |                    
|--- | -------------------
|(1) | SOREMA acquisition.

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The following tables present nine-year loss
development on a U.S. GAAP basis and a five-year
reconciliation of beginning and ending reserve balances on a
U.S. GAAP basis. The U.S. GAAP loss development data
is presented on an underwriting year basis, while the reserve
reconciliation data represents the Companys allocation of
incurred and paid losses and LAE between current and prior years
on a calendar year basis. See also Note 16 to the
consolidated financial statements.

Ten-Year Loss Development Table Presented Net
of Reinsurance

with Supplemental Gross Data
(U.S. GAAP)(1)


|                                                                        |                   |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|----------------------------------------------------------------------- | ----------------- | ------------------ | ----- | ----- |  | ---- | ----- | ----- |  | ---- | ----- | ----- |  | ---- | ----- | ----- |  | ---- | ----- | ----- |  |  | ----- | ----- |  |  | ------ | ----- |  |  | ------ | ----- |  |  | ------ | ----- |  |  | ----- |  | 
|                                                                        |                   |                   
|                                                                        |                   | December 31,      
|                                                                        |                   |                   
|                                                                        |                   | 1993               |       | 1994  |  | 1995 |       | 1996  |  | 1997 |       | 1998  |  | 1999 |       | 2000  |  | 2001 |       | 2002 
|                                                                        |                   |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |      
|                                                                        |                   |                   
|                                                                        |                   | (EUR, in millions)
|Initial gross reserves for unpaid loss and LAE                          |                   |                    | 2,891 |       |  |      | 2,760 |       |  |      | 2,600 |       |  |      | 3,361 |       |  |      | 3,723 |       |  |  | 3,942 |       |  |  | 4,774  |       |  |  | 5,575  |       |  |  | 8,365  |       |  |  | 7,967 | 
|Initial retroceded reserves                                             |                   |                    | 628   |       |  |      | 351   |       |  |      | 234   |       |  |      | 316   |       |  |      | 306   |       |  |  | 337   |       |  |  | 421    |       |  |  | 507    |       |  |  | 1,448  |       |  |  | 1,067 | 
|                                                                        |                   |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|Initial net reserves(2)                                                 |                   |                    | 2,263 |       |  |      | 2,409 |       |  |      | 2,366 |       |  |      | 3,045 |       |  |      | 3,417 |       |  |  | 3,605 |       |  |  | 4,353  |       |  |  | 5,068  |       |  |  | 6,917  |       |  |  | 6,900 | 
|Paid (cumulative)(3)as of:                                              |                   |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|                                                                        | One year later    |                    |       | 275   |  |      |       | 354   |  |      |       | 420   |  |      |       | 654   |  |      |       | 874   |  |  |       | 1,040 |  |  |        | 1,399 |  |  |        | 1,807 |  |  |        | 2,514 |  |  |       |  | 
|                                                                        | Two years later   |                    |       | 609   |  |      |       | 717   |  |      |       | 901   |  |      |       | 1,136 |  |      |       | 1,440 |  |  |       | 1,570 |  |  |        | 2,294 |  |  |        | 3,163 |  |  |        |       |  |  |       |  | 
|                                                                        | Three years later |                    |       | 838   |  |      |       | 1,054 |  |      |       | 1,188 |  |      |       | 1,405 |  |      |       | 1,778 |  |  |       | 1,946 |  |  |        | 3,046 |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Four years later  |                    |       | 1,104 |  |      |       | 1,292 |  |      |       | 1,368 |  |      |       | 1,599 |  |      |       | 2,015 |  |  |       | 2,356 |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Five years later  |                    |       | 1,293 |  |      |       | 1,431 |  |      |       | 1,505 |  |      |       | 1,731 |  |      |       | 2,306 |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Six years later   |                    |       | 1,407 |  |      |       | 1,542 |  |      |       | 1,590 |  |      |       | 1,953 |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Seven years later |                    |       | 1,498 |  |      |       | 1,613 |  |      |       | 1,779 |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Eight years later |                    |       | 1,555 |  |      |       | 1,777 |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Nine years later  |                    |       | 1,702 |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|Reserves re-estimated as of:                                            |                   |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|                                                                        | One year later    |                    |       | 2,462 |  |      |       | 2,595 |  |      |       | 2,630 |  |      |       | 3,458 |  |      |       | 3,690 |  |  |       | 4,057 |  |  |        | 4,996 |  |  |        | 5,938 |  |  |        | 8,030 |  |  |       |  | 
|                                                                        | Two years later   |                    |       | 2,467 |  |      |       | 2,665 |  |      |       | 2,733 |  |      |       | 3,411 |  |      |       | 3,772 |  |  |       | 4,082 |  |  |        | 5,278 |  |  |        | 6,352 |  |  |        |       |  |  |       |  | 
|                                                                        | Three years later |                    |       | 2,556 |  |      |       | 2,767 |  |      |       | 2,702 |  |      |       | 3,401 |  |      |       | 3,810 |  |  |       | 4,117 |  |  |        | 5,446 |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Four years later  |                    |       | 2,671 |  |      |       | 2,758 |  |      |       | 2,692 |  |      |       | 3,404 |  |      |       | 3,807 |  |  |       | 4,209 |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Five years later  |                    |       | 2,706 |  |      |       | 2,748 |  |      |       | 2,675 |  |      |       | 3,379 |  |      |       | 3,887 |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Six years later   |                    |       | 2,707 |  |      |       | 2,722 |  |      |       | 2,653 |  |      |       | 3,429 |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Seven years later |                    |       | 2,699 |  |      |       | 2,711 |  |      |       | 2,711 |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Eight years later |                    |       | 2,692 |  |      |       | 2,777 |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|                                                                        | Nine years later  |                    |       | 2,769 |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       |  | 
|Cumulative redundancy/(deficiency) before premium
    development       |                   |                    | (429  | )     |  |      | (302  | )     |  |      | (287  | )     |  |      | (334  | )     |  |      | (390  | )     |  |  | (512  | )     |  |  | (925   | )     |  |  | (870   | )     |  |  | (1,113 | )     |  |  |       | 
|Percentage before premium development                                   |                   |                    | (19   | )%    |  |      | (13   | )%    |  |      | (12   | )%    |  |      | (11   | )%    |  |      | (11   | )%    |  |  | (14   | )%    |  |  | (21    | )%    |  |  | (17    | )%    |  |  | (16    | )%    |  |  |       | 
|Premium development(4)                                                  |                   |                    | 302   |       |  |      | 243   |       |  |      | 227   |       |  |      | 355   |       |  |      | 341   |       |  |  | 385   |       |  |  | 447    |       |  |  | 912    |       |  |  | 1,122  |       |  |  |       | 
|                                                                        |                   |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|Cumulative redundancy/(deficiency) after premium
    development        |                   |                    | (127  | )     |  |      | (59   | )     |  |      | (60   | )     |  |      | 21    |       |  |      | (49   | )     |  |  |       |       |  |  | (478   | )     |  |  | 42     |       |  |  | 9      |       |  |  |       | 
|Percentage after premium development                                    |                   |                    | (6    | )%    |  |      | (2    | )%    |  |      | (3    | )%    |  |      | 1     | %     |  |      | (1    | )%    |  |  | 0     | %     |  |  | (11    | )%    |  |  | 1      | %     |  |  | 0      | %     |  |  |       | 
|Gross re-estimated liability at December 3l,
    2002                   |                   |                    | 3,338 |       |  |      | 3,180 |       |  |      | 2,970 |       |  |      | 3,821 |       |  |      | 4,443 |       |  |  | 4,763 |       |  |  | 6,305  |       |  |  | 7,350  |       |  |  | 11,497 |       |  |  |       | 
|Re-estimated receivable at December 3l, 2002                            |                   |                    | 646   |       |  |      | 469   |       |  |      | 317   |       |  |      | 442   |       |  |      | 636   |       |  |  | 646   |       |  |  | 1,027  |       |  |  | 1,412  |       |  |  | 3,467  |       |  |  |       | 
|                                                                        |                   |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|Net re-estimated liability at December 31,
    2002                     |                   |                    | 2,692 |       |  |      | 2,711 |       |  |      | 2,653 |       |  |      | 3,379 |       |  |      | 3,807 |       |  |  | 4,117 |       |  |  | 5,278  |       |  |  | 5,938  |       |  |  | 8,030  |       |  |  |       | 
|Gross cumulative redundancy/(deficiency) before
    premium development |                   |                    | (447  | )     |  |      | (420  | )     |  |      | (370  | )     |  |      | (460  | )     |  |      | (720  | )     |  |  | (821  | )     |  |  | (1,531 | )     |  |  | (1,775 | )     |  |  | (3,132 | )     |  |  |       | 
|Gross premium development                                               |                   |                    | 414   |       |  |      | 339   |       |  |      | 310   |       |  |      | 448   |       |  |      | 445   |       |  |  | 465   |       |  |  | 658    |       |  |  | 1,024  |       |  |  | 1,281  |       |  |  |       | 
|                                                                        |                   |                    |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |      |       |       |  |  |       |       |  |  |        |       |  |  |        |       |  |  |        |       |  |  |       | 
|Gross redundancy/(deficiency) after premium
    development             |                   |                    | (33   | )     |  |      | (81   | )     |  |      | (60   | )     |  |      | (12   | )     |  |      | (275  | )     |  |  | (356  | )     |  |  | (873   | )     |  |  | (751   | )     |  |  | (1,851 | )     |  |  |       | 
|Percentage                                                              |                   |                    | (1    | )%    |  |      | (3    | )%    |  |      | (2    | )%    |  |      | 0     | %     |  |      | (7    | )%    |  |  | (9    | )%    |  |  | (18    | )%    |  |  | (13    | )%    |  |  | (22    | )%    |  |  |       | 






|    |                                                                                                                                                                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Initial gross, initial retroceded and initial net
    reserves are shown on a U.S. GAAP basis. Paid (cumulative)
    amounts and reserves re-estimated amounts are shown on an
    underwriting year basis, consistent with the reporting practices
    of the Company and its cedents, particularly in the European
    market.

35



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|    |                                                                                       
|--- | --------------------------------------------------------------------------------------
|(2) | The differences between French GAAP and
    U.S. GAAP initial reserves are as follows:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | included under French GAAP is an equalization
    reserve of EUR 40 million, 66 million,
    85 million, 89 million, 63 million,
    76 million, 50 million, 42 million,
    29 million, and 24 million in 2002, 2001, 2000,
    1999,1998, 1997, 1996, 1995, 1994 and 1993, respectively, which
    is not recognized under U.S GAAP.                                                                                          
|
| |  | under French GAAP, estimated paid losses, which
    represent that part of loss reserves which is expected to be
    paid within the next six months of EUR 0 million in 2002,
    2001, 2000, 1999 and 1998 and EUR 308 millions, EUR
    331 million, EUR 191 million and EUR 401 million
    in 1997, 1996, 1995, 1994, respectively are included in accruals
    and not in technical reserves, as they are under U.S. GAAP.
|
| |  | For 1994, SCORs initial reserves have been
    adjusted of EUR 86 million to include historical amounts
    for CRP which were not included in the scope of SCORs
    French GAAP consolidation during such years.                                                                                                                                                                                                            
|
| |  | Premiums accounted for as deposits in accordance
    with SFAS 113 under US GAAP, are recognized as revenue and
    simultaneously recorded in reserves under French GAAP. This
    represents a difference in net reserves of EUR 31 million,
    EUR 32 million, EUR 7 million, EUR 24 million,
    EUR 28 million and EUR (4) million, in 2002, 2001,
    2000, 1999, 1998, 1997 and 1996, respectively.                     
|
| |  | under US GAAP a provision is made for claim
    handling costs, which is not required under French GAAP. This US
    GAAP provision amounted to EUR 1 million and EUR
    8 million in 1997 and 1994, respectively, and none in 2002,
    2001, 2000, 1999, 1998, 1996 and 1995.                                                                                                                                                



|    |                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | Cash commutation payments (i) received in
    1993 of EUR 60 million and in 1994 of EUR 129 million
    and (ii) paid in 1994 of EUR 48 million have been
    excluded from the paid (cumulative) amounts presented. The North
    American portfolio acquired in 1996 of EUR 260 million have
    been excluded from the paid (cumulative) amount presented for
    the years concerned.
|   
|(4) | Re-estimated gross claims reserves for a given
    underwriting year are reduced by the amount of any premiums
    earned subsequent to but related to that underwriting year,
    including experience-rated premiums received and accrued from
    the ceding insurers as assumed losses were incurred.                                                                                

Reconciliation of Reserves for Losses and LAE
(U.S. GAAP)

|                                                                    |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |       |       | 
|------------------------------------------------------------------- | ------------ | -------------------------------- | ----- | ----- | ----- | ---- | ----- | ----- | ----- | ---- | ----- | ----- | ----- |  | ----- | ----- | ----- |  | ----- | ----- | ----- | 
|                                                                    |              |                                 
|                                                                    |              | Year ended December 31,         
|                                                                    |              |                                 
|                                                                    |              | 1998                             |       | 1999  |       | 2000 |       | 2001  |       | 2002
|                                                                    |              |                                  |       |       |       |      |       |       |       |     
|                                                                    |              |                                 
|                                                                    |              | (EUR, in millions)              
|Reserves for losses and LAE at beginning of year,
    net           |              |                                  | 3,417 |       |       |      | 3,605 |       |       |      | 4,353 |       |       |  | 5,068 |       |       |  | 6,917 |      
|Effect of changes in foreign currency exchange
    rates            |              |                                  | (157  | )     |       |      | 365   |       |       |      | 174   |       |       |  | 133   |       |       |  | (738  | )    
|Effect of claims portfolio transfer and other
    reclassifications |              |                                  |      |       |       |      |      |       |       |      | 46    |       |       |  | 1,071 | (2)   |       |  | 73    |      
|                                                                    |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|Incurred related to:                                                |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|                                                                    | Current year |                                  |       | 1,386 |       |      |       | 1,590 |       |      |       | 1,716 |       |  |       | 3,076 |       |  |       | 2,802 |      
|                                                                    | Prior years  |                                  |       | 70    |       |      |       | 95    |       |      |       | 488   |       |  |       | 101   |       |  |       | 671   |      
|                                                                    |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|                                                                    |              | Total incurred losses and LAE(1) |       |       | 1,456 |      |       |       | 1,685 |      |       |       | 2,204 |  |       |       | 3,177 |  |       |       | 3,473 | 
|                                                                    |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|Change in accounting principle                                      |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  | (62   | )     |       |  | (17   | )    
|Paid related to:                                                    |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|                                                                    | Current year |                                  |       | 214   |       |      |       | 246   |       |      |       | 303   |       |  |       | 738   |       |  |       | 450   |      
|                                                                    | Prior years  |                                  |       | 897   |       |      |       | 1,056 |       |      |       | 1,406 |       |  |       | 1,732 |       |  |       | 2,358 |      
|                                                                    |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|                                                                    |              | Total paid losses and LAE(1)     |       |       | 1,111 |      |       |       | 1,302 |      |       |       | 1,709 |  |       |       | 2,470 |  |       |       | 2,808 | 
|                                                                    |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|Reserves for losses and loss expenses at end of
    year  net      |              |                                  | 3,605 |       |       |      | 4,353 |       |       |      | 5,068 |       |       |  | 6,917 |       |       |  | 6,900 |      
|Reinsurance recoverable on unpaid losses                            |              |                                  | 337   |       |       |      | 421   |       |       |      | 507   |       |       |  | 1,448 |       |       |  | 1,067 |      
|                                                                    |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      
|Reserves for losses and loss expenses at end of
    year  gross    |              |                                  | 3,942 |       |       |      | 4,774 |       |       |      | 5,575 |       |       |  | 8,365 |       |       |  | 7,967 |      
|                                                                    |              |                                  |       |       |       |      |       |       |       |      |       |       |       |  |       |       |       |  |       |      






|    |                                                                                                                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Initial gross, initial retroceded and initial net
    reserves are shown on a U.S. GAAP basis. Paid (cumulative)
    amounts and reserve re-estimated amounts are shown on a calendar
    year basis.
|   
|(2) | SOREMA acquisition.                                                                                                                                                                                  

Asbestos and environmental

The Groups reserves for losses and LAE
include an estimate of its ultimate liability for asbestos and
environmental claims for which an ultimate value cannot be
estimated using traditional reserving techniques and for which
there are significant uncertainties in estimating the amount of
the Groups potential losses.

36



---



##### Table of Contents



SCOR and certain of its subsidiaries, of which
principally SCOR Paris and SCOR U.S., have received and continue
to receive notices of potential reinsurance claims from ceding
insurance companies which have in turn received claims asserting
environmental and asbestos losses under primary insurance
policies, in part reinsured by Group companies. Such claims
notices are frequently merely precautionary in nature and
generally are unspecific, and the primary insurers often do not
attempt to quantify the amount, timing or nature of the
exposure. Given the lack of specificity in these notices, SCOR
cannot quantify its potential exposure regarding the claims
reported. In addition, due to the changing legal and regulatory
environment and changes in tort law, in our evaluation, the
final cost of our exposure to asbestos related and environmental
claims appears to be increasing, but we are unable to determine
to what degree. Diverse factors could increase our exposure to
the consequences of asbestos related risks, such as an increase
in the number of claims filed or in the number of persons likely
to be covered by these claims. These uncertainties inherent to
environmental and asbestos claims are unlikely to be resolved in
the near future. Evaluation of these risks is all the more
difficult given that claims related to asbestos and
environmental pollution are often subject to payments over long
periods of time. In these circumstances, it is difficult for us
to estimate the reserves that should be recorded for these risks
and to guarantee that the amount reserved will be sufficient.


As a result of these imprecisions and
uncertainties, we cannot exclude the possibility that we could
be required to pay significant claims in these areas and these
payments would have a material effect on our results and
financial conditions. Case reserves have been established when
sufficient information has been developed to indicate the
involvement of a specific reinsurance contract. In addition,
incurred but not reported reserves have been established to
provide for additional exposure on both known and unasserted
claims. These reserves are reviewed and updated continually. In
establishing liabilities for asbestos and environmental claims,
management considers facts currently known and the current legal
and tort environment.

|                                                                     |  |                         |     |                  |  |         |     |      |  |      |     |         |  |  |     |   |  |  |     |   |  |  |     |  
|-------------------------------------------------------------------- |  | ----------------------- | --- | ---------------- |  | ------- | --- | ---- |  | ---- | --- | ------- |  |  | --- | - |  |  | --- | - |  |  | --- | -
|                                                                     |  |                        
|                                                                     |  | Year ended December 31,
|                                                                     |  |                        
|                                                                     |  |                         |     |                 
|                                                                     |  | Asbestos(1)             |     | Environmental(1)
|                                                                     |  |                         |     |                 
|                                                                     |  | 2000                    |     | 2001             |  | 2002(2) |     | 2000 |  | 2001 |     | 2002(2)
|                                                                     |  |                         |     |                  |  |         |     |      |  |      |     |        
|                                                                     |  |                        
|                                                                     |  | (EUR, in millions)     
|Gross claims reserves, including IBNR reserves                       |  |                         | 126 |                  |  |         | 124 |      |  |      | 157 |         |  |  | 104 |   |  |  | 92  |   |  |  | 88  |  
|% of total loss and LAE reserves                                     |  |                         | 2.3 | %                |  |         | 1.5 | %    |  |      | 2   | %       |  |  | 1.9 | % |  |  | 1.1 | % |  |  | 1.1 | %
|Claims and LAE paid                                                  |  |                         | 13  |                  |  |         | 15  |      |  |      | 7   |         |  |  | 12  |   |  |  | 17  |   |  |  | 71  |  
|% of the Groups total net property-casualty
    claims and LAE paid |  |                         | 0.7 | %                |  |         | 0.6 | %    |  |      | 0.2 | %       |  |  | 0.7 | % |  |  | 0.7 | % |  |  | 2.5 | %






|    |                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Asbestos and environmental (A&E) reserve data
    includes SCORs estimated A&E exposures in respect of
    its participation in the Anglo French Reinsurance Pool, for
    which A&E exposures for the years shown were as follows:



| |   |                                                                                                                                                                                                                                         
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The 2000 reserves are respectively EUR
    39 million and EUR 35.5 million for asbestos and
    environmental. The 2000 paid claims and LAE are respectively
    EUR 0.8 million and EUR 0.8 million for
    asbestos and environmental.
|
| |  | The 2001 reserves are respectively EUR
    38 million and EUR 35 million for asbestos and
    environmental. The 2001 paid claims and LAE are respectively
    EUR 2.4 million and EUR 2.2 million for
    asbestos and environmental.  
|
| |  | The 2002 reserves are respectively
    EUR 30 million and EUR 28 million for
    asbestos and environmental. The 2002 paid claims and LAE are
    respectively EUR 0.8 million and
    EUR 0.7 million for asbestos and environmental.  



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The foregoing table reflects the results of an
    internal actuarial study, completed in 2002, with respect to the
    groups asbestos exposures. Amounts are presented on a
    gross basis, but since most of the business is 100% retroceded,
    the survival ratio (ratio of reserves to average annual paid
    losses) is calculated both on a gross and a net basis. The 2002
    asbestos survival ratio was 14 years based on gross figures
    and 10 years based on net figures. Taking into account the
    fact that some contracts were atypical, some specific pollution
    contracts have been excluded to calculate the environmental
    survival ratio:
     25 million
    from the
     88 million
    of gross claims reserves and
     27 million
    from the average paid losses calculated for the years 2000 to
    2002 (12 + 17 + 71 = 33 - 27 = 6).

3




| |                                                                                                    
| | ---------------------------------------------------------------------------------------------------
| | As a result, the 2002 environmental survival
    ratio was approximately 11 years on a gross basis.

For the three-year period ended December 31,
2002, the amounts paid in respect of claims and LAE reflect
primarily the settlement of large claims and the commutation by
the Company of several policies related to one block of
pollution-related business covering prior years. In 2002, the
significant increase in claims and

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##### Table of Contents



LAE paid is mainly due to the commutation of a
contract with Environmental Impairment Liability (EIL) which
amounted to EUR 68 million (average exchange
rate  USD 64 million).


More generally, SCOR has developed a policy of
buying back its longstanding liabilities on asbestos and
environmental exposures whenever the possibility exists to do so
on a commercially reasonable basis, i.e., whenever SCOR
determines, based on its assessment of the potential exposure of
the Group based on actuarial techniques and market practices,
that the terms of the final negotiated settlement are attractive
in light of the possible development of future liabilities.
Preference is given to selected treaties with regard to specific
circumstances such as the maturity of claims, the level of
claims information available, the status of cedents and market
settlements. It is the intention of management that this
commutation policy be further pursued and developed in 2003 and
in subsequent years. It is anticipated that the policy will
affect settlement patterns to a limited degree in future years,
although these changes in settlement patterns are not expected
to have a material adverse effect on the Groups financial
condition, results of operations or cash flows.

SCORs exposure to asbestos and
environmental liabilities stems from its participation in both
proportional and non-proportional treaties and in facultative
contracts which have generally been in run-off for many years.

Proportional treaties typically provide claims
information on a global treaty basis, and as a result specific
claims data is rarely available. With respect to
non-proportional treaties and facultative contracts, normal
market practice is to provide a specific proof of loss for each
individual claim, making it possible to record total claims
notified for such contracts. With respect to environmental
exposures, most of SCORs identified claims stem from its
U.S. subsidiary operations, with less significant amounts
recorded by its European subsidiaries. When applicable, LAE are
part of the claims submitted by cedents and as such are included
in the figures above for both asbestos and environmental
exposures. No additional litigation costs of any significance
have been incurred in relation to such liabilities.

|                                                                                                       |  |                              |            |               |  |  |           | 
|------------------------------------------------------------------------------------------------------ |  | ---------------------------- | ---------- | ------------- |  |  | --------- | 
|                                                                                                       |  |                             
|                                                                                                       |  | Year Ended December 31, 2002
|                                                                                                       |  |                             
|                                                                                                       |  | Asbestos                     |            | Environmental
|                                                                                                       |  |                              |            |              
|Number of claims notifications with respect to
    non-proportional treaties and facultative contracts |  |                              | 7,740      |               |  |  | 9,647     | 
|Average cost per claim(1)                                                                              |  |                              | EUR 14,285 |               |  |  | EUR 7,677 | 






|    |                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------
|(1) | Not including claims that were settled at no
    cost, and claims of a precautionary nature not quantified in
    amount.

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##### Table of Contents



INVESTMENTS

General

SCORs overall investment strategy is to
achieve satisfactory returns on managed assets with minimal
exposure to risk. The investment strategy also reflects the
structure of SCORs liability profile, and the duration of
the assets of each subsidiary is generally established based
upon the expected duration of liabilities. At December 31,
2002, the weighted average maturity of the Groups fixed
maturity portfolio was approximately 3.9 years. As a
general practice, the Group does not invest in derivative
securities for the purpose of managing the relative duration of
its assets and liabilities. See  Changes in
Historical Reserves for a discussion of the expected
duration of the Groups reinsurance liabilities, and the
tabular summary of the Groups fixed maturities by
remaining contract maturity, set forth in Note 2 to the
consolidated financial statements, for information concerning
the duration of the Groups assets. Similarly, assets are
generally invested in currencies corresponding to those in which
the related liabilities are denominated in order to minimize
exposure to currency fluctuations. In addition, to a limited
extent, the Group uses currency spot and forward contracts, as
well as swap and other derivative contracts, to manage its
foreign currency exposure.

SCORs investment policy is largely
centralized. Investment guidelines are established annually and
regularly reviewed and updated by the Investment Committee,
subject to supervision by the Companys board of directors.
Regular meetings of the Investment Committee are held to review
portfolio performance and monitor market and portfolio
developments.

The Groups portfolio consists primarily of
unrated government and government-guaranteed bonds with medium
term maturities. The remainder of the portfolio is divided among
equity securities, real estate and liquid and short-term assets.
The Company manages its investment portfolio to maximize income
and generally does not manage such portfolio for the purpose of
generating capital gains, but seeks to realize capital gains or
losses when and as they become available as a result of its
normal investing activities.

The following table summarizes net investment
income of the SCOR Groups portfolio for 2000, 2001 and
2002. See also Note 2 to the consolidated financial
statements.

Consolidated Net Investment Income

|                          |                                                                   |                         |     |          |     |          |      |          |  |          |     |          |  |        |     |          |     |          |      |  |  |  |     |   |  |  |     |     |     |  |       |  |  |  |      |   |  | 
|------------------------- | ----------------------------------------------------------------- | ----------------------- | --- | -------- | --- | -------- | ---- | -------- |  | -------- | --- | -------- |  | ------ | --- | -------- | --- | -------- | ---- |  |  |  | --- | - |  |  | --- | --- | --- |  | ----- |  |  |  | ---- | - |  | 
|                          |                                                                   |                        
|                          |                                                                   | Year ended December 31,
|                          |                                                                   |                        
|                          |                                                                   |                         |     |          |     |         
|                          |                                                                   | 2000                    |     | 2001     |     | 2002    
|                          |                                                                   |                         |     |          |     |         
|                          |                                                                   |                         |     | Realized |     |          |      | Realized |  |          |     | Realized
|                          |                                                                   |                         |     | Pre-tax  |     | Gains    |      |          |  | Pre-tax  |     | Gains    |  |        |     | Pre-tax  |     | Gains   
|                          |                                                                   | Income                  |     | Yield(1) |     | (Losses) |      | Income   |  | Yield(1) |     | (Losses) |  | Income |     | Yield(1) |     | (Losses)
|                          |                                                                   |                         |     |          |     |          |      |          |  |          |     |          |  |        |     |          |     |         
|                          |                                                                   |                        
|                          |                                                                   | (EUR in millions)      
|Fixed maturity securities |                                                                   |                         | 300 |          |     |          | 6.5% |          |  |          | 42  |          |  |        | 379 |          |     |          | 6.7% |  |  |  | 69  |   |  |  | 332 |     |     |  | 5.6%  |  |  |  | 72   |  
|Equity securities         |                                                                   |                         | 17  |          |     |          | 3.2% |          |  |          | 238 |          |  |        | 26  |          |     |          | 4.7% |  |  |  | (66 | ) |  |  | 6   |     |     |  | 15.0% |  |  |  | (217 | )
|Trading equity securities |                                                                   |                         | 2   |          |     |          |      |          |  |          |     |          |  |        | (56 | )        |     |          |      |  |  |  |     |   |  |  | 53  |     |     |  |       |  |  |  |      |  
|Short term and other(2)   |                                                                   |                         | 51  |          |     |          | 1.9% |          |  |          | 133 |          |  |        | 92  |          |     |          | 3.6% |  |  |  | 7   |   |  |  | 122 |     |     |  | 2.6%  |  |  |  | 93   |  
|Less investment expense   |                                                                   |                         |     |          |     |          |      |          |  |          |     |          |  |        |     |          |     |          |      |  |  |  |     |   |  |  |     |     |     |  |       |  |  |  |      |  
|                          | Swap interest                                                     |                         |     | (12      | )   |          |      |          |  |          |     |          |  |        |     | (13      | )   |          |      |  |  |  |     |   |  |  |     | (17 | )   |  |       |  |  |  |      |   | 
|                          | Commercial paper expense                                          |                         |     | (4       | )   |          |      |          |  |          |     |          |  |        |     | (3       | )   |          |      |  |  |  |     |   |  |  |     | (8  | )   |  |       |  |  |  |      |   | 
|                          | Administration expense                                            |                         |     | (28      | )   |          |      |          |  |          |     |          |  |        |     | (13      | )   |          |      |  |  |  |     |   |  |  |     | (16 | )   |  |       |  |  |  |      |   | 
|                          | Other (including convertible debenture interest
    and discount) |                         |     | (39      | )   |          |      |          |  |          |     |          |  |        |     | (65      | )   |          |      |  |  |  |     |   |  |  |     | (91 | )   |  |       |  |  |  |      |   | 
|                          |                                                                   |                         |     |          |     |          |      |          |  |          |     |          |  |        |     |          |     |          |      |  |  |  |     |   |  |  |     |     |     |  |       |  |  |  |      |  
|                          |                                                                   | Total                   |     |          | 287 |          |      |          |  |          |     |          |  |        |     |          | 347 |          |      |  |  |  |     |   |  |  |     |     | 381 |  |       |  |  |  |      |   |  | 
|                          |                                                                   |                         |     |          |     |          |      |          |  |          |     |          |  |        |     |          |     |          |      |  |  |  |     |   |  |  |     |     |     |  |       |  |  |  |      |  






|    |                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Pre-tax yield is calculated as investment income
    (including dividends in the case of equities) divided by the
    average of the beginning and end of year investment balances.
    Investment balances were at fair value, except for equities for
    which cost was used. To the extent applicable, investment
    balances were converted into euro from local currencies at
    year-end exchange rates.
|   
|(2) | Includes swap income of EUR 13 million in
    2000, and 10 million in 2001, and 10 million in 2002.
    Other swap-related net income is included in realized and
    unrealized capital gains (and losses).                                                                                                                                                                                                     

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##### Table of Contents



Portfolios

The following table details the distribution by
category of investment of SCOR Groups insurance investment
portfolio by net book value:

Consolidated Investment Position

|                                                   |       |                                   |       |       |  |  |    |     |   |  |       |       |  |  |    |     |   |  |       |       |  |  |    |     |  
|-------------------------------------------------- | ----- | --------------------------------- | ----- | ----- |  |  | -- | --- | - |  | ----- | ----- |  |  | -- | --- | - |  | ----- | ----- |  |  | -- | --- | -
|                                                   |       |                                   |       |       |  |  |    |     |   | 
|                                                   |       | 2000                              |       |       |  |  |    |     |   | 
|                                                   |       |                                   |       |       |  |  |    |     |   | 
|                                                   |       |                                   |       |       |  |  |    |    
|                                                   |       |                                   |       | 2001  |  |  |    |    
|                                                   |       |                                   |       |       |  |  |    |    
|                                                   |       |                                  
|                                                   |       | Net book value as of December 31,
|                                                   |       |                                  
|                                                   |       |                                   |       |      
|                                                   |       |                                   |       | 2002 
|                                                   |       |                                   |       |      
|                                                   |       | )                                
|                                                   |       | (EUR in millions                 
|Fixed maturities available for sale, at fair value |       |                                   | 5,563 |       |  |  | 75 | %   |   |  | 5,582 |       |  |  | 62 | %   |   |  | 6,107 |       |  |  | 68 | %  
|Equity securities, available for sale              |       |                                   | 757   |       |  |  | 10 | %   |   |  | 646   |       |  |  | 7  | %   |   |  | 573   |       |  |  | 6  | %  
|Equity securities, held for trading                |       |                                   | 200   |       |  |  | 3  | %   |   |  | 56    |       |  |  | 1  | %   |   |  | 0     |       |  |  | 0  | %  
|Short-term investments                             |       |                                   | 301   |       |  |  | 4  | %   |   |  | 448   |       |  |  | 5  | %   |   |  | 198   |       |  |  | 2  | %  
|Other long-term investments                        |       |                                   | 334   |       |  |  | 5  | %   |   |  | 358   |       |  |  | 4  | %   |   |  | 345   |       |  |  | 4  | %  
|Cash and cash equivalents                          |       |                                   | 247   |       |  |  | 3  | %   |   |  | 1,927 |       |  |  | 21 | %   |   |  | 1,788 |       |  |  | 20 | %  
|                                                   |       |                                   |       |       |  |  |    |     |   |  |       |       |  |  |    |     |   |  |       |       |  |  |    |    
|                                                   | Total |                                   |       | 7,402 |  |  |    | 100 | % |  |       | 9,017 |  |  |    | 100 | % |  |       | 9,011 |  |  |    | 100 | %
|                                                   |       |                                   |       |       |  |  |    |     |   |  |       |       |  |  |    |     |   |  |       |       |  |  |    |    

See Note 2 to the consolidated financial
statements for a breakdown of amortized costs and estimated fair
values of fixed maturity investments by major type of security,
including fixed maturities held to maturity and available for
sale as of December 31, 2000, 2001 and 2002.

The following table presents the Groups
fixed maturities by counter party credit quality as of
December 31, 2002:

|                                                                                              |       |                         |       |                |  |  |    |     |  
|--------------------------------------------------------------------------------------------- | ----- | ----------------------- | ----- | -------------- |  |  | -- | --- | -
|                                                                                              |       |                        
|                                                                                              |       | As of December 31, 2002
|                                                                                              |       |                        
|                                                                                              |       |                         |       | % of total net
|Rating                                                                                        |       | Net book value          |       | book value    
|                                                                                              |       |                         |       |               
|                                                                                              |       |                        
|                                                                                              |       | (EUR, in millions)     
|Guaranteed by the French or European government
    or its agencies, or the European Union(1) |       |                         | 145   |                |  |  | 2  | %  
|AAA                                                                                           |       |                         | 4,181 |                |  |  | 68 | %  
|AA                                                                                            |       |                         | 763   |                |  |  | 12 | %  
|A                                                                                             |       |                         | 641   |                |  |  | 11 | %  
|BBB                                                                                           |       |                         | 222   |                |  |  | 4  | %  
|Below BBB                                                                                     |       |                         | 33    |                |  |  | 1  | %  
|Unrated                                                                                       |       |                         | 122   |                |  |  | 2  | %  
|                                                                                              |       |                         |       |                |  |  |    |    
|                                                                                              | Total |                         |       | 6,107          |  |  |    | 100 | %
|                                                                                              |       |                         |       |                |  |  |    |    






|    |                                                                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Debt securities issued or guaranteed by the
    French government, by another European government or by the
    European Union, none of which are rated.

See Note 2 to the consolidated financial
statements for a breakdown of fixed maturities included in the
Groups portfolio by remaining maturity as of
December 31, 2002.

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INFORMATION TECHNOLOGY

All branches and subsidiaries of the SCOR Group
use the same information systems both for reinsurance and
non-reinsurance functions. In reinsurance, OMEGA was developed
in-house, for a true consistency with business requirements:
group wide relationship follow-up of clients and insured,
worldwide on-line facultative clearance, technical profitability
of contracts, quarterly closings based on ultimate result
estimates. In 2002, SCOR focused on extending standard reporting
facilities and on assistance for a better use of the product. As
a result, a new system was implemented to handle individual life
reinsurance.

SCOR has also developed modeling and simulation
tools, such as SERN for evaluating impacts of natural
catastrophes, or RAROC for capital allocation and contract
profitability. In addition, for non-reinsurance functions,
software packages, among which the Peoplesoft solutions for
human resources and finance, have been implemented everywhere
across the Group.

The enterprise portal gathers and classifies
unstructured data, SCORs rules and procedures, information
on products and markets.

Thanks to the use of one global system, SCOR can
provide its services in essentially the same way worldwide.
Moreover, administration processes are simplified and optimized.
Also, in 2002, SCOR set up new systems moving toward a
progressive paperless administration: standard electronic
exchanges with United States insurers and brokers, imaging and
sharing all documents in the large risks activity.

Security has strongly been improved: secondary
worldwide area network, new anti-virus protections, intrusion
tests, disaster recovery exercises, revision of backup
procedures, creation of a second European production IT center
four miles away from the head-office, for a quicker recovery in
case of serious damage.

In 2002, SCOR completed its Information System
2005 study, for a strategic alignment between SCOR information
system and business. The Information System department, after
extensive dialogue with General Management and all operational
subsidiaries and corporate functions, and extensive analysis has
developed a four-year plan. This plan (Information System
2005) focuses on the areas of risk evaluation and control
and management systems.

REGULATION OF THE REINSURANCE
INDUSTRY

The business of reinsurance is subject to
regulation in most countries, although such regulation is
subject to significant variation in different jurisdictions.
While generally less highly regulated in most countries than
primary insurers, in certain jurisdictions reinsurers are
subject to licensing and supervision standards comparable to
those governing direct insurers.

French companies that are involved exclusively in
reinsurance operations are subject to a reporting regime and to
the regulatory control of the French Commission for the Control
of Insurance (Commission de Contrôle des Assurances, or
C.C.A.) pursuant to law number 94-879 of August 8, 1994.
This regime was significantly modified by law number 2001-420 of
May 15, 2001 regarding new economic regulations (the N.R.E.
law) which has set up a regime of pre-authorization that will
also apply to companies involved in reinsurance activity prior
to the time of implementation. Since the regulations
implementing this law have not yet been published, this new
regime is not yet in force. Under the new regime, reinsurance
companies must submit a file to the C.C.A., which will grant and
revoke authorizations under the new regime. In this role, and
reinforced by the N.R.E. law, the C.C.A. will have the authority
to perform onsite audits, to place reinsurance companies
experiencing financial difficulties under special supervision
and to sanction reinsurance companies for violating regulations.
The N.R.E. law has increased the breadth of these sanctions and
will allow the C.C.A. to revoke authorizations to conduct
reinsurance business. The European Commission has announced that
it is preparing a proposal for a directive concerning
reinsurance and that it will publish this proposal during the
first half of 2003. The Groups activities in the United
States, which account for 23% of the Groups gross premiums
written as of December 31, 2002, are conducted principally
through its subsidiary, SCOR Reinsurance Company, a New York
corporation. This company is authorized to conduct reinsurance
activities throughout the United States, with the exception of
Colorado. SCOR Reinsurance Companys reinsurance

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business is for the most part regulated by the
insurance related provisions of the laws of the states in which
it is authorized to do business. The relevant state insurance
authorities are responsible for the regulation of SCOR
Reinsurance Companys business. For SCOR Reinsurance
Company, the most important of these authorities is the New York
Insurance Department.


Management believes that the Company and its
subsidiaries are in material compliance with all applicable laws
and regulations pertaining to their business and operations.

B. ORGANIZATIONAL STRUCTURE

OPERATIONS

General

The Groups reinsurance operations are
conducted through the treaty Property-Casualty reinsurance,
Life/Accident & Health reinsurance, and large industrial
risks operating divisions of SCOR, respectively known as
Division SCOR Non-Vie, Division SCOR Vie and Division SCOR
Business Solutions, as well as through ten European,
North-American and Asian subsidiaries, each of which operates
primarily in its regional market. The life, accident,
disability, health, unemployment and long-term care operations
of the Group are conducted mainly through Division SCOR Vie,
which also provides support in these segments of reinsurance to
Group subsidiaries, primarily SCOR Life U.S. Re, SCOR
Deutschland and SCOR Italia. SCOR and its operating divisions
SCOR U.S. and Commercial Risk Partners, Ltd. (CRP),
accounted for 74% of the Groups gross written premiums in
2002. The Groups Alternative Reinsurance segment was
principally conducted through CRP. IRP reinsures (as a
retrocessionaire) some of SCORs non-Life reinsurance
business on a quota share basis. The following sets forth the
Groups primary reinsurance subsidiaries as of
December 31, 2002, their respective country of
incorporation, and between parentheses, the main markets served
by each entity:




The current Group structure has been developed to
facilitate access to domestic markets through local subsidiaries
and branch offices, to provide for clearly identified profit
centers in each major primary reinsurance market, and to develop
local management and underwriting expertise in order to better
attract, service and maintain relationships with local cedents
and better understand the unique nature of local risks.

The Groups headquarters operations in Paris
provide claims, actuarial, accounting, legal, administrative,
systems, internal audit, investment, human resources and other
support to the Group subsidiaries. The

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Groups worldwide offices are connected
through a backbone network and application, data and exchange
systems, allowing local access to centralized risk analysis,
underwriting or pricing databases, while at the same time
allowing information on local market conditions to be shared
among the Groups offices worldwide. In addition, through
regular exchanges of personnel between Group headquarters in
Paris and its non-French subsidiaries and branch offices, the
Group encourages professional development and training across
its various geographic markets and business lines.


C. PROPERTY, PLANTS AND
EQUIPMENT

The Group owns the Companys executive
offices, consisting of 35,000 square meters located in the
business center of La Defense near Paris. The Group also owns
properties in Hanover (Germany), Milan (Italy) and Singapore,
where its local subsidiaries have their head offices, and rents
space for other subsidiaries. SCOR U.S.s headquarters,
located at the WTC in New York, were destroyed in the attacks of
September 11 and have since been relocated to other
facilities in lower Manhattan. SCOR believes that the
Groups facilities are adequate for its present needs in
all material respects. SCOR also holds other investment
properties in connection with its reinsurance operations.




Item 5. Operating and Financial
Review and Prospects

A. OPERATING RESULTS

Overview  Industry
Conditions

In recent years, insurance and reinsurance
companies have suffered a series of unprecedented setbacks both
with respect to their assets and their liabilities. Leaving
aside the direct economic cost of at least
USD 40 billion to the worlds insurers and
reinsurance, the September 11, 2001 terrorist attacks
deeply affected the industry in terms of capacity and the cost
of insurance covers. Other disasters, such as the explosion at
the AZF chemical plant in Toulouse on September 21, 2001,
and the floods in central Europe in the summer of 2002, have
also had a serious impact on the industry. In addition, insurers
under-estimated risks taken on in the late-1990s, which is
demonstrated by the low prices at which risks were underwritten
at the time. As a consequence, in 2002, many insurers were
required to set aside additional reserves to cover prior-year
writings.

At the same time, companies assets and
surplus were adversely impacted by the stock market crisis in
2001 and 2002, as the worlds major stock markets lost
between 40% and 60% of their value and interest rates continued
to fall. Historically, financial and underwriting cycles have
been asynchronous, with investment income offsetting technical
losses, and vice versa. In recent years, however, insurance and
reinsurance companies liabilities have increased
significantly, but their assets have decreased simultaneously.

As a result of these developments, major
insurance companies have revised their underwriting policies and
developed measures to improve risk analysis and selection, and
adjust rates. They have also refocused their investment
portfolio in light of falling equity markets and interest rates.

Exchange Rate Fluctuations

The following table sets forth the value of one
euro in our subsidiaries main functional currencies, used
in the preparation of the Groups consolidated financial
statements for balance sheet items (year-end exchange rates) and
income statement items (average yearly rates).

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|                 |  |                                    |       |                                 |  |      |       |      |  |      |       |      |  |  |       |  |  |  |       |  |  |  |       | 
|---------------- |  | ---------------------------------- | ----- | ------------------------------- |  | ---- | ----- | ---- |  | ---- | ----- | ---- |  |  | ----- |  |  |  | ----- |  |  |  | ----- | 
|                 |  |                                   
|                 |  | Value of one euro in each currency
|                 |  |                                   
|                 |  |                                    |       |                                
|                 |  | Year-end exchange rates            |       | Average annual exchange rates  
|                 |  | as of December 31,                 |       | for the year ended December 31,
|                 |  |                                    |       |                                
|                 |  | 2000                               |       | 2001                            |  | 2002 |       | 2000 |  | 2001 |       | 2002
|                 |  |                                    |       |                                 |  |      |       |      |  |      |       |     
|U.S. Dollar      |  |                                    | 0.929 |                                 |  |      | 0.882 |      |  |      | 1.042 |      |  |  | 0.916 |  |  |  | 0.892 |  |  |  | 0.950 | 
|Canadian Dollar  |  |                                    | 1.402 |                                 |  |      | 1.413 |      |  |      | 1.638 |      |  |  | 1.363 |  |  |  | 1.386 |  |  |  | 1.487 | 
|British Pound    |  |                                    | 0.624 |                                 |  |      | 0.609 |      |  |      | 0.650 |      |  |  | 0.607 |  |  |  | 0.620 |  |  |  | 0.629 | 
|Singapore Dollar |  |                                    | 1.608 |                                 |  |      | 1.636 |      |  |      | 1.809 |      |  |  | 1.582 |  |  |  | 1.604 |  |  |  | 1.693 | 

SCOR books all its operations in approximately
100 local currencies. All these currencies are then converted
into euro. The fluctuation of the main transaction currencies of
the Group in comparison to the euro has an important impact on
income statement items and main balance sheet items. Moreover,
when a currency is not matching (i.e there is a surplus in
assets or liabilities in one currency), the variation of
exchange rate from one period to another has a direct impact on
the foreign exchange result.

Consolidated Results of Operations

We recorded a net loss of
EUR 561 million for the year ended December 31,
2002, compared to a net loss of EUR 365 million in
2001, and net income of EUR 77 million in 2000. The
following discussion addresses the principal components of our
revenues, expenses and other components of net income in each of
those years.

Premiums

The following table sets forth the Groups
premium revenues for the years ended December 31, 2000,
2001 and 2002:

|                       |                                  |                         |  |       |       |      |  |       |       |  |  |       |       | 
|---------------------- | -------------------------------- | ----------------------- |  | ----- | ----- | ---- |  | ----- | ----- |  |  | ----- | ----- | 
|                       |                                  |                        
|                       |                                  | Year ended December 31,
|                       |                                  |                        
|                       |                                  | 2000                    |  | 2001  |       | 2002
|                       |                                  |                         |  |       |       |     
|                       |                                  |                        
|                       |                                  | (EUR, in millions)     
|Gross premiums written |                                  |                         |  |       |       |      |  |       |       |  |  |      
|                       | Treaty Property-Casualty         |                         |  | 1,272 |       |      |  | 1,922 |       |  |  | 2,176 |      
|                       | Life/Accident & Health           |                         |  | 934   |       |      |  | 1,062 |       |  |  | 1,218 |      
|                       | Alternative Reinsurance          |                         |  | 615   |       |      |  | 712   |       |  |  | 467   |      
|                       | Credit, Surety & Political Risks |                         |  | 201   |       |      |  | 175   |       |  |  | 123   |      
|                       | Large Corporate accounts         |                         |  | 333   |       |      |  | 558   |       |  |  | 930   |      
|                       |                                  |                         |  |       |       |      |  |       |       |  |  |      
|                       |                                  | Total                   |  |       | 3,355 |      |  |       | 4,429 |  |  |       | 4,914 | 
|                       |                                  |                         |  |       |       |      |  |       |       |  |  |      
|Net premiums written   |                                  |                         |  |       |       |      |  |       |       |  |  |      
|                       | Treaty Property-Casualty         |                         |  | 1,117 |       |      |  | 1,737 |       |  |  | 1,982 |      
|                       | Life/ Accident & Health          |                         |  | 768   |       |      |  | 896   |       |  |  | 1,045 |      
|                       | Alternative Reinsurance          |                         |  | 620   |       |      |  | 710   |       |  |  | 466   |      
|                       | Credit, Surety & Political Risks |                         |  | 189   |       |      |  | 161   |       |  |  | 108   |      
|                       | Large Corporate accounts         |                         |  | 184   |       |      |  | 216   |       |  |  | 757   |      
|                       |                                  |                         |  |       |       |      |  |       |       |  |  |      
|                       |                                  | Total                   |  |       | 2,878 |      |  |       | 3,720 |  |  |       | 4,358 | 
|                       |                                  |                         |  |       |       |      |  |       |       |  |  |      
|Net premiums earned    |                                  |                         |  |       |       |      |  |       |       |  |  |      
|                       | Treaty Property-Casualty         |                         |  | 1,119 |       |      |  | 1,704 |       |  |  | 2,016 |      
|                       | Life/ Accident & Health          |                         |  | 685   |       |      |  | 852   |       |  |  | 901   |      
|                       | Alternative Reinsurance          |                         |  | 562   |       |      |  | 671   |       |  |  | 524   |      
|                       | Credit, Surety & Political Risks |                         |  | 126   |       |      |  | 163   |       |  |  | 153   |      
|                       | Large Corporate accounts         |                         |  | 185   |       |      |  | 263   |       |  |  | 559   |      
|                       |                                  |                         |  |       |       |      |  |       |       |  |  |      
|                       |                                  | Total                   |  |       | 2,677 |      |  |       | 3,653 |  |  |       | 4,153 | 
|                       |                                  |                         |  |       |       |      |  |       |       |  |  |      

Our gross premiums written increased 11% from
EUR 4,429 million in 2001 to
EUR 4,914 million in 2002. In 2001, gross premiums
increased 32% from 2000.

In 2002, 39% of our gross premiums written
originated in North America, compared to 50% in 2001 and 51% in
2000. Europe represented 45% of gross premiums written in 2002,
compared to 37% in 2001 and 36% in 2000, and Asia represented 7%
of gross premiums written in 2002, compared to 4% for the same
period in 2001

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and 5% in 2000. The strong growth of Europe
(where gross premiums written increased 33% when comparing 2001
and 2002) and Asia (where gross premiums written increased 86%
when comparing the same periods) was due to our targeted efforts
in these markets in order to achieve a more balanced business
mix.


In 2002, the Treaty Property-Casualty segment
represented 44% of our gross premiums written compared to 43%
during 2001 and 38% in 2000. The share of Life, Accident &
Health remained stable at 25% in 2002 compared to 24% in 2001
and 28% in 2000. The share of Alternative Reinsurance and
Credit, Surety & Political Risks in our total gross premiums
written decreased to 10% and 3%, respectively, in 2002, compared
to 16% and 4%, respectively, in 2001 reflecting our decision to
suspend credit derivatives reinsurance underwriting. The share
of Alternative Reinsurance and Credit, Surety and Political
Risks in our total gross premiums was 18% and 6%, respectively,
in 2000. The SCOR Business Solutions segment increased to 19%
compared to 13% in 2001, primarily due to further increases in
rates, and compared to 10% in 2000.

The increase in total gross premiums written in
2002 compared to 2001 was due to the 13% increase in Treaty
Property-Casualty, our largest segment, and to the 67% increase
in Large Corporate Accounts, and was partially offset by the
decrease in gross premiums written in Alternate Risk Transfer
(ART) and the suspension of credit derivatives reinsurance
underwriting, where the Company decided to reduce its risk
exposure. The significant increase in premiums in the Treaty
Property-Casualty and Large Corporate Accounts lines was mainly
a result of improved pricing as well as an increase in the
volume of premiums written, offset in part by changes in
exchange rates. The rise in total gross premiums written in 2001
compared to 2000 reflects primarily the important increase of
premiums in the Property-Casualty market as a result of improved
pricing conditions and market share, as well as better pricing
conditions in our Large Corporate Accounts segment.

Net premiums written in 2002 totaled
EUR 4,358 million, an increase of 17% compared to
EUR 3,720 million in 2001, reflecting the increase in
gross premiums written and a higher retention rate than in 2001.
Net premiums written in 2001 marked a 29% increase from 2000.
Overall, our retention rate increased from 86% to 84% to 89%
when comparing 2000, 2001 and 2002. The 5-points retention
increase between 2001 and 2002 was due to the exceptional cost
of retrocession in 2001 because of reinstatement premiums paid
following the AZF and World Trade center losses. This increase
was mainly due to significantly increased retention rates for
Large Corporate accounts (from 55% to 39% to 81%, respectively),
and increased retention rates for Life, Accident & Health
(from 82% to 84% to 86%) offset by a decrease in the retention
rate for Credit, Surety & Political Risks (from 94% to 92%
to 88%) and a stability for Treaty Property-Casualty (from 88%
to 90% to 91%) and Alternative Risks (100% respectively for
2002, 2001 and 2000).

Revenues

Our consolidated total revenues increased 12% to
EUR 4,482 million in 2002, compared to
EUR 4,010 million in 2001. This revenue growth
reflected a 14% increase in net premiums earned, a 9% increase
in net investment income and a significant net realized loss on
investments.

2001 consolidated revenues increased 19% from
EUR 3,377 million in 2000 to EUR 4,010 in 2001.

Net premiums earned

Net premiums earned represented 93% of our
consolidated total revenues for 2002. The overall increase in
net premiums earned resulted from increases in the Treaty
Property-Casualty, Life, Accident & Health and Large
Corporate accounts segments of 18%, 6% and 113% respectively,
while Alternative Reinsurance and Credit, Surety & Political
Risks net premiums earned were down 22% and 6% respectively.

Income from investments

Our income from investments decreased 8% from
EUR 357 million in 2001 to EUR 329 million
in 2002.

This decrease was due to a realized loss on
investments of EUR 52 million (compared to a
EUR 10 million gain for 2001), which decrease was
partly offset by a net investment income increase from EUR
347 million to EUR 381 million when comparing
2001 and 2002.

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The increase in our net investment income was
mainly due to trading equity securities (Swiss Life) accounted
at fair value in 2001 and released in 2002 when SCOR
participated in the capital increase of Swiss Life. When
excluding Swiss Life securities (EUR 53 million), our
net investment income decreased 18% from
EUR 400 million in 2001 to EUR 328 million
in 2002, reflecting the 2002 worldwide slow-down of financial
markets. These changes are also reflected by the increase in our
provisions for portfolio depreciation and in our financial
expenses.

Financial expenses (net of interest expenses on
swaps) for 2002 amounted to EUR 72 million, a 21%
increase compared to 2001. Financial expenses for 2002 included
EUR 36.3 million of interest on outstanding debt
securities we issued, a 14% increase over the
EUR 31.9 million recorded in 2001. This significant
increase reflects the increased amount of our short-term debt
securities issued and outstanding during 2002, which carried a
higher interest rate. At the end of May 2002, we issued 5-year
senior notes for EUR 200 million to consolidate part
of our short-term debt.

Swap interest, net of swap income, was
EUR 6.5 million for 2002 and EUR 3 million
for 2001.

Our realized loss on investments of
EUR 52 million was due to the loss accounted for
EUR 98 million when subscribing the capital increase
of Swiss Life and to the capital loss on the sale of other
equity securities due to the generally poor conditions in the
financial markets, in accordance with our strategy of reducing
our equity exposure. This was partially compensated by the
capital gains realized of EUR 93 million resulting of
the sale, in July 2002, of our entire 35.26% stake in Coface to
Natexis-Banques Populaires for a price of EUR 62 per share.

Net investment income of
EUR 347 million in 2001 represented an increase of 21%
from 2000.

Gross investment income of
EUR 441 million in 2001 increased 19% from 2000. This
increase originated primarily from income from fixed maturities,
principally due to the additional volume of fixed maturities
contributed by SCOR Life US Re which was accounted for
12 months in 2001 against 6 months in 2000, and from
interests on deposits from SCOR U.S., partially reduced by the
fair value of Swiss Life shares accounted for as trading.

Financial expenses in 2001 of
EUR 94 million increased 13% from 2000. The increase
is attributable to additional interest expense from step-up
notes issued in mid-2000, and a loss on options on equities
exercised during 2001.

Interest swap expense was
EUR 13 million in 2001 and EUR 12 million in
2000. Interest swap income generated was
EUR 10 million and EUR 13 million in 2001
and 2000, respectively. Interest swap expense was offset by
corresponding decreases in interest income arising from
counter-swap cash flows and the reinvestment of funds borrowed
under the Groups commercial paper program, primarily in
short-term instruments.

Expenses

In 2002, the Groups consolidated total
expenses increased 7% to EUR 5,006 million, compared
to EUR 4,693 million in 2001.

Losses incurred increased 8%, while the growth in
the volume of premiums was 14%, reflecting a slower loss
increase and improved underwriting conditions in 2002.

Property-Casualty losses increased 9% reflecting
a loss ratio of 97% compared to 102% in 2001 and 96% in 2000. In
2001, our losses incurred were strongly impacted by the World
Trade Center tragedy for EUR 215 million.

Life claims increased 2% to
EUR 459 million in 2002 compared to
EUR 451 million in 2001 and to
EUR 283 million in 2000, mainly as the result of the
inclusion, in 2002 and 2001, of SCOR Life US Re for the full
year compared to 6 months in 2000.

Policy acquisition costs and commissions
increased 7% to EUR 909 million in 2002, compared to
EUR 848 million in 2001. This increase is close to
half of the increase in premiums earned of 14% in 2002 compared
to 2001 mainly due to the development of the non-proportional
business and Business Solutions

46



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##### Table of Contents



which have lower commission rates. Underwriting
and administration expenses decreased to
EUR 208 million compared to EUR 209 million
in 2001.


Foreign exchange movements accounted for
EUR 61 million of expenses in 2002 compared to
EUR 8 million in 2001 due to the revaluation of the
Euro against the US Dollar of 6.5% (average annual exchange
rate) between 2001 and 2002.

Amortization of goodwill in 2002 remained
consistent compared to 2001.

Other operating expense was
EUR 19 million in 2002, compared to income of
EUR 1 million in 2001. The level of other operating
expenses in 2002 was due to reclassification of amortization of
intangible assets of SCOR Life Re.

In 2002, the ratio of underwriting and
administration expenses to gross premiums written was 4.2%,
compared to 4.7% in 2001.

In 2001, the Groups consolidated total
expenses increased 40% to EUR 4,693 million, compared
to EUR 3,359 million in 2000. Losses increased 45% due
to growth in the volume of premiums as well as risks
underwritten, the World Trade Center catastrophe, losses net of
reinsurance of EUR 215 million, very high losses on
industrial risks and additional reserves made on
U.S. business for underwriting years 1998 and prior. The
September 21, 2001, AZF explosions resulted in additional
net losses of EUR 51 million. The Property-Casualty
loss ratio rose to 104% in 2001, compared to 96% in 2000.

Life claims increased 59% to
EUR 451 million in 2001 compared to
EUR 283 million in 2000, mainly as the result of the
inclusion of SCOR Life US Re for the full year compared to
6 months in 2000.

Policy acquisition costs and commissions
increased 28% to EUR 848 million in 2001, compared to
EUR 661 million in 2000. This increase is consistent
with the increase in premiums earned of 36% in 2001 compared to
2000. Underwriting and administration expenses increased 29% to
EUR 209 million from EUR 162 million in
2000, also reflecting the increase in premiums earned for that
year.

Amortization of goodwill in 2001 remained
consistent compared to 2000, and the slight increase relates to
amortization of goodwill resulting from the acquisition of SCOR
Life US Re.

Other operating income was
EUR 1 million in 2001, compared to expenses of EUR
16 million in 2000. The level of other operating expenses
in 2000 was due to an increase in defined benefit plan expense
and an additional expense for potential tax liability.

Income taxes

In 2002, income taxes paid by French corporations
were subject to a statutory surcharge of 3% and to an additional
statutory surcharge of 3.3%, which resulted in a total rate of
income tax on French corporations of 35.43%.

In 2001, income taxes paid by French corporations
were subject to a surcharge of 6% and to an additional surcharge
of 3.3%, which resulted in a total rate of income tax on French
corporations of 36.43%.

In 2000, the additional surcharges were 10% and
3.3%, which resulted in a total rate of income tax of 37.76%.

In 2002, the Group recorded a net income tax
expense of EUR 28 million compared to a benefit of
EUR 273 million in 2001. This included the impact of
tax on discounting tabular workers compensation claims for
EUR 22 million in 2001 (see Changes in
accounting standards below).

The 2002 net income tax expense resulted
primarily from a tax benefit computed at the statutory rate of
EUR 37 million including deferred tax benefits
resulting of tax loss carry forwards, compared to
EUR 219 million in 2001. It also resulted from
EUR 24 million of tax exempt revenues, resulting in
tax loss carry forwards that are greater than GAAP losses, and
from EUR 40 million from the reduction in French corporate
tax rates for 2002 and after.

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At December 31, 2002, the most significant
changes of the net income tax benefit are a tax profit relating
to loss carry forwards for EUR 131 million and an
impairment loss of EUR 138 million based on assets tax
recorded in accordance with SFAS 109 due to a net loss result of
our U.S. subsidiary for two years in succession. See
Note 7 (Income Tax) to the consolidated financial
statements.

Minority interests

Minority interests expenses was EUR
13 million in 2002 compared to EUR 1 million in each
of 2001 and 2000. This increase is due to the incorporation of
IRP which started to subscribe business on January 1, 2002.

Income from investments accounted for under
the equity method

Income from investments accounted for under the
equity method totaled EUR 4 million, both in 2002 and in
2001 and EUR 3 million in 2000.

On March 29, 2002 we sold our 35.26% stake
in Coface which is no longer consolidated in our accounts and
the capital gain realized in this transaction was recorded for
the first half of 2002. Cofaces contribution to our net
income was EUR 1 million for 2002 and 2001.

Changes in accounting
standards

During 2001, SCOR U.S. adopted the practice
of discounting tabular workers compensation claims for
statutory and U.S. GAAP using an interest rate of 5%.
Management believes that discounting such claims is preferable
since it more closely matches revenues and expenses, better
reflects the economic reality of paying the fixed amounts over a
long period of time and represents a method commonly used in the
industry. The effect of the change in 2001 was to increase net
income by EUR 62 million before tax, and EUR
41 million after tax. To be able to compare figures, the
effect of this change in 2002 would have been
EUR 17 million before tax and EUR 11 million
after tax.

Underwriting Results

Treaty Property-Casualty

For 2002, our Treaty Property-Casualty segment
showed an increase in revenues, which reflected the recovery of
the worldwide reinsurance market, and an improved combined
ratio. This segment includes our proportional and
non-proportional treaty classes of property-casualty reinsurance
(such as property and liability, etc.) with the exception of our
alternative reinsurance and credit surety businesses, which are
separated segments.

The following table sets forth premium, loss and
expense data, and related ratios, for our Treaty
Property-Casualty segment for the periods indicated:

|                                |  |                         |       |      |  |      |       |     |  |  |       |    
|------------------------------- |  | ----------------------- | ----- | ---- |  | ---- | ----- | --- |  |  | ----- | ---
|                                |  |                        
|                                |  | Year ended December 31,
|                                |  |                        
|                                |  | 2000                    |       | 2001 |  | 2002
|                                |  |                         |       |      |  |     
|                                |  |                        
|                                |  | (EUR, in millions)     
|Gross premiums written          |  |                         | 1,272 |      |  |      | 1,922 |     |  |  | 2,176 |    
|Net premiums written            |  |                         | 1,117 |      |  |      | 1,737 |     |  |  | 1,982 |    
|Net premiums earned             |  |                         | 1,119 |      |  |      | 1,704 |     |  |  | 2,016 |    
|Net loss and LAE                |  |                         | 1,176 |      |  |      | 1,693 | (2) |  |  | 1,797 | (2)
|Net commissions and expenses(1) |  |                         | 399   |      |  |      | 553   |     |  |  | 590   |    
|Underwriting profit (loss)      |  |                         | (455  | )    |  |      | (542  | )   |  |  | (371  | )  
|Loss ratio                      |  |                         | 105%  |      |  |      | 99%   |     |  |  | 89%   |    
|Expense ratio(1)                |  |                         | 35%   |      |  |      | 32%   |     |  |  | 29%   |    
|Combined ratio                  |  |                         | 140%  |      |  |      | 132%  |     |  |  | 118%  |    






|    |                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Expenses include direct charges of each business
    segment and indirect charges allocated by business segment pro
    rata according to direct expenses.

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|    |                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Includes EUR 62 million in 2001 and EUR
    17 million in 2002 profit effect of change in accounting
    principles: discounting workers compensation reserves of
    SCOR U.S.

Gross premiums written increased by 13% in 2002
compared to 2001. This was a result of improved pricing and
underwriting conditions and was consistent with our expectation
of a cyclical upturn. Premium income trend is reflecting a
strict approach to underwriting, focusing on profitable
activities and restructuring the portfolio. During 2002, SCOR
focused on short-to-medium tail business: Property accounted for
52% of the Treaty Property-Casualty segment in 2002, compared to
41% in 2001, Casualty accounted for 42% in 2002, compared to 54%
in 2001.

Retention levels for our Treaty Property-Casualty
business increased to 91% for 2002, compared to 90%
for 2001.

Net premiums earned for 2002 increased 18%
compared to 2001, reflecting the increase of premium volume,
which mainly affected the property, transportation and
construction businesses, as well as the increase in retention
levels. The higher increase in net premium earned (18%) compared
to net premium written (14%) is also reflecting the increase in
short tail risks in the portfolio.

The combined ratio declined from 132% to 118%
from 2001 to 2002, due to decreases in the loss ratios.

Loss and loss adjustment expenses increased 6% in
2002 compared to 2001, reflecting the increase in net premiums
earned. The loss ratio decreased by 10 points, to 89% for 2002,
from 99% for 2001, mainly due to a 29 point decrease of the
Property branch.

In 2002, we were impacted by floods in Central
Europe which produced a pre-tax loss net of retrocession of EUR
94 million. We also reinforced our reserves on the SCOR
U.S. portfolio by EUR 154 million to cover
underwriting years from 1998 to 2001 and added EUR
15 million to reserves for pollution in order to allow for
adverse developments in U.S. jurisprudence.

Commissions and expenses increased 7% in 2002,
reflecting the 13% increase in gross premiums written.

Premium volumes increased in all markets and all
classes by 51% in 2001 over 2000, as a result of the improvement
in rating and underwriting conditions over the course of the
year. This was consistent with our expectation of a cyclical
upturn. Retention levels for this class of business increased to
90% in 2001 from 88% in 2000.

Net premiums earned in 2001 increased 52% from
2000, reflecting the increase of premium volume discussed above,
which principally affected the property class of business and
long tail casualty business.

Loss and loss adjustment expenses increased 44%
in 2001 from 2000. Although the loss ratio in 2001 decreased by
6 points to 99% (105% in 2000), its level remained particularly
unsatisfactory. Together with the World Trade Center tragedy, an
unprecedented catastrophe in the history of insurance, our
results were also affected by the need to reinforce our reserves
on U.S. treaties regarding prior accident years (from 1997
to 1999, the low point of the previous cycle). Furthermore, we
faced an unexpected exceptional number of high loss declarations
from cedents, especially at year-end.

We were affected by no major natural catastrophes
in 2001.

Commissions and expenses increased 40% in 2001
from 2000, generally reflecting the increase in earned premiums
of 52%.

49



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##### Table of Contents



Life/Accident & Health

The following table sets forth premium, loss and
expense data, and related ratios, for the Groups Life/
Accident & Health segment for the years indicated:

|                                |  |                         |      |      |  |      |       |   |  |  |       |  
|------------------------------- |  | ----------------------- | ---- | ---- |  | ---- | ----- | - |  |  | ----- | -
|                                |  |                        
|                                |  | Year ended December 31,
|                                |  |                        
|                                |  | 2000                    |      | 2001 |  | 2002
|                                |  |                         |      |      |  |     
|                                |  |                        
|                                |  | (EUR, in millions)     
|Gross premiums written          |  |                         | 934  |      |  |      | 1,062 |   |  |  | 1,218 |  
|Net premiums written            |  |                         | 768  |      |  |      | 896   |   |  |  | 1,045 |  
|Net premiums earned             |  |                         | 685  |      |  |      | 852   |   |  |  | 901   |  
|Net loss and LAE                |  |                         | 516  |      |  |      | 687   |   |  |  | 663   |  
|Net commissions and expenses(1) |  |                         | 250  |      |  |      | 266   |   |  |  | 312   |  
|Underwriting profit (loss)      |  |                         | (81  | )    |  |      | (101  | ) |  |  | (74   | )
|Loss ratio                      |  |                         | 75%  |      |  |      | 81%   |   |  |  | 73%   |  
|Expense ratio(1)                |  |                         | 36%  |      |  |      | 31%   |   |  |  | 35%   |  
|Combined ratio                  |  |                         | 113% |      |  |      | 112%  |   |  |  | 108%  |  






|    |                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Expenses include direct charges of each business
    segment and indirect charges allocated by business segment pro
    rata according to direct expenses.

Gross premiums written in 2002 were EUR
1,218 million, a 15% increase from 2001. Much of the
increase in premiums derived from the new product Long Term Care
developed in France and the continuing development of Provident
products. In 2001, the newly acquired operations of Sorema N.A.,
included in the second half of the year in SCORs
Life/Accident & Health portfolio, had no significant
influence on the overall 2001-premium progression.

Gross premiums written in 2001 were 14% higher
than in 2000 reflecting the first full-year contribution of SCOR
Life US Re, partly offset by the cessation of the health
business underwritten in North America, as well as growth in
Europe with respect to savings products, health spending and the
emergence of demand for Provident product.

Net premiums written increased 17% in 2002 from
2001, and 16% in 2001 from 2000, in the same proportion as gross
premiums written. The retention rate in 2002 was 86% as compared
to 84% for 2001 and 82% in 2000. In 2002, as in 2001, the
retention rate increase was due to the underwriting of new large
contracts with a high retention rate.

Net premiums earned increased 6% in 2002 from
2001. This lower increase registered in net earned premiums
compared to net written premiums mainly reflected the
development of Long Term Care and Provident products where
unearned premium reserves increased significantly between 2001
and 2002.

Net premiums earned increased 24% in 2001 from
2000. This stronger increase registered in net earned premiums
compared to net written premiums mainly reflected the full year
activity of SCOR Life US Re.

The net loss ratio in 2002 was 73% compared to
81% in 2001 and 75% in 2000. The loss ratio decreased partly due
to the halt in underwriting of U.S. Health business and the
significant reduction of Health underwriting outside the United
States and to the exceptional losses due to the World Trade
Center tragedy.

In 2002, commissions and expenses increased 17%
from 2001 in line with the increase in net premiums written. In
2001, the commissions and expenses ratio decreased by 7% from
2000. This decrease resulted from, on the one hand, the increase
of net earned premium, and, on the other hand, the acquisition
of new large contracts.

Alternative Reinsurance

The following table sets forth premium, loss and
expense data, and related ratios, for the Groups
Alternative Reinsurance segment, principally conducted through
CRP, for the years indicated:

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|                                |  |                         |      |      |  |      |      |   |  |  |      |  
|------------------------------- |  | ----------------------- | ---- | ---- |  | ---- | ---- | - |  |  | ---- | -
|                                |  |                        
|                                |  | Year ended December 31,
|                                |  |                        
|                                |  | 2000                    |      | 2001 |  | 2002
|                                |  |                         |      |      |  |     
|                                |  |                        
|                                |  | (EUR, in millions)     
|Gross premiums written          |  |                         | 615  |      |  |      | 712  |   |  |  | 467  |  
|Net premiums written            |  |                         | 620  |      |  |      | 710  |   |  |  | 466  |  
|Net premiums earned             |  |                         | 562  |      |  |      | 671  |   |  |  | 524  |  
|Net loss and LAE                |  |                         | 523  |      |  |      | 655  |   |  |  | 714  |  
|Net commissions and expenses(1) |  |                         | 63   |      |  |      | 92   |   |  |  | 61   |  
|Underwriting profit (loss)      |  |                         | (24  | )    |  |      | (76  | ) |  |  | (251 | )
|Loss ratio                      |  |                         | 93%  |      |  |      | 98%  |   |  |  | 136% |  
|Expense ratio(1)                |  |                         | 12%  |      |  |      | 14%  |   |  |  | 12%  |  
|Combined ratio                  |  |                         | 105% |      |  |      | 111% |   |  |  | 148% |  






|    |                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Expenses include direct charges of each business
    segment and indirect charges allocated by business segment
    pro rata according to direct expenses.

Gross premiums written in 2002 decreased by 34%
to EUR 467 million compared to EUR 712 million in
2001, reflecting our strategy to stop underwriting of this class
of business in January 2003, after reducing it since the first
half of 2002.

The loss ratio increased to 136% in 2002 compared
to 98% in 2001. In November 2002, we announced an increase in
reserves for CRP of EUR 141 million, chiefly in respect of
finite prospective workers compensation business written
in 1999 and 2002. An additional allowance of USD 54 million
was established at September 30, 2002 for underwriting
years prior to 2002.

Net commissions and expenses decreased by 34% to
EUR 61 million compared to EUR 92 million reflecting
the decrease in premiums written of 34% and the new CRP
organization which reduced management expenses by 26%.

Gross premiums written in 2001 increased by 16%
to EUR 712 million compared to EUR 615 million in
2000, reflecting the growth in workers compensations
premiums underwritten in the US. The 5 points loss ratio
increase between 2000 and 2001 is due to the deterioration of US
Casualty business.

Credit, Surety & Political
Risks

The following table sets forth premium, loss and
expense data, and related ratios, for the Groups Credit,
Surety & Political Risks segment for the years indicated:

|                                |  |                         |      |      |  |      |      |   |  |  |      |  
|------------------------------- |  | ----------------------- | ---- | ---- |  | ---- | ---- | - |  |  | ---- | -
|                                |  |                        
|                                |  | Year ended December 31,
|                                |  |                        
|                                |  | 2000                    |      | 2001 |  | 2002
|                                |  |                         |      |      |  |     
|                                |  |                        
|                                |  | (EUR, in millions)     
|Gross premiums written          |  |                         | 201  |      |  |      | 175  |   |  |  | 123  |  
|Net premiums written            |  |                         | 189  |      |  |      | 161  |   |  |  | 108  |  
|Net premiums earned             |  |                         | 126  |      |  |      | 163  |   |  |  | 153  |  
|Net loss and LAE                |  |                         | 101  |      |  |      | 115  |   |  |  | 278  |  
|Net commissions and expenses(1) |  |                         | 47   |      |  |      | 52   |   |  |  | 39   |  
|Underwriting profit (loss)      |  |                         | (22  | )    |  |      | (4   | ) |  |  | (164 | )
|Loss ratio                      |  |                         | 80%  |      |  |      | 71%  |   |  |  | 182% |  
|Expense ratio(1)                |  |                         | 37%  |      |  |      | 32%  |   |  |  | 25%  |  
|Combined ratio                  |  |                         | 116% |      |  |      | 103% |   |  |  | 208% |  






|    |                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Expenses include direct charges of each business
    segment and indirect charges allocated by business segment pro
    rata according to direct expenses.

Our credit and surety business consists
essentially of our surety business outside of the United States,
as well as credit derivatives reinsurance, which consists of
insuring commitments of financial institutions against the risk
of default of their borrowers.

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Credit, surety and political risks written
premiums decreased by 30% to EUR 123 million in 2002, as a
result of a reduction in our U.S. surety book, the economic
slowdown in the United States, and the decision to stop
underwriting in credit derivatives in November 2001. Although
loss experience was much higher than the earlier years, in the
wake of a number of bankruptcies, Swissair and Enron noticeably,
our credit portfolio suffered relatively little from the
business failures recorded, and thus posted positive results. In
November 2002, EUR 30 million was added to the reserves to
cover reinsurance for credit derivatives.

Gross premiums written decreased 13% in 2001 to
EUR 175 million compared to EUR 201 million for 2000
due to the decision to stop underwriting in November 2001. The
loss ratio decreased to 71% in 2001 compared to 80% in 2000,
reflecting the important loss experience in US Credit and Surety
business in 2000.

Large Corporate Account (SCOR Business
Solutions)

The following table sets forth premium, loss and
expense data, and related ratios, for the Groups Large
Corporate Account segment for the years indicated:

|                                |  |                         |      |      |  |      |      |   |  |  |      |  
|------------------------------- |  | ----------------------- | ---- | ---- |  | ---- | ---- | - |  |  | ---- | -
|                                |  |                        
|                                |  | Year ended December 31,
|                                |  |                        
|                                |  | 2000                    |      | 2001 |  | 2002
|                                |  |                         |      |      |  |     
|                                |  |                        
|                                |  | (EUR, in millions)     
|Gross premiums written          |  |                         | 333  |      |  |      | 558  |   |  |  | 930  |  
|Net premiums written            |  |                         | 184  |      |  |      | 216  |   |  |  | 757  |  
|Net premiums earned             |  |                         | 185  |      |  |      | 263  |   |  |  | 559  |  
|Net loss and LAE                |  |                         | 170  |      |  |      | 423  |   |  |  | 462  |  
|Net commissions and expenses(1) |  |                         | 60   |      |  |      | 95   |   |  |  | 139  |  
|Underwriting profit (loss)      |  |                         | (45  | )    |  |      | (255 | ) |  |  | (42  | )
|Loss ratio                      |  |                         | 92%  |      |  |      | 161% |   |  |  | 83%  |  
|Expense ratio(1)                |  |                         | 36%  |      |  |      | 36%  |   |  |  | 25%  |  
|Combined ratio                  |  |                         | 128% |      |  |      | 197% |   |  |  | 107% |  






|    |                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Expenses include direct charges of each business
    segment and indirect charges allocated by business segment pro
    rata according to direct expenses.

Gross premiums written increased 67% in 2002 to
EUR 930 million compared to EUR 558 million for 2001
and 67% in 2001 from 2000. SCORs Business Solutions
Division profited from the very significant rate recovery seen
in large-line risks in 2002. This recovery began in the property
damage sector in the United States, in 2000, and was accelerated
by the September 11, 2001 events, before spreading to all
markets and classes.

Net premiums written in 2002 did not increase
from 2001 in the same proportion as gross premiums written,
because the retention rate increased to 81% in 2002 from 39% in
2001 and 55% in 2000 mainly due to the cancellation of certain
proportional retrocession contracts. Moreover, in 2001 the cost
of retrocession was exceptionally high because of reinstatement
premiums paid for AZF and World Trade Center losses.

Net premiums earned increased in 2002 from 2001
in the same proportion as the net premiums written. Net premiums
earned increased 42% in 2001 from 2000.

The loss ratio decreased significantly, to 83% in
2002 compared to 161% in 2001 and 92% in 2000. Loss experience
on large corporate accounts, both major industrial and natural
catastrophe losses, was exceptionally low in 2002. In energy and
utilities, after a series of major disasters in 2000 and 2001,
this sector experienced a recovery in 2002. In the new
technologies sector, satellite launch activity was strong in
2002, with no failures in the first half of the year. The final
quarter, however, brought a succession of setbacks with the
ASTRA 1K (failure of the Proton launch vehicle) and Hot Bird
7/Stentor (with the failure of Ariane 5).

The 2001 loss ratio increased 18% as compared to
2000 due to claims in connection with the World Trade Center
tragedy and the explosion at the AZF plant claims in the large
corporate risks business.

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Net commissions and expenses increased 46% in
2002 compared to an increase of 50% in 2001 mainly due to the
increase in premiums.

The commission ratio (net commissions and
expenses expressed as a percentage of earned premiums) decreased
to 25% in 2002 compared to 36% in 2001, mainly due to the
combination of an increase in market prices and a reduction in
the premiums ceded. The commission ratio was stable between 2000
and 2001.

B. LIQUIDITY AND CAPITAL
RESOURCES

Liquidity and Capital Resources

In the insurance and reinsurance industries,
liquidity generally relates to the ability of a company or a
group to generate adequate amounts of cash from its normal
operations, including from its investment portfolio, in order to
meet its financial commitments, which are principally
obligations under its insurance or reinsurance contracts. Future
catastrophe claims, the timing and amount of which are
inherently unpredictable, may create increased liquidity
requirements for the Property-Casualty operations of the Group.

The principal sources of funds for the
Groups reinsurance operations are premiums, net investment
income and realized capital gains, while the major uses of these
funds are to pay claims and related expenses, and other
operating costs. The Group generates substantial cash flow from
operations as a result of most premiums being received in
advance of the time when claim payments are required. These
positive operating cash flows, along with that portion of the
investment portfolio that is held in cash and highly liquid
securities, have historically met the liquidity requirements of
the Groups operations as evidenced by the growth in
investments.

The Groups liquidity requirements are met
on both a short and long-term basis by funds provided by
reinsurance premiums collected, investment income and collected
retrocessional reinsurance receivable balances, and from the
sale and maturity of investments. The Group also has access to
the commercial paper, medium-term note and other credit
facilities described below as additional sources of liquidity.

The Groups balance of cash and cash
equivalents was EUR 1,788 million at December 31,
2002, compared to EUR 1,927 million at December 31,
2001, and EUR 247 million at December 31, 2000.

The significant cash flow increase between 2000
and 2001 reflected the anticipation of a possible increase in
claims payments following the AZF and World Trade Center
catastrophes. The Group intends to place cash available at
December 31, 2002 in bonds once long-term interest rates
start rising.

The consolidated statement of cash flows for the
year ended December 31, 2001 included SOREMA since
July 1, 2001 and the consolidated statement of cash flows
for the year ended December 31, 2000 included SCOR Life US
Re from July 1, 2000.

Net cash provided by operations was EUR
269 million in 2002, compared to net cash provided of EUR
9 million in 2001 and net cash used of EUR 216 million
in 2000.

In 2002, the technical provisions increase for
claims (EUR 467 million) and unearned premiums (EUR
192 million) was a result of developments in our
activities. In particular, the higher increase in losses and LAE
reserves than in unearned premium reserves was due to the high
loss ratios in Alternative Reinsurance and in Credit, Surety and
Political Risks. We recently readjusted our reserves related to
certain reinsurance contracts in the United States prior to
2001. Likewise, we readjusted our reserves, due particularly to
an increase in claims related to certain credit derivatives
reinsurance contracts largely caused by the worsening of the
condition of certain debtors, to certain events related to the
Program Business of SCOR U.S. and to the high claims rate
of certain contracts covering workers compensation in the United
States underwritten by our Bermudan subsidiary CRP.

Changes in assets and liabilities created a net
use of cash of EUR 116 million in 2002. This is a result of
a strong increase (EUR 525 million) in deposits with ceding
companies (mainly due to Life deposits and a stronger need of
guarantees from the cedent due to the downgrade of our ratings)
and in receivable on sundry

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##### Table of Contents



debtors and creditors, compensated by a decrease
in accrued reinsurance balance payable (EUR 409 million)
due to a decrease of our estimates taking into consideration the
ceding accounts receipt.


In 2001, the components of operating cash-flows
reflected the rise in Property-Casualty, Alternative Reinsurance
and Large Corporate Accounts premiums offset by the increase in
paid claims due to major losses occurred in 2001. The increase
in reserves, mainly for the World Trade Center and AZF
catastrophes and very high losses on industrial risks and in
treaty reserves due to additional reserves made on
U.S. business for underwriting years 1998 and prior,
reflects an increase in loss and LAE reserves, net, of EUR
772 million. The increase in Property-Casualty and
Alternative Reinsurance and Large Corporate Accounts premiums
written was reflected through a change in accrued reinsurance
balance, gross, of EUR 306 million.

Net cash used by investing activities was EUR
523 million in 2002, compared to cash provided of EUR
846 million in 2001. For 2002, transactions in fixed
maturities resulted in a net purchase of EUR 1,227 million
while transactions in equity securities resulted in a net sale
of EUR 253 million. The sales of our shares of Coface led
to an inflow, net of expenses, of EUR 275 million.

In 2001, transactions in fixed maturities
resulted in a net sale of EUR 1,261 million. The sales were
made to raise liquidity for future payments for the World Trade
Center claims. Transactions in equity securities resulted in a
net sale of EUR 465 million. Investments in reinsurance
companies resulted in a net purchase, representing the purchase
of Sorema SA.

Net cash provided in investing activities was EUR
163 million in 2000. Net sales of fixed maturity securities
were EUR 193 million. Transactions in equity securities
resulted in a net purchase of EUR 49 million. Proceeds from
sales of investments in consolidated companies included the
partial sale of our interest in COFACE. Investment in
reinsurance companies represented assets net of cash from the
acquisition of SCOR U.S. Life Re.

Cash provided by the Groups financing
activities was EUR 307 million in 2002, compared to EUR
742 million in 2001. The 2002 cash provided is mainly
explained by the issuance of new shares due to the December 2002
company capital increase which resulted in an increase of our
resources of EUR 363 million.

As part of its ongoing short and medium term debt
management strategy, SCOR finalized in May 2002 the placement of
a 5-year, 5.25% senior notes issue. The Group sold
EUR200 million of notes, due on June 21, 2007, at a
yield to maturity of 5.395%, i.e. with a spread of 45 basis
points over Mid-swap. This offering lengthened the average
duration of SCORs outstanding debt. The issue was used
entirely to consolidate part of SCORs existing commercial
paper program and did not alter the Groups overall debt
ratio.

In 2001, proceeds from borrowings of EUR
774 millions, net of repayments of EUR 491 million,
represented principally the issuance in 2001 of commercial paper
for future payments of World Trade Center related claims.
Additionally, an amount of EUR 174 million was invested by
minority shareholders of IRP.

Cash provided by the Groups financing
activities was EUR 84 million in 2000. Proceeds from
borrowings of EUR 526 million, net of repayments of EUR
369 million, represented principally the issuance in 2000
of EUR 100 million of subordinated debt, and amounts drawn
on the notes payable and commercial paper program.

At December 31, 2002, the Group had
approximately EUR 100 million available in unused short and
long-term credit lines, compared to EUR 640 million for
2001 and EUR 671 million for 2000. For additional
information, see below under  Off Balance Sheet
Transactions.

On April 17, 2002, SCOR announced the
issuance of HORIZON, a USD 112 million index-linked
securitization of liabilities (in excess of a USD
100 million retention) designed to lower its risk profile
in Credit Reinsurance. This securitization is fully backed by
Aaa-rated assets. This coverage is linked to Moodys A and
Baa ratings indices which comprise weighted credit risk
populations rated between A1 and Baa3. The indices were picked
for their match with the credit exposures SCOR is seeking to
protect in terms of quality, geographic diversity and range of
sectors.

At December 31, 2001, EUR 381 million
of this amount consisted of confirmed back-up credit lines
related to the commercial paper program provided by several
French and German banks at a commitment fee not higher

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than 1/16th of 1% and a drawing cost not higher
than 3/16th of 1% over EURIBOR, subject to certain limited
exceptions. At the same dates, EUR 250 million was
represented by back-up credit facilities with several banks at
commitment fees ranging from 1/10th to 5/32nd of 1% and at
drawing costs of 3/16th of 1% over EURIBOR.


Taking into consideration the companys
equity and guaranties given to the financial institutions, SCOR
believes that its working capital is sufficient for its present
requirements.

C. OFF-BALANCE SHEET
TRANSACTIONS

We enter into off-balance-sheet arrangements in
the ordinary course of business both on our own behalf and on
behalf of our customers. Off-balance-sheet arrangements we enter
into for our own behalf generally consist of OTC and other
derivative instruments, and are described in Note 14 to the
Consolidated Financial Statements.

Off-balance-sheet arrangements we enter into for
our clients consist of letter of credit (LOC) transactions where
we provide LOC coverage for all or part of our reinsurance
obligations to ceding companies, or where similar coverage is
provided to us by our retrocessionaires. These transactions are
entered into in the ordinary course to comply with ceding
companies credit or regulatory requirements. We also
pledge some securities as collateral in order to guarantee the
payment of cedents reserves. The following table sets
forth our off-balance-sheet engagements at December 31,
2000, 2001 and 2002:

|                          |       |                         |       |       |  |      |       |       |  |  |       |       | 
|------------------------- | ----- | ----------------------- | ----- | ----- |  | ---- | ----- | ----- |  |  | ----- | ----- | 
|                          |       |                        
|                          |       | Year ended December 31,
|                          |       |                        
|                          |       | 2000                    |       | 2001  |  | 2002
|                          |       |                         |       |       |  |     
|                          |       |                        
|                          |       | (EUR, in millions)     
|Commitments received      |       |                         |       |       |  |      |       |       |  |  |       |      
|Unused credit lines       |       |                         | 671   |       |  |      | 640   |       |  |  | 100   |      
|Endorsements and sureties |       |                         |      |       |  |      | 2     |       |  |  | 1     |      
|Finance leases            |       |                         |      |       |  |      |      |       |  |  | 59    |      
|Letters of Credit         |       |                         | 250   |       |  |      | 78    |       |  |  | 1,262 |      
|Other commitments         |       |                         |      |       |  |      |      |       |  |  | 1     |      
|                          |       |                         |       |       |  |      |       |       |  |  |       |      
|                          | Total |                         |       | 921   |  |      |       | 720   |  |  |       | 1,423 | 
|                          |       |                         |       |       |  |      |       |       |  |  |       |      
|Commitments given         |       |                         |       |       |  |      |       |       |  |  |       |      
|Endorsements and sureties |       |                         | 5     |       |  |      | 2     |       |  |  | 1     |      
|Finance leases            |       |                         | 33    |       |  |      | 5     |       |  |  | 120   |      
|Letters of Credit         |       |                         | 1,012 |       |  |      | 1,459 |       |  |  | 1,085 |      
|Repos and equivalents     |       |                         |      |       |  |      |      |       |  |  |      |      
|Collateralized securities |       |                         | 629   |       |  |      | 795   |       |  |  | 2,583 |      
|Other commitments         |       |                         | 20    |       |  |      | 27    |       |  |  | 23    |      
|                          |       |                         |       |       |  |      |       |       |  |  |       |      
|                          | Total |                         |       | 1,699 |  |      |       | 2,288 |  |  |       | 3,812 | 
|                          |       |                         |       |       |  |      |       |       |  |  |       |      

We are not aware of factors relating to the
foregoing off-balance-sheet arrangements that are reasonably
likely to adversely affect liquidity trends or the availability
of or requirements for capital resources. As of
December 31, 2002, there were no material additional
financial commitments required from Group companies in respect
of such arrangements.



|  |                                                                                                                                                                                                                                                                                                                                       
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | At the end of December 2002, SCOR Group had
    unused credit lines of EUR 100 million and letters of
    credit of EUR 1,262 million.                                                                                                                                                                                                
| 
| | In December 2002, SCOR signed two agreements with
    a number of banks concerning EUR 100 million in confirmed
    credit lines and EUR 864 million (USD 900 million) in
    letters of credit. In addition to customary covenants, events of
    default, and other provisions, the agreements include the
    following provisions:

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|  |                                                                                                                                                                                                 
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | SCOR has pledged shares in its subsidiaries for a
    value of EUR 199 million in order to guarantee the
    commitment received from banks to provide EUR 100 million
    in short-term credit.
| 
| | The commitment received from banks to provide EUR
    864 million in letter of credit is covered by various
    guarantees given to the banks, that is:                                         



| |   |                                                                                       
| | - | --------------------------------------------------------------------------------------
| |  | available-for-sale shares pledged for a value of
    EUR 403 million (USD 420 million)
|
| |  | granting of a senior mortgage for EUR
    97 million on the SCOR headquarters building
|
| |  | subsidiaries shares pledged for a value of
    EUR 774 million.                      



|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Under the terms of these contracts, SCOR is
    required to put up additional guarantees (French Government OAT
    bonds) to make good the shortfall if the value of the pledged
    shares of subsidiaries falls by more than 10%, or if a mortgaged
    building is sold. In addition, in the event of the sale of
    assets outside the ordinary management of its available-for-sale
    portfolio, or if exceptional gains are booked, SCOR is required
    to assign 10% of the resulting proceeds to the guarantee given
    to the banks under the EUR 100 million short-term facility,
    and 90% in respect of the letters of credit contract, in the
    form of pledged French Government OAT bonds.

The banks have reserved the right to suspend the
right to draw on their credit lines if SCORs S&P
credit rating falls below BBB-. At the same time, SCOR has
pledged, under these two contracts, to disclose the following
information to the banks:



| |   |                                                                                                                               
| | - | ------------------------------------------------------------------------------------------------------------------------------
| |  | disclosure of parent company financial statements
    (annual, half-yearly and quarterly) within the stipulated
    deadlines.
|
| |  | notification within 20 days of any changes
    in the companys decision-making bodies or the Statutory
    Auditors.         
|
| |  | notification without delay of major events and
    any claim on the company exceeding USD 50 million.                         
|
| |  | notification of any exceptional income or
    disposal made by SCOR or by a pledged subsidiary.                               

Moreover, a commitment of EUR 152 million
was given by Natexis Bank, which is guaranteed in full by a
trust fund listed under commitments given. Another EUR
114 million trust fund has been established to guarantee
the new business underwritten by SCOR U.S.

For additional information on the financing
agreements of SCOR described above, you should read
Exhibit 4.

D. CONTRACTUAL OBLIGATIONS

The following table sets forth the schedule of
repayments of SCORs long-term debt as of December 31,
2002:

|           |                      |                    |     |     | 
|---------- | -------------------- | ------------------ | --- | --- | 
|           |                      | Payment           
|Year       |                      | (EUR, in millions)
|           |                      |                   
|2003       |                      |                    | 43  |    
|2004       |                      |                    |    |    
|2005       |                      |                    | 247 |    
|2006       |                      |                    |    |    
|2007       |                      |                    | 224 |    
|Thereafter |                      |                    | 256 |    
|           |                      |                    |     |    
|           | Total long-term debt |                    |     | 770 | 
|           |                      |                    |     |    

For more information, see Note 6 to the
financial statements.

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E. RESEARCH AND DEVELOPMENT, PATENTS,
LICENSES

See Item 4.B  Business
overview  Information technology.

F. TREND INFORMATION

See Item 4.B  Business
overview and Item 5.A  Operating
results.

G. CRITICAL ACCOUNTING POLICIES

SCORs consolidated financial statements
included in this annual report have been prepared in accordance
with accounting principles generally accepted in the United
States (U.S. GAAP). The preparation of financial statements
in conformity with U.S. GAAP requires management to make
estimates and assumptions. The following presents those
accounting policies that management believes are the most
critical to its operations and those policies that require
significant judgment on the part of management. These critical
accounting policies are those which involve the most complex or
subjective decisions or assessments, and relate to the
recognition of premium income, the establishment of technical
insurance reserves, the recording of deferred acquisition costs
and the determination of the fair value of financial assets. In
each case, the determination of these items is fundamental to
our financial condition and results of operations, and requires
management to make complex judgments based on information and
financial data that may change in future periods. As a result,
determinations regarding these matters necessarily involve the
use of assumptions and subjective judgments as to future events
and are subject to change, as the use of different assumptions
or data could produce materially different results.

Technical Reserves.

Our insurance provisions, or technical reserves,
represent estimates of future payouts that we will make in
respect of our Property-Casualty and Life reinsurance claims,
including expenses relating to such claims. Such estimates are
made on a case-by-case basis, based on the facts known to us at
the time provisions are established, and are periodically
adjusted to recognize the estimated ultimate cost of a claim. As
a reinsurance company, our reserve estimates are largely based
on information received from our ceding companies, which are in
turn dependent on information received from their underlying
insureds, with the result that a significant amount of time can
lapse between the assumption of risk on our part, and the
ultimate payment of a claim on a covered loss event. In
addition, we establish IBNR reserves in our
Property-Casualty business to recognize the estimated cost of
losses that have occurred but about which we do not yet have
notice. The establishment of our technical reserves is an
inherently uncertain process, involving assumptions as to
factors such as court decisions, changes in laws, social,
economic and demographic trends, inflation and other factors
affecting claim costs. Reserves are calculated on the basis of
their ultimate cost undiscounted, except for workmens
compensation, which are discounted in accordance with
reinsurance industry practice. In our Life reinsurance business,
the technical reserves for life benefits that we establish are
based on information received from our ceding companies,
together with actuarial estimates concerning mortality and
morbidity trends. We have assessed that, as far as the
evaluation of our technical reserves was concerned, the World
Trade Center tragedy was considered as one event only. See also
Item 8  Financial Information 
Legal Proceedings and Note 1.14 to the consolidated
financial statements.

Premiums.

Management must make judgments about the ultimate
premiums written by the Group. Due to lags in the reporting of
premium data by our ceding company clients, our reported
premiums written are based on reports received from ceding
companies, supplemented by our own estimates of premiums written
for which ceding company reports have not been received.
Property-Casualty and Life premiums recorded in the year
correspond to the estimated premiums anticipated at the time of
writing the contract. This is regularly reviewed in the course
of the year to adjust for possible modifications in premiums
paid under the contract. An unearned premium reserve is
calculated, either on a time apportioned contract-by-contract
basis, or using a

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statistical method when this yields as a result
close to that obtained via the contract-by-contract method. See
also Note 1.7 to the consolidated financial statements.


Amortization of Deferred Policy Acquisition
Costs.

We amortize our deferred policy acquisition costs
(DAC) for life business based on a percentage of our expected
gross profits (EGPs) over the life of the policies. Our
estimated EGPs are computed based on assumptions related to the
underlying policies written, including the lives of the
underlying policies, and, if applicable, growth rate of the
assets supporting the liabilities. We amortize deferred policy
acquisition costs by estimating the present value of the EGPs
over the lives of the insurance policies and then calculate a
percentage of the policy acquisition cost deferred as compared
to the present value of the EGPs. That percentage is used to
amortize the deferred policy acquisition cost such that the
amount amortized over the life of the policies results in a
constant percentage of amortization when related to the actual
and future gross profits.

Because the EGPs are only estimates of the
profits we expect to recognize from these policies, the EGPs are
adjusted at each balance sheet date to take into consideration
the actual gross profits to date and any changes in the
remaining expected future gross profits. When EGPs are adjusted,
we also adjust the amortization of the DAC amount, if
applicable, either to maintain a constant amortization
percentage over the entire life of the policies (FAS 97
products), or to take into account the absence of future profits
(FAS 60). For 2002, we have not materially changed the
weighted average expected life of the policies. The present
value of the future profits acquired in the context of the
purchase of SCOR Life Re US is determined in a similar
manner. See Note 1.8 to the consolidated financial
statements.

In our Property-Casualty business, deferred
acquisition costs represent the portion of commissions
pertaining to contracts in force at year-end over the period for
which premiums are not yet earned, and are written down over the
residual duration of the contracts in question.

Fair Values.

Fair value determinations for financial assets
are based generally on listed market prices or broker or dealer
price quotations. If prices are not readily determinable or if
liquidating our positions is reasonably expected to affect
market prices, fair value is based on either internal valuation
models or managements estimate of amounts that could be
realized under normal market conditions, assuming an orderly
liquidation over a reasonable period of time. Certain financial
instruments, including OTC derivative instruments, are valued
using pricing models that consider, among other factors,
contractual and market prices, correlations, time value, credit,
yield curve volatility factors and/or prepayment rates of the
underlying positions. The use of different pricing models and
assumptions could produce materially different estimates of fair
value.

Deferred Tax.

The deferred tax assets and liabilities on the
consolidated balance sheets reflect timing differences between
the carrying amount of assets and liabilities for financial
reporting and income tax purposes. See Note 7 (Income Tax)
to the consolidated financial statements for significant
components of the Groups deferred tax assets and
liabilities.

SFAS 109 requires the establishment of a
valuation allowance for deferred income tax benefits if, based
on the weight of available evidence, it is more likely than not
that some portion or all of the deferred tax assets will not be
realized. Management believes, based on the Groups
historical record of generating taxable income and its
expectations of future earnings, that the Groups taxable
income in future years will be sufficient to realize the
deferred tax benefits, which are reflected on its consolidated
balance sheet as of December 31, 2002. Management believes
certain tax planning strategies exist, including its ability to
alter the mix of its investment portfolio to taxable investments
from tax-exempt investments, which could be implemented if
necessary to ensure sufficient taxable income to realize fully
its deferred income tax benefits.

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At December 31, 2002, we had EUR
214 million of deferred tax assets related principally to
domestic and United States domiciled loss carry forwards that
expire between 5 or 7 years (2006  2008),
for which no valuation allowance has been recorded. The
realization of these assets is based upon estimates of future
taxable income. In preparing estimates of future taxable income,
we have used the same assumptions and projections utilized in
our internal forecasts. Based on these projections, we estimate
that the loss carry forwards will be fully utilized prior the
expiration of the loss carry forwards. Estimates of future
earnings are based on an increase in reinsurance rates, and the
absence of major catastrophes like those experienced in 2002.
Should the pretax book income and taxable income instead remain
at 2002 levels due to an occurrence of other catastrophes, a
valuation allowance would be required.

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Item 6. Directors, Senior Management
and Employees

A. DIRECTORS AND SENIOR
MANAGEMENT

In accordance with French law governing a
société anonyme, the principal responsibility
of the board of directors is to determine the guiding principles
of the companys business plan and strategy and to monitor
their application. The Chairman and Chief Executive Officer has
full executive authority to manage the affairs of the Company,
subject to the prior authorization of the board of directors or
of the Companys shareholders for certain decisions as
required by law.

Board of Directors

Under French law, the board of directors prepares
and presents the year-end accounts of the Company to the
shareholders and convenes shareholders meetings. In
addition, the board of directors reviews and monitors
SCORs economic, financial and technical strategies. French
law provides that the board of directors be composed of no fewer
than three and no more than eighteen members. The actual number
of directors must be within such limits and may be provided for
in the statuts, or bylaws, or determined by the
shareholders at the annual general meeting of shareholders. The
board of directors cannot increase the number of members of the
board.

At December 31, 2002, the Companys
board of directors consisted of fifteen members, including two
employee directors. At its meeting on March 31, 2003,
SCORs board of directors decided to submit to the general
shareholders meeting proposals regarding changes in the
membership of the board, as recommended in January by Allan
Chapin, a non-executive director. The Companys
shareholders meeting held on May 15, 2003, approved
the proposals and adopted resolutions reducing the
Companys employee-elected directors from two to one,
nominating two non-voting directors, and electing new directors.
Under the Companys statuts, each director must own
at least one share in the Company throughout his entire term of
office. Under French law a director, other than an employee
director, may be an individual or a corporation, but the
Chairman must be an individual. Currently, each of the
Companys directors is an individual. The employee director
is currently elected for a three-year term by the Companys
and its French subsidiaries employees and each voting
director is elected for a six-year term. Directors may not hold
office after the age of 72 under the Companys
charter. A director reaching the age of 72 while in office has
to retire at the expiry of the term of office, as determined at
the general meeting of shareholders. Non-employee directors are
elected by the shareholders and serve until the expiration of
their respective term, or until their resignation, death or
removal, with or without cause, by the shareholders. Vacancies,
which exist in the Board of Directors, may, under certain
conditions, be filled by the Board of Directors, pending the
next shareholders meeting.

Directors are required to comply with applicable
law and SCORs statuts. Under French law, directors
are liable for violations of French legal or regulatory
requirements applicable to sociétés anonymes,
violation of the Companys statuts or mismanagement.
Directors may be held liable for such actions both individually
and jointly with the other directors.

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The following table sets forth the names of the
directors of SCOR at December 31, 2002, their positions
with SCOR and their principal business activities performed
outside SCOR, the dates of their initial appointment as
directors and the original expiration dates of their term in
office.

|     |                                |     |  |                                        |    |           |  |                                                                                                                                                     |  |  |          |  |  |  |      | 
|---- | ------------------------------ | --- |  | -------------------------------------- | -- | --------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------- |  |  | -------- |  |  |  | ---- | 
|     |                                |     |  |                                        |    |           |  | Proposed                                                                                                                                           
|     |                                |     |  | Position at SCOR at December 31, 2002, |    | Initially |  | term                                                                                                                                               
|Name |                                | Age |  | and business activities outside SCOR   |    | appointed |  | to expire                                                                                                                                          
|     |                                |     |  |                                        |    |           |  |                                                                                                                                                    
|     | Denis Kessler(1)               |     |  |                                        | 51 |           |  | Chairman and Chief Executive Officer; Director of
    BNP Paribas S.A. (France)                                                                     |  |  | 11/4/02  |  |  |  | 2008 | 
|     | Jean Baligand(2)               |     |  |                                        | 53 |           |  | Vice Chairman and Director; President of the
    board of directors of the Caisse Centrale des Assurances
    Mutuelles Agricoles (CCAMA) (France)  |  |  | 9/4/01   |  |  |  | 2006 | 
|     | Michèle Aronvald               |     |  |                                        | 44 |           |  | Employee-elected Director                                                                                                                           |  |  | 8/30/01  |  |  |  | 2003 | 
|     | Jean-Antoine Chabannes(1)      |     |  |                                        | 64 |           |  | Director; Chairman, Swiss Life (France)                                                                                                             |  |  | 11/18/96 |  |  |  | 2004 | 
|     | Allan Chapin, Esq.(2)(3)(4)    |     |  |                                        | 61 |           |  | Director; Managing partner, Compass Partners
    International LLC (New York, U.S.A.)                                                               |  |  | 5/12/97  |  |  |  | 2003 | 
|     | Georges Chodron de Courcel (3) |     |  |                                        | 52 |           |  | Director; Member of the Executive Committee,
    Senior and Executive Vice President, Corporate and Investment
    Banking, B.N.P. PARIBAS (France) |  |  | 5/9/94   |  |  |  | 2006 | 
|     | Jacques Giraud(1)              |     |  |                                        | 55 |           |  | Director; Executive Vice president, Caisse
    Centrale des Assurances Mutuelles Agricoles (C.C.A.M.A) (France)                                     |  |  | 9/4/01   |  |  |  | 2008 | 
|     | John Harbour                   |     |  |                                        | 57 |           |  | Director; retired; Member of the transition
    office of financial sector management, Government of Québec                                         |  |  | 11/18/96 |  |  |  | 2004 | 
|     | Daniel Havis                   |     |  |                                        | 47 |           |  | Director; Chairman and Chief Executive Officer,
    MATMUT (Mutuelle Assurance de Travailleurs Mutualistes) (France)                                |  |  | 11/18/96 |  |  |  | 2008 | 
|     | Serge Osouf(5)                 |     |  |                                        | 59 |           |  | Director; Permanent Representative of SCOR at
    Coface S.A. (France)                                                                              |  |  | 11/18/96 |  |  |  | 2003 | 
|     | Patrick Peugeot(1)(4)          |     |  |                                        | 65 |           |  | Director, Honorary Chairman; Chairman and Chief
    Executive Officer of La Mondiale (France)                                                       |  |  | 8/30/94  |  |  |  | 2006 | 
|     | Luc Rougé                      |     |  |                                        | 50 |           |  | Employee-elected Director                                                                                                                           |  |  | 6/30/94  |  |  |  | 2003 | 
|     | Jean Simonnet(1)(4)            |     |  |                                        | 66 |           |  | Director; Chairman, La MACIF (France)                                                                                                               |  |  | 3/2/99   |  |  |  | 2008 | 
|     | Alain Tempelaere(2)            |     |  |                                        | 68 |           |  | Director; Chairman,  Caisse Mutuelle
    dAssurances et de prévoyance (AREAS-CMA) (France)                                                        |  |  | 5/12/97  |  |  |  | 2003 | 
|     | Francesco Torri                |     |  |                                        | 63 |           |  | Director; Managing Director and Chief Executive
    Officer of Toro Assicurazioni SpA (Italy)                                                       |  |  | 11/18/96 |  |  |  | 2004 | 






|    |                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------------------------
|(1) | In replacement of Jacques Blondeau, with effect
    from November 4, 2002  Member of the Strategic
    Committee.
|   
|(2) | Member of the Audit and Ethics Committee.                                                                         
|   
|(3) | Member of the Compensation Committee.                                                                             
|   
|(4) | Member of the Selection Committee.                                                                                
|   
|(5) | Serge Osouf was replaced by Patrick Thourot, with
    effect from January 23, 2003.                               

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The following table sets forth the current
composition of the Companys board of directors. In
addition to the persons named below, an employee representative
is expected to be appointed during 2003 as board member:

|     |                          |     |  |                                      |    |           |  |                                                                                                                                                                                |  |  |          |  |  |  |      | 
|---- | ------------------------ | --- |  | ------------------------------------ | -- | --------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  |  | -------- |  |  |  | ---- | 
|     |                          |     |  |                                      |    |           |  | Proposed                                                                                                                                                                      
|     |                          |     |  | Current position at SCOR             |    | Initially |  | term                                                                                                                                                                          
|Name |                          | Age |  | and business activities outside SCOR |    | appointed |  | to expire                                                                                                                                                                     
|     |                          |     |  |                                      |    |           |  |                                                                                                                                                                               
|     | Denis Kessler(1)         |     |  |                                      | 51 |           |  | Chairman and Chief Executive Officer; Director of
    BNP Paribas S.A. (France)                                                                                                |  |  | 11/4/02  |  |  |  | 2007 | 
|     | Jean Baligand(1)         |     |  |                                      | 53 |           |  | Vice Chairman and Director; President of the
    board of directors of the Caisse Centrale des Assurances
    Mutuelles Agricoles (CCAMA) (France)                             |  |  | 9/4/01   |  |  |  | 2009 | 
|     | Daniel Lebègue(1)(2)(3)  |     |  |                                      | 60 |           |  | Director; Former Chief Executive, Caisse des
    Dépôts et Consignations                                                                                                       |  |  | 5/15/03  |  |  |  | 2009 | 
|     | André Lévy-Lang(1)(3)(4) |     |  |                                      | 65 |           |  | Director; Former Chairman, Paribas                                                                                                                                             |  |  | 5/15/03  |  |  |  | 2009 | 
|     | Claude Tendil(1)(2)      |     |  |                                      | 57 |           |  | Director; Chairman and Chief Executive Officer,
    Generali France                                                                                                            |  |  | 5/15/03  |  |  |  | 2007 | 
|     | Jean-Claude Seys(1)      |     |  |                                      | 64 |           |  | Director; Chairman and Chief Executive Officer,
    MAAF, Les Mutuelles du Mans, and COVEA                                                                                     |  |  | 5/15/03  |  |  |  | 2009 | 
|     | Yvon Lamontagne(2)       |     |  |                                      | 63 |           |  | Director; Non-executive director of several
    companies, including Hydro Quebec, etc., former Chairman, Boreal
    Assurance                                                 |  |  | 5/15/03  |  |  |  | 2007 | 
|     | Carlo Acutis(2)          |     |  |                                      | 64 |           |  | Director; Vice-Chairman, La Vittoria
    Assicurazioni, former Chairman of the Comité Européen
    des Assurances (European Federation of National Insurance
    Associations) |  |  | 5/15/03  |  |  |  | 2009 | 
|     | Herbert Schimetscheck(2) |     |  |                                      | 65 |           |  | Director; Chairman of the Management Board, Uniqa
    International, and former Chairman of the Comité
    Européen des Assurances                                             |  |  | 5/15/03  |  |  |  | 2007 | 
|     | Daniel Havis(2)          |     |  |                                      | 47 |           |  | Director; Chairman and Chief Executive Officer,
    MATMUT (Mutuelle Assurance de Travailleurs Mutualistes) (France)                                                           |  |  | 11/18/96 |  |  |  | 2008 | 
|     | Jean Simonnet(2)         |     |  |                                      | 66 |           |  | Director; Chairman, La MACIF (France)                                                                                                                                          |  |  | 3/2/99   |  |  |  | 2005 | 
|     | Allan Chapin, Esq.(4)    |     |  |                                      | 61 |           |  | Director; Managing partner, Compass Partners
    International LLC (New York, U.S.A.)                                                                                          |  |  | 5/12/97  |  |  |  | 2005 | 
|     | Daniel Valot(1)          |     |  |                                      | 58 |           |  | Director; Chairman of the Management Board,
    Technip-Coflexip                                                                                                               |  |  | 5/15/03  |  |  |  | 2007 | 
|     | Antonio Borges(2)(3)     |     |  |                                      | 53 |           |  | Director; Vice-Chairman and Managing Director,
    Goldman Sachs International                                                                                                 |  |  | 5/15/03  |  |  |  | 2007 | 






|    |                                                          
|--- | ---------------------------------------------------------
|(1) | Member of the Strategic Committee.                       
|   
|(2) | Member of the Risks Committee.                           
|   
|(3) | Member of the Accounts and Audit Committee.              
|   
|(4) | Member of the Compensation and Nominations
    Committee.

62



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##### Table of Contents



In addition, two non-voting directors were
elected for a two-year term:



| |   |                                                                                                                                                                                                    
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Georges Chodron de Courcel, 53, Member of the
    Executive Committee, BNP-Paribas, who was also appointed as
    member of the Risks Committee and the Compensation and
    Nominations Committee.
|
| |  | Helman Le Pas de Secheval, 37, Chief Financial
    Officer, Groupama, who was also appointed as member of the Risks
    Committee and the Accounts and Audit Committee.                            

As recommended in the evaluation carried out in
January 2003, the new board of directors comprises:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a majority of non-executive directors. The
    newly-elected board considers eleven of its fifteen members to
    be independent, namely Messrs. Acutis, Borges, Chapin,
    Havis, Lamontagne, Lebègue, Lévy-Lang, Schimetscheck,
    Simonnet, Tendil and Valot. This evaluation was based on the
    criteria laid down in the 2002 Bouton Report in France and the
    recommendations of the NYSE in the United States;
|
| |  | a greater diversity of expertise. In addition to
    experts drawn from the insurance and reinsurance sector, the
    newly-elected board of directors has more members representing
    the world of finance and industry,                                                                                                                                                                                                 
|
| |  | a more international perspective, with directors
    from Italy, Portugal, Austria, Canada and the United States, and
    directors with extensive international experience.                                                                                                                                                                                                                                                

Business experience of SCORs newly-elected
board of directors:

Denis Kessler

After seven years in the insurance field, as
Chairman of the Fédération Française des
Sociétés dAssurance (FFSA), then Managing
Director and member of the Executive Committee of AXA, Denis
Kessler worked for the MEDEF (French Business Confederation),
where he was First Vice-Chairman from 1998 to 2002. He then
joined SCOR as Chairman and Chief Executive Officer of the Group
on November 4, 2002.

Jean Baligand

Jean Baligands main position over the last
five years was as Chairman of the Board of directors of la
Caisse Centrale des Assurances Mutuelles Agricoles (CCAMA).
Among other responsibilities, Mr. Baligand also serves as
Chairman/ Member of the Supervisory Board of some Groupama
branches and Director of the Caisse Centrale de Réassurance
(CCR).

Daniel Lebègue

From 1988 to 2002, Daniel Lebègue was Chief
Operating Officer of la Caisse des Dépôts et
Consignations, Chairman of the Supervisory Board of CDC IXIS et
Chairman of Eulia. He currently is Director of various
industrial companies.

André Lévy-Lang

André Lévy-Lang was Chairman of the
Management Board of Paribas from 1990 to 1999 and is now
Director of various companies, notably Assurances
Générales de France (AGF) and Schlumberger.

Jean-Claude Seys

Mr. Seys has worked mainly in the insurance
field. He was appointed Chairman and Chief Executive Officer of
MAAF in 1992, Chief Executive Officer of the Mutuelles du Mans
(MMA) in 1998 and Chief Executive Officer of COVEA in 1999.
Mr. Seys currently holds numerous non-executive positions
in France and abroad, notably in companies like MMA, MAAF or
OFIVALMO.

63



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##### Table of Contents



Yvon Lamontagne

Yvon Lamontagne served as Chairman and Chief of
Management of Boreal Assurances (now AXA) before he retired in
1995. Mr. Lamontagne lives in Québec and holds various
non-executive positions in local companies, notably in Canadian
branches of insurance/ reinsurance companies (such as SCOR and
AXA).

Carlo Acutis

The principal position of Carlo Acutis is as Vice
Chairman of Vittoria Assicurazioni S.p.A. Most of his other
responsibilities as Chairman or Member of the Board are based in
Italy, where he lives. Moreover, he is active in the
international insurance market, notably as member of the
Comité Européen des Assurances (C.E.A  of
which he was Chairman from 1962 to 1966) and member of the Board
of the Geneva Association.

Herbert Schimetschek

From 1997 to 2000, Herbert Schimetschek was
Chairman of the Conseil Européen des Assureurs, then until
June 2000, Vice Chairman of the Austrian Insurance Companies
Association and from 1999 to 2001, Chairman of the Management
Board and Chief Executive Officer of UNIQA Versicherung S.a. He
currently has numerous non-executive positions in insurance or
bank companies in Austria, where he lives.

Daniel Havis

The principal position of Daniel Havis is as
Chief Executive Officer of the Mutuelle Assurance de
Travailleurs Mutualistes (MATMUT). Among other appointments,
Mr. Havis is also Chairman of SMAC (Mutuelle Accidents
Corporels) and certain OFIVALMO branches, and holds
non-executive positions in finance or insurance companies.

Jean Simonnet

Over the last five years, Jean Simonnet has been
Chairman of companies among which the MACIF (Société
dAssurance Mutuelle) and SMIP (Mutuelle
Complémentaire Santé). He is currently Director of
various insurance and real estate companies (such as IMA,
OFIVALMO and MACIF).

Allan Chapin, Esq.

After being a partner at Sullivan & Cromwell,
New York, for a number of years, since June 2002, Allan Chapin
is a partner at Compass Partners International LLC, New York. He
is also Director in the Pinault Printemps Redoute Group and at
SCOR US and some of its subsidiaries.

Daniel Valot

From 1995 to 1999, Mr. Valot was Chief
Operating Officer of Total Exploration Production, then worked
for Technip, where he was appointed Chairman of the Management
in December 2001. His other positions as Director are mainly
held in the industry field, in France and abroad.

Antonio Borges

Mr. Borges is currently Vice Chairman and
Managing Director of Goldman Sachs International in London.
Among other positions, he is member of the Supervisory Board of
CNP Assurances and member of the Fiscal Committee of two banks
in Portugal.

Georges Chodron de Courcel

Mr. Chodron de Courcel is member of the
Executive Committee of BNP Paribas in Paris and holds
non-executive positions for the BNP Group in some of their
foreign subsidiaries. Moreover, he has been appointed Director
of significant groups such as Bouygues S.A, Alstom or Nexans S.A.

64



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##### Table of Contents



Helman Le Pas de Sécheval

From 1998 to 2001, Mr. Le Pas de
Sécheval directed the financial information and operations
department at the COB (Commission des Opérations
Boursières), before being appointed Chief Financial officer
of Groupama in October 2001. He holds various non-executive
positions for GAN Insurance in France and abroad as well as for
other financial companies.

The first meeting of the newly-elected board of
directors was held on May 15, 2003.

Executive Officers

Under French law and the Companys
statuts and pursuant to a decision of the board of
directors, the Chairman and Chief Executive Officer has full
executive authority to manage the affairs of SCOR. The Chairman
and Chief Executive Officer has broad powers to act on behalf of
SCOR and to represent SCOR in dealings with third parties,
subject only to those powers expressly reserved by law to the
board of directors or the shareholders. The Chairman and Chief
Executive Officer determines, and is responsible for the
implementation of the goals, strategies and budgets of SCOR,
which are reviewed and monitored by the Board of Directors. The
board of directors has the power to appoint and remove, at any
time, the Chairman and Chief Executive Officer, as well as to
appoint separate persons to hold the positions of Chairman and
Chief Executive Officer. Upon a proposal made by the Chairman
and Chief Executive Officer, the Board of Directors may also
appoint a Chief Operating Officer to assist the Chairman and
Chief Executive Officer in managing the Companys affairs.

The following table sets forth the Companys
executive officers at December 31, 2002:

|                          |  |     |    |                  |  |                                                                   |  |  |      | 
|------------------------- |  | --- | -- | ---------------- |  | ----------------------------------------------------------------- |  |  | ---- | 
|                          |  |     |    |                  |  | Executive Officer                                                
|Name                      |  | Age |    | Current Position |  | Since                                                            
|                          |  |     |    |                  |  |                                                                  
|Denis Kessler             |  |     | 51 |                  |  | Chairman and Chief Executive Officer                              |  |  | 2002 | 
|Serge Osouf               |  |     | 59 |                  |  | President and Chief Operating Officer                             |  |  | 1994 | 
|Pierre-Denis Champvillard |  |     | 56 |                  |  | Group Executive Vice President                                    |  |  | 1994 | 
|Romain Durand             |  |     | 45 |                  |  | Group Executive Operating Officer                                 |  |  | 1997 | 
|Jérôme Faure              |  |     | 45 |                  |  | Vice Chairman President and Chief Executive
    Officer SCOR U.S. |  |  | 2002 | 

Serge Osouf resigned and was replaced with
Patrick Thourot on January 23, 2003.

On February 28, 2003, Chairman and Chief
Executive Officer Denis Kessler presented a new organization of
the Company and new members of the Executive Committee were
nominated. The following table sets forth the Companys
current executive officers, their positions with SCOR and the
first dates as of which they served as executive officers of
SCOR.

|                          |  |     |    |                  |  |                                                |  |  |      | 
|------------------------- |  | --- | -- | ---------------- |  | ---------------------------------------------- |  |  | ---- | 
|                          |  |     |    |                  |  | Executive Officer                             
|Name                      |  | Age |    | Current Position |  | Since                                         
|                          |  |     |    |                  |  |                                               
|Denis Kessler             |  |     | 51 |                  |  | Chairman and Chief Executive Officer           |  |  | 2002 | 
|Patrick Thourot           |  |     | 54 |                  |  | Chief Operating Officer                        |  |  | 2003 | 
|Pierre-Denis Champvillard |  |     | 56 |                  |  | Group Deputy Chief Operating Officer           |  |  | 1994 | 
|François Terren           |  |     | 50 |                  |  | Chief Financial Officer                        |  |  | 2003 | 
|Jean-Luc Besson           |  |     | 57 |                  |  | Chief Reserving Actuary                        |  |  | 2003 | 
|Jérôme Faure              |  |     | 45 |                  |  | Managing Director, Non-Life Treaties Division  |  |  | 2002 | 
|Romain Durand             |  |     | 45 |                  |  | Managing Director, Life Division               |  |  | 1997 | 
|Renaud de Pressigny       |  |     | 44 |                  |  | Managing Director, Business Solutions Division |  |  | 2003 | 

Arnaud Chneiweiss was appointed Secretary to the
Executive Committee and the Board of Directors.

Business experience of SCORs executive
officers:

65



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##### Table of Contents



Denis Kessler

See above under Board of Directors.

Patrick Thourot

Patrick Thourot worked for ten years with the
French Ministry of Finance, before spending most of his career
in insurance companies or confederations since 1983: FFSA, PFA
IARD and AXA, where he was Executive Vice President of the
Group, Group Technical Director and member of the Executive
Committee. He was appointed Chief Operating Officer of SCOR
Group in January 2003.

Pierre-Denis Champvillard

Pierre-Denis Champvillard joined SCOR in 1971 and
was named Managing Director of SCOR activities in the United
Kingdom in 1973 and in Hong Kong in 1983. In 1988 he was
appointed Managing Director of SCOR Vie and since 1993 he has
been concurrently Managing Director of SCOR Réassurance and
responsible for the non-Life activities of the Group in Europe.
He became a member of the Group Executive Committee in 1994.

François Terren

François Terren was Vice President,
Financing and Treasury at the Air Liquide Group from 1981 to
1991, and then Chief Administrative and Financial Officer, CORA
Group. In 1993, he was named Assistant Chief Investment Officer
of GAN, before going on to advise Morgan Stanleys real
estate investment funds in 1996. He joined the Taittinger Group
in 1997 as Senior Vice President, Financial Affairs for the
Compagnie Financière Taittinger, and as a member of the
Executive Board and Chief Financial Officer of Société
du Louvre. He was appointed Chief Financial Officer of SCOR on
February 28, 2003.

Jean-Luc Besson

Jean-Luc Besson, an Actuary, joined the FFSA in
1985 and was since July 2001 Senior Vice President, Research,
Statistics and Information Systems at the FFSA. He is a member
of the Board of Directors, the Scientific Committee and the
Admissions Jury of the French Institute of Actuaries and is a
member of the International Actuarial Association. He teaches
Property-Casualty insurance at the University of Paris Institute
of Statistics (ISUP) and Property-Casualty actuarial science at
the Conservatoire National des Arts et Métiers (CNAM).
Mr. Besson was named Chief Reserving Actuary of SCOR Group
on January 23, 2003.

Jérôme Faure

Jérôme Faure started his career as an
engineer and quickly joined SCOR in 1988 as a property
facultative underwriter in Paris. He then was appointed Chief
Representative of SCOR in Tokyo in 1989 and Managing Director of
SCOR UK in 1994, before joining SCOR U.S. in 1997,
where he was named Chief Executive Officer in 2001. Effective
February 28th, 2003, Jerome Faure became Managing Director
of Non-Life Treaties Division.

Romain Durand

After a career in insurance, that included his
appointment as General Manager of the Bâloise France Group,
Romain Durand joined SCOR in January 1997. He was named Chief
Operating Officer of SCOR Vie in April 1998 and became Member of
the Group Executive Committee.

Renaud de Pressigny

Renaud de Pressigny has spent 17 years in
the insurance brokerage industry, working with Diot, CECAR and
Aon in Saudi Arabia, Paris and New York. He joined SCOR in
January 2000 and was appointed Managing Director of Business
Solutions Division, the Unit dedicated to large corporate
accounts.

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##### Table of Contents



B. COMPENSATION

The aggregate amount of compensation of all
directors and executive officers of SCOR as a group, paid or
accrued for services in all capacities for the year ended
December 31, 2002 was approximately
EUR 2 million, of which approximately 10% was in the
form of performance-related bonuses paid to executive officers
of SCOR. Such bonuses are calculated as a percentage of the
Groups net income which is fixed, in the case of the
Chairman and Chief Executive Officer and the Chief Operating
Officer, every two years by the Board of directors and, in the
case of the Managing Directors, periodically, but no more often
than annually, by the Chairman.

Compensation paid in respect of 2002 to members
of the Group Executive Committee, was as follows:

|                          |  |                     |     |                     |  |  |    | 
|------------------------- |  | ------------------- | --- | ------------------- |  |  | -- | 
|Name                      |  | Fixed               |     | Variable           
|                          |  |                     |     |                    
|                          |  | (EUR, in thousands) |     | (EUR, in thousands)
|Denis Kessler(1)          |  |                     | 81  | (2)                 |  |  |   | 
|Jacques Blondeau          |  |                     | 453 | (3)                 |  |  |   | 
|Serge Osouf(4)            |  |                     | 428 |                     |  |  |   | 
|Pierre-Denis Champvillard |  |                     | 195 |                     |  |  | 40 | 
|François Reach(5)         |  |                     | 150 |                     |  |  | 35 | 
|Jerome Faure              |  |                     | 327 |                     |  |  | 86 | 
|Romain Durand             |  |                     | 156 |                     |  |  | 35 | 






|    |                                                                                                                                                                                                                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | in replacement of Jacques Blondeau with effect
    from November 4, 2002.                                                                                                                                                                                                                                  
|   
|(2) | Mr. Kesslers fixed annual compensation
    is of EUR 505,000. His variable compensation depends on
    SCORs net consolidated results and on reaching some
    objectives, including capital increase, reorganization and
    corporate governance and can represent a maximal amount of
    EUR 500,000.

The board of directors of December 19, 2002
decided, to give Mr. Kessler variable compensation of
EUR 150,000 for the 2002 period.




|    |                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------
|(3) | for the period from January 1, 2002 to
    November 4, 2002.                                                          
|   
|(4) | Mr. Osouf resigned on January 22, 2003
    and was replaced by Patrick Thourot, with effect from
    January 23, 2003.
|   
|(5) | for the period from January 1, 2002 to
    December 17, 2002.                                                         

Members of the Group Executive Committee and
other senior executives of the Group are entitled to the use of
a vehicle for their professional transportation and a
noncontributory defined benefit retirement plan with an
accumulated benefit obligation and fair value of plan assets of
EUR 6 million as of December 31, 2001. They do
not receive directors fees in respect of their
directorships of companies in which SCOR holds more than 20% of
the capital. They are reimbursed for justified business expenses.

Dismissal payment and paid holidays in settlement
are not included in the directors and officers
compensation table above. They represented respectively
EUR 1,822,516 for Jacques Blondeau and EUR 734,180 for
François Reach.

As of December 31, 2002, 639,500 options to
purchase an aggregate of 639,500 Shares were held by executive
officers of the Company as a group (6 persons). Under
French law, the Company cannot grant options to members of the
board of directors other than those who are also officers or
employees.

No stock subscription or purchase option were
granted in 2002.

On February 28, 2003, the board of directors
approved a plan for senior officers providing for a total of
986,000 options, granted without discount, at a price of
EUR 4.16 per option. Options can be exercised all at once
or separately but with a minimum of 100 shares each time,
from February 28, 2007 to February 27, 2013. After
February 27, 2013, not yet exercised options are null and
void.

67



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##### Table of Contents



C. BOARD PRACTICES

Committees of the Board of Directors

Under French law, the board of directors is
authorized to establish committees comprised of directors that
report to the board of directors and prepare the decisions of
the board of directors on specific issues. The committees have
no power of decision. Within their respective areas, the
committees prepare for the proceedings of the full board of
directors, making proposals and recommendations, and expressing
opinions. They may carry out or order the performance of all
studies needed to inform the discussions of the board of
directors.

As of December 31, 2002, the board of
directors operated with four committees appointed from among its
members:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Strategic
    Committee, consisting of five members,
    is responsible for considering products and geographical
    development strategy, reviewing action plans and operational
    budgets, investment and financing policy, projects of structure
    changes, studying and approving financial statements and
    distribution policy.                                                                                                                                                                                                                                                                                                                                                                                                              
|
| |  | The Audit and Ethics
    Committee, consisting of three
    non-executive outside directors, is responsible for ensuring the
    relevance, continuity and reliability of accounting methods
    used, and checking that the internal procedures for the
    collection and verification of data are adequate to ensure the
    quality of the information disclosed. It expresses its opinion
    on the validity of the procedures applied in accounting for
    significant transactions and reviews the financial condition of
    the Group. In addition, it enforces proper application of the
    companys code of conduct, whose implementation is the
    responsibility of the Corporate Secretary, who is also the
    Groups Compliance Officer.
|
| |  | The Compensation
    Committee, consisting of two members,
    is responsible for making recommendations regarding the
    compensation packages for SCOR directors and officers, for
    advising the Group Executive Committee on the main
    companys directors compensation and be kept informed
    on SCOR Group global wage policy, for deciding, based on the
    Group Executive Committees proposals, on who should stock
    subscription and/ or purchase options be granted to and how many.                                                                                                                                                                                                                                                 
|
| |  | The Nominations
    Committee, consisting of three
    members, is responsible for reviewing proposals regarding the
    membership, organization and procedures of the board of
    directors and its committees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

On November 5, 2002, in light of new
requirements and in response to criticism, the Companys
board of directors mandated a non-executive director, Allan
Chapin, to assess the boards modus operandi.
Mr. Chapin reported to the board of directors on
January 22, 2003, and the latter decided to propose a
far-reaching reform, which were adopted at the general meeting
of shareholders on May 15, 2003. The board of directors now
operates with four committees:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The newly-created Risks Committee, whose
    responsibility is to identify major technical and financial
    risks facing the Group. In its meeting on May 15, 2003, the
    Companys newly-elected board of directors appointed Carlo
    Acutis, Antonio Borges, Georges Chodron de Courcel, Daniel
    Havis, Yvon Lamontagne, Daniel Lebègue, Helman le Pas de
    Sécheval, Herbert Schimetschek, Jean Simonnet and Claude
    Tendil as members of the Risks Committee.
|
| |  | The Strategic Committee. Denis Kessler,
    Jean Baligand, Allan Chapin, Daniel Lebègue, André
    Lévy-Lang, Jean-Claude Seys, Claude Tendil and Daniel Valot
    were appointed members on May 15, 2003.                                                                                                                                                                                                                                                                    
|
| |  | The Accounts and Audit Committee,
    consisting exclusively of non-executive directors, compared with
    two-thirds previously. The newly-appointed members are Antonio
    Borges, Daniel Lebègue, Helman le Pas de Sécheval and
    André Lévy-Lang.                                                                                                                                                                                                                      
|
| |  | The Compensation and Nominations
    Committee, resulting from the combination of the two
    previously-existing committees. At least two thirds of its
    members, including the Chairman, are non-                                                                                                                                                                                                                                                                        

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| |  |                                                                                                                                                                                                                                 
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | executive directors. Its responsibility is to
    express an opinion on the compensation and choice of key Group
    officers. The newly-appointed members are Allan Chapin, Georges
    Chodron de Courcel and André Lévy-Lang.

There is no service contract between SCOR and any
director. There is no contract either between Denis Kessler and
SCOR, but all terms and conditions of his employment are
described in the minutes of the Board of Directors that took
place on December 19, 2002. During that meeting, Georges
Chodron de Courcel, speaking for the Compensation Committee,
proposed that the Chairman and Chief Executive Officers
compensation be set up as follows:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a fixed amount of
     500,000,
    split between Paris
    ( 240,000)
    and New York ($265,000);                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| |  | a variable amount that can go from
     0 to
    500,000. The Committee decided that the main objective for 2002
    was to achieve the capital increase. The work done in that
    occasion has been remarkable so the Committee proposes a package
    sum on
     150,000.
    As far as 2003 is concerned, the proposal is for the variable
    part to be of 2.75 to a thousand of SCORs net consolidated
    result (that is to say, for instance,
     275,000
     if the
    Groups profit totals
     100 million)
    for 70% of this variable compensation; and for it to depend on
    quality objectives for the 30% left, these objectives being the
    Groups restructuring, the consolidation of relationships
    with the shareholders and the improvement of corporate
    governance.

Contract termination or dismissal penalty would
be equal to the last two years of fixed compensation, with a
possible compensation of three years in case of profound change
in the shareholdings structure.

Denis Kessler will not receive any attendance fee
in Paris.

The Board approved the Chairman and Chief
Executives Officers compensation as proposed by the
Compensation Committee.

D. EMPLOYEES

As of December 31, 2002, the Group employed
1,256 people, including 653 at its headquarters facility in
Paris, 346 in North America, 70 in the Asia-Pacific region, 168
in other European countries, and 19 in other regions. In
addition to the provisions of the French labor code, SCORs
employees in France are covered by various collective bargaining
agreements relating to working conditions that are negotiated
periodically with the employees representatives. SCOR
believes that its relations with its employees are good.

The following is the distribution of the persons
employed:

|                                       |                                                        |                    |       |      |  |      |       |     |  |  |       |     | 
|-------------------------------------- | ------------------------------------------------------ | ------------------ | ----- | ---- |  | ---- | ----- | --- |  |  | ----- | --- | 
|                                       |                                                        |                   
|                                       |                                                        | As of December 31,
|                                       |                                                        |                   
|                                       |                                                        | 2000               |       | 2001 |  | 2002
|                                       |                                                        |                    |       |      |  |     
|Number of employees                    |                                                        |                    | 1,196 |      |  |      | 1,345 |     |  |  | 1,256 |    
|Breakdown by geographic location       |                                                        |                    |       |      |  |      |       |     |  |  |       |    
|                                       | France                                                 |                    |       | 590  |  |      |       | 686 |  |  |       | 653 | 
|                                       | North America                                          |                    |       | 369  |  |      |       | 405 |  |  |       | 346 | 
|                                       | Asia-Pacific region                                    |                    |       | 57   |  |      |       | 64  |  |  |       | 70  | 
|                                       | Other European countries                               |                    |       | 162  |  |      |       | 166 |  |  |       | 168 | 
|                                       | Other regions                                          |                    |       | 18   |  |      |       | 24  |  |  |       | 19  | 
|Breakdown by main category of activity |                                                        |                    |       |      |  |      |       |     |  |  |       |    
|                                       | Property-Casualty reinsurance                          |                    |       | 402  |  |      |       | 464 |  |  |       | 432 | 
|                                       | Life reinsurance                                       |                    |       | 194  |  |      |       | 184 |  |  |       | 213 | 
|                                       | Alternative reinsurance                                |                    |       | 37   |  |      |       | 43  |  |  |       | 38  | 
|                                       | Credit, Surety and Political Risks                     |                    |       | 16   |  |      |       | 13  |  |  |       | 14  | 
|                                       | SCOR Business Solutions  Large
    Corporate accounts |                    |       | 122  |  |      |       | 166 |  |  |       | 188 | 
|                                       | Management, Investment and other                       |                    |       | 425  |  |      |       | 475 |  |  |       | 371 | 

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E. SHARE OWNERSHIP

A total of 4,475,900 options were granted by the
board of directors in 1992, 1994, 1995, 1996, 1997, 1998, 1999,
2000 and 2001 under plans adopted pursuant to such resolutions.

As of May 15, 2003, there were 2,889,220
options granted but not yet exercised under such plans. Taking
into account the December 2002 capital increase, the number of
options totaled 4,915,746.

The following table sets forth certain
information relating to the various option plans as of
December 31, 2002:

|            |       |                     |  |              |              |            |  |               |                    |                |  |             |               |               |  |  |       |  |  |  |           |  |  |  |         |  |  |  |         | 
|----------- | ----- | ------------------- |  | ------------ | ------------ | ---------- |  | ------------- | ------------------ | -------------- |  | ----------- | ------------- | ------------- |  |  | ----- |  |  |  | --------- |  |  |  | ------- |  |  |  | ------- | 
|            |       |                     |  |              |              |            |  |               |                    |                |  |             |               | Of which     
|            |       |                     |  |              |              |            |  |               |                    |                |  |             |               | ten first    
|            |       | Date of             |  | Date of      |              |            |  |               |                    |                |  | Of which to |               | beneficiaries
|            |       | Board of Directors |  | options      |              | Expiration |  | Number of     |                    | Number of      |  | the Groups |               | employed by  
|Option Plan |       | Resolution          |  | availability |              | date       |  | beneficiaries |                    | shares granted |  | executives  |               | SCOR         
|            |       |                     |  |              |              |            |  |               |                    |                |  |             |               |              
|            | 1992  |                     |  |              | September 28 |            |  |               | Expired            |                |  |             | Expired       |               |  |  | 76    |  |  |  | 318,800   |  |  |  | 42,000  |  |  |  | 54,000  | 
|            | 1994  |                     |  |              | May 9        |            |  |               | May 9, 1995 (30%   | )              |  |             | May 8, 2004   |               |  |  | 104   |  |  |  | 429,000   |  |  |  | 59,000  |  |  |  | 64,000  | 
|            |       |                     |  |              |              |            |  |               | May 9, 1996 (30%   | )              |  |             |               |               |  |  |       |  |  |  |           |  |  |  |         |  |  |  |         | 
|            |       |                     |  |              |              |            |  |               | May 9, 1997 (40%   | )              |  |             |               |               |  |  |       |  |  |  |           |  |  |  |         |  |  |  |         | 
|            | 1995  |                     |  |              | May 15       |            |  |               | May 15, 1996 (30%  | )              |  |             | May 14,2005   |               |  |  | 99    |  |  |  | 430,000   |  |  |  | 82,000  |  |  |  | 68,000  | 
|            |       |                     |  |              |              |            |  |               | May 15, 1997 (30%  | )              |  |             |               |               |  |  |       |  |  |  |           |  |  |  |         |  |  |  |         | 
|            |       |                     |  |              |              |            |  |               | May 15, 1998 (40%  | )              |  |             |               |               |  |  |       |  |  |  |           |  |  |  |         |  |  |  |         | 
|            | 1996  |                     |  |              | September 5  |            |  |               | Sept. 5, 1997 (30% | )              |  |             | Sept. 4, 2006 |               |  |  | 122   |  |  |  | 480,000   |  |  |  | 83,000  |  |  |  | 70,000  | 
|            |       |                     |  |              |              |            |  |               | Sept. 5, 1998 (30% | )              |  |             |               |               |  |  |       |  |  |  |           |  |  |  |         |  |  |  |         | 
|            |       |                     |  |              |              |            |  |               | Sept. 5, 1999 (40% | )              |  |             |               |               |  |  |       |  |  |  |           |  |  |  |         |  |  |  |         | 
|            | 1997  |                     |  |              | September 4  |            |  |               | September 4, 2002  |                |  |             | Sept. 3, 2007 |               |  |  | 113   |  |  |  | 481,500   |  |  |  | 112,000 |  |  |  | 72,000  | 
|            | 1998  |                     |  |              | September 3  |            |  |               | September 4, 2003  |                |  |             | Sept. 3, 2008 |               |  |  | 134   |  |  |  | 498,000   |  |  |  | 130,000 |  |  |  | 71,500  | 
|            | 1999  |                     |  |              | September 2  |            |  |               | September 3, 2004  |                |  |             | Sept. 2, 2009 |               |  |  | 145   |  |  |  | 498,500   |  |  |  | 130,000 |  |  |  | 71,000  | 
|            | 2000  |                     |  |              | May 4        |            |  |               | May 5, 2004        |                |  |             | May 3, 2010   |               |  |  | 1,116 |  |  |  | 111,600   |  |  |  | 600     |  |  |  | 1,000   | 
|            | 2000  |                     |  |              | August 31    |            |  |               | September 1, 2005  |                |  |             | Aug. 30, 2010 |               |  |  | 137   |  |  |  | 406,500   |  |  |  | 110,000 |  |  |  | 63,000  | 
|            | 2001  |                     |  |              | September 4  |            |  |               | September 4, 2005  |                |  |             | Sept. 3, 2011 |               |  |  | 162   |  |  |  | 560,000   |  |  |  | 150,000 |  |  |  | 77,000  | 
|            | 2001  |                     |  |              | October 3    |            |  |               | October 4, 2005    |                |  |             | Oct. 2, 2011  |               |  |  | 1,330 |  |  |  | 262,000   |  |  |  | 1,200   |  |  |  | 2,000   | 
|            |       |                     |  |              |              |            |  |               |                    |                |  |             |               |               |  |  |       |  |  |  |           |  |  |  |         |  |  |  |         | 
|            | TOTAL |                     |  |              |              |            |  |               |                    |                |  |             |               |               |  |  |       |  |  |  | 4,475,900 |  |  |  | 899,800 |  |  |  | 613,500 | 
|            |       |                     |  |              |              |            |  |               |                    |                |  |             |               |               |  |  |       |  |  |  |           |  |  |  |         |  |  |  |         | 

Following the capital increase on
December 31, 2002, the Company has adjusted the price of
the shares covered by options granted and the number of shares
under option, pursuant to Section L208-5 of the French
July 24, 1966 Act and Article D174-8 of the
March 23, 1967 Decree.

The price of shares under option, as set prior to
this operation, has been reduced by an amount equal to the
product of this price multiplied by the ratio between
(a) the value of the preferential subscription right and
(b) the value of the share prior to removal of this right,
i.e.:

| |  |                                                                                                                                       |  | 
| |  | ------------------------------------------------------------------------------------------------------------------------------------- |  | 
| |  | Previous offer price x value of preferential
    subscription right (average listed opening price during the
    subscription period) |  | 
| |  |                                                                                                                                       |  | 
| |  | Value of share after removal of preferential
    subscription right (average listed opening price during the
    subscription period) |  | 
| |  | + value of preferential subscription right                                                                                            |  | 

Because the initial value of the option is
supposed to remain constant, the new number of shares eligible
for subscription is equal to the initial value of the option
divided by the new offer price, i.e.:

| |  |                                                  |  | 
| |  | ------------------------------------------------ |  | 
| |  | Initial number of options x previous offer price |  | 
| |  |                                                  |  | 
| |  | New offer price as defined below                 |  | 

These calculations have been performed
individually and by-plan, and rounded up to the nearest unit.

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The table below summarizes the status of option
plans before and after the 2002 capital increase.

|            |      |                                                   |  |                            |       |                  |  |             |           |                |  |             |         |  |  |  |           |  |  |  |       |  |  |  |           | 
|----------- | ---- | ------------------------------------------------- |  | -------------------------- | ----- | ---------------- |  | ----------- | --------- | -------------- |  | ----------- | ------- |  |  |  | --------- |  |  |  | ----- |  |  |  | --------- | 
|            |      |                                                   |  |                            |       |                  |  |             |           |               
|            |      |                                                   |  | After issuance of ordinary
|            |      | Before issuance of ordinary shares  public issue |  | shares  public issue     
|            |      |                                                   |  |                           
|            |      |                                                   |  | Number of                  |       |                  |  |            
|            |      |                                                   |  | shares                     |       | Number of        |  | Options     |           |                |  | Options    
|            |      |                                                   |  | subscribed                 |       | rights cancelled |  | outstanding |           |                |  | outstanding
|            |      | Exercise price                                    |  | at the end                 |       | at the end       |  | at the end  |           | Exercise price |  | at the end 
|Option Plan |      | (in EUR)                                          |  | of 2002                    |       | of 2002          |  | of the year |           | (in EUR)       |  | of the year
|            |      |                                                   |  |                            |       |                  |  |             |           |                |  |            
|            | 1992 |                                                   |  |                            | 11.81 |                  |  |             | 296,250   |                |  |             | 22,550  |  |  |  | 0         |  |  |  | 11.81 |  |  |  | 0         | 
|            | 1994 |                                                   |  |                            | 17.38 |                  |  |             | 342,242   |                |  |             | 40,800  |  |  |  | 45,958    |  |  |  | 10.22 |  |  |  | 78,165    | 
|            | 1995 |                                                   |  |                            | 16.31 |                  |  |             | 311,750   |                |  |             | 25,600  |  |  |  | 92,650    |  |  |  | 9.59  |  |  |  | 157,577   | 
|            | 1996 |                                                   |  |                            | 28.97 |                  |  |             | 140,288   |                |  |             | 33,500  |  |  |  | 306,212   |  |  |  | 17.04 |  |  |  | 520,781   | 
|            | 1997 |                                                   |  |                            | 37.20 |                  |  |             | 0         |                |  |             | 106,000 |  |  |  | 375,500   |  |  |  | 21.88 |  |  |  | 638,612   | 
|            | 1998 |                                                   |  |                            | 56.25 |                  |  |             | 0         |                |  |             | 82,000  |  |  |  | 416,000   |  |  |  | 33.08 |  |  |  | 707,501   | 
|            | 1999 |                                                   |  |                            | 46.00 |                  |  |             | 0         |                |  |             | 88,000  |  |  |  | 410,500   |  |  |  | 27.05 |  |  |  | 698,145   | 
|            | 2000 |                                                   |  |                            | 48.00 |                  |  |             | 0         |                |  |             | 12,500  |  |  |  | 99,100    |  |  |  | 28.23 |  |  |  | 169,461   | 
|            | 2000 |                                                   |  |                            | 45.00 |                  |  |             | 0         |                |  |             | 44,000  |  |  |  | 362,500   |  |  |  | 26.46 |  |  |  | 616,520   | 
|            | 2001 |                                                   |  |                            | 48.00 |                  |  |             | 0         |                |  |             | 26,000  |  |  |  | 534,000   |  |  |  | 28.23 |  |  |  | 908,190   | 
|            | 2001 |                                                   |  |                            | 34.00 |                  |  |             | 0         |                |  |             | 15,200  |  |  |  | 246,800   |  |  |  | 19.99 |  |  |  | 420,794   | 
|            |      |                                                   |  |                            |       |                  |  |             |           |                |  |             |         |  |  |  |           |  |  |  |       |  |  |  |           | 
|            |      |                                                   |  |                            |       |                  |  |             | 1,090,530 |                |  |             | 496,150 |  |  |  | 2,889,220 |  |  |  |       |  |  |  | 4,915,746 | 
|            |      |                                                   |  |                            |       |                  |  |             |           |                |  |             |         |  |  |  |           |  |  |  |       |  |  |  |           | 

The option plans for the years 1994 to 1997 are
share subscription plans giving rise to an increase in capital.
Starting with the 1998 plan, all plans provide for the purchase
of existing shares.

There are no stock option plans providing for the
purchase of or subscription to shares in Group subsidiaries.

As of May 15, 2003, SCORs employees
held 0.45% of the SCORs ordinary shares collectively
through the companys pension plans. The companys
directors and members of its administrative, supervisory or
management bodies held individually 0.03% or less of SCORs
ordinary shares or options to subscribe thereto.

|                          |  |                   |         |                  |  |                  |       |  |  |  |            |  
|------------------------- |  | ----------------- | ------- | ---------------- |  | ---------------- | ----- |  |  |  | ---------- | -
|                          |  | Shares Held(1)    |         | Weighted-Average |  | Weighted-Average
|                          |  | and Options       |         | Exercise Price   |  | Expiration Date 
|Name                      |  | Not Yet Exercised |         | of the options   |  | of the options  
|                          |  |                   |         |                  |  |                 
|Denis Kessler             |  |                   | 19,520  |                  |  |                  |      |  |  |  | (no option | )
|Serge Osouf               |  |                   | 254,975 |                  |  |                  | 40,26 |  |  |  | 09/25/2008 |  
|Pierre-Denis Champvillard |  |                   | 112,800 |                  |  |                  | 44,30 |  |  |  | 04/02/2009 |  
|Romain Durand             |  |                   | 68,300  |                  |  |                  | 47,10 |  |  |  | 01/26/2010 |  
|Jerome Faure              |  |                   | 38,300  |                  |  |                  | 46,29 |  |  |  | 09/15/2009 |  






|    |                                                                                  
|--- | ---------------------------------------------------------------------------------
|(1) | Acquired through the exercise of stock options or
    by purchases on the market.

On May 15, 2003, the board of directors
authorized the establishment of an innovative stock option plan
for the benefit of all Group employees (excluding senior
executives) in France and elsewhere in the world. The formula
provides for granting to all employees (excluding senior
executives) on June 3, 2003, of the equivalent of one
months salary in the form of stock options, augmented by
the equivalent of an additional half-months salary in the
form of stock options if the Companys ROE (return on
equity) in 2003 exceeds 10%, plus a further half-months
salary in the form of stock options if ROE in 2004 exceeds 12%.

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Item 7. Major Shareholders and
Related Party Transactions

A. MAJOR SHAREHOLDERS

The following sets forth entities or persons
known to the Company to be the direct or indirect owners of 5%
or more of the Companys Ordinary Shares as of
June 10, 2002:

|                |  |                             |  |              |            |         |  |        |      |   |  |  |      |  
|--------------- |  | --------------------------- |  | ------------ | ---------- | ------- |  | ------ | ---- | - |  |  | ---- | -
|                |  |                             |  |              |            | Percent |  | Voting
|Title of Class  |  | Identity of Person or Group |  | Number Owned |            | Owned   |  | Rights
|                |  |                             |  |              |            |         |  |       
|Ordinary Shares |  | Groupama/Gan Groupe         |  |              | 25,627,475 |         |  |        | 18.8 | % |  |  | 18.8 | %
|Ordinary Shares |  | Silchester                  |  |              | 11,900,000 |         |  |        | 8.7  | % |  |  | 8.7  | %
|Ordinary Shares |  | Marathon AM                 |  |              | 7,490,975  |         |  |        | 5.5  | % |  |  | 5.5  | %

Each share carries one voting right. Treasury
stocks are non-voting. There are neither special voting rights
nor any shareholders agreement. See Note 6 to the
consolidated financial statements for information regarding the
Companys convertible bonds.

There is no covenant or clause thereof
stipulating preferential terms for the sale or purchase of
shares eligible for trading  or for which application
is pending  on a regulated market and representing
0.5% or more of the capital stock or voting rights of the
Company issuing said shares of stock that has been notified to
the Conseil des marchés financiers, the French stock
exchange self-regulatory authority.

As of May 15, 2003, no other entity or
person was known to the Company to be the direct or indirect
owner of 5% or more of the Companys Ordinary Shares. As of
the same date, the officers and directors of the Company, as a
group, owned 136,196 Ordinary Shares (0.01% of the
Companys issued and outstanding share capital).

Following the capital increase completed in
December 2002, the share capital was raised to
EUR 534,486,848.28 via the issuance of 99,024,888 new
shares.

Finally, following cancellation of the 3,740,417
treasury shares held decided by the Board of Administrators on
December 19, 2002, the capital stock of SCOR at
December 31, 2002 was EUR 520,281,835.28 divided into
136,544,845 shares.

The total number of voting rights at
December 31, 2002 was 136,544,845. The Companys
Ordinary Shares are listed in Paris and in New York (in the
form of American Deposit Shares, each representing one Ordinary
Share). At December 31, 2002, 121,317 Ordinary Shares were
held in the form of ADSs. As of June 10, 2003, there were
136,544,845 Ordinary Shares outstanding, of which 179,307 were
held in the form of ADSs.

B. RELATED PARTY TRANSACTIONS

Several directors of the Company are also
officers or directors of companies with whom SCOR has arms
length transactions in the regular course of business.
Specifically, COFACE, Unistrat and Euler have entered and
regularly enter into reinsurance transactions with SCOR on
ordinary commercial terms.

As disclosed in Item 4 
Information on the Company  Background,
GROUPAMA is SCORs largest shareholder. Mr. Baligand
(chairman of GROUPAMA S.A) and Mr. Giraud (member of
the supervisory board of GROUPAMA S.A) are both directors
of SCOR.

SCOR continues to enter into reinsurance
transactions with GROUPAMA in the regular course of business.

As part of the transaction for the acquisition of
SOREMA S.A. and SOREMA N.A., GROUPAMA has provided two
guarantees. GROUPAMA may eventually indemnify SCOR for negative
developments as of material social and tax liabilities and
liabilities in respect of technical reserves for the 2000 and
previous underwriting years as assessed at December 31,
2006.

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In July 2002, SCOR sold its ownership interest in
Coface to Natexis Bank. This transaction provided an
additional EUR 275 million in liquidity and a net
consolidated increase after tax in Group shareholders
equity of EUR 62 million (EUR 90 million
before tax). The Groups consolidated financial statements
at December 31, 2002 include the impact of this sale of
Coface.

C. INTERESTS OF EXPERTS AND
COUNSEL

Not applicable.

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##### Table of Contents






Item 8. Financial
Information

A. CONSOLIDATED STATEMENTS AND OTHER
FINANCIAL INFORMATION

Legal Proceedings

We are involved in several legal proceedings
concerning past environmental claims. Taking into account the
increases to provisions that were recorded in the third quarter
of 2002 and based on information currently available to us, we
believe that these provisions are sufficient to cover these
matters.

On November 5, 2001, a suit was brought in a
federal court in the United States against certain insurance and
reinsurance companies including certain companies that are
reinsured by our group. This action alleges that the terrorist
attacks on the World Trade Center on September 11, 2001
constituted two distinct events under the terms of certain
insurance contracts. In our calculations for our technical
reserves, we have treated the World Trade Center tragedy as one
event since the terrorist attack on September 11, 2001 was
a single, coordinated event.

The Group was served with process on
September 20, 2002 for a claim brought before the courts of
the state of Oklahoma for an amount of approximately
$17 million related to the reinsurance of two performance
surety bonds. The Company believes that this claim is without
merit.

Apart from those proceedings mentioned above, to
our knowledge, there is no other arbitration or litigation that
is likely to have, or that has had in the recent past, a
material impact on our financial position and results.

B. SIGNIFICANT CHANGES

None.

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Item 9. The Offer and
Listing

A. OFFER AND LISTING DETAILS

The following tables set forth the highest and
lowest sales price of the Ordinary Shares on the Paris Bourse,
as reported by Euronext Paris, and the highest and lowest sales
price of the ADSs, as reported on the NYSE composite tape, for
time periods indicated:

|               |               |                          |           |                         |  |                    |           |                 |  |     |        |                |  |  |           |           |  |  |           |          |  |  |     |     | 
|-------------- | ------------- | ------------------------ | --------- | ----------------------- |  | ------------------ | --------- | --------------- |  | --- | ------ | -------------- |  |  | --------- | --------- |  |  | --------- | -------- |  |  | --- | --- | 
|               |               |                          |           |                        
|               |               | Paris Bourse             |           | New York Stock Exchange
|               |               |                          |           |                        
|               |               |                          |           |                         |  |                   
|               |               |                          |           | Average Monthly         |  | Price Per American |           | Average Monthly
|               |               | Price Per Ordinary Share |           | Trading Volume          |  | Depositary Share   |           | Trading Volume 
|               |               |                          |           |                         |  |                    |           |                
|               |               |                          |           | Shares                  |  |                    |           | ADSs           
|               |               | High                     |           | Low                     |  | (in thousands)     |           | High            |  | Low |        | (in thousands)
|               |               |                          |           |                         |  |                    |           |                 |  |     |        |               
|1998           |               |                          | EUR 62.62 |                         |  |                    | EUR 41.47 |                 |  |     | 2,359  |                |  |  | USD 73.00 |           |  |  | USD 46.00 |          |  |  | 66  |    
|1999           |               |                          | EUR 58.90 |                         |  |                    | EUR 41.55 |                 |  |     | 2,145  |                |  |  | USD 68.50 |           |  |  | USD 42.94 |          |  |  | 110 |    
|2000           |               |                          | EUR 60.00 |                         |  |                    | EUR 40.05 |                 |  |     | 2,598  |                |  |  | USD 53.63 |           |  |  | USD 38.38 |          |  |  | 86  |    
|2001           |               |                          | EUR 58.20 |                         |  |                    | EUR 24.47 |                 |  |     | 1,679  |                |  |  | USD 53.75 |           |  |  | USD 27.89 |          |  |  | 89  |    
|First Quarter  |               |                          | EUR 58.20 |                         |  |                    | EUR 45.02 |                 |  |     | 1,224  |                |  |  | USD 53.75 |           |  |  | USD 40.80 |          |  |  | 118 |    
|Second Quarter |               |                          | EUR 53.90 |                         |  |                    | EUR 47.00 |                 |  |     | 1,765  |                |  |  | USD 45.16 |           |  |  | USD 41.95 |          |  |  | 110 |    
|Third Quarter  |               |                          | EUR 53.00 |                         |  |                    | EUR 24.47 |                 |  |     | 1,745  |                |  |  | USD 46.50 |           |  |  | USD 23.50 |          |  |  | 76  |    
|Fourth Quarter |               |                          | EUR 41.40 |                         |  |                    | EUR 30.20 |                 |  |     | 1,981  |                |  |  | USD 36.85 |           |  |  | USD 27.89 |          |  |  | 50  |    
|2002           |               |                          | EUR 46.80 |                         |  |                    | EUR 31.50 |                 |  |     | 5,138  |                |  |  | USD 40.80 |           |  |  | USD 5.28  |          |  |  | 77  |    
|First Quarter  |               |                          | EUR 46.80 |                         |  |                    | EUR 31.50 |                 |  |     | 2,753  |                |  |  | USD 40.80 |           |  |  | USD 27.75 |          |  |  | 31  |    
|Second Quarter |               |                          | EUR 40.90 |                         |  |                    | EUR 18.00 |                 |  |     | 2,734  |                |  |  | USD 36.95 |           |  |  | USD 27.95 |          |  |  | 46  |    
|Third Quarter  |               |                          | EUR 31.00 |                         |  |                    | EUR 6.50  |                 |  |     | 3,721  |                |  |  | USD 31.00 |           |  |  | USD 7.05  |          |  |  | 72  |    
|Fourth Quarter |               |                          | EUR 11.71 |                         |  |                    | EUR 3.42  |                 |  |     | 11,346 |                |  |  | USD 11.52 |           |  |  | USD 5.28  |          |  |  | 161 |    
|               | October 2002  |                          |           | EUR 11.71               |  |                    |           | EUR 6.66        |  |     |        | 6,088          |  |  |           | USD 11.50 |  |  |           | USD 6.82 |  |  |     | 161 | 
|               | November 2002 |                          |           | EUR 6.74                |  |                    |           | EUR 3.42        |  |     |        | 15,238         |  |  |           | USD 9.95  |  |  |           | USD 6.25 |  |  |     | 142 | 
|               | December 2002 |                          |           | EUR 6.47                |  |                    |           | EUR 4.90        |  |     |        | 12,712         |  |  |           | USD 11.52 |  |  |           | USD 5.28 |  |  |     | 180 | 
|2003           |               |                          | EUR 6.48  |                         |  |                    | EUR 2.61  |                 |  |     | 8,682  |                |  |  | USD 7.80  |           |  |  | USD 3.35  |          |  |  | 70  |    
|First Quarter  |               |                          | EUR 5.44  |                         |  |                    | EUR 2.61  |                 |  |     | 8,529  |                |  |  | USD 5.75  |           |  |  | USD 3.35  |          |  |  | 67  |    
|               | January 2003  |                          |           | EUR 5.44                |  |                    |           | EUR 4.01        |  |     |        | 9,664          |  |  |           | USD 5.75  |  |  |           | USD 4.30 |  |  |     | 89  | 
|               | February 2003 |                          |           | EUR 4.29                |  |                    |           | EUR 4.19        |  |     |        | 7,751          |  |  |           | USD 4.90  |  |  |           | USD 4.15 |  |  |     | 63  | 
|               | March 2003    |                          |           | EUR 4.31                |  |                    |           | EUR 2.61        |  |     |        | 8,171          |  |  |           | USD 4.55  |  |  |           | USD 3.35 |  |  |     | 48  | 
|Second Quarter |               |                          | EUR 6.48  |                         |  |                    | EUR 3.35  |                 |  |     | 8,835  |                |  |  | USD 7.80  |           |  |  | USD 4.01  |          |  |  | 21  |    
|               | April 2003    |                          |           | EUR 5.23                |  |                    |           | EUR 3.35        |  |     |        | 6,493          |  |  |           | USD 4.50  |  |  |           | USD 4.01 |  |  |     | 21  | 
|               | May 2003      |                          |           | EUR 6.48                |  |                    |           | EUR 4.77        |  |     |        | 17,097         |  |  |           | USD 7.30  |  |  |           | USD 5.60 |  |  |     | 128 | 
|               | June 2003     |                          |           | EUR 6.43                |  |                    |           | EUR 5.92        |  |     |        | 2,916          |  |  |           | USD 7.80  |  |  |           | USD 7.10 |  |  |     | 73  | 




Note: Following the capital increase of December
2002, all numbers related to the share price shown before
December 2002 must be retreated by a correcting coefficient to
adjust to new shares. This coefficient is 0,621545.

On June 10, 2003, the last reported sale
price of the Ordinary Shares on the Paris Bourse was
EUR 6.00 and the last reported sale price of the ADSs on
the NYSE was USD 7.23.

As of June 10, 2003, there were 136,544,845
Ordinary Shares outstanding, of which 179,307 or 0.1%, were held
in the form of ADSs.

On June 15, 1999, SCOR launched a
EUR 233 million issue of convertible bonds redeemable
in new or existing shares (OCEANE), represented by
4,025,000 bonds with a nominal value of EUR 58 each.
The OCEANE bear interest at a rate of 1% per annum, payable
annually on January 1, of each year, and are redeemable in
full at maturity on January 1, 2005 at EUR 65.28 per
bond. Early redemption in whole or in part is possible, at the
option of the Company by:



| |    |                                                                                                                                                                                                                                                                                                                               
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. | purchases on the market or public offers,                                                                                                                                                                                                                                                                                     
|
| | 2. | at any time from January 1, 2003 until
    December 31, 2004, at an early redemption price equivalent
    to the yield to maturity if the product of the conversion ratio
    and the arithmetic means of the closing prices of the SCOR
    Ordinary Share over 20 consecutive trading days of the 40
    consecutive trading

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| |    |                                                                                                                                            
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------
| |    | days preceding the publication of a notice
    concerning such redemption, exceeds 120% of the early redemption
    price of each bond, and
|
| | 3. | when less than 10% of the bond issue remains
    outstanding.                                                                              

Bondholders may request conversion at any time
from June 28, 1999. The Company may, at its option, deliver
new shares and/or existing shares. As of April 22, 2002,
all 4,025,000 OCEANE are outstanding.

The OCEANE and the shares to be issued upon
conversion or delivered upon exchange have not been and will not
be registered under the U.S. Securities Acts of 1933, as
amended or the Securities Exchange Act of 1934, as amended, and
subject to certain restrictions, may not be sold in the U.S.

IRP

General

In December 2001, SCOR created IRP and Irish
Reinsurance Partners Limited (Irish Reinsurance
Partners) in partnership with private investors. Irish
Reinsurance Partners serves as the sole operating company of and
is wholly-owned by IRP. From January 1, 2002, IRP has been
principally used, through Irish Reinsurance Partners, to
reinsure part of SCORs worldwide Property-Casualty and
Specialty business. At the end of December 31, 2002,
IRPs net income amounted to
22.8 million
with after tax income of
4.3 million.

SCOR contributed 41.70% of the
300 million
initially invested in IRP. On March 20, 2003 SCOR acquired
from certain of the original investors in IRP 4.98% of its
outstanding share capital for a total consideration of
17.2 million.
As a result, SCOR currently holds 46.68% of IRPs
outstanding share capital. On March 27, 2003 SCOR reached
an agreement with certain other of the original investors in IRP
to acquire their interest as well. In accordance with IRPs
memorandum and articles of association this agreement was
notified to IRP and all shareholders at the time were given the
opportunity to exercise their pre-emptive rights with respect to
the IRP shares which were subject to the agreement mentioned
above. Following completion of the relevant procedures, the
board of IRP allocated 3.34% of IRPs outstanding share
capital currently held by the selling investors to SCOR for a
total consideration of
12.5 million.
This transfer is scheduled to be completed on June 30,
2003. Upon consummation of the transaction SCOR will own 50.02%
of IRPs outstanding share capital.

Mandatory Exchange

As contemplated at the creation of IRP, SCOR will
offer to purchase the shares of IRP held by the other
shareholders between January 1 and May 31, 2005.
However, any of the other shareholders may elect to effect such
exchange earlier than 2005 during the period between
January 1 and May 1, 2004 subject to certain pricing
conditions described below. Alternatively, any of the other
shareholders may elect to postpone the exchange until the period
between January 1 and May 31, 2006 but only if the
average of (a) the ratio of the weighted average price of
the SCOR shares from October 1, 2004 to December 31,
2004 to the net asset value per share of SCOR as at
September 30, 2004, and (b) the ratio of the weighted
average price of the SCOR shares from January 1, 2005 to
March 31, 2005 to the net asset value per share of SCOR as
at December 31, 2004, is less than one. Any reference to
the net asset value of either SCOR or IRP in this section is to
their net assets as calculated based on their respective
financial statements prepared in accordance with U.S. GAAP.

For the purposes of this exchange, SCOR would pay
for the IRP shares either with its own treasury shares, through
newly issued SCOR shares (after approval by SCOR shareholders),
in cash or through a combination of these options.

If SCOR were to exchange its own shares for
shares of IRP, the exchange ratio would, in principle, be
calculated based on the ratio between the net asset value per
share of IRP at December 31 of the year immediately
preceding the exchange and the net asset value per share of SCOR
at the same time.

If the exchange were to be made in whole or in
part in cash, the cash portion would, in principle, be
calculated by multiplying the net asset value per share of IRP
by the ratio of the weighted average market price of SCOR shares
to the net asset value per shares of SCOR, when this ratio is
greater than or equal to one. If the ratio

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were less than one, the calculation for purposes
of an exchange taking place either in 2005 or 2006 would be made
solely on the basis of the net asset value per share of IRP.
However, in the event any shareholders elected to exchange their
IRP shares in 2004 and the ratio were less than one, the
calculation would be made on the basis of the net asset value
per share of IRP times such ratio.


If some but not all shareholders of IRP
participate in the exchange scheduled for 2005, SCOR will offer
their shares to the remaining shareholders (including SCOR) on a
pro rata basis and for cash at the same price as such shares
were exchanged to SCOR. However, any shares not exchanged either
in 2004 or 2005 will be mandatorily exchanged in 2006, as
described above.

For illustrational purposes only, based on 2002
data with respect to IRPs net asset value, as well as
SCORs net asset value and share price, and assuming
completion of the sale of IRP shares that is currently pending
(see above), SCOR would have to offer to the rest of IRPs
shareholders approximately 17,000,000 SCOR shares, or
approximately 11% of SCOR shares currently outstanding, under
the exchange mechanism described above. The actual number of
SCOR shares that SCOR may eventually have to offer to the other
IRP shareholders may differ materially from such estimate as
such number would depend on the future net asset value of IRP,
as well as the future net asset value and share price of SCOR,
which could fluctuate significantly and differ materially from
their current values.

Exchange Upon Change of
Control

An exchange of IRP shares may also be triggered
in the event of a tender offer or exchange offer by a third
party to purchase 100% of SCORs shares which results in
such party owning at least 33.3% of SCORs shares, or in
the case of a merger where SCOR is not the surviving entity, or
if a third party becomes the owner of SCOR assets exceeding
33.3% of SCORs net asset value. This provision could
discourage third parties from launching a bid to acquire or
merge with SCOR, and/or could make successful completion of any
such bids more difficult to achieve.

B. PLAN OF DISTRIBUTION

Not applicable.

C. MARKETS

The primary market for the Companys
Ordinary Shares is the Paris Bourse, the French integrated
national dealing system through which all French listed
securities are exchanged. The Companys American Depositary
Shares (ADSs) are listed on the New York Stock
Exchange (NYSE). Each ADS represents one Ordinary
Share. The Ordinary Shares are also traded on the Frankfurt
over-the-counter market (the Freiverkehrshandel).

The Companys Ordinary Shares have been
listed on the Paris Bourse since 1989. The Ordinary Shares are
traded on the premier marché, of the Paris Bourse.

The Companys ADSs have been traded in the
U.S. since October 11, 1996, the date of their listing
on the NYSE under the symbol SCO. The Companys
ADSs are issued and exchanged by The Bank of New York, as
Depositary.

The Ordinary Shares are included in the SBF 120
and 250 Indexes, consisting of the 120 and 250 most actively
traded French stocks, respectively. The Ordinary Shares are also
in the Euronext Top 150, which comprises the 150 next largest
stocks following the selection of the 100 most largest and most
liquid stocks traded on Euronext. The Top 150 Index represents
the large to mid capitalization segment of listed stocks on
Euronext. Bloomberg Euro Insurance Index also includes the
Ordinary Shares.

The Paris Bourse

Effective September 22, 2000, Euronext was
formed from the merger of Paris Bourse SBF S.A. (which changed
its name to Euronext Paris), the Amsterdam Stock Exchange and
the Brussels Exchange, and saw

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the introduction of Portugal Exchange in January
2002. Euronext operates three subsidiary holding companies, in
each of the three member countries. Each subsidiary continues to
hold an exchange license for the local capital market. Listed
companies remain listed on their exchanges but all shares are
traded on a single integrated trading platform and listing
requirements have been harmonized. Trading is regulated with a
single rulebook and the take-over rules continue to be imposed
domestically. Euronext provides integrated trading, clearing and
settlement on all three markets, and a central counter party,
netting and clearing house for all executed trades via Clearnet.


Official trading of listed securities on the
Paris Bourse is transacted through providers of investment
services or prestataires de services
dinvestissements (investment companies and other
financial institutions), and takes place continuously on each
business day from 9:00 a.m. through 5:25 p.m. (Paris
time), with a pre-closing session from 5:25 p.m. to
5:30 p.m. during which transactions are recorded but not
executed, with a closing auction at 5:30 p.m. During a
pre-opening session from 7:15 a.m. through 9:00 a.m.
transactions are recorded but not executed. Any trade effected
after the close of a stock-exchange session is recorded, on the
next Paris Bourse trading day, at the closing price for the
relevant security at the end of the previous days session.
Euronext Paris is a market enterprise (entreprise de
marché) to which is entrusted the operation of
regulated markets, including the admission of financial
instruments. Euronext Paris publishes a daily Official Price
List that includes price information on each listed security.
Euronext Paris provides continuous trading by computer during
trading hours for all listed securities.

Securities Listed on the Paris Bourse Are
Traded on One of Five Markets

The securities of most large public companies,
including the Ordinary Shares, are listed on the premier
marché, of Euronext Paris. The second
marché is available for small- and medium-sized
companies, the nouveau marché, for companies seeking
development capital, and the EDR market for European Depositary
Receipts. Shares of certain other companies are traded on the
marché libre-OTC, an unregulated over-the-counter
type of market. In addition, shares listed on the Paris Bourse
are placed in one of four categories depending on the volume of
transactions. The Ordinary Shares are listed in the category
known as Continu A, which includes the most actively traded
shares (i.e., a minimum daily trading volume of EUR
38,112 or twenty trades).

Trading in the listed securities of an issuer may
be reserved or suspended by Euronext Paris if changes in quoted
prices exceed certain price limits defined by its regulations.
In particular, if the quoted price of a security varies by more
than 10% from the reference price, Euronext Paris may restrict
trading in that security for up to four minutes
(réservation à la hausse ou à la baisse).
The reference price is usually the opening price, or, with
respect to the first quoted price of a given trading day, the
last traded price of the previous trading day, as adjusted if
necessary by Euronext Paris. Further suspensions for up to four
minutes are also possible if the price again varies by more than
10% from a new reference price equal to the price that caused
the first trading suspension. Euronext Paris may also reserve
trading for a four-minute period if the quoted price of a
security varies by more than 2% from the last traded price.
However, subject to trading conditions and appropriate and
timely information, Euronext Paris may modify the reservation
period and may accept broader fluctuation ranges than above
mentioned. Euronext Paris may also suspend trading of a listed
security in certain other limited circumstances, including, for
example, the occurrence of unusual trading activity in such
security. In addition, in exceptional cases, the Conseil des
marchés financiers and the Commission des
opérations de bourse may also suspend trading.

Effective September 25, 2000, trades of
equity securities listed on the premier marché, of
Euronext Paris are settled on a cash-settlement basis on the
third trading day following the execution. All equity securities
included in the SBF 120 index, or equity securities with a
market capitalization of EUR 1,000 million or more or
minimum daily trading volume of EUR 1 million, are
eligible for a deferred settlement service (service de
règlement différé SRD) in which the
intermediary settles the trade with the seller in lieu of the
investor. The

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investor may elect, for a fee, to decide on the
determination date (date de liquidation), which is the fifth
trading day prior to the end of the month either:




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | to settle the trade no later than on the last
    trading day of such month, or                                                                                                                                                                                                                                                                                                                                                                       
|
| |  | upon payment of an additional fee, to extend to
    the determination date of the following month the option either
    to settle no later than the last trading day of such month or to
    postpone further the selection of a settlement date until the
    next determination date (a procedure known as a report).
    Such purchaser may decide to renew its option on each subsequent
    determination date upon payment of an additional fee.

The transfer of ownership of equity securities
traded on the premier marché of Euronext Paris
occurs at the time of registration of the securities in the
appropriate shareholders account. The majority of
transactions in equity securities on the Paris Bourse are
settled on the premier marché, of Euronext Paris. In
accordance with French securities regulations, any sale of
equity securities executed on the monthly settlement market
during the month of a dividend payment date is deemed to occur
after payment of the dividend, and the purchasers account
is credited with an amount equal to the dividend paid and the
sellers account is debited in the same amount. Prior to
any transfer of securities held in registered form on the
premier marché of Euronext Paris, the securities
must be converted into bearer form and accordingly inscribed in
an account maintained by an accredited intermediary with
Euroclear France S.A., a registered clearing agency. Trades of
securities listed on the premier marché are cleared
and settled through Euroclear France S.A. using a continuous net
settlement system. A fee or commission is payable to the
broker-dealer or other agent involved in the transaction.

D. SELLING SHAREHOLDERS

Not applicable.

E. DILUTION

Not applicable.

F. EXPENSES OF THE ISSUE

Not applicable.

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Item 10. Additional
Information

A. SHARE CAPITAL

Not applicable.

B. MEMORANDUM AND ARTICLES OF
ASSOCIATION

The following summarizes certain material rights
of holders of SCORs ordinary shares under the material
provisions of our articles of association
(Statuts) and French law. A copy of the
Statuts, as amended in conformity with the May 15,
2003 board of directors meeting, has been filed as an
exhibit to this annual report on Form 20-F.

As set forth in Article 3 of the
Statuts, SCORs objects include the following:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                         
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | insurance, reinsurance, cession or retrocession
    business of any nature in all classes and in all countries;
    transfer in any form of reinsurance contracts or liabilities of
    any French or foreign company, organization, entity or
    association; creation, acquisition, rental lease, installation
    and operation of any undertaking for the purpose of carrying on
    such business;
|
| |  | construction, rental, operation or purchase of
    any building;                                                                                                                                                                                                                                                                                                                                        
|
| |  | acquisition and management of all securities and
    other equity rights by any means including but not limited to
    subscription for, transfer or acquisition of shares, bonds,
    interests in private companies or partnerships and other equity
    rights;                                                                                                                                      
|
| |  | acquisition of equity investments or interests in
    any industrial, commercial, agricultural, financial, realty and
    personalty company or other undertaking, formation of any
    company, participation in any rights issues, mergers, break-ups
    and partial conveyances; and                                                                                                                
|
| |  | administration, management, and control of any
    company or other undertaking, direct or indirect participation
    in all transactions carried out by such companies or
    undertakings by any means and including but not limited to
    direct or indirect participation in any company or equity
    investment.                                                                                 

Changes in Share Capital

The share capital of SCOR may be increased only
with the approval of the shareholders at an extraordinary
general meeting, following a recommendation of the Board of
Directors. Increases in share capital may be effected either by
the issuance of additional Ordinary Shares, by an increase in
the nominal value of existing Ordinary Shares or by the creation
of a new class of shares. Additional Ordinary Shares may be
issued for cash, in satisfaction of indebtedness incurred by
SCOR or for assets contributed in kind, upon the conversion,
exchange or redemption of debt securities previously issued by
SCOR or by capitalization of reserves, profits or share premium,
or upon the exercise of share warrants or other similar
securities comprising rights to subscribe for Ordinary Shares or
of stock options. An increase in share capital effected by
capitalization of reserves, profits or share premium requires a
simple majority of the votes cast. French law permits different
classes of shares to have different liquidation, voting and
dividend rights. Pursuant to French law of February 19,
2001, any decision to increase the share capital require the
shareholders, at an extraordinary shareholders meeting, to
decide upon a capital increase reserved to employees, it being
understood that such capital increase does not have to be voted.
Share dividends may be distributed in lieu of payment of cash
dividends, as described under  Dividend and
Liquidation Rights.

The share capital of SCOR may be decreased only
with the approval of the shareholders at an extraordinary
general meeting. Share capital may be reduced either by
decreasing the nominal value of the Ordinary Shares or by
reducing the number of outstanding Ordinary Shares. The
conditions under which the capital may be reduced will vary
depending upon whether the reduction is attributable to losses
incurred by SCOR. Under French company law all shareholders must
be treated equally. If the reduction is not attributable to
losses incurred by SCOR, each shareholder will be offered an
opportunity to participate in such capital reduction and may
decide whether or not to participate therein (unless the
reduction is effected by cancellation of shares

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repurchased pursuant to a buy-back program). The
number of outstanding Ordinary Shares may be reduced either by
an exchange of Ordinary Shares or by the repurchase and
cancellation by SCOR of Ordinary Shares. If, as a consequence of
losses, the net assets (capitaux propres) of the Company
are reduced below one-half of the share capital of the Company,
the Board of Directors must, within four months from the
approval of the accounts showing this loss, convene an
extraordinary general meeting of shareholders in order to decide
whether the Company ought to be dissolved before its statutory
term. If the dissolution is not declared, the share capital
must, at the latest at the end of the second fiscal year
following the fiscal year during which the losses were
established, and subject to the legal provisions concerning the
minimum capital of sociétés anonymes, be
reduced by an amount at least equal to the losses which could
not be charged against reserves, if during that period the net
assets have not been restored up to an amount at least equal to
one-half of the share capital.


Additional Ordinary Shares Issuances
Authorized

Under French law, the shareholders can delegate
to the Board of Directors, within certain limits of time defined
by law, and within a maximum amount to be defined by the
shareholders meeting, the power to issue new Ordinary
Shares, bonds convertible, exchangeable or redeemable into
Ordinary Shares or warrants to subscribe to Ordinary Shares.

Pursuant to a resolution approved by the
Companys shareholders during an extraordinary meeting held
on November 5, 2002, the Board of Directors was authorized
for a period of 26 months to issue with preferential
subscription rights, in a single issuance or from time to time,
shares or any security giving access at any time or at fixed
date to Ordinary Shares. The maximum number of shares that may
be issued may not exceed a hundred million and the maximum
aggregate principal amount of debt securities giving access to
shares may not exceed EUR 1 billion. The Board of Directors
held on November 15, 2002 decided to increase the capital
within the limits of this authorization.

Preferential Subscription Rights

Holders of Ordinary Shares have preferential
rights to subscribe for additional Ordinary Shares issued by
SCOR for cash on a pro rata basis. Shareholders may waive
such preferential subscription rights at an extraordinary
general meeting under certain circumstances. Preferential
subscription rights, if not previously waived, are transferable
during the subscription period relating to a particular offering
of Ordinary Shares.

The shareholders meeting may also decide to
withdraw the preferential rights of shareholders with respect to
any issuance of new Ordinary Shares, of bonds convertible,
exchangeable or redeemable into Ordinary Shares or of warrants
to subscribe to Ordinary Shares. In such case, however, the
Shareholders meeting has the power to grant to
shareholders a non-transferable priority right to subscribe all
or part of the issuance of Ordinary Shares, of bonds
convertible, exchangeable or redeemable into Ordinary Shares or
of warrants to subscribe to Ordinary Shares.

Attendance and voting at Shareholders
Meetings

In accordance with French law, there are two
types of shareholders general meetings, ordinary and
extraordinary.

Ordinary general meetings of shareholders are
required for matters such as the election, replacement and
removal of directors, the appointment of statutory auditors, the
approval of the annual report prepared by the board of directors
and of the annual accounts, the declaration of dividends and the
issuance of bonds. The board of directors is required to convene
an annual ordinary general meeting of shareholders, which must
be held within six months of the end of SCORs fiscal year.
This period may be extended by an order of the President of the
French Commercial Court.

Extraordinary general meetings of shareholders
are required for approval of matters such as amendments to
SCORs statuts, modification of shareholders
rights, approval of mergers, increases or decreases in share
capital, the creation of a new class of capital stock and the
authorization of the issuance of investment

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certificates or notes convertible or exchangeable
into capital stock. In particular, shareholder approval will be
required for any and all mergers in which the Company is not the
surviving entity or in which the Company is the surviving entity
but in connection with which the Company is issuing a portion of
its share capital to the shareholders of the acquired entity.


Special meetings of shareholders of a certain
class of shares (such as shares with double voting rights or
preferred shares without voting rights) are required for any
modification of the rights associated with such class of shares.
The resolution of the shareholders general meeting
affecting these rights are effective only after approval by the
relevant special meeting.

Other ordinary or extraordinary meetings may be
convened at any time during the year. Meetings of shareholders
may be convened by the Board of Directors or, if the Board of
Directors fails to call such a meeting, by SCORs statutory
auditors, by its liquidators in case of bankruptcy in some
instances, by shareholders owning the majority of the
Companys Ordinary Shares or voting rights after having
launched a takeover bid or by an agent appointed by a court. The
court may be requested to appoint an agent either by
shareholder(s) holding at least 5% of SCORs share capital,
or a duly authorized association of shareholders holding their
Ordinary Shares in registered form for at least two years and
holding together a certain percentage of the Companys
voting power (determined on the basis of a formula related to
capitalization) or by any interested party in cases of urgency,
including the Workers Council (Comité
dentreprise). The notice calling such meeting must
state the matters to be considered at such meeting.

At least 15 days before the date set for any
general meeting on first call, and at least six days before any
second call, notice of the meeting must be sent by mail to
holders of Ordinary Shares who have held such Ordinary Shares in
registered form for at least one month prior to the date of the
notice and for all other holders of Ordinary Shares notice of
the meeting is given by publication in a journal authorized to
publish legal announcements in the
département in which SCOR is registered
and in the Bulletin des annonces légales
obligatoires (BALO), with prior notice given to
the Commission des opérations de bourse
(COB). At least 30 days prior to the date set
for any ordinary or extraordinary general meeting, a preliminary
written notice (avis de réunion), containing, among
other things, the agenda for the meeting and a draft of the
resolutions to be considered, must also be published in the
BALO. Prior to such publication, a copy of the preliminary
written notice must be sent to the COB. The COB also recommends
that such preliminary written notice be published in a newspaper
of French national circulation. One or several shareholder(s),
the Workers council or a duly authorized association of
shareholders holding their Ordinary Shares in registered form
for at least two years and holding together a certain percentage
of the Companys voting power (determined on the basis of a
formula related to capitalization) may, within 10 days
after such publication, propose resolutions to be submitted for
approval by the shareholders at the meeting.

Attendance and exercise of voting rights at
ordinary general meetings and extraordinary general meetings of
shareholders are subject to certain conditions. In accordance
with French law and the Companys statuts, in order
to have the right to attend or be represented at a general
meeting of shareholders and vote, a holder of Ordinary Shares
held in registered form or, under certain conditions for holders
who are not French residents, its intermediary, must have them
registered in its name in a shareholder account maintained by or
on behalf of SCOR within one day fixed by the Board of
Directors. A holder of Ordinary Shares (or its intermediary,
where applicable) held in bearer form must deposit with the
Company, within one day fixed by the Board of Directors, a
certificate (certificat dimmobilisation de titres au
porteur) issued by an accredited financial intermediary
(French broker, bank or authorized financial institution)
evidencing the holding of the Ordinary Shares until the time
fixed for the meeting.

All shareholders who have properly registered
their Ordinary Shares or have duly deposited at the
Companys registered office a certificate of an accredited
financial intermediary have the right to participate in general
meetings, either in person, by proxy, or by mail, and to vote
according to the number of Ordinary Shares they hold. Each
Ordinary Share confers on the shareholder the right to one vote.
Under French company law, Ordinary Shares held by entities
controlled directly or indirectly by SCOR are not entitled to
any voting rights. Proxies may be granted by a shareholder or,
under certain conditions, by its intermediary, to his or her
spouse, to another shareholder or to a legal representative, in
the case of a corporation, or by sending a proxy in blank

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to the Company without nominating any
representative. In the latter case, the chairman of the meeting
of shareholders will vote the Ordinary Shares covered by such
blank proxy in favor of all resolutions proposed by the Board of
Directors and against all others.


The presence in person (including those voting by
correspondence) or by proxy of shareholders holding not less
than 25% (in the case of an ordinary general meeting or an
extraordinary general meeting where an increase in our share
capital is proposed through incorporation of reserves, profits
or share premium) or one-third (in the case of any other
extraordinary general meeting) of the Ordinary Shares entitled
to vote is necessary for a quorum. If a quorum is not present at
any meeting, then the meeting is adjourned. Upon recommencement
of an adjourned meeting, there is no quorum requirement in the
case of an ordinary general meeting or an extraordinary general
meeting where an increase in our share capital is proposed
through incorporation of reserves, profits or share premium and
the presence in person (including those voting by
correspondence) or by proxy of shareholders holding not less
than 25% of the Ordinary Shares entitled to vote is necessary
for a quorum in the case of any other extraordinary general
meeting.

At an ordinary general meeting, a simple majority
of the votes cast is required to pass a resolution. At an
extraordinary general meeting, a two-thirds majority of the
votes cast is required. However, a unanimous vote is required to
increase liabilities of shareholders. Abstention by those
present in person or by correspondence or represented by proxy
is deemed a vote against the resolution submitted to a vote.

The rights of a holder of shares of a class of
capital stock of SCOR, including the Ordinary Shares, can be
amended only after an extraordinary general meeting of all
shareholders of such class has taken place and the proposal to
amend such rights has been approved by a two-thirds majority
vote of shares of such class present in person (including those
voting by correspondence) or represented by proxy. The Ordinary
Shares constitute the Companys only class of capital stock.

In addition to rights to certain information
regarding SCOR, any shareholder may, during the two-week period
preceding a shareholders meeting, submit to the Board of
Directors written questions relating to the agenda for the
meeting. The Board of Directors is required to respond to such
questions during the meetings, subject to confidentiality
concerns.

Dividend and Liquidation Rights

Net income in each fiscal year (after deduction
for legal reserves), as increased or reduced, as the case may
be, by any net income or loss of SCOR carried forward from prior
years, is available for distribution to the shareholders of SCOR
as dividends, subject to the requirements of French law and
SCORs statuts. Dividends may also be distributed
from reserves of the Company, subject to approval by the
shareholders and certain limitations.

SCOR is required by law to establish and maintain
a legal reserve at a level equal to 10% of the aggregate nominal
value of its share capital and, if necessary to maintain such
legal reserve, to make a minimum transfer of 5% of such net
income each year to the legal reserve. The legal reserve is
distributable only upon the liquidation of SCOR. SCORs
statuts also provide that distributable profits of SCOR
(after deduction of any amounts required to be allocated to the
legal reserve) can be allocated to one or more special purpose
reserves or distributed as dividends, as may be determined by
the general meeting of shareholders.

The payment of dividends is fixed by the ordinary
general meeting of shareholders at which the annual accounts are
approved following recommendation of the Board of Directors. The
determination of the portion, if any, of the annual dividend
that each shareholder will have the option to receive in
Ordinary Shares is also made at the ordinary general meeting of
shareholders following a recommendation by the board of
directors. Dividends are distributable to shareholders pro rata
their respective holdings of Ordinary Shares. Dividends are
payable to holders of Ordinary Shares outstanding on the date of
the shareholder meeting approving the distribution of dividends
or, in the case of interim dividends, on the date of the meeting
of the Board of Directors approving the distribution of interim
dividends. The actual dividend payment date is determined by the
shareholders at the ordinary general meeting approving the
declaration of the dividends or by the Board of Directors in the
absence of such determination by the shareholders. The payment
of the dividends must occur

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within nine months of the end of SCORs
fiscal year. Dividends not claimed within five years of the date
of payment revert to the French State. The statuts of the
Company authorize the shareholders, in an ordinary general
meeting to authorize the grant to each shareholder of an option
to receive all or part of any annual or interim dividends in
either cash or Ordinary Shares.


If net income (as shown on an interim income
statement certified by SCORs statutory auditors) is
sufficient, the Board of Directors has the authority, subject to
French law and regulations, without the approval of
shareholders, to distribute interim dividends.

In the event that SCOR is liquidated, the assets
of SCOR remaining after payment of its debts, liquidation
expenses and all of its remaining obligations will be
distributed first to repay in full the nominal value of the
Ordinary Shares, then the surplus, if any, will be distributed
pro rata among the holders of Ordinary Shares in proportion to
the nominal value of their shareholdings and subject to any
special rights granted to holders of priority shares, if any.

Repurchase of Ordinary Shares

Under French law, SCOR may not acquire its own
shares, except:



| |    |                                                                                                                                                                                                                                                                                                      
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. | to reduce its share capital under specified
    circumstances with the approval of the shareholders at an
    extraordinary general meeting;                                                                                                                                                         
|
| | 2. | to provide shares for distribution to employees
    under a profit-sharing or stock option plan after obtaining
    approval of the shareholders at an extraordinary general
    meeting; and                                                                                                        
|
| | 3. | for a specific purpose (including stabilization
    of the market of its shares) approved by the shareholders at an
    ordinary general meeting, such shareholders authorization
    being given for a period to be decided by the shareholders
    resolution and which may not exceed 18 months.

The amounts repurchased under (2) and (3) may
not, in either case, result in SCOR holding more than 10% of its
own shares. In the event that such repurchases result in the
Company holding more than 10% of its issued shares, we are
required to transfer any shares in excess of the 10% threshold
within one year. French law requires that the Company cancel any
shares in excess of this 10% limit that have not been
transferred within the one-year period. Shares repurchased under
(3) may be cancelled by an extraordinary general
shareholders meeting, although no more than 10% of our
registered capital may be cancelled in any 24-month period. When
the Company holds its own shares, such shares are deemed to be
outstanding under French law, but are not entitled to any
dividend or voting rights and the Company may not exercise
preferential subscription rights.

French law requires SCOR to prepare a prospectus
(note dinformation), for which it would
have to obtain a COB visa, prior to a shareholders meeting
authorizing the repurchase of shares under (3) above. SCOR must
notify the COB in advance and on a monthly basis of its trading
program in its own shares. SCOR must also report all trading
made in its own shares promptly to the COB and, on a monthly
basis, to the Conseil des Marchés Financiers, the
self-regulatory organization that has general regulatory
authority over the French stock exchanges and whose members
include representatives of French stockbrokers (the
CMF). The CMF makes this information publicly
available.

When SCOR purchases its own shares, the shares
must be fully paid. SCOR must hold repurchased shares in
registered form. Repurchased shares are deemed to be outstanding
under French law, but are not entitled to any dividends or
voting rights, and SCOR may not exercise preferential
subscription rights. The shareholders, at an extraordinary
general meeting, may decide not to take these shares into
account in determining the preferential subscription rights
attached to the other shares. In the absence of such a decision,
the rights attached to any shares held by SCOR must either be
sold on the market before the end of the subscription period or
distributed to other shareholders on a pro rata basis.

On April 18, 2002, SCORs shareholders
approved a repurchase program for SCORs own shares as well
as their possible cancellation. The shareholders approval
of this program is a condition to the closing of the acquisition
transaction. This authorization will be valid until the
shareholders meeting approving the annual accounts for
2002 and is limited to a number of shares representing 10% of
its share capital. On April 18, 2002,

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the ordinary general meeting has fixed the
intervention price of the maximum buying price for one share to
Euro 70, and the minimum selling price to Euro 35.


Further to the above mentioned Meeting of
December 21, 2001, the Company intends to use the
repurchased shares, in order of preference, for:



| |   |                                                                                                                                                                                                                                                                                                                                                                             
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the exchange of shares for bonds, outstanding or
    to be issued, convertible, exchangeable or redeemable in shares
    outstanding or to be issued, including but not limited to,
    pursuant to the EUR 233 million loan issued by the
    company on June 28, 1999, represented by
    4,025,000 bonds, convertible or exchangeable into new or
    outstanding shares,
|
| |  | the implementation of stock option plans,                                                                                                                                                                                                                                                                                                                                   
|
| |  | the custody or transfer of the shares by any and
    all means, notably by exchange of securities,                                                                                                                                                                                                                                                                          
|
| |  | the purchasing or selling of shares of the
    company by any and all means, dependent on market conditions or
    in order to diversify the shareholder base,                                                                                                                                                                                                              
|
| |  | the carrying out of acquisitions,                                                                                                                                                                                                                                                                                                                                           
|
| |  | the cancellation of shares, up to the statutory
    limit, for the purpose of improving earnings per share, under
    the authorization currently in force granted by the Ordinary and
    Extraordinary Shareholders Meeting of April 19, 2001,                                                                                                                           
|
| |  | the price stabilization by systematic
    intervention during counter-trends.                                                                                                                                                                                                                                                                                               

The ordinary and extraordinary shareholders
meeting held on April 18, 2002 authorized the Company to
buy back or cancel shares representing 10% of its capital stock.
In consideration of this authorization, the Board of Directors
held on December 19, 2002 decided to cancel
3,740,417 shares representing the total of shares acquired
by SCOR and an amount of EUR 174,238,285. In March 2003,
SCOR decided to purchase 207,500 shares representing an
amount of EUR 732,475 as of March 31, 2003.

Form, Holding and Transfer of Ordinary
Shares

Form of
Shares.SCORs statuts
provide that Ordinary Shares may be held in registered or bearer
form.

Holding of Ordinary
Shares.In accordance with French
law concerning dématérialisation of
securities, the ownership rights of holders of the Ordinary
Shares are not represented by share certificates but by book
entries. Equity securities, such as the Ordinary Shares, may be
held in either bearer or registered form, and a holder of equity
securities may change from one form of holding to the other.

The Company maintains a share account with
Euroclear France in respect of all Ordinary Shares in registered
form (the Company Share Account), which, in France,
is administered by BNP Paribas (BNP) acting
on behalf of the Company as its agent. Ordinary Shares held in
registered form are inscribed in the name of each shareholder
(either directly, or, at the shareholders request, through
such shareholders accredited intermediary) in separate
accounts (the Shareholder Accounts) maintained by
BNP on behalf of the Company. Each Shareholder Account shows the
name of the holder and such shareholders shareholdings
and, in the case of Ordinary Shares inscribed through an
accredited intermediary, shows that they are so held. BNP, as a
matter of course, issues confirmations as to holdings of
Ordinary Shares inscribed in the Shareholder Accounts to the
persons in whose names the shareholdings are inscribed, but
these confirmations do not constitute documents of title.

In the case of Shares held in bearer form, the
Ordinary Shares are held on the Shareholders behalf by an
accredited intermediary and are inscribed in an account
maintained by such accredited intermediary with Euroclear France
separately from the Company Share Account. Ordinary Shares held
in this manner are referred to as being in bearer form. Each
accredited intermediary maintains a record of Ordinary Shares
held through it and will issue certificates of inscription in
respect thereof. Transfers of Ordinary Shares held in bearer
form may only be effected through accredited intermediaries.
SCORs statuts permit it to request

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Euroclear France at any time to provide it with
the identity, address and citizenship of the holders of bearer
shares.


The Ordinary Shares held by non-French residents
are required to be inscribed in an account, either maintained by
an accredited intermediary or the Company, under the name of
their intermediary, who can represent several holders.

Under a French statute dated May 15, 2001,
shares may be registered in the name of intermediaries who act
on behalf of one or more investors residing outside France. When
shares are so held, we are entitled to request from such
intermediaries the name of the investors and the number of
shares held by such investors. Also, we may request any legal
person who holds more than 2.5% of our shares, to disclose the
name of any person who owns, directly or indirectly, more than a
third of its share capital or of its voting rights. A person not
providing the complete requested information in time might be
deprived by a French court of either its voting rights or its
dividends or both for a period of up to five years.

Requirements for Holdings Exceeding Certain
Percentages. French law provides
that any individual or entity, directly or indirectly, acting
alone or in concert with others, that becomes the owner of more
than 5%, 10%, 20%, 33 1/3%, 50%, 66 2/3% of the
outstanding shares or the voting rights thereof of the Company,
or whose holding decreases below any such percentage, must
notify the Company, within fifteen calendar days of the date
such threshold has been crossed, of the number of Ordinary
Shares it holds and the voting rights attached thereto. Such
individual or entity must also notify the CMF, within five Paris
Bourse trading days of the date such threshold has been crossed.
In the event of failure to comply with such notification
requirement, the Ordinary Shares in excess of the relevant
threshold will be deprived of voting rights for all shareholders
meetings until the end of a two-year period following the date
on which the owner thereof has complied with such notification
requirements. In addition, any shareholder who fails to comply
with the above requirements may have all or part of its voting
rights suspended for up to five years by the commercial court at
the request of the Companys chairman, any shareholder or
the COB, and may be subject to criminal penalties.

To permit shareholders to comply with these
requirements, SCOR must publish in the BALO, within 15 calendar
days after its annual meeting, information regarding the total
number of votes available as of the date of its annual meeting.
In addition, if the number of available votes changes by 5% or
more between two ordinary meetings, SCOR must publish the
revised number of available votes in the BALO within 15 calendar
days of the change and notify the CMF.

French law also requires any individual or
entity, acting alone or in concert with others, that acquires
more than 10% or 20% of SCORs voting rights, to file a
report with SCOR, the CMF and the COB, disclosing its intentions
for the 12-month period following the acquisition. The acquirer
must disclose first whether it is acting alone or in concert
with other persons, and whether it intends to continue
purchasing shares, acquire control, or seek nomination to
SCORs Board of Directors. The acquirer must file the
report within 15 calendar days of crossing either threshold. The
CMF will publish the notice, and the acquirer must publish a
press release stating its intention in a financial newspaper of
French national circulation. A shareholder who fails to comply
with these requirements will lose the voting rights attached to
the shares exceeding the 10 or 20% threshold and will only
regain them two years after complying with the notification
requirements.

Regulations of the CMF generally require, subject
to limited exemptions granted by the CMF, any individual or
entity that acquires, alone or in concert with others, shares
resulting in a holding of one-third or more of SCORs share
capital or voting rights, to initiate a public tender offer for
all remaining outstanding shares of SCOR (including, for these
purposes, all securities convertible into or exchangeable for
equity securities).

In addition, Article 7 of the Companys
statuts provides that every shareholder (including a
holder of ADSs) who, directly or indirectly, acting alone or in
concert with others, becomes the owner of Ordinary Shares
resulting in the clearing of a 2.5% threshold of the
Companys share capital shall be required to notify the
Company of such fact by registered letter with return receipt
requested within five Paris Bourse trading days of the date of
the registration of the Ordinary Shares causing such shareholder
acting alone or in concert with others to reach or exceed such
percentage. In the event of failure to comply with such
notification and only upon request of one or several
shareholder(s) holding a percentage of at least 2.5% of the
Companys share

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capital of the Ordinary Shares in excess of the
threshold will be deprived of voting rights for all shareholders
meetings until the end of a two-year period following the date
on which the owner thereof has complied with such notification
requirements.


Transfer of Ordinary
Shares.An owner of Ordinary
Shares residing outside France may trade such shares on the
Paris Bourse. Should such owner, or the broker or other agent
through whom a sale is effected, require assistance in this
connection, an accredited intermediary should be contacted.

Prior to any transfer of Ordinary Shares held in
registered form on the Paris Bourse, such shares must be
inscribed in an account maintained by an accredited
intermediary. Dealings in Ordinary Shares are initiated by the
owner giving instructions (through an agent, if appropriate) to
the relevant accredited intermediary. For dealing on the Paris
Bourse, an impôt sur les opérations de bourse,
or tax assessed on the price at which the securities were
traded, is payable, at a rate of 0.3% on transactions up to EUR
153,000 and at a rate of 0.15% thereafter the tax is subject to
a rebate of EUR 23 per transaction (so that there is an
exemption from the first EUR 7,673 of the transaction) and to a
maximum assessment of EUR 610 per transaction. Non-residents of
France are not subject to this tax.

A fee or commission is payable to the
société de bourse, or French broker, accredited
intermediary or other agent involved in the transaction (whether
within or outside France).

No registration duty is normally payable in
France, unless a transfer instrument has been executed in France.

Trading by the Company in Ordinary
Shares

Under Regulation N 90-04 of the COB, as
amended, we may not trade in our own shares for the purpose of
manipulating the market. There are three general requirements
for trades by a company in its own shares to be deemed valid:



| |   |                                                                                                                                                                                                                          
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | These trades must be executed on our behalf by
    only one intermediary in each trading session, except during the
    issues period of any securities if the trades are made to ensure
    the success of the issuance,
|
| |  | Any block trades may not be made at a price above
    the current market price, and                                                                                                                                      
|
| |  | Each trade must be made at a price that falls
    between the lowest and the highest trading price of the trading
    session during which it is executed.                                                               

If a companys shares, like our shares, are
continuously quoted (cotation en continu), then a trade
must meet three further requirements to be deemed valid:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The trade must not influence the determination of
    the quoted price before the opening of trading, at the first
    trade of the shares, at the reopening of trading following a
    suspension or reservation of securities, or, as applicable, in
    the last half-hour of any trading session or at the fixing of
    the closing price,                                                                                                                                                                                                 
|
| |  | The trade must not be carried out in order to
    influence the price of a derivative instrument relating to the
    companys shares, and                                                                                                                                                                                                                                                                                                                                                                                                      
|
| |  | The trade must not account for more than 25% of
    the average total daily trading volume on Euronext Paris in the
    shares during a certain reference period immediately preceding
    the trade. In the case of shares eligible for the deferred
    settlement service, like our shares, this reference period is
    three days. This 25% limit does not apply to off-market block
    trades or to acquisitions made by an investment service provider
    on our behalf pursuant to a liquidity agreement meeting certain
    criteria.

However, there are two periods during which we
are not permitted to trade in our own securities other than
through an investment service provider acting on our behalf
pursuant to a liquidity agreement meeting certain criteria: the
15-day period before the date on which we make our consolidated
or annual accounts public, and the period beginning on the date
at which we become aware of information that, if disclosed,
would have a significant impact on the market price of our
securities and ending on the date this information is made
public.

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After making an initial purchase of our own
share, we must file monthly reports with the COB and the CMF
that contain specified information about subsequent
transactions. The CMF makes this information publicly available.

Ownership of Shares by Non-French
Persons

Under current French law, there is no limitation
on the right of non-residents or non-French shareholders to own
or to vote securities of a French company.

A French law dated February 14, 1996
abolished the requirement that a person who is not a resident of
the European Union obtain an autorisation préalable
or preliminary authorization prior to acquiring a controlling
interest in a French company, except under certain
circumstances. Under current French foreign direct investment
regulations, a notice (déclaration administrative)
must be filed, however, with the French Ministry of the Economy
in connection with the acquisition of an interest in the Company
by any person not residing in France or any group of non-French
residents acting in concert or by any foreign controlled
resident if such acquisition would result in (i) the
acquisition of a controlling interest in the Company or
(ii) the increase of a controlling interest in the Company
unless such person not residing in France or group of non-French
residents already controls more than one-third of the
Companys share capital or voting rights prior to such
increase. Ownership of 33 1/3% or more of a listed
companys share capital or voting rights is regarded as a
controlling interest, but a lower percentage may be held to be a
controlling interest in certain circumstances (depending upon
such factors as the acquiring partys intentions, its
ability to elect directors or financial reliance by the French
company on the acquiring party).

C. MATERIAL CONTRACTS

No material contract existed in 2002 outside the
ordinary course of business, except for IRP purchase of minority
interests, see Item 4. Information on the
Company  Underwriting. For our agreement with
certain banks concerning certain credit lines and letters of
credit, see Item 5. Operating and Financial Review
and Prospects  C. Off-balance sheet
transactions, and for GROUPAMA guarantees, see
Item 7. Major Shareholders and Related Party
Transactions  B. Related Party Transactions.

D. EXCHANGE CONTROLS

Exchange Controls

Under current French exchange control
regulations, there are no limitations on the amount of payments
that may be remitted by a French company to non-residents. Laws
and regulations concerning foreign exchange controls do require,
however, that all payments or transfers of funds made by a
French resident to a non-resident be handled by an accredited
intermediary. In France, all registered banks and substantially
all credit establishments are accredited intermediaries.

E. TAXATION

The following describes the principal French and
United States federal income tax consequences of the ownership
of Ordinary Shares or ADSs by a U.S. Holder (as defined
below). This summary does not purport to address all potential
tax consequences of the ownership of Ordinary Shares or ADSs,
and does not apply to special classes of holders subject to
special rules, including tax-exempt entities, Life insurance
companies, dealers in currencies or securities, traders in
securities that elect a mark-to-market method of accounting,
investors liable for alternative minimum tax, investors that
actually or constructively own 10% or more of the capital of the
Company, investors that hold Ordinary Shares or ADSs as part of
a straddle or a hedging or conversion transaction or investors
whose functional currency is not the U.S. dollar.

This section is based in part upon the
representations of the Depositary and the assumption that each
obligation in the Deposit Agreement and any related agreement
will be performed in accordance with its terms. In addition,
this section is based on the tax laws of the United States
(including the Internal Revenue Code of 1986, as amended, its
legislative history, existing and proposed regulations there
under, published

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rulings and court decisions) and France as in
effect on the date hereof, as well as on the Convention Between
the United States of America and France for the Avoidance of
Double Taxation and the Prevention of Fiscal Evasion with
Respect to Taxes on Income and Capital dated August 31,
1994 (the Treaty), all of which are subject to
change (or changes in interpretation), possibly with retroactive
effect.


The discussion does not address any aspects of
United States taxation other than federal income taxation or any
aspects of French taxation other than income taxation, gift and
inheritance taxation, transfer taxation, and wealth taxation.
U.S. Holders (as defined below) are urged to consult their
tax advisors regarding the United States federal, state and
local and the French and other tax consequences of owning and
disposing of Ordinary Shares and ADSs in their particular
circumstances. In particular, U.S. Holders are urged to
confirm their status as Eligible U.S. Holders (as defined
below) with their advisors and to discuss with their advisors
any possible consequences of their failure to qualify as
Eligible U.S. Holders.

For purposes of this discussion, a
U.S. Holder is any beneficial owner of Ordinary
Shares or ADRs that is:



| |   |                                                                                                                                                                                                                                                 
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a citizen or resident of the United States,                                                                                                                                                                                                     
|
| |  | a corporation organized under the laws of the
    United States or any State,                                                                                                                                                                   
|
| |  | an estate the income of which is subject to
    United States federal income tax without regard to its source, or                                                                                                                               
|
| |  | a trust if a court within the United States is
    able to exercise primary supervision over the administration of
    the trust and one or more United States persons have the
    authority to control all substantial decisions of the trust.

In general, and taking into account the earlier
assumptions, holders of ADRs evidencing ADSs will be treated as
the owners of the Ordinary Shares represented by such ADSs and
exchanges of Ordinary Shares for ADSs, and ADSs for Ordinary
Shares, will not be subject to United States federal income or
French tax.

Taxation of Dividends

French Taxation.In
France, dividends are paid out of after-tax income. A resident
of France is entitled to an avoir fiscal or a tax credit,
in respect of a dividend received from a French corporation,
such as the Company, equal to (i) 50% of the amount of the
dividend for individuals and companies owning at least 5% of the
capital of the Company and meeting the conditions to qualify
under the French parent-subsidiary regime, and (ii) 10% of
the dividend paid for the other shareholders who use the
avoir fiscal as of January 1, 2003. Dividends paid
by French companies to non-residents of France generally are
subject to French withholding tax at a 25% rate, and are not
eligible for the benefit of the avoir fiscal. However,
under the Treaty, avoir fiscal is allowed totally or
partially to shareholders who are residents of the United States.

Under the Treaty, payments of dividends and
avoir fiscal to Eligible U.S. Holders, as defined
below, are subject to French withholding tax at the rate of 10%.

An Eligible U.S. Holder is a
U.S. Holder whose ownership of Ordinary Shares or ADSs is
not effectively connected with a permanent establishment in
France and who is for purposes of the Treaty:



| |   |                                                                                                                                                                                                                                                                                      
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | an individual or other non-corporate holder that
    is a resident of the United States for Treaty purposes,                                                                                                                                                                         
|
| |  | a United States corporation, other than a
    regulated investment company, that does not own, directly or
    indirectly, 10% or more of the capital of the Company, or                                                                                                             
|
| |  | a United States corporation that is a regulated
    investment company if it does not own, directly or indirectly,
    10% or more of the capital of the Company and less than 20% of
    its shares are owned by persons who are not citizens or
    residents of the United States.

Payment of the avoir fiscal is made by the
French Treasury not earlier than January 15 following the
close of the calendar year in which the related dividends are
paid, and only after receipt by the French tax

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administration of a claim for such payment in
accordance with the procedures described below. However,
avoir fiscal is payable to an Eligible U.S. Holder
under the Treaty only if




| |   |                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the holder owns less than 10% of the
    Companys capital,                                                                                                                                                                                                                                                                                                                         
|
| |  | the holder is subject to U.S. federal income
    tax on both the dividends and the avoir fiscal,                                                                                                                                                                                                                                                                                    
|
| |  | the holder, where required by the French tax
    administration, has shown that he or she is the beneficial owner
    of the Ordinary Shares or ADSs and that the holding of such
    Ordinary Shares or ADSs does not have as one of its principal
    purposes the purpose of allowing another person to take
    advantage of the grant of the avoir fiscal under the
    Treaty.

Moreover, a partnership or a trust (other than a
pension trust, a real estate investment trust or a real estate
mortgage investment conduit) is entitled to the avoir fiscal
only to the extent that its partners, beneficiaries or grantors,
as applicable, are themselves Eligible U.S. Holders (other
than a regulated investment company) and are themselves subject
to U.S. federal income tax on their respective shares of
both the dividends and the avoir fiscal.

Under the Treaty, special rules apply to Eligible
Tax-Exempt Holders. An Eligible Tax-Exempt Holder is any
beneficial owner of Ordinary Shares or ADSs that is (i) a
tax-exempt entity established in, and sponsored or established
by a resident of, the United States, the exclusive purpose of
which is to provide retirement or employee benefits and which
does not own, directly or indirectly, 10% or more of the capital
of the Company, (ii) a tax-exempt entity organized in the
United States, the use of whose assets is limited under
U.S. federal or state laws, both currently and upon
liquidation, to the accomplishment of the purposes that serve as
the basis of its exemption from income taxation in the United
States and which does not own, directly or indirectly, 10% or
more of the capital of the Company, or (iii) an individual
who is a resident of the United States under the Treaty and who
owns Ordinary Shares or ADSs through an individual retirement
account (IRA), a Keogh plan or any similar
arrangement under which the contributions or the accumulated
earnings receive a favored tax treatment under U.S. federal
income tax law. Eligible Tax-Exempt Holders are entitled to
receive from the French Treasury a payment equal to 30/85ths of
the avoir fiscal (the partial avoir
fiscal).

The following illustrates the consequences of a
dividend of EUR 100 to different categories of
U.S. Holder:

|                                                                                                |  |          |     |        |  |         |    |           |  |                |       |           |  |                                            |    |  |     |  |     |                        |      |  |       | 
|----------------------------------------------------------------------------------------------- |  | -------- | --- | ------ |  | ------- | -- | --------- |  | -------------- | ----- | --------- |  | ------------------------------------------ | -- |  | --- |  | --- | ---------------------- | ---- |  | ----- | 
|                                                                                                |  |          |     | Total  |  | Partial |    |           |  | Withholding on |       |          
|                                                                                                |  | Dividend |     | Avoir  |  | Avoir   |    | Refund of |  | payment to     |       | Total net
|                                                                                                |  | Amount   |     | Fiscal |  | Fiscal  |    | Précompte |  | U.S. Holders   |       | payment  
|                                                                                                |  |          |     |        |  |         |    |           |  |                |       |          
|                                                                                                |  | (EUR)    |     |        |  |         |    |           |  |                |       | (EUR)    
|Individuals,                                                                                    |  |          | 100 |        |  |         | 50 | %         |  |                | no    |           |  |                                            | no |  |     |  | 15% |                        |      |  | 127.5 | 
|                                                                                               
|Individuals, via an IRA owning less than 10% of
    the Companys capital                       |  |          | 100 |        |  |         | no |           |  |                | 17.65 |           |  | Yes, if it has been paid by the Company    |    |  | 15% |  |     | 100 +Précompte(if any)
|                                                                                               
|Corporation, other than R.I.C. owns less than 5%
    of the Companys capital                   |  |          | 100 |        |  |         | 10 | %         |  |                | no    |           |  | Partly, if it has been paid by the Company |    |  | 15% |  |     |                        | 93.5 | 
|                                                                                               
|Corporation, other than R.I.C. owns more than 5%
    and less than 10% of the Companys capital |  |          | 100 |        |  |         | 50 | %         |  |                | no    |           |  |                                            | no |  |     |  | 15% |                        |      |  | 127.5 | 
|                                                                                               
|Corporation, other than R.I.C. owns 10% or more
    of the Companys capital                    |  |          | 100 |        |  |         | no |           |  |                | no    |           |  | Yes, if it has been paid by the Company    |    |  | 5%  |  |     | 95 +Précompte(if any) 
|                                                                                               

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|                                                                                                                                     |  |          |     |        |  |         |    |           |  |                |      |           |  |                                            |  |  |     |  |  |                         |  |  |  | 
|------------------------------------------------------------------------------------------------------------------------------------ |  | -------- | --- | ------ |  | ------- | -- | --------- |  | -------------- | ---- | --------- |  | ------------------------------------------ |  |  | --- |  |  | ----------------------- |  |  |  | 
|                                                                                                                                     |  |          |     | Total  |  | Partial |    |           |  | Withholding on |      |          
|                                                                                                                                     |  | Dividend |     | Avoir  |  | Avoir   |    | Refund of |  | payment to     |      | Total net
|                                                                                                                                     |  | Amount   |     | Fiscal |  | Fiscal  |    | Précompte |  | U.S. Holders   |      | payment  
|                                                                                                                                     |  |          |     |        |  |         |    |           |  |                |      |          
|                                                                                                                                     |  | (EUR)    |     |        |  |         |    |           |  |                |      | (EUR)    
|RIC, owns less than 10% of the Companys
    capital and more than 20% of its shares are owned by
    non-U.S. citizens or residents |  |          | 100 |        |  |         | no |           |  |                | no   |           |  | Yes, if it has been paid by the Company    |  |  | 15% |  |  | 85 +Précompte(if any)  
|Or,                                                                                                                                  |  |          |     |        |  |         |    |           |  |                |      |           |  |                                            |  |  |     |  |  |                         |  |  |  | 
|RIC, owns more than 10% of the Companys
    capital                                                                                 |  |          |     |        |  |         |    |           |  |                |      |           |  |                                            |  |  |     |  |  |                         |  |  |  | 
|                                                                                                                                    
|RIC, owns less than 10% of the Companys
    capital and less than 20% of its shares are owned by non-U.S.
    citizens or residents |  |          | 100 |        |  |         | 10 | %         |  |                | no   |           |  | Partly, if it has been paid by the Company |  |  | 15% |  |  | 93.5 +Précompte(if any)
|                                                                                                                                    
|Pension funds(1)owns less than 10% of
    the Companys capital                                                                      |  |          | 100 |        |  |         | no |           |  |                | 3.53 |           |  | Yes, if it has been paid by the Company    |  |  | 15% |  |  | 88 +Précompte(if any)  






|    |                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Section 401(a) Qualified retirement plans,
    Section 403(b) Tax deferred annuity contracts, and
    Section 457 Deferred compensation contracts. Section
    references are to the United States Internal Revenue Code of
    1986, as amended.

An Eligible Tax-Exempt Holder, where required by
the French tax administration, must show that it is the
beneficial owner of the Ordinary Shares or ADSs and that the
holding of such Ordinary Shares or ADSs does not have as one of
its principal purposes to allow another person to take advantage
of the grant of the partial avoir fiscal under the Treaty.

Eligible U.S. Holders that are not entitled
to receive payments in respect of the avoir fiscal at the
50% rate (e.g., corporations and certain tax-exempt investors)
will be entitled to receive an additional payment from the
French tax authorities if the Company is liable for the
précompte equalization tax in respect of a dividend
distribution (e.g., paid out of profits that have not been taxed
at the ordinary corporate rate, or were earned and taxed more
than five years before the distribution). Corporate holders
receiving such dividends generally will be entitled to receive a
payment equal to 80% of the précompte that the
Company actually paid in cash in respect of dividends paid, less
a 15% withholding tax. Pension funds and other tax-exempt
U.S. holders generally will be entitled to receive 30/85 of
this amount, less a 15% withholding tax. Such additional payment
is considered an increase to the avoir fiscal, and will
also not be made available until after the close of the calendar
year in which the dividend is paid.

Eligible Tax-Exempt Holders generally must follow
the procedures set forth below, even though the existing French
forms do not take into account the special tax treatment
applicable to Eligible Tax-Exempt Holders with respect to the
payment of the partial avoir fiscal and the refund of the
précompte. Certain Eligible Tax-Exempt Holders may
also be required to provide written evidence certified by the
United States Internal Revenue Service of their status under
United States federal income tax law. Eligible Tax-Exempt
Holders are urged to consult their own tax advisors with respect
to the procedures to be followed to obtain Treaty benefits.

To benefit from the reduced withholding tax rate
of 15% or 5% immediately upon payment of a dividend and to
receive the payment of the avoir fiscal less the 15% or
5% withholding tax on that amount, Eligible U.S. Holders
must complete and deliver to the French tax authorities either
(i) the simplified certificate described below, or
(ii) an application for refund on a French Treasury form
RF 1A EU  No. 5052, entitled
Application for Refund, before the date of payment
of the dividends. A simplified certificate must state that the
Eligible U.S. Holder (i) is a U.S. resident
within the meaning of the Treaty, (ii) does not maintain a
permanent establishment or fixed base in France with which the
holding giving rise to the dividend is effectively connected,
(iii) owns all the rights attached to the full ownership of
the shares (including dividend rights), (iv) meets all the
requirements of the Treaty for obtaining the benefit of the
reduced rate of withholding tax and the refund of the avoir
fiscal, and (v) claims the reduced rate of withholding
tax and payment of the avoir fiscal. If an Eligible
U.S. Holder that is not an individual submits an
Application for

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Refund form, the application must be
accompanied by an affidavit attesting that the Eligible
U.S. Holder is the owner of all the rights attached to the
full ownership of the shares (including dividend rights), or if
the Eligible U.S. Holder is not the owner of all such
rights, providing certain information concerning other owners.
The Application for Refund form, together with
instructions, will be provided by the Depositary to all
U.S. Holders registered with the Depositary and is also
available from the United States Internal Revenue Service. An
Eligible U.S. Holder who does not benefit from the reduced
withholding tax rate of 15% or 5% immediately upon the payment
of the dividend may claim a refund of the excess 10% or 20%,
respectively, withholding tax and may claim payment of the
avoir fiscal less a 15% or 5% withholding tax on that
amount by filing a French Treasury Form RF 1A
EU  No. 5052 with the French fiscal
authorities by December 31 of the year following the
calendar year in which the related dividend was received. The
Depositary will arrange for the filing with the French fiscal
authorities of all forms completed by U.S. Holders
registered with the Depositary and returned to the Depositary in
sufficient time so they may be filed with the French fiscal
authorities by December 31 of the year following the
calendar year in which the related dividend was received.


If an Eligible U.S. Holder sells Ordinary
Shares or ADSs in a trade executed on the monthly settlement
market during a month during which a dividend payment date with
respect to the Ordinary Shares occurs, generally the seller,
rather than the purchaser, will be entitled to the avoir
fiscal with respect to the dividend paid on such dividend
payment date. See Item 9.C  Markets
for a summary of certain information relating to trading of the
Ordinary Shares on the monthly settlement market.

United States Federal Income
Taxation.Subject to the passive
foreign investment company rules discussed below, the gross
amount of any dividend paid (before reduction for French
withholding taxes) to a U.S. holder by the Company out of
its current or accumulated earnings and profits (as determined
for United States federal income tax purposes) is subject to
United States federal income taxation. Dividends paid to a
noncorporate U.S. holder after December 31, 2002 and
before January 1, 2009 that constitute qualified dividend
income will be taxable to the holder at a maximum tax rate of
15% provided that the Ordinary Shares or ADSs are held for more
than 60 days during the 120 period beginning 60 days
before the ex-dividend date and the holder meets other holding
period requirements. Dividends paid with respect to the Ordinary
Shares or ADSs will be qualified dividend income. The dividend
is taxable to the U.S. holder when it is actually or
constructively received by the U.S. Holder, in the case of
Ordinary Shares, or by the Depositary, in the case of ADSs. The
gross amount of any avoir fiscal also will be treated as
dividend income. The dividend will not be eligible for the
dividends-received deduction generally allowed to United States
corporations in respect of dividends received from other United
States corporations. The amount of the dividend distribution
includible in income of a U.S. Holder will be the
U.S. dollar value of the euro payment made, determined at
the spot U.S. dollar/euro rate on the date such dividend
distribution is includible in the income of the
U.S. Holder, regardless of whether the payment is in fact
converted into U.S. dollars. Generally, any gain or loss
resulting from currency exchange fluctuations during the period
from the date the dividend payment is includible in income to
the date such payment is converted into U.S. dollars will
be treated as ordinary income or loss and will not be eligible
for the special tax rate applicable to qualified dividend
income. Such gain or loss generally will be income from sources
within the United States for foreign tax credit limitation
purposes. Distributions in excess of current and accumulated
earnings and profits, as determined for United States federal
income tax purposes, will be treated as a return of capital to
the extent of the U.S. Holders basis in the Shares or
ADSs and thereafter as capital gains.

Subject to certain limitations, the French tax
withheld in accordance with the Treaty and paid over to France
will be creditable against the U.S. Holders United
States federal income tax liability. To the extent a refund of
tax withheld is available to a U.S. Holder (for example,
because the Holder does not establish before the date of payment
that it is a resident of the United States under the Treaty),
the amount of tax withheld that is refundable will not be
eligible for credit against the U.S. Holders United
States federal income tax liability. See
 French Taxation, above, for the
procedures for obtaining a refund of tax withheld in excess of
the 15% or 5% treaty rates. For foreign tax credit limitation
purposes, the dividend will be income from sources without the
United States, but generally will be passive income
(or, in the case of certain holders, financial services
income). Passive income or financial services income must
be treated separately for purposes of computing

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the foreign tax credit allowable to a
U.S. Holder. In addition, special rules apply in
determining the foreign tax credit limitation with respect to
dividends that are subject to the maximum 15% tax rate.


Distributions of additional Ordinary Shares to
U.S. Holders with respect to their Ordinary Shares or ADSs
that are made as part of a pro rata distribution to all
shareholders of the Company generally will not be subject to
United States federal income tax.

Taxation of Capital Gains

French Taxation.Under the Treaty, no French tax is levied on any capital gain
derived from the sale of Ordinary Shares or ADSs by a
U.S. Holder who (i) is a resident of the United States
under the Treaty, (ii) is entitled to Treaty benefits under
the limitation on benefits provisions of Article 30
thereof, and (iii) does not have a permanent establishment
in France to which the Ordinary Shares or ADRs are effectively
connected or, in the case of an individual, who does not
maintain a fixed base in France to which the Ordinary Shares or
ADSs are effectively connected.

United States Federal Income
Taxation.Subject to the passive
foreign investment company rules discussed below, upon a sale or
other disposition of Ordinary Shares or ADSs, a U.S. Holder
will recognize gain or loss for United States federal income tax
purposes in an amount equal to the difference between the
U.S. dollar value of the amount realized and the
U.S. Holders tax basis (determined in
U.S. dollars) in such Ordinary Shares or ADSs. Generally,
such gain or loss will be long-term capital gain or loss if the
U.S. Holders holding period for such Ordinary Shares
or ADSs exceeds twelve months and will be gain or loss from
sources within the United States for foreign tax credit
limitation purposes. The deductibility of capital losses is
subject to significant limitations.

Long-term capital gain of a non-corporate
U.S. Holder that is recognized on or after May 6, 2003
and before January 1, 2009 is generally taxed at a maximum
rate of 15%.

French Estate and Gift Taxes

Under the Convention Between the United States of
America and the French Republic for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with Respect to
Taxes on Estates, Inheritance and Gifts, a transfer of ADSs or
Ordinary Shares by gift or by reason of the death of a
U.S. Holder that would otherwise be subject to French gift
or inheritance tax, respectively, will not be subject to such
French tax unless the donor or the decedent is domiciled in
France at the time of making the gift or of his or her death, or
the ADSs or Ordinary Shares were used in, or held for use in,
the conduct of a business or profession through a permanent
establishment or a fixed place of business based in France.

French Wealth Tax

The French wealth tax generally does not apply to
a U.S. Holder with respect to Ordinary Shares or ADSs.

Passive Foreign Investment Company
Rules

PFIC Rules.The
Company believes that Ordinary Shares and ADSs should not be
treated as stock of a passive foreign investment company (a
PFIC) for United States federal income tax purposes,
but this conclusion is a factual determination made annually and
thus may be subject to change.

In general, the Company will be a PFIC with
respect to a U.S. Holder if, for any taxable year in which
the U.S. Holder held ADSs or Ordinary Shares, either:



| |   |                                                                                                                                                                                                        
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | at least 75% of the gross income of the Company
    for the taxable year is passive income, or                                                                                                         
|
| |  | at least 50% of the value (determined on the
    basis of a quarterly average) of the Companys assets is
    attributable to assets that produce or are held for the
    production of passive income.

For this purpose, passive income generally
includes dividends, interest, royalties, and rents, as well as
certain other categories of income, but generally does not
include income derived in the active conduct of an

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insurance business by a corporation predominantly
engaged in an insurance business. The Company believes that this
exception applies to the income earned through the reinsurance
businesses conducted by its subsidiaries. However, no regulatory
guidelines have been issued interpreting this exception.


If the Company were treated as a PFIC, a
U.S. Holder would be subject to special rules with respect
to:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | any gain realized on the sale or other
    disposition of Ordinary Shares or ADRs, and                                                                                                                                                                                                                                                                                                                                                                                              
|
| |  | any excess distribution by the
    Company to the U.S. Holder (generally, any distributions to
    the U.S. Holder in respect of the Ordinary Shares or ADSs
    during a single taxable year that are greater than 125% of the
    average annual distributions received by the U.S. Holder in
    respect of the Ordinary Shares or ADSs during the three
    preceding taxable years or, if shorter, the
    U.S. Holders holding period for the Ordinary Shares
    or ADSs).

Under these rules:



| |   |                                                                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the gain or excess distribution would be
    allocated ratably over the U.S. Holders holding
    period for the Ordinary Shares or ADSs, beginning in the year
    the Company became a PFIC.
|
| |  | the amount allocated to the taxable year in which
    the gain or excess distribution was realized would be taxable as
    ordinary income,                                                   
|
| |  | the amount allocated to each prior year, with
    certain exceptions, would be subject to tax at the highest tax
    rate in effect for that year, and                                        
|
| |  | the interest charge generally applicable to
    underpayments of tax would be imposed in respect of the tax
    attributable to each such year.                                               

The special PFIC tax rules described above will
not apply to a U.S. Holder if the U.S. Holder elects
to have the Company treated as a qualified electing
fund, or QEF. U.S. Holders should consult their tax
advisors as to the availability and consequences of such
election. Special rules apply for calculating the amount of the
foreign tax credit with respect to excess distributions by a
PFIC or, in certain cases, QEF inclusions. If the Ordinary
Shares or ADSs are shares in a PFIC and treated as marketable
stock, a U.S. Holder may also make a mark-to-market
election and will not be subject to the PFIC rules described
above. Instead, in general, the U.S. Holder will include as
ordinary income each year the excess, if any, of the fair market
value of the Ordinary Shares or ADSs at the end of the taxable
year over the holders adjusted basis in the Ordinary
Shares or ADSs. These amounts of ordinary income will not be
eligible for the favorable tax rates applicable to qualified
dividend income or long-term capital gains. The U.S. Holder
will also be allowed to take an ordinary loss in respect of the
excess, if any, of the adjusted basis of the Ordinary Shares or
ADSs over their fair market value at the end of the taxable year
(but only to the extent of the net amount of previously included
income as a result of the mark-to-market election). The
U.S. Holders basis in the Ordinary Shares or ADSs
will be adjusted to reflect any such income or loss amounts. In
addition, notwithstanding any election made with regard to the
Ordinary Shares or ADSs, dividends received from the Company
will not constitute qualified dividend income to a
U.S. Holder if the Company is a PFIC either in the taxable
year of the distribution or the preceding taxable year.
Dividends that do not constitute qualified dividend income are
not eligible for taxation at the 15% maximum rate applicable to
qualified dividend income. Instead, U.S. Holders must
include the gross amount of any such dividend paid by the
Company out of its accumulated earnings and profits (as
determined for United States federal income tax purposes) in
their gross income, and it will be subject to tax at rates
applicable to ordinary income. A U.S. Holder that owns
Ordinary Shares or ADSs during any year that the Company is a
PFIC must file Internal Revenue Service Form 8621.

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F. DIVIDENDS AND PAYING AGENTS

Not applicable.

G. STATEMENT BY EXPERTS

Not applicable.

H. DOCUMENTS ON DISPLAY

It is possible to read and copy documents
referred to in this Annual report on Form 20-F that have
been filed with the Securities and Exchange Commission, or SEC,
at the SECs public reference room located at:



| |                                                    
| | ---------------------------------------------------
| | 451 Fifth Street, NW 
     Washington DC 20549, USA

Please call the SEC at 1-800-SEC-0330 for further
information on the public reference room and their copy charges.

This document is also filed on the SEC document
service internet site at: http://www.edgar-online.com

In addition, documents referred to above are
available at SCORs headquarters, located at:



| |                                                                           
| | --------------------------------------------------------------------------
| | 1, Avenue du Général de Gaulle 
     92074 Paris-La Défense Cedex, France.

I. SUBSIDIARY INFORMATION

Not applicable.

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Item 11. Quantitative and
Qualitative Disclosures About Market Risk

SCOR is exposed to market risk from changes in
foreign currency exchange rates, interest rates and equity
security prices that have an adverse effect on the fair value of
financial instruments and derivative financial instruments. SCOR
manages its market risks as well as risk exposure relating to
non-financial assets, liabilities and transactions by defining
centralized investment policy guidelines, using derivatives to
protect its investment portfolio or rebalancing its existing
asset and liability portfolio.

Market risk sensitive instruments are divided
into two categories: instruments entered into for trading
purposes and instruments entered into for non-trading purposes.
SCORs financial instruments and derivative financial
instruments are all classified as being held for purposes other
than trading.

Foreign Currency Exchange Rate Risk

Foreign currency exchange rate risk arises from
the possibility that changes in foreign currency exchange rates
will impact the value of revenues, expenses, assets and
liabilities denominated in foreign currencies. The Groups
financial position, results of operations and cash flows are
directly dependent on the periodic monitoring and adjustment of
the balance of assets and liabilities in each of its main
operating currencies.

At December 31, 2002, 76.1% of consolidated
net technical reserves were denominated in currencies other than
those participating in the European Economic and Monetary Union,
primarily the U.S. dollar (58.66% of net technical
reserves), the Pound sterling (4.46%) and the Canadian dollar
(3.61%).

The impact of fluctuations in exchange rates is
mitigated to a large extent by the fact that the Group generally
invests in assets denominated in the same currencies as its
corresponding technical reserves, in order to ensure that its
investments on the one hand and reinsurance liabilities on the
other are matched on a currency-by-currency basis. The Group
attempts to match its assets and liabilities on a
currency-by-currency basis in each currency for which an
organized financial or foreign exchange market is available,
including the currencies noted above, primarily by investing in
assets that are denominated in the currency of the Groups
corresponding reinsurance liabilities. Management adjusts open
positions in specific currencies, generally on a quarterly
basis, to manage any excess or deficit of assets compared to
liabilities in a particular currency. Total currency exposure
(other than with respect to the euro) is limited to the excess
(or deficiency) of assets over liabilities in each currency.

Interest Rate Risk

SCOR has exposure to economic losses due to
interest rate risk arising from changes in the level of interest
rates. Generally, a sustained period of lower interest rates
will reduce the investment income yield of the Groups
investment portfolio over time as higher yielding investments
are called, mature or are sold and proceeds are reinvested at
lower rates. However, on significant portions of the investment
portfolio, declining interest rates will generally increase
unrealized gains, as well as realized gains to the extent
securities are sold. Conversely, rising interest rates should,
over time, increase investment income but reduce the market
value of certain of the investments in the Groups
investment portfolio. The diversity of the Groups
investment portfolio, developed as a result of the geographic
spread of its reinsurance businesses and a corresponding
strategy of matching, to the extent possible, investments and
reinsurance liabilities by currency, tends to diminish the
effect of movements in interest rates in any one market.

Equity Security Price Risk

SCOR has exposure to equity security price risk
as a result of its investment in equity securities and equity
derivatives, due to volatility. SCOR mitigates this risk by
diversifying its equity portfolio and applying conservative
investment guidelines.

SCOR prefers investments for long periods of
time, and is not necessarily troubled by short term price
volatility when economics and management remain excellent.
Equity securities accounted for only 8% of our investments at
December 31, 2002.

96



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Sensitivity Analysis

SCORs exchange rate sensitivity analysis
assumes an instantaneous 10% change in the exchange rates of
currencies other than the currencies irrevocably fixed against
the euro, from their levels at December 31, 2002, with all
other variables held constant. At December 31, 2002,
appreciation of the euro against other currencies would result
in a before-tax decrease in the market value of financial
instruments of EUR 578 million. A depreciation at
December 31, 2002 of the euro against other currencies
would result in a before-tax increase in the market value of
financial instruments of EUR 578 million.

The interest rate sensitivity analysis estimates
the change in the market value of the Companys
interest-sensitive financial instruments that were held on
December 31, 2002 due to instantaneous parallel changes in
the year-end yield curve. The interest rates on certain types of
assets and liabilities may fluctuate in advance of changes in
market interest rates, while interest rates on other types may
lag behind changes in market rates. Accordingly, the analysis
may not be indicative of, is not intended to provide and does
not provide a precise forecast of the effect of changes of
market interest rates on the Companys income or
stockholders equity. Furthermore, the computations do not
contemplate any actions SCOR would undertake in response to
changes in interest rates.

The interest rate sensitivity analysis assumes an
instantaneous shift in market interest rates, with scenarios of
interest rates increasing and decreasing 100 basis points
(bp) from their levels at December 31, 2002,
with all other variables held constant. A 100 bp increase in
market interest rates would have resulted in a before-tax
decrease in the value of SCORs financial instrument
position of EUR 195 million at December 31, 2002.
A 100 basis point decrease in market interest rates would have
resulted in a before-tax increase in the value of SCORs
financial instrument position of EUR 195 million at
December 31, 2002.

Equity price risk was measured assuming an
instantaneous 10% change in the most pertinent index for the
most significant equity instruments held by the Group (the
Indexes) from their levels at December 31, 2002, with
all other variables held constant. The Indexes are primarily the
Standard & Poors 500 Index for U.S. equity
instruments, the Toronto Stock Exchange 300 Index for Canadian
equity instruments, and the Bloomberg 500 Index for European
equity instruments. The Companys equity holdings were
assumed to be positively correlated with those indexes. At
December 31, 2002, a 10% decrease in the Indexes would have
resulted in a EUR 26 million decrease in the market
value of the Companys equity investments. A 10% increase
in the Indexes would have resulted in a before-tax increase of
EUR 26 million in the market value of the
Companys equity investments at December 31, 2002.

97



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The following table sets forth the estimated
effect on the market value of the Groups financial
instruments available for sale at December 31, 2001 and
2002, assuming changes of 10% in foreign currency exchange rates
and in the Indexes, and a change of 100 basis points in interest
rates.

|                          |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |     |  
|------------------------- | ----- | ------------------ | ----- | ---------------- |  | ------------------ | ---- | ------------- | ---- |  | ---- | ---- | - |  | --- | --- | -
|                          |       |                   
|                          |       | December 31, 2001 
|                          |       |                   
|                          |       |                    |       | Currency Risk    |  |                   
|                          |       |                    |       |                  |  | Interest Rate Risk |      | Equity Risk  
|                          |       |                    |       | 10% change in    |  |                    |      |              
|                          |       |                    |       | foreign currency |  | 100 bp change in   |      | 10% change in
|                          |       | Market Value       |       | exchange rates   |  | interest rate      |      | Indexes      
|                          |       |                    |       |                  |  |                    |      |              
|                          |       |                   
|                          |       | (EUR, in millions)
|Increase                  |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    
|Fixed maturities          |       |                    | 5,582 |                  |  |                    | 426  |               |      |  | (186 | )    |   |  |    |    
|Equity securities         |       |                    | 646   |                  |  |                    | 20   |               |      |  |     |      |   |  | 67  |    
|Short-term investments    |       |                    | 448   |                  |  |                    | 45   |               |      |  |     |      |   |  |    |    
|Cash and cash equivalents |       |                    | 1,927 |                  |  |                    | 103  |               |      |  |     |      |   |  |    |    
|                          |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    
|                          | Total |                    |       | 8,603            |  |                    |      | 593           |      |  |      | (186 | ) |  |     | 67  |  
|                          |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    
|Decrease                  |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    
|Fixed maturities          |       |                    | 5,582 |                  |  |                    | (426 | )             |      |  | 186  |      |   |  |    |    
|Equity securities         |       |                    | 646   |                  |  |                    | (20  | )             |      |  |     |      |   |  | (67 | )  
|Short-term investments    |       |                    | 448   |                  |  |                    | (45  | )             |      |  |     |      |   |  |    |    
|Cash and cash equivalents |       |                    | 1,927 |                  |  |                    | (103 | )             |      |  |     |      |   |  |    |    
|                          |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    
|                          | Total |                    |       | 8,603            |  |                    |      | (593          | )(1) |  |      | 186  |   |  |     | (67 | )
|                          |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    

|                          |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |     |  
|------------------------- | ----- | ------------------ | ----- | ---------------- |  | ------------------ | ---- | ------------- | ---- |  | ---- | ---- | - |  | --- | --- | -
|                          |       |                   
|                          |       | December 31, 2002 
|                          |       |                   
|                          |       |                    |       | Currency Risk    |  |                   
|                          |       |                    |       |                  |  | Interest Rate Risk |      | Equity Risk  
|                          |       |                    |       | 10% change in    |  |                    |      |              
|                          |       |                    |       | foreign currency |  | 100 bp change in   |      | 10% change in
|                          |       | Market Value       |       | exchange rates   |  | interest rate      |      | Indexes      
|                          |       |                    |       |                  |  |                    |      |              
|                          |       |                   
|                          |       | (EUR, in millions)
|Increase                  |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    
|Fixed maturities          |       |                    | 6,107 |                  |  |                    | 413  |               |      |  | (195 | )    |   |  |    |    
|Equity securities         |       |                    | 573   |                  |  |                    | 6    |               |      |  |     |      |   |  | 26  |    
|Short-term investments    |       |                    | 198   |                  |  |                    | 18   |               |      |  |     |      |   |  |    |    
|Cash and cash equivalents |       |                    | 1,788 |                  |  |                    | 140  |               |      |  |     |      |   |  |    |    
|                          |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    
|                          | Total |                    |       | 8,666            |  |                    |      | 578           |      |  |      | (195 | ) |  |     | 26  |  
|                          |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    
|Decrease                  |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    
|Fixed maturities          |       |                    | 6,107 |                  |  |                    | (413 | )             |      |  | 195  |      |   |  |    |    
|Equity securities         |       |                    | 573   |                  |  |                    | (6   | )             |      |  |     |      |   |  | (26 | )  
|Short-term investments    |       |                    | 198   |                  |  |                    | (18  | )             |      |  |     |      |   |  |    |    
|Cash and cash equivalents |       |                    | 1,788 |                  |  |                    | (140 | )             |      |  |     |      |   |  |    |    
|                          |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    
|                          | Total |                    |       | 8,666            |  |                    |      | (578          | )(1) |  |      | 195  |   |  |     | (26 | )
|                          |       |                    |       |                  |  |                    |      |               |      |  |      |      |   |  |     |    






|    |                                                                                                                                                       
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The effect of changes of currency exchange rates
    on investments will be offset by the effect on technical
    reserves and debts expressed in USD.

98



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The following table sets forth the estimated
effect on the market value of the Groups financial
instruments entered into for trading purposes at
December 31, 2001 and 2002, assuming changes of 10% in
foreign currency exchange rates and in the Indexes, and a change
of 100 basis points in interest rates.

|                  |  |                    |    |                  |  |                    |    |               |  |  |   |  |  |  |    |  
|----------------- |  | ------------------ | -- | ---------------- |  | ------------------ | -- | ------------- |  |  | - |  |  |  | -- | -
|                  |  |                   
|                  |  | December 31, 2001 
|                  |  |                   
|                  |  |                    |    | Currency Risk    |  |                   
|                  |  |                    |    |                  |  | Interest Rate Risk |    | Equity Risk  
|                  |  |                    |    | 10% change in    |  |                    |    |              
|                  |  |                    |    | foreign currency |  | 100 bp change in   |    | 10% change in
|                  |  | Market Value       |    | exchange rates   |  | interest rate      |    | Indexes      
|                  |  |                    |    |                  |  |                    |    |              
|                  |  |                   
|                  |  | (EUR, in millions)
|Increase          |  |                    |    |                  |  |                    |    |               |  |  |   |  |  |  |    |  
|Equity securities |  |                    | 56 |                  |  |                    | 6  |               |  |  |  |  |  |  | 6  |  
|Decrease          |  |                    |    |                  |  |                    |    |               |  |  |   |  |  |  |    |  
|Equity securities |  |                    | 56 |                  |  |                    | (6 | )             |  |  |  |  |  |  | (6 | )

|                  |  |                      |   |                  |  |                    |   |               |  |  |   |  |  |  |   | 
|----------------- |  | -------------------- | - | ---------------- |  | ------------------ | - | ------------- |  |  | - |  |  |  | - | 
|                  |  |                     
|                  |  | December 31, 2002(2)
|                  |  |                     
|                  |  |                      |   | Currency Risk    |  |                   
|                  |  |                      |   |                  |  | Interest Rate Risk |   | Equity Risk  
|                  |  |                      |   | 10% change in    |  |                    |   |              
|                  |  |                      |   | foreign currency |  | 100 bp change in   |   | 10% change in
|                  |  | Market Value         |   | exchange rates   |  | interest rate      |   | Indexes      
|                  |  |                      |   |                  |  |                    |   |              
|                  |  |                     
|                  |  | (EUR, in millions)  
|Increase          |  |                      |   |                  |  |                    |   |               |  |  |   |  |  |  |   | 
|Equity securities |  |                      | 0 |                  |  |                    | 0 |               |  |  |  |  |  |  | 0 | 
|Decrease          |  |                      |   |                  |  |                    |   |               |  |  |   |  |  |  |   | 
|Equity securities |  |                      | 0 |                  |  |                    | 0 |               |  |  |  |  |  |  | 0 | 






|    |                                                                   
|--- | ------------------------------------------------------------------
|(2) | Trading equity securities have been entirely sold
    during 2002.




Item 12. Description of Securities
Other than Equity Securities

Not applicable.

99



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##### Table of Contents






PART II






Item 13. Default, Dividend
Arrearages and Delinquencies


None.




Item 14. Material Modifications to
the Rights of Security Holders and Use of Proceeds

None.




Item 15. Controls and
procedures

Our disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14(c) and 15d-14(c)) are
designed to ensure that information required to be disclosed in
reports that we file or submit under the Exchange Act is
recorded, processed, summarized and reported within the time
periods specified in the rules and forms of the SEC. As of a
date within 90 days of the filing date of this annual
report (the Evaluation Date), an evaluation was
performed under the supervision and with the participation of
our management, including the Chairman and Chief Executive
Officer and the Chief Financial Officer, of the effectiveness of
the design and operation of our disclosure controls and
procedures. Based on that evaluation our management, including
the chief executive officer and the chief financial officer,
concluded that our disclosure controls and procedures were
effective at the level of providing reasonable assurance, as of
the Evaluation Date. There have been no significant changes in
our internal controls or in other factors that could
significantly affect internal controls subsequent to the
Evaluation Date.

In designing and evaluating our disclosure
controls and procedures, our management, including the chief
executive officer and the chief financial officer, recognized
that any controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving
the desired control objectives, and our management necessarily
was required to apply its judgment in evaluating the
cost-benefit relationship of possible controls and procedures.
Because of the inherent limitations in all control systems, no
evaluation of controls can provide absolute assurance that all
control issues and instances of fraud, if any, within the Group
have been detected.




Item 16. [Reserved]

100



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##### Table of Contents






PART III






Item 17. Financial
Statements


Not applicable.




Item 18. Financial
Statements

The following financial statements and financial
statements schedules, together with the report of
Ernst & Young thereon, are filed as part of this Annual
Report:

|                                                                                                                         |  |       |            | 
|------------------------------------------------------------------------------------------------------------------------ |  | ----- | ---------- | 
|                                                                                                                         |  | Pages
|                                                                                                                         |  |      
|Financial Statements                                                                                                     |  |       |            | 
|Report of Independent Auditors                                                                                           |  |       | F-1        | 
|Consolidated Balance Sheets as of
    December 31, 2002 and 2001                                                         |  |       | F-2  F-3  | 
|Consolidated Statements of Income for the Years
    Ended December 31, 2002, 2001 and 2000                               |  |       | F-4        | 
|Consolidated Statements of Comprehensive Income
    for the Years Ended December 31, 2002, 2001, and 2000                |  |       | F-5        | 
|Consolidated Statements of Changes in
    Shareholders Equity for the Years Ended December 31,
    2002, 2001, and 2000 |  |       | F-6        | 
|Consolidated Statements of Cash Flows for the
    Years Ended December 31, 2002, 2001, and 2000                          |  |       | F-7        | 
|Notes to Consolidated Financial Statements                                                                               |  |       | F-8  F-46 | 
|Schedules                                                                                                                |  |       |            | 
|Schedule I  Summary of
    Investments  Other than Investments in Related Parties                                      |  |       | S-1        | 
|Schedule III  Supplementary
    Insurance Information                                                                   |  |       | S-2        | 
|Schedule IV  Reinsurance                                                                                                |  |       | S-3        | 
|Schedule V  Valuation and
    Qualifying Accounts                                                                       |  |       | S-4        | 
|Schedule VI  Supplemental
    Information Concerning Property-Casualty Insurance Operations                             |  |       | S-5        | 

All other schedules have been omitted because
they are not required under the applicable instructions.




Item 19. Exhibits

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |       |           | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----- | --------- | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | Pages
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |      
|Exhibit 1:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |       |           | 
|Translation from French into English of the
    Companys Statuts, or bylaws, as amended in
    conformity with the May 15, 2003 board of directors
    meeting                                                                                                                                                                                                                                                                                                                                    |  |       | E-1  E-6 | 
|Exhibit 4:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |       |           | 
|Summary in the English language of (i) the
    EUR 100 million short-term credit line agreement, dated
    December 11, 2002, entered into by and among SCOR, a
    syndicate of banks and BNP Paribas as Agent, and (ii) the
    credit line agreement, dated December 26, 2002, entered
    into by and among SCOR, a syndicate of banks and BNP Paribas as
    Agent and as Issuing Bank, relating to the issuance of letters
    of credit in an aggregate amount of up to
    USD 900 million. |  |       |           | 
|Exhibit 8:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |       |           | 
|List of subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |       | E-7       | 
|Exhibit 12:*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |       |           | 
|Certifications pursuant to Section 906 of
    the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                        |  |       | E-8       | 





---

|                        |  |  |  | 
|----------------------- |  |  |  | 
|* furnished, not filed. |  |  |  | 



101



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##### Table of Contents






REPORT OF INDEPENDENT AUDITORS

To the Board of Directors and Shareholders of SCOR

We have audited the accompanying consolidated
balance sheets of SCOR and subsidiaries, as of December 31,
2002 and 2001, and the related consolidated statements of
income, comprehensive income, changes in stockholders
equity, and cash flows for each of the three years in the period
ended December 31, 2002. Our audits also included the
financial statement schedules listed in the Index at
Item 18 of this Form 20-F. These financial statements
and financial statement schedules are the responsibility of the
Companys management. Our responsibility is to express an
opinion on these financial statements and financial statement
schedules based on our audits. We did not audit the financial
statements of Commercial Risk Partners, Ltd. for the year ended
December 31, 2000, a wholly-owned subsidiary, which
financial statements reflected total assets constituting 10% in
2000, and total revenues constituting 20% in 2000, of the
related consolidated totals. The consolidated financial
statements of Commercial Risk Partners, Ltd. for the year ended
December 31, 2000 were audited by other auditors whose
report has been furnished to us, and our opinion, insofar as it
relates to amounts included for Commercial Risk Partners, Ltd.
in this year, is based solely on the report of the other
auditors.

We conducted our audits in accordance with
auditing standards generally accepted in the United States and
France. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation (including the conversion of
the financial statements of SCOR Italia Ri to accounting
principles generally accepted in the United States). We believe
that our audits and the reports of other auditors provide a
reasonable basis for our opinion.

In our opinion, based on our audits and the
reports of other auditors, the consolidated financial statements
referred to above present fairly, in all material respects, the
consolidated financial position of SCOR and subsidiaries as of
December 31, 2002 and 2001, and the results and
comprehensive income of their operations and their cash flows
for each of the three years in the period ended
December 31, 2002, in conformity with accounting principles
generally accepted in the United States. Also, in our opinion,
the related financial statement schedules, when considered in
relation to the basic financial statements taken as a whole,
present fairly in all material respects the information set
forth therein.

As discussed in Note 1.14 to the
consolidated financial statements, during 2001 the Company
adopted the practice of discounting SCOR US Corporations
tabular workers compensation reserves and also as
discussed in Note 1.23, during 2002, the Company changed
its method of accounting for goodwill.



| |                             
| | ----------------------------
| | ERNST & YOUNG               
| | Represented by Alain Vincent

Paris, France

April 2, 2003


F-1



---



##### Table of Contents



SCOR

CONSOLIDATED BALANCE SHEETS

ASSETS

|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |       |        | 
|----------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------- | ----- | ------------------ |  | ---- | ----- | ----- | ------ |  | ----- | ----- | ------ | 
|                                                |                                                                                                                       |                                                           |       |                   
|                                                |                                                                                                                       |                                                           |       | As of December 31,
|                                                |                                                                                                                       |                                                           |       |                   
|                                                |                                                                                                                       | Notes                                                     |       | 2001               |  | 2002
|                                                |                                                                                                                       |                                                           |       |                    |  |     
|                                                |                                                                                                                       |                                                           |       |                   
|                                                |                                                                                                                       |                                                           |       | (EUR, in millions)
|Investments                                     |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|                                                | Fixed maturities, available for sale, at fair
    value (amortized cost: EUR 5,456 in 2001 and EUR 5,771
    in 2002) |                                                           |       | 1, 2, 12           |  |      |       | 5,582 |        |  |       | 6,107 |       
|                                                | Equity securities, available for sale, at fair
    value (cost EUR 978 in 2001 and EUR 619 in 2002)                   |                                                           |       | 1, 2, 12           |  |      |       | 646   |        |  |       | 573   |       
|                                                | Trading equity securities, at fair value (cost:
    EUR 110 in 2001 and none in 2002)                                 |                                                           |       | 1, 2, 12           |  |      |       | 56    |        |  |       |      |       
|                                                | Short-term investments, at cost                                                                                       |                                                           |       | 1, 12              |  |      |       | 448   |        |  |       | 198   |       
|                                                | Other long-term investments                                                                                           |                                                           |       | 1                  |  |      |       | 358   |        |  |       | 345   |       
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|                                                |                                                                                                                       | Total investments                                         |       |                    |  |      |       |       | 7,090  |  |       |       | 7,223  | 
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|Cash and cash equivalents                       |                                                                                                                       |                                                           | 1, 12 |                    |  |      | 1,927 |       |        |  | 1,788 |      
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|Accrued interest income                         |                                                                                                                       |                                                           |       |                    |  |      | 111   |       |        |  | 109   |      
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|Reinsurance balances receivable                 |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|                                                | Property-Casualty                                                                                                     |                                                           |       | 1                  |  |      |       | 845   |        |  |       | 797   |       
|                                                | Life                                                                                                                  |                                                           |       | 1                  |  |      |       | 134   |        |  |       | 234   |       
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|                                                |                                                                                                                       | Total reinsurance balances receivable                     |       |                    |  |      |       |       | 979    |  |       |       | 1,031  | 
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|Accrued premiums receivable, net of commissions |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|                                                | Property-Casualty                                                                                                     |                                                           |       | 1, 3               |  |      |       | 1,210 |        |  |       | 875   |       
|                                                | Life                                                                                                                  |                                                           |       | 1, 3               |  |      |       | 197   |        |  |       | 214   |       
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|                                                |                                                                                                                       | Total accrued premiums receivable, net of
    commissions |       |                    |  |      |       |       | 1,407  |  |       |       | 1,089  | 
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|Property-Casualty                               |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|                                                | Reinsurance recoverable on unpaid losses and LAE                                                                      |                                                           |       | 1, 3               |  |      |       | 1,448 |        |  |       | 1,067 |       
|                                                | Prepaid reinsurance premium                                                                                           |                                                           |       | 1, 3               |  |      |       | 254   |        |  |       | 130   |       
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|                                                |                                                                                                                       | Total                                                     |       |                    |  |      |       |       | 1,702  |  |       |       | 1,197  | 
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|Life                                            |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|                                                | Reinsurance recoverable on reserves for future
    policy benefits                                                    |                                                           |       | 1, 3               |  |      |       | 648   |        |  |       | 511   |       
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|Deferred policy acquisition costs, net          |                                                                                                                       |                                                           |       |                    |  |      | 352   |       |        |  | 454   |      
|Credits for deposits with ceding companies      |                                                                                                                       |                                                           | 1     |                    |  |      | 1,000 |       |        |  | 1,249 |      
|Deferred income tax benefits                    |                                                                                                                       |                                                           | 1, 7  |                    |  |      | 504   |       |        |  | 438   |      
|Derivative financial instruments                |                                                                                                                       |                                                           | 1, 13 |                    |  |      | 21    |       |        |  | 21    |      
|Fixed assets, net                               |                                                                                                                       |                                                           | 1     |                    |  |      | 24    |       |        |  | 20    |      
|Intangible assets                               |                                                                                                                       |                                                           | 1     |                    |  |      | 114   |       |        |  | 62    |      
|Advances to and investments in affiliates       |                                                                                                                       |                                                           | 1, 5  |                    |  |      | 233   |       |        |  | 57    |      
|Goodwill                                        |                                                                                                                       |                                                           | 1     |                    |  |      | 285   |       |        |  | 260   |      
|Other assets                                    |                                                                                                                       |                                                           |       |                    |  |      | 536   |       |        |  | 427   |      
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      
|                                                |                                                                                                                       | Total assets                                              |       |                    |  |      |       |       | 16,933 |  |       |       | 15,936 | 
|                                                |                                                                                                                       |                                                           |       |                    |  |      |       |       |        |  |       |      

See accompanying Notes to Consolidated Financial
Statements

F-2



---



##### Table of Contents



SCOR

CONSOLIDATED BALANCE SHEETS

LIABILITIES AND SHAREHOLDERS
EQUITY

|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |       |        | 
|------------------------------------------ | ----------------------------------------------------------------------------------------- | ---------------------------------- | --------- | ------------------ |  | ---- | ------ | ----- | ------ |  | ------ | ----- | ------ | 
|                                           |                                                                                           |                                    |           |                   
|                                           |                                                                                           |                                    |           | As of December 31,
|                                           |                                                                                           |                                    |           |                   
|                                           |                                                                                           | Notes                              |           | 2001               |  | 2002
|                                           |                                                                                           |                                    |           |                    |  |     
|                                           |                                                                                           |                                    |           |                   
|                                           |                                                                                           |                                    |           | (EUR, in millions)
|Property-Casualty                          |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|                                           | Losses and loss adjustment expenses reserves,
    gross                                   |                                    |           | 1, 16              |  |      |        | 8,365 |        |  |        | 7,967 |       
|                                           | Unearned premium reserves, gross                                                          |                                    |           | 1                  |  |      |        | 1,665 |        |  |        | 1,617 |       
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|                                           |                                                                                           | Total                              |           |                    |  |      |        |       | 10,030 |  |        |       | 9,584  | 
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|Life                                       |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|                                           | Reserve for future policy benefits                                                        |                                    |           | 1, 15              |  |      |        | 2,601 |        |  |        | 2,368 |       
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|Funds held under reinsurance treaties      |                                                                                           |                                    | 1, 3      |                    |  |      | 894    |       |        |  | 683    |      
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|Reinsurance balances payable               |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|                                           | Property-Casualty                                                                         |                                    |           | 1                  |  |      |        | 436   |        |  |        | 312   |       
|                                           | Life                                                                                      |                                    |           | 1                  |  |      |        | 59    |        |  |        | 220   |       
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|                                           |                                                                                           | Total reinsurance balances payable |           |                    |  |      |        |       | 495    |  |        |       | 532    | 
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|Convertible subordinated debentures        |                                                                                           |                                    | 6, 12     |                    |  |      | 247    |       |        |  | 451    |      
|Long term debt                             |                                                                                           |                                    | 6         |                    |  |      | 263    |       |        |  | 246    |      
|Notes payable                              |                                                                                           |                                    | 6, 12, 13 |                    |  |      | 57     |       |        |  | 62     |      
|Debt due within one year                   |                                                                                           |                                    |           |                    |  |      | 8      |       |        |  | 12     |      
|Commercial paper                           |                                                                                           |                                    | 6, 12, 13 |                    |  |      | 306    |       |        |  |       |      
|Derivative financial instruments           |                                                                                           |                                    | 13        |                    |  |      | 24     |       |        |  | 26     |      
|Accrued expenses                           |                                                                                           |                                    |           |                    |  |      | 341    |       |        |  | 416    |      
|Deferred taxes                             |                                                                                           |                                    | 1, 7      |                    |  |      | 167    |       |        |  | 224    |      
|Minority interest                          |                                                                                           |                                    | 14        |                    |  |      | 190    |       |        |  | 187    |      
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|                                           |                                                                                           | Total liabilities                  |           |                    |  |      |        |       | 15,623 |  |        |       | 14,791 | 
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|Shareholders Equity                       |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|                                           | Common stock, 136,544,845 in 2002 and
    41,244,216 shares in 2001 authorized and issued |                                    |           | 1, 9               |  |      |        | 157   |        |  |        | 520   |       
|                                           | Additional paid-in capital                                                                |                                    |           |                    |  |      |        | 976   |        |  |        | 802   |       
|                                           | Catastrophe reserve, net of tax                                                           |                                    |           | 11                 |  |      |        | 11    |        |  |        | 6     |       
|                                           | Retained earnings                                                                         |                                    |           |                    |  |      |        | 215   |        |  |        | (355  | )     
|                                           | Accumulated other comprehensive income                                                    |                                    |           | 1, 4               |  |      |        | 122   |        |  |        | 172   |       
|                                           | Treasury stock, at cost (none in 2002 and
    3,630,417 shares in 2001)                   |                                    |           |                    |  |      |        | (171  | )      |  |        |      |       
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|                                           |                                                                                           | Total shareholders equity         |           |                    |  |      |        |       | 1,310  |  |        |       | 1,145  | 
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      
|Total liabilities and shareholders equity |                                                                                           |                                    |           |                    |  |      | 16,933 |       |        |  | 15,936 |      
|                                           |                                                                                           |                                    |           |                    |  |      |        |       |        |  |        |      

See accompanying Notes to Consolidated Financial
Statements

F-3



---



##### Table of Contents



SCOR

CONSOLIDATED STATEMENTS OF INCOME

|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |       |       |  
|------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------- | ---- | ------------------ | ---- | ---- | -- | ----- | ----- |  | --- | ----- | ----- | - | --- | ----- | ----- | -
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                   
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      | Year ended        
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      | December 31,      
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                   
|                                                                                      |                                                                                                                                                                     | Notes                                                                                                                                                 |      | 2000               |      | 2001 |    | 2002 
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |      
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                   
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      | (EUR, in millions)
|Revenues                                                                              |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|                                                                                      | Life premiums earned, net of premiums ceded
    totaling EUR 109 in 2000, EUR 102 in 2001 and
    EUR 97 in 2002                                                    |                                                                                                                                                       |      | 1, 3, 15           |      |      |    | 396   |       |  |     | 546   |       |   |     | 578   |      
|                                                                                      | Property-Casualty premiums earned, net of
    premiums ceded totaling EUR 360 in 2000, and EUR 547
    in 2001 and EUR 471 in 2002                                  |                                                                                                                                                       |      | 1, 3, 15           |      |      |    | 2,281 |       |  |     | 3,107 |       |   |     | 3,575 |      
|                                                                                      | Net investment income                                                                                                                                               |                                                                                                                                                       |      | 1, 2, 15           |      |      |    | 287   |       |  |     | 347   |       |   |     | 381   |      
|                                                                                      | Net realized gains (losses) on investments                                                                                                                          |                                                                                                                                                       |      | 1, 2, 15           |      |      |    | 413   |       |  |     | 10    |       |   |     | (52   | )    
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|                                                                                      |                                                                                                                                                                     | Total revenues                                                                                                                                        |      |                    |      |      |    |       | 3,377 |  |     |       | 4,010 |   |     |       | 4,482 |  
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|Expenses                                                                              |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|                                                                                      | Life claims, net of reinsurance recoveries
    totaling, EUR 63 in 2000, EUR 90 in 2001 and
    EUR 41 in 2002                                                      |                                                                                                                                                       |      | 1, 3, 15           |      |      |    | 283   |       |  |     | 451   |       |   |     | 459   |      
|                                                                                      | Property-Casualty claims and loss adjustment
    expenses, net of reinsurance recoveries totaling EUR 381 in
    2000, EUR 1,051 in 2001 and EUR 139 in
    2002(1) |                                                                                                                                                       |      | 1, 3, 15           |      |      |    | 2,204 |       |  |     | 3,177 |       |   |     | 3,455 |      
|                                                                                      | Policy acquisition costs and commissions                                                                                                                            |                                                                                                                                                       |      | 1, 15              |      |      |    | 661   |       |  |     | 848   |       |   |     | 909   |      
|                                                                                      | Underwriting and administration expenses                                                                                                                            |                                                                                                                                                       |      | 1, 15              |      |      |    | 162   |       |  |     | 209   |       |   |     | 208   |      
|                                                                                      | Foreign exchange loss (gain), net                                                                                                                                   |                                                                                                                                                       |      |                    |      |      |    | 18    |       |  |     | (8    | )     |   |     | (61   | )    
|                                                                                      | Amortization of goodwill                                                                                                                                            |                                                                                                                                                       |      | 1                  |      |      |    | 15    |       |  |     | 17    |       |   |     | 17    |      
|                                                                                      | Other operating expenses (income), net                                                                                                                              |                                                                                                                                                       |      |                    |      |      |    | 16    |       |  |     | (1    | )     |   |     | 19    |      
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|                                                                                      |                                                                                                                                                                     | Total expenses                                                                                                                                        |      |                    |      |      |    |       | 3,359 |  |     |       | 4,693 |   |     |       | 5,006 |  
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|                                                                                      |                                                                                                                                                                     | Income (loss) before taxes, minority interests,
    income from investments accounted for by the equity method and
    change in accounting principle |      |                    |      |      |    |       | 18    |  |     |       | (683  | ) |     |       | (524  | )
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|Income tax(1)                                                                         |                                                                                                                                                                     |                                                                                                                                                       | 1, 7 |                    |      |      | 57 |       |       |  | 273 |       |       |   | (28 | )    
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|                                                                                      |                                                                                                                                                                     | Income (loss) before minority interests, income
    from investments accounted for by the equity method and change
    in accounting principle        |      |                    |      |      |    |       | 75    |  |     |       | (410  | ) |     |       | (552  | )
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|Minority interests                                                                    |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      | (1 | )     |       |  | (1  | )     |       |   | (13 | )    
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|                                                                                      |                                                                                                                                                                     | Income (loss) before income from investments
    accounted for by the equity method and change in accounting
    principle                            |      |                    | 1, 5 |      |    |       | 74    |  |     |       | (411  | ) |     |       | (565  | )
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|Income from investments accounted for by the
    equity method                        |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      | 3  |       |       |  | 4   |       |       |   | 4   |      
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|                                                                                      |                                                                                                                                                                     | Income (loss) before change in accounting
    principle                                                                                               |      |                    |      |      |    |       | 77    |  |     |       | (407  | ) |     |       | (561  | )
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|Cumulative effect of change in accounting
    principle, net of tax EUR 22 in 2001(1) |                                                                                                                                                                     |                                                                                                                                                       | 1    |                    |      |      |   |       |       |  | 42  |       |       |   |    |      
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      
|                                                                                      |                                                                                                                                                                     | Net income (loss)                                                                                                                                     |      |                    |      |      |    |       | 77    |  |     |       | (365  | ) |     |       | (561  | )
|                                                                                      |                                                                                                                                                                     |                                                                                                                                                       |      |                    |      |      |    |       |       |  |     |       |       |   |     |      

|                                               |                                                                              |  |  |                         |  |  |  |        |  |  |  |        |   |  |  |         |  
|---------------------------------------------- | ---------------------------------------------------------------------------- |  |  | ----------------------- |  |  |  | ------ |  |  |  | ------ | - |  |  | ------- | -
|                                               |                                                                              |  |  |                        
|                                               |                                                                              |  |  | (EUR, except number    
|                                               |                                                                              |  |  | of shares in thousands)
|Basic earnings per share                       |                                                                              |  |  |                         |  |  |  |        |  |  |  |        |   |  |  |        
|                                               | Income (loss) before cumulative effect of change
    in accounting principle |  |  |                         |  |  |  | 2.44   |  |  |  | (11.98 | ) |  |  | (4.11   | )
|                                               | Cumulative effect of a change in accounting
    principle, net of tax        |  |  |                         |  |  |  |       |  |  |  | 1.24   |   |  |  |        |  
|                                               |                                                                              |  |  |                         |  |  |  |        |  |  |  |        |   |  |  |        
|                                               | Basic earnings per share available to common
    stockholders                |  |  | 1, 9                    |  |  |  | 2.44   |  |  |  | (10.74 | ) |  |  | (4.11   | )
|                                               |                                                                              |  |  |                         |  |  |  |        |  |  |  |        |   |  |  |        
|Diluted earnings per share                     |                                                                              |  |  |                         |  |  |  |        |  |  |  |        |   |  |  |        
|                                               | Income (loss) before cumulative effect of change
    in accounting principle |  |  |                         |  |  |  | 2.27   |  |  |  | (10.50 | ) |  |  | (4.11   | )
|                                               | Cumulative effect of a change in accounting
    principle, net of tax        |  |  |                         |  |  |  |       |  |  |  | 1.10   |   |  |  |        |  
|                                               |                                                                              |  |  |                         |  |  |  |        |  |  |  |        |   |  |  |        
|                                               | Diluted earnings per share available to common
    stockholders              |  |  | 1, 9                    |  |  |  | 2.27   |  |  |  | (9.40  | ) |  |  | (4.11   | )
|                                               |                                                                              |  |  |                         |  |  |  |        |  |  |  |        |   |  |  |        
|Weighted average number of shares outstanding, |                                                                              |  |  |                         |  |  |  |        |  |  |  |        |   |  |  |        
|                                               | basic                                                                        |  |  | 1, 9                    |  |  |  | 31,551 |  |  |  | 33,971 |   |  |  | 136,592 |  
|                                               |                                                                              |  |  |                         |  |  |  |        |  |  |  |        |   |  |  |        
|                                               | Diluted                                                                      |  |  | 1, 9                    |  |  |  | 36,040 |  |  |  | 38,288 |   |  |  | 136,592 |  
|                                               |                                                                              |  |  |                         |  |  |  |        |  |  |  |        |   |  |  |        



---



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The change in accounting principles due to the
    discount of reserves occurred for the first time in 2001. The
    effect of the change in 2001 was to increase net income by
    EUR 62 million before tax and EUR 41 million
    after tax. In 2002, the impact of the discount of reserves
    included in the Property-Casualty claims and loss adjustment
    expenses was to increase net income by EUR 17 million
    before tax and EUR 11 million after tax. However, in
    order to better compare 2001 and 2002, the Property-casualty
    claims included pretax catastrophe losses analysis has been made
    on the basis of reserves undiscounted (i.e.:
    EUR 3,455 million + EUR 17 million =
    EUR 3,472 million).

See accompanying Notes to Consolidated Financial
Statements

F-4



---



##### Table of Contents



SCOR

CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME

|                                       |                                                                         |                                                                                             |                            |                         |      |      |    |      |     |     |      |    |     |      |      |     |     |      |  
|-------------------------------------- | ----------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | -------------------------- | ----------------------- | ---- | ---- | -- | ---- | --- | --- | ---- | -- | --- | ---- | ---- | --- | --- | ---- | -
|                                       |                                                                         |                                                                                             |                            |                        
|                                       |                                                                         |                                                                                             |                            | Year ended December 31,
|                                       |                                                                         |                                                                                             |                            |                        
|                                       |                                                                         | Notes                                                                                       |                            | 2000                    |      | 2001 |    | 2002
|                                       |                                                                         |                                                                                             |                            |                         |      |      |    |     
|                                       |                                                                         |                                                                                             |                            |                        
|                                       |                                                                         |                                                                                             |                            | (EUR, in millions)     
|Net income                             |                                                                         |                                                                                             |                            |                         |      |      | 77 |      |     |     | (365 | )  |     |      | (561 | )  
|                                       |                                                                         |                                                                                             |                            |                         |      |      |    |      |     |     |      |    |     |      |      |    
|Other comprehensive income, net of tax |                                                                         |                                                                                             |                            |                         |      |      |    |      |     |     |      |    |     |      |      |    
|                                       | Foreign currency translation adjustment                                 |                                                                                             |                            | 1, 4                    |      |      |    | 72   |     |     |      | 18 |     |      |      | (80 | )  
|                                       | Unrealized appreciation (depreciation) on
    investments during period |                                                                                             |                            |                         |      |      |    |      |     |     |      |    |     |      |      |     |    
|                                       |                                                                         | Fixed maturities                                                                            |                            |                         | 1, 4 |      |    |      | 89  |     |      |    | 15  |      |      |     | 74  |     
|                                       |                                                                         | Equity securities                                                                           |                            |                         | 1, 4 |      |    |      | (55 | )   |      |    |    |      |      |     | (10 | )   
|                                       |                                                                         | Investments accounted for by the equity method                                              |                            |                         | 1, 4 |      |    |      | (5  | )   |      |    | (18 | )    |      |     |    |     
|                                       |                                                                         | Less: reclassification adjustment for prior
    periods appreciation included in net income |                            |                         | 1, 4 |      |    |      | (48 | )   |      |    | (25 | )    |      |     | 66  |     
|                                       |                                                                         |                                                                                             |                            |                         |      |      |    |      |     |     |      |    |     |      |      |    
|                                       |                                                                         |                                                                                             | Other comprehensive income |                         |      |      |    |      |     | 53  |      |    |     | (10  | )    |     |     | 50   |  
|                                       |                                                                         |                                                                                             |                            |                         |      |      |    |      |     |     |      |    |     |      |      |    
|                                       |                                                                         |                                                                                             | Comprehensive income       |                         |      |      |    |      |     | 130 |      |    |     | (375 | )    |     |     | (511 | )
|                                       |                                                                         |                                                                                             |                            |                         |      |      |    |      |     |     |      |    |     |      |      |    

See accompanying Notes to Consolidated Financial
Statements

F-5



---



##### Table of Contents



SCOR

CONSOLIDATED STATEMENTS OF CHANGES IN
SHAREHOLDERS EQUITY

|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |            |             |  
|-------------------------------------- | ----------------------------------------------------------- | ------------------------ | ----- | ---------- | ---------- | ---- | ----- | ---------- | ---------- | - | ----- | ---------- | ----------- | -
|                                       |                                                             |                         
|                                       |                                                             | As of December 31,      
|                                       |                                                             |                         
|                                       |                                                             | 2000                     |       | 2001       |            | 2002
|                                       |                                                             |                          |       |            |            |     
|                                       |                                                             |                         
|                                       |                                                             | (EUR, in millions)      
|Ordinary Shares                        |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       | Balance at beginning of year                                |                          |       | 132        |            |      |       | 133        |            |   |       | 157        |            
|                                       | Issuance of Ordinary Shares  Sorema
    acquisition        |                          |       |           |            |      |       | 24         |            |   |       |           |            
|                                       | Issuance of Ordinary Shares  Public
    issue              |                          |       |           |            |      |       |           |            |   |       | 377        |            
|                                       | Issuance of Ordinary Shares  exercise
    of stock options |                          |       | 1          |            |      |       |           |            |   |       |           |            
|                                       | Cancellation of Ordinary Shares 
    Treasury stock        |                          |       |           |            |      |       |           |            |   |       | (14        | )          
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       |                                                             | Balance at end of year   |       |            | 133        |      |       |            | 157        |   |       |            | 520         |  
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|Additional paid-in capital             |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       | Balance at beginning of year                                |                          |       | 654        |            |      |       | 656        |            |   |       | 976        |            
|                                       | Issuance of Ordinary Shares  Sorema
    acquisition        |                          |       |           |            |      |       | 319        |            |   |       |           |            
|                                       | Issuance of Ordinary Shares  Public
    issue              |                          |       |           |            |      |       |           |            |   |       | (14        | )          
|                                       | Issuance of Ordinary Shares  exercise
    of stock options |                          |       | 2          |            |      |       | 1          |            |   |       |            |            
|                                       | Cancellation of Ordinary Shares 
    Treasury stock        |                          |       |           |            |      |       |           |            |   |       | (160       | )          
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       |                                                             | Balance at end of year   |       |            | 656        |      |       |            | 976        |   |       |            | 802         |  
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|Accumulated other comprehensive income |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       | Balance at beginning of period                              |                          |       | 79         |            |      |       | 132        |            |   |       | 122        |            
|                                       | Unrealized appreciation (depreciation) on
    investments   |                          |       | (19        | )          |      |       | (28        | )          |   |       | 130        |            
|                                       | Currency translation adjustments                            |                          |       | 72         |            |      |       | 18         |            |   |       | (80        | )          
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       |                                                             | Balance at end of period |       |            | 132        |      |       |            | 122        |   |       |            | 172         |  
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|Catastrophe reserve                    |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       | Balance at beginning of year                                |                          |       | 68         |            |      |       | 12         |            |   |       | 11         |            
|                                       | Allocation during year                                      |                          |       | (56        | )          |      |       | (1         | )          |   |       | (5         | )          
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       |                                                             | Balance at end of year   |       |            | 12         |      |       |            | 11         |   |       |            | 6           |  
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|Retained earnings                      |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       | Balance at beginning of year                                |                          |       | 550        |            |      |       | 626        |            |   |       | 215        |            
|                                       | Net income                                                  |                          |       | 77         |            |      |       | (365       | )          |   |       | (561       | )          
|                                       | Allocation to catastrophe reserve                           |                          |       | 56         |            |      |       | 1          |            |   |       | 5          |            
|                                       | Dividends                                                   |                          |       | (53        | )          |      |       | (53        | )          |   |       | (11        | )          
|                                       | Others                                                      |                          |       | (4         | )          |      |       | 6          |            |   |       | (3         | )          
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       |                                                             | Balance at end of year   |       |            | 626        |      |       |            | 215        |   |       |            | (355        | )
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|Treasury stock                         |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       | Balance at beginning of year                                |                          |       | (142       | )          |      |       | (164       | )          |   |       | (171       | )          
|                                       | Cancellation (Purchase) of treasury shares                  |                          |       | (22        | )          |      |       | (7         | )          |   |       | 171        |            
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       |                                                             | Balance at end of year   |       |            | (164       | )    |       |            | (171       | ) |       |            | 0           |  
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|Total Shareholders equity             |                                                             |                          | 1,395 |            |            |      | 1,310 |            |            |   | 1,145 |           
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|Ordinary Shares                        |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       | Balance at beginning of year                                |                          |       | 34,628,906 |            |      |       | 34,793,846 |            |   |       | 41,244,216 |            
|                                       | Exercise of stock options                                   |                          |       | 164,940    |            |      |       | 80,000     |            |   |       | 16,158     |            
|                                       | Issuance of Ordinary Shares  Sorema
    acquisition        |                          |       |           |            |      |       | 6,370,370  |            |   |       |           |            
|                                       | Issuance of Ordinary Shares  Public
    issue              |                          |       |           |            |      |       |           |            |   |       | 99,024,888 |            
|                                       | Cancellation of treasury stocks                             |                          |       |           |            |      |       |           |            |   |       | (3,740,417 | )          
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           
|                                       |                                                             | Balance at end of year   |       |            | 34,793,846 |      |       |            | 41,244,216 |   |       |            | 136,544,845 |  
|                                       |                                                             |                          |       |            |            |      |       |            |            |   |       |           

See accompanying Notes to Consolidated Financial
Statements

F-6



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##### Table of Contents



SCOR

CONSOLIDATED STATEMENTS OF CASH
FLOWS

|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |        |      |       |  
|--------------------------------------- | ------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------- | --------------------------------------------------------- | ------ | ---- | ---- | -- | ------ | ----- | ----- | --- | ------ | ---- | ----- | -
|                                        |                                                                                      |                                                                              
|                                        |                                                                                      | Year ended December 31,                                                      
|                                        |                                                                                      |                                                                              
|                                        |                                                                                      | 2000                                                                          |                                                           | 2001   |      | 2002
|                                        |                                                                                      |                                                                               |                                                           |        |      |     
|                                        |                                                                                      |                                                                              
|                                        |                                                                                      | (EUR, in millions)                                                           
|Cash flows from operating activities    |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|                                        | Net income before minority interests                                                 |                                                                               |                                                           | 78     |      |      |    | (364   | )     |       |     | (548   | )   
|                                        | Adjustments to reconcile net income to net cash
    provided by operating activities |                                                                               |                                                           |        |      |      |    |        |       |       |     |        |     
|                                        |                                                                                      | Change in reinsurance recoverable on unpaid losses                            |                                                           |        | (64  | )    |    |        | (745  | )     |     |        | 255  |      
|                                        |                                                                                      | Change in prepaid insurance premiums                                          |                                                           |        | (7   | )    |    |        | (60   | )     |     |        | 12   |      
|                                        |                                                                                      | Change in losses and LAE reserves, gross                                      |                                                           |        | 558  |      |    |        | 1,517 |       |     |        | 467  |      
|                                        |                                                                                      | Change in Life reserves for future policy benefits                            |                                                           |        | (138 | )    |    |        | 33    |       |     |        | 99   |      
|                                        |                                                                                      | Change in unearned premium reserves, gross                                    |                                                           |        | 209  |      |    |        | 128   |       |     |        | 192  |      
|                                        |                                                                                      | Deferred policy acquisition costs                                             |                                                           |        | (34  | )    |    |        | 12    |       |     |        | (116 | )    
|                                        |                                                                                      | Realized investment gains and losses                                          |                                                           |        | (413 | )    |    |        | 48    |       |     |        | (3   | )    
|                                        |                                                                                      | Other amortization and change in other provisions                             |                                                           |        | 37   |      |    |        | 12    |       |     |        | 73   |      
|                                        |                                                                                      | Change in deferred tax                                                        |                                                           |        | (86  | )    |    |        | (260  | )     |     |        | 46   |      
|                                        |                                                                                      | Unrealized foreign exchange gains or losses                                   |                                                           |        | (1   | )    |    |        | (1    | )     |     |        | (92  | )    
|                                        |                                                                                      | Affiliated income accounted for under equity
    method                       |                                                           |        | (3   | )    |    |        | (4    | )     |     |        |     |      
|                                        |                                                                                      | Cash dividends received from affiliates accounted
    for under equity method |                                                           |        | 8    |      |    |        | 8     |       |     |        |     |      
|                                        | Changes in assets and liabilities                                                    |                                                                               |                                                           |        |      |      |    |        |       |       |     |        |     
|                                        |                                                                                      | Premium and loss balances, net                                                |                                                           |        | (101 | )    |    |        | 328   |       |     |        | (47  | )    
|                                        |                                                                                      | Change in accrued reinsurance balance payable                                 |                                                           |        | (113 | )    |    |        | (306  | )     |     |        | 409  |      
|                                        |                                                                                      | Change in deposits with ceding companies                                      |                                                           |        | 16   |      |    |        | (108  | )     |     |        | (275 | )    
|                                        |                                                                                      | Change in funds held under reinsurance treaties                               |                                                           |        | (154 | )    |    |        | (28   | )     |     |        | (99  | )    
|                                        |                                                                                      | Change in sundry debtors and creditors                                        |                                                           |        | (9   | )    |    |        | (200  | )     |     |        | (102 | )    
|                                        |                                                                                      | Other                                                                         |                                                           |        | 1    |      |    |        | (1    | )     |     |        | (2   | )    
|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|                                        |                                                                                      |                                                                               | Net cash provided by (used in) operating
    activities   |        |      | (216 | )  |        |       | 9     |     |        |      | 269   |  
|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|Cash flows from investing activities    |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|                                        | Sales, maturities or redemptions of fixed
    maturities available for sale          |                                                                               |                                                           | 1,784  |      |      |    | 4,395  |       |       |     | 8,649  |     
|                                        | Sales of equity securities                                                           |                                                                               |                                                           | 2,999  |      |      |    | 2,367  |       |       |     | 526    |     
|                                        | Net sales (purchases) of short-term investments                                      |                                                                               |                                                           | 51     |      |      |    | (259   | )     |       |     | 174    |     
|                                        | Investments in fixed maturities available for sale                                   |                                                                               |                                                           | (1,591 | )    |      |    | (3,134 | )     |       |     | (9,876 | )   
|                                        | Investments in equity securities                                                     |                                                                               |                                                           | (3,048 | )    |      |    | (2,172 | )     |       |     | (273   | )   
|                                        | Acquisitions of fixed assets                                                         |                                                                               |                                                           | (109   | )    |      |    | (59    | )     |       |     |       |     
|                                        | Disposals of fixed assets                                                            |                                                                               |                                                           | 17     |      |      |    | 55     |       |       |     |       |     
|                                        | Investment in consolidated affiliates                                                |                                                                               |                                                           | 109    |      |      |    | 2      |       |       |     | (11    | )   
|                                        | Investment in reinsurance companies                                                  |                                                                               |                                                           | (99    | )    |      |    | (342   | )     |       |     | 275    |     
|                                        | Long term loans                                                                      |                                                                               |                                                           | 50     |      |      |    | (7     | )     |       |     | 13     |     
|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|                                        |                                                                                      |                                                                               | Net cash provided by (used in) investing
    activities   |        |      | 163  |    |        |       | 846   |     |        |      | (523  | )
|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|Cash flows from financing activities    |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|                                        | Dividends paid                                                                       |                                                                               |                                                           | (54    | )    |      |    | (53    | )     |       |     | (11    | )   
|                                        | Repayment of borrowings                                                              |                                                                               |                                                           | (369   | )    |      |    | (491   | )     |       |     | (1,864 | )   
|                                        | Proceeds from borrowings                                                             |                                                                               |                                                           | 526    |      |      |    | 774    |       |       |     | 1,841  |     
|                                        | Issuance of shares                                                                   |                                                                               |                                                           | 3      |      |      |    | 345    |       |       |     | 363    |     
|                                        | Increase (decrease) on minority interests                                            |                                                                               |                                                           |       |      |      |    | 174    |       |       |     | (19    | )   
|                                        | Purchase of treasury stock                                                           |                                                                               |                                                           | (22    | )    |      |    | (7     | )     |       |     | (3     | )   
|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|                                        |                                                                                      |                                                                               | Net cash provided by (used in) financing
    activities   |        |      | 84   |    |        |       | 742   |     |        |      | 307   |  
|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|Effect of exchange rate changes on cash |                                                                                      |                                                                               | 25                                                        |        |      |      | (7 | )      |       |       | (57 | )     
|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|                                        |                                                                                      |                                                                               | Net increase (decrease) in cash and cash
    equivalents  |        |      | 56   |    |        |       | 1,590 |     |        |      | (4    | )
|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|                                        |                                                                                      |                                                                               | Cash and cash equivalents at beginning of year            |        |      | 183  |    |        |       | 247   |     |        |      | 1,927 |  
|                                        |                                                                                      |                                                                               | Effect of changes in exchange rates on cash
    beginning |        |      | 8    |    |        |       | 6     |     |        |      | (135  | )
|                                        |                                                                                      |                                                                               | Changes in consolidation scope                            |        |      |     |    |        |       | 84    |     |        |      |      |  
|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       
|                                        |                                                                                      |                                                                               | Cash and cash equivalents at end of year                  |        |      | 247  |    |        |       | 1,927 |     |        |      | 1,788 |  
|                                        |                                                                                      |                                                                               |                                                           |        |      |      |    |        |       |       |     |       

See accompanying Notes to Consolidated Financial
Statements

F-7



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##### Table of Contents



SCOR

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

Note 1.     The
Company and Significant Accounting Policies

SCOR (the Company) is organized as a
société anonyme, or stock company, under the
laws of the Republic of France. SCOR and its subsidiaries
(together, the Group) provide Property-Casualty and
Life reinsurance. Property-Casualty operations include
reinsuring to primary insurers of property, casualty, marine,
space and transportation, construction and credit and surety
risks. Life operations include providing a full range of Life
and Health reinsurance products and related services to primary
Life insurers throughout the world.

1.1.     Significant
events

The year 2002 witnessed a serious rise in losses
on the 1999 to 2001 underwriting years for the entire
reinsurance industry, in the United States especially, together
with a series of unexpected business failures that significantly
impacted the credit reinsurance sector. This sharp increase in
prior-year losses came after the major losses recorded in 2001,
notably the September 11 tragedy.

In financial terms, two consecutive years of
falling stock markets have necessitated allowances for
long-lived impairment and the realization of losses on disposals
of equity securities.

As a result of these accumulated factors, SCOR
Group has published a sizable net loss, despite sharply rising
reinsurance market rates, especially in P&C reinsurance and
Large Corporate Accounts.

Group premium income totaled
EUR 4,914 million at the end of 2002, up 11% relative
to 2001.

In P&C reinsurance, the Group registered rate
increased short-tail business (property damage) notably, where
prices are more advantageous than in long-tail, low visibility
sectors such as liability reinsurance. The result has been a
significant reduction in the respective share of the latter
relative to short-tail business. Short to medium-tail business
now accounts for 46.9% of total P&C and Large Corporate
Accounts, versus 42.5% in 2001.

Stronger-than-expected growth in life and
accident business stems partly from new long-term care business,
with a number of major new portfolio additions, and partly from
financing contracts written in 2002.

In credit and surety reinsurance, the Group
withdrew from writing credit derivatives business in 2002 in
response to the economic slowdown and the rising risk of
business failures, and also sharply cut back its involvement in
US bond business.

There was a sharp reduction in Alternative Risk
Transfer (ART) reinsurance activity due to poor prospects in
this market. SCORs Commercial Risk Partners subsidiary,
which specializes in this line of business, ceased writing all
new business with effect from 2003.

The Groups Back on Track plan
bolstered reserves in the third-quarter 2002 accounts in
response to rising losses on underwriting years prior to 2002.
Reserves were notably strengthened in the following lines of
business:



| |   |                                                                                                                                                                                                                                                                                                                               
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a EUR 154 million increase in reserves
    at SCOR U.S.. These additional reserves cover all underwriting
    years, especially 1998 to 2001;                                                                                                                                                                                 
|
| |  | a EUR 141 million increase in reserves
    for Commercial Risk Partners. These additional reserves chiefly
    concern finite prospective workers compensation business
    written in 1999 and 2002. Volumes fell significantly in the
    first half of 2002, and underwriting was halted definitively in
    January 2003;
|
| |  | a EUR 30 million increase in reserves
    for credit and bond activities, chiefly to cover reinsurance of
    credit derivatives risks. SCOR has ceased writing this business
    definitively since November 2001;                                                                                                           

F-8



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)



| |   |                                                                                                                             
| | - | ----------------------------------------------------------------------------------------------------------------------------
| |  | a EUR 15 million addition to reserves
    for pollution exposures in order to allow for developments in US
    court awards.

According to the Back on Track plan,
the Group has decided to put on run off or to sell the Bermudian
subsidiary Commercial Risk Partners. The financial consequences
of this decision were a strengthening of technical reserves and
an amortization of CRPs goodwill.

The Group Chief Reserving Actuary conducted an
appraisal of technical reserves at the end of December 2002,
based on reports by internal and outside actuaries. As a result,
a further USD 74 million were added to reserves for
underwriting years prior to 2002, including
USD 54 million for the Bermuda subsidiary, relative to
the state of technical reserves at the end of September 2002
which served as the benchmark for the outside actuaries
valuation. Moreover, technical results for the 2002 underwriting
year were positive, as forecast by the Group.

Following these additions to technical reserves,
especially in the United States, the net combined ratio for
full-year 2002 worked out to 122%, compared with 127% in 2001, a
year marked by an impressive series of losses (cf. the World
Trade Center in particular).

Falling interest rates on bonds and the
continuing equity bear market over the last two years have
severely depressed aggregate investment revenues: these increase
by 6.6% to EUR 417 million in 2002, compared with
EUR 391 million the previous year.

Income from ordinary investing activities
amounted to EUR 350 million, down 19% relative to
2001. Losses from disposals of equity securities, net of
recoveries from allowances for long-lived impairment, amounted
to EUR 232 million in 2002. These were partly offset
by an EUR 93 million capital gain on the disposal of
our COFACE stake.

Net allocations to provisions for goodwill
amounted to EUR 18 million, related to a total
write-off of goodwill on Commercial Risk Partners following the
decision in January 2003 to dispose of this Bermudan subsidiary
or transfer it to a run-off account.

As a result of the foregoing, the Group
registered a net loss of EUR 561 million at the end of
2002.

To make good the loss recorded in 2002, preserve
a sufficient level of solvency in 2003 and take full advantage
of rising rates, SCOR carried out a EUR 381 million
capital increase on November 20, 2002, via the issuance of
99 million new shares. The capital increase was
fully-subscribed.

On March 28, 2003, SCOR signed a letter of
intent for the disposal of its Bermudan subsidiary CRP, and
discussions with the potential buyer under the letter of intent
are continuing. There can be no assurance as to whether a sale
to such buyer will be completed, or the terms thereof. SCOR
continues to evaluate its options with respect to CRP, including
retaining CRP as a run-off operation.

On June 17, 2003, Standard &
Poors (S&P) announced that it placed all
its long-term ratings, including its A counterparty
credit and insurer financial strength ratings, on SCOR and its
subsidiaries on CreditWatch with negative implications. If, upon
resolution of the CreditWatch placement, S&P decides to
lower the ratings on SCOR and its subsidiaries, S&P does not
expect that they will be lowered by more than one or two
notches. On June 18, 2003, the Fitch International Bank
Credit Analyst (Fitch IBCA):



| |   |                                                                                                                                                                     
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | affirmed the Insurer Financial Strength (IFS)
    ratings of the Group at BBB and the long-term and short-term
    ratings of SCOR at BBB- and F3, respectively; and
|
| |  | announced that the IFS ratings of CRPs
    subsidiaries remain on rating watch-evolving.                                                                         

F-9



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

1.2.     Basis of
presentation

The accompanying financial statements have been
prepared in accordance with accounting principles generally
accepted in the United States (U.S. GAAP). The
Company and its domestic subsidiaries maintain their books in
conformity with French generally accepted accounting principles,
and its foreign subsidiaries in conformity with those of the
countries of their domicile. The financial statements of those
consolidated entities have been restated to conform to
U.S. GAAP.

The accompanying financial statements include the
accounts of SCOR and its majority-owned and controlled domestic
and foreign subsidiaries. Investment in 20% to 50% owned
affiliates are accounted for by the equity method except Irish
Reinsurance Partners (IRP) a 41.7%-owned subsidiary that is
fully consolidated due to the control that SCOR exercises. All
significant inter-company transactions and balances have been
eliminated. During the first quarter of 2003, a 5% complementary
part has been purchased to bring the ownership to 46.7%.

The consolidated financial statements are
prepared and presented in euro.

1.3.     Use of
estimates

The preparation of financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the reported amounts in the financial statements and
related footnotes. Actual results could differ from these
estimates.

1.4.     Foreign
currency translation

The functional currency of each entity of the
Group is the currency in which that entity primarily conducts
its business. For most of the Groups foreign subsidiaries
the local currency is the functional currency. In accordance
with Statement of Financial Accounting Standard No. 52
(SFAS 52), Foreign Currency
Translation, financial statements of non-French
subsidiaries are translated into euro equivalents using the
current rate of exchange existing at period-end for assets and
liabilities, and the average yearly exchange rate for revenues
and expenses. Related translation adjustments are reported as a
separate component of shareholders equity.

Transactions denominated in currencies other than
the entitys functional currency are recorded into the
functional currency using exchange rates in effect at the
transaction date. Resulting gains or losses are included in the
income statement.

1.5.     Marketable
securities

The Group accounts for marketable securities in
accordance with the requirements of Statement of Financial
Accounting Standards No. 115 (SFAS 115),
Accounting for Certain Investments in Debt and Equity
Securities. SFAS 115 requires that debt and
marketable equity securities be classified in one of three
categories: trading, available-for-sale, or held to maturity.

Under the provisions of SFAS 115,
substantially all of the Groups investments in fixed
maturities qualify as securities available for sale
and are recorded at fair value. Fixed maturities purchased with
the intent and ability to hold to maturity are categorized as
securities held to maturity and are carried at
amortized cost. Equity securities are carried at fair value.
Short-term investments are carried at cost, which approximates
fair value.

During the year ended December 31, 2000, the
Group reclassified two of its equity security holdings from
available for sale to trading as active
buying and selling occurred during the year and the objective of
these holdings is to generate profits on short-term difference
in price. This transfer between categories was

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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

accounted for at fair value with the unrealized
holding gain or loss at the date of transfer immediately
recognized in earnings. For the year ended December 31,
2000, such transfer amounted to EUR 239 million, of
which EUR 101 million was recognized as holding gain
at the date of transfer. In 2001, one of these two investments
was sold. All of the Groups remaining investments in
equity securities qualify as securities available for
sale.

Realized gains and losses from sale of
investments, determined on the specific identification method,
and declines in value determined to be other than temporary, are
included in net income. Unrealized gains and losses on equity
securities and fixed maturities categorized as
available-for-sale, are not reflected in earnings but are
reported, net of the related tax effect, in other comprehensive
income. Unrealized gains and losses on trading equity securities
are recognized under net investment income to the statement of
income.

1.6.     Cash and
cash equivalents

The Group considers all highly liquid investments
with an original maturity of three months or less, consisting
essentially of short-term marketable securities and time
deposits, as cash equivalents. Short-term marketable securities
are valued at the lower of cost or market on an individual basis.

1.7.     Premiums
earned

Premiums from short duration contracts are
recognized as revenue evenly as insurance protection is
provided. That part of premiums estimated to be billable at
year-end but which has not been notified by ceding companies
upon the closing date is estimated and booked as accrued
premiums receivable. Unearned premium reserves represent the
portion of premiums written that relates to the unexpired terms
of contracts and policies in force. Such reserves are computed
by pro rata methods based on statistical data or reports
received from ceding companies. Premiums for long-duration
contracts are recognized as revenue when due from policyholders.
To the extent that the Companys contracts permit a
retrospective charge to the ceding company for additional
premiums, such premiums are accrued as premiums receivable based
on experience under the contract.

The Company calculates earned not yet issued and
unearned premiums, in a manner whereby premiums are computed for
their estimated ultimate amount.

The Company accounts for retrospective contracts
in accordance with Financial Accounting Standards Boards
Emerging Issues Task Force No. 93-6
(EITF 93-6). EITF 93-6 requires that
multi-year retrospectively-rated reinsurance contracts, in which
past events create rights or obligations for the parties, be
accounted as an asset or liability immediately, instead of at
contract termination. Rights or obligations include, but are not
limited to, return of an experience balance, additional or
return premiums and/or reduction in coverage of future events.

1.8.     Deferred
acquisition costs

Costs that vary with and are directly related to
the acquisition of new business, principally commissions and
brokerage expenses incurred at the time a contract is issued,
are deferred when paid, to the extent recoverable.

We amortize our deferred policy acquisition costs
(DAC) for Life business based on a percentage of our expected
gross profits (EGPs) over the life of the policies. Our
estimated EGPs are computed based on assumptions related to the
underlying policies written, including the lives of the
underlying policies, and, if applicable, growth rate of the
assets supporting the liabilities. We amortize deferred policy
acquisition costs by estimating the present value of the EGPs
over the lives of the insurance policies and the calculate a
percentage of the policy acquisition cost deferred as compared
to the present value of the EGPs. That percentage is used

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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

to amortize the deferred policy acquisition cost
such that amount amortized over the life of the policies results
in a constant percentage of amortization when related to the
actual and future gross profits.

Because of the EGPs are only an estimate of the
profits we expect to recognize from these policies, the EGPs are
adjusted at each balance sheet date to take into consideration
the actual gross profits to date and any changes in the
remaining expected future gross profits. When EGPs are adjusted,
we also adjust the amortization of the DAC amount, if
applicable, either to maintain a constant amortization
percentage over the entire life of the policies (FAS 97
products), or to take into account the absence of future profits
(FAS 60). For 2001 we have not materially changed the
weighted average expected life of the policies.

The present value of the future profits booked in
respect of SCOR Life Re business acquired July 1, 2000,
reduced from EUR 176 million to
EUR 165 million at the end of December 2000, after an
interest of EUR 1 million and an amortization of
deferred policy acquisition costs of EUR 12 million.
In 2001, the present value of future profits decreased from
EUR 165 million to EUR 150 million end of
December 2001, resulting in an interest of
EUR 7 million, a favorable exchange rate fluctuation
for an amount of EUR 8 million, the creation of new
business of EUR 2 million, and an additional
EUR 32 million amortization of deferred policy
acquisition costs. In 2002, the present value of future profits
decreased from EUR 150 million to
EUR 111 million end of December 2002, resulting in an
interest of EUR 5 million, an unfavorable exchange
rate fluctuation for an amount of EUR 23 million, and
an additional EUR 21 million amortization of deferred
policy acquisition costs.

In our property-casualty business, deferred
acquisition costs represent the portion of commissions
pertaining to contracts in force at year-end over the period for
which premiums are not yet earned, and are written down over the
residual duration of the contracts in question.

1.9.     Other
long-term investments

Land, buildings and interest in unlisted real
estate companies are carried at cost. Buildings are depreciated
using the straight-line method over 30 to 50 years. Cost
incurred in the acquisition of buildings is amortized over
5 years. Provision is made for losses when the market value
of buildings held for sale in the short-term is lower than the
purchase cost.

1.10.     Fixed
assets

Property, equipment and leasehold improvements
are stated at cost, less accumulated depreciation and
amortization. Depreciation is provided using the straight-line
method over the estimated useful lives of the related assets
that generally range from 3 to 30 years. Computer software
purchased or internally developed is depreciated over 12 to
60 months. Amortization of leasehold improvements is
provided using the straight-line method over the lesser of the
term of the leases or the estimated useful lives of the
improvements.

1.11.     Impairment
or Disposal of Long-Lived Assets

The Group accounts for long-lived assets in
accordance with the requirements of Statement of Financial
Accounting Standards No.121 (SFAS 121),
Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to Be Disposed Of. SFAS 121
requires that long-lived assets and certain identifiable
intangibles held and used be reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount of the assets or intangibles may not be recoverable.

1.12.     Goodwill

The excess of purchase price over net assets
acquired in a consolidated company restated to fair value at the
date of purchase, is recorded as goodwill and is amortized over
a maximum period of 20 years. Under the

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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

SFAS 142 application, if facts and
circumstances indicate that unamortized goodwill may be
impaired, a systematic tests of impairments are made to
determine the exact value to show as a goodwill. If the goodwill
is declared so high compared to its fair value, an impairment is
recorded in the statement of income. During 2002, goodwill
arisen from new acquisition has not been amortized (see Recent
Accounting Developments) and the Commercial Risk
Partnersgoodwill is fully impaired.

1.13.     Uncollectible
reinsurance balances

The Company establishes provisions for
uncollectible reinsurance balances based on managements
assessment of the collectibility of the outstanding balances.
Such provisions were EUR 8 million and
EUR 12 million as of December 31, 2002 and
December 31, 2001.

1.14.     Losses
and loss expenses and Life future policy benefits

Reserves for losses and loss adjustment expenses
include reserves for unpaid losses and loss expenses and for
losses incurred but not reported (IBNR). This
liability for unpaid claims is established by management based
on information received from ceding companies corrected for
estimated errors and omissions, as necessary, using
managements industry experience and judgment. The methods
used to estimate the reserves are periodically reviewed to
insure that the assumptions made continue to be appropriate and
that any adjustments resulting there from are reflected in
results of operations in the period in which they become known
and are accounted for as changes in estimates.

The Group discounts certain reserves for losses
and loss adjustment expenses relating for the most part to
workers compensation claims, over the estimated payment
period of the liabilities. The discount rate is based on
risk-free rates of return for investments of similar duration,
and the discount rate is a locked in rate. Loss and loss
adjustment reserves discounted at December 31, 2002 and
2001 were discounted at rates ranging from 3.7% to 8.1% and the
amount of those discounted reserves were
EUR 1,208 million and EUR 1,069 million, at
December 31, 2002, and 2001, respectively. During 2001,
SCOR US adopted the practice of discounting tabular
workers compensation claims for statutory and
U.S. GAAP using an interest rate of 5%. The Company
believes that discounting such claims is preferable since it
more closely matches revenues and expenses, better reflects the
economic reality of paying the fixed amounts over a long period
of time and represents a method commonly used in the industry.
The effect of the change in 2001 was to increase net income by
EUR 62 million before tax, and
EUR 41 million after tax. To be able to compare
figures, the effect of this change in 2002 would have been of
EUR 17 million before tax and EUR 11 million
after tax.

Management believes that the reserve for losses
is adequate to cover the ultimate net cost incurred. However,
the reserve is necessarily an estimate and the amount ultimately
paid may be more or less than the estimate.

Estimated Life future policy benefits to be paid
to or on behalf of ceding companies, less estimated future net
premiums to be collected from ceding companies, are accrued when
premium revenue is recognized. Future policy benefits under long
term Life reinsurance contracts have been computed based upon
expected investment yields, mortality, morbidity and withdrawal
rates and other assumptions. These assumptions include for Life
business a margin for adverse deviation and vary with the
characteristics of the plan of reinsurance, year of issue, age
of the insured and other appropriate factors. Mortality,
morbidity and withdrawal assumptions are based on the
Groups experience as well as industry experience and
standards.

1.15.     Stock-based
compensation

SCOR accounts for its employee stock option plans
in accordance with Accounting Principles Board Opinion
No. 25 (APB 25), Accounting for
Stock Issued to Employees and discloses in Note 10
pro forma net income and earnings per share as if the fair-value
based method of accounting defined in Statement of Financial
Accounting Standards No. 123 (SFAS 123),
Accounting for Stock Based Compensation were

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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

applied. SFAS 123 establishes financial
accounting and reporting standards for stock-based employee
compensation plans. The Statement defines a fair-value based
method of accounting for stock-option plans whereby compensation
cost is measured at the grant date based on the value of the
award and is recognized over the service period. It encourages
all entities to adopt that method of accounting for all of their
employee stock compensations plans, but also allows an entity to
continue to measure compensations costs for those plans using
the intrinsic value based method of accounting prescribed by
APB 25.

1.16.     Accounting
for income taxes

The Group accounts for income taxes in accordance
with the requirements of Statement of Financial Accounting
Standard No. 109 (SFAS 109)
Accounting for Income Taxes. SFAS 109 provides
for a liability approach under which deferred income taxes are
calculated based upon enacted tax laws and rates, applicable in
the various jurisdictions in which the Group operates, to the
periods in which the tax becomes payable. Deferred tax assets
and liabilities as of December 31, 2002 reflect in respect
of French jurisdiction, a surcharge of 3% for 2002 and
thereafter, and the other additional surcharge of 3,3% on income
tax payable income applicable to years 2001 and after. Deferred
tax assets and liabilities as of December 31, 2002 and 2001
reflected the 3% and 6% exceptional surcharge, respectively
applicable to tax years 2003 and 2002.

Valuation allowances are recorded against
deferred tax assets that are more likely than not to
be not realizable in the future. The realization of these assets
is based upon estimates of future taxable income. In preparing
estimates of future taxable income, SCOR used the same
assumptions and projections utilized in internal forecasts Based
on these projections, SCOR estimates that the loss carry
forwards will be utilized prior the expiration of the loss carry
forwards except for a part estimated to
EUR 138 million recorded as an impairment loss during
2002 due to a net loss result of our US subsidiary for two years
in succession.

1.17.     Post
retirement benefits

In accordance with the laws and practices in the
countries where SCOR operates, subsidiaries contribute to
various pension and retirement benefit plans covering
substantially all employees.

In some countries, including France,
contributions based on salaries, are paid to the government
organizations, which are liable for the payments of benefits.
The Group has no actuarial liability under such plans.

Where specific retirement plans or other
commitments exist, which are the Groups responsibility,
the corresponding actuarial obligations are charged to income on
the basis of rights acquired by employees, either by way of
provisions or by contributions to independent organizations that
pay the benefits.

The Group discloses pensions and other
postretirement benefits in accordance with the requirements of
Statement of Financial Accounting Standards No.132
(SFAS 132), Employers disclosures
about Pensions and Other Postretirement Benefits.
SFAS 132 suggests combined formats for presentation of
pension and other postretirement benefit disclosures, and does
not change the measurement or the recognition of those plans.

1.18.     Earnings
per share

The Group accounts for earnings per share in
accordance with the requirements of Statement of Financial
Accounting Standards No. 128 (SFAS 128),
Earnings Per Share. SFAS 128 establishes
standards for computing and presenting earnings per share. Basic
earnings per share excludes dilution and is computed by dividing
income available to common stockholders by the weighted-average
number of common shares outstanding for the period. Diluted
earnings per share include the effect of all potentially
dilutive securities. SFAS 128 also requires a
reconciliation of the numerator and denominator of the basic
earnings per share computation to the numerator and denominator
of the diluted earnings per share computation.

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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

The reconciliation of the numerator and
denominator of the basic earnings per share computation to the
numerator and denominator of the diluted earnings per share
computation is disclosed in Note 9.

Basic earnings per share are calculated using the
weighted average number of Ordinary Shares outstanding during
the period. Diluted earnings per share is based on the
additional assumed dilution of all dilutive potential Ordinary
Shares outstanding which are issuable under stock option plans
(using the treasury stock method), and on the additional
assumption that the convertible bonds are converted into
Ordinary Shares (using the if-converted method).

1.19.     Comprehensive
income

The Group reports comprehensive income in
accordance with the requirements of Statement of Financial
Accounting Standards No. 130, (SFAS 130),
Reporting Comprehensive Income. SFAS 130
establishes standards for reporting and display of comprehensive
income and its components in a full set of general-purpose
financial statements. It requires that all items that are
required to be recognized under accounting standards as
components of comprehensive income be reported in a financial
statement that is displayed with the same prominence as other
financial statements.

1.20.     Disclosures
about segments of an enterprise

The Group discloses about segments and other
related information in accordance with the requirements of
Statement of Financial Accounting Standards No. 131,
(SFAS 131), Disclosures about Segments of
an Enterprise and Related Information.

The Group has organized its business into five
major segments based on the type of reinsurance markets it
targets. Responsibilities and reporting within the Group are
established based on this structure: Property-Casualty treaty
reinsurance, Life/ Accident & Health reinsurance, Large
Corporate Accounts reinsurance, credit, surety and political
risks reinsurance and Alternative reinsurance. Other activities
include investment revenue allocated to shareholders
equity, amortization of goodwill and investments accounted for
by the equity method. As disclosed in Note 15, for each
activity SCOR reports earnings before income tax and minority
interests, as used for management purposes.

1.21.     SOREMA

On July 1, 2001 SCOR Group took full control
of two reinsurance subsidiaries of GROUPAMA, SOREMA S.A., a
French company and SOREMA N.A., an U.S. company. This
acquisition is in line with SCORs strategy and marks a new
stage in its policy of growth and international expansion.

The SOREMA companies specialize in Property &
Casualty reinsurance, mainly in Europe, North America and Asia.
We intend to maintain unchanged these companies portfolio
of reinsurance products and services. Management believes they
are to strengthen our competitive stance without significantly
altering the balance between our three core activities:
Property & Casualty, Life, Accident & Health
and Specialty reinsurance.

This acquisition also led to an increase of EUR
344 million in SCORs equity, divided into
EUR 24 million in ordinary shares and
EUR 319 million in additional paid-in capital.
GROUPAMA received 6,370,370 SCOR shares issued for the
purpose of this transaction. This increase in SCORs
capital will help support the strong growth of its businesses.
As part of this transaction, GROUPAMA agreed to cover its
liabilities in respect of run-off of technical reserves for the
2000 and previous reinsurance years. The aforementioned
agreement was settled in the form of a retrocession contract
coupled with a general guarantee. At the end of December 2002,
the sum of EUR 245 million was booked in the accounts
of SCOR. This amount may be revised at the expiration of the
guarantee period i.e., June 30, 2007.

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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

Goodwill has been calculated on the basis of the
financial statements drawn up at June 30, 2001. SOREMA
operating results have been consolidated since July 1,
2001. Several adjustments have been made to evaluate at fair
value assets and liabilities: technical reserves have been
increased, deferred tax assets and deferred acquisition expenses
have been written down, and restructuring charges have been
booked. The goodwill after these restatements amounts was EUR
88 million, of which 17 millions allocated to licenses
of SOREMA N.A at the end of December 2001. At the end of
December 2002, an ultimate calculation including definitive
operations related to SOREMA acquisition show a goodwill of
EUR 97 million. SOREMA S.A. was merged into SCOR
following the Extraordinary Shareholders meeting of
December 21, 2001.

Simplified balance sheets of SOREMA S.A. and
SOREMA N.A. as of June 30, 2001 are presented below:

|                                                                       |                                            |                    |     |             |  |       |     |       |  |  |       |       | 
|---------------------------------------------------------------------- | ------------------------------------------ | ------------------ | --- | ----------- |  | ----- | --- | ----- |  |  | ----- | ----- | 
|                                                                       |                                            | Sorema S.A.        |     | Sorema N.A. |  | Total
|                                                                       |                                            |                    |     |             |  |      
|                                                                       |                                            |                   
|                                                                       |                                            | (EUR, in millions)
|ASSETS                                                                 |                                            |                    |     |             |  |       |     |       |  |  |       |      
|Investment and cash and cash equivalent                                |                                            |                    | 510 |             |  |       | 517 |       |  |  | 1,027 |      
|Property-casualty reinsurance balances receivable                      |                                            |                    | 48  |             |  |       | 151 |       |  |  | 199   |      
|Property-casualty accrued premiums receivable,
    net of commissions  |                                            |                    | 218 |             |  |       | 19  |       |  |  | 237   |      
|Property-casualty reinsurance recoverable on
    unpaid losses and LAE |                                            |                    | 140 |             |  |       | 245 |       |  |  | 385   |      
|Fixed and other assets                                                 |                                            |                    | 119 |             |  |       | 127 |       |  |  | 246   |      
|                                                                       |                                            |                    |     |             |  |       |     |       |  |  |       |      
|                                                                       | Total assets                               |                    |     | 1,035       |  |       |     | 1,059 |  |  |       | 2,094 | 
|                                                                       |                                            |                    |     |             |  |       |     |       |  |  |       |      
|LIABILITIES AND SHAREHOLDERS
    EQUITY                               |                                            |                    |     |             |  |       |     |       |  |  |       |      
|Property-casualty underwriting reserves, gross                         |                                            |                    | 888 |             |  |       | 743 |       |  |  | 1,631 |      
|Funds held under reinsurance treaties                                  |                                            |                    | 3   |             |  |       | 74  |       |  |  | 77    |      
|Property-casualty reinsurance balances payable                         |                                            |                    | 0   |             |  |       | 37  |       |  |  | 37    |      
|Financial debt                                                         |                                            |                    | 0   |             |  |       | 5   |       |  |  | 5     |      
|Accrued expenses                                                       |                                            |                    | 23  |             |  |       | 43  |       |  |  | 66    |      
|Total shareholders equity                                             |                                            |                    | 121 |             |  |       | 157 |       |  |  | 278   |      
|                                                                       |                                            |                    |     |             |  |       |     |       |  |  |       |      
|                                                                       | Total liabilities and shareholders equity |                    |     | 1,035       |  |       |     | 1,059 |  |  |       | 2,094 | 
|                                                                       |                                            |                    |     |             |  |       |     |       |  |  |       |      

1.22.     Reclassifications
and Presentation

Certain reclassifications of the consolidated
financial statements and related footnote amounts in the years
ended December 31, 2001 and 2000 have been made to conform
to the presentation in the year ended December 31, 2002.

1.23.     Recent
Accounting Developments

Effective January 1, 2001, the Company
adopted FASB Statement No. 133 (SFAS 133),
Accounting for Derivative Instruments and Hedging
Activities. SFAS 133 establishes accounting and
reporting standards for derivative instruments, including
certain derivative instruments embedded in other contracts, and
for hedging activities. It requires that an entity recognize all
derivatives as either assets or liabilities in the statement of
financial position and measure those instruments at fair value.
The adoption of SFAS 133 and the related transition
adjustment resulted in a gain of EUR 2 million
reported in Cumulative effect of change in accounting principle
(EUR 1 million net of taxes) at the end of December,
2001.

In June 2001, the Financial Accounting Standards
Board issued two Statement of Financial Accounting Standard
(SFAS). SFAS No. 141 Business
Combinations requires usage of the purchase method for all
business combinations initiated after June 30, 2001, and
prohibits the usage of the pooling of interests method of
accounting for business combinations. SFAS No. 141 also
specifies criteria that intangible assets acquired must meet to
be recognized and reported separately from goodwill. SFAS
No. 142 Goodwill and Other Intangible Assets
changes the current accounting model that requires amortization
of goodwill, supplemented by impairment tests, to an accounting
model that is based solely upon impairment tests. The

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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

provisions of SFAS No. 142 related to
accounting for goodwill and intangible assets will be generally
effective at the beginning of 2002, except among other things,
that goodwill and identifiable intangible assets with indefinite
lives arising from combinations completed after June 30,
2001 are not amortized.

The company has introduced systematic annual
goodwill impairment testing, by application of the SFAS 142
standard, in order to ascertain the fair value of goodwill.
These tests are based primarily on a battery of methods, notably
the super profit and discounted technical
reserves methods.

As applied to the financial statements at
December 31, 2002, these tests call for goodwill recognized
on the Bermuda subsidiary Commercial Risk Partners to be written
off in full for EUR 18 million.

|                                |  |                              |      |      |  |      |        |   |  |  |       |  
|------------------------------- |  | ---------------------------- | ---- | ---- |  | ---- | ------ | - |  |  | ----- | -
|                                |  | 2000                         |      | 2001 |  | 2002
|                                |  |                              |      |      |  |     
|                                |  |                             
|                                |  | (EUR, in millions except for
|                                |  | earnings-per-share amounts) 
|Disclosure                      |  |                              |      |      |  |      |        |   |  |  |       |  
|Reported net income/(loss)      |  |                              | 77   |      |  |      | (365   | ) |  |  | (561  | )
|Add back: goodwill amortization |  |                              | 16   |      |  |      | 17     |   |  |  |      |  
|                                |  |                              |      |      |  |      |        |   |  |  |       |  
|Adjusted net income/(loss)      |  |                              | 93   |      |  |      | (348   | ) |  |  | (561  | )
|                                |  |                              |      |      |  |      |        |   |  |  |       |  
|Basic earnings-per-share        |  |                              |      |      |  |      |        |   |  |  |       |  
|Reported net income             |  |                              | 2.43 |      |  |      | (10.74 | ) |  |  | (4.11 | )
|Add back: goodwill amortization |  |                              | 0.50 |      |  |      | 0.50   |   |  |  |      |  
|                                |  |                              |      |      |  |      |        |   |  |  |       |  
|Adjusted net income             |  |                              | 2.93 |      |  |      | (10.24 | ) |  |  | (4.11 | )
|                                |  |                              |      |      |  |      |        |   |  |  |       |  
|Diluted earnings-per-share      |  |                              |      |      |  |      |        |   |  |  |       |  
|Reported net income             |  |                              | 2.27 |      |  |      | (9.40  | ) |  |  | (4.11 | )
|Add back: goodwill amortization |  |                              | 0.44 |      |  |      | 0.44   |   |  |  |      |  
|                                |  |                              |      |      |  |      |        |   |  |  |       |  
|Adjusted net income             |  |                              | 2.71 |      |  |      | (8.96  | ) |  |  | (4.11 | )
|                                |  |                              |      |      |  |      |        |   |  |  |       |  

After being reviewed by SCOR, the application of
FAS 142 had an impact described as follows:

In October 2001, the FASB issued the statement of
Accounting Standard No. 144 (SFAS 144),
Accounting for the Impairment or Disposal of Long-Lived
Assets. This Statement recognizes an impairment loss only
if the carrying amount of a long-lived asset to be held and used
is not recoverable from its undiscounted cash flows and measures
an impairment loss as the difference between the carrying amount
and fair value of the asset. It also requires that a long-lived
asset to be abandoned, exchanged for a similar productive asset,
or distributed to owners in a spin-off be considered held and
used until it is disposed of. The accounting model for
long-lived assets to be disposed of by sale is used for all
long-lived assets, whether previously held and used or newly
acquired. That accounting model retains the requirement of
Statement 121 to measure a long-lived asset classified as
held for sale at the lower of its carrying amount or fair value
less cost to sell and to cease depreciation. The adoption of
SFAS No. 144 did not have a material impact on the
presentation of, or disclosures made in the financial statements.

In June 2002, FASB issued SFAS No. 146,
Accounting for Costs Associated with Exit or Disposal
Activities, which is effective for exit or disposal
activities that are initiated after December 31, 2002. SFAS
No. 146 requires that a liability for costs associated with
an exit or disposal activity be recognized and measured
initially at fair value only when the liability is incurred. The
adoption of SFAS No 146 did not have impact on the
presentation made in the 2002 financial statements.

In November 2002, the FASB issued Interpretation
(FIN) No. 45, Guarantors Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees and
Indebtedness of Others, an interpretation of SFAS
Nos. 5, 57 and 107, and rescission of FIN No. 34,
Disclosure of Indirect Guarantees of

F-17



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

Indebtedness of Others. FIN No. 45
elaborates on the disclosures to be made by the guarantor in its
interim and annual financial statements about its obligations
under certain guarantees that it has issued. It also requires
that a guarantor recognize, at the inception of a guarantee, a
liability for the fair value of the obligation undertaken in
issuing the guarantee. The initial recognition and measurement
provisions of the interpretation are applicable on a prospective
basis to guarantees issued or modified after December 31,
2002, while the provisions of the disclosure requirements are
effective for financial statements of interim or annual periods
ending after December 15, 2002. The Company believes the
adoption of such interpretation will not have a material impact
on its results of operations, financial position or cash flows.
The Company has standby letters of credit totaling approximately
EUR 1,085 [S3]million as of December 31, 2002.
(see note 14)

In December 2002, SFAS No. 148,
Accounting for Stock-based Compensation-Transition and
Disclosure, an amendment of FASB Statement No. 123,
was issued and amends SFAS No. 123 to provide alternative
methods of transition for a voluntary change to the fair value
based method of accounting for stock-based employee
compensation. It also amends the disclosure provisions of SFAS
No. 123 to require prominent disclosure in both annual and
interim financial statements about the method of accounting for
stock-based employee compensation and the effect of the method
used on reported results. The provisions of SFAS No. 148
are effective for annual financial statements for fiscal years
ending after December 15, 2002, and for financial reports
containing condensed financial statements for interim periods
beginning after December 15, 2002.

In January 2003, the FASB issued Interpretation
No. 46, Consolidation of Variable Interest
Entities (FIN 46). Under that interpretation, certain
entities known as Variable Interest Entities (VIE)
must be consolidated by the primary beneficiary of
the entity. The primary beneficiary is generally defined as
having the majority of the risks and rewards arising from the
VIE. For VIEs in which a significant (but not majority) variable
interest is held, certain disclosures are required. The
measurement principles of this interpretation will be effective
for the Companys 2003 financial statements.

Note 2.     Investments

The amortized cost and estimated fair value of
fixed maturities as of December 31, 2002, by contractual
maturity is shown below. Expected maturities will differ from
contractual maturities because borrowers may have the right to
call or prepay obligations with or without call or prepayment
penalties.

F-18



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

|                                     |                                                                                                          |                                           |     |            |       |            |    |            |     |  |      |      |      |   |     |       |       | 
|------------------------------------ | -------------------------------------------------------------------------------------------------------- | ----------------------------------------- | --- | ---------- | ----- | ---------- | -- | ---------- | --- |  | ---- | ---- | ---- | - | --- | ----- | ----- | 
|                                     |                                                                                                          |                                          
|                                     |                                                                                                          | As of December 31, 2000                  
|                                     |                                                                                                          |                                          
|                                     |                                                                                                          | Amortized                                 |     | Unrealized |       | Unrealized |    | Estimated 
|                                     |                                                                                                          | Cost                                      |     | gains      |       | losses     |    | fair value
|                                     |                                                                                                          |                                           |     |            |       |            |    |           
|                                     |                                                                                                          |                                          
|                                     |                                                                                                          | (EUR, in millions)                       
|Fixed maturities available for sale  |                                                                                                          |                                           |     |            |       |            |    |            |     |  |      |      |      |   |     |      
|                                     | Debt securities issued or guaranteed by the
    French government or its agencies                        |                                           |     | 256        |       |            |    | 2          |     |  |      | (2   | )    |   |     | 256   |      
|                                     | Debt securities issued or guaranteed by the
    U.S. government or its agencies                          |                                           |     | 1,183      |       |            |    | 9          |     |  |      | (16  | )    |   |     | 1,176 |      
|                                     | Obligations of U.S. states and political
    subdivisions                                                |                                           |     | 385        |       |            |    | 6          |     |  |      | (1   | )    |   |     | 390   |      
|                                     | Debt securities issued or guaranteed by the
    European Union                                           |                                           |     | 660        |       |            |    | 9          |     |  |      | (3   | )    |   |     | 666   |      
|                                     | Debt securities issued or guaranteed by other
    national, state or local governments or their agencies |                                           |     | 283        |       |            |    | 11         |     |  |      | (1   | )    |   |     | 293   |      
|                                     | Corporate debt securities                                                                                |                                           |     | 1,406      |       |            |    | 27         |     |  |      | (20  | )    |   |     | 1,413 |      
|                                     | Mortgage-backed securities                                                                               |                                           |     | 1,294      |       |            |    | 43         |     |  |      |     |      |   |     | 1,337 |      
|                                     | Other debt securities                                                                                    |                                           |     | 32         |       |            |    |           |     |  |      |     |      |   |     | 32    |      
|                                     |                                                                                                          |                                           |     |            |       |            |    |            |     |  |      |      |      |   |     |      
|                                     |                                                                                                          | Total fixed maturities available for sale |     |            | 5,499 |            |    |            | 107 |  |      |      | (43  | ) |     |       | 5,563 | 
|                                     |                                                                                                          |                                           |     |            |       |            |    |            |     |  |      |      |      |   |     |      
|Equity securities available for sale |                                                                                                          |                                           | 839 |            |       |            | 25 |            |     |  | (107 | )    |      |   | 757 |      
|Trading equity securities            |                                                                                                          |                                           | 198 |            |       |            | 5  |            |     |  | (3   | )    |      |   | 200 |      
|                                     |                                                                                                          |                                           |     |            |       |            |    |            |     |  |      |      |      |   |     |      
|                                     | Total equity securities                                                                                  |                                           |     | 1,037      |       |            |    | 30         |     |  |      | (110 | )    |   |     | 957   |      
|                                     |                                                                                                          |                                           |     |            |       |            |    |            |     |  |      |      |      |   |     |      
|                                     |                                                                                                          | Total investments carried at fair value   |     |            | 6,536 |            |    |            | 137 |  |      |      | (153 | ) |     |       | 6,520 | 
|                                     |                                                                                                          |                                           |     |            |       |            |    |            |     |  |      |      |      |   |     |      

|                                     |                                                                                                          |                                           |                                         |            |       |            |    |            |     |     |      |     |      |      |     |       |       |       | 
|------------------------------------ | -------------------------------------------------------------------------------------------------------- | ----------------------------------------- | --------------------------------------- | ---------- | ----- | ---------- | -- | ---------- | --- | --- | ---- | --- | ---- | ---- | --- | ----- | ----- | ----- | 
|                                     |                                                                                                          |                                          
|                                     |                                                                                                          | As of December 31, 2001                  
|                                     |                                                                                                          |                                          
|                                     |                                                                                                          | Amortized                                 |                                         | Unrealized |       | Unrealized |    | Estimated 
|                                     |                                                                                                          | Cost                                      |                                         | gains      |       | losses     |    | fair value
|                                     |                                                                                                          |                                           |                                         |            |       |            |    |           
|                                     |                                                                                                          |                                          
|                                     |                                                                                                          | (EUR, in millions)                       
|Fixed maturities available for sale  |                                                                                                          |                                           |                                         |            |       |            |    |            |     |     |      |     |      |      |     |      
|                                     | Debt securities issued or guaranteed by the
    French government or its agencies                        |                                           |                                         | 251        |       |            |    | 2          |     |     |      | (1  | )    |      |     | 252   |      
|                                     | Debt securities issued or guaranteed by the
    U.S. government or its agencies                          |                                           |                                         | 934        |       |            |    | 10         |     |     |      | (2  | )    |      |     | 942   |      
|                                     | Obligations of U.S. states and political
    subdivisions                                                |                                           |                                         | 275        |       |            |    | 5          |     |     |      | (1  | )    |      |     | 279   |      
|                                     | Debt securities issued or guaranteed by the
    European Union                                           |                                           |                                         | 558        |       |            |    | 9          |     |     |      | (1  | )    |      |     | 566   |      
|                                     | Debt securities issued or guaranteed by other
    national, state or local governments or their agencies |                                           |                                         | 324        |       |            |    | 16         |     |     |      | (1  | )    |      |     | 339   |      
|                                     | Corporate debt securities                                                                                |                                           |                                         | 1,694      |       |            |    | 45         |     |     |      | (16 | )    |      |     | 1,723 |      
|                                     | Mortgage-backed securities                                                                               |                                           |                                         | 1,373      |       |            |    | 71         |     |     |      | (6  | )    |      |     | 1,438 |      
|                                     | Other debt securities                                                                                    |                                           |                                         | 44         |       |            |    | 0          |     |     |      | (1  | )    |      |     | 43    |      
|                                     |                                                                                                          |                                           |                                         |            |       |            |    |            |     |     |      |     |      |      |     |      
|                                     |                                                                                                          | Total fixed maturities available for sale |                                         |            | 5,453 |            |    |            | 158 |     |      |     | (29  | )    |     |       | 5,582 |      
|                                     |                                                                                                          |                                           |                                         |            |       |            |    |            |     |     |      |     |      |      |     |      
|Equity securities available for sale |                                                                                                          |                                           | 799                                     |            |       |            | 18 |            |     |     | (171 | )   |      |      | 646 |      
|Trading equity securities            |                                                                                                          |                                           | 110                                     |            |       |            |   |            |     |     | (54  | )   |      |      | 56  |      
|                                     |                                                                                                          |                                           |                                         |            |       |            |    |            |     |     |      |     |      |      |     |      
|                                     |                                                                                                          | Total equity securities                   |                                         |            | 909   |            |    |            | 18  |     |      |     | (225 | )    |     |       | 702   |      
|                                     |                                                                                                          |                                           |                                         |            |       |            |    |            |     |     |      |     |      |      |     |      
|                                     |                                                                                                          |                                           | Total investments carried at fair value |            |       | 6,362      |    |            |     | 176 |      |     |      | (254 | )   |       |       | 6,284 | 
|                                     |                                                                                                          |                                           |                                         |            |       |            |    |            |     |     |      |     |      |      |     |      

F-19



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

|                                     |                                                                                                          |                                           |                                         |            |       |            |   |            |     |     |     |    |     |     |     |       |       |       | 
|------------------------------------ | -------------------------------------------------------------------------------------------------------- | ----------------------------------------- | --------------------------------------- | ---------- | ----- | ---------- | - | ---------- | --- | --- | --- | -- | --- | --- | --- | ----- | ----- | ----- | 
|                                     |                                                                                                          |                                          
|                                     |                                                                                                          | As of December 31, 2002                  
|                                     |                                                                                                          |                                          
|                                     |                                                                                                          | Amortized                                 |                                         | Unrealized |       | Unrealized |   | Estimated 
|                                     |                                                                                                          | Cost                                      |                                         | gains      |       | losses     |   | fair value
|                                     |                                                                                                          |                                           |                                         |            |       |            |   |           
|                                     |                                                                                                          |                                          
|                                     |                                                                                                          | (EUR, in millions)                       
|Fixed maturities available for sale  |                                                                                                          |                                           |                                         |            |       |            |   |            |     |     |     |    |     |     |     |      
|                                     | Debt securities issued or guaranteed by the
    French government or its agencies                        |                                           |                                         | 677        |       |            |   | 4          |     |     |     | (1 | )   |     |     | 680   |      
|                                     | Debt securities issued or guaranteed by the
    U.S. government or its agencies                          |                                           |                                         | 1,159      |       |            |   | 19         |     |     |     |   |     |     |     | 1,178 |      
|                                     | Obligations of U.S. states and political
    subdivisions                                                |                                           |                                         | 287        |       |            |   | 19         |     |     |     |   |     |     |     | 306   |      
|                                     | Debt securities issued or guaranteed by the
    European Union                                           |                                           |                                         | 772        |       |            |   | 24         |     |     |     | (4 | )   |     |     | 792   |      
|                                     | Debt securities issued or guaranteed by other
    national, state or local governments or their agencies |                                           |                                         | 320        |       |            |   | 18         |     |     |     |   |     |     |     | 338   |      
|                                     | Corporate debt securities                                                                                |                                           |                                         | 1,434      |       |            |   | 62         |     |     |     | (4 | )   |     |     | 1,492 |      
|                                     | Mortgage-backed securities                                                                               |                                           |                                         | 1,182      |       |            |   | 91         |     |     |     | (6 | )   |     |     | 1,268 |      
|                                     | Other debt securities                                                                                    |                                           |                                         | 55         |       |            |   |           |     |     |     | (1 | )   |     |     | 53    |      
|                                     |                                                                                                          |                                           |                                         |            |       |            |   |            |     |     |     |    |     |     |     |      
|                                     |                                                                                                          | Total fixed maturities available for sale |                                         |            | 5,886 |            |   |            | 237 |     |     |    | (16 | )   |     |       | 6,107 |      
|                                     |                                                                                                          |                                           |                                         |            |       |            |   |            |     |     |     |    |     |     |     |      
|Equity securities available for sale |                                                                                                          |                                           | 619                                     |            |       |            | 9 |            |     |     | (55 | )  |     |     | 573 |      
|                                     |                                                                                                          |                                           |                                         |            |       |            |   |            |     |     |     |    |     |     |     |      
|                                     |                                                                                                          |                                           | Total investments carried at fair value |            |       | 6,505      |   |            |     | 246 |     |    |     | (71 | )   |       |       | 6,680 | 
|                                     |                                                                                                          |                                           |                                         |            |       |            |   |            |     |     |     |    |     |     |     |      

|                   |                                        |                         |  |            |       |  |  |       |       | 
|------------------ | -------------------------------------- | ----------------------- |  | ---------- | ----- |  |  | ----- | ----- | 
|                   |                                        |                        
|                   |                                        | As of December 31, 2002
|                   |                                        |                        
|                   |                                        | Amortized               |  | Estimated 
|                   |                                        | cost                    |  | fair value
|                   |                                        |                         |  |           
|                   |                                        |                        
|                   |                                        | (EUR, in millions)     
|Available for sale |                                        |                         |  |            |       |  |  |      
|                   | Due within one year or less            |                         |  | 1,124      |       |  |  | 1,141 |      
|                   | Due after one year through five years  |                         |  | 2,993      |       |  |  | 3,084 |      
|                   | Due after five years through ten years |                         |  | 1,619      |       |  |  | 1,726 |      
|                   | Due after ten years                    |                         |  | 150        |       |  |  | 156   |      
|                   |                                        |                         |  |            |       |  |  |      
|                   |                                        | Total                   |  |            | 5,886 |  |  |       | 6,107 | 
|                   |                                        |                         |  |            |       |  |  |      

For debt securities for which is planned an early
or a multiple terms reimbursement, the longest maturity is the
one to be considered.

F-20



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

The Groups net investment income, comprised
primarily of interest and dividends, was derived from the
following sources:

|                   |                                                                    |                          |  |      |     |      |  |     |     |  |  |     |     | 
|------------------ | ------------------------------------------------------------------ | ------------------------ |  | ---- | --- | ---- |  | --- | --- |  |  | --- | --- | 
|                   |                                                                    |                         
|                   |                                                                    | Year ended December 31, 
|                   |                                                                    |                         
|                   |                                                                    | 2000                     |  | 2001 |     | 2002
|                   |                                                                    |                          |  |      |     |     
|                   |                                                                    |                         
|                   |                                                                    | (EUR, in millions)      
|Investment income  |                                                                    |                          |  |      |     |      |  |     |     |  |  |    
|                   | Fixed maturities                                                   |                          |  | 300  |     |      |  | 379 |     |  |  | 332 |    
|                   | Equity securities, dividends                                       |                          |  | 17   |     |      |  | 26  |     |  |  | 6   |    
|                   | Trading equity securities, net unrealized gains
    (losses)       |                          |  | 2    |     |      |  | (56 | )   |  |  | 53  |    
|                   | Short-term investments and other(1)                                |                          |  | 51   |     |      |  | 92  |     |  |  | 122 |    
|                   |                                                                    |                          |  |      |     |      |  |     |     |  |  |    
|                   |                                                                    | Total investment income  |  |      | 370 |      |  |     | 441 |  |  |     | 513 | 
|                   |                                                                    |                          |  |      |     |      |  |     |     |  |  |    
|Investment expense |                                                                    |                          |  |      |     |      |  |     |     |  |  |    
|                   | Swap interest                                                      |                          |  | 12   |     |      |  | 13  |     |  |  | 17  |    
|                   | Commercial paper                                                   |                          |  | 4    |     |      |  | 3   |     |  |  | 8   |    
|                   | Administration expenses                                            |                          |  | 28   |     |      |  | 13  |     |  |  | 16  |    
|                   | Other (including convertible debentures interest
    and discount) |                          |  | 39   |     |      |  | 65  |     |  |  | 91  |    
|                   |                                                                    |                          |  |      |     |      |  |     |     |  |  |    
|                   |                                                                    | Total investment expense |  |      | 83  |      |  |     | 94  |  |  |     | 132 | 
|                   |                                                                    |                          |  |      |     |      |  |     |     |  |  |    
|                   |                                                                    | Net investment income    |  |      | 287 |      |  |     | 347 |  |  |     | 381 | 
|                   |                                                                    |                          |  |      |     |      |  |     |     |  |  |    






|    |                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------
|(1) | Includes swap income of EUR 13 million
    in 2000, EUR 10 million in 2001 and
    EUR 10 million in 2002.

Net realized investments gains and losses of the
Group were derived from the following sources:

|                                           |                                  |                              |  |      |     |      |  |     |    |  |  |      |     |  
|------------------------------------------ | -------------------------------- | ---------------------------- |  | ---- | --- | ---- |  | --- | -- |  |  | ---- | --- | -
|                                           |                                  |                             
|                                           |                                  | Year ended December 31,     
|                                           |                                  |                             
|                                           |                                  | 2000                         |  | 2001 |     | 2002
|                                           |                                  |                              |  |      |     |     
|                                           |                                  |                             
|                                           |                                  | (EUR, in millions)          
|Net realized investment gains
    (losses) |                                  |                              |  |      |     |      |  |     |    |  |  |     
|                                           | Fixed maturities                 |                              |  | 42   |     |      |  | 69  |    |  |  | 72   |    
|                                           | Equity securities(1)             |                              |  | 137  |     |      |  | (66 | )  |  |  | (119 | )  
|                                           | Trading Equity securities        |                              |  | 101  |     |      |  |    |    |  |  | (98  | )  
|                                           | Short-term investments and other |                              |  | 133  |     |      |  | 7   |    |  |  | 93   |    
|                                           |                                  |                              |  |      |     |      |  |     |    |  |  |     
|                                           |                                  | Net realized investment gain |  |      | 413 |      |  |     | 10 |  |  |      | (52 | )
|                                           |                                  |                              |  |      |     |      |  |     |    |  |  |     






|    |                                                                                                   
|--- | --------------------------------------------------------------------------------------------------
|(1) | net realized gains on equity securities for 2002
    include the gain on sale of shares of COFACE.

F-21



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

The changes in net unrealized gains and losses on
investments of the Company (including unrealized gains and
losses on trading equity securities that are recognized to the
income statement) are derived from the following sources:

|                                                                                                                    |  |                         |      |      |  |      |     |   |  |  |     |  
|------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ---- | ---- |  | ---- | --- | - |  |  | --- | -
|                                                                                                                    |  |                        
|                                                                                                                    |  | Year ended December 31,
|                                                                                                                    |  |                        
|                                                                                                                    |  | 2000                    |      | 2001 |  | 2002
|                                                                                                                    |  |                         |      |      |  |     
|                                                                                                                    |  |                        
|                                                                                                                    |  | (EUR, in millions)     
|Increase (decrease) during period in difference
    between fair value and cost of investments in equity securities |  |                         | (153 | )    |  |      | (59 | ) |  |  | 93  |  
|Deferred income tax benefit (expense)                                                                               |  |                         | 55   |      |  |      | 21  |   |  |  | (31 | )
|                                                                                                                    |  |                         |      |      |  |      |     |   |  |  |     |  
|Increase (decrease) in net unrealized gains
    (losses) on equity securities                                       |  |                         | (98  | )    |  |      | (38 | ) |  |  | 62  |  
|                                                                                                                    |  |                         |      |      |  |      |     |   |  |  |     |  
|Increase (decrease) during period in difference
    between fair value and cost of investments in fixed maturities  |  |                         | 115  |      |  |      | 39  |   |  |  | 93  |  
|Deferred income tax benefit (expense)                                                                               |  |                         | (31  | )    |  |      | (11 | ) |  |  | (21 | )
|                                                                                                                    |  |                         |      |      |  |      |     |   |  |  |     |  
|Increase (decrease) in net unrealized gains
    (losses) on fixed maturities                                        |  |                         | 84   |      |  |      | 28  |   |  |  | 72  |  
|                                                                                                                    |  |                         |      |      |  |      |     |   |  |  |     |  
|Minority interest                                                                                                   |  |                         |     |      |  |      | 1   |   |  |  | (1  | )
|                                                                                                                    |  |                         |      |      |  |      |     |   |  |  |     |  
|Total increase (decrease) in net unrealized gains
    (losses) on equity securities and fixed maturities            |  |                         | (14  | )    |  |      | (9  | ) |  |  | 133 |  
|                                                                                                                    |  |                         |      |      |  |      |     |   |  |  |     |  

The followings present gross unrealized gains and
losses and the related deferred taxes on equity securities and
fixed maturities available for sale carried at fair value:

|                                |                                 |                                                              |  |      |     |      |  |      |      |   |  |     |     |  
|------------------------------- | ------------------------------- | ------------------------------------------------------------ |  | ---- | --- | ---- |  | ---- | ---- | - |  | --- | --- | -
|                                |                                 |                                                             
|                                |                                 | Year ended December 31,                                     
|                                |                                 |                                                             
|                                |                                 | 2000                                                         |  | 2001 |     | 2002
|                                |                                 |                                                              |  |      |     |     
|                                |                                 |                                                             
|                                |                                 | (EUR, in millions)                                          
|Equity securities               |                                 |                                                              |  |      |     |      |  |      |      |   |  |    
|                                | Gross unrealized gains          |                                                              |  | 30   |     |      |  | 17   |      |   |  | 9   |    
|                                | Gross unrealized losses         |                                                              |  | (110 | )   |      |  | (156 | )    |   |  | (55 | )  
|                                |                                 |                                                              |  |      |     |      |  |      |      |   |  |    
|                                |                                 | Net unrealized gains (losses)                                |  |      | (80 | )    |  |      | (139 | ) |  |     | (46 | )
|                                |                                 |                                                              |  |      |     |      |  |      |      |   |  |    
|Fixed maturities, at fair value |                                 |                                                              |  |      |     |      |  |      |      |   |  |    
|                                | Gross unrealized gains          |                                                              |  | 107  |     |      |  | 153  |      |   |  | 238 |    
|                                | Gross unrealized losses         |                                                              |  | (43  | )   |      |  | (34  | )    |   |  | (17 | )  
|                                |                                 |                                                              |  |      |     |      |  |      |      |   |  |    
|                                |                                 | Net unrealized gains (losses)                                |  |      | 64  |      |  |      | 119  |   |  |     | 221 |  
|                                |                                 |                                                              |  |      |     |      |  |      |      |   |  |    
|                                |                                 | Total net unrealized gains (losses)                          |  |      | (16 | )    |  |      | (20  | ) |  |     | 175 |  
|                                |                                 |                                                              |  |      |     |      |  |      |      |   |  |    
|                                | Policyholder-related amounts(1) |                                                              |  | (41  | )   |      |  | (57  | )    |   |  | (66 | )  
|                                | Deferred tax (liability) asset  |                                                              |  | 21   |     |      |  | 32   |      |   |  | (20 | )  
|                                | Minority interest               |                                                              |  | (1   | )   |      |  | (1   | )    |   |  | (2  | )  
|                                |                                 |                                                              |  |      |     |      |  |      |      |   |  |    
|                                |                                 | Shareholders net unrealized appreciation
    (depreciation) |  |      | (37 | )    |  |      | (46  | ) |  |     | 87  |  
|                                |                                 |                                                              |  |      |     |      |  |      |      |   |  |    






|    |                                                                                                                                                                            
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | amortization of value of business acquired due to
    the revaluation to the fair value of available for sale
    securities in application of SFAS 115 (shadow
    DAC).

Note 3.     Reinsurance

The Group utilizes a variety of retrocession
agreements with non-affiliated retrocessionaires to control its
exposure to large losses. Although ceded reinsurance permits
recovery of all or a portion of losses from the retrocessional
reinsurer, it does not discharge the Group as the primary
reinsurer.

F-22



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

Premiums written, premiums earned and loss and
LAE incurred for the years ended December 31, 2000, 2001
and 2002 are as follows:

|                  |         |                              |  |          |       |              |  |       |       |  |  |        |        |  
|----------------- | ------- | ---------------------------- |  | -------- | ----- | ------------ |  | ----- | ----- |  |  | ------ | ------ | -
|                  |         |                             
|                  |         | Year ended December 31, 2000
|                  |         |                             
|                  |         | Premiums                     |  | Premiums |       | Loss and LAE
|                  |         | written                      |  | earned   |       | incurred    
|                  |         |                              |  |          |       |             
|                  |         |                             
|                  |         | (EUR, in millions)          
|Property-Casualty |         |                              |  |          |       |              |  |       |       |  |  |       
|                  | Assumed |                              |  | 2,850    |       |              |  | 2,641 |       |  |  | (2,585 | )     
|                  | Ceded   |                              |  | (368     | )     |              |  | (360  | )     |  |  | 381    |       
|Life              |         |                              |  |          |       |              |  |       |       |  |  |       
|                  | Assumed |                              |  | 505      |       |              |  | 505   |       |  |  | (346   | )     
|                  | Ceded   |                              |  | (109     | )     |              |  | (109  | )     |  |  | 63     |       
|                  |         |                              |  |          |       |              |  |       |       |  |  |       
|                  |         | Net                          |  |          | 2,878 |              |  |       | 2,677 |  |  |        | (2,487 | )
|                  |         |                              |  |          |       |              |  |       |       |  |  |       

|                  |         |                              |  |          |       |              |  |       |       |  |  |        |        |  
|----------------- | ------- | ---------------------------- |  | -------- | ----- | ------------ |  | ----- | ----- |  |  | ------ | ------ | -
|                  |         |                             
|                  |         | Year ended December 31, 2001
|                  |         |                             
|                  |         | Premiums                     |  | Premiums |       | Loss and LAE
|                  |         | written                      |  | earned   |       | incurred    
|                  |         |                              |  |          |       |             
|                  |         |                             
|                  |         | (EUR, in millions)          
|Property-Casualty |         |                              |  |          |       |              |  |       |       |  |  |       
|                  | Assumed |                              |  | 3,782    |       |              |  | 3,654 |       |  |  | (4,228 | )     
|                  | Ceded   |                              |  | (608     | )     |              |  | (547  | )     |  |  | 1,051  |       
|Life              |         |                              |  |          |       |              |  |       |       |  |  |       
|                  | Assumed |                              |  | 647      |       |              |  | 647   |       |  |  | (541   | )     
|                  | Ceded   |                              |  | (101     | )     |              |  | (101  | )     |  |  | 90     |       
|                  |         |                              |  |          |       |              |  |       |       |  |  |       
|                  |         | Net                          |  |          | 3,720 |              |  |       | 3,653 |  |  |        | (3,628 | )
|                  |         |                              |  |          |       |              |  |       |       |  |  |       

|                  |         |                              |  |          |       |              |  |       |       |  |  |        |       | 
|----------------- | ------- | ---------------------------- |  | -------- | ----- | ------------ |  | ----- | ----- |  |  | ------ | ----- | 
|                  |         |                             
|                  |         | Year ended December 31, 2002
|                  |         |                             
|                  |         | Premiums                     |  | Premiums |       | Loss and LAE
|                  |         | written                      |  | earned   |       | incurred    
|                  |         |                              |  |          |       |             
|                  |         |                             
|                  |         | (EUR, in millions)          
|Property-Casualty |         |                              |  |          |       |              |  |       |       |  |  |       
|                  | Assumed |                              |  | 4,239    |       |              |  | 4,046 |       |  |  | (3,611 | )    
|                  | Ceded   |                              |  | (459     | )     |              |  | (471  | )     |  |  | 139    |      
|Life              |         |                              |  |          |       |              |  |       |       |  |  |       
|                  | Assumed |                              |  | 675      |       |              |  | 675   |       |  |  | (500   | )    
|                  | Ceded   |                              |  | (97      | )     |              |  | (97   | )     |  |  | 41     |      
|                  |         |                              |  |          |       |              |  |       |       |  |  |       
|                  |         | Net                          |  |          | 4,358 |              |  |       | 4,153 |  |  |        | 3,931 | 
|                  |         |                              |  |          |       |              |  |       |       |  |  |       

For the years ended December 31, 2000, 2001
and 2002, the percentage of net premiums written to gross
premiums written was 85.8%, 84.0% and 88.7% respectively.

Retrocessionaires of the Group are subject to
initial review of financial condition before final acceptability
is confirmed and to subsequent reviews on an annual basis. The
Group, like most reinsurance companies, enters into retrocession
arrangements for many of the same reasons primary insurers seek
reinsurance, including increasing their premium writing and risk
capacity without requiring additional capital and reducing the
effect of individual or aggregate losses. Historically, the
Group has retroceded risks to retrocessionaires on both a
proportional and excess of loss basis. Under its 2002
retrocessional program, the capacity for Property treaties was
for any one risk either EUR 10 million per cedent (up
to EUR 20 million when no coinsurance on a given

F-23



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

book of businesses) or EUR 60 million
per territory all cedents combined as defined by the
Groups accumulated liability for a risk. For the classes
of motor liability, credit and bond, decennial, specific
retrocession programs have been established. In 2002, the Group
retention was EUR 25 million per risk for facultative
Property and EUR 25 million per risk for facultative
Casualty.

Paid losses, outstanding losses and IBNR
recoverable from retrocessionaires, which are determined to be
uncollectible, are charged to operations. No material amount was
charged to operations for the years ended December 2002, 2001
and 2000.

The Group withholds funds from retrocessionaires
in accordance with retrocessional agreements. Under the terms of
the agreements, the Group pays interest on the principal amounts
of deposits withheld. Related interest expense was
EUR 59 million, EUR 61 million and
EUR 25 million in 2002, 2001 and 2000.

Certain reinsurance contracts do not, despite
their form, provide for the indemnification of the ceding
company by the reinsurer against loss or liability. Such
contracts primarily consist of non-proportional excess-of-loss
treaties covering catastrophic events, which include profit and
loss sharing clauses upon termination or cancellation. In these
cases, the premium paid or received has been accounted for as a
deposit rather than as premium expense or revenue in accordance
with SFAS 113. Amounts recorded as deposits, and classified as
other assets, under such contracts totaled
EUR 10 million and EUR 18 million as of
December 31, 2002 and 2001, respectively. Amounts received
and recorded as funds held under reinsurance treaties under such
contracts at such dates were EUR 175 million and
EUR 174 million as of December 31, 2002 and 2001,
respectively.



|        |                     
|------- | --------------------
|Note 4. | Comprehensive Income

Related tax effects allocated to each component
of other comprehensive income for the years ended
December 31, 2000, 2001 and 2002 are as follows:

|                                                                        |                                                                                             |                              |    |            |   |         |    |     |   |  |    |     |  
|----------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ---------------------------- | -- | ---------- | - | ------- | -- | --- | - |  | -- | --- | -
|                                                                        |                                                                                             |                             
|                                                                        |                                                                                             | Year ended December 31, 2000
|                                                                        |                                                                                             |                             
|                                                                        |                                                                                             | Before-                      |    | Tax        |   | Net-of-
|                                                                        |                                                                                             | Tax                          |    | (Expense)  |   | Tax    
|                                                                        |                                                                                             | Amount                       |    | or Benefit |   | Amount 
|                                                                        |                                                                                             |                              |    |            |   |        
|                                                                        |                                                                                             |                             
|                                                                        |                                                                                             | (EUR, in millions)          
|Foreign currency translation adjustment                                 |                                                                                             |                              | 72 |            |   |         |   |     |   |  | 72 |    
|Unrealized appreciation (depreciation) on
    investments during period |                                                                                             |                              |    |            |   |         |    |     |   |  |    |    
|                                                                        | Fixed maturities                                                                            |                              |    | 124        |   |         |    | (35 | ) |  |    | 89  |  
|                                                                        | Equity securities                                                                           |                              |    | (84        | ) |         |    | 29  |   |  |    | (55 | )
|                                                                        | Investments accounted for by the equity method                                              |                              |    | (10        | ) |         |    | 5   |   |  |    | (5  | )
|                                                                        | Less: reclassification adjustment for prior
    periods appreciation included in net income |                              |    | (78        | ) |         |    | 30  |   |  |    | (48 | )
|                                                                        |                                                                                             |                              |    |            |   |         |    |     |   |  |    |    
|Other comprehensive income                                              |                                                                                             |                              | 24 |            |   |         | 29 |     |   |  | 53 |    
|                                                                        |                                                                                             |                              |    |            |   |         |    |     |   |  |    |    

F-24



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

|                                                                        |                                                                                             |                              |     |            |   |         |    |    |   |  |     |     |  
|----------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ---------------------------- | --- | ---------- | - | ------- | -- | -- | - |  | --- | --- | -
|                                                                        |                                                                                             |                             
|                                                                        |                                                                                             | Year ended December 31, 2001
|                                                                        |                                                                                             |                             
|                                                                        |                                                                                             | Before-                      |     | Tax        |   | Net-of-
|                                                                        |                                                                                             | Tax                          |     | (Expense)  |   | Tax    
|                                                                        |                                                                                             | Amount                       |     | or Benefit |   | Amount 
|                                                                        |                                                                                             |                              |     |            |   |        
|                                                                        |                                                                                             |                             
|                                                                        |                                                                                             | (EUR, in millions)          
|Foreign currency translation adjustment                                 |                                                                                             |                              | 18  |            |   |         |   |    |   |  | 18  |    
|Unrealized appreciation (depreciation) on
    investments during period |                                                                                             |                              |     |            |   |         |    |    |   |  |     |    
|                                                                        | Fixed maturities                                                                            |                              |     | 19         |   |         |    | (4 | ) |  |     | 15  |  
|                                                                        | Equity securities                                                                           |                              |     |           |   |         |    |   |   |  |     |    |  
|                                                                        | Investments accounted for by the equity method                                              |                              |     | (28        | ) |         |    | 10 |   |  |     | (18 | )
|                                                                        | Less: reclassification adjustment for prior
    periods appreciation included in net income |                              |     | (39        | ) |         |    | 14 |   |  |     | (25 | )
|                                                                        |                                                                                             |                              |     |            |   |         |    |    |   |  |     |    
|Other comprehensive income                                              |                                                                                             |                              | (30 | )          |   |         | 20 |    |   |  | (10 | )  
|                                                                        |                                                                                             |                              |     |            |   |         |    |    |   |  |     |    

|                                                                        |                                                                                             |                              |     |            |   |         |     |     |   |  |     |     |  
|----------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | ---------------------------- | --- | ---------- | - | ------- | --- | --- | - |  | --- | --- | -
|                                                                        |                                                                                             |                             
|                                                                        |                                                                                             | Year ended December 31, 2002
|                                                                        |                                                                                             |                             
|                                                                        |                                                                                             | Before-                      |     | Tax        |   | Net-of-
|                                                                        |                                                                                             | Tax                          |     | (Expense)  |   | Tax    
|                                                                        |                                                                                             | Amount                       |     | or Benefit |   | Amount 
|                                                                        |                                                                                             |                              |     |            |   |        
|                                                                        |                                                                                             |                             
|                                                                        |                                                                                             | (EUR, in millions)          
|Foreign currency translation adjustment                                 |                                                                                             |                              | (80 | )          |   |         |    |     |   |  | (80 | )  
|Unrealized appreciation (depreciation) on
    investments during period |                                                                                             |                              |     |            |   |         |     |     |   |  |     |    
|                                                                        | Fixed maturities                                                                            |                              |     | 98         |   |         |     | (24 | ) |  |     | 74  |  
|                                                                        | Equity securities                                                                           |                              |     | (18        | ) |         |     | 7   |   |  |     | (10 | )
|                                                                        | Less: reclassification adjustment for prior
    periods appreciation included in net income |                              |     | 102        |   |         |     | (36 | ) |  |     | 66  |  
|                                                                        |                                                                                             |                              |     |            |   |         |     |     |   |  |     |    
|Other comprehensive income                                              |                                                                                             |                              | 102 |            |   |         | (53 | )   |   |  | 50  |    
|                                                                        |                                                                                             |                              |     |            |   |         |     |     |   |  |     |    

Net of tax balances of each classification within
accumulated other comprehensive income as of December 31,
2000, 2001 and 2002 are as follows:

|                             |                                |                          |  |                   |     |                   |  |               |     |   |  |     |    |   |  |     |     | 
|---------------------------- | ------------------------------ | ------------------------ |  | ----------------- | --- | ----------------- |  | ------------- | --- | - |  | --- | -- | - |  | --- | --- | 
|                             |                                |                          |  |                   |     | Unrealized        |  |              
|                             |                                |                          |  | Unrealized        |     | Appreciation      |  | Accumulated  
|                             |                                | Foreign Currency         |  | Appreciation      |     | (Depreciation) of |  | Other        
|                             |                                | Translation              |  | (Depreciation) of |     | Equity Method     |  | Comprehensive
|                             |                                | Adjustment               |  | Investments       |     | Investments       |  | Income       
|                             |                                |                          |  |                   |     |                   |  |              
|                             |                                |                         
|                             |                                | (EUR, in millions)      
|Year ended December 31, 2000 |                                |                          |  |                   |     |                   |  |               |     |   |  |     |    |   |  |    
|                             | Balance at beginning of Period |                          |  | 75                |     |                   |  | (19           | )   |   |  | 23  |    |   |  | 79  |    
|                             | Current-period change          |                          |  | 72                |     |                   |  | (14           | )   |   |  | (5  | )  |   |  | 53  |    
|                             |                                | Balance at end of period |  |                   | 147 |                   |  |               | (33 | ) |  |     | 18 |   |  |     | 132 | 
|Year ended December 31, 2001 |                                |                          |  |                   |     |                   |  |               |     |   |  |     |    |   |  |    
|                             | Current-period change          |                          |  | 18                |     |                   |  | (9            | )   |   |  | (19 | )  |   |  | (10 | )  
|                             |                                | Balance at end of period |  |                   | 165 |                   |  |               | (42 | ) |  |     | (1 | ) |  |     | 122 | 
|Year ended December 31, 2002 |                                |                          |  |                   |     |                   |  |               |     |   |  |     |    |   |  |    
|                             | Current-period change          |                          |  | (80               | )   |                   |  | 129           |     |   |  | 1   |    |   |  | 50  |    
|                             |                                | Balance at end of period |  |                   | 85  |                   |  |               | 87  |   |  |     | 0  |   |  |     | 172 | 

F-25



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)



|        |                                                   
|------- | --------------------------------------------------
|Note 5. | Investments accounted for by the equity
    method

In July 2002, SCOR sold its ownership interest in
Coface to Natexis Bank. This transaction provides an additional
EUR 275 million in liquidity and a realized gain after
tax in Group shareholders equity of
EUR 62 million (EUR 90 million before tax).
The Groups consolidated financial statements at the end of
December 2002 include the impact of this sale of Coface.



|        |     
|------- | ----
|Note 6. | Debt

Short-term and long-term debt, as well as
designated interest rate swap agreements, consists of the
following:

|                                                                 |                       |                    |     |       |  |       |     |       |  |  |     |     |  |  |     |     | 
|---------------------------------------------------------------- | --------------------- | ------------------ | --- | ----- |  | ----- | --- | ----- |  |  | --- | --- |  |  | --- | --- | 
|                                                                 |                       |                   
|                                                                 |                       | As of December 31,
|                                                                 |                       |                   
|                                                                 |                       |                    |     |      
|                                                                 |                       | 2001               |     | 2002 
|                                                                 |                       |                    |     |      
|                                                                 |                       | Book               |     | Fair  |  | Book  |     | Fair 
|                                                                 |                       | Value              |     | Value |  | Value |     | Value
|                                                                 |                       |                    |     |       |  |       |     |      
|                                                                 |                       |                   
|                                                                 |                       | (EUR, in millions)
|Commercial paper  fixed rate                                    |                       |                    | 306 |       |  |       | 306 |       |  |  |    |     |  |  |    |    
|Bank and other short-term loans                                  |                       |                    | 8   |       |  |       | 8   |       |  |  | 12  |     |  |  | 12  |    
|                                                                 |                       |                    |     |       |  |       |     |       |  |  |     |     |  |  |     |    
|                                                                 | Total short-term debt |                    |     | 314   |  |       |     | 314   |  |  |     | 12  |  |  |     | 12  | 
|Notes payable  fixed rate                                       |                       |                    | 57  |       |  |       | 57  |       |  |  | 62  |     |  |  | 62  |    
|Convertible subordinated
    debentures  1%                     |                       |                    | 247 |       |  |       | 238 |       |  |  | 451 |     |  |  | 437 |    
|EUR 50 million perpetual subordinated
    debt  EURIBOR + 0.75% |                       |                    | 50  |       |  |       | 50  |       |  |  | 50  |     |  |  | 50  |    
|USD 100 million 30-year subordinated
    debt  LIBOR + 0.80%    |                       |                    | 113 |       |  |       | 113 |       |  |  | 96  |     |  |  | 96  |    
|EUR 100 million 20-year subordinated
    debt  EURIBOR + 1.15%  |                       |                    | 100 |       |  |       | 100 |       |  |  | 100 |     |  |  | 100 |    
|                                                                 |                       |                    |     |       |  |       |     |       |  |  |     |     |  |  |     |    
|                                                                 | Total long-term debt  |                    |     | 567   |  |       |     | 558   |  |  |     | 759 |  |  |     | 745 | 
|                                                                 |                       |                    |     |       |  |       |     |       |  |  |     |     |  |  |     |    
|                                                                 | Total obligations     |                    |     | 881   |  |       |     | 872   |  |  |     | 771 |  |  |     | 757 | 
|                                                                 |                       |                    |     |       |  |       |     |       |  |  |     |     |  |  |     |    
|Fair value of interest rate swap agreements                      |                       |                    | (1  | )     |  |       | (1  | )     |  |  | (1  | )   |  |  | (1  | )  
|                                                                 |                       |                    |     |       |  |       |     |       |  |  |     |     |  |  |     |    
|                                                                 | Total debt            |                    |     | 880   |  |       |     | 871   |  |  |     | 770 |  |  |     | 756 | 
|                                                                 |                       |                    |     |       |  |       |     |       |  |  |     |     |  |  |     |    

The notional amount of swap agreements designated
as fair value interest risk hedges outstanding as of
December 31, 2002 was EUR 36 million. Fair value
is based on the discounted amount of future cash flows using the
Groups current estimated borrowing rates for a similar
liability. Considering that borrowings carry a variable rate of
interest, face value approximates fair value. Fair value of
convertible subordinated debt is based on quoted market price as
of December 31, 2001 and 2002.

At December 31, 2002, the Group was party to
a number of interest rate swap agreements to hedge several of
its debt securities outstanding. The aggregate fair value of
these swaps totaled 1 million euros. Prior to the adoption
of SFAS 133 Accounting for derivative instruments and
hedging activities, as amended on January 1, 2001,
the fair value of these swap agreements was not recorded on the
balance sheet. Upon adoption the fair value of these swap
agreements is reported as an increase in Derivatives financial
instruments assets by EUR 1 million and a
corresponding decrease to debt on the balance sheet. The
ineffective part of the hedges is recognized in the net income
(see note 13).

F-26



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

Debt outstanding was denominated in the following
currencies, stated at year-end exchange rates:

|            |  |              |     |      |  |  |     | 
|----------- |  | ------------ | --- | ---- |  |  | --- | 
|            |  |             
|            |  | As of       
|            |  | December 31,
|            |  |             
|            |  | 2001         |     | 2002
|            |  |              |     |     
|            |  |             
|            |  | (EUR,       
|            |  | in millions)
|Euro        |  |              | 767 |      |  |  | 674 | 
|U.S. Dollar |  |              | 113 |      |  |  | 96  | 
|            |  |              |     |      |  |  |     | 
|            |  |              | 880 |      |  |  | 770 | 
|            |  |              |     |      |  |  |     | 

Debt, presented by interest rate and reflecting
any effect of interest rate swap agreements is as follows:

|                                         |            |              |     |      |  |  |     |     | 
|---------------------------------------- | ---------- | ------------ | --- | ---- |  |  | --- | --- | 
|                                         |            |             
|                                         |            | As of       
|                                         |            | December 31,
|                                         |            |             
|                                         |            | 2001         |     | 2002
|                                         |            |              |     |     
|                                         |            |             
|                                         |            | (EUR,       
|                                         |            | in millions)
|Below 4%                                 |            |              | 568 |      |  |  | 308 |    
|4 to 5.5%                                |            |              | 11  |      |  |  | 10  |    
|5.5 to 6.5%                              |            |              |    |      |  |  | 204 |    
|Variable rates based on LIBOR or Euribor |            |              | 301 |      |  |  | 248 |    
|                                         |            |              |     |      |  |  |     |    
|                                         | Total debt |              |     | 880  |  |  |     | 770 | 
|                                         |            |              |     |      |  |  |     |    

Related interest expense for the year, was
EUR 89 million, EUR 70 million and
EUR 48 million, in 2002, 2001 and 2000, respectively.

On March 23, 1999, June 25, 1999 and
July 6, 2000, SCOR issued subordinated debts programs for
EUR 50 million, USD 100 million and
EUR 100 million respectively. All consist of step-up
notes under the following conditions:

|                 |  |           |  |                                                                                 |  |                                                                                   |  |             |  |                                                                                                                                                                                     
|---------------- |  | --------- |  | ------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------- |  | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                 |  |           |  |                                                                                 |  |                                                                                   |  |            
|Principal Amount |  | Term      |  | Interest Rate                                                                   |  | Interest Payment                                                                  |  | Redeemable 
|                 |  |           |  |                                                                                 |  |                                                                                   |  |            
|                 |  |           |  |                                                                                 |  |                                                                                   |  |             |  |                                                                                                                                                                                     
|EUR 50 million   |  | Perpetual |  | From March 1999 to March 2014: EURIBOR for
    six-month deposits + 0.75%       |  | March 2014 and Thereafter: EURIBOR for six-month
    deposits + 1.75%             |  | Semi-annual |  | In whole and not in part, at the option of the
    Company on or about March 24, 2009, or on any interest
    payment date falling on or about each fifth anniversary
    thereafter
|                
|USD 100 million  |  | 2029      |  | From June 1999 to June 2009: LIBOR for three
    months deposits in USD + 0.80% |  | From June 2009 to June 2029: LIBOR for three
    months deposits in USD + 1.80%   |  | Quarterly   |  | In whole or in part, at the option of the Company
    on or about June 25, 2009, or on any interest payment date
    falling thereafter                                             
|                
|EUR 100 million  |  | 2020      |  | From July 2000 to July 2010: EURIBOR for three
    months deposits + 1.15%      |  | From July 2010 to July 2020: EURIBOR for three
    months deposits in USD + 2.15% |  | Quarterly   |  | In whole but not in part, at the option of the
    Company on or about July 6, 2010, or on any interest
    payment date falling thereafter                                         

F-27



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

On June 19, 2002, SCOR issued a
unsubordinated debts for EUR 200 million. The notes
are issued under the following conditions:

|                 |  |      |  |                                              |  |                  |  |                                                                            |  | 
|---------------- |  | ---- |  | -------------------------------------------- |  | ---------------- |  | -------------------------------------------------------------------------- |  | 
|                 |  |      |  |                                              |  |                  |  |                                                                           
|Principal Amount |  | Term |  | Interest Rate                                |  | Interest Payment |  | Redeemable                                                                
|                 |  |      |  |                                              |  |                  |  |                                                                           
|                 |  |      |  |                                              |  |                  |  |                                                                            |  | 
|EUR 200 million  |  | 2007 |  | From June 2002 to June 2007: Fix Rate 5.25%. |  | Annual           |  | The notes will be redeemed at their principal
    amount on June 21, 2007.

On June 15, 1999, SCOR launched a EUR
233 million issue of convertible bonds redeemable in new or
existing shares (OCEANE), represented by
4,025,000 bonds with a nominal value of EUR 58 each. The OCEANE
bear interest at a rate of 1% per annum, payable annually on
January 1, of each year, and are redeemable in full at
maturity on January 1, 2005 at EUR 65.28 per bond. Early
redemption in whole or in part is possible, at the option of the
Company by:



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | purchases on the market or public offers,                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | (2) | at any time from January 1, 2003 until
    December 31, 2004, at an early redemption price equivalent
    to the yield to maturity if the product of the conversion ratio
    and the arithmetic means of the closing prices of the SCOR
    Ordinary Share over 20 consecutive trading days of the 40
    consecutive trading days preceding the publication of a notice
    concerning such redemption, exceeds 120% of the early redemption
    price of each bond, and
|
| | (3) | when less than 10% of the bond issue remains
    outstanding.                                                                                                                                                                                                                                                                                                                                                                                                             

Bondholders may request conversion at any time
from June 28, 1999. The Company may, at its option, deliver
new shares and/or existing shares.

Repayments of long-term debt as of
December 31, 2002 were scheduled as follows:

|           |                      |                    |     |     | 
|---------- | -------------------- | ------------------ | --- | --- | 
|Year       |                      | Payment           
|           |                      |                   
|           |                      | (EUR, in millions)
|2003       |                      |                    | 43  |    
|2004       |                      |                    |    |    
|2005       |                      |                    | 247 |    
|2006       |                      |                    |    |    
|2007       |                      |                    | 224 |    
|Thereafter |                      |                    | 256 |    
|           |                      |                    |     |    
|           | Total long-term debt |                    |     | 770 | 
|           |                      |                    |     |    

At December 31, 2002, the Group had
approximately EUR 100 million available in unused
short and long-term credit lines.

F-28



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)



|        |           
|------- | ----------
|Note 7. | Income Tax

The provision for income tax consisted of the
following components:

|                               |         |                                     |     |      |     |      |      |      |      |   |     |     |    | 
|------------------------------ | ------- | ----------------------------------- | --- | ---- | --- | ---- | ---- | ---- | ---- | - | --- | --- | -- | 
|                               |         |                                    
|                               |         | Year ended December 31,            
|                               |         |                                    
|                               |         | 2000                                |     | 2001 |     | 2002
|                               |         |                                     |     |      |     |     
|                               |         |                                    
|                               |         | (EUR, in millions)                 
|Current tax expense (benefit)  |         |                                     |     |      |     |      |      |      |      |   |     |    
|                               | French  |                                     |     | 39   |     |      |      | 1    |      |   |     | (8  | ) 
|                               | Foreign |                                     |     | (10  | )   |      |      | 8    |      |   |     | (11 | ) 
|                               |         |                                     |     |      |     |      |      |      |      |   |     |    
|                               |         |                                     | 29  |      |     |      | 9    |      |      |   | (19 | )  
|                               |         |                                     |     |      |     |      |      |      |      |   |     |    
|Deferred tax expense (benefit) |         |                                     |     |      |     |      |      |      |      |   |     |    
|                               | French  |                                     |     | (45  | )   |      |      | (150 | )    |   |     | (47 | ) 
|                               | Foreign |                                     |     | (41  | )   |      |      | (110 | )    |   |     | 94  |   
|                               |         |                                     |     |      |     |      |      |      |      |   |     |    
|                               |         |                                     | (86 | )    |     |      | (260 | )    |      |   | 47  |    
|                               |         |                                     |     |      |     |      |      |      |      |   |     |    
|                               |         | Total provision for income taxes(1) |     |      | (57 | )    |      |      | (251 | ) |     |     | 28 | 
|                               |         |                                     |     |      |     |      |      |      |      |   |     |    






|    |                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Included EUR 22 million and
    EUR 6 million in 2001 and 2002 respectively reported
    in the cumulative effect of change in accounting principle.

At December 31, 2002, the most significant
changes of the net income tax benefit are a tax profit relating
to loss carry forward for EUR 131 million and an
impairment loss of EUR 138 million based on assets tax
recorded in accordance to SFAS 109 due to a net loss result
of our US subsidiary for two years in succession.

F-29



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

The deferred tax assets and liabilities on the
consolidated balance sheets reflect timing differences between
the carrying amount of assets and liabilities for financial
reporting and income tax purposes. Significant components of the
Groups deferred tax assets and liabilities are as follows:

|                       |                                                                   |              |  |      |  |  |  |     |    
|---------------------- | ----------------------------------------------------------------- | ------------ |  | ---- |  |  |  | --- | ---
|                       |                                                                   |             
|                       |                                                                   | As of       
|                       |                                                                   | December 31,
|                       |                                                                   |             
|                       |                                                                   | 2001         |  | 2002
|                       |                                                                   |              |  |     
|                       |                                                                   |             
|                       |                                                                   | (EUR,       
|                       |                                                                   | in millions)
|Deferred tax liability |                                                                   |              |  |      |  |  |  |    
|                       | Deferred policy acquisition costs                                 |              |  | 80   |  |  |  | 91  |    
|                       | Unrealized appreciation and timing differences on
    investments |              |  | 5    |  |  |  | 13  |    
|                       | Equalization reserves                                             |              |  | 24   |  |  |  | 14  |    
|                       | Catastrophe reserves                                              |              |  | 6    |  |  |  | 4   |    
|                       | Amortization of goodwill                                          |              |  | 11   |  |  |  | 11  |    
|                       | Ceding commission acquisition Allstate                            |              |  | 15   |  |  |  | 14  |    
|                       | Other                                                             |              |  | 26   |  |  |  | 77  |    
|                       |                                                                   |              |  |      |  |  |  |    
|                       | Total deferred tax liability                                      |              |  | 167  |  |  |  | 224 |    
|                       |                                                                   |              |  |      |  |  |  |    
|Deferred tax asset     |                                                                   |              |  |      |  |  |  |    
|                       | Unrealized depreciation and timing differences of
    investments |              |  | 31   |  |  |  |    |    
|                       | Retirement plan                                                   |              |  | 1    |  |  |  | 1   |    
|                       | Loss carryforward                                                 |              |  | 291  |  |  |  | 324 | (1)
|                       | Handling claims reserves                                          |              |  | 3    |  |  |  | 1   |    
|                       | Loss reserves                                                     |              |  | 88   |  |  |  | 75  |    
|                       | Unearned premium                                                  |              |  | 37   |  |  |  | 12  |    
|                       | Cancellation of internal realized gains on sale
    of assets     |              |  | 7    |  |  |  | 5   |    
|                       | Portfolio transfer adjustment                                     |              |  | 43   |  |  |  | 18  |    
|                       | Other                                                             |              |  | 3    |  |  |  | 2   |    
|                       |                                                                   |              |  |      |  |  |  |    
|                       | Total deferred tax asset                                          |              |  | 504  |  |  |  | 438 |    
|                       |                                                                   |              |  |      |  |  |  |    
|                       | Net deferred tax asset (liability)                                |              |  | 337  |  |  |  | 214 |    
|                       |                                                                   |              |  |      |  |  |  |    






|    |                                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | These tax losses carried forward will expire:
    EUR 4 million in 2005, EUR 173 million in
    2006, EUR 139 million in 2007,
    EUR 18 million in 2020, EUR 57 million in
    2021, EUR 43 million in 2022 and
    EUR 22 million unlimitedly. An impairment from
    SCOR US for EUR 132 million has been recorded.

SFAS 109 requires the establishment of a
valuation allowance for deferred income tax benefits if, based
on the weight of available evidence, it is more likely than not
that some portion of all the deferred or all of the deferred tax
assets will not be realized. Management believes, based on the
Groups historical record of generating taxable income and
its expectations of future earnings, that the Groups
taxable income in future years will be sufficient to realize the
deferred tax benefits, which are reflected on its consolidated
balance sheet as of December 31, 2002.

As December 31, 2002, we have
EUR 214 million of deferred tax assets, net of
impairment from SCOR US loss carry forwards, related principally
to domestic and US domiciled loss carry forwards, for which no
valuation allowance has been recorded. The realization of these
assets is based upon estimates of future taxable income. In
preparing estimates of future taxable income, we have used the
same assumptions and projections utilized in our internal
forecasts. Based on these projections, we estimate that the loss
carry forwards will be utilized prior the expiration of the loss
carry forwards except for a part estimated to
EUR 138 million recorded as an impairment loss during
2002. Estimates of future earnings are based on an increase in
reinsurance rates, and the absence of major catastrophes like
those hitting us in 2002. Should the

F-30



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

pretax book income and taxable income instead
remain at 2002 levels due to an occurrence of other
catastrophes, a valuation allowance would be required. In
addition, management believes certain tax planning strategies
exist, including its ability to alter the mix of its investment
portfolio to taxable investments from tax-exempt investments,
which could be implemented if necessary to ensure sufficient
taxable income to realize fully its deferred income tax benefits.

A reconciliation of income tax expense computed
by applying the French income tax rate of 35.43% in 2002, 36.43%
in 2001 and 37.73% in 2000 to income from operations before
income taxes is as follows:

|                                             |                                     |                         |     |      |   |      |      |      |   |  |      |    | 
|-------------------------------------------- | ----------------------------------- | ----------------------- | --- | ---- | - | ---- | ---- | ---- | - |  | ---- | -- | 
|                                             |                                     |                        
|                                             |                                     | Year ended December 31,
|                                             |                                     |                        
|                                             |                                     | 2000                    |     | 2001 |   | 2002
|                                             |                                     |                         |     |      |   |     
|                                             |                                     |                        
|                                             |                                     | (EUR, in millions)     
|Computed tax expense at statutory rate       |                                     |                         | 7   |      |   |      | (226 | )    |   |  | (175 | ) 
|Losses carried forward                       |                                     |                         | 4   |      |   |      | 31   |      |   |  | 136  |   
|Tax exempt revenues and expenses             |                                     |                         | (13 | )    |   |      | (22  | )    |   |  | 24   |   
|Changes from statutory tax rate              |                                     |                         | (44 | )    |   |      | (11  | )    |   |  | 40   |   
|Goodwill and other consolidation adjustments |                                     |                         | (14 | )    |   |      | (23  | )    |   |  |     |   
|Others, net                                  |                                     |                         | 3   |      |   |      |     |      |   |  | 3    |   
|                                             |                                     |                         |     |      |   |      |      |      |   |  |      |   
|                                             | Total provision for income taxes(1) |                         |     | (57  | ) |      |      | (251 | ) |  |      | 28 | 
|                                             |                                     |                         |     |      |   |      |      |      |   |  |      |   






|    |                                                                                                                                                    
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Included EUR 22 million and
    EUR 6 million in 2001 and 2002 respectively reported
    in the cumulative effect of change in accounting principle



|        |                  
|------- | -----------------
|Note 8. | Employee Benefits

Pension plans

The Group contributes to retirement plans for its
personnel in accordance with the laws and customs of each
country. Certain countries, including France, pay earnings-based
insurance contributions to cover pension liabilities and have no
obligation beyond such contributions. The amount charged to
expense related to these plans was immaterial in 2002, 2001 and
2000.

In countries where company-sponsored employee
retirement plans exist, primarily the United States, provision
is made in the consolidated financial statements in respect of
Group employees based on actuarial calculations. Some of the
Groups subsidiaries have qualified defined benefit pension
plans. Benefits under such plans are based on an employees
years of service and compensation.

Defined benefits retirement
plan

In 1997, the Company established a defined
benefit retirement plan for certain of its key employees. The
plan is noncontributory and provides pension benefits for
eligible employees computed on the basis of the average earnings
during the five last years of service. The Company elected to
accrue for the total amount of the unrecognized portion of net
obligation in the year the plan was established.

F-31



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

The following table sets forth the key components
of the pension plan as of December 31, 2002:

|                                       |  |                    |     |      |  |      |     |   |  |  |      |  
|-------------------------------------- |  | ------------------ | --- | ---- |  | ---- | --- | - |  |  | ---- | -
|                                       |  |                   
|                                       |  | As of December 31,
|                                       |  |                   
|                                       |  | 2000               |     | 2001 |  | 2002
|                                       |  |                    |     |      |  |     
|                                       |  |                   
|                                       |  | (EUR, in millions)
|Funded Status                          |  |                    |     |      |  |      |     |   |  |  |      |  
|Projected benefit obligation           |  |                    | 8.9 |      |  |      | 8.9 |   |  |  | 10.0 |  
|Accumulated benefit obligation         |  |                    | 5.6 |      |  |      | 5.6 |   |  |  | 5.7  |  
|Plan assets at fair value              |  |                    | 5.6 |      |  |      | 5.6 |   |  |  | 5.7  |  
|Service cost                           |  |                    | 1.1 |      |  |      | 0.0 |   |  |  | 0.0  |  
|Assumptions                            |  |                    |     |      |  |      |     |   |  |  |      |  
|Discount rate                          |  |                    | 3.0 | %    |  |      | 3.0 | % |  |  | 2.75 | %
|Rate of increase in compensation       |  |                    | 3.5 | %    |  |      | 3.5 | % |  |  | 2.0% |  
|Expected rate of return on plan assets |  |                    | 3.0 | %    |  |      | 3.0 | % |  |  | 2.0% |  

Savings plans

Substantially all employees of the French
companies of the Group are eligible to participate in the
corporate and statutory profit-sharing plans. Under these plans,
the benefits to the employees, calculated based on the net
profits for the period and not distributable to the employee for
five years, may be contributed to a company savings plan. The
Company matches partially the contribution to the savings plan,
for a total of EUR 1 million in 2002, 2 million
in 2001 and EUR 1 million in 2000.

Funds placed in the company savings plan are
invested in highly liquid short-term investments, debt or equity
securities or in shares of SCOR, at the option of the employee.
The company savings plan is managed by a financial institution.

Assets held by the company savings plan are as
follows:

|                                                               |  |                    |    |         |  |      |    |  |  |  |    | 
|-------------------------------------------------------------- |  | ------------------ | -- | ------- |  | ---- | -- |  |  |  | -- | 
|                                                               |  |                   
|                                                               |  | As of December 31,
|                                                               |  |                   
|                                                               |  | 2000               |    | 2001(1) |  | 2002
|                                                               |  |                    |    |         |  |     
|                                                               |  |                   
|                                                               |  | (EUR, in millions)
|Assets held in short-term investments and fixed
    maturities |  |                    | 7  |         |  |      | 11 |  |  |  | 10 | 
|Assets held in French stocks                                   |  |                    | 2  |         |  |      | 2  |  |  |  | 2  | 
|Assets held in Ordinary Shares of SCOR                         |  |                    | 13 |         |  |      | 11 |  |  |  | 3  | 






|    |                                                                                     
|--- | ------------------------------------------------------------------------------------
|(1) | 2001 information has been modified to take into
    account the SOREMA savings plan.



|        |                                     
|------- | ------------------------------------
|Note 9. | Share Capital and Earnings per Share

At December 31, 2002 and 2001, the number of
outstanding shares equaled 136,544,845 and 41,244,216
respectively. At December 31, 2001 and 2000, SCOR held
3,630,417 and 3,403,916 of its own Ordinary Shares, as treasury
stock and none at the end of 2002.

During 2002, 2001 and 2000, and for the year
ended December 31, 2001, 2000 and 1999, respectively,
dividends totaling EUR 11 million,
EUR 52 million and EUR 53 million,
respectively were payable.

In accordance with French laws, dividends must be
declared in euro and may only be declared on the parent
companys net income for the year and on the parent
companys retained earnings available for distribution
calculated in accordance with French accounting principles. As
of December 31, 2002, there was no amount available for
distribution.

F-32



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

The following is the reconciliation of the
numerator and denominator of the basic earnings per share
computation to the numerator and denominator of the diluted
earnings per share computation for the years ended
December 31, 2000, 2001 and 2002, respectively:

|                              |                                                                     |                              |    |               |  |           |  |        |  |  |  |      | 
|----------------------------- | ------------------------------------------------------------------- | ---------------------------- | -- | ------------- |  | --------- |  | ------ |  |  |  | ---- | 
|                              |                                                                     |                             
|                              |                                                                     | Year ended December 31, 2000
|                              |                                                                     |                             
|                              |                                                                     | Income                       |    | Shares        |  | Per-Share
|                              |                                                                     | (Numerator)                  |    | (Denominator) |  | Amount   
|                              |                                                                     |                              |    |               |  |          
|                              |                                                                     | (EUR, in millions)           |    | (Thousands)   |  | (EUR)    
|Net Income                    |                                                                     |                              | 77 |               |  |           |  |        |  |  |  |     
|Basic Earnings Per Share      |                                                                     |                              |    |               |  |           |  |        |  |  |  |     
|                              | Income available to Ordinary Shareholders                           |                              |    | 77            |  |           |  | 31,551 |  |  |  | 2.44 | 
|                              |                                                                     |                              |    |               |  |           |  |        |  |  |  |     
|Effect of dilutive securities |                                                                     |                              |    |               |  |           |  |        |  |  |  |     
|                              | Stock options                                                       |                              |    |              |  |           |  | 464    |  |  |  |      | 
|                              | Convertible bonds                                                   |                              |    | 5             |  |           |  | 4,025  |  |  |  |      | 
|                              |                                                                     |                              |    |               |  |           |  |        |  |  |  |     
|Diluted Earnings Per Share    |                                                                     |                              |    |               |  |           |  |        |  |  |  |     
|                              | Income available to Ordinary Shareholders +
    assumed conversions |                              |    | 82            |  |           |  | 36,040 |  |  |  | 2.27 | 
|                              |                                                                     |                              |    |               |  |           |  |        |  |  |  |     

Options to purchase Ordinary Shares at
EUR 56.25 per share were granted in 1999. 450,000 such
options at December 31, 2000, and 493,000 at
December 31, 1999 were outstanding but were not included in
the computation of diluted earnings per share because the
options exercise price was greater than the average market
price of the Ordinary Shares.

|                              |                                                                     |                              |      |               |   |           |  |        |  |  |  |        |  
|----------------------------- | ------------------------------------------------------------------- | ---------------------------- | ---- | ------------- | - | --------- |  | ------ |  |  |  | ------ | -
|                              |                                                                     |                             
|                              |                                                                     | Year ended December 31, 2001
|                              |                                                                     |                             
|                              |                                                                     | Income                       |      | Shares        |   | Per-Share
|                              |                                                                     | (Numerator)                  |      | (Denominator) |   | Amount   
|                              |                                                                     |                              |      |               |   |          
|                              |                                                                     | (EUR, in millions)           |      | (Thousands)   |   | (EUR)    
|Net Income                    |                                                                     |                              | (365 | )             |   |           |  |        |  |  |  |       
|                              |                                                                     |                              |      |               |   |           |  |        |  |  |  |       
|Basic Earnings Per Share      |                                                                     |                              |      |               |   |           |  |        |  |  |  |       
|                              | Income available to Ordinary Shareholders                           |                              |      | (365          | ) |           |  | 33,971 |  |  |  | (10.74 | )
|                              |                                                                     |                              |      |               |   |           |  |        |  |  |  |       
|Effect of dilutive securities |                                                                     |                              |      |               |   |           |  |        |  |  |  |       
|                              | Stock options                                                       |                              |      |              |   |           |  | 292    |  |  |  |        |  
|                              | Convertible bonds                                                   |                              |      | 5             |   |           |  | 4,025  |  |  |  |        |  
|                              |                                                                     |                              |      |               |   |           |  |        |  |  |  |       
|Diluted Earnings Per Share    |                                                                     |                              |      |               |   |           |  |        |  |  |  |       
|                              | Income available to Ordinary Shareholders +
    assumed conversions |                              |      | (360          | ) |           |  | 38,288 |  |  |  | (9.40  | )
|                              |                                                                     |                              |      |               |   |           |  |        |  |  |  |       

Options to purchase Ordinary Shares at
EUR 37.2, EUR 56.25, EUR 46.00, EUR 48.00, and
EUR 45.00 per share were granted in 1997, in 1998, in 1999
in 2000 and in 2001. 2.074.950 such options at December 31,
2001 were outstanding but were not included in the computation
of diluted earnings per share because the options exercise
price was greater than the average market price of the Ordinary
Shares.

F-33



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

|                              |                                                                     |                              |      |               |   |           |  |         |  |  |  |       |  
|----------------------------- | ------------------------------------------------------------------- | ---------------------------- | ---- | ------------- | - | --------- |  | ------- |  |  |  | ----- | -
|                              |                                                                     |                             
|                              |                                                                     | Year ended December 31, 2002
|                              |                                                                     |                             
|                              |                                                                     | Income                       |      | Shares        |   | Per-Share
|                              |                                                                     | (Numerator)                  |      | (Denominator) |   | Amount   
|                              |                                                                     |                              |      |               |   |          
|                              |                                                                     | (EUR, in millions)           |      | (Thousands)   |   | (EUR)    
|Net Income                    |                                                                     |                              | (561 | )             |   |           |  |         |  |  |  |      
|                              |                                                                     |                              |      |               |   |           |  |         |  |  |  |      
|Basic Earnings Per Share      |                                                                     |                              |      |               |   |           |  |         |  |  |  |      
|                              | Income available to Ordinary Shareholders                           |                              |      | (561          | ) |           |  | 136,592 |  |  |  | (4.11 | )
|                              |                                                                     |                              |      |               |   |           |  |         |  |  |  |      
|Effect of dilutive securities |                                                                     |                              |      |               |   |           |  |         |  |  |  |      
|                              | Stock options                                                       |                              |      |              |   |           |  |        |  |  |  |       |  
|                              | Convertible bonds                                                   |                              |      |              |   |           |  |        |  |  |  |       |  
|                              |                                                                     |                              |      |               |   |           |  |         |  |  |  |      
|Diluted Earnings Per Share    |                                                                     |                              |      |               |   |           |  |         |  |  |  |      
|                              | Income available to Ordinary Shareholders +
    assumed conversions |                              |      | (561          | ) |           |  | 136,592 |  |  |  | (4.11 | )
|                              |                                                                     |                              |      |               |   |           |  |         |  |  |  |      

Any options to purchase Ordinary Shares options
outstanding at December 31, 2002 included in the
computation of diluted earnings per share because all
options exercise prices were greater than the average
market price of the Ordinary Shares.

Note 10.     Stock
Option Plans

SCOR issues to its employees options to purchase
Ordinary Shares of the Company under a number of plans. In all
cases, the exercise price of options granted reflects the market
value of SCORs share at the grant date, resulting in no
compensation expense being recorded.

Under the terms of the plans adopted until 1996,
options vest at the rate of 30% at the end of each the first and
the second year and 40% at the end of the third year of
continued employment. Effective 1997, plans provide for cliff
vesting on the fifth or the fourth anniversary of the grant
date. 16,158 options in 2002, 80,000 options in 2001
and 164,940 options in 2000 were exercised at an aggregate
price of EUR 0.3 million, EUR 2 million and
EUR 3 million, respectively. At December 31,
2002, 820,320 options were exercisable.

The following table summarizes the changes in
options on Ordinary Shares:

|                                 |                   |      |           |          |   |      |           |          |   |  |           |          |  
|-------------------------------- | ----------------- | ---- | --------- | -------- | - | ---- | --------- | -------- | - |  | --------- | -------- | -
|                                 |                   | 2000 |           | 2001     |   | 2002
|                                 |                   |      |           |          |   |     
|Outstanding at beginning of year |                   |      | 2,196,068 |          |   |      | 2,425,128 |          |   |  | 3,065,228 |         
|                                 | Options granted   |      |           | 518,100  |   |      |           | 826,000  |   |  |           |         |  
|                                 | Options exercised |      |           | (164,940 | ) |      |           | (80,000  | ) |  |           | (16,158  | )
|                                 | Options forfeited |      |           | (124,100 | ) |      |           | (105,900 | ) |  |           | (159,850 | )
|                                 |                   |      |           |          |   |      |           |          |   |  |           |         
|Outstanding at end of year       |                   |      | 2,425,128 |          |   |      | 3,065,228 |          |   |  | 2,889,220 |         
|                                 |                   |      |           |          |   |      |           |          |   |  |           |         

Following the capital increase on
December 31, 2002, the Company has adjusted the price of
the shares covered by options granted and the number of shares
under option, pursuant to Section L208-5 of the French
July 24, 1966 Act and Article D174-8 of the
March 23, 1967 Decree.

The price of shares under option, as set prior to
this operation, has been reduced by an amount equal to the
product of this price multiplied by the ratio between
(a) the value of the preferential subscription right and
(b) the value of the share prior to removal of this right,
i.e.:

|                                                                                                                                                                                    
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Previous offer price × value of preferential
    subscription right (average listed opening price during the
    subscription period)                                               
|                                                                                                                                                                                    
|Value of share after removal of preferential
    subscription right (average listed opening price during the
    subscription period)
    + value of preferential subscription right

F-34



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

Because the initial value of the option is
supposed to remain constant, the new number of shares eligible
for subscription is equal to the initial value of the option
divided by the new offer price, i.e.:

|                                                
|------------------------------------------------
|Initial number of options x previous offer price
|                                                
|New offer price as defined below                

These calculations have been performed
individually and by-plan, and rounded up to the nearest unit.

The table below summarizes the status of option
plans before and after the 2002 capital increase.

There are no stock option plans providing for the
purchase of or subscription to shares in Group subsidiaries.

|     |  |                                      |       |                                     |  |                |           |                 |  |  |       |  |  |  |           | 
|---- |  | ------------------------------------ | ----- | ----------------------------------- |  | -------------- | --------- | --------------- |  |  | ----- |  |  |  | --------- | 
|     |  |                                      |       |                                    
|     |  | Before issuance of ordinary shares  |       | After issuance of ordinary shares 
|     |  | public issue                         |       | public issue                       
|     |  |                                      |       |                                    
|     |  |                                      |       | Options                             |  |                |           | Options        
|     |  |                                      |       | outstanding at                      |  |                |           | outstanding at 
|PLAN |  | Exercise price                       |       | the end of year                     |  | Exercise price |           | the end of year
|     |  |                                      |       |                                     |  |                |           |                
|     |  | (in EUR)                             |       |                                     |  | (in EUR)       |           |                
|1992 |  |                                      | 11.81 |                                     |  |                | 0         |                 |  |  | 11.81 |  |  |  | 0         | 
|1994 |  |                                      | 17.38 |                                     |  |                | 45,958    |                 |  |  | 10.22 |  |  |  | 78,165    | 
|1995 |  |                                      | 16.31 |                                     |  |                | 92,650    |                 |  |  | 9.59  |  |  |  | 157,577   | 
|1996 |  |                                      | 28.97 |                                     |  |                | 306,212   |                 |  |  | 17.04 |  |  |  | 520,781   | 
|1997 |  |                                      | 37.20 |                                     |  |                | 375,500   |                 |  |  | 21.88 |  |  |  | 638,612   | 
|1998 |  |                                      | 56.25 |                                     |  |                | 416,000   |                 |  |  | 33.08 |  |  |  | 707,501   | 
|1999 |  |                                      | 46.00 |                                     |  |                | 410,500   |                 |  |  | 27.05 |  |  |  | 698,145   | 
|2000 |  |                                      | 48.00 |                                     |  |                | 99,100    |                 |  |  | 28.23 |  |  |  | 169,461   | 
|2000 |  |                                      | 45.00 |                                     |  |                | 362,500   |                 |  |  | 26.46 |  |  |  | 616,520   | 
|2001 |  |                                      | 48.00 |                                     |  |                | 534,000   |                 |  |  | 28.23 |  |  |  | 908,190   | 
|2001 |  |                                      | 34.00 |                                     |  |                | 246,800   |                 |  |  | 19.99 |  |  |  | 420,794   | 
|     |  |                                      |       |                                     |  |                |           |                 |  |  |       |  |  |  |           | 
|     |  |                                      |       |                                     |  |                | 2,889,220 |                 |  |  |       |  |  |  | 4,915,746 | 
|     |  |                                      |       |                                     |  |                |           |                 |  |  |       |  |  |  |           | 

Stocks options issued to employees under the
various stock options plans and still outstanding at
December 31, 2002 are as follows:

|                         |                |                     |  |                     |           |                |  |             |           |                |  |  |       |  |  |  |           |  |  |  |       | 
|------------------------ | -------------- | ------------------- |  | ------------------- | --------- | -------------- |  | ----------- | --------- | -------------- |  |  | ----- |  |  |  | --------- |  |  |  | ----- | 
|                         |                |                     |  |                    
|                         |                | Options outstanding |  | Options exercisable
|                         |                |                     |  |                    
|                         |                |                     |  | Weighted-           |           |                |  |            
|                         |                |                     |  | average             |           | Weighted-      |  |             |           | Weighted-     
|                         |                | Number              |  | remaining           |           | average        |  | Number      |           | average       
|Range of Exercise Prices |                | Outstanding         |  | contractual life    |           | exercise price |  | exercisable |           | exercise price
|                         |                |                     |  |                     |           |                |  |             |           |               
|(EUR)                    |                |                     |  |                     |           | (EUR)          |  |             |           | (EUR)         
|                         | 9.59 to 10.22  |                     |  |                     | 235,742   |                |  |             | 2.0 years |                |  |  | 9.80  |  |  |  | 235,742   |  |  |  | 9.80  | 
|                         | 17.04 to 21.88 |                     |  |                     | 1,580,187 |                |  |             | 5.4 years |                |  |  | 19.78 |  |  |  | 1,159,393 |  |  |  | 19.71 | 
|                         | 26.46 to 27.05 |                     |  |                     | 1,314,665 |                |  |             | 7.1 years |                |  |  | 26.77 |  |  |  |          |  |  |  |      | 
|                         | 28.23 to 33.08 |                     |  |                     | 1,785,152 |                |  |             | 7.4 years |                |  |  | 30.15 |  |  |  |          |  |  |  |      | 
|                         | 9.59 to 33.08  |                     |  |                     | 4,915,746 |                |  |             | 6.4 years |                |  |  | 24.94 |  |  |  | 1,395,135 |  |  |  | 18.03 | 

As discussed in Note 1, the Company has
elected to follow APB 25 and related Interpretations in
accounting for its employees stock options because, as discussed
below, the alternative fair value accounting provided for under
SFAS 123 requires the use of option valuation models that
were not developed for use in valuing employee stock options.
Under APB 25, when the exercise price of the Companys
employee stock options is lower than the market price of the
underlying stock on the date of grant, a compensation expense is
recognized.

F-35



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

Pro forma information regarding net income and
earnings per share is required by SFAS 123, and has been
determined as if the Company had accounted for its employee
stock options under the fair value method of that Statement. The
fair value method was estimated at the date of grant using a
Black-Scholes option pricing model with the following weighted
average assumptions for October 2001, September 2001,
August 2000, May 2000, and 1999, respectively:
risk-free interest rates of 4.01%, 4.45%, 5.32%, 5.29% and
4.47%; expected dividend yields of 5.00%, 3.54%, 3.78%, 3.54%
and 3.54%; volatility factors of the expected market price of
the Companys Ordinary Shares of 0.412, 0.277, 0.422, 0.403
and 0.454; and a weighted-average expected life of the option of
5 years.

The Black-Scholes option valuation model was
developed for use in estimating the fair value of traded
options, which have no vesting restrictions and are fully
transferable. In addition, option valuation models require the
input of highly subjective assumptions including the expected
stock price volatility. Because the Companys employee
stock options have characteristics significantly different from
those of traded options, and because changes in the subjective
input assumptions can materially affect the fair value estimate,
in managements opinion, the existing models do not
necessarily provide a reliable measure of the fair value of its
employee stock options.

For purposes of pro forma disclosures, the
estimated fair value of the options is recognized to expense
according to the options graded vesting schedule of 30% at
the end of each the first and the second year and 40% at the end
of the third year of continued employment, for plans prior to
December 31, 1996. For plans established after that date,
the estimated fair value of the options is recognized to expense
over the vesting period of five or four years. An adjustment to
eliminate compensation cost previously recognized for options
that were subsequently forfeited is recognized when the
forfeiture occurs. Had compensation expense for SCORs
stock option plans been recognized in accordance with
SFAS 123, SCORs net income, basic earnings per share
and diluted earnings per share would have been
EUR -568 million or EUR -4.16 and EUR -4.16
per share, respectively, for the year ended December 31,
2002, EUR -372 million or EUR -10.94 and
EUR -9.58 per share, respectively, for the year ended
December 31, 2001 and EUR 71 million or
EUR 2.26 and EUR 2.14 per share, respectively, for the
year ended December 31, 2000.

Note 11.     Catastrophe
Reserve

Management has allocated a portion of SCOR
Groups consolidated retained earnings to a catastrophe
reserve that is not available for dividend distribution. This
reserve is intended to represent an allocation of funds for
settlement of claims related to future catastrophic disasters.

Note 12.     Financial
Instruments

Concentration of credit risk

Credit risk arises from the possible inability of
counter parties to meet the terms of their contracts and from
changes in security values, interest rates, and currency rates.
In the event counter parties are unable to fulfill their
contractual obligations, future losses due to defaults may
exceed amounts currently being recognized in the balance sheet
up to a maximum of the notional principal amounts of the
instruments. Counter parties to the financial instruments are,
in decreasing order of magnitude, foreign and domestic
commercial banks, U.S. Government-chartered organizations,
sovereigns and corporations. In selecting its counter parties,
the Group carefully assesses their creditworthiness by
evaluating credit exposure and referring to the ratings of
widely accepted credit rating services. With certain counter
parties, the Group receives cash and/or investment grade
securities as collateral to mitigate its credit exposure.

At December 31, 2002, the Group did not have
a material concentration of financial instruments in any single
investee, industry or geographic location. Almost all of the
Groups investment in fixed maturities are investment grade
securities.

F-36



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

The Groups client base and the geographic
diversity thereof limit the concentration of credit risk on
amounts due from clients. At December 31, 2002, the Group
had no significant concentrations of credit risk by geographic
area.

Fair value of financial
instruments

The following methods and assumptions were used
by the Group to estimate the fair value disclosures for its
assets and liabilities as of December 31, 2002 and 2001:

Fixed maturities and equity
securities

Fair values are based on quoted market prices or
dealer quotes. If quoted market prices are not available, fair
value is estimated using quoted market prices for similar
securities.

Cash and short-term investments

The purchase cost is a reasonable estimate of
fair value.

Long-term debt

Fair value is based on the discounted amount of
future cash flows using the Groups current estimated
borrowing rate for a similar liability. To the extent that
borrowings carry a variable rate of interest, book value
approximates fair value.

Commercial paper and note payable

The carrying value is a reasonable estimate of
fair value due to the short-term variable rate nature of this
liability. Furthermore, fair value of hedged commercial paper
and note payable is based on the discounted amount of future
cash flows.

Interest rate swaps

Fair value is based on the discounted amount of
future cash flows using the appropriate market rate.

Forward rate agreement

Fair value is based on the difference between the
exchange rate of the forward contract and the spot rate for a
similar contract on the market.

F-37



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

The estimated fair values of the Groups
financial instruments are as follows:

|            |                                       |                    |  |                   |  |          |  |            |  |  |  |       |  |  |  |       | 
|----------- | ------------------------------------- | ------------------ |  | ----------------- |  | -------- |  | ---------- |  |  |  | ----- |  |  |  | ----- | 
|            |                                       |                    |  |                  
|            |                                       | As of              |  | As of            
|            |                                       | December 31, 2001  |  | December 31, 2002
|            |                                       |                    |  |                  
|            |                                       | Carrying           |  |                   |  | Carrying |  |           
|            |                                       | amount             |  | Fair value        |  | amount   |  | Fair value
|            |                                       |                    |  |                   |  |          |  |           
|            |                                       |                   
|            |                                       | (EUR, in millions)
|Assets      |                                       |                    |  |                   |  |          |  |            |  |  |  |       |  |  |  |      
|            | Fixed maturities at fair value        |                    |  | 5,582             |  |          |  | 5,582      |  |  |  | 6,107 |  |  |  | 6,107 | 
|            | Equity securities, available for sale |                    |  | 646               |  |          |  | 646        |  |  |  | 573   |  |  |  | 573   | 
|            | Trading equity securities             |                    |  | 56                |  |          |  | 56         |  |  |  |      |  |  |  |      | 
|            | Short-term investments                |                    |  | 448               |  |          |  | 448        |  |  |  | 198   |  |  |  | 198   | 
|            | Cash                                  |                    |  | 1,927             |  |          |  | 1,927      |  |  |  | 1,788 |  |  |  | 1,788 | 
|            | Derivative instruments                |                    |  | 21                |  |          |  | 21         |  |  |  | 21    |  |  |  | 21    | 
|Liabilities |                                       |                    |  |                   |  |          |  |            |  |  |  |       |  |  |  |      
|            | Convertible subordinated debentures   |                    |  | 247               |  |          |  | 238        |  |  |  | 451   |  |  |  | 437   | 
|            | Notes payable                         |                    |  | 57                |  |          |  | 57         |  |  |  | 62    |  |  |  | 62    | 
|            | Commercial paper                      |                    |  | 306               |  |          |  | 306        |  |  |  |      |  |  |  |      | 
|            | Derivative instruments                |                    |  | 24                |  |          |  | 24         |  |  |  | 26    |  |  |  | 26    | 

Note 13.     Derivative
instruments

SCOR is exposed to market risk from changes in
foreign currency exchange rates, interest rates and equity
security prices that have an adverse effect on the fair value of
financial instruments and derivative financial instruments. SCOR
manages its market risks, as well as risk exposure relating to
non-financial assets, liabilities and transactions by defining
centralized investment policy guidelines, using derivatives to
protect its investment portfolio or rebalancing its existing
asset and liability portfolio.

The Group takes advantage of a variety of
derivative instruments to reduce this exposure to market risk
and in conjunction with its foreign currency asset/ liability
management. Derivatives used by the Group include interest rate
swaps, interest rate floors, indexed options, warrants, equity
options, currency swaps, currency forward purchases and sales.
Weather derivatives and credit derivatives, used or issued by
the Group are not considered derivative instruments under the
definition of SFAS 133.

Subsequent to the adoption of SFAS 133
Accounting for derivative instruments and hedging
activities, the Groups derivative instruments are
accounted for on a fair value basis, and reported as
investments, derivative assets or derivative liabilities. When
certain conditions are met, a derivative may be specifically
designated as a hedge and accounted for as fair value, cash flow
or foreign currency hedge, for all or a specific portion of the
identified hedged risk. The Group did not designate any cash
flow hedge. At the end of 2000, the related transition
adjustment resulted in a gain of EUR 2 million reported in
Cumulative effect of change in accounting principle (EUR
1 million net of taxes).

Fair Value Hedges:

SCOR actively draws on its fixed rates available
lines of commercial paper and medium-term negotiable notes in
order to maintain the adequate level of cash needed in its
regular reinsurance and investing transactions. Most of the time
amounts drawn significantly exceed those requirements and the
bulk of available funds is then invested in short-term
investments. Groups fixed-rate commercial paper and notes
payable are generally swapped to floating rates under terms that
match those of the debt instruments. Existing spread in the debt
pay fixed and the swap receive fixed results in a pay floating
rate that is generally lower than EONIA (Euro Overnight Index
Average) rates earned on the pool of available funds.

F-38



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

Several pay variable  receive fixed
interest rate swaps were designated as fair value hedges to
interest rate risk of fixed-rate notes payable and commercial
paper debt. Conditions that allowed these designations are met
therefore those hedged items are accounted for at fair value.
The change of fair value in those derivatives together with the
change in fair value of the hedged items are reported in the
statement of income.

The loss of the hedges ineffectiveness of
EUR 664,585 was recognized in net investment income in 2002.

Foreign Currency Hedges:

The Group attempts to match its assets and
liabilities on a currency-by-currency basis in each currency for
which an organized financial or foreign exchange market is
available, primarily by investing in assets that are denominated
in the currency of the Groups corresponding reinsurance
liabilities. Management adjusts open positions in specific
currencies, generally on a quarterly basis, to manage any excess
or deficit of assets compared to liabilities in a particular
currency. Total currency exposure (other than with respect to
the euro) is limited to the excess (or deficiency) of assets
over liabilities in each currency.

The U.S. dollar represents the most
significant portion of those reserves not denominated in
currencies of the European Economic and Monetary Union. In
addition, acquisitions the Group entered into in 2000 and 2001
were denominated in U.S. dollar. SCOR arranged two foreign
exchange hedges in the first half of 2001. The first concerned
the forward purchase of USD 315 million to cover excess
book liabilities in this currency. The second involved a
matching forward sale of US dollars for the same amount, in
order to hedge the value of equity investments in that currency.
The two hedging transactions were repeated on January 3,
2002 for a total of USD 450 million and were stopped at the
end of June 2002.

Those derivatives are carried at fair value and
classified as derivative assets and derivative liabilities.

SCOR has also designated a non-derivative
instrument as hedging the foreign currency exchange risk of
certain of its subsidiaries. The net loss included in the
cumulative translation adjustment of the equity was EUR
9 million in 2002.

Non-hedge instruments:



|  |                                                                          
|- | -------------------------------------------------------------------------
| | Derivatives used in conjunction with the
    Groups investment strategy:

To a lesser extend, the Group uses indexed
options as well as pay variable  receive variable
structured on different maturities interest rate swaps to manage
volatility on the bond portfolio.

The Group also uses a limited volume of warrants,
equity options, equity index instruments in accordance with its
selective equity investment policy to provide higher returns on
selected equity lines. Sales of call options are used by the
Group to mitigate the effect of possible decline in value of
identified equities.

Those derivatives are carried at fair value and
classified as investments or derivative on the balance sheets.



|  |                                     
|- | ------------------------------------
| | Other derivatives used by the Group:

The Group entered into specific interest rate
floor agreements in conjunction with Property-Casualty or Life
reinsurance transactions, in order to mitigate the effect of
change in interest rates on the return of specific contracts.
Those derivatives are carried at fair value and classified as
derivative on the balance sheets.

Some particular alternative reinsurance
transactions were also based on indexed options.

Certain Life reinsurance annuity-based contracts
underwritten by SCOR Life Re include specified market index
return. Matching investments are structured on similar index put
and call options that replicate the fluctuation of those indexes.

F-39



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

Other interest rate swaps use by the Group are
carried at fair value and classified as derivative on the
balance sheets for EUR 2 million in assets and EUR
8 million in liabilities.

Note 14. Commitments

We enter into off-balance-sheet arrangements in
the ordinary course of business both on our own behalf and on
behalf of our customers. Off-balance-sheet arrangements we enter
into for our own behalf generally consist of OTC and other
derivative instruments, and are described in Note 13.

Off-balance-sheet arrangements we enter into for
our clients consist of letter of credit (LOC) transactions where
we provide LOC coverage for all or part of our reinsurance
obligations to ceding companies, or where similar coverage is
provided to us by our retrocessionaires. These transactions are
entered into in the ordinary course to comply with ceding
companies credit or regulatory requirements. We also
pledge enter some securities as collateral in order to guarantee
the payment of cedents reserves. The following table sets
forth our off-balance-sheet engagements at December 31,
2000, 2001 and 2002:

|                     |                           |                         |  |       |       |      |  |       |       |  |  |       |       | 
|-------------------- | ------------------------- | ----------------------- |  | ----- | ----- | ---- |  | ----- | ----- |  |  | ----- | ----- | 
|                     |                           |                        
|                     |                           | Year ended December 31,
|                     |                           |                        
|                     |                           | 2000                    |  | 2001  |       | 2002
|                     |                           |                         |  |       |       |     
|                     |                           |                        
|                     |                           | (EUR, in millions)     
|Commitments received |                           |                         |  |       |       |      |  |       |       |  |  |      
|                     | Unused credit lines       |                         |  | 671   |       |      |  | 640   |       |  |  | 100   |      
|                     | Endorsements and sureties |                         |  |      |       |      |  | 2     |       |  |  | 1     |      
|                     | Finance leases            |                         |  |      |       |      |  |      |       |  |  | 59    |      
|                     | Letters of Credit         |                         |  | 250   |       |      |  | 78    |       |  |  | 1,262 |      
|                     | Other commitments         |                         |  |      |       |      |  |      |       |  |  | 1     |      
|                     |                           |                         |  |       |       |      |  |       |       |  |  |      
|                     |                           | Total                   |  |       | 921   |      |  |       | 720   |  |  |       | 1,423 | 
|                     |                           |                         |  |       |       |      |  |       |       |  |  |      
|Commitments given    |                           |                         |  |       |       |      |  |       |       |  |  |      
|                     | Endorsements and sureties |                         |  | 5     |       |      |  | 2     |       |  |  | 1     |      
|                     | Finance leases            |                         |  | 33    |       |      |  | 5     |       |  |  | 120   |      
|                     | Letters of Credit         |                         |  | 1,012 |       |      |  | 1,459 |       |  |  | 1,085 |      
|                     | Repos and equivalents     |                         |  |      |       |      |  |      |       |  |  |      |      
|                     | Collateralized securities |                         |  | 629   |       |      |  | 795   |       |  |  | 2,583 |      
|                     | Other commitments         |                         |  | 20    |       |      |  | 27    |       |  |  | 23    |      
|                     |                           |                         |  |       |       |      |  |       |       |  |  |      
|                     |                           | Total                   |  |       | 1,699 |      |  |       | 2,288 |  |  |       | 3,812 | 
|                     |                           |                         |  |       |       |      |  |       |       |  |  |      

We are not aware of factors relating to the
foregoing off-balance-sheet arrangements that are reasonably
likely to adversely affect liquidity trends or the availability
of or requirements for capital resources. As of
December 31, 2002, there were no material additional
financial commitments required from Group companies in respect
of such arrangements.



|  |                                                                                                                                                                                                                                                                                                                                      
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | At the end of December 2002, SCOR Group received
    unused credit line for EUR 100 million and letters of
    credit for EUR 1,262 million.                                                                                                                                                                                         
| 
| | In December 2002, SCOR signed two agreements with
    a number of banks concerning EUR 100 million in confirmed
    credit lines and EUR 864 million (USD 900 million) in
    letters of credit. In addition to customary covenants, events of
    default and other provisions, the agreements include the
    following provisions:



| |   |                                                                                                                                                                                                 
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | SCOR has pledged shares in its subsidiaries for a
    value of EUR 199 million in order to guarantee the
    commitment received from banks to provide EUR 100 million
    in short-term credit.

F-40



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)



|  |                                                                                                                                                        
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------
| | The commitment received from banks to provide EUR
    864 million in letter of credit is covered by various
    guarantees given to the banks, that is:



| |   |                                                                                       
| | - | --------------------------------------------------------------------------------------
| |  | available-for-sale shares pledged for a value of
    EUR 403 million (USD 420 million)
|
| |  | granting of a senior mortgage for EUR
    97 million on the SCOR headquarters building
|
| |  | subsidiaries shares pledged for a value of
    EUR 774 million.                      



|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Under the terms of these contracts, SCOR is
    required to put up additional guarantees (French Government OAT
    bonds) to make good the shortfall if the value of the pledged
    shares of subsidiaries falls by more than 10%, or if a mortgaged
    building is sold. In addition, in the event of the sale of
    assets outside the ordinary management of its available-for-sale
    portfolio, or if exceptional gains are booked, SCOR is required
    to assign 10% of the resulting proceeds to the guarantee given
    to the banks under the EUR 100 million short-term facility,
    and 90% in respect of the letters of credit contract, in the
    form of pledged French Government OAT bonds.

At the same time, SCOR has pledged, under these
two contracts, to disclose the following information to the
banks:



|  |                                                                                                                                     
|- | ------------------------------------------------------------------------------------------------------------------------------------
| | the banks reserve the right to suspend the right
    to draw on their credit lines if SCORs S&P credit
    rating falls below BBB-.
| 
| | disclosure of parent company financial statements
    (annual, half-yearly and quarterly) within the stipulated
    deadlines.      
| 
| | notification within 20 days of any changes
    in the companys decision-making bodies or the Statutory
    Auditors.               
| 
| | notification without delay of major events and
    any claim on the company exceeding USD 50 million.                               
| 
| | notification of any exceptional income or
    disposal made by SCOR or by a pledged subsidiary.                                     

Moreover, a commitment of EUR 152 million
was given by Natexis Bank, which is guaranteed in full by a
trust fund listed under commitments given. Another EUR
114 million trust fund has been established to guarantee
the new business underwritten by SCOR U.S.

For additional information on the financing
agreements of SCOR described above, you should read
Exhibit 4.

Note 15.     Lines
of Business and Geographic Information

SCOR, acting through the Companys five
treaty Property-Casualty, Life/Accident & Health, Large
Corporate Accounts, Credit, Surety and Political Risks and
Alternative risks operating divisions, its ten subsidiary
companies and their twenty-two branches and representative
offices, provides treaty and facultative reinsurance on a
worldwide basis to Property-Casualty and Life insurers.

The Group organizes its operations around five
segments that correspond to the market of reinsurance.
Responsibilities and reporting within the Group is established
based on this structure, and operating results of those segments
are reviewed by the Groups Executive Committee to make
decisions about resources to be allocated to those segments and
assess their performances.

In addition to the five operating segments, the
Group includes under Others investment revenue
allocated to shareholders equity, amortization of goodwill
(except for 2002) and investments accounted for by the equity
method.

F-41



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

Property-Casualty treaty
reinsurance

The Property-Casualty treaty segment includes the
proportional (pro rata) and non-proportional (excess of loss and
stop loss) treaty classes of property, casualty, marine, space
and transportation, and construction. Property-Casualty also
includes direct or allocated operating expenses and net income
from Property-Casualty-related investing activities.

Life/Accident & Health

Life/Accident & Health reinsurance includes
Life reinsurance products as well as the personal segments of
casualty reinsurance that are accident, disability, health,
unemployment and long-term care. Life/Accident & Health
reinsurance is conducted mainly through Division SCOR Vie, which
also provides support in this segment of reinsurance to Group
subsidiaries, SCOR Life U.S. Re, SCOR Deutschland and SCOR
Italy. Life/Accident & Health also includes direct or
allocated operating expenses and net income from Life/Accident
& Health-related investing activities.

Large corporate accounts
reinsurance

Large corporate accounts reinsurance includes
large facultative business for large, complex industrial or
technical risks, such as automotive assembly lines,
semiconductor manufacturing plants, oil and gas or chemical
facilities, oil and gas exploration and production sites, energy
facilities, or boiler and machinery installations. Large
corporate accounts reinsurance also includes direct or allocated
operating expenses and net income from Large corporate accounts
reinsurance-related investing activities.

Credit, Surety and Political
Risks

Credit, Surety and Political Risks includes the
needs of its credit and surety insurance clients in providing
treaty covers as well as non-proportional reinsurance, covering
peak and cumulative risks. Credit, Surety and Political risks
also include direct or allocated operating expenses and net
income from Credit, Surety and Political risks-related investing
activities.

Alternative risks (Commercial Risk
Partners)

Alternative risks reinsurance concerns all
sectors of alternative risk transfer and mainly loss frequency
driven by workers compensation, motor insurance and
general liability in the US market, weather variations covers,
primarily temperature-based derivatives and protection against
combinations of fortuitous uncertainties with financial
exposures. Alternative risks also includes direct or allocated
operating expenses and net income from Alternative risks-related
investing activities.

F-42



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

The following is a summary of the activity split:

|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |     |     |  |  |        |       | 
|------------------------------------------ | -------------- | ---------------------------- | ----- | ---------- |  | --------- | ----- | --------- |  | ----------- | ----- | ------ |  | ------------ | --- | --- |  |  | ----- | --- |  |  | --- | --- |  |  | ------ | ----- | 
|                                           |                |                             
|                                           |                | Year ended December 31, 2000
|                                           |                |                             
|                                           |                |                              |       | Credit/    |  |          
|                                           |                | Treaty                       |       | Life/      |  | Large     |       | Surety    |  | Alternative |       |       
|                                           |                | Property-                    |       | Accident & |  | Corporate |       | Political |  | Risks       |       |       
|                                           |                | Casualty                     |       | Health     |  | Accounts  |       | Risks     |  | Transfer    |       | Others |  | Consolidated
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |             
|                                           |                |                             
|                                           |                | (EUR, in millions)          
|Net premiums written                       |                |                              | 1,117 |            |  |           | 768   |           |  |             | 184   |        |  |              | 189 |     |  |  | 620   |     |  |  |     |     |  |  | 2,878  |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |     |     |  |  |        |      
|Net premiums earned                        |                |                              | 1,119 |            |  |           | 685   |           |  |             | 185   |        |  |              | 126 |     |  |  | 562   |     |  |  |     |     |  |  | 2,677  |      
|Net investment income                      |                |                              | 91    |            |  |           | 66    |           |  |             | 20    |        |  |              | 9   |     |  |  | 25    |     |  |  | 76  |     |  |  | 287    |      
|Net realized gains on investments          |                |                              | 132   |            |  |           | 94    |           |  |             | 29    |        |  |              | 14  |     |  |  | 35    |     |  |  | 109 |     |  |  | 413    |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |     |     |  |  |        |      
|                                           | Total revenues |                              |       | 1,342      |  |           |       | 845       |  |             |       | 234    |  |              |     | 149 |  |  |       | 622 |  |  |     | 185 |  |  |        | 3,377 | 
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |     |     |  |  |        |      
|Claim and claim expenses                   |                |                              | 1,177 |            |  |           | 516   |           |  |             | 170   |        |  |              | 101 |     |  |  | 523   |     |  |  |     |     |  |  | 2,487  |      
|Acquisition costs                          |                |                              | 322   |            |  |           | 211   |           |  |             | 33    |        |  |              | 42  |     |  |  | 53    |     |  |  |     |     |  |  | 661    |      
|Underwriting and administration expenses   |                |                              | 77    |            |  |           | 39    |           |  |             | 27    |        |  |              | 9   |     |  |  | 10    |     |  |  |     |     |  |  | 162    |      
|Other income and expenses                  |                |                              |      |            |  |           |      |           |  |             |      |        |  |              |    |     |  |  |      |     |  |  | 49  |     |  |  | 49     |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |     |     |  |  |        |      
|                                           | Total expenses |                              |       | 1,576      |  |           |       | 766       |  |             |       | 230    |  |              |     | 152 |  |  |       | 586 |  |  |     | 49  |  |  |        | 3,359 | 
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |     |     |  |  |        |      
|Income accounted for by the equity method  |                |                              |      |            |  |           |      |           |  |             |      |        |  |              |    |     |  |  |      |     |  |  | 3   |     |  |  | 3      |      
|Income before taxes and minority interests |                |                              | (234  | )          |  |           | 79    |           |  |             | 4     |        |  |              | (3  | )   |  |  | 36    |     |  |  | 139 |     |  |  | 21     |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |     |     |  |  |        |      
|Total assets as of December 31             |                |                              | 5,598 |            |  |           | 3,871 |           |  |             | 1,229 |        |  |              | 579 |     |  |  | 1,499 |     |  |  |     |     |  |  | 12,776 |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |     |     |  |  |        |      

|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |    |    |  |  |        |       | 
|------------------------------------------ | -------------- | ---------------------------- | ----- | ---------- |  | --------- | ----- | --------- |  | ----------- | ----- | ------ |  | ------------ | --- | --- |  |  | ----- | --- |  |  | -- | -- |  |  | ------ | ----- | 
|                                           |                |                             
|                                           |                | Year ended December 31, 2001
|                                           |                |                             
|                                           |                |                              |       | Credit/    |  |          
|                                           |                | Treaty                       |       | Life/      |  | Large     |       | Surety    |  | Alternative |       |       
|                                           |                | Property-                    |       | Accident & |  | Corporate |       | Political |  | Risks       |       |       
|                                           |                | Casualty                     |       | Health     |  | Accounts  |       | Risks     |  | Transfer    |       | Others |  | Consolidated
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |             
|                                           |                |                             
|                                           |                | (EUR, in millions)          
|Net premiums written                       |                |                              | 1,737 |            |  |           | 896   |           |  |             | 216   |        |  |              | 161 |     |  |  | 710   |     |  |  |    |    |  |  | 3,720  |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |    |    |  |  |        |      
|Net premiums earned                        |                |                              | 1,704 |            |  |           | 852   |           |  |             | 263   |        |  |              | 163 |     |  |  | 671   |     |  |  |    |    |  |  | 3,653  |      
|Net investment income                      |                |                              | 98    |            |  |           | 91    |           |  |             | 23    |        |  |              | 12  |     |  |  | 78    |     |  |  | 45 |    |  |  | 347    |      
|Net realized gains on investments          |                |                              | 3     |            |  |           | 3     |           |  |             | 1     |        |  |              |    |     |  |  | 2     |     |  |  | 1  |    |  |  | 10     |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |    |    |  |  |        |      
|                                           | Total revenues |                              |       | 1,805      |  |           |       | 946       |  |             |       | 287    |  |              |     | 175 |  |  |       | 751 |  |  |    | 46 |  |  |        | 4,010 | 
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |    |    |  |  |        |      
|Claim and claim expenses                   |                |                              | 1,694 | (1)        |  |           | 741   |           |  |             | 423   |        |  |              | 115 |     |  |  | 655   |     |  |  |   |    |  |  | 3,628  |      
|Acquisition costs                          |                |                              | 448   |            |  |           | 219   |           |  |             | 58    |        |  |              | 47  |     |  |  | 76    |     |  |  |   |    |  |  | 848    |      
|Underwriting and administration expenses   |                |                              | 105   |            |  |           | 46    |           |  |             | 37    |        |  |              | 5   |     |  |  | 16    |     |  |  |   |    |  |  | 209    |      
|Other income and expenses                  |                |                              |      |            |  |           |      |           |  |             |      |        |  |              |    |     |  |  |      |     |  |  | 8  |    |  |  | 8      |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |    |    |  |  |        |      
|                                           | Total expenses |                              |       | 2,247      |  |           |       | 1,006     |  |             |       | 518    |  |              |     | 167 |  |  |       | 747 |  |  |    | 8  |  |  |        | 4,693 | 
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |    |    |  |  |        |      
|Income accounted for by the equity method  |                |                              |      |            |  |           |      |           |  |             |      |        |  |              |    |     |  |  |      |     |  |  | 4  |    |  |  | 4      |      
|Income before taxes and minority interests |                |                              | (442  | )          |  |           | (60   | )         |  |             | (231  | )      |  |              | 8   |     |  |  | 4     |     |  |  | 42 |    |  |  | (679   | )    
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |    |    |  |  |        |      
|Total assets as of December 31             |                |                              | 7,637 |            |  |           | 4,343 |           |  |             | 2,205 |        |  |              | 718 |     |  |  | 2,030 |     |  |  |    |    |  |  | 16,933 |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |     |     |  |  |       |     |  |  |    |    |  |  |        |      






|    |                                                                                                                                                          
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | excluded a profit of EUR 62 million reported
    in cumulative effect of change in accounting principle (discount
    of workmens compensation reserves)

F-43



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |      |     |  |  |       |     |  |  |     |     |   |  |        |       | 
|------------------------------------------ | -------------- | ---------------------------- | ----- | ---------- |  | --------- | ----- | --------- |  | ----------- | ----- | ------ |  | ------------ | ---- | --- |  |  | ----- | --- |  |  | --- | --- | - |  | ------ | ----- | 
|                                           |                |                             
|                                           |                | Year ended December 31, 2002
|                                           |                |                             
|                                           |                |                              |       | Credit/    |  |          
|                                           |                | Treaty                       |       | Life/      |  | Large     |       | Surety    |  | Alternative |       |       
|                                           |                | Property-                    |       | Accident & |  | Corporate |       | Political |  | Risks       |       |       
|                                           |                | Casualty                     |       | Health     |  | Accounts  |       | Risks     |  | Transfer    |       | Others |  | Consolidated
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |             
|                                           |                |                             
|                                           |                | (EUR, in millions)          
|Net premiums written                       |                |                              | 1,982 |            |  |           | 1,045 |           |  |             | 757   |        |  |              | 108  |     |  |  | 466   |     |  |  |    |     |   |  | 4,358  |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |      |     |  |  |       |     |  |  |     |     |   |  |        |      
|Net premiums earned                        |                |                              | 2,016 |            |  |           | 901   |           |  |             | 559   |        |  |              | 153  |     |  |  | 524   |     |  |  |    |     |   |  | 4,153  |      
|Net investment income                      |                |                              | 111   |            |  |           | 119   |           |  |             | 46    |        |  |              | 13   |     |  |  | 73    |     |  |  | 19  |     |   |  | 381    |      
|Net realized gains on investments          |                |                              | (15   | )          |  |           | (16   | )         |  |             | (6    | )      |  |              | (2   | )   |  |  | (10   | )   |  |  | (3  | )   |   |  | (52    | )    
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |      |     |  |  |       |     |  |  |     |     |   |  |        |      
|                                           | Total revenues |                              |       | 2,112      |  |           |       | 1,004     |  |             |       | 599    |  |              |      | 164 |  |  |       | 587 |  |  |     | 16  |   |  |        | 4,482 | 
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |      |     |  |  |       |     |  |  |     |     |   |  |        |      
|Claim and claim expenses                   |                |                              | 1,814 | (1)        |  |           | 663   |           |  |             | 462   |        |  |              | 278  |     |  |  | 714   |     |  |  |     |     |   |  | 3,931  |      
|Acquisition costs                          |                |                              | 493   |            |  |           | 245   |           |  |             | 86    |        |  |              | 35   |     |  |  | 50    |     |  |  |     |     |   |  | 909    |      
|Underwriting and administration expenses   |                |                              | 97    |            |  |           | 66    |           |  |             | 53    |        |  |              | 4    |     |  |  | 11    |     |  |  | (23 | )   |   |  | 208    |      
|Other income and expenses                  |                |                              |      |            |  |           |      |           |  |             |      |        |  |              |     |     |  |  |      |     |  |  | (25 | )   |   |  | (25    | )    
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |      |     |  |  |       |     |  |  |     |     |   |  |        |      
|                                           | Total expenses |                              |       | 2,404      |  |           |       | 974       |  |             |       | 601    |  |              |      | 317 |  |  |       | 775 |  |  |     | (48 | ) |  |        | 5,023 | 
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |      |     |  |  |       |     |  |  |     |     |   |  |        |      
|Income accounted for by the equity method  |                |                              |      |            |  |           |      |           |  |             |      |        |  |              |     |     |  |  |       |     |  |  | 4   |     |   |  | 4      |      
|Income before taxes and minority interests |                |                              | (292  | )          |  |           | 30    |           |  |             | (2    | )      |  |              | (153 | )   |  |  | (188  | )   |  |  | 68  |     |   |  | (537   | )    
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |      |     |  |  |       |     |  |  |     |     |   |  |        |      
|Total assets as of December 31             |                |                              | 6,424 |            |  |           | 4,099 |           |  |             | 2,795 |        |  |              | 714  |     |  |  | 1,904 |     |  |  |     |     |   |  | 15,936 |      
|                                           |                |                              |       |            |  |           |       |           |  |             |       |        |  |              |      |     |  |  |       |     |  |  |     |     |   |  |        |      






|    |                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------
|(1) | excluded a profit of EUR 17 million
    corresponding to the discount of workmens compensation
    reserves.

The following is a summary of the Groups
business by geographic area. Allocations by geographic area have
been made based on the location of the related subsidiary.

|                             |                                       |                    |  |        |   |         |  |       |  |              |  |       |   |  |  |     |  |  |  |        |  
|---------------------------- | ------------------------------------- | ------------------ |  | ------ | - | ------- |  | ----- |  | ------------ |  | ----- | - |  |  | --- |  |  |  | ------ | -
|                             |                                       |                    |  |        |   | North   |  |       |  |             
|                             |                                       | France             |  | Europe |   | America |  | Asia  |  | Consolidated
|                             |                                       |                    |  |        |   |         |  |       |  |             
|                             |                                       |                   
|                             |                                       | (EUR, in millions)
|Year ended December 31, 2000 |                                       |                    |  |        |   |         |  |       |  |              |  |       |   |  |  |     |  |  |  |       
|                             | Revenues                              |                    |  | 1,198  |   |         |  | 428   |  |              |  | 1,642 |   |  |  | 109 |  |  |  | 3,377  |  
|                             | Income before taxes                   |                    |  | 124    |   |         |  | 13    |  |              |  | (155  | ) |  |  | 38  |  |  |  | 20     |  
|                             | Identifiable assets as of December 31 |                    |  | 5,272  |   |         |  | 1,413 |  |              |  | 5,821 |   |  |  | 270 |  |  |  | 12,776 |  
|Year ended December 31, 2001 |                                       |                    |  |        |   |         |  |       |  |              |  |       |   |  |  |     |  |  |  |       
|                             | Revenues                              |                    |  | 1,131  |   |         |  | 515   |  |              |  | 2,170 |   |  |  | 194 |  |  |  | 4,010  |  
|                             | Income before taxes                   |                    |  | (369   | ) |         |  | 15    |  |              |  | (284  | ) |  |  | 23  |  |  |  | (615   | )
|                             | Identifiable assets as of December 31 |                    |  | 7,394  |   |         |  | 1,800 |  |              |  | 7,346 |   |  |  | 393 |  |  |  | 16,933 |  
|Year ended December 31, 2002 |                                       |                    |  |        |   |         |  |       |  |              |  |       |   |  |  |     |  |  |  |       
|                             | Revenues                              |                    |  | 1,362  |   |         |  | 708   |  |              |  | 2,131 |   |  |  | 281 |  |  |  | 4,482  |  
|                             | Income before taxes                   |                    |  | (490   | ) |         |  | 65    |  |              |  | (138  | ) |  |  | 43  |  |  |  | (520   | )
|                             | Identifiable assets as of December 31 |                    |  | 7,316  |   |         |  | 2,047 |  |              |  | 6,167 |   |  |  | 406 |  |  |  | 15,936 |  

Note 16.     Unpaid
loss and loss adjustment expenses

The following provides the reconciliation of
beginning and ending reserve balances for unpaid
Property-Casualty losses and loss adjustment expenses
(LAE) on a net of reinsurance basis to the amounts
recorded in the balance sheet:

F-44



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

Reconciliation of Reserves for Losses and
LAE

|                                                                    |                                  |                         |       |       |  |      |       |       |  |  |       |       | 
|------------------------------------------------------------------- | -------------------------------- | ----------------------- | ----- | ----- |  | ---- | ----- | ----- |  |  | ----- | ----- | 
|                                                                    |                                  |                        
|                                                                    |                                  | Year ended December 31,
|                                                                    |                                  |                        
|                                                                    |                                  | 2000                    |       | 2001  |  | 2002
|                                                                    |                                  |                         |       |       |  |     
|                                                                    |                                  |                        
|                                                                    |                                  | (EUR, in millions)     
|Reserves for losses and LAE at beginning of year,
    net           |                                  |                         | 4,353 |       |  |      | 5,068 |       |  |  | 6,917 |      
|Effect of changes in foreign currency exchange
    rates            |                                  |                         | 174   |       |  |      | 133   |       |  |  | (738  | )    
|Effect of claims portfolio transfer and other
    reclassifications |                                  |                         | 46    |       |  |      | 1,071 | (2)   |  |  | 73    |      
|                                                                    |                                  |                         |       |       |  |      |       |       |  |  |       |      
|Incurred related to:                                                |                                  |                         |       |       |  |      |       |       |  |  |       |      
|                                                                    | Current year                     |                         |       | 1,716 |  |      |       | 3,076 |  |  |       | 2,802 | 
|                                                                    | Prior years                      |                         |       | 488   |  |      |       | 101   |  |  |       | 671   | 
|                                                                    |                                  |                         |       |       |  |      |       |       |  |  |       |      
|                                                                    | Total incurred losses and LAE(1) |                         |       | 2,204 |  |      |       | 3,177 |  |  |       | 3,473 | 
|                                                                    |                                  |                         |       |       |  |      |       |       |  |  |       |      
|Change in accounting principle                                      |                                  |                         |       |       |  |      | (62   | )     |  |  | (17   | )    
|Paid related to:                                                    |                                  |                         |       |       |  |      |       |       |  |  |       |      
|                                                                    | Current year                     |                         |       | 303   |  |      |       | 738   |  |  |       | 450   | 
|                                                                    | Prior years                      |                         |       | 1,406 |  |      |       | 1,732 |  |  |       | 2,358 | 
|                                                                    |                                  |                         |       |       |  |      |       |       |  |  |       |      
|                                                                    | Total paid losses and LAE(1)     |                         |       | 1,709 |  |      |       | 2,470 |  |  |       | 2,808 | 
|                                                                    |                                  |                         |       |       |  |      |       |       |  |  |       |      
|Reserves for losses and loss expenses at end of
    year  net      |                                  |                         | 5,068 |       |  |      | 6,917 |       |  |  | 6,900 |      
|Reinsurance recoverable on unpaid losses                            |                                  |                         | 507   |       |  |      | 1,448 |       |  |  | 1,067 |      
|                                                                    |                                  |                         |       |       |  |      |       |       |  |  |       |      
|Reserves for losses and loss expenses at end of
    year  gross    |                                  |                         | 5,575 |       |  |      | 8,365 |       |  |  | 7,967 |      
|                                                                    |                                  |                         |       |       |  |      |       |       |  |  |       |      






|    |                                                                                                                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Initial gross, initial retroceded and initial net
    reserves are shown on a U.S. GAAP basis. Paid (cumulative)
    amounts and reserve re-estimated amounts are shown on a calendar
    year basis.
|   
|(2) | SOREMA                                                                                                                                                                                               

Together with the World Trade Center tragedy, an
unprecedented catastrophe in the history of insurance, the
market results were also affected by the need to bolster
reserves set aside in 2001 year, leading us to reinforce
our reserves on US treaties regarding prior accident years (from
1997 to 1999, the low point of the previous cycle). In 2002, to
face loss incurred degradation on the underwriting years 2001
and prior, the group made, pursuant to the Back on
Track plan, additional reserves in the third quarter 2002
as follows:



|  |                                                                                                                                                                                                                                                                                                                                                                                
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Additional reserve of EUR154 million for
    SCOR U.S., increasing its total reserves to EUR2.6 billion.
    These additional reserves apply to all the underwriting years,
    in particular 1998-2001, and to Program Business activities (in
    which underwriting was discontinued at end-2001).                                                                          
| 
| | Additional reserve of EUR141 million for
    Commercial Risk Partners. These additional reserves mainly
    relate to prospective finite risk contracts for Workers
    Compensation in 1999 and 2000. Finite risk for such contracts
    were cut back significantly in first-half 2002 and the Group has
    discontinued its underwriting activities in this business line.
| 
| | Additional reserve of EUR30 million for the
    Credit and Surety business. These additional reserves relate to
    credit derivatives reinsurance, the underwriting of which was
    discontinued in November 2001.                                                                                                                                                           
| 
| | Additional reserves of EUR15 million for
    exposure to asbestos and pollution risks, so as to reflect
    recent legal developments in the United States.                                                                                                                                                                                                                    

The Groups reserves for losses and LAE
include an estimate of its ultimate liability for asbestos and
environmental claims for which an ultimate value cannot be
estimated using traditional reserving techniques and for which
there are significant uncertainties in estimating the amount of
the Groups potential losses. SCOR and certain of its
subsidiaries, of which principally SCOR U.S., have received and
continue to receive

F-45



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)

notices of potential reinsurance claims from
ceding insurance companies which have in turn received claims
asserting environmental and asbestos losses under primary
insurance policies, in part reinsured by Group companies. Such
claims notices are frequently merely precautionary in nature and
generally are unspecific, and the primary insurers often do not
attempt to quantify the amount, timing or nature of the
exposure. Given the lack of specificity in these notices, SCOR
cannot quantify its potential exposure regarding the claims
reported. In addition, significant uncertainties exist with
respect to estimating the ultimate future amounts that may be
needed for asbestos related and environmental pollution claims,
especially in view of changes in the legal and tort environment
that affect the development of claims reserves, and the
uncertainties inherent in valuing asbestos-related and
environmental pollution claims are not likely to be resolved in
the near future. These inherent uncertainties of estimating
claims reserves are exacerbated for reinsurers by the
significant periods of time that often elapse between the
occurrence of an insured loss, the reporting of the loss to the
direct insurer and, ultimately, to the reinsurer, and the direct
insurers payment of that loss and subsequent
indemnification by the reinsurer.

Management believes, however, that the Company
and its subsidiaries have not underwritten significant amounts
of business in those classes and with those insurers or
reinsurers, whether directly in the U.S. market or through
the London market, that are known to be exposed to asbestos and
environmental-related claims. Accordingly, while there can be no
assurances as to the ultimate exposure to the Group of these
type of claims, management believes based on information
currently available to it that the Groups current known
exposure to asbestos and environmental-related claims is not
material to the Groups financial position and results of
operations. Case reserves have been established when sufficient
information has been developed to indicate the involvement of a
specific reinsurance contract. In addition, incurred but not
reported reserves have been established to provide for
additional exposure on both known and unasserted claims. These
reserves are reviewed and updated continually. In establishing
liabilities for asbestos and environmental claims, management
considers facts currently known and the current legal and tort
environment.

|                                                                     |  |                         |      |                  |  |         |      |      |  |      |      |         |  |  |      |  |  |  |      |  |  |  |      | 
|-------------------------------------------------------------------- |  | ----------------------- | ---- | ---------------- |  | ------- | ---- | ---- |  | ---- | ---- | ------- |  |  | ---- |  |  |  | ---- |  |  |  | ---- | 
|                                                                     |  |                        
|                                                                     |  | Year ended December 31,
|                                                                     |  |                        
|                                                                     |  |                         |      |                 
|                                                                     |  | Asbestos(1)             |      | Environmental(1)
|                                                                     |  |                         |      |                 
|                                                                     |  | 2000                    |      | 2001             |  | 2002(2) |      | 2000 |  | 2001 |      | 2002(2)
|                                                                     |  |                         |      |                  |  |         |      |      |  |      |      |        
|                                                                     |  |                        
|                                                                     |  | (EUR, in millions)     
|Gross claims reserves, including IBNR reserves                       |  |                         | 126  |                  |  |         | 124  |      |  |      | 157  |         |  |  | 104  |  |  |  | 92   |  |  |  | 88   | 
|% of total loss and LAE reserves                                     |  |                         | 2.3% |                  |  |         | 1.5% |      |  |      | 2%   |         |  |  | 1.9% |  |  |  | 1.1% |  |  |  | 1.1% | 
|Claims and LAE paid                                                  |  |                         | 13   |                  |  |         | 15   |      |  |      | 7    |         |  |  | 12   |  |  |  | 17   |  |  |  | 71   | 
|% of the Groups total net property-casualty
    claims and LAE paid |  |                         | 0.7% |                  |  |         | 0.6% |      |  |      | 0.2% |         |  |  | 0.7% |  |  |  | 0.7% |  |  |  | 2.5% | 






|    |                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Asbestos and environmental (A&E) reserve data
    includes SCORs estimated A&E exposures in respect of
    its participation in the Anglo French Reinsurance Pool, for
    which A&E exposures for the years shown were as follows:



| |   |                                                                                                                                                                                                                                         
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The 2000 reserves are respectively
    EUR 39 million and EUR 35.5 million for
    asbestos and environmental. The 2000 paid claims and LAE are
    respectively EUR 0.8 million and
    EUR 0.8 million for asbestos and environmental.
|
| |  | The 2001 reserves are respectively
    EUR 38 million and EUR 35 million for
    asbestos and environmental. The 2001 paid claims and LAE are
    respectively EUR 2.4 million and
    EUR 2.2 million for asbestos and environmental.  
|
| |  | The 2002 reserves are respectively
    EUR 30 million and EUR 28 million for
    asbestos and environmental. The 2002 paid claims and LAE are
    respectively EUR 0.8 million and
    EUR 0.7 million for asbestos and environmental.  



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The foregoing table reflects the results of an
    internal actuarial study, completed in 2002, with respect to the
    groups asbestos exposures. Amounts are presented on a
    gross basis, but since most of the business is 100% retroceded,
    the survival ratio (ratio of reserves to average annual paid
    losses) is calculated both on a gross and a net basis. The 2002
    asbestos survival ratio was 14 years based on gross figures
    and 10 years based on net figures. Taking into account the
    fact that some contracts were atypical, some specific pollution
    contracts have been excluded to calculate the environmental
    survival ratio:
     25 million
    from the
     88 million
    of gross claims reserves and
     27 million
    from the average paid losses calculated for the years 2000 to
    2002 (12 + 17 + 71 = 33 - 27 = 6).

3




| |                                                                                                    
| | ---------------------------------------------------------------------------------------------------
| | As a result, the 2002 environmental survival
    ratio was approximately 11 years on a gross basis.

F-46



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##### Table of Contents



SCHEDULE I  SUMMARY OF INVESTMENTS
OTHER THAN INVESTMENTS

IN RELATED PARTIES


December 31, 2002 (EUR, in
millions)

| |  |                             |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       |  |  | 
| |  | --------------------------- | ------------------- | -------------------------------------------------------------------------------------------------------- | ----- | ------------ | ----- | ------------- |  | --- | ----- |  | ----- | --- | ----- |  |  | 
|
|
|
|
| |  | Col A                       |                     | Col B                                                                                                    |       | Col C        |       | Col D         |  |    
|
|
| |  | Amount at which             |                     |                                                                                                         
| |  | Acquisition                 |                     | Fair                                                                                                     |       | shown in the |       |              
| |  | Type of investment          |                     | cost                                                                                                     |       | Value        |       | balance sheet |  |    
|
|
| |  | Fixed maturities:           |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  |                             | Available for sale: |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       |  | 
| |  |                             |                     | Debt securities issued or guaranteed by the
    French government or its agencies                        |       |              | 677   |               |  |     | 680   |  |       |     | 680   |  |  | 
| |  |                             |                     | Debt securities issued or guaranteed by the
    U.S. government or its agencies                          |       |              | 1,159 |               |  |     | 1,178 |  |       |     | 1,178 |  |  | 
| |  |                             |                     | Obligations of U.S. states and political
    subdivisions                                                |       |              | 287   |               |  |     | 306   |  |       |     | 306   |  |  | 
| |  |                             |                     | Debt securities issued or guaranteed by the
    European Union                                           |       |              | 772   |               |  |     | 792   |  |       |     | 792   |  |  | 
| |  |                             |                     | Debt securities issued or guaranteed by other
    national, state or local governments or their agencies |       |              | 320   |               |  |     | 338   |  |       |     | 338   |  |  | 
| |  |                             |                     | Corporate debt securities                                                                                |       |              | 1,434 |               |  |     | 1,492 |  |       |     | 1,492 |  |  | 
| |  |                             |                     | Mortgage-backed securities                                                                               |       |              | 1,182 |               |  |     | 1,268 |  |       |     | 1,268 |  |  | 
| |  |                             |                     | Other debt securities                                                                                    |       |              | 55    |               |  |     | 53    |  |       |     | 53    |  |  | 
| |  |                             |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  |                             |                     | Total fixed maturities available for sale                                                                |       |              | 5,886 |               |  |     | 6,107 |  |       |     | 6,107 |  |  | 
| |  |                             |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  |                             | Held to maturity:   |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       |  | 
| |  |                             |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  |                             |                     | Total fixed maturities                                                                                   |       |              | 5,886 |               |  |     | 6,107 |  |       |     | 6,107 |  |  | 
| |  |                             |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  | Equity securities:          |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  |                             | Available for sale  |                                                                                                          |       | 619          |       |               |  | 573 |       |  |       | 573 |       |  | 
| |  |                             | Trading             |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       |  | 
| |  |                             |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  |                             |                     | Total equity securities                                                                                  |       |              | 619   |               |  |     | 573   |  |       |     | 573   |  |  | 
| |  |                             |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  | Short-term investments      |                     |                                                                                                          | 198   |              |       |               |  |     |       |  | 198   |     |       | 
| |  |                             |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  | Other long-term investments |                     |                                                                                                          | 345   |              |       |               |  |     |       |  | 345   |     |       | 
| |  |                             |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  |                             |                     | Total investments                                                                                        |       |              | 7,048 |               |  |     |       |  |       |     | 7,223 |  |  | 
| |  |                             |                     |                                                                                                          |       |              |       |               |  |     |       |  |       |     |       | 
| |  | Cash and cash equivalents   |                     |                                                                                                          | 1,788 |              |       |               |  |     |       |  | 1,788 |     |       | 
|
|

S-1



---



##### Table of Contents



SCHEDULE III  SUPPLEMENTARY
INSURANCE INFORMATION

December 31, 2002, 2001 and
2000

(EUR, in millions)


|                   |                               |                   |  |                  |     |              |  |                  |        |  |  |       |       |  |  |   |   |  |  | 
|------------------ | ----------------------------- | ----------------- |  | ---------------- | --- | ------------ |  | ---------------- | ------ |  |  | ----- | ----- |  |  | - | - |  |  | 
|                  
|                  
|                  
|Col. A             |                               | Col. B            |  | Col. C           |     | Col. D       |  | Col. E           |        | 
|                  
|                  
|                   |                               | Future Policy     |  |                 
|                   |                               | Benefits, Losses, |  |                  |     | Other Policy |  |                 
|                   |                               | Deferred Policy   |  | Claims, and Loss |     | Unearned     |  | Claims and       |        | 
|                   |                               | Acquisition Costs |  | Expenses         |     | Premiums     |  | Benefits Payable |        | 
|                  
|                  
|December 31, 2002: |                               |                   |  |                  |     |              |  |                  |        |  |  |       |       |  |  |   |   | 
|                   | Life insurance and annuities  |                   |  | 155              |     |              |  | 2,368            |        |  |  |      |       |  |  |  |   |  | 
|                   | Property-casualty reinsurance |                   |  | 299              |     |              |  | 7,967            |        |  |  | 1,617 |       |  |  |  |   |  | 
|                   |                               | Total             |  |                  | 454 |              |  |                  | 10,335 |  |  |       | 1,617 |  |  |   |  |  |  | 
|                   |                               |                   |  |                  |     |              |  |                  |        |  |  |       |       |  |  |   |   | 
|December 31, 2001: |                               |                   |  |                  |     |              |  |                  |        |  |  |       |       |  |  |   |   | 
|                   | Life insurance and annuities  |                   |  | 104              |     |              |  | 2,601            |        |  |  |      |       |  |  |  |   |  | 
|                   | Property-casualty reinsurance |                   |  | 248              |     |              |  | 8,365            |        |  |  | 1,665 |       |  |  |  |   |  | 
|                   |                               | Total             |  |                  | 352 |              |  |                  | 10,966 |  |  |       | 1,665 |  |  |   |  |  |  | 
|                   |                               |                   |  |                  |     |              |  |                  |        |  |  |       |       |  |  |   |   | 
|December 31, 2000: |                               |                   |  |                  |     |              |  |                  |        |  |  |       |       |  |  |   |   | 
|                   | Life insurance and annuities  |                   |  | 74               |     |              |  | 2,468            |        |  |  |      |       |  |  |  |   |  | 
|                   | Property-casualty reinsurance |                   |  | 230              |     |              |  | 5,575            |        |  |  | 1,226 |       |  |  |  |   |  | 
|                   |                               | Total             |  |                  | 304 |              |  |                  | 8,043  |  |  |       | 1,226 |  |  |   |  |  |  | 
|                   |                               |                   |  |                  |     |              |  |                  |        |  |  |       |       |  |  |   |   | 
|                  
|                  

|                              |                                |           |  |              |       |            |  |             |     |           |  |          |       |  |  |     |     |  |  |     |     |  |  |       |       |  |  | 
|----------------------------- | ------------------------------ | --------- |  | ------------ | ----- | ---------- |  | ----------- | --- | --------- |  | -------- | ----- |  |  | --- | --- |  |  | --- | --- |  |  | ----- | ----- |  |  | 
|                             
|                             
|                             
|Col. A                        |                                | Col. F    |  | Col. G       |       | Col. H     |  | Col. I      |     | Col. J    |  | Col. K   |       | 
|                             
|                             
|                              |                                | Benefits, |  | Amortization |       |           
|                              |                                | Claims,   |  | of Deferred  |       |           
|                              |                                | Net       |  | Losses, and  |       | Policy     |  | Other       |     | Net       |  |         
|                              |                                | Premium   |  | Investment   |       | Settlement |  | Acquisition |     | Operating |  | Premiums |       | 
|                              |                                | Revenue   |  | Income       |       | Expenses   |  | Costs       |     | Expenses  |  | Written  |       | 
|                             
|                             
|Year ended December 31, 2002: |                                |           |  |              |       |            |  |             |     |           |  |          |       |  |  |     |     |  |  |     |     |  |  |       |       | 
|                              | Life reinsurance and annuities |           |  | 578          |       |            |  | 86          |     |           |  | 459      |       |  |  | 131 |     |  |  | 42  |     |  |  | 578   |       |  | 
|                              | Property-casualty reinsurance  |           |  | 3,575        |       |            |  | 276         |     |           |  | 3,472    |       |  |  | 778 |     |  |  | 189 |     |  |  | 3,780 |       |  | 
|                              |                                | Total     |  |              | 4,153 |            |  |             | 362 |           |  |          | 3,931 |  |  |     | 909 |  |  |     | 231 |  |  |       | 4,358 |  |  | 
|                              |                                |           |  |              |       |            |  |             |     |           |  |          |       |  |  |     |     |  |  |     |     |  |  |       |       | 
|Year ended December 31, 2001: |                                |           |  |              |       |            |  |             |     |           |  |          |       |  |  |     |     |  |  |     |     |  |  |       |       | 
|                              | Life insurance and annuities   |           |  | 546          |       |            |  | 83          |     |           |  | 451      |       |  |  | 110 |     |  |  | 35  |     |  |  | 546   |       |  | 
|                              | Property-casualty reinsurance  |           |  | 3,107        |       |            |  | 219         |     |           |  | 3,177    |       |  |  | 738 |     |  |  | 174 |     |  |  | 3,174 |       |  | 
|                              |                                | Total     |  |              | 3,653 |            |  |             | 302 |           |  |          | 3,628 |  |  |     | 848 |  |  |     | 209 |  |  |       | 3,720 |  |  | 
|                              |                                |           |  |              |       |            |  |             |     |           |  |          |       |  |  |     |     |  |  |     |     |  |  |       |       | 
|Year ended December 31, 2000: |                                |           |  |              |       |            |  |             |     |           |  |          |       |  |  |     |     |  |  |     |     |  |  |       |       | 
|                              | Life insurance and annuities   |           |  | 396          |       |            |  | 45          |     |           |  | 283      |       |  |  | 148 |     |  |  | 23  |     |  |  | 396   |       |  | 
|                              | Property-casualty reinsurance  |           |  | 2,281        |       |            |  | 166         |     |           |  | 2,204    |       |  |  | 513 |     |  |  | 139 |     |  |  | 2,482 |       |  | 
|                              |                                | Total     |  |              | 2,677 |            |  |             | 211 |           |  |          | 2,487 |  |  |     | 661 |  |  |     | 162 |  |  |       | 2,878 |  |  | 
|                              |                                |           |  |              |       |            |  |             |     |           |  |          |       |  |  |     |     |  |  |     |     |  |  |       |       | 
|                             
|                             

This schedule has been prepared in a manner
consistent with the classification of Balance Sheet and Income
Statement that are reviewed by the Groups Executive
Committee. The corresponding information for the income
statement is presented for Property-Casualty treaty,
Life/Accident & Health and Specialty Property-Casualty
reinsurance segments in Note 15 to the consolidated
financial statements.

S-2



---



##### Table of Contents



SCHEDULE IV  REINSURANCE

December 31, 2002, 2001 and
2000

(EUR, in millions)


|                              |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      |  |  | 
|----------------------------- | -------------------------------------------- | ----------------------------- |  | --------- | - | ---------- |  | ------ | --- | ------- |  | - | ----- |  |  | - | ----- |  |  | - | ---- |  |  | 
|                             
|                             
|                              |                                              |                              
|                              |                                              |                              
|Col. A                        |                                              | Col. B                        |  | Col. C    |   | Col. D     |  | Col. E |     | Col. F  |  |  
|                              |                                              |                              
|                              |                                              |                              
|                              |                                              | % of                          |  |          
|                              |                                              | Ceded to                      |  | Assumed   |   |            |  | Amount |     |        
|                              |                                              | Gross                         |  | Other     |   | from Other |  | Net    |     | Assumed |  |  
|                              |                                              | Amount                        |  | Companies |   | Companies  |  | Amount |     | to Net  |  |  
|                              |                                              |                              
|                              |                                              |                              
|Year ended December 31, 2002: |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|                              | Life insurance in force                      |                               |  |          |   |            |  |       |     |         |  |  |       |  |  |  |       |  |  |  |      |  | 
|                              |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|                              | Insurance premiums and other considerations: |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      |  | 
|                              |                                              | Life insurance and annuities  |  |           |  |            |  |        | 97  |         |  |   | 675   |  |  |   | 578   |  |  |   | 117% |  |  | 
|                              |                                              | Property-casualty reinsurance |  |           |  |            |  |        | 471 |         |  |   | 4,046 |  |  |   | 3,575 |  |  |   | 113% |  |  | 
|                              |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|                              |                                              | Total                         |  |           |  |            |  |        | 568 |         |  |   | 4,721 |  |  |   | 4,153 |  |  |   | 114% |  |  | 
|                              |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|Year ended December 31, 2001: |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|                              | Life insurance in force                      |                               |  |          |   |            |  |       |     |         |  |  |       |  |  |  |       |  |  |  |      |  | 
|                              |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|                              | Insurance premiums and other considerations: |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      |  | 
|                              |                                              | Life insurance and annuities  |  |           |  |            |  |        | 102 |         |  |   | 648   |  |  |   | 546   |  |  |   | 119% |  |  | 
|                              |                                              | Property-casualty reinsurance |  |           |  |            |  |        | 547 |         |  |   | 3,654 |  |  |   | 3,107 |  |  |   | 118% |  |  | 
|                              |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|                              |                                              | Total                         |  |           |  |            |  |        | 649 |         |  |   | 4,302 |  |  |   | 3,653 |  |  |   | 118% |  |  | 
|                              |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|Year ended December 31, 2001: |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|                              | Life insurance in force                      |                               |  |          |   |            |  |       |     |         |  |  |       |  |  |  |       |  |  |  |      |  | 
|                              |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|                              | Insurance premiums and other considerations: |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      |  | 
|                              |                                              | Life insurance and annuities  |  |           |  |            |  |        | 109 |         |  |   | 505   |  |  |   | 396   |  |  |   | 128% |  |  | 
|                              |                                              | Property-casualty reinsurance |  |           |  |            |  |        | 360 |         |  |   | 2,641 |  |  |   | 2,281 |  |  |   | 116% |  |  | 
|                              |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|                              |                                              | Total                         |  |           |  |            |  |        | 469 |         |  |   | 3,146 |  |  |   | 2,677 |  |  |   | 118% |  |  | 
|                              |                                              |                               |  |           |   |            |  |        |     |         |  |   |       |  |  |   |       |  |  |   |      | 
|                              |                                              |                              
|                             

S-3



---



##### Table of Contents



SCHEDULE V  VALUATION AND
QUALIFYING ACCOUNTS

December 31, 2002, 2001 and
2000

(EUR, in millions)


|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |        |  |  | 
|------------------ | -------------------------------------------------- | ----------------------------------------- | ----- | ------------ | -- | ----------------- |  | ---------- | -- | ----------- |  | ----- | ---- | ------ | - | - | -- | -- | - | ----- | -- | ------ |  |  | 
|                  
|                  
|                   |                                                    |                                           |       |             
|                   |                                                    |                                           |       |             
|Col. A             |                                                    | Col. B                                    |       | Col. C       |    | Col. D            |  | Col. E     |    |            
|                   |                                                    |                                          
|                   |                                                    |                                          
|                   |                                                    |                                           |       |              |    |                  
|                   |                                                    | Additions                                 |       |              |    |                  
|                   |                                                    |                                           |       |              |    |                  
|                   |                                                    | Balance at                                |       | 1)  Charged |    |                   |  |            |    |            
|                   |                                                    | beginning of                              |       | to costs and |    | 2)  Charged      |  |            |    | Balance at  |  |      
|Description        |                                                    | year                                      |       | expenses     |    | to other accounts |  | Deductions |    | end of year |  |      
|                   |                                                    |                                          
|                   |                                                    |                                          
|December 31, 2002: |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   | Reserves deducted from assets to which they apply: |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |        | 
|                   |                                                    | Investments                               |       |              | 6  |                   |  |            | 25 |             |  |       | 1    |        |   |   |    |    |   |       | 32 |        |  | 
|                   |                                                    | Reinsurance balance receivable            |       |              | 12 |                   |  |            |    |             |  |       | (3   | )      |   |   |    |    |   |       | 9  |        |  | 
|                   |                                                    | Advances to and investments in affiliates |       |              | 16 |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       | 16 |        |  | 
|                   |                                                    | Other Assets                              |       |              | 2  |                   |  |            |    |             |  |       | (1   | )      |   |   |    |    |   |       | 1  |        |  | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   |                                                    |                                           | Total |              |    | 36                |  |            |    | 25          |  |       |      | (3     | ) |   |    |   |   |       |    | 58     |  |  | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   | Reserves not deducted from assets(1):              |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |        | 
|                   | Loss and loss adjustment expenses reserves, net    |                                           |       | 6,917        |    |                   |  | 721        |    |             |  | (738  | )(2) |        |   |   |    |    |   | 6,900 |    |        | 
|                   | Unearned premium reserves, net                     |                                           |       | 1,412        |    |                   |  | 204        |    |             |  | (129  | )(3) |        |   |   |    |    |   | 1,487 |    |        | 
|                   | Reserve for future policy benefits, net            |                                           |       | 1,953        |    |                   |  | 99         |    |             |  | (195  | )(4) |        |   |   |    |    |   | 1,857 |    |        | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   |                                                    |                                           | Total |              |    | 10,282            |  |            |    | 1,024       |  |       |      | (1,062 | ) |   |    |   |   |       |    | 10,244 |  |  | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|December 31, 2001: |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   | Reserves deducted from assets to which they apply: |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |        | 
|                   |                                                    | Investments                               |       |              | 6  |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       | 6  |        |  | 
|                   |                                                    | Reinsurance balance receivable            |       |              | 5  |                   |  |            |    |             |  |       | 7    |        |   |   |    |    |   |       | 12 |        |  | 
|                   |                                                    | Advances to and investments in affiliates |       |              | 17 |                   |  |            |    |             |  |       |      |        |   |   | (1 | )  |   |       | 16 |        |  | 
|                   |                                                    | Other Assets                              |       |              |    |                   |  |            | 1  |             |  |       | 1    |        |   |   |    |    |   |       | 2  |        |  | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   |                                                    |                                           | Total |              |    | 28                |  |            |    | 1           |  |       |      | 8      |   |   |    | (1 | ) |       |    | 36     |  |  | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   | Reserves not deducted from assets(1):              |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |        | 
|                   | Loss and loss adjustment expenses reserves, net    |                                           |       | 5,068        |    |                   |  | 773        |    |             |  | 1,076 | (2)  |        |   |   |    |    |   | 6,917 |    |        | 
|                   | Unearned premium reserves, net                     |                                           |       | 1,097        |    |                   |  | 68         |    |             |  | 247   | (3)  |        |   |   |    |    |   | 1,412 |    |        | 
|                   | Reserve for future policy benefits, net            |                                           |       | 1,798        |    |                   |  | 32         |    |             |  | 123   | (4)  |        |   |   |    |    |   | 1,953 |    |        | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   |                                                    |                                           | Total |              |    | 7,963             |  |            |    | 873         |  |       |      | 1,446  |   |   |    |   |   |       |    | 10,282 |  |  | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|December 31, 2000: |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   | Reserves deducted from assets to which they apply: |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |        | 
|                   |                                                    | Investments                               |       |              | 2  |                   |  |            | 4  |             |  |       |     |        |   |   |   |    |   |       | 6  |        |  | 
|                   |                                                    | Reinsurance balance receivable            |       |              | 6  |                   |  |            |   |             |  |       |     |        |   |   | (1 | )  |   |       | 5  |        |  | 
|                   |                                                    | Advances to and investments in affiliates |       |              | 15 |                   |  |            | 2  |             |  |       |     |        |   |   |   |    |   |       | 17 |        |  | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   |                                                    |                                           | Total |              |    | 23                |  |            |    | 6           |  |       |      |       |   |   |    | (1 | ) |       |    | 28     |  |  | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   | Reserves not deducted from assets(1):              |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |        | 
|                   | Loss and loss adjustment expenses reserves, net    |                                           |       | 4,353        |    |                   |  | 495        |    |             |  | 220   | (2)  |        |   |  |    |    |   | 5,068 |    |        | 
|                   | Unearned premium reserves, net                     |                                           |       | 811          |    |                   |  | 202        |    |             |  | 84    | (3)  |        |   |  |    |    |   | 1,097 |    |        | 
|                   | Reserve for future policy benefits, net            |                                           |       | 761          |    |                   |  | (138       | )  |             |  | 1,175 | (4)  |        |   |  |    |    |   | 1,798 |    |        | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                   |                                                    |                                           | Total |              |    | 5,925             |  |            |    | 559         |  |       |      | 1,479  |   |   |    |   |   |       |    | 7,963  |  |  | 
|                   |                                                    |                                           |       |              |    |                   |  |            |    |             |  |       |      |        |   |   |    |    |   |       |    |       
|                  
|                  



|    |                                                                                                                                                                                                                                                                                                
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Provisions to reserves and deductions from
    reserves presented as a net provision or a net deduction.                                                                                                                                                                                       
|   
|(2) | of which, translation adjustment of EUR 738
    million in 2002, EUR 124 million in 2001 and EUR
    174 million in 2000, reclassification of EUR 46
    million in 2000 and increase of EUR 952 million due to the
    acquisition of Sorema N.A. and Sorema S.A. in 2001.                    
|   
|(3) | of which, translation adjustment of EUR 129
    million in 2002, EUR 36 million in 2001 and EUR 52
    million in 2000, reclassification of EUR 32 million in 2000
    and increase of EUR 211 million from the acquisition of
    Sorema N.A. and Sorema S.A. in 2001.                        
|   
|(4) | of which, translation adjustment of EUR 195
    million in 2002, EUR 56 million in 2001 and EUR 5
    million in 2000, and increases of EUR 1,170 million from
    the acquisition of Partner US Re in 2000 and EUR 67 million
    from the acquisition of Sorema N.A. and Sorema S.A. in 2001.

S-4



---



##### Table of Contents



SCHEDULE VI  SUPLEMENTAL
INFORMATION CONCERNING

PROPERTY/ CASUALTY INSURANCE
OPERATIONS


December 31, 2002, 2001 and
2000

(EUR, in millions)


|                                         |      |                     |  |                     |  |             |  |          |  |  |  |   |  |  |  |       |  |  | 
|---------------------------------------- | ---- | ------------------- |  | ------------------- |  | ----------- |  | -------- |  |  |  | - |  |  |  | ----- |  |  | 
|                                        
|                                        
|                                        
|Col. A                                   |      | Col. B              |  | Col. C              |  | Col. D      |  | Col. E   |  | 
|                                        
|                                        
|                                         |      | Reserves for Unpaid |  | Discount if any,    |  |            
|                                         |      | Deferred Policy     |  | Claims, and Claim   |  | Deducted in |  | Unearned |  | 
|Affiliation with Registrant              |      | Acquisition Costs   |  | Adjustment Expenses |  | Column C    |  | Premiums |  | 
|                                        
|                                        
|Registrant and consolidated subsidiaries |      |                     |  |                     |  |             |  |          |  |  |  |   |  |  |  |       |  | 
|                                         | 2002 |                     |  | 299                 |  |             |  | 7,967    |  |  |  |  |  |  |  | 1,617 |  |  | 
|                                         | 2001 |                     |  | 247                 |  |             |  | 8,365    |  |  |  |  |  |  |  | 1,665 |  |  | 
|                                         | 2000 |                     |  | 230                 |  |             |  | 5,575    |  |  |  |  |  |  |  | 1,226 |  |  | 
|                                         | 1999 |                     |  | 206                 |  |             |  | 4,774    |  |  |  |  |  |  |  | 919   |  |  | 
|                                        
|                                        

|                                         |      |                              |  |              |  |              |  |             |  |             |  |            |  |          |  |     |  |  |  |     |  |  |  |       |  |  |  |       |  |  | 
|---------------------------------------- | ---- | ---------------------------- |  | ------------ |  | ------------ |  | ----------- |  | ----------- |  | ---------- |  | -------- |  | --- |  |  |  | --- |  |  |  | ----- |  |  |  | ----- |  |  | 
|                                        
|                                        
|                                        
|                                         |      |                              |  |             
|Col. A                                   |      | Col. F                       |  | Col. G       |  | Col. H       |  | Col. I      |  | Col. J      |  | Col. K     |  |         
|                                        
|                                        
|                                         |      |                              |  |             
|                                         |      | Claims and Claim Adjustment  |  | Amortization |  |             
|                                         |      | Expenses Incurred Related to |  | of Deferred  |  | Paid Claims  |  |            
|                                         |      |                              |  | Policy       |  | and Claim    |  | Net         |  |            
|Affiliation with                         |      | Earned                       |  | Net          |  | (1)          |  | (2)         |  | Acquisition |  | Adjustment |  | Premiums |  |    
|Registrant                               |      | Premiums                     |  | Investment   |  | Current Year |  | Prior Years |  | Costs       |  | Expenses   |  | Written  |  |    
|                                        
|                                        
|Registrant and consolidated subsidiaries |      |                              |  |              |  |              |  |             |  |             |  |            |  |          |  |     |  |  |  |     |  |  |  |       |  |  |  |       |  | 
|                                         | 2002 |                              |  | 3,575        |  |              |  | 276         |  |             |  | 2,801      |  |          |  | 671 |  |  |  | 778 |  |  |  | 2,808 |  |  |  | 3,780 |  |  | 
|                                         | 2001 |                              |  | 3,107        |  |              |  | 220         |  |             |  | 3,076      |  |          |  | 167 |  |  |  | 738 |  |  |  | 2,470 |  |  |  | 3,174 |  |  | 
|                                         | 2000 |                              |  | 2,281        |  |              |  | 169         |  |             |  | 1,716      |  |          |  | 488 |  |  |  | 694 |  |  |  | 1,709 |  |  |  | 2,482 |  |  | 
|                                         | 1999 |                              |  | 2,019        |  |              |  | 153         |  |             |  | 1,590      |  |          |  | 95  |  |  |  | 478 |  |  |  | 1,302 |  |  |  | 2,114 |  |  | 
|                                        
|                                        

For 2001 and 2002, Claims and claim adjustment
expenses incurred included a profit of EUR 62 million and
EUR 17 million respectively reported in cumulative effect
of change in accounting principle (discount of workmens
compensation reserves) and excluded the GROUPAMAs
guarantee to cover its technical reserves for the 2000 and
previous years (EUR 128 million and EUR 73
respectively).

S-5



---



##### Table of Contents



Signature

Pursuant to the requirements of Section 12
of the Securities Exchange Act of 1934, the registrant certifies
that it meets all of the requirements for filing on
Form 20-F and has duly caused this Annual Report to be
signed on its behalf by the undersigned, thereunto duly
authorized.



| |             
| | ------------
| | SCOR        
| | (Registrant)



| |     |                  
| | --- | -----------------
| | By: | /s/ DENIS KESSLER

| |                                     
| | ------------------------------------
| |                                     
| | Denis Kessler,                      
| | Chairman and Chief Executive Officer

Dated: June 27, 2003




---



##### Table of Contents






Certifications Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002

CERTIFICATION

I, Denis Kessler, certify that



|   |                                                                                                                                                                                                                                                                                                                                             
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1. | I have reviewed this annual report on
    Form 20-F of SCOR;                                                                                                                                                                                                                                                                                
|  
|2. | Based on my knowledge, this annual report does
    not contain any untrue statement of a material fact or omit to
    state a material fact necessary to make the statements made, in
    light of the circumstances under which such statements were
    made, not misleading with respect to the period covered by this
    annual report;
|  
|3. | Based on my knowledge, the financial statements,
    and other financial information included in this annual report,
    fairly present in all material respects the financial condition,
    results of operations and cash flows of the registrant as of,
    and for, the periods presented in this annual report;                       
|  
|4. | The registrants other certifying officers
    and I are responsible for establishing and maintaining
    disclosure controls and procedures (as defined in Exchange Act
    Rules 13a-14 and 15d-14) for the registrant and we have:                                                                                                       



| |    |                                                                                                                                                                                                                                                                                                             
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | designed such disclosure controls and procedures
    to ensure that material information relating to the registrant,
    including its consolidated subsidiaries, is made known to us by
    others within those entities, particularly during the period in
    which this annual report is being prepared;
|
| | b) | evaluated the effectiveness of the
    registrants disclosure controls and procedures as of a
    date within 90 days prior to the filing date of this annual
    report (the Evaluation Date); and                                                                                                      
|
| | c) | presented in this annual report our conclusions
    about the effectiveness of the disclosure controls and
    procedures based on our evaluation as of the Evaluation Date;                                                                                                                                



|   |                                                                                                                                                                                                                                                               
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|5. | The registrants other certifying officers
    and I have disclosed, based on our most recent evaluation, to
    the registrants auditors and the audit committee of
    registrants board of directors (or persons performing the
    equivalent function):



| |    |                                                                                                                                                                                                                                                                                                                   
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | all significant deficiencies in the design or
    operation of internal controls which could adversely affect the
    registrants ability to record, process, summarize and
    report financial data and have identified for the
    registrants auditors any material weaknesses in internal
    controls; and
|
| | b) | any fraud, whether or not material, that involves
    management or other employees who have a significant role in the
    registrants internal controls;                                                                                                                                                        



|   |                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|6. | The registrants other certifying officers
    and I have indicated in this annual report whether or not there
    were significant changes in internal controls or in other
    factors that could significantly affect internal controls
    subsequent to the date of our most recent evaluation, including
    any corrective actions with regard to significant deficiencies
    and material weaknesses.



| |                                   
| | ----------------------------------
| | /s/ DENIS KESSLER                 
| |                                   
| | Chairman  Chief Executive Officer

Date: June 27, 2003




---



##### Table of Contents



CERTIFICATION

I, François Terren, certify that:



|   |                                                                                                                                                                                                                                                                                                                                             
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1. | I have reviewed this annual report on
    Form 20-F of SCOR;                                                                                                                                                                                                                                                                                
|  
|2. | Based on my knowledge, this annual report does
    not contain any untrue statement of a material fact or omit to
    state a material fact necessary to make the statements made, in
    light of the circumstances under which such statements were
    made, not misleading with respect to the period covered by this
    annual report;
|  
|3. | Based on my knowledge, the financial statements,
    and other financial information included in this annual report,
    fairly present in all material respects the financial condition,
    results of operations and cash flows of the registrant as of,
    and for, the periods presented in this annual report;                       
|  
|4. | The registrants other certifying officers
    and I are responsible for establishing and maintaining
    disclosure controls and procedures (as defined in Exchange Act
    Rules 13a-14 and 15d-14) for the registrant and we have:                                                                                                       



| |    |                                                                                                                                                                                                                                                                                                             
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | designed such disclosure controls and procedures
    to ensure that material information relating to the registrant,
    including its consolidated subsidiaries, is made known to us by
    others within those entities, particularly during the period in
    which this annual report is being prepared;
|
| | b) | evaluated the effectiveness of the
    registrants disclosure controls and procedures as of a
    date within 90 days prior to the filing date of this annual
    report (the Evaluation Date); and                                                                                                      
|
| | c) | presented in this annual report our conclusions
    about the effectiveness of the disclosure controls and
    procedures based on our evaluation as of the Evaluation Date;                                                                                                                                



|   |                                                                                                                                                                                                                                                               
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|5. | The registrants other certifying officers
    and I have disclosed, based on our most recent evaluation, to
    the registrants auditors and the audit committee of
    registrants board of directors (or persons performing the
    equivalent function):



| |    |                                                                                                                                                                                                                                                                                                                   
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | all significant deficiencies in the design or
    operation of internal controls which could adversely affect the
    registrants ability to record, process, summarize and
    report financial data and have identified for the
    registrants auditors any material weaknesses in internal
    controls; and
|
| | b) | any fraud, whether or not material, that involves
    management or other employees who have a significant role in the
    registrants internal controls;                                                                                                                                                        



|   |                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|6. | The registrants other certifying officers
    and I have indicated in this annual report whether or not there
    were significant changes in internal controls or in other
    factors that could significantly affect internal controls
    subsequent to the date of our most recent evaluation, including
    any corrective actions with regard to significant deficiencies
    and material weaknesses.



| |                        
| | -----------------------
| | /s/ FRANÇOIS TERREN    
| |                        
| | Chief Financial Officer

Date: June 27, 2003




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##### Table of Contents



Appendix A

GLOSSARY OF SELECTED TERMS



|                                     |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Accounting year                      |  | The companys fiscal year in which the
    accounts are recorded. Because of the time required to transmit
    information for a given period of cover, the ceding
    companys accounting year may differ from that of the
    reinsurer. For reinsurers such as SCOR wishing to calculate
    their results more rapidly, estimates are made for the accounts
    of ceding companies for the last quarter or quarters not yet
    received at closing date.   
|                                    
|Actuarial analyses; actuarial models |  | Evaluation of risks in order to attempt to assure
    that premiums and loss reserves adequately reflect expected
    future loss experience and claims payments; in evaluating risks,
    mathematical models are used to predict future loss experience
    and claims payments based on past loss ratios and loss
    development patterns and other relevant data and assumptions.                                                                            
|                                    
|Accident year                        |  | The accounting year, in which loss events occur,
    regardless of when the losses are reported, booked or paid.                                                                                                                                                                                                                                                                                                                                                  
|                                    
|Additional reserves                  |  | Reserves set aside by the reinsurer over and
    above the amount indicated by the insurer. They are intended to
    cover claims incurred but not reported (IBNR), and
    underestimated claims (IBNER  incurred but not enough
    reserved).                                                                                                                                                                                                                 
|                                    
|Adverse development                  |  | Losses for which estimations of ultimate incurred
    losses and allocated LAE are proven inadequate. Increases in
    incurred losses as a result of adverse development are
    recognized in financial statements in the period of the change.                                                                                                                                                                                                                 
|                                    
|Alternative risk transfer, ART       |  | A concept covering the financing of risks through
    programmes other than the traditional insurance, using a
    combination of capital markets, investment banking, and
    reinsurance.                                                                                                                                                                                                                                                                       
|                                    
|Attachment point                     |  | The amount of losses above which excess of loss
    reinsurance becomes operative.                                                                                                                                                                                                                                                                                                                                                                                
|                                    
|Bancassurance; Bank insurance        |  | The sale, marketing and promotion of insurance
    products by banks. Initially appeared in Europe in the
    1980s, the term extended over the years to describe
    relationships between insurance companies and banks whereby the
    banks network of branches, contacts and/or marketing or
    client information are used to distribute Property-Casualty and
    personal insurance products manufactured and administrated by
    insurance companies.
|                                    
|Broker distribution                  |  | Reinsurance that is marketed and sold to ceding
    companies through reinsurance brokers.                                                                                                                                                                                                                                                                                                                                                                        
|                                    
|Capacity                             |  | Maximum amount of insurance or reinsurance
    available to cover risks for a company or for an entire market.
    An insurers capacity generally depends on its share
    capital and reserves, and on its premium income.                                                                                                                                                                                                                                      
|                                    
|Case reserves                        |  | Loss reserves established with respect to
    individual reported claims.                                                                                                                                                                                                                                                                                                                                                                                         

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##### Table of Contents





|                                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Casualty insurance                |  | Insurance which is primarily concerned with the
    losses caused by injuries to third persons (in other words,
    persons other than the policyholder) and the legal liability
    imposed on the insured resulting there from.                                                                                                                                                                                                                                                   
|                                 
|Catastrophe equalization reserves |  | Premium revenue deferred to future periods to
    provide against future catastrophes.                                                                                                                                                                                                                                                                                                                                                                                              
|                                 
|Ceded; cedent; ceding company     |  | When a company reinsures its risk with another,
    it cedes business and is referred to as the
    ceding company, the cedent or the
    reinsured.                                                                                                                                                                                                                                                                                                                        
|                                 
|Class of business                 |  | A homogeneous category of insurance. Since 1985,
    French reinsurers have utilized a uniform presentation that
    distinguishes between life, fire, crop hail, credit and surety,
    other risks, third party liability, motor, marine and aviation
    classes. The last eight of these form the general class of
    Property-Casualty business. English-speaking markets generally
    distinguish between Casualty (liability insurance) and Property
    (damage to goods).
|                                 
|Combined ratio                    |  | A combination of the underwriting expense ratio
    and the loss and LAE ratio, determined in accordance with GAAP.
    A combined ratio below 100% generally indicates profitable
    underwriting prior to the consideration of investment income. A
    combined ratio over 100% generally indicates unprofitable
    underwriting prior to the consideration of investment income.                                                                                              
|                                 
|Credit and surety insurance       |  | Credit insurance provides cover against loss to a
    supplier caused by customer insolvency. Surety insurance is a
    commitment to a bondholder to substitute for his debtor in case
    of default by the latter.                                                                                                                                                                                                                                                               
|                                 
|Decennial insurance               |  | Decennial insurance provides cover to building
    owners and construction companies against losses caused by
    structural defects in new buildings resulting from inherent
    defects in design, construction or the materials employed. In a
    number of countries, including France, such coverage is required
    as a matter of law. It is generally granted for a period of ten
    years after the completion of construction.                                          
|                                 
|Deposit                           |  | Amount deposited to guarantee the
    reinsurers commitment vis-a-vis the ceding company. Cash
    deposits generally earn interest at a rate agreed at the time of
    writing the business. Income from securities deposited accrues
    to the reinsurer.                                                                                                                                                                                                                       
|                                 
|Direct distribution               |  | Reinsurance that is marketed and sold directly to
    ceding companies without the assistance of brokers or other
    intermediaries.                                                                                                                                                                                                                                                                                                                                               
|                                 
|Earned premiums                   |  | Amount of premium (calculated on a risk exposure
    or time apportion basis) corresponding to the expired portion of
    risk or time for which the reinsured policy(ies) was/were in
    effect.                                                                                                                                                                                                                                                                                  
|                                 
|Excess of loss reinsurance        |  | A generic term describing reinsurance which
    indemnifies the reinsured against all or a specified portion of
    losses on underlying insurance contracts in excess of the ceding
    companys retention. Also known as non-proportional
    reinsurance.                                                                                                                                                                                                                       

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|                                                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Expense ratio; underwriting expense
    ratio       |  | Operating expenses as a percentage of net
    premiums earned.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                   
|Facultative reinsurance                             |  | The reinsurance of all or a portion of the
    insurance provided by a single contract. Each contract reinsured
    is separately negotiated.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                   
|Gross premiums written                              |  | Total premiums for insurance written and
    reinsurance assumed during a given period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                   
|Group policy                                        |  | A single insurance policy that provides cover
    against death, accident and sickness for several persons forming
    a homogeneous group, generally belonging to a single company or
    association.                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                   
|Incurred but not reported reserves
    (IBNR)     |  | Loss reserves for estimated losses and LAE, which
    have been incurred, but which have not yet been reported to the
    insurer or reinsurer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|                                                   
|Loss                                                |  | Event that triggers insurance cover. An event or
    series of events arising from a particular cause which gives
    rise to an insured or reinsured loss. Depending on the wording
    of the reinsurance agreement, such event may also
    include continuous exposure to conditions giving rise to losses,
    which may be generated under certain forms of Casualty insurance
    coverage. For coverage purposes, particularly under Catastrophe
    Excess agreements, the definition of occurrence may be
    restricted or expanded to include claims within a certain period
    of time (e.g., 72 hours) as one occurrence.
|                                                   
|Loss adjustment expenses
    (LAE)                |  | The expenses of settling claims, including legal
    and other fees and the portion of general expenses allocated to
    claim settlement costs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                   
|Loss experience                                     |  | Ratio of total cost of claims for the year to
    total earned premiums.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                   
|Loss ratio; loss and LAE ratio                      |  | Losses and LAE incurred as a percentage of net
    premiums earned.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                   
|Loss reserves                                       |  | Liabilities established by insurers and
    reinsurers to reflect the estimated cost of claims payments that
    the insurer or reinsurer will ultimately be required to pay in
    respect of insurance or reinsurance it has written. Loss
    reserves are established for losses and LAE, and consist of case
    reserves and IBNR reserves.                                                                                                                                                                                                                                                                                         
|                                                   
|Low or working layer excess of loss
    reinsurance |  | Reinsurance that absorbs the losses immediately
    above the reinsureds retention layer. A low layer excess
    of loss reinsurer will pay up to a certain monetary amount at
    which point a higher layer reinsurer or the ceding company will
    be liable for additional losses. Also known as working layer
    reinsurance.                                                                                                                                                                                                                                                                                                     
|                                                   
|Morbidity                                           |  | The relative incidence of disability or sickness
    due to disease or physical impairment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                   
|Mortality                                           |  | The relative incidence of death of life insureds
    or annuitants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                   
|Net premiums earned                                 |  | The portion of net premiums written during or
    prior to a given period that is recognized for accounting
    purposes as income during such period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

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|                                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net premiums written              |  | Gross premiums written for a given period less
    premiums ceded to retrocessionaires during such period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                 
|Non-proportional reinsurance      |  | Reinsurance contract written to protect the
    ceding company from all or part of claims in excess of a
    specified amount retained (priority). Also called Excess of Loss
    or Stop Loss reinsurance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                 
|Probable maximum loss
    (PML) |  | The estimated anticipated maximum loss, taking
    into account ceding company and contract limits, caused by a
    single catastrophe affecting a broad contiguous geographic area,
    such as that caused by a hurricane or earthquake of such a
    magnitude that it is expected to recur once during a given
    return period, such as every 50, 100 or 200 years.                                                                                                                                                                                                                                                                                                                        
|                                 
|Primary insurer                   |  | An insurance company that issues insurance
    contracts to the public generally or to certain non-insurance
    entities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                 
|Property insurance                |  | Insurance that provides coverage to a person with
    an insurable interest in tangible property for that
    persons property loss, damage or loss of use.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                 
|Pro rata reinsurance              |  | A generic term describing all forms of
    reinsurance in which the reinsurer shares a proportional part of
    the original premiums and losses of the reinsured. (Also known
    as proportional reinsurance, which includes quota share and
    surplus share reinsurance.)                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                 
|Pure premium                      |  | Premium equal to the statistical estimate of the
    risk covered by the insurer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                 
|Reinstatement                     |  | A provision in an excess of loss reinsurance
    contract, particularly catastrophe and clash covers, that
    provides for reinstatement of a limit which had been reduced by
    the occurrence of a loss or losses. The number of times that the
    limit can be reinstated varies, as does the cost of the
    reinstatement.                                                                                                                                                                                                                                                                                                                                                               
|                                 
|Reinstatement premiums            |  | Additional premiums charged under certain excess
    of loss reinsurance contracts to restore coverage to original
    coverage amounts after a loss.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                 
|Reinsurance                       |  | The practice whereby one party, called the
    reinsurer, in consideration of a premium paid to it, agrees to
    indemnify another party, called the reinsured or ceding company,
    for part or all of the liability assumed by the reinsured under
    a contract or contracts of insurance which it has issued.
    However, the legal rights of the insured generally are not
    affected by the reinsurance transaction and the insurance
    enterprise issuing the insurance contract remains liable to the
    insured for payment of policy benefits. The reinsured may be
    referred to as the original or primary insurer, the direct
    writing company, or the ceding company.
|                                 
|Retention; retention level        |  | The amount or portion of risk which an insurer or
    reinsurer retains for its own account. Losses in excess of the
    retention level are paid by the reinsurer or retrocessionaire.
    In proportional treaties, the retention may be a percentage of
    the original contracts limit. In excess of loss business,
    the retention is a fixed monetary amount of loss, a loss ratio
    or a percentage of the loss.                                                                                                                                                                                                                                                                    

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|                                                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Retrocession                                                    |  | A transaction whereby a reinsurer cedes to
    another reinsurer (the retrocessionaire) all or part
    of the reinsurance it has assumed. Retrocession provides
    reinsurers with benefits similar to those which reinsurance
    provides to ceding companies. Retrocession does not legally
    discharge the ceding reinsurer from its liability with respect
    to its obligations to the reinsured.                                        
|                                                               
|Tail                                                            |  | The period of time that elapses between either
    the writing of the applicable insurance or reinsurance policy or
    the loss event (or the insurers or reinsurers
    knowledge of the loss event) and the payment in respect thereof.
    A short-tail product is one where ultimate losses
    are known comparatively quickly; ultimate losses under a
    long-tail product are sometimes not known for many
    years.                 
|                                                               
|Treaty reinsurance                                              |  | The reinsurance of a specified type or category
    of risks defined in a reinsurance agreement (a
    treaty) between a primary insurer or other reinsured
    and a reinsurer. Typically, in treaty reinsurance, the primary
    insurer or reinsured is obligated to offer and the reinsurer is
    obligated to accept a specified portion of all such type or
    category of risks originally written by the primary insurer or
    reinsured.
|                                                               
|Underwriting                                                    |  | The insurer or reinsurers process of
    reviewing applications submitted for insurance or reinsurance
    coverage to determine whether to accept all or part of the
    coverage requested and determining the applicable rates, terms
    and conditions.                                                                                                                                                                                         
|                                                               
|Underwriting capacity                                           |  | The maximum amount that an insurance or
    reinsurance company can underwrite. The limit is generally
    determined by the companys retained earnings and
    investment capital. Reinsurance serves to increase a
    companys underwriting capacity by reducing its exposure
    from particular risks.                                                                                                                                         
|                                                               
|Underwriting cycle                                              |  | Pattern in which property and casualty insurance
    and reinsurance premiums, profits and availability of coverage
    rise and fall over time.                                                                                                                                                                                                                                                                                                      
|                                                               
|Underwriting expenses                                           |  | The aggregate of policy acquisition costs,
    including commissions, and that portion of administrative,
    general and other expenses attributable to underwriting
    activities.                                                                                                                                                                                                                                                                 
|                                                               
|Underwriting year                                               |  | An underwriting year reinsurance contract
    reinsures losses incurred on underlying insurance policies that
    begin at any time during the reinsurance contract term. This
    means, for example, that, if both the underlying insurance
    contracts and the reinsurance contract have twelve-month terms,
    the reinsurance contract will cover underlying losses occurring
    over a twenty-four month period.                            
|                                                               
|Unearned premium                                                |  | The portion of a premium allocated to the
    unexpired portion of the contract term as of a certain date.                                                                                                                                                                                                                                                                                                                                            
|                                                               
|U.S. Generally Accepted Accounting
    Principles (U.S. GAAP) |  | United States accounting principles as set forth
    in opinions of the Accounting Principles Board of the American
    Institute of Certified Public Accountants and/or in statements
    of the Financial Accounting                                                                                                                                                                                                                                

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|                             |  |                                                                                                                                                                                                                                                                                                      
|---------------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                             |  | Standards Board and/or their respective
    successors and which are applicable in the circumstances as of
    the date in question.                                                                                                                                                                 
|                            
|Working layer excess of loss |  | See low or working layer excess of loss
    reinsurance.                                                                                                                                                                                                                                           
|                            
|Written premiums             |  | Premiums recorded in the accounts that the
    insurer transmits to the reinsurer. They are divided into two
    parts: earned premiums, which appear on the credit side of the
    operating statement; and unearned premiums, which appear as a
    reserve under liabilities in the balance sheet.

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Exhibit Index

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                   |       |  |         | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----- |  | ------- | 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                   | Pages
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                   |      
|EXHIBIT 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                   |       |  |        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Translation from French into English of the
    Companys Statuts, or bylaws, as amended, in
    conformity with the May 15, 2003 board of directors
    meeting |       |  | E-1E-6 | 
|EXHIBIT 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                   |       |  |        
|Summary in the English language of (i) the
    EUR 100 million short-term credit line agreement, dated
    December 11, 2002, entered into by and among SCOR, a
    syndicate of banks and BNP Paribas as Agent, and (ii) the
    credit line agreement, dated December 26, 2002, entered
    into by and among SCOR, a syndicate of banks and BNP Paribas as
    Agent and as Issuing Bank, relating to the issuance of letters
    of credit in an aggregate amount of up to
    USD 900 million. |                                                                                                                                                                   |       |  |        
|EXHIBIT 8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                   |       |  |        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | List of subsidiaries                                                                                                                                              |       |  | E-7     | 
|EXHIBIT 12*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                   |       |  |        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Certifications pursuant to Section 906 of
    the Sarbanes-Oxley Act of 2002                                                                                      |       |  | E-8     | 






|  |                      
|- | ---------------------
|* | furnished, not filed.