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As filed with the Securities and Exchange Commission on
April 29, 2005








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, 2004                                            |  |  |  | 
|  |  | 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: 001-14518 |  |  |  | 

SCOR


(Exact name of registrant as specified in its charter)


|    |  |                       
|--- |  | ----------------------
|N/A |  | The Republic of France

|                                                     |  |                                                     
|---------------------------------------------------- |  | ----------------------------------------------------
|(Translation of registrants
     name into English) |  | (Jurisdiction of incorporation
     or organization)




1, Avenue du Général de Gaulle, 92800 Puteaux,
France


(Address of principal executive offices)







|                                                                                                                        |  |                                          
|----------------------------------------------------------------------------------------------------------------------- |  | -----------------------------------------
|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, Inc.            
|                                                                                                                       
|Ordinary Shares, no par value *                                                                                         |  | New York Stock Exchange, Inc.            



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






NONE







NONE









| |                                                                                                                                                                            | 
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| | 819,269,070 Ordinary Shares, including 29,615,519 American
    Depositary Shares (as evidenced by American Depositary
    Receipts), each representing one Ordinary Share. | 






x o




o x












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EXPLANATORY NOTE




CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING
STATEMENTS






| |   |                                                                                                                
| | - | ---------------------------------------------------------------------------------------------------------------
| |  | the implementation of the Moving Forward plan
    described under Item 4.  Information on the
    Company;
|
| |  | the implementation of strategic initiatives, including the
    update of information systems;                  
|
| |  | changes in premium revenues;                                                                                   
|
| |  | changes in the balance of lines and class of business;                                                         
|
| |  | the development of revenues overall and within specific business
    areas;                                    
|
| |  | the development of expenses;                                                                                   
|
| |  | the direction of insurance and reinsurance rates and the demand
    for reinsurance products and services;     
|
| |  | the market risks associated with interest and exchange rates and
    equity markets; and                       
|
| |  | other statements relating to SCORs future business
    development and economic performance.                  







| |   |                                                                                                                                                                                                                                                                                                               
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | cyclical trends in the insurance and reinsurance sectors;                                                                                                                                                                                                                                                     
|
| |  | the outcome of U.S. legal proceedings after the conclusion of
    all appeals and the allocation of liability, amount of damages
    and amount of indemnification ultimately allocated to SCOR and
    its affiliates related to the World Trade Center litigation at
    the conclusion of such proceedings;

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| |   |                                                                                                                                                                                                                                                  
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the frequency and severity of insured loss events, including
    natural and man made catastrophes, terrorist attacks and
    environmental and asbestos claims, as well as mortality and
    morbidity levels and trends and persistency levels;
|
| |  | the underwriting results of primary insurers and the accuracy
    and overall quality of information provided to SCOR by primary
    insurance companies with which SCOR transacts business,
    particularly regarding their reserve levels;    
|
| |  | the availability of and terms under which SCOR is able to enter
    into retrocessional arrangements;                                                                                                                                            
|
| |  | the state of the reinsurance brokerage market and the ability of
    reinsurers and members of pools in which SCOR participates to
    meet their obligations;                                                                                   
|
| |  | increasing levels of competition in France, Europe, North
    America and other international reinsurance markets;                                                                                                                               
|
| |  | interest rate levels;                                                                                                                                                                                                                            
|
| |  | the performance of global debt and equity markets;                                                                                                                                                                                               
|
| |  | ratings downgrades;                                                                                                                                                                                                                              
|
| |  | SCORs financial strength;                                                                                                                                                                                                                       
|
| |  | SCORs ability to meet its liquidity requirements;                                                                                                                                                                                               
|
| |  | currency exchange rates, including the euro  U.S. dollar
    exchange rate;                                                                                                                                                                     
|
| |  | economic trends in general;                                                                                                                                                                                                                      
|
| |  | the outcome of regulatory review by U.S. insurance regulators;                                                                                                                                                                                   
|
| |  | changes in laws, regulations and case law;                                                                                                                                                                                                       
|
| |  | political, regulatory and industry initiatives;                                                                                                                                                                                                  
|
| |  | SCORs ability to maintain its relationships with, and be
    recommended by, brokers;                                                                                                                                                           
|
| |  | SCORs ability to implement its Moving Forward
    strategic plan and the run-off of certain of its
    U.S. business lines, including CRP and SCOR U.S.;                                                                                      
|
| |  | the value of SCORs intangible assets;                                                                                                                                                                                                           
|
| |  | the ability of SCOR to improve its internal control over
    financial reporting and resolve material weaknesses in its
    internal control over financial reporting;                                                                           
|
| |  | the impact of SCORs conversion to International Financial
    Reporting Standards;                                                                                                                                                              
|
| |  | the impact of operational risks, including human or systems
    failures;                                                                                                                                                                        
|
| |  | the risks identified in Item 3.D  Risk
    Factors of this Annual Report on Form 20-F filed with
    the U.S. Securities Exchange Commission (the
    SEC) and SCORs other filings with the SEC; and                                       
|
| |  | other matters not yet known to SCOR or not currently considered
    material by SCOR.                                                                                                                                                            





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


4



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Table of Contents


|         |  |                                                                                  |     |      |     | 
|-------- |  | -------------------------------------------------------------------------------- | --- | ---- | --- | 
|         |  |                                                                                  |     | Page |    
|         |  |                                                                                  |     |      |    
|PART I   |  |                                                                                  | 6   |     
|Item 1.  |  | Identity of Directors, Senior Management
    and Advisers                        |     |      | 6   | 
|Item 2.  |  | Offer Statistics and Expected Timetable                                          |     |      | 6   | 
|Item 3.  |  | Key Information                                                                  |     |      | 6   | 
|Item 4.  |  | Information on the Company                                                       |     |      | 22  | 
|Item 5.  |  | Operating and Financial Review and
    Prospects                                 |     |      | 50  | 
|Item 6.  |  | Directors, Senior Management and
    Employees                                   |     |      | 75  | 
|Item 7.  |  | Major Shareholders and Related Party
    Transactions                            |     |      | 93  | 
|Item 8.  |  | Financial Information                                                            |     |      | 97  | 
|Item 9.  |  | The Offer and Listing                                                            |     |      | 100 | 
|Item 10. |  | Additional Information                                                           |     |      | 106 | 
|Item 11. |  | Quantitative and Qualitative Disclosures
    About Market Risk                   |     |      | 122 | 
|Item 12. |  | Description of Securities Other than Equity
    Securities                       |     |      | 124 | 
|PART II  |  |                                                                                  | 125 |     
|Item 13. |  | Defaults, Dividend Arrearages and
    Delinquencies                              |     |      | 125 | 
|Item 14. |  | Material Modifications to the Rights of
    Security Holders and Use of Proceeds |     |      | 125 | 
|Item 15. |  | Controls and Procedures                                                          |     |      | 125 | 
|Item 16. |  | A.   Audit Committee
    Financial Expert                                        |     |      | 126 | 
|Item 16. |  | B.   Code of Ethics                                                              |     |      | 127 | 
|Item 16. |  | C.   Principal Accountant
    Fees and Services                                  |     |      | 127 | 
|Item 16. |  | D.   Exemptions From The
    Listings Standards for Audit Committees             |     |      | 128 | 
|Item 16. |  | E.   Purchases Of Equity
    Securities by the Issuer and Affiliated Purchasers  |     |      | 128 | 
|PART III |  |                                                                                  | 130 |     
|Item 17. |  | Financial Statements                                                             |     |      | 130 | 
|Item 18. |  | Financial Statements                                                             |     |      | 130 | 
|Item 19. |  | Exhibits                                                                         |     |      | 130 | 
|EX-4.2  
|EX-4.3  
|EX-4.4  
|EX-4.5  
|EX-4.6  
|EX-4.7  
|EX-12.1 
|EX-12.2 
|EX-13.1 
|EX-13.2 
|EX-15   



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PART I





Item 1. Identity of Directors, Senior Management
and Advisers







Item 2. Offer Statistics and Expected Timetable







Item 3. Key Information


A. SELECTED FINANCIAL DATA


Currency Translations And Exchange Rates:




|                        |                          |      |      |      |     |         |      |         |        |  |           |  |  |  |      |  | 
|----------------------- | ------------------------ | ---- | ---- | ---- | --- | ------- | ---- | ------- | ------ |  | --------- |  |  |  | ---- |  | 
|                        |                          |      |      |      |     | Average |      |         | End of | 
|Year Ended December 31, |                          | High |      |      | Low |         |      | Rate(1) |        |  | Period(2) | 
|                        |                          |      |      |      |     |         |      |         |        |  |           | 
|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 | 
|2003                    |                          |      | 1.26 |      |     |         | 1.04 |         |        |  | 1.14      |  |  |  | 1.26 | 
|2004                    |                          |      | 1.36 |      |     |         | 1.18 |         |        |  | 1.25      |  |  |  | 1.35 | 
|                        | October 2004             |      |      | 1.28 |     |         |      | 1.23    |        |  |           |  |  |  |      |  | 
|                        | November 2004            |      |      | 1.33 |     |         |      | 1.27    |        |  |           |  |  |  |      |  | 
|                        | December 2004            |      |      | 1.36 |     |         |      | 1.32    |        |  |           |  |  |  |      |  | 
|2005 (through April 22) |                          |      | 1.35 |      |     |         | 1.28 |         |        |  |           |  |  |  |      | 
|                        | January 2005             |      |      | 1.35 |     |         |      | 1.30    |        |  |           |  |  |  |      |  | 
|                        | February 2005            |      |      | 1.33 |     |         |      | 1.28    |        |  |           |  |  |  |      |  | 
|                        | March 2005               |      |      | 1.35 |     |         |      | 1.29    |        |  |           |  |  |  |      |  | 
|                        | April (through April 22) |      |      | 1.31 |     |         |      | 1.28    |        |  |           |  |  |  |      |  | 






|    |                                                                                                                
|--- | ---------------------------------------------------------------------------------------------------------------
|(1) | The average of the Noon Buying Rates on the last business day of
    each month during the relevant period.    
|   
|(2) | The end of period Noon Buying Rate is the Noon Buying Rate on
    the last business day of the relevant period.





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Selected U.S. GAAP Consolidated Financial Data










Restatement








| |   |                                                                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | consolidation: capital leases and mutual funds;                                                                                                                                                                                                            
|
| |  | accounting for taxation: deferred taxes on the reserve de
    capitalisation and valuation allowance;                                                                                                                                                    
|
| |  | accounting for foreign currency: foreign currency transaction
    and financial statement, translation of goodwill and impact of
    currency fluctuations on available for sale debt securities held
    in currencies other than the functional currency;
|
| |  | accounting for post-retirement benefits; and                                                                                                                                                                                                               
|
| |  | accounting for other issues: impairment of securities,
    derivative contracts, several minor unadjusted difference items
    for the periods concerned and costs incurred in connection with
    the creation of the SCOR Vie subsidiary.                









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SELECTED U.S. GAAP CONSOLIDATED FINANCIAL DATA


|                                                                                         |  |                                                |        |  |             |  |        |            |  |  |            |   |  |              |         |             |       |  |         |  |  |  |        | 
|---------------------------------------------------------------------------------------- |  | ---------------------------------------------- | ------ |  | ----------- |  | ------ | ---------- |  |  | ---------- | - |  | ------------ | ------- | ----------- | ----- |  | ------- |  |  |  | ------ | 
|                                                                                         |  | As at and for the year ended December 31,      |       
|                                                                                         |  |                                                |       
|                                                                                         |  | 2000                                           |        |  | 2001        |  |        | 2002       |  |  | 2003       |   |  | 2004         |         |             | 2004  | 
|                                                                                         |  |                                                |        |  |             |  |        |            |  |  |            |   |  |              |         |             |       | 
|                                                                                         |  | (Restated)                                     |        |  | (Restated)  |  |        |            |  |  |            |   |  | (Translated) |        
|                                                                                         |  | (unaudited)                                    |        |  | (unaudited) |  |        | (Restated) |  |  | (Restated) |   |  |              |         | (unaudited) |      
|                                                                                         |  | (EUR)                                          |        |  | (EUR)       |  |        | (EUR)      |  |  | (EUR)      |   |  | (EUR)        |         |             | (USD) | 
|                                                                                         |  | (millions, except share and per share amounts) |       
|Income statement                                                                         |  |                                                |        |  |             |  |        |            |  |  |            |   |  |              |         |             |       |  |         |  |  |  |        | 
|Operating revenues                                                                       |  |                                                | 2,964  |  |             |  | 4,000  |            |  |  | 4,520      |   |  |              | 3,650   |             |       |  | 2,509   |  |  |  | 3,387  | 
|Total revenues                                                                           |  |                                                | 3,377  |  |             |  | 4,010  |            |  |  | 4,562      |   |  |              | 3,767   |             |       |  | 2,551   |  |  |  | 3,444  | 
|Income (loss) before cumulative effect of change in accounting                           |  |                                                | 78     |  |             |  | (434   | )          |  |  | (493       | ) |  |              | (512    | )           |       |  | 243     |  |  |  | 328    | 
|Cumulative effect of change in accounting principles, net of
    income
    taxes(1),(2) |  |                                                |       |  |             |  | 42     |            |  |  |           |   |  |              |        |             |       |  | 4       |  |  |  | 5      | 
|Net income (loss)                                                                        |  |                                                | 78     |  |             |  | (392   | )          |  |  | (493       | ) |  |              | (512    | )           |       |  | 247     |  |  |  | 333    | 
|Net income (loss) per Ordinary Share, basic                                              |  |                                                | 2.48   |  |             |  | (11.54 | )          |  |  | (13.03     | ) |  |              | (3.76   | )           |       |  | 0.31    |  |  |  | 0.42   | 
|Net income (loss) per Ordinary Share, diluted                                            |  |                                                | 2.31   |  |             |  | (11.54 | )          |  |  | (13.03     | ) |  |              | (3.76   | )           |       |  | 0.30    |  |  |  | 0.41   | 
|Balance sheet data (as at end of year)                                                   |  |                                                |        |  |             |  |        |            |  |  |            |   |  |              |         |             |       |  |         |  |  |  |        | 
|Total assets                                                                             |  |                                                | 12,776 |  |             |  | 16,917 |            |  |  | 16,002     |   |  |              | 13,605  |             |       |  | 13,439  |  |  |  | 18,143 | 
|Shareholders equity                                                                     |  |                                                | 1,371  |  |             |  | 1,267  |            |  |  | 1,078      |   |  |              | 356     |             |       |  | 1,211   |  |  |  | 1,635  | 
|Convertible debentures, long-term debt and capital leases                                |  |                                                | 499    |  |             |  | 510    |            |  |  | 902        |   |  |              | 1,039   |             |       |  | 961     |  |  |  | 1,297  | 
|Dividend declared per Ordinary Share                                                     |  |                                                | 1.70   |  |             |  | 0.30   |            |  |  |           |   |  |              |        |             |       |  |        |  |  |  |       | 
|Number of Ordinary Shares, in thousands                                                  |  |                                                | 34,794 |  |             |  | 41,244 |            |  |  | 136,545    |   |  |              | 136,545 |             |       |  | 819,269 |  |  |  |        | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | A change in accounting principles due to the discount of
    reserves occurred in 2001. The effect of the change in 2001 was
    to increase the Property Casualty net income by EUR
    62 million before tax and EUR 41 million after tax. If the
    accounting change was never made, the impact in 2002, 2003 and
    2004 would have been to increase Property Casualty net income by
    EUR 17 million before tax and EUR 11 million
    after tax, EUR 3 million before tax and
    EUR 2 million after tax and EUR 12 million
    before tax and EUR 8 million after tax, respectively.
|   
|(2) | In 2004, the Group adopted Statement of Position,
    Accounting and Reporting by Insurance Enterprise for
    Certain Non-Traditional Long-Duration Contracts and for Separate
    Accounts. See Note 3.23 to the consolidated financial
    statements included in Item 18  Financial
    Statements.                                                                                                                                                                                                                                                                                       

Dividends




statuts statuts


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|     |  |             |         |  |              |  |              |                 |  |  |              |  |              |                    |      |  |  |  |      | 
|---- |  | ----------- | ------- |  | ------------ |  | ------------ | --------------- |  |  | ------------ |  | ------------ | ------------------ | ---- |  |  |  | ---- | 
|     |  | Number of   |         |  |              |  | Dividend per |                 |  |  |              | 
|     |  | Ordinary    |         |  | Dividend per |  |              | Ordinary        |  |  |              |  | Dividend per |                   
|     |  | Shares      |         |  | Ordinary     |  |              | Share including |  |  | Dividend per |  |              | ADS including      |     
|     |  | outstanding |         |  | Share        |  |              | Avoir Fiscal(1) |  |  | ADS(2)       |  |              | Avoir Fiscal(1)(2) |     
|     |  |             |         |  |              |  |              |                 |  |  |              |  |              |                    |     
|     |  | (Thousands) |         |  | (EUR)        |  |              | (EUR)           |  |  | (USD)        |  |              | (USD)              |     
|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 | 
|2003 |  |             | 136,545 |  |              |  | 0.00         |                 |  |  | 0.00         |  |              |                    | 0.00 |  |  |  | 0.00 | 
|2004 |  |             | 819,269 |  |              |  | (*)          |                 |  |  | (*)          |  |              |                    | (*)  |  |  |  | (*)  | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Avoir Fiscal for individuals and corporations which own at least
    5% of the Companys share capital at a rate of 50%. The
    dividend per Ordinary Share including Avoir Fiscal for other
    corporations was EUR 2.13 and EUR 0.35 in 2000 and
    2001, respectively, and the dividend per ADS including Avoir
    Fiscal for other corporations was USD 1.90 and
    USD 0.31 in 2000 and 2001, respectively. The Avoir Fiscal
    was repealed and therefore will not be applicable with respect
    to dividends distributed in the future. See
    Item 10.E.  Taxation.
|   
|(2) | Solely for your convenience, the dividend per Ordinary Share and
    avoir fiscal have been translated from the euro amounts
    actually paid into the corresponding U.S. dollar amounts at
    the Noon Buying Rates. The Noon Buying Rate may differ from the
    rate that may be used by the Depositary to convert euros to
    U.S. dollars for purposes of making payments to holders of
    ADSs.                                                                                                                                                                             
|   
|(*) | The Companys board of directors has approved a
    EUR 0.03 dividend per Ordinary Share that will be proposed
    to the shareholders meeting to be held in May 2005.                                                                                                                                                                                                                                                                                                                                                                                                                

B. CAPITALIZATION AND INDEBTEDNESS




C. REASONS FOR THE OFFER AND USE OF PROCEEDS




D. RISK FACTORS


You should carefully consider the risks described below in
conjunction with the other information and the consolidated
financial statements of SCOR and the related notes thereto
included elsewhere in this Annual Report before making an
investment decision with respect to the Ordinary Shares or
ADSs.


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




9



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We are exposed to losses from catastrophic events.








10



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








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




11



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If our reserves prove to be inadequate, our net income,
results of operations and financial condition may be adversely
affected.








12



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Our results may be impacted by the inability of our
reinsurers (retrocessionaires) or members of pools in which
we participate to meet their obligations and the availability of
retrocessional reinsurance on commercially acceptable terms.






We operate in a highly competitive industry.






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










Ratings are important to our business.






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A significant portion of our treaties contain provisions
relating to financial strength, which could have an adverse
effect on our financial condition.




We face a number of significant liquidity requirements in the
short to medium-term.






| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In June 2004, we issued EUR 200 million of OCEANEs,
    consisting of 100 million bonds having a nominal value of
    EUR 2 each, which are bonds convertible or exchangeable for
    new or existing shares. The OCEANEs bonds will be fully redeemed
    in 2010. We used the proceeds from the OCEANEs bond issuance,
    together with available cash, to repay our 1999 OCEANEs bonds
    that matured on January 1, 2005 for an aggregate amount of
    approximately EUR 263 million, including repayment
    premium and reimbursement value of previously repurchased bonds.
|
| |  | In 2002, we issued EUR 200 million of unsubordinated
    notes repayable on June 21, 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Pursuant to agreements dated December 28, 2001 entered into
    in connection with the formation of IRP Holdings Limited, or IRP
    Holdings, IRP Holdings minority shareholders have an
    agreed set of exit rights exercisable during certain defined
    periods. The agreements permit the minority shareholders to exit
    IRP Holdings during the first half of 2005 and in any event
    require an exit no later than May 31, 2006. SCOR may
    acquire the shares held by the minority shareholders either with
    existing or newly-issued SCOR shares, with cash, or with a
    combination of shares and cash. SCOR may, depending on
    conditions at the time of the exit, decide to acquire all or
    part of these shares in 2005. For more information on IRP
    Holdings, see Item 9.A. The Offer and
    Listing  IRP, and for a description of the
    pending litigations initiated by minority shareholders of IRP
    Holdings, see Item 8.A. Consolidated Statements and
    Other Financial Information  Legal Proceedings.





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






Our Non Life subsidiaries in the United States are
facing financial difficulties and certain of our American
subsidiaries are subject to a regulatory review by
U.S. insurance regulators.




16



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We face risks from changes in government regulations and
legal proceedings and developments.






Political, legal, regulatory and industry initiatives
relating to the insurance industry, including investigations
into contingent commission arrangements and certain finite risk
or non-traditional insurance products could adversely affect our
business and industry.






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##### Table of Contents





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




If we do not successfully implement our Moving
Forward strategic plan, we will not achieve our objectives
and our business and future profitability and financial
condition would be adversely affected.




Our business and future profitability and financial condition
could be adversely affected by the run-off of certain of our
lines of business in the United States, including those of CRP
and SCOR U.S.






Our shareholders equity is sensitive to the value of
our intangible assets.




18



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| |                                                                                                                                                                                                                                                                                                       
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We have restated our U.S. GAAP financial statements and
    identified material weaknesses in our internal controls, and the
    identification of any material weaknesses or significant
    deficiencies in the future could affect our ability to ensure
    timely and reliable financial reports.





19



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| |                                                                                                                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our internal control over financial reporting may not be
    effective and our independent auditors may not be able to
    certify as to their effectiveness, which could have a
    significant and adverse effect on our business and
    reputation.





Our French GAAP results may differ significantly from our
U.S. GAAP results.




The transition of our primary financial statements from
French GAAP to IFRS may affect our operating results.




20



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Operational risks, including human or systems failures, are
inherent in our business.






It may not be possible for shareholders to effect service of
legal process, enforce judgments of courts outside of France or
bring actions based on securities laws of jurisdictions other
than France against SCOR or members of its Board of Directors
and executive officers.




The trading price of SCORs ADSs and dividends paid on
SCORs ADSs may be materially adversely affected by
fluctuations in the exchange rate for converting euros into
U.S. dollars.






| |   |                                                                                                                                                                                                           
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the U.S. dollar equivalent of the euro trading prices of
    SCOR Ordinary Shares on Euronext, which may consequently cause
    the trading price of SCORs ADSs in the United States to
    also decline;
|
| |  | the U.S. dollar equivalent of the proceeds that a holder of
    SCORs ADSs would receive upon the sale in France of any
    SCOR Ordinary Share withdrawn from the Depositary; and                       
|
| |  | the U.S. dollar equivalent of cash dividends paid in euros
    on the SCOR Ordinary Shares represented by SCORs ADSs.                                                                                    

The holders of SCORs ADSs may not be able to exercise
their voting rights due to delays in notification to and by the
Depositary.




21



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SCORs ADS and Ordinary Shares price could be volatile
and could drop unexpectedly and you may not be able to sell your
ADSs or Ordinary Shares at or above the price you paid.






| |   |                                                                                                                                                                                                                                 
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a downgrade or rumored downgrade of SCORs credit or
    financial strength ratings, including placement on credit watch;                                                                                                       
|
| |  | potential litigation involving SCOR or the insurance industry
    generally;                                                                                                                                                    
|
| |  | changes in financial estimates and recommendations by securities
    research analysts;                                                                                                                                         
|
| |  | fluctuations in foreign exchange rates and interest rates;                                                                                                                                                                      
|
| |  | the performance of other companies in the insurance sector;                                                                                                                                                                     
|
| |  | regulatory and legal developments in the principal markets in
    which SCOR operates;                                                                                                                                          
|
| |  | international political and economic conditions, including the
    effects of terrorism attacks, military operations and other
    developments stemming from such events and the uncertainty
    related to these developments;
|
| |  | investor perception of SCOR, including actual or anticipated
    variations in its revenues or operating results;                                                                                                               
|
| |  | announcements by SCOR of acquisitions, disposals or financings
    or speculation about such acquisitions, disposals or financings;                                                                                             
|
| |  | changes in SCORs dividend policy, which could result from
    changes in its cash flow and capital position;                                                                                                                   
|
| |  | sales of blocks of SCORs shares by shareholders; and                                                                                                                                                                           
|
| |  | general economic and market conditions.                                                                                                                                                                                         




Item 4. Information on the Company


A. BUSINESS OVERVIEW


General






22



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##### Table of Contents



Strategy






| |   |                                                                                                                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | short-tail business, which allows a clearer view of
    prospective business and which does not carry the same level of
    risk for future results and the inherent difficulties in
    calculating necessary reserves that are associated with
    long tail business as a result of the long term
    nature of the litigation and inflation of claims; and
|
| |  | non-proportional business, where SCOR underwriters and actuaries
    are better able to establish prices that are less susceptible to
    the adverse effects of the ceding companies underwriting
    and pricing.                                                                                                                                              





| |   |                                                                                                                                                                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | strengthening the Groups reserves;                                                                                                                                                                                                                                                                                   
|
| |  | replenishing the Groups capital base through two capital
    increases;                                                                                                                                                                                                                                              
|
| |  | right-sizing the Group by reducing premium underwriting and
    implementing the Groups new underwriting policy focused on
    short tail, non-proportional treaties and large
    business underwriting in Non Life, either primary or through
    large facultatives, when capacity and pricing are adequate; and
|
| |  | restructuring the Group, particularly by putting in place a new
    board of directors, new management and new procedures.                                                                                                                                                                                            





History of SCOR


statuts






23



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##### Table of Contents

















Recent Developments


IRP




Renewals




24



---



##### Table of Contents





World Trade Center Litigation




Claims






Commutations








Run off management in the United States




25



---



##### Table of Contents



Retrocession




OCEANEs Issuance and Repayment






26



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INDUSTRY OVERVIEW


Principles








| |   |                                                                                                                                                                                                                                                                                                         
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | First, reinsurance helps to stabilize direct insurers
    earnings when unusual and major events occur, by assuming the
    high layers of these risks or relieving them of accumulated
    individual exposures.                                                                                      
|
| |  | Reinsurance allows insurers to increase the maximum amount they
    can insure for a given loss or category of losses, by enabling
    them to underwrite a greater number of risks, or larger risks,
    without burdening their need to cover their solvency margin, and
    hence their capital base.
|
| |  | Reinsurance makes substantial quantities of liquidity available
    to insurers in the event of major loss events.                                                                                                                                                                                      





| |   |                                                                                                                                                                                
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | help ceding companies define their reinsurance needs and devise
    the most effective reinsurance program, to better plan for their
    capital adequacy and solvency margins;
|
| |  | supply a wide array of support services, particularly in terms
    of technical training, organization, accounting and information
    technology;                             
|
| |  | provide expertise in certain highly specialized areas such as
    the analysis of complex risks and risk pricing;                                                              
|
| |  | enable ceding companies to build up their business even if they
    are undercapitalized, particularly in order to launch new
    products requiring heavy investment.         

Types of Reinsurance


Treaty and Facultative Reinsurance






27



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Proportional and Non-Proportional Reinsurance










Retrocession




Broker vs. Direct Reinsurance




28



---



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Cyclicality




29



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PRODUCTS AND MARKETS


General










|                         |                                     |                                        |       |       |            |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |       |  |     |      |     | 
|------------------------ | ----------------------------------- | -------------------------------------- | ----- | ----- | ---------- |  | -- | ---- | --- |  | ----- | ----- | ----- | --- | -- | --- | --- |  | ----- | ----- | ----- |  | --- | ---- | --- | 
|                         |                                     | Year ended December 31,                |      
|                         |                                     |                                        |      
|                         |                                     | 2002                                   |       |       | 2003       |  |    | 2004 |    
|                         |                                     |                                        |       |       |            |  |    |      |    
|                         |                                     | (Restated)                             |       |       | (Restated) |  |    |     
|                         |                                     |                                        |       |       |            |  |    |     
|                         |                                     | EUR                                    |       |       | %          |  |    | EUR  |     |  | %     |       |       | EUR |    |     | %   | 
|                         |                                     |                                        |       |       |            |  |    |      |     |  |       |       |       |     |    |     |     | 
|                         |                                     | (EUR, in millions, except percentages) |      
|By segment of business   |                                     |                                        |       |       |            |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |       |  |     |     
|Non Life                 |                                     |                                        | 3,696 |       |            |  | 75 |      |     |  | 2,323 |       |       |     | 70 |     |     |  | 1,365 |       |       |  | 61% |     
|Life/ Accident & Health  |                                     |                                        | 1,218 |       |            |  | 25 |      |     |  | 983   |       |       |     | 30 |     |     |  | 880   |       |       |  | 39% |     
|                         |                                     |                                        |       |       |            |  |    |      |     |  |       |       |       |     |    |     |     | 
|                         | Total                               |                                        |       | 4,914 |            |  |    | 100  |     |  |       | 3,306 |       |     |    | 100 |     |  |       | 2,245 |       |  |     | 100% |    
|                         |                                     |                                        |       |       |            |  |    |      |     |  |       |       |       |     |    |     |     | 
|By class of business     |                                     |                                        |       |       |            |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |       |  |     |     
|Non Life                 |                                     |                                        |       |       |            |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |       |  |     |     
|Property-Casualty Treaty |                                     |                                        |       |       |            |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |       |  |     |     
|                         | Property                            |                                        |       | 1,139 |            |  |    | 52   |     |  |       | 972   |       |     |    | 58  |     |  |       | 608   |       |  |     | 57   |    
|                         | Casualty                            |                                        |       | 920   |            |  |    | 42   |     |  |       | 609   |       |     |    | 36  |     |  |       | 326   |       |  |     | 31   |    
|                         | Marine, Aviation and Transportation |                                        |       | 77    |            |  |    | 4    |     |  |       | 63    |       |     |    | 4   |     |  |       | 19    |       |  |     | 2    |    
|                         | Construction                        |                                        |       | 40    |            |  |    | 2    |     |  |       | 46    |       |     |    | 2   |     |  |       | 111   |       |  |     | 10   |    
|                         |                                     |                                        |       |       |            |  |    |      |     |  |       |       |       |     |    |     |     | 
|                         |                                     | Total Property-Casualty Treaty         |       |       | 2,176      |  |    |      | 100 |  |       |       | 1,690 |     |    |     | 100 |  |       |       | 1,064 |  |     |      | 100 | 
|                         |                                     |                                        |       |       |            |  |    |      |     |  |       |       |       |     |    |     |     | 

30



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|                                 |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     |  |     |       |     |  |    |     |     | 
|-------------------------------- | ----------------------------------- | ----------------------------------------------- | --- | ----- | ---------- |  | -- | ---- | --- |  | --- | ----- | --- | --- | -- | --- | --- |  | --- | ----- | --- |  | -- | --- | --- | 
|                                 |                                     | Year ended December 31,                         |    
|                                 |                                     |                                                 |    
|                                 |                                     | 2002                                            |     |       | 2003       |  |    | 2004 |    
|                                 |                                     |                                                 |     |       |            |  |    |      |    
|                                 |                                     | (Restated)                                      |     |       | (Restated) |  |    |     
|                                 |                                     |                                                 |     |       |            |  |    |     
|                                 |                                     | EUR                                             |     |       | %          |  |    | EUR  |     |  | %   |       |     | EUR |    |     | %   | 
|                                 |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     | 
|                                 |                                     | (EUR, in millions, except percentages)          |    
|Facultatives and Large Corporate |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     |  |     |       |     |  |    |    
|Accounts (SBS)                   |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     |  |     |       |     |  |    |    
|                                 | Property                            |                                                 |     | 437   |            |  |    | 47   |     |  |     | 329   |     |     |    | 58  |     |  |     | 161   |     |  |    | 62  |    
|                                 | Casualty                            |                                                 |     | 278   |            |  |    | 30   |     |  |     | 85    |     |     |    | 15  |     |  |     | 30    |     |  |    | 11  |    
|                                 | Marine, Aviation and Transportation |                                                 |     | 79    |            |  |    | 8    |     |  |     | 36    |     |     |    | 6   |     |  |     | 41    |     |  |    | 16  |    
|                                 | Construction                        |                                                 |     | 136   |            |  |    | 15   |     |  |     | 119   |     |     |    | 21  |     |  |     | 29    |     |  |    | 11  |    
|                                 |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     | 
|                                 |                                     | Total Facultatives and Large Corporate Accounts |     |       | 930        |  |    |      | 100 |  |     |       | 569 |     |    |     | 100 |  |     |       | 261 |  |    |     | 100 | 
|                                 |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     | 
|Credit, Surety & Political Risks |                                     |                                                 | 123 |       |            |  |    |      |     |  | 65  |       |     |     |    |     |     |  | 38  |       |     |  |    |    
|Alternative Reinsurance          |                                     |                                                 | 467 |       |            |  |    |      |     |  | (1  | )     |     |     |    |     |     |  | 2   |       |     |  |    |    
|                                 |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     | 
|                                 | Total Non Life                      |                                                 |     | 3,696 |            |  |    |      |     |  |     | 2,323 |     |     |    |     |     |  |     | 1,365 |     |  |    |     |    
|                                 |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     | 
|Life/ Accident & Health          |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     |  |     |       |     |  |    |    
|Annuity-based                    |                                     |                                                 | 182 |       |            |  | 15 |      |     |  | 198 |       |     |     | 18 |     |     |  | 33  |       |     |  | 4  |    
|Individual & group life          |                                     |                                                 | 493 |       |            |  | 40 |      |     |  | 384 |       |     |     | 46 |     |     |  | 511 |       |     |  | 58 |    
|Accident                         |                                     |                                                 | 100 |       |            |  | 8  |      |     |  | 132 |       |     |     | 12 |     |     |  | 97  |       |     |  | 11 |    
|Disability                       |                                     |                                                 | 56  |       |            |  | 5  |      |     |  | 50  |       |     |     | 4  |     |     |  | 39  |       |     |  | 5  |    
|Health                           |                                     |                                                 | 200 |       |            |  | 16 |      |     |  | 105 |       |     |     | 9  |     |     |  | 74  |       |     |  | 8  |    
|Unemployment                     |                                     |                                                 | 14  |       |            |  | 1  |      |     |  | 28  |       |     |     | 3  |     |     |  | 28  |       |     |  | 3  |    
|Long-term care                   |                                     |                                                 | 173 |       |            |  | 14 |      |     |  | 86  |       |     |     | 8  |     |     |  | 98  |       |     |  | 11 |    
|                                 |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     | 
|                                 | Total Life/ Accident & Health       |                                                 |     | 1,218 |            |  |    | 100  |     |  |     | 983   |     |     |    | 100 |     |  |     | 880   |     |  |    | 100 |    
|                                 |                                     |                                                 |     |       |            |  |    |      |     |  |     |       |     |     |    |     |     | 

Non Life






| |   |                                           
| | - | ------------------------------------------
| |  | Property-Casualty Treaty;                 
|
| |  | Facultatives and Large Corporate Accounts.
|
| |  | Credit, Surety & Political Risks; and     
|
| |  | Alternative Reinsurance.                  

Property-Casualty Treaty




Property.


Casualty.


Marine, Aviation and Transportation.


Construction.


31



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Facultatives and Large Corporate Accounts












Credit, Surety & Political Risks




Alternative Reinsurance




Life/Accident & Health




32



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##### Table of Contents



Life.


Accident, disability, health, unemployment and long-term
care.


Distribution by geographic area








Gross Premiums Written by Geographic
Area(1)


|                                     |                            |                           |       |       |            |  |      |      |  |  |       |       |  |     |      |     |   |  |       |     |  |  |      |     | 
|------------------------------------ | -------------------------- | ------------------------- | ----- | ----- | ---------- |  | ---- | ---- |  |  | ----- | ----- |  | --- | ---- | --- | - |  | ----- | --- |  |  | ---- | --- | 
|                                     |                            | Year ended December 31,   |      
|                                     |                            |                           |      
|                                     |                            | 2002                      |       |       | 2003       |  |      | 2004 | 
|                                     |                            |                           |       |       |            |  |      |      | 
|                                     |                            | (Restated)                |       |       | (Restated) |  |      |     
|                                     |                            |                           |       |       |            |  |      |     
|                                     |                            | EUR                       |       |       | %          |  |      | EUR  |  |  | %     |       |  | EUR |      |     | % | 
|                                     |                            |                           |       |       |            |  |      |      |  |  |       |       |  |     |      |     |   | 
|                                     |                            | (EUR figures in millions) |      
|Total Europe                         |                            |                           | 2,217 |       |            |  | 45%  |      |  |  | 1,925 |       |  |     | 58%  |     |   |  | 1,355 |     |  |  | 60%  |    
|                                     | France                     |                           |       | 840   |            |  |      | 17%  |  |  |       | 720   |  |     |      | 22% |   |  |       | 480 |  |  |      | 21% | 
|                                     | Europe (Outside of France) |                           |       | 1,377 |            |  |      | 28%  |  |  |       | 1,205 |  |     |      | 36% |   |  |       | 875 |  |  |      | 39% | 
|North America                        |                            |                           | 1,934 |       |            |  | 39%  |      |  |  | 822   |       |  |     | 25%  |     |   |  | 430   |     |  |  | 19%  |    
|Asia-Pacific and Other International |                            |                           | 763   |       |            |  | 16%  |      |  |  | 559   |       |  |     | 17%  |     |   |  | 460   |     |  |  | 21%  |    
|                                     |                            |                           |       |       |            |  |      |      |  |  |       |       |  |     |      |     |   | 
|Total                                |                            |                           | 4,914 |       |            |  | 100% |      |  |  | 3,306 |       |  |     | 100% |     |   |  | 2,245 |     |  |  | 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.

33



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RATINGS






|                                      |  |                             |  |                             |  |                            
|------------------------------------- |  | --------------------------- |  | --------------------------- |  | ---------------------------
|                                      |  | Insurer Financial Strength  |  | Senior Debt                 |  | Subordinated Debt          
|                                      |  |                            
|Standard & Poors
    November 9, 2004 |  | BBB+
    (positive outlook) |  | BBB+
    (positive outlook) |  | BBB-
    (positive outlook)
|AM Best
    December 1st, 2004        |  | B++
    (positive outlook)  |  | bbb
    (positive outlook)  |  | bbb-
    (positive outlook)
|Moodys
    December 7, 2004          |  | Baa2
    (positive outlook) |  | Baa3
    (positive outlook) |  | Ba2
    (positive outlook) 







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UNDERWRITING, RISK MANAGEMENT AND RETROCESSION


Underwriting




















35



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Catastrophe Risk and Exposure Controls
















|                                           |  |                                                      
|------------------------------------------ |  | -----------------------------------------------------
|Range of Potential Catastrophe Exposure(1) |  | Subject countries as of December 2004                
|                                           |  |                                                      
|(EUR, in millions)                         |  |                                                      
|100 to 200                                 |  | Canada, Colombia, Greece, Peru, United States, Mexico
|200 to 300                                 |  | Chile, Israel, Italy, Portugal, Taiwan, Turkey       
|300 and over                               |  | Japan, Europe                                        






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

36



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Système
dEvaluation des Risques Naturels






|                                                               |  |                         |    |     |      |  |    |      |  |  |    |    
|-------------------------------------------------------------- |  | ----------------------- | -- | --- | ---- |  | -- | ---- |  |  | -- | ---
|                                                               |  | Year ended December 31, |   
|                                                               |  |                         |   
|                                                               |  | 2002                    |    |     | 2003 |  |    | 2004 | 
|                                                               |  |                         |    |     |      |  |    |      | 
|                                                               |  | (EUR, in millions)      |   
|Number of
    catastrophes(1)                                  |  |                         | 1  |     |      |  | 4  |      |  |  | 2  |    
|Incurred losses and LAE from catastrophes, gross               |  |                         | 95 | (2) |      |  | 78 | (3)  |  |  | 40 | (4)
|Incurred losses and LAE from catastrophes, net of retrocession |  |                         | 94 | (2) |      |  | 72 | (3)  |  |  | 40 | (4)
|Group loss
    ratio(5)                                        |  |                         | 97 | %   |      |  | 99 | %    |  |  | 69 | %  
|Group loss ratio excluding catastrophes                        |  |                         | 94 | %   |      |  | 96 | %    |  |  | 67 | %  






|    |                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | A catastrophe is defined by SCOR as an event involving multiple
    insured risks causing pre-tax losses, net of retrocession, of
    EUR 10 million or more.
|   
|(2) | Catastrophic floods in Central Europe.                                                                                                                       
|   
|(3) | Floods in Italy and Southwestern France, storms in the
    Midwestern United States and Typhoon Maemi in South Korea.                                        
|   
|(4) | Typhoon Sondga plus Hurricane Ivan.                                                                                                                          
|   
|(5) | Loss incurred prior to discount on workers compensation reserves
    on North American operations expressed as a percentage of
    premiums earned.          



Claims






37



---



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Retrocessional Reinsurance










38



---



##### Table of Contents



RESERVES








| |   |                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------
| |  | 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.                                                                                              





General


Non Life business






39



---



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Life business




Catastrophe Equalization Reserves




40



---



##### Table of Contents



Changes in Historical Reserves














41



---



##### Table of Contents





Ten-Year Loss Development Table Presented Net of


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


|                                                                        |                    |      |         |       |      |  |        |       |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|----------------------------------------------------------------------- | ------------------ | ---- | ------- | ----- | ---- |  | ------ | ----- |  |  | ------ | ----- |  | ---- | ------- | ----- | ---- |  | ------- | ----- |  |  | ------- | ----- |  | ---- | ------- | ----- | ---- |  | ------- | ----- |  |  | ------- | ----- |  |  | ------ | ----- |  |  | ----- |  | 
|                                                                        |                    | 1994 |         |       | 1995 |  |        | 1996  |  |  | 1997   |       |  | 1998 |         |       | 1999 |  |         | 2000  |  |  | 2001    |       |  | 2002 |         |       | 2003 |  |         | 2004  | 
|                                                                        |                    |      |         |       |      |  |        |       |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       | 
|Initial gross reserves for unpaid loss and LAE                          |                    |      | 2,760   |       |      |  | 2,600  |       |  |  | 3,361  |       |  |      | 3,723   |       |      |  | 3,942   |       |  |  | 4,774   |       |  |      | 5,575   |       |      |  | 8,365   |       |  |  | 7,966   |       |  |  | 7,004  |       |  |  | 6,119 | 
|Initial retroceded reserves                                             |                    |      | 351     |       |      |  | 234    |       |  |  | 316    |       |  |      | 306     |       |      |  | 337     |       |  |  | 421     |       |  |      | 507     |       |      |  | 1,448   |       |  |  | 1,033   |       |  |  | 673    |       |  |  | 536   | 
|                                                                        |                    |      |         |       |      |  |        |       |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       | 
|Initial net reserves                                                    |                    |      | 2,409   |       |      |  | 2,366  |       |  |  | 3,045  |       |  |      | 3,417   |       |      |  | 3,605   |       |  |  | 4,353   |       |  |      | 5,068   |       |      |  | 6,917   |       |  |  | 6,933   |       |  |  | 6,331  |       |  |  | 5,583 | 
|Paid (Cumulative) as
    of:(2)                                         |                    |      |         |       |      |  |        |       |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       | 
|                                                                        | One year later     |      |         | 354   |      |  |        | 420   |  |  |        | 654   |  |      |         | 874   |      |  |         | 1,040 |  |  |         | 1,399 |  |      |         | 1,807 |      |  |         | 2,514 |  |  |         | 2,627 |  |  |        | 1,426 |  |  |       |  | 
|                                                                        | Two years later    |      |         | 717   |      |  |        | 901   |  |  |        | 1,136 |  |      |         | 1,440 |      |  |         | 1,570 |  |  |         | 2,294 |  |      |         | 3,163 |      |  |         | 3,614 |  |  |         | 3,736 |  |  |        |       |  |  |       |  | 
|                                                                        | Three years later  |      |         | 1,054 |      |  |        | 1,188 |  |  |        | 1,405 |  |      |         | 1,778 |      |  |         | 1,946 |  |  |         | 3,046 |  |      |         | 4,390 |      |  |         | 3,575 |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Four years later   |      |         | 1,292 |      |  |        | 1,368 |  |  |        | 1,599 |  |      |         | 2,015 |      |  |         | 2,356 |  |  |         | 3,606 |  |      |         | 5,027 |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Five years later   |      |         | 1,431 |      |  |        | 1,505 |  |  |        | 1,731 |  |      |         | 2,306 |      |  |         | 2,626 |  |  |         | 4,028 |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Six years later    |      |         | 1,542 |      |  |        | 1,590 |  |  |        | 1,953 |  |      |         | 2,488 |      |  |         | 2,874 |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Seven years later  |      |         | 1,613 |      |  |        | 1,779 |  |  |        | 2,073 |  |      |         | 2,646 |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Eight years later  |      |         | 1,777 |      |  |        | 1,871 |  |  |        | 2,176 |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Nine years later   |      |         | 1,853 |      |  |        | 1,948 |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Ten years later    |      |         | 1,923 |      |  |        |       |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Eleven years later |      |         |       |      |  |        |       |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|Reserve re-estimated as
    of:(3)                                      |                    |      |         |       |      |  |        |       |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       | 
|                                                                        | One year later     |      |         | 2,595 |      |  |        | 2,630 |  |  |        | 3,458 |  |      |         | 3,690 |      |  |         | 4,057 |  |  |         | 4,996 |  |      |         | 5,938 |      |  |         | 8,030 |  |  |         | 8,344 |  |  |        | 6,466 |  |  |       |  | 
|                                                                        | Two years later    |      |         | 2,665 |      |  |        | 2,733 |  |  |        | 3,411 |  |      |         | 3,772 |      |  |         | 4,082 |  |  |         | 5,278 |  |      |         | 6,358 |      |  |         | 8,699 |  |  |         | 7,984 |  |  |        |       |  |  |       |  | 
|                                                                        | Three years later  |      |         | 2,767 |      |  |        | 2,702 |  |  |        | 3,401 |  |      |         | 3,810 |      |  |         | 4,117 |  |  |         | 5,446 |  |      |         | 7,385 |      |  |         | 8,794 |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Four years later   |      |         | 2,758 |      |  |        | 2,692 |  |  |        | 3,404 |  |      |         | 3,807 |      |  |         | 4,209 |  |  |         | 5,952 |  |      |         | 7,412 |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Five years later   |      |         | 2,748 |      |  |        | 2,675 |  |  |        | 3,379 |  |      |         | 3,887 |      |  |         | 4,479 |  |  |         | 5,962 |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Six years later    |      |         | 2,722 |      |  |        | 2,653 |  |  |        | 3,429 |  |      |         | 4,002 |      |  |         | 4,454 |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Seven years later  |      |         | 2,711 |      |  |        | 2,711 |  |  |        | 3,522 |  |      |         | 3,990 |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Eight years later  |      |         | 2,777 |      |  |        | 2,792 |  |  |        | 3,507 |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Nine years later   |      |         | 2,834 |      |  |        | 2,780 |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Ten years later    |      |         | 2,823 |      |  |        |       |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|                                                                        | Eleven years later |      |         |       |      |  |        |       |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |  |        |       |  |  |       |  | 
|Cumulative redundancy/(deficiency) before premium development           |                    |      | (414)   |       |      |  | (414)  |       |  |  | (462)  |       |  |      | (573)   |       |      |  | (849)   |       |  |  | (1,609) |       |  |      | (2,344) |       |      |  | (1,877) |       |  |  | (1,052) |       |  |  | (136)  |       |  |  |       | 
|% before premium development                                            |                    |      | (17)    | %     |      |  | (18)   | %     |  |  | (15)   | %     |  |      | (17)    | %     |      |  | (24)    | %     |  |  | (37)    | %     |  |      | (46)    | %     |      |  | (27)    | %     |  |  | (15)    | %     |  |  | (2)    | %     |  |  |       | 
|Premium development                                                     |                    |      | 245     |       |      |  | 229    |       |  |  | 361    |       |  |      | 343     |       |      |  | 390     |       |  |  | 487     |       |  |      | 942     |       |      |  | 1,215   |       |  |  | 676     |       |  |  | 339    |       |  |  |       | 
|Cumulative redundancy/(deficiency) after premiums development           |                    |      | (169)   |       |      |  | (185)  |       |  |  | (101)  |       |  |      | (230)   |       |      |  | (459)   |       |  |  | (1,122) |       |  |      | (1,402) |       |      |  | (662)   |       |  |  | (376)   |       |  |  | 203    |       |  |  |       | 
|Percentage                                                              |                    |      | (7)     | %     |      |  | (8)    | %     |  |  | (3)    | %     |  |      | (7)     | %     |      |  | (13)    | %     |  |  | (26)    | %     |  |      | (28)    | %     |      |  | (10)    | %     |  |  | (5)     | %     |  |  | 3      | %     |  |  |       | 
|Gross re-estimated liability at December 31, 2004                       |                    |      | 3,328   |       |      |  | 3,134  |       |  |  | 4,020  |       |  |      | 4,700   |       |      |  | 5,181   |       |  |  | 7,113   |       |  |      | 8,639   |       |      |  | 12,841  |       |  |  | 9,702   |       |  |  | 7,532  |       |  |  |       | 
|Re-estimated receivable at December 31, 2004                            |                    |      | 505     |       |      |  | 354    |       |  |  | 513    |       |  |      | 710     |       |      |  | 727     |       |  |  | 1,151   |       |  |      | 1,227   |       |      |  | 4,047   |       |  |  | 1,718   |       |  |  | 1,066  |       |  |  |       | 
|                                                                        |                    |      |         |       |      |  |        |       |  |  |        |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       | 
|Net re-estimated liability at December 31, 2004                         |                    |      | 2,823   |       |      |  | 2,780  |       |  |  | 3,507  |       |  |      | 3,990   |       |      |  | 4,454   |       |  |  | 5,962   |       |  |      | 7,412   |       |      |  | 8,794   |       |  |  | 7,984   |       |  |  | 6,466  |       |  |  |       | 
|Gross cumulative redundancy/(deficiency) before premium
    development |                    |      | (568)   |       |      |  | (534)  |       |  |  | (659)  |       |  |      | (977)   |       |      |  | (1,239) |       |  |  | (2,339) |       |  |      | (3,064) |       |      |  | (4,476) |       |  |  | (1,736) |       |  |  | (529)  |       |  |  |       | 
|Gross premium adjustments                                               |                    |      | 288     |       |      |  | 281    |       |  |  | 332    |       |  |      | 366     |       |      |  | 360     |       |  |  | 459     |       |  |      | 784     |       |      |  | 1,154   |       |  |  | 735     |       |  |  | 495    |       |  |  |       | 
|Gross Cumulative redundancy/(deficiency) after premiums
    development |                    |      | (280)   |       |      |  | (253)  |       |  |  | (327)  |       |  |      | (611)   |       |      |  | (879)   |       |  |  | (1,880) |       |  |      | (2,280) |       |      |  | (3,322) |       |  |  | (1,001) |       |  |  | (34)   |       |  |  |       | 
|Percentage                                                              |                    |      | - 10.15 | %     |      |  | - 9.74 | %     |  |  | - 9.74 | %     |  |      | - 16.41 | %     |      |  | - 22.31 | %     |  |  | - 39.38 | %     |  |      | - 40.90 | %     |      |  | - 39.71 | %     |  |  | -13     | %     |  |  | - 0.49 | %     |  |  |       | 






|    |                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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.

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|    |                                                                                                                                                                                                                     
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | 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 EUR 260 million North American portfolio acquired in
    1996 has been excluded from the paid (cumulative) amount
    presented for the years concerned.



|    |                                                                                                                                                                                                                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | Re-estimated gross claims reserves for a given underwriting year
    are reduced by the amount of any premiums earned subsequent, 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,              |      
|                                                                 |              |                                      |      
|                                                                 |              | 2002                                 |       |       | 2003       |  |       | 2004  |      
|                                                                 |              |                                      |       |       |            |  |       |       |      
|                                                                 |              | (Restated)                           |       |       | (Restated) |  |       |      
|                                                                 |              | (EUR, in millions)                   |      
|Reserves for losses and LAE at beginning of year, net            |              |                                      | 6,917 |       |            |  | 6,933 |       |       |  | 6,331 |      
|Effect of changes in foreign currency exchange rates             |              |                                      | (745  | )     |            |  | (656  | )     |       |  | (203  | )    
|Effect of claims portfolio transfer and other reclassifications  |              |                                      | 107   |       |            |  | 31    |       |       |  | 9     |      
|                                                                 |              |                                      |       |       |            |  |       |       |      
|Incurred related to:                                             |              |                                      |       |       |            |  |       |       |       |  |       |      
|                                                                 | Current year |                                      |       | 2,802 |            |  |       | 1,661 |       |  |       | 1,002 |      
|                                                                 | Prior years  |                                      |       | 660   |            |  |       | 1,078 |       |  |       | 174   |      
|                                                                 |              |                                      |       |       |            |  |       |       |      
|                                                                 |              | Total incurred losses and
    LAE(1) |       |       | 3,462      |  |       |       | 2,739 |  |       |       | 1,176 | 
|                                                                 |              |                                      |       |       |            |  |       |       |      
|Paid related to:                                                 |              |                                      |       |       |            |  |       |       |       |  |       |      
|                                                                 | Current year |                                      |       | 450   |            |  |       | 316   |       |  |       | 116   |      
|                                                                 | Prior years  |                                      |       | 2,358 |            |  |       | 2,400 |       |  |       | 1,614 |      
|                                                                 |              |                                      |       |       |            |  |       |       |      
|                                                                 |              | Total paid losses and
    LAE(1)     |       |       | 2,808      |  |       |       | 2,716 |  |       |       | 1,730 | 
|                                                                 |              |                                      |       |       |            |  |       |       |      
|Reserves for losses and loss expenses at end of year 
    net   |              |                                      | 6,933 |       |            |  | 6,331 |       |       |  | 5,583 |      
|Reinsurance recoverable on unpaid losses                         |              |                                      | 1,033 |       |            |  | 673   |       |       |  | 536   |      
|                                                                 |              |                                      |       |       |            |  |       |       |      
|Reserves for losses and loss expenses at end of year 
    gross |              |                                      | 7,966 |       |            |  | 7,004 |       |       |  | 6,119 |      
|                                                                 |              |                                      |       |       |            |  |       |       |      






|    |                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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.

Asbestos and environmental




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|                                                                     |  |                         |     |   |                  |  |     |      |  |  |      |   |  |      |     |   |      |  |     |   |  |  |     |  
|-------------------------------------------------------------------- |  | ----------------------- | --- | - | ---------------- |  | --- | ---- |  |  | ---- | - |  | ---- | --- | - | ---- |  | --- | - |  |  | --- | -
|                                                                     |  | Year ended December 31, |    
|                                                                     |  |                         |    
|                                                                     |  | Asbestos(1)             |     |   | Environmental(1) | 
|                                                                     |  |                         |     |   |                  | 
|                                                                     |  | 2002                    |     |   | 2003             |  |     | 2004 |  |  | 2002 |   |  | 2003 |     |   | 2004 | 
|                                                                     |  |                         |     |   |                  |  |     |      |  |  |      |   |  |      |     |   |      | 
|                                                                     |  | (EUR, in millions)      |    
|Gross Non Life claims reserves, including IBNR reserves              |  |                         | 157 |   |                  |  | 109 |      |  |  | 98   |   |  |      | 88  |   |      |  | 59  |   |  |  | 54  |  
|% of total loss and LAE reserves                                     |  |                         | 2   | % |                  |  | 1.5 | %    |  |  | 1.6  | % |  |      | 1.1 | % |      |  | 0.8 | % |  |  | 0.9 | %
|Non Life claims and LAE paid                                         |  |                         | 7   |   |                  |  | 15  |      |  |  | 15   |   |  |      | 71  |   |      |  | 13  |   |  |  | 5   |  
|% of the Groups total net property-casualty claims
    and LAE paid |  |                         | 0.3 | % |                  |  | 0.6 | %    |  |  | 0.9  | % |  |      | 2.5 | % |      |  | 0.5 | % |  |  | 0.3 | %






|    |                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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 2002 reserves were EUR 30 million and EUR
    28 million for asbestos and environmental, respectively.
    The 2002 paid claims and LAE were EUR 0.8 million and EUR
    0.7 million for asbestos and environmental, respectively.
|
| |  | The 2003 reserves were EUR 19 million and EUR
    18 million for asbestos and environmental, respectively.
    The 2003 paid claims and LAE were EUR 0.6 million and EUR
    0.9 million for asbestos and environmental, respectively.
|
| |  | The 2004 reserves were EUR 18 million and EUR
    16 million for asbestos and environmental, respectively.
    The 2004 paid claims and LAE were EUR 0.3 million and EUR
    0.3 million for asbestos and environmental, respectively.







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|                                                                                                       |  |                              |            |  |               |  |           | 
|------------------------------------------------------------------------------------------------------ |  | ---------------------------- | ---------- |  | ------------- |  | --------- | 
|                                                                                                       |  | Year ended December 31, 2004 |           
|                                                                                                       |  |                              |           
|                                                                                                       |  | Asbestos                     |            |  | Environmental | 
|                                                                                                       |  |                              |            |  |               | 
|Number of claims notifications with respect to non-proportional
    treaties and facultative contracts |  |                              | 7,725      |  |               |  | 7,116     | 
|Average cost per
    claim(1)                                                                          |  |                              | EUR 13,298 |  |               |  | EUR 4,556 | 






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

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INVESTMENTS


General










Consolidated Net Investment Income


|                            |                        |                         |     |          |            |  |       |          |          |  |        |         |  |          |       |     |          |  |      |         |  |  |          |  |  |          |     |     |     |  |      |  |  |  |    |   |  | 
|--------------------------- | ---------------------- | ----------------------- | --- | -------- | ---------- |  | ----- | -------- | -------- |  | ------ | ------- |  | -------- | ----- | --- | -------- |  | ---- | ------- |  |  | -------- |  |  | -------- | --- | --- | --- |  | ---- |  |  |  | -- | - |  | 
|                            |                        | Year ended December 31, |    
|                            |                        |                         |    
|                            |                        | 2002                    |     |          | 2003       |  |       | 2004     |         
|                            |                        |                         |     |          |            |  |       |          |         
|                            |                        | (Restated)              |     |          | (Restated) |  |       |         
|                            |                        |                         |     | 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   |                        |                         | 318 |          |            |  | 5.6%  |          |          |  | 72     |         |  |          | 265   |     |          |  | 4.8% |         |  |  | 93       |  |  |          | 244 |     |     |  | 4.4% |  |  |  | 27 |  
|Equity securities           |                        |                         | 6   |          |            |  | 4.0%  |          |          |  | (123   | )       |  |          | 3     |     |          |  | 1.1% |         |  |  | 14       |  |  |          | 6   |     |     |  | 1.4% |  |  |  | 17 |  
|Trading equity securities   |                        |                         | 39  |          |            |  |       |          |          |  |       |         |  |          | 47    |     |          |  |      |         |  |  |          |  |  |          | 3   |     |     |  |     |  |  |  |   |  
|Short term and
    other(2) |                        |                         | 105 |          |            |  | 2.6%  |          |          |  | 93     |         |  |          | 100   |     |          |  | 4.7% |         |  |  | 10       |  |  |          | 112 |     |     |  | 4.4% |  |  |  | (2 | )
|Less investment expense     |                        |                         |     |          |            |  |       |          |          |  |        |         |  |          |       |     |          |  |      |         |  |  |          |  |  |          |     |     |     |  |      |  |  |  |    |  
|                            | Swap interest          |                         |     | (17      | )          |  |       |          |          |  |        |         |  |          |       | (8  | )        |  |      |         |  |  |          |  |  |          |     | (7  | )   |  |      |  |  |  |    |   | 
|                            | Administration expense |                         |     | (16      | )          |  |       |          |          |  |        |         |  |          |       | (29 | )        |  |      |         |  |  |          |  |  |          |     | (33 | )   |  |      |  |  |  |    |   | 
|                            | Other                  |                         |     | (68      | )          |  |       |          |          |  |        |         |  |          |       | (52 | )        |  |      |         |  |  |          |  |  |          |     | (43 | )   |  |      |  |  |  |    |   | 
|                            |                        |                         |     |          |            |  |       |          |          |  |        |         |  |          |       |     |          |  |      |         |  |  |          |  |  |          |    
|                            |                        | Total                   |     |          | 367        |  |       |          |          |  |        |         |  |          |       |     | 326      |  |      |         |  |  |          |  |  |          |     |     | 282 |  |      |  |  |  |    |   |  | 
|                            |                        |                         |     |          |            |  |       |          |          |  |        |         |  |          |       |     |          |  |      |         |  |  |          |  |  |          |    






|    |                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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 applicable, investment balances were converted
    into euro from local currencies at year-end exchange rates.
|   
|(2) | Includes swap income of EUR 10 million in 2002,
    EUR 3 million in 2003 and EUR 8 million in
    2004. Other swap-related net income is included in realized and
    unrealized capital gains (and losses).                                                                                                                                                                                         

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Portfolios




Consolidated Investment Position


|                                                   |       |                   |       |       |                |      |    |            |   |  |       |       |  |  |    |     |   |  |       |       |  |  |    |     |  
|-------------------------------------------------- | ----- | ----------------- | ----- | ----- | -------------- | ---- | -- | ---------- | - |  | ----- | ----- |  |  | -- | --- | - |  | ----- | ----- |  |  | -- | --- | -
|                                                   |       | Net carrying      |       |       | value as of De |      |    | cember 31, |  
|                                                   |       |                   |       |       |                |      |    |            |  
|                                                   |       | 2002              |       |       | 2003           |      |    |           
|                                                   |       |                   |       |       |                |      |    |           
|                                                   |       |                   |       |       |                | 2004 |   
|                                                   |       |                   |       |       |                |      |   
|                                                   |       | (Restated)        |       |       | (Restate       |      |    | d          |   |  |       |       | 
|                                                   |       | (EUR in millions) |      
|Fixed maturities available for sale, at fair value |       |                   | 5,805 |       |                |      | 63 | %          |   |  | 5,130 |       |  |  | 64 | %   |   |  | 5,272 |       |  |  | 63 | %  
|Equity securities, available for sale              |       |                   | 440   |       |                |      | 5  | %          |   |  | 109   |       |  |  | 1  | %   |   |  | 265   |       |  |  | 3  | %  
|Trading Investments                                |       |                   | 433   |       |                |      | 5  | %          |   |  | 740   |       |  |  | 9  | %   |   |  | 778   |       |  |  | 9  | %  
|Short term investments                             |       |                   | 198   |       |                |      | 2  | %          |   |  |      |       |  |  |   |     |   |  |      |       |  |  |   |    
|Other long-term investments                        |       |                   | 434   |       |                |      | 5  | %          |   |  | 316   |       |  |  | 4  | %   |   |  | 322   |       |  |  | 4  | %  
|Cash and cash equivalents                          |       |                   | 1,788 |       |                |      | 20 | %          |   |  | 1,824 |       |  |  | 22 | %   |   |  | 1,798 |       |  |  | 21 | %  
|                                                   |       |                   |       |       |                |      |    |            |   |  |       |       |  |  |    |     |   | 
|                                                   | Total |                   |       | 9,098 |                |      |    | 100        | % |  |       | 8,119 |  |  |    | 100 | % |  |       | 8,435 |  |  |    | 100 | %
|                                                   |       |                   |       |       |                |      |    |            |   |  |       |       |  |  |    |     |   | 





|                                                                                                  |       |                         |       |                |            |  |    |     |  
|------------------------------------------------------------------------------------------------- | ----- | ----------------------- | ----- | -------------- | ---------- |  | -- | --- | -
|                                                                                                  |       | As of December 31, 2004 |      
|                                                                                                  |       |                         |      
|                                                                                                  |       |                         |       | % of total net |           
|Rating                                                                                            |       | Net carrying value      |       |                | book value | 
|                                                                                                  |       |                         |       |                |            | 
|                                                                                                  |       | (EUR, in millions)      |      
|Guaranteed by the French or European government or its agencies,
    or the European
    Union(1) |       |                         | 273   |                |            |  | 5  | %  
|AAA                                                                                               |       |                         | 4,040 |                |            |  | 70 | %  
|AA                                                                                                |       |                         | 396   |                |            |  | 7  | %  
|A                                                                                                 |       |                         | 608   |                |            |  | 10 | %  
|BBB                                                                                               |       |                         | 347   |                |            |  | 6  | %  
|Below BBB                                                                                         |       |                         | 4     |                |            |  | 0  | %  
|Unrated                                                                                           |       |                         | 125   |                |            |  | 2  | %  
|                                                                                                  |       |                         |       |                |            | 
|                                                                                                  | Total |                         |       | 5,793          |            |  |    | 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.



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##### Table of Contents



INFORMATION TECHNOLOGY
















REGULATION OF THE REINSURANCE INDUSTRY


Commission de Contrôle des Assurances, des Mutuelles et
des Institutions de Prévoyance or C.C.A.M.I.P.








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Solvency margin








B. ORGANIZATIONAL STRUCTURE


OPERATIONS


General












|    |                                                                                                                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | SCOR has currently submitted a file for converting its
    representation bureau in Beijing into a subsidiary, and obtained
    on April 16, 2004, a licence for its Seoul Bureau to be
    converted into a branch. The Honk Kong office is linked to the
    Singapore office.

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##### Table of Contents







C. PROPERTY, PLANTS AND EQUIPMENT









Item 5. Operating and Financial Review and
Prospects


A. OPERATING RESULTS


You should read the following discussion together with the
consolidated financial statements of SCOR and the notes thereto
included elsewhere in this annual report. The consolidated
financial statements of SCOR included herein and the financial
information discussed below have been prepared in accordance
with U.S. GAAP. SCOR also publishes consolidated financial
statements, not included herein, prepared in accordance with
French GAAP, which differ in certain respects from
U.S. GAAP.


Restatement








| |   |                                                                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | consolidation: capital leases and mutual fund;                                                                                                                                                                                                             
|
| |  | accounting for taxation: deferred taxes on the reserve de
    capitalisation and valuation allowance;                                                                                                                                                    
|
| |  | accounting for foreign currency: foreign currency transaction
    and financial statement, translation of goodwill and impact of
    currency fluctuations on available for sale debt securities held
    in currencies other than the functional currency;
|
| |  | accounting for post-retirement benefits; and                                                                                                                                                                                                               

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| |   |                                                                                                                                                                                                                                            
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | accounting for other issues: impairment of securities,
    derivative contracts, several minor unadjusted difference items
    for the periods concerned and costs incurred in connection with
    the creation of the SCOR Vie subsidiary.



|                                                |  |                      |      |               |        |  |       |          |               |  |        |   |  |  |     |  
|----------------------------------------------- |  | -------------------- | ---- | ------------- | ------ |  | ----- | -------- | ------------- |  | ------ | - |  |  | --- | -
|                                                |  | In millions of Euros |     
|                                                |  |                      |     
|                                                |  |                      |      | Shareholders |        |  |       |          | Shareholders | 
|                                                |  | Net loss             |      |               | equity |  |       | Net loss |               |  | equity |  
|                                                |  | 2002                 |      |               | 2002   |  |       | 2003     |               |  | 2003   |  
|                                                |  |                      |      |               |        |  |       |          |               |  |        |  
|Previously Reported                             |  |                      | (561 | )             |        |  | 1,145 |          |               |  | (577   | ) |  |  | 428 |  
|Consolidation                                   |  |                      | 45   |               |        |  |      |          |               |  | 12     |   |  |  |    |  
|Capital lease                                   |  |                      |     |               |        |  |      |          |               |  | (1     | ) |  |  |    |  
|Consolidation of mutual funds                   |  |                      | 45   |               |        |  |      |          |               |  | 13     |   |  |  |    |  
|Taxation                                        |  |                      | (7   | )             |        |  | (29   | )        |               |  | 28     |   |  |  | (1  | )
|Deferred taxes on Réserve de capitalisation   |  |                      | (7   | )             |        |  | (29   | )        |               |  | (11    | ) |  |  | (40 | )
|Valuation allowance                             |  |                      |     |               |        |  |      |          |               |  | 39     |   |  |  | 39  |  
|Foreign Currency                                |  |                      | 56   |               |        |  | (9    | )        |               |  | 14     |   |  |  | (57 | )
|Foreign exchange                                |  |                      |     |               |        |  |      |          |               |  | (24    | ) |  |  | (37 | )
|Goodwill                                        |  |                      |     |               |        |  | (9    | )        |               |  |       |   |  |  | (20 | )
|Available for sale securities                   |  |                      |     |               |        |  |      |          |               |  | 14     |   |  |  |    |  
|Foreign currency transactions                   |  |                      | 56   |               |        |  |      |          |               |  | 24     |   |  |  |    |  
|Employee Benefits                               |  |                      | (2   | )             |        |  | (9    | )        |               |  | (4     | ) |  |  | (13 | )
|Other Adjustments                               |  |                      | (24  | )             |        |  | (20   | )        |               |  | 15     |   |  |  | (1  | )
|Other Than Temporary Impairments of Investments |  |                      | (3   | )             |        |  |      |          |               |  | 1      |   |  |  |    |  
|Horizon                                         |  |                      | (7   | )             |        |  |      |          |               |  | (8     | ) |  |  | 1   |  
|Creation of SCOR Vie subsidiary                 |  |                      |     |               |        |  |      |          |               |  | (3     | ) |  |  |    |  
|Miscellaneous adjustments                       |  |                      | (14  | )             |        |  | (20   | )        |               |  | 25     |   |  |  | (2  | )
|                                                |  |                      |      |               |        |  |       |          |               |  |        |  
|Total Impact Due to Restatements                |  |                      | 68   |               |        |  | (67   | )        |               |  | 65     |   |  |  | (72 | )
|                                                |  |                      |      |               |        |  |       |          |               |  |        |  
|Restated                                        |  |                      | (493 | )             |        |  | 1,078 |          |               |  | (512   | ) |  |  | 356 |  
|                                                |  |                      |      |               |        |  |       |          |               |  |        |  

|                            |                                         |      |  |        |   |  |      |  |  |  |  |       |   |  |  |  | 
|--------------------------- | --------------------------------------- | ---- |  | ------ | - |  | ---- |  |  |  |  | ----- | - |  |  |  | 
|                            |                                         | 2002 |  |        |   |  | 2003 |  |  | 
|                            |                                         |      |  |        |   |  |      |  |  | 
|Basic earnings per share:   |                                         |      |  |        |   |  |      |  |  |  |  |       |   |  |  | 
|                            | As previously reported                  |      |  | (4.11  | ) |  |      |  |  |  |  | (4.23 | ) |  |  |  | 
|                            | Total impact due to restatements*       |      |  | (8.92  | ) |  |      |  |  |  |  | 0.47  |   |  |  |  | 
|                            |                                         |      |  |        |   |  |      |  |  |  |  |      
|                            | Basic earnings per share, as restated   |      |  | (13.03 | ) |  |      |  |  |  |  | (3.76 | ) |  |  |  | 
|                            |                                         |      |  |        |   |  |      |  |  |  |  |      
|Diluted earnings per share: |                                         |      |  |        |   |  |      |  |  |  |  |       |   |  |  | 
|                            | As previously reported                  |      |  | (4.11  | ) |  |      |  |  |  |  | (4.23 | ) |  |  |  | 
|                            | Total impact due to restatements        |      |  | (8.92  | ) |  |      |  |  |  |  | 0.47  |   |  |  |  | 
|                            |                                         |      |  |        |   |  |      |  |  |  |  |      
|                            | Diluted earnings per share, as restated |      |  | (13.03 | ) |  |      |  |  |  |  | (3.76 | ) |  |  |  | 
|                            |                                         |      |  |        |   |  |      |  |  |  |  |      






Consolidation


Accounting for capital leases




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|                  |  |  |                 | 
|----------------- |  |  | --------------- | 
|January 1, 2002   |  |  |                | 
|December 31, 2002 |  |  | EUR 90 million  | 
|December 31, 2003 |  |  | EUR 101 million | 



|                  |  |  |                 | 
|----------------- |  |  | --------------- | 
|January 1, 2002   |  |  |                | 
|December 31, 2002 |  |  | EUR 90 million  | 
|December 31, 2003 |  |  | EUR 101 million | 



Consolidation of mutual funds






Accounting for deferred taxes


Deferred taxes on the réserve de
capitalisation






Valuation allowance




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##### Table of Contents





Reduced rate items








|                  |  |  |                 | 
|----------------- |  |  | --------------- | 
|January 1, 2002   |  |  |                | 
|December 31, 2002 |  |  | EUR 40 million  | 
|December 31, 2003 |  |  | EUR 130 million | 



|                  |  |  |                 | 
|----------------- |  |  | --------------- | 
|January 1, 2002   |  |  |                | 
|December 31, 2002 |  |  | EUR 40 million  | 
|December 31, 2003 |  |  | EUR 130 million | 





|                             |  |  |   | 
|---------------------------- |  |  | - | 
|Year ended December 31, 2002 |  |  |  | 
|Year ended December 31, 2003 |  |  |  | 



Accounting for translation of foreign currency
transactions and foreign currency financial statements


Foreign exchange






Goodwill






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Impact of currency fluctuations on available for sale debt
securities held in currencies other than the functional
currency








|                  |  |  |                  | 
|----------------- |  |  | ---------------- | 
|January 1, 2002   |  |  |                 | 
|December 31, 2002 |  |  |                 | 
|December 31, 2003 |  |  | EUR (14) million | 



|                  |  |  |                | 
|----------------- |  |  | -------------- | 
|January 1, 2002   |  |  |               | 
|December 31, 2002 |  |  |               | 
|December 31, 2003 |  |  | EUR 14 million | 



|                             |  |  |                  | 
|---------------------------- |  |  | ---------------- | 
|Year ended December 31, 2002 |  |  |                 | 
|Year ended December 31, 2003 |  |  | EUR (14) million | 



|                             |  |  |                | 
|---------------------------- |  |  | -------------- | 
|Year ended December 31, 2002 |  |  |               | 
|Year ended December 31, 2003 |  |  | EUR 14 million | 

Accounting for transactions in foreign currencies








|                  |  |  |                  | 
|----------------- |  |  | ---------------- | 
|January 1, 2002   |  |  | EUR 5 million    | 
|December 31, 2002 |  |  | EUR (51) million | 
|December 31, 2003 |  |  | EUR (75) million | 

54



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|                  |  |  |                 | 
|----------------- |  |  | --------------- | 
|January 1, 2002   |  |  | EUR (5) million | 
|December 31, 2002 |  |  | EUR 51 million  | 
|December 31, 2003 |  |  | EUR 75 million  | 



|                             |  |  |                  | 
|---------------------------- |  |  | ---------------- | 
|Year ended December 31, 2002 |  |  | EUR (56) million | 
|Year ended December 31, 2003 |  |  | EUR (24) million | 



|                             |  |  |                | 
|---------------------------- |  |  | -------------- | 
|Year ended December 31, 2002 |  |  | EUR 56 million | 
|Year ended December 31, 2003 |  |  | EUR 24 million | 



Accounting for employee post retirement benefits








Other adjustments


Other than temporary impairments of investments










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Horizon special purpose vehicle








| |   |                                                                                                                                                                                                                                                                                  
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The derivative contracts between the Group and the bank were not
    carried at fair value in the consolidated financial statements
    with fluctuations in fair value recognized in earnings.                                                                                  
|
| |  | Remeasurement of foreign currency-denominated credit linked
    notes and investments in bonds (both denominated in Euros) had
    not been done into Horizons U.S. dollar functional
    currency, with foreign currency transaction gains and losses
    reported in earnings.



Costs incurred in connection with the creation of the SCOR
Vie subsidiary






Miscellaneous adjustments






Reclassifications






Overview




56



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##### Table of Contents













Exchange Rate Fluctuations




|                 |  |                                    |       |  |                                   |  |       |      |  |  |        |  |  |      |       |  |      |  |       |  |  |  |       | 
|---------------- |  | ---------------------------------- | ----- |  | --------------------------------- |  | ----- | ---- |  |  | ------ |  |  | ---- | ----- |  | ---- |  | ----- |  |  |  | ----- | 
|                 |  | Value of one euro in each currency |      
|                 |  |                                    |      
|                 |  | Year-end exchange rates            |       |  | Average annual exchange rates for | 
|                 |  | as of December 31,                 |       |  | the year ended December 31,       | 
|                 |  |                                    |       |  |                                   | 
|                 |  | 2002                               |       |  | 2003                              |  |       | 2004 |  |  | 2002   |  |  | 2003 |       |  | 2004 | 
|                 |  |                                    |       |  |                                   |  |       |      |  |  |        |  |  |      |       |  |      | 
|U.S. Dollar      |  |                                    | 1.042 |  |                                   |  | 1.263 |      |  |  | 1.3604 |  |  |      | 0.950 |  |      |  | 1.141 |  |  |  | 1.244 | 
|Canadian Dollar  |  |                                    | 1.638 |  |                                   |  | 1.623 |      |  |  | 1.648  |  |  |      | 1.487 |  |      |  | 1.587 |  |  |  | 1.619 | 
|British Pound    |  |                                    | 0.650 |  |                                   |  | 0.705 |      |  |  | 0.709  |  |  |      | 0.629 |  |      |  | 0.693 |  |  |  | 0.679 | 
|Singapore Dollar |  |                                    | 1.809 |  |                                   |  | 2.145 |      |  |  | 2.228  |  |  |      | 1.693 |  |      |  | 1.986 |  |  |  | 2.010 | 



Business Segments




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Consolidated Results of Operations




Premiums


Gross premiums written




|                       |                        |                                  |                |       |            |       |  |      |       |       |  |     |       |       | 
|---------------------- | ---------------------- | -------------------------------- | -------------- | ----- | ---------- | ----- |  | ---- | ----- | ----- |  | --- | ----- | ----- | 
|                       |                        | Year ended December 31,          |               
|                       |                        |                                  |               
|                       |                        | 2002                             |                |       | 2003       |       |  | 2004 |      
|                       |                        |                                  |                |       |            |       |  |      |      
|                       |                        | (Restated)                       |                |       | (Restated) |       |  |     
|                       |                        | (EUR, in millions)               |               
|Gross premiums written |                        |                                  |                |       |            |       |  |      |       |       |  |    
|                       | Non-life               |                                  |                |       |            |       |  |      |       |       |  |     |      
|                       |                        | Treaty Property-Casualty         |                |       | 2,176      |       |  |      | 1,690 |       |  |     | 1,064 |      
|                       |                        | Credit, Surety & Political Risks |                |       | 123        |       |  |      | 65    |       |  |     | 38    |      
|                       |                        | Large Corporate accounts         |                |       | 930        |       |  |      | 569   |       |  |     | 261   |      
|                       |                        |                                  |                |       |            |       |  |      |      
|                       |                        | Alternative Reinsurance          |                |       | 467        |       |  |      | (1    | )     |  |     | 2     |      
|                       |                        |                                  |                |       |            |       |  |      |      
|                       |                        |                                  | Total Non-life |       |            | 3,696 |  |      |       | 2,323 |  |     |       | 1,365 | 
|                       | Life/Accident & Health |                                  |                | 1,218 |            |       |  | 983  |       |       |  | 880 |      
|                       |                        |                                  |                |       |            |       |  |      |      
|                       |                        | Total                            |                |       | 4,914      |       |  |      | 3,306 |       |  |     | 2,245 |      
|                       |                        |                                  |                |       |            |       |  |      |      





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Conclusion of the Back on Track plan and
implementation of the Moving Forward plan.




| |   |                                                                                                                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | short-tail business, which allows a clearer view of
    prospective business and which does not carry the same level of
    risk for future results and the inherent difficulties in
    calculating necessary reserves that are associated with
    long-tail business as a result of the long term
    nature of the litigation and inflation of claims; and
|
| |  | non-proportional business, where SCOR underwriters and actuaries
    are better able to establish prices that are less susceptible to
    the adverse effects of the ceding companies underwriting
    and pricing.                                                                                                                                              







| |   |                                                                                                                                                                                                                                                                                                                             
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | strengthening the Groups reserves;                                                                                                                                                                                                                                                                                         
|
| |  | replenishing the Groups capital base through two capital
    increases;                                                                                                                                                                                                                                                    
|
| |  | right-sizing the Group by reducing premium underwriting and
    implementing the Groups new underwriting policy, focusing
    on short tail, non-proportional treaties and
    large business underwriting in Non Life, either primary or
    through large facultatives, when capacity and pricing are
    adequate; and
|
| |  | restructuring the Group, particularly by putting in place a new
    board of directors, new management and new procedures.                                                                                                                                                                                                  



Impact of changes in the Group financial strength
rating.




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Fluctuations in exchange rates.


Net premiums written




|                     |                        |                                  |                |       |            |       |  |      |       |       |  |     |       |       | 
|-------------------- | ---------------------- | -------------------------------- | -------------- | ----- | ---------- | ----- |  | ---- | ----- | ----- |  | --- | ----- | ----- | 
|                     |                        | Year ended December 31,          |               
|                     |                        |                                  |               
|                     |                        | 2002                             |                |       | 2003       |       |  | 2004 |      
|                     |                        |                                  |                |       |            |       |  |      |      
|                     |                        | (Restated)                       |                |       | (Restated) |       |  |     
|                     |                        | (EUR, in millions)               |               
|Net premiums written |                        |                                  |                |       |            |       |  |      |       |       |  |    
|                     | Non life               |                                  |                |       |            |       |  |      |       |       |  |     |      
|                     |                        | Treaty Property-Casualty         |                |       | 1,982      |       |  |      | 1,580 |       |  |     | 1,014 |      
|                     |                        | Credit, Surety & Political Risks |                |       | 108        |       |  |      | 63    |       |  |     | 38    |      
|                     |                        | Large Corporate accounts         |                |       | 757        |       |  |      | 461   |       |  |     | 227   |      
|                     |                        |                                  |                |       |            |       |  |      |      
|                     |                        | Alternative Reinsurance          |                |       | 466        |       |  |      | (1    | )     |  |     | 3     |      
|                     |                        |                                  |                |       |            |       |  |      |      
|                     |                        |                                  | Total Non life |       |            | 3,313 |  |      |       | 2,103 |  |     |       | 1,282 | 
|                     | Life/Accident & Health |                                  |                | 1,045 |            |       |  | 885  |       |       |  | 844 |      
|                     |                        |                                  |                |       |            |       |  |      |      
|                     |                        | Total                            |                |       | 4,358      |       |  |      | 2,988 |       |  |     | 2,126 |      
|                     |                        |                                  |                |       |            |       |  |      |      





Revenues






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Net premiums earned




|                    |                        |                                  |                |     |            |       |  |      |       |       |  |     |       |       | 
|------------------- | ---------------------- | -------------------------------- | -------------- | --- | ---------- | ----- |  | ---- | ----- | ----- |  | --- | ----- | ----- | 
|                    |                        | Year ended December 31,          |               
|                    |                        |                                  |               
|                    |                        | 2002                             |                |     | 2003       |       |  | 2004 |      
|                    |                        |                                  |                |     |            |       |  |      |      
|                    |                        | (Restated)                       |                |     | (Restated) |       |  |     
|                    |                        | (EUR, in millions)               |               
|Net premiums earned |                        |                                  |                |     |            |       |  |      |       |       |  |    
|                    | Non life               |                                  |                |     |            |       |  |      |       |       |  |     |      
|                    |                        | Treaty Property-Casualty         |                |     | 2,016      |       |  |      | 1,670 |       |  |     | 1,120 |      
|                    |                        | Credit, Surety & Political Risks |                |     | 153        |       |  |      | 122   |       |  |     | 51    |      
|                    |                        | Large Corporate accounts         |                |     | 559        |       |  |      | 504   |       |  |     | 253   |      
|                    |                        | Alternative Reinsurance          |                |     | 524        |       |  |      | 159   |       |  |     | 3     |      
|                    |                        |                                  |                |     |            |       |  |      |      
|                    |                        |                                  | Total Non life |     |            | 3,252 |  |      |       | 2,455 |  |     |       | 1,427 | 
|                    |                        |                                  |                |     |            |       |  |      |      
|                    | Life/Accident & Health |                                  |                | 901 |            |       |  | 869  |       |       |  | 800 |      
|                    |                        |                                  |                |     |            |       |  |      |      
|                    |                        | Total                            |                |     | 4,153      |       |  |      | 3,324 |       |  |     | 2,227 |      
|                    |                        |                                  |                |     |            |       |  |      |      





Net Income from investments












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Expenses


















62



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Income taxes












63



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##### Table of Contents



Minority interests




Income from investments accounted for under the equity
method






Changes in accounting standards






Underwriting Results


Non Life




64



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|                                    |  |                         |       |   |            |  |       |      |  |  |       |  
|----------------------------------- |  | ----------------------- | ----- | - | ---------- |  | ----- | ---- |  |  | ----- | -
|                                    |  | Year ended December 31, |      
|                                    |  |                         |      
|                                    |  | 2002                    |       |   | 2003       |  |       | 2004 | 
|                                    |  |                         |       |   |            |  |       |      | 
|                                    |  | (Restated)              |       |   | (Restated) |  |       |     
|                                    |  | (EUR, in millions)      |      
|Gross premiums written              |  |                         | 3,696 |   |            |  | 2,323 |      |  |  | 1,365 |  
|Net premiums written                |  |                         | 3,313 |   |            |  | 2,103 |      |  |  | 1,282 |  
|Net premiums earned                 |  |                         | 3,252 |   |            |  | 2,455 |      |  |  | 1,427 |  
|Net loss and LAE                    |  |                         | 3,258 |   |            |  | 2,507 |      |  |  | 999   |  
|Net commissions and
    expenses(1) |  |                         | 830   |   |            |  | 613   |      |  |  | 461   |  
|Underwriting (loss)                 |  |                         | (834  | ) |            |  | (673  | )    |  |  | (17   | )
|Loss ratio                          |  |                         | 100   | % |            |  | 102   | %    |  |  | 70    | %
|Expense
    ratio(1)                |  |                         | 26    | % |            |  | 25    | %    |  |  | 32    | %
|Combined ratio                      |  |                         | 126   | % |            |  | 127   | %    |  |  | 102   | %






|    |                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|(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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Life/ Accident & Health




|                                    |  |                         |       |   |            |  |      |      |  |  |     |  
|----------------------------------- |  | ----------------------- | ----- | - | ---------- |  | ---- | ---- |  |  | --- | -
|                                    |  | Year ended December 31, |      
|                                    |  |                         |      
|                                    |  | 2002                    |       |   | 2003       |  |      | 2004 | 
|                                    |  |                         |       |   |            |  |      |      | 
|                                    |  | (Restated)              |       |   | (Restated) |  |      |     
|                                    |  | (EUR, in millions)      |      
|Gross premiums written              |  |                         | 1,218 |   |            |  | 983  |      |  |  | 880 |  
|Net premiums written                |  |                         | 1,045 |   |            |  | 885  |      |  |  | 844 |  
|Net premiums earned                 |  |                         | 901   |   |            |  | 869  |      |  |  | 800 |  
|Net loss and LAE                    |  |                         | 663   |   |            |  | 653  |      |  |  | 627 |  
|Net commissions and
    expenses(1) |  |                         | 312   |   |            |  | 319  |      |  |  | 266 |  
|Underwriting (loss)                 |  |                         | (74   | ) |            |  | (104 | )    |  |  | (93 | )
|Loss ratio                          |  |                         | 73    | % |            |  | 75   | %    |  |  | 78  | %
|Expense
    ratio(1)                |  |                         | 35    | % |            |  | 37   | %    |  |  | 33  | %
|Combined ratio                      |  |                         | 108   | % |            |  | 112  | %    |  |  | 111 | %






|    |                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|(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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B. LIQUIDITY AND CAPITAL RESOURCES


Liquidity and Capital Resources




|                                                          |  |                         |       |   |            |  |       |      |  |  |       |  
|--------------------------------------------------------- |  | ----------------------- | ----- | - | ---------- |  | ----- | ---- |  |  | ----- | -
|                                                          |  | Year ended December 31, |      
|                                                          |  |                         |      
|                                                          |  | 2002                    |       |   | 2003       |  |       | 2004 | 
|                                                          |  |                         |       |   |            |  |       |      | 
|                                                          |  | (Restated)              |       |   | (Restated) |  |       |     
|                                                          |  | (EUR, in millions)      |      
|Net cash flows provided by (used in) operating activities |  |                         | 264   |   |            |  | (98   | )    |  |  | (229  | )
|                                                          |  |                         |       |   |            |  |       |      | 
|Net cash flows provided by (used in) investing activities |  |                         | (614  | ) |            |  | 258   |      |  |  | (450  | )
|                                                          |  |                         |       |   |            |  |       |      | 
|Net cash flows provided by financing activities           |  |                         | 395   |   |            |  | 50    |      |  |  | 846   |  
|                                                          |  |                         |       |   |            |  |       |      | 
|Effect of exchange rate changes on cash                   |  |                         | (49   | ) |            |  | 21    |      |  |  | (135  | )
|Cash and cash equivalents at beginning of year            |  |                         | 1,927 |   |            |  | 1,788 |      |  |  | 1,824 |  
|Effect of changes in exchange rates on cash beginning     |  |                         | (135  | ) |            |  | (195  | )    |  |  | (58   | )
|                                                          |  |                         |       |   |            |  |       |      | 
|Cash and cash equivalents at end of year                  |  |                         | 1,788 |   |            |  | 1,824 |      |  |  | 1,798 |  
|                                                          |  |                         |       |   |            |  |       |      | 



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68



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69



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EUR 50 million short term credit line




SCOR stand-by letters of credit facility




SCOR Vie stand-by letters of credit facility




70



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Stand-by letter of credit facility




C. OFF-BALANCE SHEET TRANSACTIONS






|                     |                           |                         |       |       |      |  |       |       |  |  |       |       | 
|-------------------- | ------------------------- | ----------------------- | ----- | ----- | ---- |  | ----- | ----- |  |  | ----- | ----- | 
|                     |                           | Year ended December 31, |      
|                     |                           |                         |      
|                     |                           | 2002                    |       |       | 2003 |  |       | 2004  | 
|                     |                           |                         |       |       |      |  |       |       | 
|                     |                           | (EUR, in millions)      |      
|Commitments received |                           |                         |       |       |      |  |       |       |  |  |       |      
|                     | Unused credit lines       |                         |       | 100   |      |  |       | 50    |  |  |       | 44    | 
|                     | Endorsements and sureties |                         |       | 1     |      |  |       | 68    |  |  |       | 47    | 
|                     | Letters of Credit         |                         |       | 1,262 |      |  |       | 1,285 |  |  |       | 867   | 
|                     | Other commitments         |                         |       | 1     |      |  |       |      |  |  |       | 13    | 
|                     |                           |                         |       |       |      |  |       |       | 
|Total                |                           |                         | 1,364 |       |      |  | 1,403 |       |  |  | 971   |      
|                     |                           |                         |       |       |      |  |       |       | 
|Commitments given    |                           |                         |       |       |      |  |       |       |  |  |       |      
|                     | Endorsements and sureties |                         |       | 1     |      |  |       | 90    |  |  |       | 47    | 
|                     | Leases                    |                         |       | 28    |      |  |       | 17    |  |  |       | 10    | 
|                     | Letters of Credit         |                         |       | 1,085 |      |  |       | 594   |  |  |       | 656   | 
|                     | Collateralized securities |                         |       | 2,583 |      |  |       | 3,226 |  |  |       | 1,885 | 
|                     | Other commitments         |                         |       | 23    |      |  |       | 139   |  |  |       | 99    | 
|                     |                           |                         |       |       |      |  |       |       | 
|Total                |                           |                         | 3,720 |       |      |  | 4,066 |       |  |  | 2,698 |      
|                     |                           |                         |       |       |      |  |       |       | 



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Guarantees








D. CONTRACTUAL OBLIGATIONS




|           |                      |                    |     |       |    
|---------- | -------------------- | ------------------ | --- | ----- | ---
|Year       |                      | Payment            |    
|           |                      |                    |    
|           |                      | (EUR, in millions) |    
|2005       |                      |                    | 266 |      
|2006       |                      |                    | 78  |      
|2007       |                      |                    | 232 |      
|2008       |                      |                    | 16  |      
|2009       |                      |                    | 205 |      
|Thereafter |                      |                    | 295 |      
|           |                      |                    |    
|           | Total long-term debt |                    |     | 1,092 | (1)
|           |                      |                    |    






|    |                                                                        
|--- | -----------------------------------------------------------------------
|(1) | Excluding EUR 147 million related to the sale of the SCOR
    building.

|                            |          |                       |     |           |        |  |     |           |           |  |           |     |  |         |     |     |  |  |     |     | 
|--------------------------- | -------- | --------------------- | --- | --------- | ------ |  | --- | --------- | --------- |  | --------- | --- |  | ------- | --- | --- |  |  | --- | --- | 
|                            |          | Payment due by period |    
|                            |          |                       |    
|                            |          |                       |     | Less than |        |  |     |           | More than | 
|Contractual obligations     |          | Total                 |     |           | 1 year |  |     | 1-3 years |           |  | 3-5 years |     |  | 5 years |    
|                            |          |                       |     |           |        |  |     |           |           |  |           |     |  |         |    
|Long term debt              |          |                       | 995 |           |        |  | 262 |           |           |  | 300       |     |  |         | 211 |     |  |  | 222 |    
|Capital lease               |          |                       | 97  |           |        |  | 4   |           |           |  | 10        |     |  |         | 10  |     |  |  | 73  |    
|Operating lease             |          |                       |    |           |        |  |    |           |           |  |          |     |  |         |    |     |  |  |    |    
|Purchase                    |          |                       |    |           |        |  |    |           |           |  |          |     |  |         |    |     |  |  |    |    
|Other long term liabilities |          |                       |    |           |        |  |    |           |           |  |          |     |  |         |    |     |  |  |    |    
|                            |          |                       |     |           |        |  |     |           |           |  |           |     |  |         |    
|                            | Total(1) |                       |     | 1,092     |        |  |     | 266       |           |  |           | 310 |  |         |     | 221 |  |  |     | 295 | 
|                            |          |                       |     |           |        |  |     |           |           |  |           |     |  |         |    






|    |                                                                        
|--- | -----------------------------------------------------------------------
|(1) | Excluding EUR 147 million related to the sale of the SCOR
    building.



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E. RESEARCH AND DEVELOPMENT, PATENTS, LICENSES




F. TREND INFORMATION




G. CRITICAL ACCOUNTING POLICIES




Technical Reserves.




Premiums.




Amortization of Deferred Policy Acquisition Costs.




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Fair Values.




Goodwill.




Deferred Tax.








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Item 6. Directors, Senior Management and
Employees


A. DIRECTORS AND SENIOR MANAGEMENT




Board of Directors


statuts


statuts, statuts


statuts sociétés anonymes, statuts


75



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|                                          |  |     |    |                                    |                                                |                                                                                                                                                     |           |  |            |         |  |  |      | 
|----------------------------------------- |  | --- | -- | ---------------------------------- | ---------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- | --------- |  | ---------- | ------- |  |  | ---- | 
|                                          |  |     |    | Current principal position at SCOR |                                                | Initially                                                                                                                                           |           |  | Expiration |        
|Name                                      |  | Age |    |                                    | and principal business activities outside SCOR |                                                                                                                                                     | appointed |  |            | of term | 
|                                          |  |     |    |                                    |                                                |                                                                                                                                                     |           |  |            |         | 
|Denis
    Kessler(1)                      |  |     | 52 |                                    |                                                | Chairman and Chief Executive Officer; Member of the Board of
    Directors of BNP Paribas SA; BOLLORE
    Investissement SA; and DASSAULT Aviation  |           |  | 11/4/02    |         |  |  | 2007 | 
|Carlo
    Acutis(2)                       |  |     | 66 |                                    |                                                | Director; Vice-Chairman, La Vittoria Assicurazioni SpA
    (Italy)                                                                                  |           |  | 5/15/03    |         |  |  | 2009 | 
|Michèle Aronvald                          |  |     | 46 |                                    |                                                | Employee  elected Director                                                                                                                         |           |  | 8/30/01    |         |  |  | 2006 | 
|Antonio
    Borges(2)(3)                  |  |     | 55 |                                    |                                                | Director; Vice-Chairman, Goldman Sachs International, Investment
    Banker                                                                         |           |  | 5/15/03    |         |  |  | 2007 | 
|Allan Chapin,
    Esq.(1)(4)              |  |     | 63 |                                    |                                                | Director; Partner, Compass Advisers LLP (New York, U.S.A.)                                                                                          |           |  | 5/12/97    |         |  |  | 2005 | 
|Daniel
    Havis(2)                       |  |     | 49 |                                    |                                                | Director; Chairman and Chief Executive Officer, MATMUT (Mutuelle
    Assurance de Travailleurs Mutualistes) (France)                                |           |  | 11/18/96   |         |  |  | 2005 | 
|Yvon
    Lamontagne(2)                    |  |     | 64 |                                    |                                                | Director; Director of Hydro Québec (Montréal)                                                                                                       |           |  | 5/15/03    |         |  |  | 2007 | 
|Daniel
    Lebègue(1)(2)(3)               |  |     | 61 |                                    |                                                | Director; Président of the French Institute of Directors
    (Institut Français des Administrateurs  IFA)                                          |           |  | 5/15/03    |         |  |  | 2009 | 
|Helman Le Pas de
    Sécheval(1)(2)(3)(5) |  |     | 38 |                                    |                                                | Director; Group Chief Financial Officer, GROUPAMA S.A.                                                                                              |           |  | 11/3/04    |         |  |  | 2009 | 
|André
    Lévy-Lang(1)(3)(4)              |  |     | 67 |                                    |                                                | Director; Associate Professor at the Paris University of
    Dauphine; former Chairman of the Management Board, Paribas                             |           |  | 5/15/03    |         |  |  | 2009 | 
|Herbert
    Schimetschek(2)               |  |     | 66 |                                    |                                                | Director; Chairman of the Management Board and Chief Executive
    Officer, Austria Versicherungsverein auf Gegenseitigkeit
    (holding) (Austria) |           |  | 5/15/03    |         |  |  | 2007 | 
|Jean-Claude
    Seys(1)                   |  |     | 66 |                                    |                                                | Director; Chairman and Chief Executive Officer, MAAF Assurance
    S.A.; Chairman and Chief Executive Officer, MMA                                  |           |  | 5/15/03    |         |  |  | 2009 | 
|Jean
    Simonnet(2)                      |  |     | 68 |                                    |                                                | Director; Chairman, MACIF and subsidiaries of MACIF (France)                                                                                        |           |  | 3/2/99     |         |  |  | 2005 | 
|Claude
    Tendil(1)(2)                   |  |     | 59 |                                    |                                                | Director; Chairman and Chief Executive Officer, Generali
    (France) and Chairman, Europ Assistance Group                                          |           |  | 5/15/03    |         |  |  | 2007 | 
|Daniel
    Valot(1)                       |  |     | 60 |                                    |                                                | Director; Chairman and Chief Executive Officer, Technip                                                                                             |           |  | 5/15/03    |         |  |  | 2007 | 






|    |                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Member of the Strategic Committee.                                                                                                                                                                                                                                       
|   
|(2) | Member of the Risks Committee.                                                                                                                                                                                                                                           
|   
|(3) | Member of the Accounting and Audit Committee.                                                                                                                                                                                                                            
|   
|(4) | Member of the Compensation and Nominations Committee.                                                                                                                                                                                                                    
|   
|(5) | Appointed as a member of the Board of Directors in replacement
    of Jean Baligand and as a member of the Strategic Committee on
    November 3, 2004. He is also a member of the Risks
    Committee and a non-voting member of the Accounting and Audit
    Committee.

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| |   |                                                                                                                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Georges Chodron de Courcel, 54, Chief Operating Officer,
    BNP-Paribas, who was also appointed as member of the
    Compensation and Nominations Committee and the Risks Committee.                                                                                                                                                                             
|
| |  | Helman Le Pas de Sécheval, 38, Group Chief Financial
    Officer, Groupama was a non-voting director until
    November 3, 2004. However, due to his appointment as a
    member of the Board of Directors in replacement of Jean
    Baligand, Helman Le Pas de Sécheval resigned as a
    non-voting director on November 3, 2004 and has not been
    replaced.





| |   |                                                                                                                                                                                                                                                                                                                                                 
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | A majority of non-executive directors. The board considers
    eleven of its fifteen members to be independent, namely
    Messrs. Acutis, Borges, Chapin, Havis, Lamontagne,
    Lebègue, Lévy-Lang, Schimetschek, Simonnet, Tendil and
    Valot. This evaluation was based on the criteria laid down in
    the 2002 Bouton Report in France;
|
| |  | A greater diversity of expertise. In addition to experts drawn
    from the insurance and reinsurance sectors, the 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.                                                                                                                                                                    







Denis Kessler


Ecole des Hautes Etudes
Commerciales


Carlo Acutis




Michèle Aronvald




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Antonio Borges




Allan Chapin, Esq.




Daniel Havis




Yvon Lamontagne




Daniel Lebègue




Helman Le Pas de Sécheval




André Lévy-Lang


emeritus


Herbert Schimetschek




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Jean-Claude Seys






Jean Simonnet




Claude Tendil




Daniel Valot




Georges Chodron de Courcel




Executive Officers


statuts


79



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|                 |  |     |    |  |                  |                                                       |               |  |      | 
|---------------- |  | --- | -- |  | ---------------- | ----------------------------------------------------- | ------------- |  | ---- | 
|                 |  |     |    |  |                  | Executive                                             |              
|Name             |  | Age |    |  | Current Position |                                                       | Officer Since | 
|                 |  |     |    |  |                  |                                                       |               | 
|Denis Kessler    |  |     | 52 |  |                  | Chairman and Chief Executive Officer                  |               |  | 2002 | 
|Patrick Thourot  |  |     | 56 |  |                  | Chief Operating Officer                               |               |  | 2003 | 
|Marcel Kahn      |  |     | 48 |  |                  | Chief Financial Officer                               |               |  | 2004 | 
|Jean-Luc Besson  |  |     | 58 |  |                  | Chief Risk Officer                                    |               |  | 2003 | 
|Yvan Besnard     |  |     | 50 |  |                  | Director for Non Life Treaties, Europe                |               |  | 2004 | 
|Romain Durand    |  |     | 47 |  |                  | Chief Executive Officer and Director of SCOR VIE      |               |  | 1997 | 
|Victor Peignet   |  |     | 47 |  |                  | Managing Director, Business Solutions                 |               |  | 2004 | 
|Henry Klecan Jr. |  |     | 53 |  |                  | Division President & CEO of SCOR U.S. and SCOR Canada |               |  | 2003 | 





Denis Kessler




Patrick Thourot




Marcel Kahn




Jean-Luc Besson




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Yvan Besnard


Diplôme dEtudes Comptables
Supérieures,


Romain Durand




Victor Peignet




Henry Klecan Jr.




B. COMPENSATION


Directors attendance fees




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|                                     |  |  |        | 
|------------------------------------ |  |  | ------ | 
|Mr. Carlo
    Acutis(1)              |  |  | 20,100 | 
|Mrs. Michèle
    Aronvald(2)         |  |  | 28,500 | 
|Mr. Jean
    Baligand(3)             |  |  | 15,800 | 
|Mr. Antonio
    Borges(4)            |  |  | 27,750 | 
|Mr. Allan
    Chapin(5)              |  |  | 26,475 | 
|Mr. Georges Chodron de Courcel       |  |  | 31,900 | 
|Mr. Daniel Havis                     |  |  | 28,500 | 
|Mr. Yvon
    Lamontagne(6)           |  |  | 21,375 | 
|Mr. Daniel Lebègue                   |  |  | 43,800 | 
|Mr. Helman le Pas de
    Sécheval(7) |  |  | 35,300 | 
|Mr. André Lévy Lang                  |  |  | 47,200 | 
|Mr. Herbert
    Schimetschek(8)      |  |  | 17,550 | 
|Mr. Jean-Claude Seys                 |  |  | 31,900 | 
|Mr. Jean Simonnet                    |  |  | 26,800 | 
|Mr. Claude Tendil                    |  |  | 30,200 | 
|Mr. Daniel Valot                     |  |  | 28,500 | 






|    |                                                                                                                                                                                                                           
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The amount allocated to Carlo Acutis was initially
    EUR 26,800 which takes into account an initial tax of 25%
    (i.e., EUR 6,700) pursuant to articles 117 bis, 119
    bis 2 and 187 of the French Tax Code.        
|   
|(2) | Employee-elected Director                                                                                                                                                                                                 
|   
|(3) | Jean Baligand resigned on August 18, 2004.                                                                                                                                                                                
|   
|(4) | The amount allocated to Antonio Borges was initially
    EUR 37,000 which takes into account an initial tax of 25%
    (i.e., EUR 9,250) pursuant to articles 117 bis, 119
    bis 2 and 187 of the French Tax Code.      
|   
|(5) | The amount allocated to Allan Chapin was initially
    EUR 35,300 which takes into account an initial tax of 25%
    (i.e., EUR 8,825) pursuant to articles 117 bis, 119
    bis 2 and 187 of the French Tax Code.        
|   
|(6) | The amount allocated to Yvon Lamontagne was initially
    EUR 28,500 which takes into account an initial tax of 25%
    (i.e., EUR 7,125) pursuant to articles 117 bis, 119 bis 2
    and 187 of the French Tax Code.     
|   
|(7) | Helman Le Pas de Sécheval was elected to replace Jean
    Baligand on November 3, 2004.                                                                                                                                   
|   
|(8) | The amount allocated to Herbert Schimetschek was initially
    EUR 23,400 which takes into account an initial tax of 25%
    (i.e., EUR 5,580) pursuant to articles 117 bis, 119 bis 2
    and 187 of the French Tax Code.



SCOR U.S.:






SCOR Canada:




82



---



##### Table of Contents



2004 Compensation for Members of the Executive Committee








| |   |                                                                                                                                                                                                                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a fixed sum of EUR 500,000,                                                                                                                                                                                                                                                                                               
|
| |  | a variable portion for a maximum amount of EUR 500,000;
    including a portion of 2.75 per thousand of the
    consolidated net result for SCOR, up to EUR 350,000, and an
    amount up to EUR 150,000 determined by the Board of
    Directors being linked to the achievement of objectives decided
    for each year.







| |   |                                                                                                                                                                                                                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a fixed amount of EUR 410,000,                                                                                                                                                                                                                                                                                                                                        
|
| |  | a variable portion for a maximum amount of EUR 410,000,
    including a portion of 1.50 per thousand of the
    consolidated net result for SCOR, up to EUR 287,000, and an
    amount up to EUR 123,000 determined by the Board of
    Directors being linked to the achievement of objectives decided
    for each year by the Chairman and Chief Executive Officer.





|                       |  |                    |         |  |                       |  |         |                    |  |  |                     |  |  |  |         |    
|---------------------- |  | ------------------ | ------- |  | --------------------- |  | ------- | ------------------ |  |  | ------------------- |  |  |  | ------- | ---
|                       |  | Fixed compensation |         |  | Variable compensation |  |         | Total compensation |  |  | Total compensation  | 
|                       |  | for 2004 in EUR    |         |  | for 2004 in EUR       |  |         | for 2004 in EUR    |  |  | paid in 2003 in EUR | 
|                       |  |                    |         |  |                       |  |         |                    |  |  |                     | 
|Mr. Denis Kessler      |  |                    | 500,000 |  |                       |  | 150,000 |                    |  |  | 650,000             |  |  |  | 650,000 |    
|Mr. Patrick Thourot    |  |                    | 410,000 |  |                       |  | 123,000 |                    |  |  | 533,000             |  |  |  | 383,000 | (1)
|Mr. Serge
    Osouf(2) |  |                    |        |  |                       |  |        |                    |  |  |                    |  |  |  | 200,917 |    






|    |                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------
|(1) | M. Thourot joined the Group on January 27, 2003                                                      
|   
|(2) | Serge Osoufs term of office ended on January 22, 2003
    before his retirement on November 1, 2003.

83



---



##### Table of Contents





|                               |  |                    |         |  |                       |  |         |                    |  |  |         | 
|------------------------------ |  | ------------------ | ------- |  | --------------------- |  | ------- | ------------------ |  |  | ------- | 
|                               |  | Fixed compensation |         |  | Variable compensation |  |         | Total compensation | 
|                               |  | for 2004 in EUR    |         |  | for 2004 in EUR       |  |         | for 2004 in EUR    | 
|                               |  |                    |         |  |                       |  |         |                    | 
|Mr. Marcel
    Kahn(1)         |  |                    | 195,152 |  |                       |  |        |                    |  |  | 195,152 | 
|Mr. Jean-Luc Besson            |  |                    | 209,000 |  |                       |  | 50,460  |                    |  |  | 259,460 | 
|Mr. Romain Durand              |  |                    | 255,000 |  |                       |  | 79,635  |                    |  |  | 334,635 | 
|Mr. Victor
    Peignet(2)      |  |                    | 203,000 |  |                       |  | 109,078 |                    |  |  | 312,078 | 
|Mr. Henry Klecan
    Jr.(3)(4) |  |                    | 226,743 |  |                       |  | 25,481  |                    |  |  | 252,224 | 
|Mr. Yvan
    Besnard(5)        |  |                    | 157,000 |  |                       |  | 11,700  |                    |  |  | 168,700 | 
|Mr. François
    Terren(6)     |  |                    | 80,110  |  |                       |  |        |                    |  |  | 80,110  | 
|Mr. Renaud de
    Pressigny(7) |  |                    | 45,000  |  |                       |  |        |                    |  |  | 45,000  | 






|    |                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Marcel Kahn joined SCOR on April 14, 2004 as Chief
    Financial Officer                                                                                                            
|   
|(2) | Victor Peignet was appointed on April 1, 2004 as Managing
    Director, Business Solution Division                                                                                  
|   
|(3) | Henry Klecan Jr. has been appointed on January 1,
    2004 as Chairman & Chief Executive Officer of SCOR
    U.S., he is also Chairman & Chief Executive Officer of SCOR
    Canada.
|   
|(4) | Change rate at 31.12.04 1 EUR = 1.3604 USD/1.6483
    CAD                                                                                                                           
|   
|(5) | Yvan Besnard has been appointed on July 2, 2004 as Director
    for Non Life Treaties, Europe                                                                                       
|   
|(6) | François Terren left the Company on April 14, 2004                                                                                                                                  
|   
|(7) | Renaud de Pressigny left the Company on May 1, 2004                                                                                                                                 





C. BOARD PRACTICES


Board Committees






| |   |                                                                                                                                                                                                                                                               
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Strategic Committeeis comprised of Denis Kessler,
    Chairman; Allan
    Chapin(1);
    Daniel
    Lebègue(1);
    Helman Le Pas de
    Sécheval(2);
    André
    Lévy-Lang(1);
    Jean-Claude Seys; Claude
    Tendil(1);
    and Daniel
    Valot(1).














|    |                      
|--- | ---------------------
|(1) | Independent director.





|    |                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------
|(2) | Appointed as member of Strategic Committee on November 3,
    2004 in replacement of Jean Baligand who resigned on
    August 18, 2004.

84



---



##### Table of Contents





| |   |                                                                                                                                                                                 
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Accounts and Audit Committeeis comprised of Daniel
    Lebègue(1),
    Chairman; André
    Lévy-Lang(1);
    Antonio
    Borges(1);
    and Helman le Pas de
    Sécheval(3)



| |  |                                                                                                                                                                                                                                              
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Its mission is to scrutinize the fairness of the Groups
    financial statements and compliance with internal procedures,
    and the controls and inspections carried out by the statutory
    auditors and by the internal audit division.





| |   |                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------
| |  | Analysis of the audited accounts for 2003 and non-audited
    quarterly accounts for the first three quarters of 2004;
|
| |  | Refinancing of the OCEANEs bond issuance described in
    Item 9.A.  The Offer and Listing
    Details;            
|
| |  | Preparation of the transition to the IFRS rules;                                                                      
|
| |  | Relations with rating agencies;                                                                                       
|
| |  | Remuneration of the statutory auditors and analysis of their
    missions;                                            
|
| |  | Setting up and monitoring of procedures to fight against fraud
    and money laundering;                              
|
| |  | Internal control procedures and introduction within the group of
    management letters;                              
|
| |  | Analysis of SCOR procedures in relation to the Sarbanes-Oxley
    Act;                                                
|
| |  | Procedures for provisional accounts;                                                                                  





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | accounting missions, notably comprising scrutiny of periodic
    financial documents, review of the appropriateness of choices
    and proper application of accounting methods, review of the
    accounting treatment of all significant transactions, review of
    off-balance sheet liabilities, management of the selection,
    remuneration, independence and scope of the engagement of the
    statutory auditors, control of all accounting and financial
    disclosure documents and related press releases prior to their
    release to the public; and
|
| |  | ethical and internal control missions. The Accounts and Audit
    Committee has a duty to ensure that internal procedures for the
    gathering and verification of data guarantee the quality and
    reliability of SCORs financial statements. Further, it is
    the duty of the Accounts and Audit Committee to review
    related-party transactions, to analyze and reply to
    employees questions with respect to internal controls,
    preparation of the financial statements, and the treatment of
    accounting entries.                            





| |   |                                                                                                                                                                    
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Compensation and Nominations Committeeis comprised
    of Allan
    Chapin(1),
    Chairman; André
    Lévy-Lang(1);
    and Georges Chodron de
    Courcel(2).












|    |                     
|--- | --------------------
|(1) | Independent director





|    |                    
|--- | -------------------
|(2) | Non-voting director





|    |                                                       
|--- | ------------------------------------------------------
|(3) | Non-voting member of the Accounts and Audit Committee.

85



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##### Table of Contents







| |   |                                                                                                                                                                                                                                                                                                                                         
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Risks Committeeis comprised of Carlo
    Acutis(1);
    Antonio
    Borges(1);
    Daniel
    Havis(1);
    Yvon
    Lamontagne(1);
    Daniel
    Lebègue(1);
    Herbert
    Schimetschek(1);
    Jean
    Simonnet(1);
    Claude
    Tendil(1);
    Georges Chodron de
    Courcel(2);
    and Helman le Pas de
    Sécheval(1).



D. EMPLOYEES








|                                       |  |                    |       |  |      |  |       |      |  |  |       | 
|-------------------------------------- |  | ------------------ | ----- |  | ---- |  | ----- | ---- |  |  | ----- | 
|                                       |  | As of December 31, |      
|                                       |  |                    |      
|                                       |  | 2002               |       |  | 2003 |  |       | 2004 | 
|                                       |  |                    |       |  |      |  |       |      | 
|Number of employees                    |  |                    | 1,256 |  |      |  | 1,162 |      |  |  | 1,038 | 
|Breakdown by geographic location       |  |                    |       |  |      |  |       |      |  |  |       | 
|France                                 |  |                    | 653   |  |      |  | 639   |      |  |  | 605   | 
|Asia-Pacific region                    |  |                    | 70    |  |      |  | 58    |      |  |  | 50    | 
|Other European countries               |  |                    | 168   |  |      |  | 159   |      |  |  | 136   | 
|North America                          |  |                    | 346   |  |      |  | 287   |      |  |  | 227   | 
|Other regions                          |  |                    | 19    |  |      |  | 19    |      |  |  | 20    | 
|                                       |  |                    |       |  |      |  |       |      | 
|                                       |  |                    | 1,256 |  |      |  | 1,162 |      |  |  | 1,038 | 
|Breakdown by main category of activity |  |                    |       |  |      |  |       |      |  |  |       | 
|Property-Casualty reinsurance          |  |                    | 620   |  |      |  | 514   |      |  |  | 391   | 
|Life reinsurance                       |  |                    | 213   |  |      |  | 227   |      |  |  | 192   | 
|Credit, Surety & Political Risks       |  |                    | 14    |  |      |  | 13    |      |  |  | 7     | 
|Commercial Risk Partners               |  |                    | 38    |  |      |  | 11    |      |  |  | 7     | 
|Management, Investment and other       |  |                    | 371   |  |      |  | 397   |      |  |  | 441   | 
|                                       |  |                    |       |  |      |  |       |      | 
|                                       |  |                    | 1,256 |  |      |  | 1,162 |      |  |  | 1,038 | 

86



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##### Table of Contents



E. SHARE OWNERSHIP


Shares Held by Directors and Executive Officers




|                               |  |  |         | 
|------------------------------ |  |  | ------- | 
|Directors                      |  |  |         | 
|Mr. Carlo Acutis               |  |  | 60,000  | 
|Mrs. Michèle Aronvald          |  |  | 948     | 
|Mr. Antonio Borges             |  |  | 1       | 
|Mr. Allan Chapin               |  |  | 1,000   | 
|Mr. Daniel Havis               |  |  | 7,602   | 
|Mr. Denis Kessler              |  |  | 132,420 | 
|Mr. Yvon Lamontagne            |  |  | 4,460   | 
|Mr. Helman le Pas de Sécheval  |  |  | 500     | 
|Mr. Daniel Lebègue             |  |  | 100     | 
|Mr. André Lévy Lang            |  |  | 150,000 | 
|Mr. Herbert Schimetschek       |  |  | 6       | 
|Mr. Jean-Claude Seys           |  |  | 14,600  | 
|Mr. Jean Simonnet              |  |  | 2,736   | 
|Mr. Claude Tendil              |  |  | 1,506   | 
|Mr. Daniel Valot               |  |  | 100     | 
|                               |  |  |        
|Total                          |  |  | 375,979 | 
|                               |  |  |        
|Non-Voting Directors           |  |  |         | 
|Mr. Georges Chodron de Courcel |  |  | 17,837  | 
|                               |  |  |        
|Total                          |  |  | 17,837  | 
|                               |  |  |        

87



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##### Table of Contents



Stock Option Plans








|                                                                      |       |               |            |  |              |             |            |                                                              |           |       |               |           |        |            |             |           |               |          |           |         |  |  |           |  |  |  |         | 
|--------------------------------------------------------------------- | ----- | ------------- | ---------- |  | ------------ | ----------- | ---------- | ------------------------------------------------------------ | --------- | ----- | ------------- | --------- | ------ | ---------- | ----------- | --------- | ------------- | -------- | --------- | ------- |  |  | --------- |  |  |  | ------- | 
|                                                                      |       |               |            |  |              |             |            |                                                              |           |       |               |           |        | Number     |            
|                                                                      |       |               |            |  |              |             |            |                                                              |           |       |               |           |        | granted to |            
|                                                                      |       |               |            |  |              |             |            |                                                              |           | Total |               |           | Number |            |             | ten first |              
|                                                                      |       | Date of Board |            |  | Date options |             |            |                                                              |           |       | Number        |           |        | granted to |             |           | beneficiaries |         
|                                                                      |       | of Directors |            |  | become       |             |            |                                                              | Number of |       |               | of shares |        |            | the Groups |           |               | employed |          
|OPTION PLAN                                                           |       |               | Resolution |  |              | exercisable |            | Expiration date                                              |           |       | beneficiaries |           |        | granted    |             |           | executives    |          |           | by SCOR | 
|                                                                      |       |               |            |  |              |             |            |                                                              |           |       |               |           |        |            |             |           |               |          |           |         | 
|                                                                      | 1992  |               |            |  | September 28 |             |            | Expired                                                      |           |       | Expired       |           |        |            | 76          |           |               |          | 318,800   |         |  |  | 42,000    |  |  |  | 54,000  | 
|                                                                      | 1994  |               |            |  | May 9        |             |            | Expired                                                      |           |       | Expired       |           |        |            | 104         |           |               |          | 429,000   |         |  |  | 59,000    |  |  |  | 64,000  | 
|                                                                      | 1995  |               |            |  | May 15       |             |            | May 15, 1996 (30%) May 15, 1997 (30%) May 15, 1998
    (40%) |           |       | May 14, 2005  |           |        |            | 99          |           |               |          | 430,000   |         |  |  | 82,000    |  |  |  | 68,000  | 
|                                                                      | 1996  |               |            |  | September 5  |             |            | Sept. 5, 1997 (30%) Sept. 5, 1998 (30%) Sept. 5, 1999 (40%)  |           |       | Sept. 4, 2006 |           |        |            | 122         |           |               |          | 480,000   |         |  |  | 83,000    |  |  |  | 70,000  | 
|                                                                      | 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 | 
|                                                                      |       |               |            |  |              |             |            |                                                              |           |       |               |           |        |            |             |           |               |          |           |         | 
|Readjusted total after the capital increase, at
    December 31, 2002 |       |               |            |  |              |             | 7,615,337  |                                                              |           |       | 1,530,928     |           |        |            | 1,043,814   |          
|                                                                      | 2003  |               |            |  | February 28  |             |            | February 28, 2007                                            |           |       | Feb. 27, 2013 |           |        |            | 65          |           |               |          | 986,000   |         |  |  | 450,000   |  |  |  | 170,000 | 
|                                                                      | 2003  | (1)           |            |  | June 3       |             |            | June 3, 2007                                                 |           |       | June 2, 2013  |           |        |            | 1,161       |           |               |          |          |         |  |  |          |  |  |  |        | 
|                                                                      | 2003  |               |            |  |              |             |            | Without any condition                                        |           |       |               |           |        |            | 1,556,877   |           |               |          | 288,750   |         |  |  | 122,100   | 
|                                                                      | 2003  |               |            |  |              |             |            | With condition of 12% ROE 2004                               |           |       |               |           |        |            | 778,439     |           |               |          | 144,375   |         |  |  | 61,050    | 
|Readjusted total after the capital increase, at
    December 31, 2003 |       |               |            |  |              |             | 15,924,979 |                                                              |           |       | 3,515,129     |           |        |            | 2,034,134   |          
|                                                                      |       |               |            |  |              |             |            |                                                              |           |       |               |           |        |            |             |           |               |          |           |         | 
|                                                                      | 2004  |               |            |  | August 25    |             |            | August 26, 2008                                              |           |       | Aug. 25, 2014 |           |        |            | 171         |           |               |          | 5,990,000 |         |  |  | 1,335,000 |  |  |  | 920,000 | 
|                                                                      |       |               |            |  |              |             |            |                                                              |           |       |               |           |        |            |             |           |               |          |           |         | 
|TOTAL at December 31, 2004                                            |       |               |            |  |              |             | 21,914,979 |                                                              |           |       | 4,250,129     |           |        |            | 2,954,134   |          
|                                                                      |       |               |            |  |              |             |            |                                                              |           |       |               |           |        |            |             |           |               |          |           |         | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Some of the options granted in June 2003 depended on the
    Groups profitability being more than 10% and 12% greater
    than the Groups average shareholders equity for 2003
    and 2004 respectively. These conditions were unrealized so the
    options were cancelled. For 2003, it was confirmed by the
    validation of the accounts at the May 15, 2004 Shareholders
    Meeting.



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 |  | 

88



---



##### Table of Contents



i.e.


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





|                            |       |                       |          |  |                     |                 |  |                   |            |  |                |      |           |            |      |  |            |     |  |  |           | 
|--------------------------- | ----- | --------------------- | -------- |  | ------------------- | --------------- |  | ----------------- | ---------- |  | -------------- | ---- | --------- | ---------- | ---- |  | ---------- | --- |  |  | --------- | 
|Status at December 31, 2004 |      
|                            |      
|                            |       | Exercise Price        |          |  | Options outstanding |                 |  | Number of         |            |  | Options        |      |           |           
|                            |       | after readjusting for |          |  | after the capital   |                 |  | options cancelled |            |  | outstanding at |      |           | Options    |     
|                            |       | capital increases     |          |  | increase of         |                 |  | at the end of     |            |  | the end of     |      |           | granted in |     
|Option Plan                 |       |                       | (in EUR) |  |                     | January 7, 2004 |  |                   | 2004       |  |                | 2004 |           |            | 2004 | 
|                            |       |                       |          |  |                     |                 |  |                   |            |  |                |      |           |            |      | 
|                            | 1995  |                       |          |  | 6.59                |                 |  |                   | 222,498    |  |                |      | 29,716    |            |      |  | 192,782    |     |  |  | 0         | 
|                            | 1996  |                       |          |  | 11.7                |                 |  |                   | 743,406    |  |                |      | 39,621    |            |      |  | 703,785    |     |  |  | 0         | 
|                            | 1997  |                       |          |  | 15.03               |                 |  |                   | 902,587    |  |                |      | 37,144    |            |      |  | 865,443    |     |  |  | 0         | 
|                            | 1998  |                       |          |  | 22.72               |                 |  |                   | 979,358    |  |                |      | 42,098    |            |      |  | 937,260    |     |  |  | 0         | 
|                            | 1999  |                       |          |  | 18.58               |                 |  |                   | 950,886    |  |                |      | 47,051    |            |      |  | 903,835    |     |  |  | 0         | 
|                            | 2000  |                       |          |  | 19.39               |                 |  |                   | 208,164    |  |                |      | 20,916    |            |      |  | 187,248    |     |  |  | 0         | 
|                            | 2000  |                       |          |  | 18.17               |                 |  |                   | 828,330    |  |                |      | 66,861    |            |      |  | 761,469    |     |  |  | 0         | 
|                            | 2001  |                       |          |  | 19.39               |                 |  |                   | 1,230,713  |  |                |      | 92,865    |            |      |  | 1,137,848  |     |  |  | 0         | 
|                            | 2001  |                       |          |  | 13.73               |                 |  |                   | 505,946    |  |                |      | 60,634    |            |      |  | 445,312    |     |  |  | 0         | 
|                            | 2003  |                       |          |  | 2.86                |                 |  |                   | 1,392,042  |  |                |      | 116,489   |            |      |  | 1,275,553  |     |  |  | 0         | 
|                            | 2003  |                       |          |  | 3.94                |                 |  |                   | 4,265,223  |  |                |      | 610,060   |            |      |  | 3,655,163  |     |  |  | 0         | 
|                            | 2004  |                       |          |  | 1.14                |                 |  |                   | 0          |  |                |      | 0         |            |      |  | 5,990,000  | (1) |  |  | 5,990,000 | 
|                            |       |                       |          |  |                     |                 |  |                   |            |  |                |      |           |            |      | 
|                            | Total |                       |          |  |                     |                 |  |                   | 12,229,153 |  |                |      | 1,163,455 |            |      |  | 17,055,698 |     |  |  | 5,990,000 | 
|                            |       |                       |          |  |                     |                 |  |                   |            |  |                |      |           |            |      | 






|    |                         
|--- | ------------------------
|(1) | granted in December 2004











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|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               |  |           |  |  |  |                         | 
|--------------- |  | --------- | - |  | ------------ |  | ------- | ----------- |  | ---------------- | ---------- |  | -------------- | -------- | ----- |  | ------------- |  | --------- |  |  |  | ----------------------- | 
|                |  |           |   |  |              |  |         |             |  | Potential Volume |            |  |               
|                |  | Options   |   |  | Options to   |  |         |             |  | Price            |            |  | of transaction |          |       | 
|                |  | exercised |   |  | be exercised |  |         | Option Plan |  |                  | (in EUR)   |  |                | (in EUR) |       |  | Exercise Date | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 
|Denis Kessler   |  |           | 0 |  |              |  | 364,019 |             |  |                  | 02/28/2003 |  |                |          | 2.86  |  |               |  | 1,041,094 |  |  |  | 02/28/2007 - 02/28/2013 | 
|                |  |           | 0 |  |              |  | 240,254 |             |  |                  | 06/03/2003 |  |                |          | 3.94  |  |               |  | 946,601   |  |  |  | 06/03/2007 - 06/03/2013 | 
|                |  |           | 0 |  |              |  | 375,000 |             |  |                  | 08/25/2004 |  |                |          | 1.14  |  |               |  | 427,500   |  |  |  | 08/26/2008 - 08/25/2014 | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 
|TOTAL           |  |           |   |  |              |  | 979,273 |             |  |                  |            |  |                |          |       |  |               |  |           |  |  |  |                         | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 
|Patrick Thourot |  |           | 0 |  |              |  | 72,804  |             |  |                  | 02/28/2003 |  |                |          | 2.86  |  |               |  | 208,219   |  |  |  | 02/28/2007 - 02/28/2013 | 
|                |  |           | 0 |  |              |  | 90,096  |             |  |                  | 06/03/2003 |  |                |          | 3.94  |  |               |  | 354,978   |  |  |  | 06/03/2007 - 06/03/2013 | 
|                |  |           | 0 |  |              |  | 180,000 |             |  |                  | 08/25/2004 |  |                |          | 1.14  |  |               |  | 205,200   |  |  |  | 08/26/2008 - 08/25/2014 | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 
|TOTAL           |  |           |   |  |              |  | 342,900 |             |  |                  |            |  |                |          |       |  |               |  |           |  |  |  |                         | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 
|Romain Durand   |  |           | 0 |  |              |  | 19,809  |             |  |                  | 09/04/1997 |  |                |          | 15.03 |  |               |  | 297,729   |  |  |  | 09/04/2002 - 09/03/2007 | 
|                |  |           | 0 |  |              |  | 29,713  |             |  |                  | 09/03/1998 |  |                |          | 22.72 |  |               |  | 675,079   |  |  |  | 09/04/2003 - 09/03/2008 | 
|                |  |           | 0 |  |              |  | 32,188  |             |  |                  | 09/02/1999 |  |                |          | 18.58 |  |               |  | 598,053   |  |  |  | 09/03/2004 - 09/02/2009 | 
|                |  |           | 0 |  |              |  | 249     |             |  |                  | 05/04/2000 |  |                |          | 19.39 |  |               |  | 4,828     |  |  |  | 05/05/2004 - 05/03/2010 | 
|                |  |           | 0 |  |              |  | 37,140  |             |  |                  | 08/31/2000 |  |                |          | 18.17 |  |               |  | 674,834   |  |  |  | 09/01/2005 - 08/30/2010 | 
|                |  |           | 0 |  |              |  | 49,520  |             |  |                  | 09/04/2001 |  |                |          | 19.39 |  |               |  | 960,193   |  |  |  | 09/04/2005 - 09/03/2011 | 
|                |  |           | 0 |  |              |  | 497     |             |  |                  | 10/03/2001 |  |                |          | 13.73 |  |               |  | 6,824     |  |  |  | 10/04/2005 - 10/02/2011 | 
|                |  |           | 0 |  |              |  | 43,683  |             |  |                  | 02/28/2003 |  |                |          | 2.86  |  |               |  | 124,933   |  |  |  | 02/28/2007 - 02/28/2013 | 
|                |  |           | 0 |  |              |  | 60,065  |             |  |                  | 06/03/2003 |  |                |          | 3.94  |  |               |  | 236,656   |  |  |  | 06/03/2007 - 06/03/2013 | 
|                |  |           | 0 |  |              |  | 180,000 |             |  |                  | 08/25/2004 |  |                |          | 1.14  |  |               |  | 205,200   |  |  |  | 08/26/2008 - 08/25/2014 | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 
|TOTAL           |  |           |   |  |              |  | 452,864 |             |  |                  |            |  |                |          |       |  |               |  |           |  |  |  |                         | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 
|Jean-Luc Besson |  |           | 0 |  |              |  | 43,683  |             |  |                  | 02/28/2003 |  |                |          | 2.86  |  |               |  | 124,933   |  |  |  | 02/28/2007 - 02/28/2013 | 
|                |  |           | 0 |  |              |  | 60,065  |             |  |                  | 06/03/2003 |  |                |          | 3.94  |  |               |  | 236,656   |  |  |  | 06/03/2007 - 06/03/2013 | 
|                |  |           | 0 |  |              |  | 120,000 |             |  |                  | 08/25/2004 |  |                |          | 1.14  |  |               |  | 136,800   |  |  |  | 08/26/2008 - 08/25/2014 | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 
|TOTAL           |  |           |   |  |              |  | 223,748 |             |  |                  |            |  |                |          |       |  |               |  |           |  |  |  |                         | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 
|Marcel Kahn     |  |           | 0 |  |              |  | 120,000 |             |  |                  | 08/25/2004 |  |                |          | 1.14  |  |               |  | 136,800   |  |  |  | 08/26/2008 - 08/25/2014 | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 
|TOTAL           |  |           |   |  |              |  | 120,000 |             |  |                  |            |  |                |          |       |  |               |  |           |  |  |  |                         | 
|                |  |           |   |  |              |  |         |             |  |                  |            |  |                |          |       |  |               | 

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|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               |  |            |  |  |  |                               | 
|-------------- |  | --------- | - |  | ------------ |  | --------- | ----------- |  | ---------------- | ---------- |  | -------------- | -------- | ----- |  | ------------- |  | ---------- |  |  |  | ----------------------------- | 
|               |  |           |   |  |              |  |           |             |  | Potential Volume |            |  |               
|               |  | Options   |   |  | Options to   |  |           |             |  | Price            |            |  | of transaction |          |       | 
|               |  | exercised |   |  | be exercised |  |           | Option Plan |  |                  | (in EUR)   |  |                | (in EUR) |       |  | Exercise Date | 
|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               | 
|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               |  |            |  |  |  | 09/05/1997 (30%) - 09/04/2006 | 
|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               |  |            |  |  |  | 09/05/1998 (30%) - 09/04/2006 | 
|Victor Peignet |  |           | 0 |  |              |  | 9,905     |             |  |                  | 09/05/1996 |  |                |          | 11.7  |  |               |  | 115,889    |  |  |  | 09/05/1999 (40%) - 09/04/2006 | 
|               |  |           | 0 |  |              |  | 12,381    |             |  |                  | 09/04/1997 |  |                |          | 15.03 |  |               |  | 186,086    |  |  |  | 09/04/2002 - 09/03/2007       | 
|               |  |           | 0 |  |              |  | 9,905     |             |  |                  | 09/03/1998 |  |                |          | 22.72 |  |               |  | 225,042    |  |  |  | 09/04/2003 - 09/03/2008       | 
|               |  |           | 0 |  |              |  | 12,381    |             |  |                  | 09/02/1999 |  |                |          | 18.58 |  |               |  | 230,039    |  |  |  | 09/03/2004 - 09/02/2009       | 
|               |  |           | 0 |  |              |  | 249       |             |  |                  | 05/04/2000 |  |                |          | 19.39 |  |               |  | 4,828      |  |  |  | 05/05/2004 - 05/03/2010       | 
|               |  |           | 0 |  |              |  | 14,857    |             |  |                  | 08/31/2000 |  |                |          | 18.17 |  |               |  | 269,952    |  |  |  | 09/01/2005 - 08/30/2010       | 
|               |  |           | 0 |  |              |  | 19,809    |             |  |                  | 09/04/2001 |  |                |          | 19.39 |  |               |  | 384,097    |  |  |  | 09/04/2005 - 09/03/2011       | 
|               |  |           | 0 |  |              |  | 497       |             |  |                  | 10/03/2001 |  |                |          | 13.73 |  |               |  | 6,824      |  |  |  | 10/04/2005 - 10/02/2011       | 
|               |  |           | 0 |  |              |  | 26,21     |             |  |                  | 02/28/2003 |  |                |          | 2.86  |  |               |  | 74,961     |  |  |  | 02/28/2007 - 02/28/2013       | 
|               |  |           | 0 |  |              |  | 56,059    |             |  |                  | 06/03/2003 |  |                |          | 3.94  |  |               |  | 220,872    |  |  |  | 06/03/2007 - 06/03/2013       | 
|               |  |           | 0 |  |              |  | 120,000   |             |  |                  | 08/25/2004 |  |                |          | 1.14  |  |               |  | 136,800    |  |  |  | 08/26/2008 - 08/25/2014       | 
|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               | 
|TOTAL          |  |           |   |  |              |  | 282,253   |             |  |                  |            |  |                |          |       |  |               |  |            |  |  |  |                               | 
|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               | 
|Henry Klecan   |  |           | 0 |  |              |  | 14,857    |             |  |                  | 09/04/2001 |  |                |          | 19.39 |  |               |  | 288,077    |  |  |  | 09/04/2005 - 09/03/2011       | 
|               |  |           | 0 |  |              |  | 497       |             |  |                  | 10/03/2001 |  |                |          | 13.73 |  |               |  | 6,824      |  |  |  | 10/04/2005 - 10/02/2011       | 
|               |  |           | 0 |  |              |  | 11,649    |             |  |                  | 02/28/2003 |  |                |          | 2.86  |  |               |  | 33,316     |  |  |  | 02/28/2007 - 02/28/2013       | 
|               |  |           | 0 |  |              |  | 32,034    |             |  |                  | 06/03/2003 |  |                |          | 3.94  |  |               |  | 126,214    |  |  |  | 06/03/2007 - 06/03/2013       | 
|               |  |           | 0 |  |              |  | 120,000   |             |  |                  | 08/25/2004 |  |                |          | 1.14  |  |               |  | 136,800    |  |  |  | 08/26/2008 - 08/25/2014       | 
|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               | 
|TOTAL          |  |           |   |  |              |  | 179,037   |             |  |                  |            |  |                |          |       |  |               |  |            |  |  |  |                               | 
|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               | 
|Yvan Besnard   |  |           | 0 |  |              |  | 17,334    |             |  |                  | 09/04/1997 |  |                |          | 15.03 |  |               |  | 260,530    |  |  |  | 09/04/2002 - 09/03/2007       | 
|               |  |           | 0 |  |              |  | 17,334    |             |  |                  | 09/03/1998 |  |                |          | 22.72 |  |               |  | 393,828    |  |  |  | 09/04/2003 - 09/03/2008       | 
|               |  |           | 0 |  |              |  | 17,334    |             |  |                  | 09/02/1999 |  |                |          | 18.58 |  |               |  | 322,066    |  |  |  | 09/03/2004 - 09/02/2009       | 
|               |  |           | 0 |  |              |  | 249       |             |  |                  | 05/04/2000 |  |                |          | 19.39 |  |               |  | 4,828      |  |  |  | 05/05/2004 - 05/03/2010       | 
|               |  |           | 0 |  |              |  | 14,857    |             |  |                  | 08/31/2000 |  |                |          | 18.17 |  |               |  | 269,952    |  |  |  | 09/01/2005 - 08/30/2010       | 
|               |  |           | 0 |  |              |  | 17,334    |             |  |                  | 09/04/2001 |  |                |          | 19.39 |  |               |  | 336,106    |  |  |  | 09/04/2005 - 09/03/2011       | 
|               |  |           | 0 |  |              |  | 497       |             |  |                  | 10/03/2001 |  |                |          | 13.73 |  |               |  | 6,824      |  |  |  | 10/04/2005 - 10/02/2011       | 
|               |  |           | 0 |  |              |  | 26,210    |             |  |                  | 02/28/2003 |  |                |          | 2.86  |  |               |  | 74,961     |  |  |  | 02/28/2007 - 02/28/2013       | 
|               |  |           | 0 |  |              |  | 28,831    |             |  |                  | 06/03/2003 |  |                |          | 3.94  |  |               |  | 113,594    |  |  |  | 06/03/2007 - 06/03/2013       | 
|               |  |           | 0 |  |              |  | 120,000   |             |  |                  | 08/25/2004 |  |                |          | 1.14  |  |               |  | 136,800    |  |  |  | 08/26/2008 - 08/25/2014       | 
|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               | 
|TOTAL          |  |           |   |  |              |  | 259,980   |             |  |                  |            |  |                |          |       |  |               |  |            |  |  |  |                               | 
|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               | 
|GRAND TOTAL    |  |           |   |  |              |  | 2,840,055 |             |  |                  |            |  |                |          |       |  |               |  | 11,969,220 |  |  |  |                               | 
|               |  |           |   |  |              |  |           |             |  |                  |            |  |                |          |       |  |               | 

Other Stock Compensation




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|                |  |  |         | 
|--------------- |  |  | ------- | 
|Denis Kessler   |  |  | 187,500 | 
|Patrick Thourot |  |  | 90,000  | 
|Romain Durand   |  |  | 90,000  | 
|Jean-Luc Besson |  |  | 75,000  | 
|Marcel Kahn     |  |  | 75,000  | 
|Victor Peignet  |  |  | 75,000  | 
|Henry Klecan    |  |  | 65,576  | 
|Yvan Besnard    |  |  | 51,842  | 
|Total           |  |  | 709,918 | 

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Item 7. Major Shareholders and Related Party
Transactions


A. MAJOR SHAREHOLDERS




|                            |  |                   |             |      |                      |  |        |                   |      |  |                   |  |  |         |             |      |           |  |        |           |  |  |         |  |  |           |             |      |           |  |        |         |  |  |           |  |  |  |             |      |  |  |        |  |  |  |        | 
|--------------------------- |  | ----------------- | ----------- | ---- | -------------------- |  | ------ | ----------------- | ---- |  | ----------------- |  |  | ------- | ----------- | ---- | --------- |  | ------ | --------- |  |  | ------- |  |  | --------- | ----------- | ---- | --------- |  | ------ | ------- |  |  | --------- |  |  |  | ----------- | ---- |  |  | ------ |  |  |  | ------ | 
|                            |  | December 31, 2002 |             |      | December 31, 2003(1) |  |        | December 31, 2004 |      |  | February 28, 2005 | 
|                            |  |                   |             |      |                      |  |        |                   |      |  |                   | 
|                            |  |                   |             | % of |                      |  |        |                   | % of |  |                   |  |  | % of    |             |      |           |  | % of   |          
|                            |  | Number            |             |      | % of                 |  |        | voting            |      |  | Number            |  |  | % of    |             |      | voting    |  |        | Number    |  |  | % of    |  |  | voting    |             |      | Number    |  |        | % of    |  |  | voting    | 
|                            |  | of shares         |             |      | capital              |  |        | rights(2)         |      |  | of shares         |  |  | capital |             |      | rights(2) |  |        | of shares |  |  | capital |  |  | rights(2) |             |      | of shares |  |        | capital |  |  | rights(2) | 
|                            |  |                   |             |      |                      |  |        |                   |      |  |                   |  |  |         |             |      |           |  |        |           |  |  |         |  |  |           |             |      |           |  |        |         |  |  |           | 
|Groupama/ Gan
    Groupe(3) |  |                   | 26,255,453  |      |                      |  | 19.23% |                   |      |  | 19.23%            |  |  |         | 25,656,535  |      |           |  | 18.79% |           |  |  | 18.86%  |  |  |           | 155,260,343 | (4)  |           |  | 18.95% |         |  |  | 19.17%    |  |  |  | 155,260,343 | (4)  |  |  | 18.95% |  |  |  | 19.05% | 
|Silchester(5)               |  |                   | 11,900,000  |      |                      |  | 8.72%  |                   |      |  | 8.72%             |  |  |         | 11,729,332  |      |           |  | 8.59%  |           |  |  | 8.62%   |  |  |           | 70,375,992  |      |           |  | 8.59%  |         |  |  | 8.69%     |  |  |  | 70,375,992  |      |  |  | 8.59%  |  |  |  | 8.64%  | 
|Marathon
    AM(5)          |  |                   | 7,490,975   |      |                      |  | 5.49%  |                   |      |  | 5.49%             |  |  |         | 9,145,757   |      |           |  | 6.70%  |           |  |  | 6.72%   |  |  |           | 58,549,828  |      |           |  | 7.15%  |         |  |  | 7.23%     |  |  |  | 58,549,828  |      |  |  | 7.15%  |  |  |  | 7.18%  | 
|Groupe
    MAAF-MMA(6)      |  |                   | 6,707,235   |      |                      |  | 4.91%  |                   |      |  | 4.91%             |  |  |         | 6,707,235   |      |           |  | 4.91%  |           |  |  | 4.93%   |  |  |           | 31,505,874  |      |           |  | 3.85%  |         |  |  | 3.89%     |  |  |  | 31,505,874  |      |  |  | 3.85%  |  |  |  | 3.87%  | 
|MACIF(7)                    |  |                   | 3,966,628   |      |                      |  | 2.91%  |                   |      |  | 2.91%             |  |  |         | 3,966,628   |      |           |  | 2.91%  |           |  |  | 2.92%   |  |  |           | 26,941,535  | (8)  |           |  | 3.29%  |         |  |  | 3.33%     |  |  |  | 26,941,535  | (8)  |  |  | 3.29%  |  |  |  | 3.31%  | 
|Generali(9)                 |  |                   | 2,104,260   |      |                      |  | 1.54%  |                   |      |  | 1.54%             |  |  |         | 2,365,660   |      |           |  | 1.73%  |           |  |  | 1.74%   |  |  |           | 15,100,507  |      |           |  | 1.84%  |         |  |  | 1.86%     |  |  |  | 15,100,507  |      |  |  | 1.84%  |  |  |  | 1.85%  | 
|MATMUT(10)                  |  |                   | 2,749,210   |      |                      |  | 2.01%  |                   |      |  | 2.01%             |  |  |         | 2,750,000   |      |           |  | 2.01%  |           |  |  | 2.02%   |  |  |           | 14,250,000  |      |           |  | 1.74%  |         |  |  | 1.76%     |  |  |  | 14,250,000  |      |  |  | 1.74%  |  |  |  | 1.75%  | 
|Employees                   |  |                   | 608,702     |      |                      |  | 0.45%  |                   |      |  | 0.45%             |  |  |         | 861,220     | (11) |           |  | 0.63%  |           |  |  | 0.63%   |  |  |           | 1,278,720   | (12) |           |  | 0.16%  |         |  |  | 0.16%     |  |  |  | 2,749,380   | (13) |  |  | 0.34%  |  |  |  | 0.34%  | 
|Owned by SCOR               |  |                   |            |      |                      |  |       |                   |      |  |                  |  |  |         | 489,500     |      |           |  | 0.36%  |           |  |  |        |  |  |           | 9,298,085   |      |           |  | 1.13%  |         |  |  |          |  |  |  | 4,342,480   |      |  |  | 0.53%  |  |  |  |       | 
|Others                      |  |                   | 74,762,382  |      |                      |  | 54.75% |                   |      |  | 54.75%            |  |  |         | 72,872,978  |      |           |  | 53.37% |           |  |  | 53.56%  |  |  |           | 436,708,186 |      |           |  | 53.30% |         |  |  | 53.92%    |  |  |  | 440,193,131 |      |  |  | 53.73% |  |  |  | 54.02% | 
|                            |  |                   |             |      |                      |  |        |                   |      |  |                   |  |  |         |             |      |           |  |        |           |  |  |         |  |  |           |             |      |           |  |        |         |  |  |           | 
|Total                       |  |                   | 136,544,845 |      |                      |  | 100%   |                   |      |  | 100%              |  |  |         | 136,544,845 |      |           |  | 100%   |           |  |  | 100%    |  |  |           | 819,269,070 |      |           |  | 100%   |         |  |  | 100%      |  |  |  | 819,269,070 |      |  |  | 100%   |  |  |  | 100%   | 
|                            |  |                   |             |      |                      |  |        |                   |      |  |                   |  |  |         |             |      |           |  |        |           |  |  |         |  |  |           |             |      |           |  |        |         |  |  |           | 






|     |                                                                                                                                                                   
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1)  | Information is as of the closest date to December 31, 2003
    as possible.                                                                                       
|    
|(2)  | The percentage of voting rights is determined on the basis of
    the number of shares outstanding after deducting the number of
    shares owned by the Company. 
|    
|(3)  | Source: Groupama.                                                                                                                                                 
|    
|(4)  | This figure includes 139,439,070 shares owned directly by
    Groupama S.A. and 15,821,273 shares owned by subsidiairies and
    Caisses-Regionales of Groupama.
|    
|(5)  | Source: Silchester, Marathon  These companies are
    shareholders through mutual funds.                                                                         
|    
|(6)  | Source: MAAF-MMA.                                                                                                                                                 
|    
|(7)  | Source: MACIF.                                                                                                                                                    
|    
|(8)  | This figure includes 26,908,937 shares owned directly and
    32,598 shares owned through funds managed by MACIF Gestion.                                         
|    
|(9)  | Source: Generali.                                                                                                                                                 
|    
|(10) | Source: MATMUT.                                                                                                                                                   
|    
|(11) | This figure includes 295,220 shares owned directly and
    566,000 shares owned through a company-sponsored mutual
    fund.                                      
|    
|(12) | This figure includes 295,220 shares owned directly and 983,500
    shares owned through a company-sponsored mutual fund.                                          
|    
|(13) | This figure includes 1,765,880 shares owned directly and 983,500
    shares owned through a company-sponsored mutual fund.                                        





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B. RELATED PARTY TRANSACTIONS








| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | As part of the transaction for the acquisition of Sorema S.A.
    and Sorema N.A. in May 2001, Groupama, as the seller of both
    companies provided two guarantees for a period of six years,
    pursuant to which it may be required to indemnify SCOR for
    negative developments concerning material social security and
    tax liabilities and liabilities in respect of technical reserves
    for the 2000 and previous subscription years as assessed at
    December 31, 2006. As of December 31, 2004, the amount
    of such obligations was estimated by SCOR at
    EUR 233,500,000. This amount may be adjusted at the end of
    the guaranty period which expires on June 30, 2007.
    Mr. Baligand, a former director of the Company, is an
    affiliate of Groupama, and Mr. Le Pas de Sécheval, the
    Chief Financial Officer of Groupama S.A., is currently a
    director of the Company.
|
| |  | In December 2002, SCOR entered into a credit agreement with a
    banking syndicate led by BNP Paribas providing for a credit
    facility of USD 900 million. The maximum amount of the credit
    line was successively reduced to: (i) USD 842 million under
    Amendment No. 2; (ii) USD 822 million following the
    Companys contribution of its personal reinsurance
    activities to SCOR Vie; (iii) USD 732 million following the
    final discharge of the letters of credit relating to the
    reinsurance activities contributed; (iv) USD 582 million
    and finally to USD 292 million following partial waivers of the
    credit executed by SCOR and delivered to BNP Paribas in its
    capacity as issuing bank, under correspondence dated
    March 29, 2004 and September 8, 2004, respectively.                                                                                          



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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In June 2004, SCOR entered into an agreement in favor of BNP
    Paribas, Goldman Sachs International and HSBC CCF in connection
    with the placement of subscriptions for OCEANEs bonds. The
    agreement provided for a placement fee, a success fee and
    guaranty fee aggregating EUR 4,175,000. Mr. Kessler,
    the Chairman and Chief Executive Officer and a director of the
    Company, also serves on the Board of Directors of BNP Paribas;
    Mr. Chodron de Courcel, a non-voting director of the
    Company, is the Chief Operating Officer of BNP-Paribas; and
    Mr. Borges, a director of the Company, is Vice Chairman and
    a Director of Goldman Sachs International.
|
| |  | In June 2004, the Companys Board of Directors approved a
    loan in favor of its subsidiary, SCOR Auber, in the amount of
    EUR 23,570,000, the proceeds of which were used to fund the
    acquisition by SCOR Auber of a logistics platform. Interest on
    the loan was calculated at market rates and the loan was
    conditioned on the understanding that EUR 10 million would
    be used to fund additional share capital following a capital
    increase. Mr. Thourot, COO of the Company, also serves on
    the board of SCOR Auber.                                                                                                                                              

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| |   |                                                                                                                                                  
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In August 2004, the Company authorized the renewal of a number
    of guaranty letters granted in favor of the following of its
    subsidiaries:



| |   |                                                                            
| | - | ---------------------------------------------------------------------------
| |  | SCOR Reinsurance Co. Ltd (US);                                             
|
| |  | General Security Indemnity Co. of Arizona;                                 
|
| |  | General Security National Insurance Co.;                                   
|
| |  | Investors Insurance Corp.;                                                 
|
| |  | SCOR Life Insurance Company (ex. Republic-Vanguard Life
    Insurance Co.);
|
| |  | SCOR Asia-Pacific Pte Ltd;                                                 
|
| |  | SCOR Canada Reinsurance Co.;                                               
|
| |  | SCOR Channel;                                                              
|
| |  | SCOR Deutschland;                                                          
|
| |  | SCOR Financial Services Ltd;                                               
|
| |  | SCOR Italia Riassicurazioni SpA;                                           
|
| |  | SCOR Life U.S. Re Insurance Co.;                                           
|
| |  | SCOR Reinsurance Co. (Asia) Ltd;                                           
|
| |  | SCOR U.K. Co. Ltd; and                                                     
|
| |  | SCOR VIE.                                                                  





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | On February 7, 2005, SCOR and its U.S. and Bermudian
    subsidiaries, SCOR U.S. and CRP, signed a large commutation
    agreement for the SCOR Group which will reduce the overall
    reserves of SCOR U.S. and, to a lesser extent, CRP, by
    approximately USD 300 million and will be accounted
    for in the first quarter of 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| |  | In connection with SCORs last capital increase in January
    2004, and in order to comply with certain preemptive
    subscription rights, on December 1, 2003 the Board of
    Directors authorized execution of a global guarantee contract
    between SCOR and BNP Paribas, Goldman Sachs and HSBC-CCF. Under
    this contract, BNP Paribas undertook to subscribe, directly or
    through affiliates, for 100% of any shares remaining
    unsubscribed at the close of the subscription, up to a maximum
    of 399,434,466 shares, at the issue price of the new shares
    (i.e., EUR 1.10 per share). The guarantee contract was
    ultimately not executed as the capital increase was fully
    subscribed. Mr. Kessler, the Chairman and Chief Executive
    Officer and a director of the Company, also serves on the Board
    of Directors of BNP Paribas; Mr. Chodron de Courcel, a
    non-voting director of the Company, is the Chief Operating
    Officer of BNP Paribas; and Mr. Borges, a director of
    the Company, is Vice Chairman and a Director of Goldman
    Sachs International.

C. INTERESTS OF EXPERTS AND COUNSEL




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Item 8. Financial Information


A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL
INFORMATION


Legal Proceedings










| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In March 2003, General Security Insurance Company, or GSIC, a
    former subsidiary of SCOR, and General Security National
    Insurance Company, or GSNIC, a U.S. subsidiary of SCOR,
    initiated a declaratory judgment action in Missouri State court
    seeking a decision concerning whether a USD 5 million
    excess insurance policy issued to Pinnacle Realty Management
    Company, or Pinnacle, provided coverage for punitive damages. In
    response, Pinnacle initiated litigation in a Washington State
    court, asking that court to compel coverage. Pinnacle, which
    incurred a judgment in a Missouri State court of USD 18
    million in damages, USD 16 million of which were punitive
    damages, in connection with the death of a child, sought
    coverage of the punitive damages, as well as additional treble
    damages and fees. The matter was fully and finally settled in
    November 2004 for an aggregate payment to Pinnacle of USD 2
    million by GSIC and GSNIC.                                                                                                                  
|
| |  | In December 2002, a petition was filed by Dock Resins
    Corporation and Landec Corporation before a U.S. Federal
    District Court in New Jersey against SCORs subsidiary,
    Sorema North America Reinsurance Company, now known as GSNIC,
    for an alleged bad faith denial of coverage by GSNIC concerning
    business interruption suffered by the plaintiffs. GSNIC filed a
    cross claim for fraud and misrepresentation seeking to void the
    policy and preserve GSNICs right to recover the costs
    incurred in litigating the case. The plaintiffs claim an
    unspecified amount of damages in excess of policy limits for the
    contents and business interruption coverage, which are capped
    under the insurance policy at an aggregate total of USD 15
    million. SCOR retroceded 80% of the policy outside of the SCOR
    Group. GSNIC has paid the undisputed portions of the claim.
    Efforts at settlement have failed as the plaintiff continues to
    demand in excess of policy limits in settlement. The parties are
    currently engaged in discovery. No date for trial has been set.
|
| |  | In September 2002, SCOR Reinsurance Company, or SCOR Re, was
    served with a complaint for breach of contract in a U.S.
    District Court in Oklahoma by the National American Insurance
    Company, or NAICO, with respect to sums NAICO alleges are due to
    them for reinsurance for two underlying surety bonds. The
    plaintiff demands a minimum amount of USD 6.3 million in
    damages. SCOR Res motion to dismiss, filed in Oklahoma
    District Court was denied. SCOR Res appeal of that
    decision was granted by a U.S. Court of Appeals and the
    matter is now proceeding in arbitration, with the hearing
    scheduled for the first week of June 2005 in Dallas, Texas.                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| |  | Beginning in October 2001, various lawsuits have been brought,
    and counterclaims made, in U.S. Federal Court in New York
    concerning the question of whether the terrorist attack on the
    World Trade Center (WTC) on September 11, 2001
    constitutes one or two occurrences under the terms of the
    applicable property insurance coverage. While SCOR is not a
    party to such lawsuits, a company that provided a part of the
    property insurance coverage on the WTC as a fronting company for
    SCOR is a party.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The first phase of the trial has been completed. In that phase,
    nine of the twelve insurers involved in that phase were found to
    be bound by the definition of the term occurrence that as a
    matter of law has been found to mean that the attack on the
    World Trade Center constituted one occurrence. The fronting
    company did not participate in that first phase, but has
    participated in a second phase of the trial which has been
    completed. The New York jury in the trial regarding the
    insurance coverage of the WTC rendered a verdict on
    December 6, 2004 that the attack on the WTC on
    September 11, 2001 constitutes

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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | two occurrences under the property insurance policies issued by
    Allianz Global Risks U.S. Insurance Company and the eight
    other insurers of the WTC that were parties to this trial. SCOR,
    a reinsurer of Allianz, considers the jury verdict to be
    contrary to the terms of the insurance coverage in force and to
    the intent of the parties. SCOR will fully support
    Allianzs efforts to overturn the verdict. The jury verdict
    did not determine the amount of indemnification due from the
    insurers. A separate appraisal procedure is underway to
    determine the amount of indemnification due from the insurers
    resulting from the destruction of the WTC.                                                                                                                                                                                                                                                                                                                                                                                                              
|
| | Allianz has instituted an arbitration proceeding against the
    Company in order to clarify the extent of the Companys
    obligations under the reinsurance contract entered into with it.
    The arbitration proceeding has been stayed by the arbitration
    panel pending the happening of certain events relating to the
    second phase of the trial. Further to the completion of the
    second phase of the trial and at this stage, the arbitration
    proceeding has not been reactivated. Upon request of Allianz
    which asked the Company to post a new security further to the
    verdict of the second phase of the trial, the Company issued a
    letter of credit to the benefit of Allianz amounting to
    USD 145,320,000 on December 27, 2004, to guarantee its
    willingness and capacity to pay the ceding company if the jury
    verdict is not reversed by the U.S. Court of Appeals for
    the Second Circuit or if an appraisal process to be conducted
    under court supervision in 2005 were to lead to an increased
    amount of liabilities to be paid in the future.
|
| | In our original calculations for our technical reserves, we
    treated the WTC tragedy as one occurrence for purposes of the
    underlying insurance coverage because the terrorist attack on
    September 11, 2001 was a single, coordinated occurrence. As
    a result of the jury verdict described above, we have increased
    the reserves based on the actual replacement value established
    by the ceding Companys claims adjustment. See
    Item 3.D.  Risk Factors  We may
    be subject to losses due to our exposure to risks related to
    terrorist acts.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                



| |   |                                                                                                                                                                                                                                                                                       
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Group is also involved in various arbitration proceedings
    relating to the subscription of business, currently in run off,
    primarily relating to coverage for certain bond losses. The
    total amount of these claims is estimated at approximately
    USD 10.3 million.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | SCOR Vie, as the reinsurer of a European insurance company,
    is involved in a lawsuit in connection with a life insurance
    policy in the amount of approximately EUR 4.5 million. The
    beneficiary of the policy was killed in 1992. In June 2001, a
    Spanish court ordered the ceding company to pay approximately
    EUR 16 million under the policy, which amount included
    accumulated interest since 1992 as well as damages. Following
    this decision, SCOR Vie booked a technical provision of
    EUR 17.7 million in its accounts for the 2001 fiscal
    year. In May 2002, the Barcelona Court of Appeals found in favor
    of the ceding company. The representatives of the deceased have
    now appealed the case to the Spanish Supreme Court. The
    provision was maintained at December 31, 2004.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| |  | In December 2003, the minority shareholders of IRP Holdings,
    certain funds of Highfields Capital filed a petition with the
    High Court of Dublin seeking injunctive relief, including:
    (i) a declaration that, as a result of SCORs actions,
    the affairs of IRP Holdings have been conducted in a way that is
    oppressive and/or in disregard of Highfields interests;
    (ii) an order directing or declaring the termination of the
    quota share agreements between Irish Reinsurance Partners, as
    retrocessionaire, and SCOR, from such date as the Court may
    direct; (iii) an injunction that certain existing
    arrangements between SCOR and IRP Holdings under the quota share
    agreement, pursuant to which SCOR currently withholds certain
    funds of IRP Holdings, be terminated and such funds be returned
    to IRP Holdings; and (iv) an order for the reduction of IRP
    Holdings capital and the corresponding return of capital
    to the shareholders of IRP Holdings. The minority shareholder
    also applied for the dissolution of IRP Holdings on equitable
    grounds. In March 2004, the minority shareholder filed a related
    complaint against SCOR in the U.S. District Court for the
    District of Massachusetts. The complaint alleges fraud and
    related state law claims in connection with the minority
    shareholders investment in IRP and seeks unspecified
    compensatory and exemplary damages as well as interest and costs.

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Administrative proceeding




| |   |                                                                                                                                                                                                                                                                                                                                                                 
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Autorité des Marchés Financiers, or AMF, initiated
    an administrative proceeding on October 21, 2004 in
    connection with the financial information and trading activity
    in the Companys shares that occurred in connection with
    its OCEANEs bond issuance in 2004. The Company has no additional
    information on this matter at this time.

B. SIGNIFICANT CHANGES




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Item 9. The Offer and Listing


A. OFFER AND LISTING DETAILS




|               |               |                          |           |                 |                         |  |                    |                  |  |                 |                |             |  |     |           |          |      |  |           |          |  |  |            |           | 
|-------------- | ------------- | ------------------------ | --------- | --------------- | ----------------------- |  | ------------------ | ---------------- |  | --------------- | -------------- | ----------- |  | --- | --------- | -------- | ---- |  | --------- | -------- |  |  | ---------- | --------- | 
|               |               | Euronext                 |           |                 | New York Stock Exchange | 
|               |               |                          |           |                 |                         | 
|               |               |                          |           | Average Monthly |                         |  | Price Per American |                  |  | Average Monthly |               
|               |               | Price Per Ordinary Share |           |                 | Trading Volume          |  |                    | Depositary Share |  |                 | Trading Volume |            
|               |               |                          |           |                 |                         |  |                    |                  |  |                 |                |            
|               |               | High                     |           |                 | Low                     |  |                    | Shares           |  |                 | High           |             |  | Low |           |          | ADSs | 
|               |               |                          |           |                 |                         |  |                    |                  |  |                 |                |             |  |     |           |          |      | 
|2000           |               |                          | EUR 60.00 |                 |                         |  | EUR 40.05          |                  |  |                 | 2,598,000      |             |  |     | USD 53.63 |          |      |  | USD 38.38 |          |  |  | 86,000     |          
|2001           |               |                          | EUR 58.20 |                 |                         |  | EUR 24.47          |                  |  |                 | 1,679,000      |             |  |     | USD 53.75 |          |      |  | USD 27.89 |          |  |  | 89,000     |          
|2002           |               |                          | EUR 46.80 |                 |                         |  | EUR 3.42           |                  |  |                 | 10,812,000     |             |  |     | USD 40.80 |          |      |  | USD 5.28  |          |  |  | 158,000    |          
|2003           |               |                          | EUR 6.48  |                 |                         |  | EUR 1.14           |                  |  |                 | 26,130,668     |             |  |     | USD 7.80  |          |      |  | USD 1.62  |          |  |  | 1,327,835  |          
|First Quarter  |               |                          | EUR 5.44  |                 |                         |  | EUR 2.61           |                  |  |                 | 8,529,115      |             |  |     | USD 5.75  |          |      |  | USD 3.35  |          |  |  | 66,827     |          
|Second Quarter |               |                          | EUR 6.48  |                 |                         |  | EUR 3.35           |                  |  |                 | 14,635,853     |             |  |     | USD 7.80  |          |      |  | USD 4.00  |          |  |  | 150,359    |          
|Third Quarter  |               |                          | EUR 5.65  |                 |                         |  | EUR 4.39           |                  |  |                 | 17,672,319     |             |  |     | USD 6.30  |          |      |  | USD 5.07  |          |  |  | 194,526    |          
|Fourth Quarter |               |                          | EUR 5.55  |                 |                         |  | EUR 1.14           |                  |  |                 | 63,685,383     |             |  |     | USD 6.50  |          |      |  | USD 1.62  |          |  |  | 4,899,628  |          
|2004           |               |                          | EUR 1.80  |                 |                         |  | EUR 1.00           |                  |  |                 | 119,620,704    |             |  |     | USD 2.37  |          |      |  | USD 1.23  |          |  |  | 12,707,650 |          
|First Quarter  |               |                          | EUR 1.80  |                 |                         |  | EUR 1.20           |                  |  |                 | 224,202,079    |             |  |     | USD 2.37  |          |      |  | USD 1.52  |          |  |  | 34,569,666 |          
|Second Quarter |               |                          | EUR 1.53  |                 |                         |  | EUR 1.15           |                  |  |                 | 76,870,659     |             |  |     | USD 1.91  |          |      |  | USD 1.34  |          |  |  | 6,029,833  |          
|Third Quarter  |               |                          | EUR 1.39  |                 |                         |  | EUR 1.00           |                  |  |                 | 88,322,260     |             |  |     | USD 1.69  |          |      |  | USD 1.23  |          |  |  | 4,088,767  |          
|Fourth Quarter |               |                          | EUR 1.53  |                 |                         |  | EUR 1.19           |                  |  |                 | 89,087,816     |             |  |     | USD 2.11  |          |      |  | USD 1.46  |          |  |  | 6,142,333  |          
|               | October 2004  |                          |           | EUR 1.30        |                         |  |                    | EUR 1.19         |  |                 |                | 40,935,858  |  |     |           | USD 1.58 |      |  |           | USD 1.46 |  |  |            | 2,274,300 | 
|               | November 2004 |                          |           | EUR 1.48        |                         |  |                    | EUR 1.21         |  |                 |                | 121,426,933 |  |     |           | USD 1.90 |      |  |           | USD 1.54 |  |  |            | 8,086,400 | 
|               | December 2004 |                          |           | EUR 1.53        |                         |  |                    | EUR 1.36         |  |                 |                | 104,900,657 |  |     |           | USD 2.11 |      |  |           | USD 1.80 |  |  |            | 8,066,300 | 
|2005           |               |                          | EUR 1.70  |                 |                         |  | EUR 1.38           |                  |  |                 | 77,690,765     |             |  |     | USD 2.29  |          |      |  | USD 1.83  |          |  |  | 5,010,133  |          
|First Quarter  |               |                          | EUR 1.70  |                 |                         |  | EUR 1.38           |                  |  |                 | 77,690,765     |             |  |     | USD 2.29  |          |      |  | USD 1.83  |          |  |  | 5,010,133  |          
|               | January 2005  |                          |           | EUR 1.58        |                         |  |                    | EUR 1.38         |  |                 |                | 75,708,878  |  |     |           | USD 2.07 |      |  |           | USD 1.83 |  |  |            | 3,709,000 | 
|               | February 2005 |                          |           | EUR 1.64        |                         |  |                    | EUR 1.50         |  |                 |                | 72,874,922  |  |     |           | USD 2.20 |      |  |           | USD 1.83 |  |  |            | 5,574,200 | 
|               | March 2005    |                          |           | EUR 1.70        |                         |  |                    | EUR 1.52         |  |                 |                | 84,488,496  |  |     |           | USD 2.29 |      |  |           | USD 1.83 |  |  |            | 5,747,200 | 
















OCEANEs Issuance and Repayment




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| |   |                                                                                                                                                                      
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | at any time by means of repurchases on the market or
    over-the-counter or by public tender offer for all or a portion
    of the bonds;                           
|
| |  | at any time from January 1, 2008 to December 31, 2009,
    for all bonds outstanding, subject to a minimum notice period of
    at least 30 calendar days as follows:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | by redemption at par, plus interest accrued from the last
    interest payment date preceding the early redemption date until
    the date set for redemption if the product of (i) the
    applicable conversion/exchange ratio and (ii) the average
    opening price of the Companys shares on Euronext Paris
    calculated over a period of 20 consecutive trading days
    during which the shares are listed on such stock exchange, as
    selected by the Company from among the 40 consecutive trading
    days preceding the date of publication of a notice relating to
    such early redemption, exceeds 130% of the principal amount of
    the bonds;



| |   |                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | at any time for all bonds outstanding, if less than 10% of the
    bonds issued remain outstanding, by redemption at par, plus
    interest accrued from the last interest payment date preceding
    the early redemption date until the date set for redemption.







|     |  |       |           |           |              |       |           |      |       |  |      |  |  |  |      | 
|---- |  | ----- | --------- | --------- | ------------ | ----- | --------- | ---- | ----- |  | ---- |  |  |  | ---- | 
|     |  |       |           | Volume of |              |       |           |      |      
|Year |  | Month |           |           | transactions |       |           | High |       |  | Low  | 
|     |  |       |           |           |              |       |           |      |       |  |      | 
|     |  |       |           |           |              | (EUR) |           |      | (EUR) | 
|2004 |  |       | July      |           |              |       | 93,365    |      |       |  | 2.12 |  |  |  | 2.05 | 
|     |  |       | August    |           |              |       | 1,055,067 |      |       |  | 2.1  |  |  |  | 2.03 | 
|     |  |       | September |           |              |       | 675,868   |      |       |  | 2.17 |  |  |  | 2.1  | 
|     |  |       | October   |           |              |       | 16,090    |      |       |  | 2.17 |  |  |  | 2.12 | 
|     |  |       | November  |           |              |       | 653,151   |      |       |  | 2.23 |  |  |  | 2.05 | 
|     |  |       | December  |           |              |       | 16,120    |      |       |  | 2.3  |  |  |  | 2.15 | 
|2005 |  |       | January   |           |              |       | 592,469   |      |       |  | 2.32 |  |  |  | 2.13 | 
|     |  |       | February  |           |              |       | 567,257   |      |       |  | 2.36 |  |  |  | 2.16 | 
|     |  |       | March     |           |              |       | 123,599   |      |       |  | 2.25 |  |  |  | 2.35 | 






101



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IRP


General








Mandatory Exchange








less than




greater than


102



---



##### Table of Contents







Exchange Upon Change of Control








B. PLAN OF DISTRIBUTION




C. MARKETS




premier marché premier marché








103



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##### Table of Contents



The Paris Market




prestataires de services dinvestissements


entreprise de
marché


Reform of the Regulated Market of Euronext


premier marché, second marché and nouveau
marché


premier marché The second
marché nouveau marché marché libre


réservation à la
hausse ou à la baisse Autorité des Marchés Financiers


104



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service de règlement
différé date
de liquidation




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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.









D. SELLING SHAREHOLDERS




E. DILUTION




F. EXPENSES OF THE ISSUE




105



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Item 10. Additional Information


A. SHARE CAPITAL




B. BYLAWS




statuts


statuts statuts


statuts




| |   |                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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














106



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capitaux
propres sociétés
anonymes,


Additional Ordinary Shares Issuances Authorized




directeur général directeur général
délégué








| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | through the issuance of securities giving access to the share
    capital with preservation of preferential subscription rights or
    by incorporation of reserves, profits or share premiums. The
    maximum total number of shares that may be issued for this
    purpose amounts to six hundred million, whereas the total
    principal amount of debt securities that may be issued by the
    Company shall not exceed an upper limit of EUR four hundred
    million.
|
| |  | through the issuance of securities giving access to the capital
    without preservation of preferential subscription rights. In
    this case the limits described in the previous paragraph are two
    hundred million shares and EUR two hundred million, respectively.                                                                                                                                                                                                    

107



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Preferential Subscription Rights


pro rata








Attendance and Voting at Shareholders Meetings






statuts,








108



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Comité dentreprise






Bulletin des annonces légales
obligatoires


avis de réunion






statuts,


certificat dimmobilisation de titres au porteur




statuts






109



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Dividend and Liquidation Rights


statuts


statuts


statuts


110



---



##### Table of Contents









Repurchase of Ordinary Shares






| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. | to reduce its share capital if this reduction is not motivated
    by losses 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 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 Board of
    Directors may delegate to the CEO (directeur
    général), or with the approval of the CEO, to one
    or several deputy CEO (directeur général
    délégué) powers to carry on such buy-back
    program.









111



---



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| |   |                                                                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | sales or purchases of the Companys shares by any means,
    depending on market conditions or with a view to diversify the
    Companys shareholder base;                                   
|
| |  | the holding or the transfer of the shares by any means, in
    particular by exchange of shares;                                                                                              
|
| |  | the stabilization of the share price by making sales and
    purchases against the share price trend;                                                                                         
|
| |  | the implementation of stock option plans;                                                                                                                                                     
|
| |  | the distribution of shares to employees of the Group;                                                                                                                                         
|
| |  | the pursuit of external growth transactions;                                                                                                                                                  
|
| |  | the cancellation of shares, within the limits set forth by law
    and subject to authorization by an extraordinary
    shareholders meeting, in order to improve earnings per
    share; and
|
| |  | the repurchase, by means of exchange, of IRP Holdings shares
    held by shareholders other than SCOR.                                                                                        



Form, Holding and Transfer of Ordinary Shares


Form of Shares. statuts


Holding of Ordinary Shares. dématérialisation


BNP Paribas




statuts




112



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Requirements for Holdings Exceeding Certain
Percentages. 1 3 2 3








statuts


Transfer of Ordinary Shares.




113



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société de
bourse




Trading by the Company in Ordinary Shares








| |   |                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | debt financial instruments exchangeable into equity instruments                                                                                                                                                                                                                                                                                                                                                  
|
| |  | employee share option programs or other allocations of shares to
    employees of the issuer or of an affiliate company                                                                                                                                                                                                                                                                                          
|
| |  | implementation in connection with market practice
    recognized by the AMF. As of the date of filing of this Annual
    Report, the AMF has recognized two market practices:
    (i) the buy back of shares in order to exchange them or use
    them as a means of payment in the framework of internal growth
    transactions and (ii) the buy back of shares in the
    framework of liquidity agreements.





| |   |                                                                                                                                                                                                                                                                                          
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The issuer must not, when executing trades under a buy-back
    program, purchase shares at a price higher than the higher of
    the price of the last independent trade and the highest current
    independent bid on the trading venues where the purchase is
    carried out;       
|
| |  | When SCOR carries out the purchase of own shares through
    derivative financial instruments, the exercise price of those
    derivative financial instruments shall not be above the higher
    of the price of the last independent trade and the highest
    current independent bid;
|
| |  | SCOR must not purchase more than 25% of the average daily
    trading volume of the shares in any one day on the regulated
    market on which the purchase is carried out.                                                                                                              



note
dinformation




114



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Ownership of Shares by Non-French Persons




autorisation préalable


déclaration administrative 1 3


C. MATERIAL CONTRACTS






| |   |                                                                                                                                                                                                               
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Our credit agreements with certain banks concerning credit lines
    and letters of credit described in Item 5.
    B.  Operating and Financial Review and
    Prospects  Liquidity and Capital Resources.

D. EXCHANGE CONTROLS


Exchange Controls




E. TAXATION






115



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| |   |                                                                                                                                                                                                                                                 
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a citizen or resident of the United States;                                                                                                                                                                                                     
|
| |  | a corporation organized under the laws of the United States or
    any State or other entity treated as a United States domestic
    corporation for United States federal income tax purposes;                                                 
|
| |  | 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.



Taxation of Dividends


French Taxation. avoir
fiscal


avoir fiscal avoir fiscal


(a)  Withholding tax








| |   |                                                                                                                                                                                                                                                                                      
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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.

116



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Centre des Impôts des Non Residents,


(b)  Avoir fiscal


avoir
fiscal avoir fiscal


avoir fiscal avoir fiscal


avoir fiscal


avoir fiscal avoir fiscal, avoir fiscal




United States Federal Income Taxation.


117



---



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avoir fiscal






Taxation of Capital Gains


French Taxation.


United States Federal Income Taxation.


118



---



##### Table of Contents





French Estate and Gift Taxes




French Wealth Tax




Passive Foreign Investment Company Rules


PFIC Rules.






| |   |                                                                                                                                                                                                        
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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.







| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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 with
    respect to 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 with respect to 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).





| |   |                                                                                                                                                                                           
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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 with respect to the tax attributable to each
    such year.                                         

119



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F. DIVIDENDS AND PAYING AGENTS




G. STATEMENT BY EXPERTS




H. DOCUMENTS ON DISPLAY




120



---



##### Table of Contents
















I. SUBSIDIARY INFORMATION




121



---



##### Table of Contents






Item 11. Quantitative and Qualitative Disclosures
About Market Risk






Foreign currency exchange rate risk








Interest rate risk




Equity security price risk






122



---



##### Table of Contents



Sensitivity analysis










123



---



##### Table of Contents





|                          |       |                    |       |                  |                |  |                    |               |      |               |         |      |   |  |     |     |  
|------------------------- | ----- | ------------------ | ----- | ---------------- | -------------- |  | ------------------ | ------------- | ---- | ------------- | ------- | ---- | - |  | --- | --- | -
|                          |       | December 31, 2004  |      
|                          |       |                    |      
|                          |       |                    |       | Currency Risk    |                |  | Interest Rate Risk |               |      |              
|                          |       |                    |       |                  |                |  |                    |               |      | Equity Risk   |        
|                          |       |                    |       | 10% change in    |                |  | 100 basis point    |               |      |               |        
|                          |       |                    |       | foreign currency |                |  | change in          |               |      | 10% change in |        
|                          |       | Market Value       |       |                  | exchange rates |  |                    | interest rate |      |               | Indexes |     
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|                          |       | (EUR, in millions) |      
|Increase                  |       |                    |       |                  |                |  |                    |               |      |               |         |      |   |  |     |    
|Fixed maturities          |       |                    | 5,272 |                  |                |  | 439                |               |      |               | (210    | )    |   |  |     |    
|Equity securities         |       |                    | 265   |                  |                |  | 10                 |               |      |               |         |      |   |  | 26  |    
|Trading equity securities |       |                    | 778   |                  |                |  | 8                  |               |      |               | (16     | )    |   |  | 26  |    
|Cash and cash equivalents |       |                    | 1,798 |                  |                |  | 113                |               |      |               |         |      |   |  |     |    
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|                          | Total |                    |       | 8,113            |                |  |                    | 570           | (1)  |               |         | (226 | ) |  |     | 52  |  
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|Decrease                  |       |                    |       |                  |                |  |                    |               |      |               |         |      |   |  |     |    
|Fixed maturities          |       |                    | 5,272 |                  |                |  | (439               | )             |      |               | 210     |      |   |  |     |    
|Equity securities         |       |                    | 265   |                  |                |  | (10                | )             |      |               |         |      |   |  | (26 | )  
|Trading equity securities |       |                    | 778   |                  |                |  | (8                 | )             |      |               | 16      |      |   |  | (26 | )  
|Cash and cash equivalents |       |                    | 1,798 |                  |                |  | (113               | )             |      |               |         |      |   |  |     |    
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|                          | Total |                    |       | 8,113            |                |  |                    | (570          | )(1) |               |         | 226  |   |  |     | (52 | )
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     

|                          |       |                    |       |                  |                |  |                    |               |      |               |         |      |   |  |     |     |  
|------------------------- | ----- | ------------------ | ----- | ---------------- | -------------- |  | ------------------ | ------------- | ---- | ------------- | ------- | ---- | - |  | --- | --- | -
|                          |       | December 31, 2003  |      
|                          |       |                    |      
|                          |       |                    |       | Currency Risk    |                |  | Interest Rate Risk |               |      |              
|                          |       |                    |       |                  |                |  |                    |               |      | Equity Risk   |        
|                          |       |                    |       | 10% change in    |                |  | 100 basis point    |               |      |               |        
|                          |       |                    |       | foreign currency |                |  | change in          |               |      | 10% change in |        
|                          |       | Market Value       |       |                  | exchange rates |  |                    | interest rate |      |               | Indexes |     
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|                          |       | (EUR, in millions) |      
|Increase                  |       |                    |       |                  |                |  |                    |               |      |               |         |      |   |  |     |    
|Fixed maturities          |       |                    | 5,130 |                  |                |  | 416                |               |      |               | (216    | )    |   |  |     |    
|Equity securities         |       |                    | 109   |                  |                |  | 6                  |               |      |               |         |      |   |  | 11  |    
|Trading equity securities |       |                    | 740   |                  |                |  | 6                  |               |      |               | (21     | )    |   |  | 19  |    
|Cash and cash equivalents |       |                    | 1,824 |                  |                |  | 139                |               |      |               |         |      |   |  |     |    
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|                          | Total |                    |       | 7,803            |                |  |                    | 567           | (1)  |               |         | (237 | ) |  |     | 30  |  
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|Decrease                  |       |                    |       |                  |                |  |                    |               |      |               |         |      |   |  |     |    
|Fixed maturities          |       |                    | 5,130 |                  |                |  | (416               | )             |      |               | 216     |      |   |  |     |    
|Equity securities         |       |                    | 109   |                  |                |  | (6                 | )             |      |               |         |      |   |  | (11 | )  
|Trading equity securities |       |                    | 740   |                  |                |  | (6                 | )             |      |               | 21      |      |   |  | (19 | )  
|Cash and cash equivalents |       |                    | 1,824 |                  |                |  | (139               | )             |      |               |         |      |   |  |     |    
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|                          | Total |                    |       | 7,803            |                |  |                    | (567          | )(1) |               |         | 237  |   |  |     | (30 | )
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     






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




Item 12. Description of Securities Other than
Equity Securities




124



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PART II





Item 13. Defaults, Dividend Arrearages and
Delinquencies







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







Item 15. Controls and Procedures


Overview








125



---



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Controls and Procedures








| |   |                                                                                                                                                                                           
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | contract with or hire additional accounting personnel
    knowledgeable in U.S. GAAP and train current accounting
    staff on the application of U.S. GAAP accounting
    pronouncements;
|
| |  | reinforce existing control over the reporting process of
    subsidiaries;                                                                                                                
|
| |  | improve standardized reconciliation templates to assist in the
    reconciliation process between French GAAP, IFRS and
    U.S. GAAP; and                                                
|
| |  | require the review and approval by certain officers for
    transactions that have an impact on SCORs financial
    position or consolidated results above specified levels.             






Item 16.


A. AUDIT COMMITTEE FINANCIAL EXPERT




126



---



##### Table of Contents





Commission des Opérations de Bourse, Autorité des Marchés Financiers





B. CODE OF ETHICS







C. PRINCIPAL ACCOUNTANT FEES AND SERVICES




|                          |  |      |           |  |      |  |           | 
|------------------------- |  | ---- | --------- |  | ---- |  | --------- | 
|Ernst & Young             |  | 2004 |           |  | 2003 | 
|                          |  |      |           |  |      | 
|Audit Fees                |  |      | 3,591,759 |  |      |  | 4,035,302 | 
|Audit-Related
    Fees(1) |  |      | 383,173   |  |      |  | 1,096,473 | 
|Tax
    Fees(2)           |  |      | 515,618   |  |      |  | 142,641   | 
|All Other
    Fees(3)     |  |      | 43,715    |  |      |  | 0         | 
|                          |  |      |           |  |      | 
|Total                     |  |      | 4,534,265 |  |      |  | 5,274,416 | 
|                          |  |      |           |  |      | 



|    |                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Audit-Related Fees are fees generally related to due diligence
    investigations, audits of combined financial statements prepared
    for purposes of the contemplated disposal of certain of our
    activities or of combined financial statements of companies that
    we acquired, review of prospectuses issued by us, and to other
    assignments relating to internal control functions and
    procedures.
|   
|(2) | Tax Fees are fees for professional services rendered by our
    auditors for tax compliance, tax advice on actual or
    contemplated transactions, tax consulting associated with
    international transfer prices and employee tax services.                                                                                                                                                                       
|   
|(3) | All Other Fees mainly relate to internal control and process
    reviews.                                                                                                                                                                                                                                                                                                                                             

Audit Committee Pre-Approval Policies and
Procedures






127



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D. EXEMPTIONS FROM THE LISTINGS STANDARDS FOR AUDIT
COMMITTEES







E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND
AFFILIATED PURCHASERS


Ordinary Shares






|                                  |  |                     |           |                   |                |                     |                  |                    |                        |                    |                   |  |  |  |            |       
|--------------------------------- |  | ------------------- | --------- | ----------------- | -------------- | ------------------- | ---------------- | ------------------ | ---------------------- | ------------------ | ----------------- |  |  |  | ---------- | ------
|                                  |  |                     |           |                   |                | (c) Total number of |                  |                    | (d) Maximum number     |                   
|                                  |  |                     |           |                   |                | shares purchased as |                  |                    | of shares that may yet |                   
|                                  |  |                     |           | (b) Average price |                |                     | part of publicly |                    |                        | be purchased under |                  
|                                  |  | (a) Total number of |           |                   | paid per share |                     |                  | announced plans or |                        |                    | the plans or      | 
|                                  |  | shares purchased    |           |                   | EUR            |                     |                  | programs           |                        |                    | programs(1)(2)(3) | 
|                                  |  |                     |           |                   |                |                     |                  |                    |                        |                    |                   | 
|January 1 to January 31, 2004     |  |                     |          |                   |                |                     |                 |                    |                        |                    |                  |  |  |  | 12,702,163 |       
|February 1 to February 29, 2004   |  |                     |          |                   |                |                     |                 |                    |                        |                    |                  |  |  |  | 12,702,163 |       
|March 1 to March 31, 2004         |  |                     |          |                   |                |                     |                 |                    |                        |                    |                  |  |  |  | 12,702,163 |       
|April 1 to April 30, 2004         |  |                     |          |                   |                |                     |                 |                    |                        |                    |                  |  |  |  | 12,702,163 |       
|May 3 to May 31, 2004             |  |                     | 3,435,705 |                   |                |                     | 1.212            |                    |                        |                    | 3,435,705         |  |  |  | 0          | (4)   
|June 1 to June 30, 2004           |  |                     | 3,331,274 |                   |                |                     | 1.186            |                    |                        |                    | 3,331,274         |  |  |  | 25,424,499 | (5)   
|July 1 to July 31, 2004           |  |                     |          |                   |                |                     |                 |                    |                        |                    |                  |  |  |  | 25,424,499 |       
|August 2 to August 31, 2004       |  |                     | 1,400,000 |                   |                |                     | 1.078            |                    |                        |                    | 1,400,000         |  |  |  | 24,024,499 | (5)   
|September 1 to September 30, 2004 |  |                     |          |                   |                |                     |                 |                    |                        |                    |                  |  |  |  | 24,024,499 |       
|October 1 to October 29, 2004     |  |                     | 150,000   |                   |                |                     | 1.2              |                    |                        |                    | 150,000           |  |  |  | 23,874,499 | (5)   
|November 1 to November 30, 2004   |  |                     |          |                   |                |                     |                 |                    |                        |                    |                  |  |  |  | 23,874,499 |       
|December 1 to December 31, 2004   |  |                     | 541,606   |                   |                |                     | 1.378            |                    |                        |                    | 541,606           |  |  |  | 23,382,893 | (5)(6)






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | 2003 Share Repurchase Plan. In May 2003, the shareholders of the
    Company authorized, as further limited by French law relating to
    the level of reserves and shares held by the Company at the
    time, the purchase of up to 12,702,163 shares. As of
    January 1, 2004, the Company had not made any repurchases
    under this plan therefore all 12,702,163 shares remained
    available for repurchase. The repurchase plan was authorized
    until the 2004 annual meeting of shareholders, which was held on
    May 18, 2004 and, to the extent shares remained available
    for purchase as of such time, the authorization expired with
    respect to those shares. The 2003 Share Repurchase Plan was
    publicly announced on April 28, 2003 and was subject only
    to approval of the shareholders at the 2003 annual meeting,
    which approval was obtained.
|   
|(2) | 2004 Share Repurchase Plan. In May 2004, the shareholders of the
    Company authorized, as further limited by French law relating to
    the level of reserves and shares held by the Company at the
    time, the purchase of up to 28,755,773 shares. The
    repurchase plan is authorized until the 2005 annual meeting of
    shareholders, which is scheduled to be held on May 31, 2005
    and, to the extent shares remain available for purchase as of
    the next annual meeting of shareholders, the authorization will
    expire with respect to those shares. The 2004 Share Repurchase
    Plan was publicly announced on April 28, 2004 and was
    subject only to approval of the shareholders at the 2004 annual
    meeting, which approval was obtained                                                                                                              
|   
|(3) | Under the 2003 and 2004 Share Repurchase Plans, all of the
    shares were authorized to be purchased, from time to time, in
    open market transactions or privately negotiated transactions.
    Repurchases are made under these program from time to time prior
    to their expiration, based on the Companys evaluation of
    market conditions and other factors. The Company has used and
    plans to continue to use existing cash to fund any authorized
    repurchases. All of the shares repurchased during the months
    identified above were purchased in open market transactions
    through this program.                                                                                                                                                                                                                                                            
|   
|(4) | The repurchases were made under the 2003 Share Repurchase Plan.
    The remaining 9,266,458 shares that would have remained
    available for purchase are now expired under the terms of the
    shareholders authorization given at the May 2004
    annual meeting. However, as of the 2004 annual shareholder
    meeting, the 2004 Share Repurchase Plan was authorized
    with respect to the 28,755,773 shares referenced in
    footnote (2) above.                                                                                                                                                                                                                                                                                                                                                                                                                                

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|    |                                                                                                                                                                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(5) | These repurchases were made under the 2004 Share Repurchase Plan.                                                                                                                                                                                                       
|   
|(6) | While the Company repurchased an aggregate of
    541,606 shares during this month, it also sold an aggregate
    of 50,000 shares. Therefore, the maximum number of shares
    available for purchase under the 2004 Share
    Repurchase Plan reflects the net change.



OCEANEs




|                                  |  |                 |         |               |               |  |       | 
|--------------------------------- |  | --------------- | ------- | ------------- | ------------- |  | ----- | 
|                                  |  |                 |         | Average price |              
|                                  |  | Total number of |         |               | paid per bond | 
|                                  |  | bonds purchased |         |               | EUR           | 
|                                  |  |                 |         |               |               | 
|January 1 to January 31, 2004     |  |                 |        |               |               |  |      | 
|February 1 to February 29, 2004   |  |                 |        |               |               |  |      | 
|March 1 to March 31, 2004         |  |                 | 255,814 |               |               |  | 64.17 | 
|April 1 to April 30, 2004         |  |                 | 81,673  |               |               |  | 64.43 | 
|May 3 to May 31, 2004             |  |                 | 164,459 |               |               |  | 64.65 | 
|June 1 to June 30, 2004           |  |                 | 905     |               |               |  | 64.75 | 
|July 1 to July 31, 2004           |  |                 |        |               |               |  |      | 
|August 2 to August 31, 2004       |  |                 |        |               |               |  |      | 
|September 1 to September 30, 2004 |  |                 | 52,447  |               |               |  | 65.40 | 
|October 1 to October 29, 2004     |  |                 |        |               |               |  |      | 
|November 1 to November 30, 2004   |  |                 | 14,260  |               |               |  | 65.68 | 
|December 1 to December 31, 2004   |  |                 | 7,700   |               |               |  | 65.72 | 

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PART III







|         |                     
|-------- | --------------------
|Item 17. | Financial Statements








|         |                     
|-------- | --------------------
|Item 18. | Financial Statements



|                                                                                                                         |  |       |            | 
|------------------------------------------------------------------------------------------------------------------------ |  | ----- | ---------- | 
|                                                                                                                         |  | Pages |           
|                                                                                                                         |  |       |           
|Financial Statements                                                                                                     |  |       |            | 
|Report of Independent Registered Public Accounting Firm                                                                  |  |       | F-1        | 
|Consolidated Balance Sheets as of December 31, 2004
    and 2003                                                         |  |       | F-2  F-3  | 
|Consolidated Statements of Operations for the Years Ended
    December 31, 2004, 2003 and 2002                           |  |       | F-4        | 
|Consolidated Statements of Comprehensive Income for the Years
    Ended December 31, 2004, 2003, and 2002                |  |       | F-5        | 
|Consolidated Statements of Changes in Shareholders Equity
    for the Years Ended December 31, 2004, 2003,
    and 2002 |  |       | F-6        | 
|Consolidated Statements of Cash Flows for the Years Ended
    December 31, 2004, 2003, and 2002                          |  |       | F-8        | 
|Notes to Consolidated Financial Statements                                                                               |  |       | F-9  F-61 | 
|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        | 








|         |         
|-------- | --------
|Item 19. | Exhibits



| |                |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -------------- |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Exhibit Number |  |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | 1.1            |  |  | Translation from French into English of the Companys
    Statutes, or by-laws, as last amended on May 18, 2004
    (Incorporated by reference to Exhibit 1 to the Companys
    Amendment No. 1 to the Annual Report on Form 20-F for
    the year ended December 31, 2003, as filed with the
    Securities and Exchange Commission on October 20, 2004
    (File No. 001 14518) (the
    2003 20-F))(1)                                                                                                                                                         
| | 2.1            |  |  | Form of Deposit Agreement dated as of October 8, 1996, as
    amended and restated as of December 1, 2003, among the
    Company, The Bank of New York, as Depositary, and all Owners and
    Beneficial Owners from time to time of American Depositary
    Receipts issued thereunder, including the form of American
    Depositary Receipt (Incorporated by reference to Exhibit 1
    to the Registration Statement on Form F-6 of the Company, as
    filed with the Securities and Exchange Commission on
    February 19, 2004 (File No. 333-112953))
    (1)

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| |      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ---- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 4.1  |  |  | Summary in the English language of (i) the credit line
    agreement, dated December 26, 2002, as amended on
    November 13, 2003 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 up to USD 900 million and (ii) the credit line
    agreement, dated November 14, 2003, entered into by and among
    SCOR VIE, a syndicate of banks and BNP Paribas as Agent and as
    Issuing Bank, relating to the insurance of letters of credit in
    an aggregate amount up to USD 11 million (Incorporated by
    reference to Exhibit 4 to the
    2003 20-F)(1)
| | 4.2  |  |  | Summary in the English language of Amendment No. 1 to the
    credit line agreement, dated November 14, 2003, entered
    into by and among SCOR VIE, a syndicate of banks and BNP Paribas
    as Agent and as Issuing Bank)                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | 4.3  |  |  | Summary in the English language of Amendment No. 2 to the
    credit line agreement, dated December 26, 2002, as amended
    on November 13, 2003 entered into by and among SCOR, a
    syndicate of banks and BNP Paribas as Agent and as Issuing Bank                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 4.4  |  |  | Summary in the English language of Amendment No. 3 to the
    credit line agreement, dated December 26, 2002, as amended
    on November 13, 2003 entered into by and among SCOR, a
    syndicate of banks and BNP Paribas as Agent and as Issuing Bank                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 4.5  |  |  | Summary in the English language of Amendment No. 4 to the
    credit line agreement, dated December 26, 2002, as amended
    on November 13, 2003 entered into by and among SCOR, a
    syndicate of banks and BNP Paribas as Agent and as Issuing Bank                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 4.6  |  |  | Stand-By Letter of Credit Facility, dated October 11, 2004,
    entered into by SCOR VIE and Deutsche Bank AG, Paris Branch                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | 4.7  |  |  | Stand-By Letter of Credit Facility, dated October 11, 2004,
    entered into by SCOR and Deutsche Bank AG, Paris Branch                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | 8    |  |  | Subsidiaries (Incorporated by reference to Exhibit 8 to the
    2003 20-F)(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | 12.1 |  |  | Certification of chief executive officer pursuant to 17 CFR
    240.13a-14(a), promulgated under Section 302 of the
    Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | 12.2 |  |  | Certification of chief financial officer pursuant to 17 CFR
    240.13a-14(a), promulgated under Section 302 of the
    Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | 13.1 |  |  | Certification of chief executive officer furnished pursuant to
    Rule 13a-14(b) (17 CFR 240.13a-14(b)) or
    Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350
    of Chapter 63 of Title 18 of the United States Code
    (18 U.S.C. 1350), promulgated under Section 906
    of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                        
| | 13.2 |  |  | Certification of chief financial officer furnished pursuant to
    Rule 13a-14(b) (17 CFR 240.13a-14(b)) or
    Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350
    of Chapter 63 of Title 18 of the United States Code
    (18 U.S.C. 1350), promulgated under Section 906
    of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                        
| | 15   |  |  | Consent of Ernst & Young relating to incorporation by
    reference of auditors report                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         






|    |                           
|--- | --------------------------
|(1) | Incorporated by reference.

131



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SIGNATURES






| |     
| | ----
| | SCOR



| |     |                  
| | --- | -----------------
| | By: | /s/ Denis Kessler

| |                                             
| | --------------------------------------------
| |                                             
| | Name: Denis Kessler                         
| | Title:  Chairman and Chief Executive Officer



132



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Report of Independent Registered Public Accounting Firm














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





F-1



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##### Table of Contents






SCOR


CONSOLIDATED BALANCE SHEETS


|                                                |                                                                                                                   |                    |      |                    |      |  |       |        |  |  |       |        | 
|----------------------------------------------- | ----------------------------------------------------------------------------------------------------------------- | ------------------ | ---- | ------------------ | ---- |  | ----- | ------ |  |  | ----- | ------ | 
|                                                |                                                                                                                   | As of December 31, |     
|                                                |                                                                                                                   |                    |     
|                                                |                                                                                                                   | Notes              |      |                    | 2003 |  |       | 2004   | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|                                                |                                                                                                                   |                    |      | (restated)         |      |  |      
|                                                |                                                                                                                   |                    |      | (EUR, in millions) |     
|ASSETS                                         
|Investments                                     |                                                                                                                   |                    |      |                    |      |  |       |        |  |  |       |       
|                                                | Fixed maturities, available for sale, at fair value (amortized
    cost: EUR 5,060 in 2003 and EUR 5,207 in 2004) |                    |      | 3,4,14             |      |  |       | 5,130  |  |  |       | 5,272  | 
|                                                | Equity securities, available for sale, at fair value (cost
    EUR 98 in 2003 and EUR 220 in 2004)                |                    |      | 3,4,14             |      |  |       | 109    |  |  |       | 265    | 
|                                                | Trading investments, at fair value                                                                                |                    |      | 3,4,14             |      |  |       | 740    |  |  |       | 778    | 
|                                                | Other long-term investments                                                                                       |                    |      | 3,4                |      |  |       | 316    |  |  |       | 322    | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|                                                | Total investments                                                                                                 |                    |      |                    |      |  |       | 6,295  |  |  |       | 6,637  | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|Cash and cash equivalents                       |                                                                                                                   |                    | 3,14 |                    |      |  | 1,824 |        |  |  | 1,798 |       
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|Accrued interest income                         |                                                                                                                   |                    |      |                    |      |  | 103   |        |  |  | 184   |       
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|Reinsurance balances receivable                 |                                                                                                                   |                    |      |                    |      |  |       |        |  |  |       |       
|                                                | Property-Casualty                                                                                                 |                    |      | 3                  |      |  |       | 681    |  |  |       | 282    | 
|                                                | Life                                                                                                              |                    |      | 3                  |      |  |       | 68     |  |  |       | 42     | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|                                                | Total reinsurance balances receivable                                                                             |                    |      |                    |      |  |       | 749    |  |  |       | 324    | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|Accrued premiums receivable, net of commissions |                                                                                                                   |                    |      |                    |      |  |       |        |  |  |       |       
|                                                | Property-Casualty                                                                                                 |                    |      | 3,5                |      |  |       | 575    |  |  |       | 588    | 
|                                                | Life                                                                                                              |                    |      | 3,5                |      |  |       | 185    |  |  |       | 218    | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|                                                | Total accrued premiums receivable, net of commissions                                                             |                    |      |                    |      |  |       | 760    |  |  |       | 806    | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|Property-Casualty                               |                                                                                                                   |                    |      |                    |      |  |       |        |  |  |       |       
|                                                | Reinsurance recoverable on unpaid losses and LAE                                                                  |                    |      | 3,5                |      |  |       | 673    |  |  |       | 536    | 
|                                                | Prepaid reinsurance premium                                                                                       |                    |      | 3,5                |      |  |       | 76     |  |  |       | 40     | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|                                                | Total Property-Casualty                                                                                           |                    |      |                    |      |  |       | 749    |  |  |       | 576    | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|Life                                            |                                                                                                                   |                    |      |                    |      |  |       |        |  |  |       |       
|                                                | Reinsurance recoverable on reserves for future policy benefits                                                    |                    |      | 3,5                |      |  |       | 401    |  |  |       | 331    | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|Deferred policy acquisition costs, net          |                                                                                                                   |                    | 3    |                    |      |  | 483   |        |  |  | 518   |       
|Credits for deposits with ceding companies      |                                                                                                                   |                    | 3    |                    |      |  | 1,254 |        |  |  | 1,387 |       
|Deferred income tax assets                      |                                                                                                                   |                    | 3,10 |                    |      |  | 56    |        |  |  | 189   |       
|Derivative financial instruments                |                                                                                                                   |                    | 3,15 |                    |      |  | 104   |        |  |  | 29    |       
|Fixed assets, net                               |                                                                                                                   |                    | 3    |                    |      |  | 94    |        |  |  | 86    |       
|Intangible assets                               |                                                                                                                   |                    | 3    |                    |      |  | 56    |        |  |  | 9     |       
|Advances to and investments in affiliates       |                                                                                                                   |                    | 3,4  |                    |      |  | 51    |        |  |  | 39    |       
|Goodwill                                        |                                                                                                                   |                    | 3    |                    |      |  | 219   |        |  |  | 209   |       
|Other assets                                    |                                                                                                                   |                    |      |                    |      |  | 407   |        |  |  | 317   |       
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 
|                                                | Total assets                                                                                                      |                    |      |                    |      |  |       | 13,605 |  |  |       | 13,439 | 
|                                                |                                                                                                                   |                    |      |                    |      |  |       |        | 



F-2



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##### Table of Contents



SCOR


CONSOLIDATED BALANCE SHEETS


|                                                                |                                                                                            |                    |         |                    |      |  |        |        |   |  |        |        |  
|--------------------------------------------------------------- | ------------------------------------------------------------------------------------------ | ------------------ | ------- | ------------------ | ---- |  | ------ | ------ | - |  | ------ | ------ | -
|                                                                |                                                                                            | As of December 31, |        
|                                                                |                                                                                            |                    |        
|                                                                |                                                                                            | Notes              |         |                    | 2003 |  |        | 2004   |  
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|                                                                |                                                                                            | (restated)         |        
|                                                                |                                                                                            |                    |         | (EUR, in millions) |     
|LIABILITIES AND SHAREHOLDERS EQUITY                           
|Property-Casualty                                               |                                                                                            |                    |         |                    |      |  |        |        |   |  |        |       
|                                                                | Losses and loss adjustment expenses reserves                                               |                    |         | 3,18               |      |  |        | 7,004  |   |  |        | 6,119  |  
|                                                                | Unearned premium reserves                                                                  |                    |         | 3                  |      |  |        | 1,124  |   |  |        | 978    |  
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|                                                                | Total                                                                                      |                    |         |                    |      |  |        | 8,128  |   |  |        | 7,097  |  
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|Life                                                            |                                                                                            |                    |         |                    |      |  |        |        |   |  |        |       
|                                                                | Reserve for future policy benefits                                                         |                    |         | 3,17               |      |  |        | 2,562  |   |  |        | 2,677  |  
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|Funds held under reinsurance treaties                           |                                                                                            |                    | 3,5     |                    |      |  | 529    |        |   |  | 427    |       
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|Reinsurance balances payable                                    |                                                                                            |                    |         |                    |      |  |        |        |   |  |        |       
|                                                                | Property-Casualty                                                                          |                    |         | 3                  |      |  |        | 232    |   |  |        | 78     |  
|                                                                | Life                                                                                       |                    |         | 3                  |      |  |        | 38     |   |  |        | 93     |  
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|                                                                | Total reinsurance balances payable                                                         |                    |         |                    |      |  |        | 270    |   |  |        | 171    |  
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|Convertible subordinated debentures                             |                                                                                            |                    | 9,14    |                    |      |  | 257    |        |   |  | 200    |       
|Other long term debt including obligations under capital leases |                                                                                            |                    | 9       |                    |      |  | 782    |        |   |  | 761    |       
|Notes payable                                                   |                                                                                            |                    | 9,14,15 |                    |      |  | 36     |        |   |  | 34     |       
|Debt due within one year                                        |                                                                                            |                    |         |                    |      |  | 14     |        |   |  | 244    |       
|Derivative financial instruments                                |                                                                                            |                    | 15      |                    |      |  | 11     |        |   |  | 6      |       
|Other liabilities                                               |                                                                                            |                    |         |                    |      |  | 392    |        |   |  | 317    |       
|Deferred income tax liabilities                                 |                                                                                            |                    | 3,10    |                    |      |  | 96     |        |   |  | 112    |       
|Minority interest                                               |                                                                                            |                    | 16      |                    |      |  | 172    |        |   |  | 183    |       
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|                                                                | Total liabilities                                                                          |                    |         |                    |      |  |        | 13,249 |   |  |        | 12,229 |  
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|Contingencies                                                   |                                                                                            |                    | 19      |                    |      |  |        |        |   |  |        |       
|Shareholders Equity                                            |                                                                                            |                    |         |                    |      |  |        |        |   |  |        |       
|                                                                | Common stock, 136,544,845 shares in 2003 and 819,269,070 in 2004
    authorized and issued |                    |         | 3,12               |      |  |        | 136    |   |  |        | 645    |  
|                                                                | Additional paid-in capital                                                                 |                    |         |                    |      |  |        | 1,195  |   |  |        | 1,398  |  
|                                                                | Retained deficit                                                                           |                    |         |                    |      |  |        | (916   | ) |  |        | (669   | )
|                                                                | Accumulated other comprehensive loss                                                       |                    |         | 3,8                |      |  |        | (57    | ) |  |        | (151   | )
|                                                                | Treasury stock, at cost (489,500 shares in 2003 and 9,298,085 in
    2004)                 |                    |         |                    |      |  |        | (2     | ) |  |        | (12    | )
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|                                                                | Total shareholders equity                                                                 |                    |         |                    |      |  |        | 356    |   |  |        | 1,211  |  
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  
|Total liabilities and shareholders equity                      |                                                                                            |                    |         |                    |      |  | 13,605 |        |   |  | 13,439 |       
|                                                                |                                                                                            |                    |         |                    |      |  |        |        |  



F-3



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##### Table of Contents






SCOR


CONSOLIDATED STATEMENTS OF OPERATIONS


|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |       |   |  |       |       |  
|--------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----- | ---- | ----------------------- | ---- |  | ---------- | ----- | - |  | ----- | ----- | - |  | ----- | ----- | -
|                                                                      |                                                                                                                                                                                          |       |      | Year ended December 31, |     
|                                                                      |                                                                                                                                                                                          |       |      |                         |     
|                                                                      |                                                                                                                                                                                          | Notes |      |                         | 2002 |  |            | 2003  |   |  | 2004  |      
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|                                                                      |                                                                                                                                                                                          |       |      | (restated)              |      |  | (restated) |       |   | 
|                                                                      |                                                                                                                                                                                          |       |      | (EUR, in millions)      |     
|Revenues                                                              |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |       |   |  |       |      
|                                                                      | Life premiums earned, net of premiums ceded totaling EUR 97
    in 2002, EUR 66 in 2003 and EUR 20 in 2004                                                                               |       |      | 3,5,17                  |      |  |            | 578   |   |  |       | 517   |   |  |       | 524   |  
|                                                                      | Property-Casualty premiums earned, net of premiums ceded
    totaling EUR 471 in 2002, EUR 292 in 2003 and
    EUR 165 in 2004                                                           |       |      | 3,5,17                  |      |  |            | 3,575 |   |  |       | 2,807 |   |  |       | 1,703 |  
|                                                                      | Net investment income                                                                                                                                                                    |       |      | 3,4,17                  |      |  |            | 367   |   |  |       | 326   |   |  |       | 282   |  
|                                                                      | Net realized gains on investments                                                                                                                                                        |       |      | 3,4,17                  |      |  |            | 42    |   |  |       | 117   |   |  |       | 42    |  
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|Total revenues                                                        |                                                                                                                                                                                          |       |      |                         |      |  | 4,562      |       |   |  | 3,767 |       |   |  | 2,551 |      
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|Expenses                                                              |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |       |   |  |       |      
|                                                                      | Life claims, net of reinsurance recoveries totaling EUR 41
    in 2002, EUR 88 in 2003 and EUR 3 in 2004                                                                                 |       |      | 3,5,17                  |      |  |            | 459   |   |  |       | 421   |   |  |       | 451   |  
|                                                                      | Property-Casualty claims and loss adjustment expenses, net of
    reinsurance recoveries totaling EUR 134 in 2002,
    EUR 99 in 2003 and EUR 65 in 2004                                 |       |      | 3,5,17                  |      |  |            | 3,462 |   |  |       | 2,739 |   |  |       | 1,176 |  
|                                                                      | Policy acquisition costs and commissions                                                                                                                                                 |       |      | 3,17                    |      |  |            | 909   |   |  |       | 742   |   |  |       | 568   |  
|                                                                      | Underwriting and administration expenses                                                                                                                                                 |       |      | 3,17                    |      |  |            | 204   |   |  |       | 160   |   |  |       | 135   |  
|                                                                      | Foreign exchange gain, net                                                                                                                                                               |       |      |                         |      |  |            | (110  | ) |  |       | (147  | ) |  |       | (37   | )
|                                                                      | Impairment of goodwill                                                                                                                                                                   |       |      | 3                       |      |  |            | 17    |   |  |       |      |   |  |       |      |  
|                                                                      | Interest expense                                                                                                                                                                         |       |      |                         |      |  |            | 34    |   |  |       | 33    |   |  |       | 49    |  
|                                                                      | Other operating expenses, net                                                                                                                                                            |       |      |                         |      |  |            | 20    |   |  |       | 19    |   |  |       | 14    |  
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|Total expenses                                                        |                                                                                                                                                                                          |       |      |                         |      |  | 4,995      |       |   |  | 3,967 |       |   |  | 2,356 |      
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|                                                                      | Income (loss) before income taxes, minority interests,
    income (loss) from investments accounted for by the equity
    method and cumulative effect of change in accounting principle |       |      |                         |      |  |            | (433  | ) |  |       | (200  | ) |  |       | 195   |  
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|Income tax (expense) benefit                                          |                                                                                                                                                                                          |       | 3,10 |                         |      |  | (51        | )     |   |  | (287  | )     |   |  | 73    |      
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|                                                                      | Income (loss) before minority interests, income
    (loss) from investments accounted for by the equity method
    and cumulative effect of change in accounting principle               |       |      |                         |      |  |            | (484  | ) |  |       | (487  | ) |  |       | 268   |  
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|Minority interests                                                    |                                                                                                                                                                                          |       |      |                         |      |  | (13        | )     |   |  | (26   | )     |   |  | (24   | )    
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|                                                                      | Income (loss) before income (loss) from investments
    accounted for by the equity method and cumulative effect of
    change in accounting principle                                   |       |      | 3,4                     |      |  |            | (497  | ) |  |       | (513  | ) |  |       | 244   |  
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|Income (loss) from investments accounted for by the equity
    method |                                                                                                                                                                                          |       |      |                         |      |  | 4          |       |   |  | 1     |       |   |  | (1    | )    
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|                                                                      | Income (loss) before cumulative effect of change in
    accounting principle                                                                                                             |       |      |                         |      |  |            | (493  | ) |  |       | (512  | ) |  |       | 243   |  
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|Cumulative effect of change in accounting principle, net of tax       |                                                                                                                                                                                          |       | 3    |                         |      |  |           |       |   |  |      |       |   |  | 4     |      
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      
|                                                                      | Net income (loss)                                                                                                                                                                        |       |      |                         |      |  |            | (493  | ) |  |       | (512  | ) |  |       | 247   |  
|                                                                      |                                                                                                                                                                                          |       |      |                         |      |  |            |       |   |  |       |      

|                                                            |                                                                              |  |  |                        |  |  |  |        |   |  |  |         |   |  |  |         | 
|----------------------------------------------------------- | ---------------------------------------------------------------------------- |  |  | ---------------------- |  |  |  | ------ | - |  |  | ------- | - |  |  | ------- | 
|                                                            |                                                                              |  |  | (EUR, except number of | 
|                                                            |                                                                              |  |  | shares in thousands)   | 
|Basic earnings per share                                    |                                                                              |  |  |                        |  |  |  |        |   |  |  |         |   |  |  |        
|                                                            | Income (loss) before cumulative effect of change in
    accounting principle |  |  |                        |  |  |  | (13.03 | ) |  |  | (3.76   | ) |  |  | 0.30    | 
|                                                            | Cumulative effect of a change in accounting principle, net of tax            |  |  |                        |  |  |  |       |   |  |  |        |   |  |  | 0.01    | 
|                                                            |                                                                              |  |  |                        |  |  |  |        |   |  |  |        
|                                                            | Basic earnings per share available to common stockholders                    |  |  | 3,12                   |  |  |  | (13.03 | ) |  |  | (3.76   | ) |  |  | 0.31    | 
|                                                            |                                                                              |  |  |                        |  |  |  |        |   |  |  |        
|Diluted earnings per share                                  |                                                                              |  |  |                        |  |  |  |        |   |  |  |         |   |  |  |        
|                                                            | Income (loss) before cumulative effect of change in
    accounting principle |  |  |                        |  |  |  | (13.03 | ) |  |  | (3.76   | ) |  |  | 0.29    | 
|                                                            | Cumulative effect of a change in accounting principle, net of tax            |  |  |                        |  |  |  |       |   |  |  |        |   |  |  | 0.01    | 
|                                                            |                                                                              |  |  |                        |  |  |  |        |   |  |  |        
|                                                            | Diluted earnings per share available to common stockholders                  |  |  | 3,12                   |  |  |  | (13.03 | ) |  |  | (3.76   | ) |  |  | 0.30    | 
|                                                            |                                                                              |  |  |                        |  |  |  |        |   |  |  |        
|Weighted average number of shares outstanding, in thousands |                                                                              |  |  |                        |  |  |  |        |   |  |  |         |   |  |  |        
|                                                            | basic                                                                        |  |  | 3,12                   |  |  |  | 37,830 |   |  |  | 136,300 |   |  |  | 803,152 | 
|                                                            |                                                                              |  |  |                        |  |  |  |        |   |  |  |        
|                                                            | diluted                                                                      |  |  | 3,12                   |  |  |  | 37,830 |   |  |  | 136,300 |   |  |  | 857,189 | 
|                                                            |                                                                              |  |  |                        |  |  |  |        |   |  |  |        



F-4



---



##### Table of Contents






SCOR


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


|                                              |                                                                         |                                                                                                     |  |                         |      |  |            |      |      |   |      |      |      |   |     |      |     |  
|--------------------------------------------- | ----------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------- |  | ----------------------- | ---- |  | ---------- | ---- | ---- | - | ---- | ---- | ---- | - | --- | ---- | --- | -
|                                              |                                                                         |                                                                                                     |  | Year ended December 31, |     
|                                              |                                                                         |                                                                                                     |  |                         |     
|                                              |                                                                         | Notes                                                                                               |  |                         | 2002 |  |            | 2003 |      |   | 2004 |     
|                                              |                                                                         |                                                                                                     |  |                         |      |  |            |      |      |   |      |     
|                                              |                                                                         |                                                                                                     |  | (restated)              |      |  | (restated) |      |      |  
|                                              |                                                                         |                                                                                                     |  | (EUR, in millions)      |     
|Net income (loss)                             |                                                                         |                                                                                                     |  |                         |      |  | (493       | )    |      |   | (512 | )    |      |   | 247 |     
|                                              |                                                                         |                                                                                                     |  |                         |      |  |            |      |      |   |      |     
|Other comprehensive income (loss), net of tax |                                                                         |                                                                                                     |  |                         |      |  |            |      |      |   |      |      |      |   |     |     
|                                              | Foreign currency translation adjustment                                 |                                                                                                     |  | 3,8                     |      |  |            | (144 | )    |   |      | (127 | )    |   |     | (101 | )  
|                                              | Minimum Pension Liability Adjustment                                    |                                                                                                     |  | 3.8                     |      |  |            | (2   | )    |   |      | 1    |      |   |     | (1   | )  
|                                              | Unrealized appreciation (depreciation) on investments
    during period |                                                                                                     |  |                         |      |  |            |      |      |   |      |      |      |   |     |      |    
|                                              |                                                                         | Fixed maturities                                                                                    |  |                         | 3,8  |  |            |      | 75   |   |      |      | (45  | ) |     |      | 14  |  
|                                              |                                                                         | Equity securities                                                                                   |  |                         | 3,8  |  |            |      | (48  | ) |      |      | 5    |   |     |      | 3   |  
|                                              |                                                                         | Less: reclassification adjustment for
    (appreciation) depreciation included in net income (loss) |  |                         | 3,8  |  |            |      | 67   |   |      |      | (41  | ) |     |      | (9  | )
|                                              |                                                                         |                                                                                                     |  |                         |      |  |            |      |      |   |      |     
|                                              |                                                                         | Other comprehensive loss                                                                            |  |                         |      |  |            |      | (52  | ) |      |      | (207 | ) |     |      | (94 | )
|                                              |                                                                         |                                                                                                     |  |                         |      |  |            |      |      |   |      |     
|                                              |                                                                         | Comprehensive income (loss)                                                                         |  |                         |      |  |            |      | (545 | ) |      |      | (719 | ) |     |      | 153 |  
|                                              |                                                                         |                                                                                                     |  |                         |      |  |            |      |      |   |      |     



F-5



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##### Table of Contents






SCOR


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS
EQUITY


|                                       |                                                                                                |                          |       |            |             |   |     |             |             |   |       |             |             |  
|-------------------------------------- | ---------------------------------------------------------------------------------------------- | ------------------------ | ----- | ---------- | ----------- | - | --- | ----------- | ----------- | - | ----- | ----------- | ----------- | -
|                                       |                                                                                                | As of December 31,       |      
|                                       |                                                                                                |                          |      
|                                       |                                                                                                | 2002                     |       |            | 2003        |   |     | 2004        |            
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|                                       |                                                                                                | (restated)               |       |            | (restated)  |   |     |            
|                                       |                                                                                                | (EUR, in millions)       |      
|Ordinary Shares                        |                                                                                                |                          |       |            |             |   |     |             |             |   |       |            
|                                       | Balance at beginning of year                                                                   |                          |       | 157        |             |   |     | 520         |             |   |       | 136         |            
|                                       | Issuance of Ordinary Shares  Public issue                                                     |                          |       | 377        |             |   |     |            |             |   |       | 683         |            
|                                       | Change in Ordinary Shares Par
    Value(1)                                                     |                          |       |           |             |   |     | (384        | )           |   |       | (174        | )          
|                                       | Cancellation of Ordinary Shares                                                                |                          |       | (14        | )           |   |     |            |             |   |       |            |            
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|                                       |                                                                                                | Balance at end of year   |       |            | 520         |   |     |             | 136         |   |       |             | 645         |  
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|Additional paid-in capital             |                                                                                                |                          |       |            |             |   |     |             |             |   |       |            
|                                       | Balance at beginning of year                                                                   |                          |       | 976        |             |   |     | 811         |             |   |       | 1,195       |            
|                                       | Issuance of Ordinary Shares  Public issue                                                     |                          |       | (14        | )           |   |     |            |             |   |       | 68          |            
|                                       | Other                                                                                          |                          |       | 9          |             |   |     |             |             |   |       | (39         | )          
|                                       | Change in Ordinary Shares Value                                                                |                          |       |           |             |   |     | 384         |             |   |       | 174         |            
|                                       | Cancellation of Ordinary Shares                                                                |                          |       | (160       | )           |   |     |            |             |   |       |            |            
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|                                       |                                                                                                | Balance at end of year   |       |            | 811         |   |     |             | 1,195       |   |       |             | 1,398       |  
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|Accumulated other comprehensive income |                                                                                                |                          |       |            |             |   |     |             |             |   |       |            
|                                       | Balance at beginning of period                                                                 |                          |       | 202        |             |   |     | 150         |             |   |       | (57         | )          
|                                       | Unrealized appreciation (depreciation) on investments, net of
    reclassification adjustment) |                          |       | 94         |             |   |     | (81         | )           |   |       | 8           |            
|                                       | Currency translation adjustments                                                               |                          |       | (144       | )           |   |     | (127        | )           |   |       | (101        | )          
|                                       | Minimum pension liability adjustment                                                           |                          |       | (2         | )           |   |     | 1           |             |   |       | (1          | )          
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|                                       |                                                                                                | Balance at end of period |       |            | 150         |   |     |             | (57         | ) |       |             | (151        | )
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|Catastrophe reserve                    |                                                                                                |                          |       |            |             |   |     |             |             |   |       |            
|                                       | Balance at beginning of year                                                                   |                          |       | 11         |             |   |     | 6           |             |   |       |            |            
|                                       | Allocation during year                                                                         |                          |       | (5         | )           |   |     | (6          | )           |   |       |            |            
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|                                       |                                                                                                | Balance at end of year   |       |            | 6           |   |     |             |            |   |       |             |            |  
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|Retained earnings (deficit)            |                                                                                                |                          |       |            |             |   |     |             |             |   |       |            
|                                       | Balance at beginning of year                                                                   |                          |       | 92         |             |   |     | (410        | )           |   |       | (916        | )          
|                                       | Net (loss) income                                                                              |                          |       | (493       | )           |   |     | (512        | )           |   |       | 247         |            
|                                       | Allocation to catastrophe reserve                                                              |                          |       | 5          |             |   |     | 6           |             |   |       |            |            
|                                       | Dividends                                                                                      |                          |       | (11        | )           |   |     |            |             |   |       |            |            
|                                       | Others                                                                                         |                          |       | (3         | )           |   |     | 0           |             |   |       |            |            
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|                                       |                                                                                                | Balance at end of year   |       |            | (410        | ) |     |             | (916        | ) |       |             | (669        | )
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|Treasury stock                         |                                                                                                |                          |       |            |             |   |     |             |             |   |       |            
|                                       | Balance at beginning of year                                                                   |                          |       | (171       | )           |   |     |            |             |   |       | (2          | )          
|                                       | Cancellation (Purchase) of treasury shares                                                     |                          |       | 171        |             |   |     | (2          | )           |   |       | (10         | )          
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|                                       |                                                                                                | Balance at end of year   |       |            | 0           |   |     |             | (2          | ) |       |             | (12         | )
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|Total Shareholders equity             |                                                                                                |                          | 1,078 |            |             |   | 356 |             |             |   | 1,211 |            
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|Ordinary Shares                        |                                                                                                |                          |       |            |             |   |     |             |             |   |       |            
|                                       | Balance at beginning of year                                                                   |                          |       | 41,244,216 |             |   |     | 136,544,845 |             |   |       | 136,544,845 |            
|                                       | Exercise of stock options                                                                      |                          |       | 16,158     |             |   |     |            |             |   |       |            |            
|                                       | Issuance of Ordinary Shares                                                                    |                          |       | 99,024,888 |             |   |     |            |             |   |       | 682,724,225 |            
|                                       | Cancellation of Ordinary Shares Treasury stock                                                 |                          |       | (3,740,417 | )           |   |     |            |             |   |       |            |            
|                                       |                                                                                                |                          |       |            |             |   |     |             |            
|                                       |                                                                                                | Balance at end of year   |       |            | 136,544,845 |   |     |             | 136,544,845 |   |       |             | 819,269,070 |  
|                                       |                                                                                                |                          |       |            |             |   |     |             |            






|    |                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | In 2003 the Company reduced the per value of the ordinary
    share from EUR 3.85 per share to
    EUR 1 per share. In 2004 the Company reduced the
    per value of the ordinary share from
    EUR 1 per share to
    EUR 0.79 per share.

F-6



---



##### Table of Contents



SCOR


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS
EQUITY  (Continued)


|                                                              |                        |                                                |     |  |     |  
|------------------------------------------------------------- | ---------------------- | ---------------------------------------------- | --- |  | --- | -
|                                                              |                        | January 1,                                     |    
|                                                              |                        | 2002                                           |    
|                                                              |                        |                                                |    
|Impact of restatement on opening equity                       |                        |                                                |     | 
|Accumulated other comprehensive income as previously reported |                        |                                                | 122 | 
|                                                              | Impact of restatement: |                                                |     |  |    
|                                                              |                        | Consolidation of mutual funds                  |     |  | 70  |  
|                                                              |                        | Other than temporary impairment of investments |     |  | 2   |  
|                                                              |                        | Other                                          |     |  | 8   |  
|                                                              |                        |                                                |    
|Accumulated other comprehensive income  restated             |                        |                                                | 202 | 
|                                                              |                        |                                                |    
|Retained earnings, as previously reported                     |                        |                                                | 215 | 
|                                                              | Impact of restatement: |                                                |     |  |    
|                                                              |                        | Consolidation of mutual funds                  |     |  | (70 | )
|                                                              |                        | Other than temporary impairment of investments |     |  | (2  | )
|                                                              |                        | Employee benefits                              |     |  | (7  | )
|                                                              |                        | Deferred taxes on Réserve de capitalisation  |     |  | (22 | )
|                                                              |                        | Other                                          |     |  | (22 | )
|                                                              |                        |                                                |    
|Retained earnings  restated                                  |                        |                                                | 92  | 
|                                                              |                        |                                                |    



F-7



---



##### Table of Contents






SCOR


CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |       |     |      |        |       |      |  
|--------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------- | --------------------------------------------------- | ------ | ---------- | ---- | -- | ------ | ----- | --- | ---- | ------ | ----- | ---- | -
|                                        |                                                                                                                                | Year ended December 31,                               |                                                    
|                                        |                                                                                                                                |                                                       |                                                    
|                                        |                                                                                                                                | 2002                                                  |                                                     |        | 2003       |      |    | 2004   |      
|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |      
|                                        |                                                                                                                                | (restated)                                            |                                                     |        | (restated) |      |    |       
|                                        |                                                                                                                                | (EUR, in millions)                                    |                                                    
|Cash flows from operating activities    |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |       |     |      |       
|                                        | Net income (loss) before minority interests                                                                                    |                                                       |                                                     | (480   | )          |      |    | (486   | )     |     |      | 271    |      
|                                        | Adjustments to reconcile net income (loss) before minority
    interest to net cash provided by (used in) operating activities |                                                       |                                                     |        |            |      |    |        |       |     |      |        |      
|                                        |                                                                                                                                | Change in reinsurance recoverable on unpaid losses    |                                                     |        | 255        |      |    |        | 287   |     |      |        | 111   |     
|                                        |                                                                                                                                | Change in prepaid insurance premiums                  |                                                     |        | 12         |      |    |        | 40    |     |      |        | 66    |     
|                                        |                                                                                                                                | Change in losses and LAE reserves, gross              |                                                     |        | 501        |      |    |        | (230  | )   |      |        | (662  | )   
|                                        |                                                                                                                                | Change in Life reserves for future policy benefits    |                                                     |        | 99         |      |    |        | 533   |     |      |        | 336   |     
|                                        |                                                                                                                                | Change in unearned premium reserves, gross            |                                                     |        | 192        |      |    |        | (375  | )   |      |        | (167  | )   
|                                        |                                                                                                                                | Deferred policy acquisition costs                     |                                                     |        | (116       | )    |    |        | (66   | )   |      |        | (23   | )   
|                                        |                                                                                                                                | Net realized gains on investments                     |                                                     |        | (42        | )    |    |        | (117  | )   |      |        | (42   | )   
|                                        |                                                                                                                                | Other amortization and change in other provisions     |                                                     |        | 74         |      |    |        | 60    |     |      |        | 56    |     
|                                        |                                                                                                                                | Change in deferred tax                                |                                                     |        | 76         |      |    |        | 233   |     |      |        | (116  | )   
|                                        |                                                                                                                                | Unrealized foreign exchange gains or losses           |                                                     |        | (92        | )    |    |        | (102  | )   |      |        | 13    |     
|                                        |                                                                                                                                | Premium and loss balances, net                        |                                                     |        | (47        | )    |    |        | (35   | )   |      |        | 312   |     
|                                        |                                                                                                                                | Change in reinsurance balances payable                |                                                     |        | 409        |      |    |        | 232   |     |      |        | (107  | )   
|                                        |                                                                                                                                | Change in deposits with ceding companies              |                                                     |        | (275       | )    |    |        | 13    |     |      |        | (194  | )   
|                                        |                                                                                                                                | Change in funds held under reinsurance treaties       |                                                     |        | (99        | )    |    |        | (53   | )   |      |        | (72   | )   
|                                        |                                                                                                                                | Change in sundry debtors and creditors                |                                                     |        | (102       | )    |    |        | (7    | )   |      |        | 30    |     
|                                        |                                                                                                                                | Other                                                 |                                                     |        | (101       | )    |    |        | (25   | )   |      |        | (41   | )   
|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |      
|                                        |                                                                                                                                |                                                       | Net cash provided by (used in) operating activities |        |            | 264  |    |        |       | (98 | )    |        |       | (229 | )
|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |      
|Cash flows from investing activities    |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |       |     |      |       
|                                        | Sales, maturities or redemptions of fixed maturities available
    for sale                                                    |                                                       |                                                     | 8,649  |            |      |    | 6,145  |       |     |      | 2,788  |      
|                                        | Sales of equity securities                                                                                                     |                                                       |                                                     | 526    |            |      |    | 159    |       |     |      | 575    |      
|                                        | Net sales (purchases) of short-term investments                                                                                |                                                       |                                                     | 174    |            |      |    | 169    |       |     |      |       |      
|                                        | Investments in fixed maturities available for sale                                                                             |                                                       |                                                     | (9,876 | )          |      |    | (6,112 | )     |     |      | (3,045 | )    
|                                        | Investments in equity securities                                                                                               |                                                       |                                                     | (273   | )          |      |    | (165   | )     |     |      | (778   | )    
|                                        | Acquisitions of fixed assets, including capital lease                                                                          |                                                       |                                                     | (91    | )          |      |    | (15    | )     |     |      | (4     | )    
|                                        | Disposals of fixed assets                                                                                                      |                                                       |                                                     |       |            |      |    | 46     |       |     |      |       |      
|                                        | Investment in consolidated affiliates                                                                                          |                                                       |                                                     | (11    | )          |      |    | 5      |       |     |      | 14     |      
|                                        | Investment in reinsurance companies                                                                                            |                                                       |                                                     | 275    |            |      |    |       |       |     |      | (3     | )    
|                                        | Long term loans                                                                                                                |                                                       |                                                     | 13     |            |      |    | 26     |       |     |      | 3      |      
|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |      
|                                        |                                                                                                                                |                                                       | Net cash provided by (used in) investing activities |        |            | (614 | )  |        |       | 258 |      |        |       | (450 | )
|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |      
|Cash flows from financing activities    |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |       |     |      |       
|                                        | Dividends paid                                                                                                                 |                                                       |                                                     | (11    | )          |      |    |       |       |     |      |       |      
|                                        | Repayment of borrowings                                                                                                        |                                                       |                                                     | (1,867 | )          |      |    | (114   | )     |     |      | (39    | )    
|                                        | Proceeds from borrowings, including capital lease                                                                              |                                                       |                                                     | 1,932  |            |      |    | 209    |       |     |      | 200    |      
|                                        | Issuance of shares                                                                                                             |                                                       |                                                     | 363    |            |      |    | (3     | )     |     |      | 708    |      
|                                        | Decrease on minority interests                                                                                                 |                                                       |                                                     | (19    | )          |      |    | (40    | )     |     |      | (13    | )    
|                                        | Purchase of treasury stock                                                                                                     |                                                       |                                                     | (3     | )          |      |    | (2     | )     |     |      | (10    | )    
|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |      
|                                        |                                                                                                                                |                                                       | Net cash provided by financing activities           |        |            | 395  |    |        |       | 50  |      |        |       | 846  |  
|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |      
|Effect of exchange rate changes on cash |                                                                                                                                |                                                       | (49                                                 | )      |            |      | 21 |        |       |     | (135 | )     
|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |      
|                                        |                                                                                                                                | Net increase (decrease) in cash and cash equivalents  |                                                     |        | (4         | )    |    |        | 231   |     |      |        | 32    |     
|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |      
|                                        |                                                                                                                                | Cash and cash equivalents at beginning of year        |                                                     |        | 1,927      |      |    |        | 1,788 |     |      |        | 1,824 |     
|                                        |                                                                                                                                | Effect of changes in exchange rates on beginning cash |                                                     |        | (135       | )    |    |        | (195  | )   |      |        | (58   | )   
|                                        |                                                                                                                                | Cash and cash equivalents at end of year              |                                                     |        | 1,788      |      |    |        | 1,824 |     |      |        | 1,798 |     
|                                        |                                                                                                                                |                                                       |                                                     |        |            |      |    |        |      



F-8



---



##### Table of Contents






SCOR


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 1. Business overview




Note 2. Restatement








| |       |                                                                                                                                                                                                                                                            
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)   | consolidation: capital leases and mutual fund;                                                                                                                                                                                                             
|
| | (ii)  | accounting for taxation: deferred taxes on the reserve de
    capitalisation and valuation allowance;                                                                                                                                                    
|
| | (iii) | accounting for foreign currency: foreign currency transaction
    and financial statement, translation of goodwill and impact of
    currency fluctuations on available for sale debt securities held
    in currencies other than the functional currency;
|
| | (iv)  | accounting for post-retirement benefits; and                                                                                                                                                                                                               
|
| | (v)   | accounting for other issues: impairment of securities,
    derivative contracts, several minor unadjusted difference items
    for the periods concerned and costs incurred in connection with
    the creation of the SCOR Vie subsidiary.                

F-9



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                          |  |                      |      |               |        |  |       |          |               |  |        |   |  |  |     |  
|--------------------------------------------------------- |  | -------------------- | ---- | ------------- | ------ |  | ----- | -------- | ------------- |  | ------ | - |  |  | --- | -
|                                                          |  | In millions of Euros |     
|                                                          |  |                      |     
|                                                          |  |                      |      | Shareholders |        |  |       |          | Shareholders | 
|                                                          |  | Net loss             |      |               | equity |  |       | Net loss |               |  | equity |  
|                                                          |  | 2002                 |      |               | 2002   |  |       | 2003     |               |  | 2003   |  
|                                                          |  |                      |      |               |        |  |       |          |               |  |        |  
|Previously Reported                                       |  |                      | (561 | )             |        |  | 1,145 |          |               |  | (577   | ) |  |  | 428 |  
|Consolidation                                             |  |                      | 45   |               |        |  |      |          |               |  | 12     |   |  |  |    |  
|Capital lease (2.1.1)                                     |  |                      |     |               |        |  |      |          |               |  | (1     | ) |  |  |    |  
|Consolidation of mutual funds (2.1.2)                     |  |                      | 45   |               |        |  |      |          |               |  | 13     |   |  |  |    |  
|Taxation                                                  |  |                      | (7   | )             |        |  | (29   | )        |               |  | 28     |   |  |  | (1  | )
|Deferred taxes on Réserve de capitalisation
    (2.2.1) |  |                      | (7   | )             |        |  | (29   | )        |               |  | (11    | ) |  |  | (40 | )
|Valuation allowance (2.2.2)                               |  |                      |     |               |        |  |      |          |               |  | 39     |   |  |  | 39  |  
|Foreign Currency                                          |  |                      | 56   |               |        |  | (9    | )        |               |  | 14     |   |  |  | (57 | )
|Foreign exchange (2.3.1)                                  |  |                      |     |               |        |  |      |          |               |  | (24    | ) |  |  | (37 | )
|Goodwill (2.3.2)                                          |  |                      |     |               |        |  | (9    | )        |               |  |       |   |  |  | (20 | )
|Available for sale securities (2.3.3)                     |  |                      |     |               |        |  |      |          |               |  | 14     |   |  |  |    |  
|Foreign currency transactions (2.3.4)                     |  |                      | 56   |               |        |  |      |          |               |  | 24     |   |  |  |    |  
|Employee Benefits (2.4)                                   |  |                      | (2   | )             |        |  | (9    | )        |               |  | (4     | ) |  |  | (13 | )
|Other Adjustments                                         |  |                      | (24  | )             |        |  | (20   | )        |               |  | 15     |   |  |  | (1  | )
|Other Than Temporary Impairments of Investments (2.5.1)   |  |                      | (3   | )             |        |  |      |          |               |  | 1      |   |  |  |    |  
|Horizon (2.5.2)                                           |  |                      | (7   | )             |        |  |      |          |               |  | (8     | ) |  |  | 1   |  
|Creation of SCOR Vie subsidiary (2.5.3)                   |  |                      |     |               |        |  |      |          |               |  | (3     | ) |  |  |    |  
|Miscellaneous adjustments (2.5.4)                         |  |                      | (14  | )             |        |  | (20   | )        |               |  | 25     |   |  |  | (2  | )
|                                                          |  |                      |      |               |        |  |       |          |               |  |        |  
|Total Impact Due to Restatements                          |  |                      | 68   |               |        |  | (67   | )        |               |  | 65     |   |  |  | (72 | )
|                                                          |  |                      |      |               |        |  |       |          |               |  |        |  
|Restated                                                  |  |                      | (493 | )             |        |  | 1,078 |          |               |  | (512   | ) |  |  | 356 |  
|                                                          |  |                      |      |               |        |  |       |          |               |  |        |  

|                            |                                         |      |  |        |   |  |      |  |  |  |  |       |   |  |  |  | 
|--------------------------- | --------------------------------------- | ---- |  | ------ | - |  | ---- |  |  |  |  | ----- | - |  |  |  | 
|                            |                                         | 2002 |  |        |   |  | 2003 |  |  | 
|                            |                                         |      |  |        |   |  |      |  |  | 
|Basic earnings per share:   |                                         |      |  |        |   |  |      |  |  |  |  |       |   |  |  | 
|                            | As previously reported                  |      |  | (4.11  | ) |  |      |  |  |  |  | (4.23 | ) |  |  |  | 
|                            | Total impact due to restatements*       |      |  | (8.92  | ) |  |      |  |  |  |  | 0.47  |   |  |  |  | 
|                            |                                         |      |  |        |   |  |      |  |  |  |  |      
|                            | Basic earnings per share, as restated   |      |  | (13.03 | ) |  |      |  |  |  |  | (3.76 | ) |  |  |  | 
|                            |                                         |      |  |        |   |  |      |  |  |  |  |      
|Diluted earnings per share: |                                         |      |  |        |   |  |      |  |  |  |  |       |   |  |  | 
|                            | As previously reported                  |      |  | (4.11  | ) |  |      |  |  |  |  | (4.23 | ) |  |  |  | 
|                            | Total impact due to restatements        |      |  | (8.92  | ) |  |      |  |  |  |  | 0.47  |   |  |  |  | 
|                            |                                         |      |  |        |   |  |      |  |  |  |  |      
|                            | Diluted earnings per share, as restated |      |  | (13.03 | ) |  |      |  |  |  |  | (3.76 | ) |  |  |  | 
|                            |                                         |      |  |        |   |  |      |  |  |  |  |      






Consolidation




|      |                              
|----- | -----------------------------
|2.1.1 | Accounting for capital leases



F-10



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|                  |  |  |                 | 
|----------------- |  |  | --------------- | 
|January 1, 2002   |  |  |                | 
|December 31, 2002 |  |  | EUR 90 million  | 
|December 31, 2003 |  |  | EUR 101 million | 



|                  |  |  |                 | 
|----------------- |  |  | --------------- | 
|January 1, 2002   |  |  |                | 
|December 31, 2002 |  |  | EUR 90 million  | 
|December 31, 2003 |  |  | EUR 101 million | 



2.1.2 Consolidation of mutual funds






2.2 Accounting for deferred taxes


2.2.1 Deferred taxes on the réserve de
capitalisation






F-11



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


2.2.2 Valuation allowance




2.2.3 Reduced rate items








|                  |  |  |                 | 
|----------------- |  |  | --------------- | 
|January 1, 2002   |  |  |                | 
|December 31, 2002 |  |  | EUR 40 million  | 
|December 31, 2003 |  |  | EUR 130 million | 



|                  |  |  |                 | 
|----------------- |  |  | --------------- | 
|January 1, 2002   |  |  |                | 
|December 31, 2002 |  |  | EUR 40 million  | 
|December 31, 2003 |  |  | EUR 130 million | 





|                             |  |  |   | 
|---------------------------- |  |  | - | 
|Year ended December 31, 2002 |  |  |  | 
|Year ended December 31, 2003 |  |  |  | 





|     |                                                                                                          
|---- | ---------------------------------------------------------------------------------------------------------
|2.3. | Accounting for translation of foreign currency
    transactions and foreign currency financial statements

2.3.1 Foreign exchange






F-12



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


2.3.2 Goodwill






2.3.3 Impact of currency fluctuations on available for
sale debt securities held in currencies other than the
functional currency








|                  |  |  |                  | 
|----------------- |  |  | ---------------- | 
|January 1, 2002   |  |  |                 | 
|December 31, 2002 |  |  |                 | 
|December 31, 2003 |  |  | EUR (14) million | 



|                  |  |  |                | 
|----------------- |  |  | -------------- | 
|January 1, 2002   |  |  |               | 
|December 31, 2002 |  |  |               | 
|December 31, 2003 |  |  | EUR 14 million | 



|                             |  |  |                  | 
|---------------------------- |  |  | ---------------- | 
|Year ended December 31, 2002 |  |  |                 | 
|Year ended December 31, 2003 |  |  | EUR (14) million | 



|                             |  |  |                | 
|---------------------------- |  |  | -------------- | 
|Year ended December 31, 2002 |  |  |               | 
|Year ended December 31, 2003 |  |  | EUR 14 million | 

2.3.4 Accounting for transactions in foreign
currencies




F-13



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                  |  |  |                  | 
|----------------- |  |  | ---------------- | 
|January 1, 2002   |  |  | EUR 5 million    | 
|December 31, 2002 |  |  | EUR (51) million | 
|December 31, 2003 |  |  | EUR (75) million | 



|                  |  |  |                 | 
|----------------- |  |  | --------------- | 
|January 1, 2002   |  |  | EUR (5) million | 
|December 31, 2002 |  |  | EUR 51 million  | 
|December 31, 2003 |  |  | EUR 75 million  | 



|                             |  |  |                  | 
|---------------------------- |  |  | ---------------- | 
|Year ended December 31, 2002 |  |  | EUR (56) million | 
|Year ended December 31, 2003 |  |  | EUR (24) million | 



|                             |  |  |                | 
|---------------------------- |  |  | -------------- | 
|Year ended December 31, 2002 |  |  | EUR 56 million | 
|Year ended December 31, 2003 |  |  | EUR 24 million | 



2.4. Accounting for employee post retirement
benefits








2.5. Other adjustments


2.5.1 Other than temporary impairments of investments






F-14



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






2.5.2 Horizon special purpose vehicle








| |   |                                                                                                                                                                                                                                                                                  
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The derivative contracts between the Group and the bank were not
    carried at fair value in the consolidated financial statements
    with fluctuations in fair value recognized in earnings.                                                                                  
|
| |  | Remeasurement of foreign currency-denominated credit linked
    notes and investments in bonds (both denominated in Euros) had
    not been done into Horizons U.S. dollar functional
    currency, with foreign currency transaction gains and losses
    reported in earnings.



2.5.3 Costs incurred in connection with the creation of
the SCOR Vie subsidiary






2.5.4 Miscellaneous adjustments






2.5.5 Reclassifications








F-15



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Note 3. Summary of Significant Accounting Policies


3.1. Basis of presentation




3.2 Principles of consolidation






3.3. Use of estimates


.


3.4. Foreign currency translation






3.5. Investments










F-16



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)














3.6 Other than temporary impairments in
investments




3.7 Derivatives








F-17



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










3.8. Cash and cash equivalents




3.9. Premiums earned








3.10. Deferred policy acquisition costs


Life reinsurance deferred policy acquisition costs




F-18



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






Non life reinsurance deferred policy acquisition
costs




Premium deficiency reserves




Present value of future profits (PVFP)




3.11. Other long-term investments








F-19



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


3.12. Fixed assets




3.13. Impairment or disposal of long-lived
assets




3.14. Goodwill




3.15. Uncollectible reinsurance balances




3.16. Losses and loss expenses and Life future policy
benefits








F-20



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






3.17. Stock-based compensation










F-21



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                                                                                       |                                        |                                          |      |        |          |   |      |          |       |   |     |      |      | 
|---------------------------------------------------------------------------------------------------------------------- | -------------------------------------- | ---------------------------------------- | ---- | ------ | -------- | - | ---- | -------- | ----- | - | --- | ---- | ---- | 
|                                                                                                                       |                                        | 31/12/02                                 |      |        | 31/12/03 |   |      | 31/12/04 |      
|                                                                                                                       |                                        |                                          |      |        |          |   |      |          |      
|Net Income (loss) as reported                                                                                          |                                        |                                          | (493 | )      |          |   | (512 | )        |       |   | 247 |     
|Total compensation determined under the intrinsic value method                                                         |                                        |                                          |     |        |          |   |     |          |       |   | 3   |     
|Less: Total employee stock option compensation expense
    determined under the fair value based method for all awards |                                        |                                          | (7   | )      |          |   | (5   | )        |       |   | (8  | )   
|                                                                                                                       |                                        |                                          |      |        |          |   |      |          |      
|Pro forma Net Income (loss)  basic                                                                                    |                                        |                                          | (500 | )      |          |   | (517 | )        |       |   | 242 |     
|                                                                                                                       |                                        |                                          |      |        |          |   |      |          |      
|Interest on convertible bonds                                                                                          |                                        |                                          |     |        |          |   |     |          |       |   | 6   |     
|                                                                                                                       |                                        |                                          |      |        |          |   |      |          |      
|Pro Forma Net Income (loss)  diluted                                                                                  |                                        |                                          | (500 | )      |          |   | (517 | )        |       |   | 248 |     
|                                                                                                                       |                                        |                                          |      |        |          |   |      |          |      
|Earnings Per
    Share(a):                                                                                             |                                        |                                          |      |        |          |   |      |          |       |   |     |     
|                                                                                                                       | Basic earnings per share  As reported |                                          |      | (13.03 | )        |   |      | (3.76    | )     |   |     | 0.31 |     
|                                                                                                                       | Basic earnings per share  Pro forma   |                                          |      | (13.22 | )        |   |      | (3.79    | )     |   |     | 0.30 |     
|                                                                                                                       |                                        | Diluted earnings per share  As reported |      |        | (13.03   | ) |      |          | (3.76 | ) |     |      | 0.30 | 
|                                                                                                                       |                                        | Diluted earnings per share  Pro forma   |      |        | (13.22   | ) |      |          | (3.79 | ) |     |      | 0.29 | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | The weighted average number of shares used to calculate basic
    EPS (expressed in thousands) were 37,830, 136,300 and 803,152
    for 2002, 2003, and 2004, respectively. The weighted average
    number of shares used to calculate diluted EPS (expressed in
    thousands) were 37,830, 136,300 and 857,189 for 2002, 2003, and
    2004, respectively. The effects of applying FAS 123 for
    pro forma disclosures are not likely to be representative
    of the effects on reported net income in future years.

3.18. Accounting for income taxes




3.19. Post retirement benefits






F-22



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






3.20. Earnings per share








3.21. Segment Information






3.22. Credit risk concentration




F-23



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






3.23. Recent accounting developments










F-24



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)












F-25



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Note 4. Investments




|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |     |   |  |  |       | 
|------------------------------------ | -------------------------------------------------------------------------------------------------------- | ----------------------- |  | ----- | ---------- |  |  | ---------- |  |  | ---------- | --- | - |  |  | ----- | 
|                                     |                                                                                                          | As of December 31, 2003 | 
|                                     |                                                                                                          |                         | 
|                                     |                                                                                                          | 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                        |                         |  | 1,035 |            |  |  | 2          |  |  |            | (7  | ) |  |  | 1,030 | 
|                                     | Debt securities issued or guaranteed by the U.S. government
    or its agencies                          |                         |  | 1,213 |            |  |  | 13         |  |  |            | (8  | ) |  |  | 1,218 | 
|                                     | Obligations of U.S. states and political subdivisions                                                    |                         |  | 152   |            |  |  | 5          |  |  |            |    |   |  |  | 157   | 
|                                     | Debt securities issued or guaranteed by the European Union                                               |                         |  | 415   |            |  |  | 2          |  |  |            | (5  | ) |  |  | 412   | 
|                                     | Debt securities issued or guaranteed by other national, state or
    local governments or their agencies |                         |  | 309   |            |  |  | 14         |  |  |            |    |   |  |  | 323   | 
|                                     | Corporate debt securities                                                                                |                         |  | 1,076 |            |  |  | 23         |  |  |            | (7  | ) |  |  | 1,092 | 
|                                     | Mortgage-backed securities                                                                               |                         |  | 853   |            |  |  | 42         |  |  |            | (4  | ) |  |  | 891   | 
|                                     | Other debt securities                                                                                    |                         |  | 7     |            |  |  |           |  |  |            |    |   |  |  | 7     | 
|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |    
|                                     | Total fixed maturities available for sale                                                                |                         |  | 5,060 |            |  |  | 101        |  |  |            | (31 | ) |  |  | 5,130 | 
|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |    
|Equity securities available for sale |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |     |   |  |  |      
|                                     | Equity securities, available for sale                                                                    |                         |  | 98    |            |  |  | 11         |  |  |            |    |   |  |  | 109   | 
|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |    

|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |     |   |  |  |       | 
|------------------------------------ | -------------------------------------------------------------------------------------------------------- | ----------------------- |  | ----- | ---------- |  |  | ---------- |  |  | ---------- | --- | - |  |  | ----- | 
|                                     |                                                                                                          | As of December 31, 2004 | 
|                                     |                                                                                                          |                         | 
|                                     |                                                                                                          | Amortized               |  |       | Unrealized |  |  | Unrealized |  |  | Estimated  |    
|                                     |                                                                                                          | cost                    |  |       | gains      |  |  | losses     |  |  | fair value |    
|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |    
|                                     |                                                                                                          | (EUR, in millions)      | 
|Fixed maturities                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |     |   |  |  |      
|                                     | Debt securities issued or guaranteed by the
    French government or its agencies                        |                         |  | 766   |            |  |  | 10         |  |  |            |    |   |  |  | 776   | 
|                                     | Debt securities issued or guaranteed by the U.S. government
    or its agencies                          |                         |  | 1,396 |            |  |  | 3          |  |  |            | (17 | ) |  |  | 1,382 | 
|                                     | Obligations of U.S. states and political subdivisions                                                    |                         |  | 119   |            |  |  | 4          |  |  |            |    |   |  |  | 123   | 
|                                     | Debt securities issued or guaranteed by the European Union                                               |                         |  | 452   |            |  |  | 4          |  |  |            | (3  | ) |  |  | 453   | 
|                                     | Debt securities issued or guaranteed by other national, state or
    local governments or their agencies |                         |  | 299   |            |  |  | 15         |  |  |            |    |   |  |  | 314   | 
|                                     | Corporate debt securities                                                                                |                         |  | 1,295 |            |  |  | 21         |  |  |            | (4  | ) |  |  | 1,312 | 
|                                     | Mortgage-backed securities                                                                               |                         |  | 836   |            |  |  | 36         |  |  |            | (4  | ) |  |  | 868   | 
|                                     | Other debt securities                                                                                    |                         |  | 44    |            |  |  |           |  |  |            |    |   |  |  | 44    | 
|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |    
|                                     | Total fixed maturities available for sale                                                                |                         |  | 5,207 |            |  |  | 93         |  |  |            | (28 | ) |  |  | 5,272 | 
|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |    
|Equity securities available for sale |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |     |   |  |  |      
|                                     | Equity securities, available for sale                                                                    |                         |  | 220   |            |  |  | 45         |  |  |            |    |   |  |  | 265   | 
|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |    

F-26



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                   |                                        |                         |  |       |            |  |  |       | 
|------------------ | -------------------------------------- | ----------------------- |  | ----- | ---------- |  |  | ----- | 
|                   |                                        | As of December 31, 2004 | 
|                   |                                        |                         | 
|                   |                                        | Amortized               |  |       | Estimated  | 
|                   |                                        | cost                    |  |       | fair value | 
|                   |                                        |                         |  |       |            | 
|                   |                                        | (EUR, in millions)      | 
|Available for sale |                                        |                         |  |       |            |  |  |      
|                   | Due within one year or less            |                         |  | 464   |            |  |  | 465   | 
|                   | Due after one year through five years  |                         |  | 2,783 |            |  |  | 2,699 | 
|                   | Due after five years through ten years |                         |  | 926   |            |  |  | 955   | 
|                   | Due after ten years                    |                         |  | 1,034 |            |  |  | 1,153 | 
|                   |                                        |                         |  |       |            | 
|                   | Total                                  |                         |  | 5,207 |            |  |  | 5,272 | 
|                   |                                        |                         |  |       |            | 





|                   |                                         |                          |  |     |      |  |  |      |     |  |  |     |     | 
|------------------ | --------------------------------------- | ------------------------ |  | --- | ---- |  |  | ---- | --- |  |  | --- | --- | 
|                   |                                         | Year ended December 31   | 
|                   |                                         |                          | 
|                   |                                         | 2002                     |  |     | 2003 |  |  | 2004 |    
|                   |                                         |                          |  |     |      |  |  |      |    
|                   |                                         | (EUR, in millions)       | 
|Investment income  |                                         |                          |  |     |      |  |  |      |     |  |  |    
|                   | Fixed maturities                        |                          |  | 318 |      |  |  | 265  |     |  |  | 244 |    
|                   | Equity securities, dividends            |                          |  | 6   |      |  |  | 3    |     |  |  | 6   |    
|                   | Trading securities                      |                          |  | 39  |      |  |  | 47   |     |  |  | 3   |    
|                   | Short term investments and
    other(1) |                          |  | 105 |      |  |  | 100  |     |  |  | 112 |    
|                   |                                         |                          |  |     |      |  |  |      |    
|                   |                                         | Total investment income  |  |     | 468  |  |  |      | 415 |  |  |     | 365 | 
|                   |                                         |                          |  |     |      |  |  |      |    
|Investment expense |                                         |                          |  |     |      |  |  |      |     |  |  |    
|                   | Swap interest                           |                          |  | 17  |      |  |  | 8    |     |  |  | 7   |    
|                   | Administration expenses                 |                          |  | 16  |      |  |  | 29   |     |  |  | 33  |    
|                   | Other                                   |                          |  | 68  |      |  |  | 52   |     |  |  | 43  |    
|                   |                                         |                          |  |     |      |  |  |      |    
|                   |                                         | Total investment expense |  |     | 101  |  |  |      | 89  |  |  |     | 83  | 
|                   |                                         |                          |  |     |      |  |  |      |    
|                   |                                         | Net investment income    |  |     | 367  |  |  |      | 326 |  |  |     | 282 | 
|                   |                                         |                          |  |     |      |  |  |      |    






|    |                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------
|(1) | Includes swap income of EUR 10 million in 2002,
    EUR 3 million in 2003 and EUR 8 million in
    2004.



|                                       |                                  |                              |  |      |      |  |  |      |     |  |  |    |    | 
|-------------------------------------- | -------------------------------- | ---------------------------- |  | ---- | ---- |  |  | ---- | --- |  |  | -- | -- | 
|                                       |                                  | Year ended December 31,      | 
|                                       |                                  |                              | 
|                                       |                                  | 2002                         |  |      | 2003 |  |  | 2004 |    
|                                       |                                  |                              |  |      |      |  |  |      |    
|                                       |                                  | (EUR, in millions)           | 
|Net realized investment gains (losses) |                                  |                              |  |      |      |  |  |      |     |  |  |   
|                                       | Fixed maturities                 |                              |  | 72   |      |  |  | 93   |     |  |  | 27 |   
|                                       | Equity
    securities(1)         |                              |  | (123 | )    |  |  | 14   |     |  |  | 17 |   
|                                       | Short term investments and other |                              |  | 93   |      |  |  | 10   |     |  |  | (2 | ) 
|                                       |                                  |                              |  |      |      |  |  |      |    
|                                       |                                  | Net realized investment gain |  |      | 42   |  |  |      | 117 |  |  |    | 42 | 
|                                       |                                  |                              |  |      |      |  |  |      |    






|    |                                                                                                   
|--- | --------------------------------------------------------------------------------------------------
|(1) | net realized gains on equity securities for 2002 include the
    gain on sale of shares of COFACE.

F-27



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                                                                                    |  |                    |     |  
|------------------------------------------------------------------------------------------------------------------- |  | ------------------ | --- | -
|                                                                                                                    |  | Year ended         |    
|                                                                                                                    |  | December 31,       |    
|                                                                                                                    |  | 2004               |    
|                                                                                                                    |  |                    |    
|                                                                                                                    |  | (EUR, in millions) |    
|Increase (decrease) during period in difference between
    fair value and cost of investments in equity securities |  |                    | 34  |  
|Deferred income tax benefit (expense)                                                                               |  |                    | (11 | )
|                                                                                                                    |  |                    |    
|Increase (decrease) in net unrealized gains
    (losses) on equity securities                                       |  |                    | 23  |  
|                                                                                                                    |  |                    |    
|Increase (decrease) during period in difference between
    fair value and cost of investments in fixed maturities  |  |                    | (5  | )
|Deferred income tax benefit (expense)                                                                               |  |                    | 2   |  
|                                                                                                                    |  |                    |    
|Increase (decrease) in net unrealized gains
    (losses) on fixed maturities                                        |  |                    | (3  | )
|Minority interest                                                                                                   |  |                    | 1   |  
|                                                                                                                    |  |                    |    
|Total increase (decrease) in net unrealized gains
    (losses) on equity securities and fixed maturities            |  |                    | 21  |  
|                                                                                                                    |  |                    |    



|                                                                                                         |  |                                        |       |           |            |  |     |       |  |  |            |  |  |       |   |  |            |  |       |  |  |  |     |  
|-------------------------------------------------------------------------------------------------------- |  | -------------------------------------- | ----- | --------- | ---------- |  | --- | ----- |  |  | ---------- |  |  | ----- | - |  | ---------- |  | ----- |  |  |  | --- | -
|                                                                                                         |  | Unrealized Losses at December 31, 2003 |      
|                                                                                                         |  |                                        |      
|                                                                                                         |  |                                        |       | More than |            |  |    
|                                                                                                         |  | Less than 12 months                    |       |           | 12 months  |  |     | Total | 
|                                                                                                         |  |                                        |       |           |            |  |     |       | 
|                                                                                                         |  | Fair                                   |       |           | Unrealized |  |     | Fair  |  |  | Unrealized |  |  | Fair  |   |  | Unrealized | 
|                                                                                                         |  | value                                  |       |           | Losses     |  |     | value |  |  | Losses     |  |  | value |   |  | Losses     | 
|                                                                                                         |  |                                        |       |           |            |  |     |       |  |  |            |  |  |       |   |  |            | 
|Fixed maturities available for sale                                                                      |  |                                        |       |           |            |  |     |       |  |  |            |  |  |       |   |  |            |  |       |  |  |  |     |  
|Debt securities issued or guaranteed by the French Government or
    its agencies                        |  |                                        | 488   |           |            |  | (7  | )     |  |  |           |  |  |       |  |  |            |  | 488   |  |  |  | (7  | )
|Debt securities issued or guaranteed by the U.S. government or
    its agencies                          |  |                                        | 546   |           |            |  | (8  | )     |  |  |           |  |  |       |  |  |            |  | 546   |  |  |  | (8  | )
|Obligations of U.S. states and political subdivisions                                                    |  |                                        |      |           |            |  |    |       |  |  |           |  |  |       |  |  |            |  |      |  |  |  |    |  
|Debt securities issued or guaranteed by the European Union                                               |  |                                        | 266   |           |            |  | (5  | )     |  |  | 14         |  |  |       |  |  |            |  | 280   |  |  |  | (5  | )
|Debt securities issued or guaranteed by other national, state or
    local governments or their agencies |  |                                        |      |           |            |  |    |       |  |  |           |  |  |       |  |  |            |  |      |  |  |  |    |  
|Corporate debt securities                                                                                |  |                                        | 301   |           |            |  | (7  | )     |  |  | 11         |  |  |       |  |  |            |  | 312   |  |  |  | (7  | )
|Mortgage-backed securities                                                                               |  |                                        | 199   |           |            |  | (4  | )     |  |  | 14         |  |  |       |  |  |            |  | 213   |  |  |  | (4  | )
|Other debt securities                                                                                    |  |                                        |      |           |            |  |    |       |  |  |           |  |  |       |  |  |            |  |      |  |  |  |    |  
|                                                                                                         |  |                                        |       |           |            |  |     |       |  |  |            |  |  |       |   |  |            | 
|Total fixed maturities available for sale                                                                |  |                                        | 1,800 |           |            |  | (31 | )     |  |  | 39         |  |  |       |  |  |            |  | 1,839 |  |  |  | (31 | )
|                                                                                                         |  |                                        |       |           |            |  |     |       |  |  |            |  |  |       |   |  |            | 

F-28



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                                                                                         |  |                                        |       |           |            |  |     |       |  |  |            |  |  |       |     |   |            |  |       |  |  |  |     |  
|-------------------------------------------------------------------------------------------------------- |  | -------------------------------------- | ----- | --------- | ---------- |  | --- | ----- |  |  | ---------- |  |  | ----- | --- | - | ---------- |  | ----- |  |  |  | --- | -
|                                                                                                         |  | Unrealized Losses at December 31, 2004 |      
|                                                                                                         |  |                                        |      
|                                                                                                         |  |                                        |       | More than |            |  |    
|                                                                                                         |  | Less than 12 months                    |       |           | 12 months  |  |     | Total | 
|                                                                                                         |  |                                        |       |           |            |  |     |       | 
|                                                                                                         |  | Fair                                   |       |           | Unrealized |  |     | Fair  |  |  | Unrealized |  |  | Fair  |     |   | Unrealized | 
|                                                                                                         |  | value                                  |       |           | Losses     |  |     | value |  |  | Losses     |  |  | value |     |   | Losses     | 
|                                                                                                         |  |                                        |       |           |            |  |     |       |  |  |            |  |  |       |     |   |            | 
|Fixed maturities available for sale                                                                      |  |                                        |       |           |            |  |     |       |  |  |            |  |  |       |     |   |            |  |       |  |  |  |     |  
|Debt securities issued or guaranteed by the French Government or
    its agencies                        |  |                                        |      |           |            |  |    |       |  |  |           |  |  |       |    |   |            |  |      |  |  |  |    |  
|Debt securities issued or guaranteed by the U.S. government or
    its agencies                          |  |                                        | 864   |           |            |  | (10 | )     |  |  | 347        |  |  |       | (7  | ) |            |  | 1,211 |  |  |  | (17 | )
|Obligations of U.S. states and political subdivisions                                                    |  |                                        |      |           |            |  |    |       |  |  |           |  |  |       |    |   |            |  |      |  |  |  |    |  
|Debt securities issued or guaranteed by the European Union                                               |  |                                        |      |           |            |  |    |       |  |  | 158        |  |  |       | (3  | ) |            |  | 158   |  |  |  | (3  | )
|Debt securities issued or guaranteed by other national, state or
    local governments or their agencies |  |                                        |      |           |            |  |    |       |  |  |           |  |  |       |    |   |            |  |      |  |  |  |    |  
|Corporate debt securities                                                                                |  |                                        | 163   |           |            |  | (3  | )     |  |  | 119        |  |  |       | (1  | ) |            |  | 282   |  |  |  | (4  | )
|Mortgage-backed securities                                                                               |  |                                        | 97    |           |            |  | (1  | )     |  |  | 87         |  |  |       | (3  | ) |            |  | 184   |  |  |  | (4  | )
|Other debt securities                                                                                    |  |                                        |      |           |            |  |    |       |  |  |           |  |  |       |    |   |            |  |      |  |  |  |    |  
|                                                                                                         |  |                                        |       |           |            |  |     |       |  |  |            |  |  |       |     |   |            | 
|Total fixed maturities available for sale                                                                |  |                                        | 1,124 |           |            |  | (14 | )     |  |  | 711        |  |  |       | (14 | ) |            |  | 1,835 |  |  |  | (28 | )
|                                                                                                         |  |                                        |       |           |            |  |     |       |  |  |            |  |  |       |     |   |            | 

U.S. Treasury Obligations.


Debt Securities Issued or Guaranteed by the European Union




Mortgage-Backed Securities.


Corporate Debt Securities.


F-29



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                      |                                           |                         |  |     |      |  |  |      |   |  |  |     |  
|------------------------------------- | ----------------------------------------- | ----------------------- |  | --- | ---- |  |  | ---- | - |  |  | --- | -
|                                      |                                           | Year ended December 31, | 
|                                      |                                           |                         | 
|                                      |                                           | 2002                    |  |     | 2003 |  |  | 2004 |  
|                                      |                                           |                         |  |     |      |  |  |      |  
|                                      |                                           | (EUR, in millions)      | 
|Equity securities, available for sale |                                           |                         |  |     |      |  |  |      |   |  |  |    
|                                      | Gross unrealized gains                    |                         |  | 9   |      |  |  | 11   |   |  |  | 45  |  
|                                      | Gross unrealized losses                   |                         |  | (10 | )    |  |  |     |   |  |  |    |  
|                                      |                                           |                         |  |     |      |  |  |      |  
|                                      | Net unrealized gains                      |                         |  | (1  | )    |  |  | 11   |   |  |  | 45  |  
|                                      |                                           |                         |  |     |      |  |  |      |  
|Fixed maturities, available for sale  |                                           |                         |  |     |      |  |  |      |   |  |  |    
|                                      | Gross unrealized gains                    |                         |  | 231 |      |  |  | 101  |   |  |  | 93  |  
|                                      | Gross unrealized losses                   |                         |  | (17 | )    |  |  | (31  | ) |  |  | (28 | )
|                                      |                                           |                         |  |     |      |  |  |      |  
|                                      | Net unrealized gains                      |                         |  | 214 |      |  |  | 70   |   |  |  | 65  |  
|                                      |                                           |                         |  |     |      |  |  |      |  
|                                      | Total net unrealized gains (losses)       |                         |  | 213 |      |  |  | 81   |   |  |  | 110 |  
|                                      |                                           |                         |  |     |      |  |  |      |  
|                                      | Policyholder-related
    amounts(1)       |                         |  | (66 | )    |  |  | (37  | ) |  |  | (40 | )
|                                      | Deferred tax liability                    |                         |  | (7  | )    |  |  | (2   | ) |  |  | (14 | )
|                                      | Minority interest                         |                         |  | (2  | )    |  |  | (4   | ) |  |  | 0   |  
|                                      |                                           |                         |  |     |      |  |  |      |  
|                                      | Shareholders net unrealized appreciation |                         |  | 138 |      |  |  | 38   |   |  |  | 56  |  
|                                      |                                           |                         |  |     |      |  |  |      |  






|    |                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | amortization of deferred policy acquisition costs and PVFP due
    to the revaluation to the fair value of available for sale
    securities in application of SFAS 115 (shadow
    DAC).





|                          |  |                    |     |  |      |  |     | 
|------------------------- |  | ------------------ | --- |  | ---- |  | --- | 
|                          |  | Year ended         |    
|                          |  | December 31,       |    
|                          |  |                    |    
|                          |  | 2003               |     |  | 2004 | 
|                          |  |                    |     |  |      | 
|                          |  | (restated)         |     |  |     
|                          |  | (EUR, in millions) |    
|Lands                     |  |                    | 48  |  |      |  | 53  | 
|Buildings                 |  |                    | 268 |  |      |  | 264 | 
|Furnitures and equipments |  |                    |    |  |      |  | 5   | 
|                          |  |                    |     |  |      | 
|Total                     |  |                    | 316 |  |      |  | 322 | 
|                          |  |                    |     |  |      | 

Note 5. Reinsurance




F-30



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|         |         |                              |  |       |          |  |  |              |   |  |  |        |  
|-------- | ------- | ---------------------------- |  | ----- | -------- |  |  | ------------ | - |  |  | ------ | -
|         |         | Year ended December 31, 2002 | 
|         |         |                              | 
|         |         | Premiums                     |  |       | Premiums |  |  | Loss and LAE |  
|         |         | written                      |  |       | earned   |  |  | incurred     |  
|         |         |                              |  |       |          |  |  |              |  
|         |         | (EUR, in millions)           | 
|Non Life |         |                              |  |       |          |  |  |              |   |  |  |       
|         | Assumed |                              |  | 4,240 |          |  |  | 4,046        |   |  |  | (3,596 | )
|         | Ceded   |                              |  | (460  | )        |  |  | (471         | ) |  |  | 134    |  
|Life     |         |                              |  |       |          |  |  |              |   |  |  |       
|         | Assumed |                              |  | 675   |          |  |  | 675          |   |  |  | (500   | )
|         | Ceded   |                              |  | (97   | )        |  |  | (97          | ) |  |  | 41     |  
|         |         |                              |  |       |          |  |  |              |  
|         | Net     |                              |  | 4,358 |          |  |  | 4,153        |   |  |  | (3,921 | )
|         |         |                              |  |       |          |  |  |              |  

|         |         |                              |  |       |          |  |  |              |   |  |  |        |  
|-------- | ------- | ---------------------------- |  | ----- | -------- |  |  | ------------ | - |  |  | ------ | -
|         |         | Year ended December 31, 2003 | 
|         |         |                              | 
|         |         | Premiums                     |  |       | Premiums |  |  | Loss and LAE |  
|         |         | written                      |  |       | earned   |  |  | incurred     |  
|         |         |                              |  |       |          |  |  |              |  
|         |         | (EUR, in millions)           | 
|Non Life |         |                              |  |       |          |  |  |              |   |  |  |       
|         | Assumed |                              |  | 2,723 |          |  |  | 3,099        |   |  |  | (2,838 | )
|         | Ceded   |                              |  | (252  | )        |  |  | (292         | ) |  |  | 99     |  
|Life     |         |                              |  |       |          |  |  |              |   |  |  |       
|         | Assumed |                              |  | 583   |          |  |  | 583          |   |  |  | (509   | )
|         | Ceded   |                              |  | (66   | )        |  |  | (66          | ) |  |  | 88     |  
|         |         |                              |  |       |          |  |  |              |  
|         | Net     |                              |  | 2,988 |          |  |  | 3,324        |   |  |  | (3,160 | )
|         |         |                              |  |       |          |  |  |              |  

|         |         |                              |  |       |          |  |  |              |   |  |  |        |  
|-------- | ------- | ---------------------------- |  | ----- | -------- |  |  | ------------ | - |  |  | ------ | -
|         |         | Year ended December 31, 2004 | 
|         |         |                              | 
|         |         | Premiums                     |  |       | Premiums |  |  | Loss and LAE |  
|         |         | written                      |  |       | earned   |  |  | incurred     |  
|         |         |                              |  |       |          |  |  |              |  
|         |         | (EUR, in millions)           | 
|Non Life |         |                              |  |       |          |  |  |              |   |  |  |       
|         | Assumed |                              |  | 1,700 |          |  |  | 1,868        |   |  |  | (1,241 | )
|         | Ceded   |                              |  | (98   | )        |  |  | (165         | ) |  |  | 65     |  
|Life     |         |                              |  |       |          |  |  |              |   |  |  |       
|         | Assumed |                              |  | 544   |          |  |  | 544          |   |  |  | (454   | )
|         | Ceded   |                              |  | (20   | )        |  |  | (20          | ) |  |  | 3      |  
|         |         |                              |  |       |          |  |  |              |  
|         | Net     |                              |  | 2,126 |          |  |  | 2,227        |   |  |  | (1,627 | )
|         |         |                              |  |       |          |  |  |              |  





F-31



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)














Note 6. Deferred Acquisition Cost and Present Value
of Future Profits














F-32



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Note 7. Fixed Assets








Note 8. Comprehensive Income




|                                                                        |                                                                                            |                              |      |     |               |  |     |            |   |  |      |     |  
|----------------------------------------------------------------------- | ------------------------------------------------------------------------------------------ | ---------------------------- | ---- | --- | ------------- |  | --- | ---------- | - |  | ---- | --- | -
|                                                                        |                                                                                            | Year ended December 31, 2002 |     
|                                                                        |                                                                                            |                              |     
|                                                                        |                                                                                            | Before-Tax                   |      |     | Tax (Expense) |  |     | Net-of-Tax |  
|                                                                        |                                                                                            | Amount                       |      |     | or Benefit    |  |     | Amount     |  
|                                                                        |                                                                                            |                              |      |     |               |  |     |            |  
|                                                                        |                                                                                            | (EUR, in millions)           |     
|Foreign currency translation adjustment                                 |                                                                                            |                              | (144 | )   |               |  |    |            |   |  | (144 | )  
|Minimum pension liability adjustment                                    |                                                                                            |                              | (3   | )   |               |  | 1   |            |   |  | (2   | )  
|Unrealized appreciation (depreciation) on investments during
    period |                                                                                            |                              |      |     |               |  |     |            |   |  |      |    
|                                                                        | Fixed maturities                                                                           |                              |      | 95  |               |  |     | (20        | ) |  |      | 75  |  
|                                                                        | Equity securities                                                                          |                              |      | (75 | )             |  |     | 27         |   |  |      | (48 | )
|                                                                        | Less: reclassification adjustment for depreciation
    (appreciation) included in net loss |                              |      | 103 |               |  |     | (36        | ) |  |      | 67  |  
|                                                                        |                                                                                            |                              |      |     |               |  |     |            |  
|Other comprehensive loss                                                |                                                                                            |                              | (24  | )   |               |  | (28 | )          |   |  | (52  | )  
|                                                                        |                                                                                            |                              |      |     |               |  |     |            |  

|                                                                        |                                                                                            |                              |      |     |               |  |    |            |   |  |      |     |  
|----------------------------------------------------------------------- | ------------------------------------------------------------------------------------------ | ---------------------------- | ---- | --- | ------------- |  | -- | ---------- | - |  | ---- | --- | -
|                                                                        |                                                                                            | Year ended December 31, 2003 |     
|                                                                        |                                                                                            |                              |     
|                                                                        |                                                                                            | Before-Tax                   |      |     | Tax (Expense) |  |    | Net-of-Tax |  
|                                                                        |                                                                                            | Amount                       |      |     | or Benefit    |  |    | Amount     |  
|                                                                        |                                                                                            |                              |      |     |               |  |    |            |  
|                                                                        |                                                                                            | (EUR, in millions)           |     
|Foreign currency translation adjustment                                 |                                                                                            |                              | (122 | )   |               |  | (5 | )          |   |  | (127 | )  
|Minimum pension liability adjustment                                    |                                                                                            |                              | 1    |     |               |  |   |            |   |  | 1    |    
|Unrealized appreciation (depreciation) on investments during
    period |                                                                                            |                              |      |     |               |  |    |            |   |  |      |    
|                                                                        | Fixed maturities                                                                           |                              |      | (50 | )             |  |    | 5          |   |  |      | (45 | )
|                                                                        | Equity securities                                                                          |                              |      | 9   |               |  |    | (4         | ) |  |      | 5   |  
|                                                                        | Less: reclassification adjustment for depreciation
    (appreciation) included in net loss |                              |      | (63 | )             |  |    | 22         |   |  |      | (41 | )
|                                                                        |                                                                                            |                              |      |     |               |  |    |            |  
|Other comprehensive loss                                                |                                                                                            |                              | (225 | )   |               |  | 18 |            |   |  | (207 | )  
|                                                                        |                                                                                            |                              |      |     |               |  |    |            |  

F-33



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                                                        |                                                                                              |                              |      |     |               |  |    |            |   |  |      |    |  
|----------------------------------------------------------------------- | -------------------------------------------------------------------------------------------- | ---------------------------- | ---- | --- | ------------- |  | -- | ---------- | - |  | ---- | -- | -
|                                                                        |                                                                                              | Year ended December 31, 2004 |     
|                                                                        |                                                                                              |                              |     
|                                                                        |                                                                                              | Before-Tax                   |      |     | Tax (Expense) |  |    | Net-of-Tax |  
|                                                                        |                                                                                              | Amount                       |      |     | or Benefit    |  |    | Amount     |  
|                                                                        |                                                                                              |                              |      |     |               |  |    |            |  
|                                                                        |                                                                                              | (EUR, in millions)           |     
|Foreign currency translation adjustment                                 |                                                                                              |                              | (123 | )   |               |  | 22 |            |   |  | (101 | ) 
|Minimum pension liability adjustment                                    |                                                                                              |                              | (1   | )   |               |  |   |            |   |  | (1   | ) 
|Unrealized appreciation (depreciation) on investments during
    period |                                                                                              |                              |      |     |               |  |    |            |   |  |      |   
|                                                                        | Fixed maturities                                                                             |                              |      | 16  |               |  |    | (2         | ) |  |      | 14 |  
|                                                                        | Equity securities                                                                            |                              |      | 3   |               |  |    | 0          |   |  |      | 3  |  
|                                                                        | Less: reclassification adjustment for depreciation
    (appreciation) included in net income |                              |      | (14 | )             |  |    | 5          |   |  |      | (9 | )
|                                                                        |                                                                                              |                              |      |     |               |  |    |            |  
|Other comprehensive loss                                                |                                                                                              |                              | (119 | )   |               |  | 25 |            |   |  | (94  | ) 
|                                                                        |                                                                                              |                              |      |     |               |  |    |            |  



|                                        |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               |  |    |    |   |  |      |      |  
|--------------------------------------- | ------------------------------ | ------------------------ |  | ---- | -------------- | ------------ |  | -------------- | --- |  | ---------- | - | - | ------------- |  | -- | -- | - |  | ---- | ---- | -
|                                        |                                |                          |  |      |                | Unrealized   |  |                |     |  |           
|                                        |                                |                          |  |      |                | Appreciation |  |                |     |  |           
|                                        |                                | Foreign                  |  |      | Unrealized     |              |  | (Depreciation) |     |  | Minimum    |   |   | Accumulated   | 
|                                        |                                | Currency                 |  |      | Appreciation   |              |  | Pertaining to  |     |  | Pension    |   |   | Other         | 
|                                        |                                | Translation              |  |      | (Depreciation) |              |  | Equity Method  |     |  | Liability  |   |   | Comprehensive | 
|                                        |                                | Adjustment               |  |      | of Investments |              |  | Investments    |     |  | Adjustment |   |   | Income (Loss) | 
|                                        |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               | 
|                                        |                                | (EUR, in millions)       | 
|Year ended December 31, 2002 (Restated) |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               |  |    |    |   |  |     
|                                        | Balance at beginning of Period |                          |  | 174  |                |              |  | 30             |     |  |            |  |   |               |  | (2 | )  |   |  | 202  |     
|                                        | Current-period change          |                          |  | (144 | )              |              |  | 94             |     |  |            |  |   |               |  | (2 | )  |   |  | (52  | )   
|                                        |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               | 
|                                        |                                | Balance at end of period |  |      | 30             |              |  |                | 124 |  |            |   |  |               |  |    | (4 | ) |  |      | 150  |  
|                                        |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               | 
|Year ended December 31, 2003 (Restated) |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               |  |    |    |   |  |     
|                                        | Current-period change          |                          |  | (127 | )              |              |  | (81            | )   |  |            |  |   |               |  | 1  |    |   |  | (207 | )   
|                                        |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               | 
|                                        |                                | Balance at end of period |  |      | (97            | )            |  |                | 43  |  |            |   |  |               |  |    | (3 | ) |  |      | (57  | )
|                                        |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               | 
|Year ended December 31, 2004            |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               |  |    |    |   |  |     
|                                        | Current-period change          |                          |  | (101 | )              |              |  | 8              |     |  |            |  |   |               |  | (1 | )  |   |  | (94  | )   
|                                        |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               | 
|                                        |                                | Balance at end of period |  |      | (198           | )            |  |                | 51  |  |            |   |  |               |  |    | (4 | ) |  |      | (151 | )
|                                        |                                |                          |  |      |                |              |  |                |     |  |            |   |   |               | 

F-34



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Note 9. Debt




|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |       |  |  |     |       | 
|---------------------------------------------------------------- | -------------------------- | ------------------ | --- | ----- | ----- |  | --- | ----- |  |  | ----- | ----- |  |  | --- | ----- | 
|                                                                 |                            | As of December 31, |    
|                                                                 |                            |                    |    
|                                                                 |                            | 2003               |     |       | 2004  | 
|                                                                 |                            |                    |     |       |       | 
|                                                                 |                            | Book               |     |       | Fair  |  |     | Book  |  |  | Fair  |      
|                                                                 |                            | Value              |     |       | Value |  |     | Value |  |  | Value |      
|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |      
|                                                                 |                            | (EUR, in millions) |    
|Bank, short-term loans, and debt due within one year             |                            |                    | 14  |       |       |  | 14  |       |  |  | 244   |       |  |  | 284 |      
|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |      
|                                                                 | Total short-term debt      |                    |     | 14    |       |  |     | 14    |  |  |       | 244   |  |  |     | 284   | 
|                                                                 | Notes payable  fixed rate |                    |     | 36    |       |  |     | 36    |  |  |       | 34    |  |  |     | 34    | 
|Convertible subordinated debentures  1%                         |                            |                    | 257 |       |       |  | 252 |       |  |  |      |       |  |  |    |      
|Convertible subordinated debentures  4.125%                     |                            |                    |    |       |       |  |    |       |  |  | 200   |       |  |  | 224 |      
|EUR 200 million debentures  7.75%                               |                            |                    | 200 |       |       |  | 210 |       |  |  | 199   |       |  |  | 220 |      
|EUR 50 million perpetual subordinated debt  EURIBOR +
    0.75% |                            |                    | 50  |       |       |  | 50  |       |  |  | 50    |       |  |  | 50  |      
|USD 100 million 30-year subordinated debt  LIBOR +
    0.80%    |                            |                    | 79  |       |       |  | 79  |       |  |  | 74    |       |  |  | 74  |      
|EUR 100 million 20-year subordinated debt  EURIBOR +
    1.15%  |                            |                    | 100 |       |       |  | 100 |       |  |  | 100   |       |  |  | 100 |      
|Horizon                                                          |                            |                    | 102 |       |       |  | 102 |       |  |  | 94    |       |  |  | 94  |      
|Capital Lease                                                    |                            |                    | 101 |       |       |  | 101 |       |  |  | 97    |       |  |  | 97  |      
|Lease Back SCOR Building  Note 7                                |                            |                    | 150 |       |       |  | 150 |       |  |  | 147   |       |  |  | 147 |      
|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |      
|                                                                 | Total long-term debt       |                    |     | 1,039 |       |  |     | 1,044 |  |  |       | 961   |  |  |     | 1,006 | 
|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |      
|                                                                 | Total debt                 |                    |     | 1,089 |       |  |     | 1,094 |  |  |       | 1,239 |  |  |     | 1,324 | 
|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |      



|            |            |                    |     |       |      |  |       |       | 
|----------- | ---------- | ------------------ | --- | ----- | ---- |  | ----- | ----- | 
|            |            | As of              |    
|            |            | December 31,       |    
|            |            |                    |    
|            |            | 2003               |     |       | 2004 | 
|            |            |                    |     |       |      | 
|            |            | (EUR, in millions) |    
|Euro        |            |                    | 949 |       |      |  | 1,111 |      
|U.S. Dollar |            |                    | 140 |       |      |  | 129   |      
|            |            |                    |     |       |      | 
|            | Total debt |                    |     | 1,089 |      |  |       | 1,239 | 
|            |            |                    |     |       |      | 



|                                         |            |                    |     |       |      |  |     |       | 
|---------------------------------------- | ---------- | ------------------ | --- | ----- | ---- |  | --- | ----- | 
|                                         |            | As of              |    
|                                         |            | December 31,       |    
|                                         |            |                    |    
|                                         |            | 2003               |     |       | 2004 | 
|                                         |            |                    |     |       |      | 
|                                         |            | (EUR, in millions) |    
|Below 4%                                 |            |                    | 260 |       |      |  | 227 |      
|4 to 5.5%                                |            |                    | 48  |       |      |  | 253 |      
|5.5 to
    6.5%(1)                       |            |                    | 251 |       |      |  | 244 |      
|6.5 to 7.75%                             |            |                    | 209 |       |      |  | 208 |      
|Variable rates based on LIBOR or Euribor |            |                    | 321 |       |      |  | 307 |      
|                                         |            |                    |     |       |      | 
|                                         | Total debt |                    |     | 1,089 |      |  |     | 1,239 | 
|                                         |            |                    |     |       |      | 






|    |                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Including capital lease obligations of EUR 101 million
    and EUR 97 million in 2003 and 2004, respectively as
    well as debt relating to the SCOR building of
    EUR 150 million and EUR 147 million in 2003
    and 2004, respectively.

F-35



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                 |  |           |  |                                                                                   |  |                                                                                     |  |  |             |  |  |                                                                                                                                                                                 
|---------------- |  | --------- |  | --------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------- |  |  | ----------- |  |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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                                     

OCEANEs




| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (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.                                                                                                                                                                                                                                                                                                                                                                                                                 





F-36



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                 |  |      |  |                                                                          |  |                  |  |                                                                            |  | 
|---------------- |  | ---- |  | ------------------------------------------------------------------------ |  | ---------------- |  | -------------------------------------------------------------------------- |  | 
|Principal Amount |  | Term |  | Interest Rate                                                            |  | Interest Payment |  | Redeemable                                                                
|                 |  |      |  |                                                                          |  |                  |  |                                                                           
|EUR 200 million  |  | 2007 |  | From June, 2002 to June, 2007: Fix Rate 5,25% and complementary
    2.5% |  | Annual           |  | The notes will be redeemed at their principal amount on
    June 21, 2007.





| |     |                                                                                                                                                                      
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | at any time by means of repurchases on the market or
    over-the-counter or by public tender offer for all or a portion
    of the bonds;                           
|
| | (2) | at any time from January 1, 2008 to December 31, 2009,
    for all bonds outstanding, subject to a minimum notice period of
    at least 30 calendar days as follows:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | by redemption at par, plus interest accrued from the last
    interest payment date preceding the early redemption date until
    the date set for redemption if the product of (i) the
    applicable conversion/exchange ratio and (ii) the average
    opening price of the Companys shares on Euronext Paris
    calculated over a period of 20 consecutive trading days
    during which the shares are listed on such stock exchange, as
    selected by the Company from among the 40 consecutive trading
    days preceding the date of publication of a notice relating to
    such early redemption, exceeds 130% of the principal amount of
    the bonds;



| |     |                                                                                                                                                                                                                                                                   
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (3) | at any time for all bonds outstanding, if less than 10% of the
    bonds issued remain outstanding, by redemption at par, plus
    interest accrued from the last interest payment date preceding
    the early redemption date until the date set for redemption.





|                  |  |                    |     |  |               |  |    |       |  |  |       | 
|----------------- |  | ------------------ | --- |  | ------------- |  | -- | ----- |  |  | ----- | 
|Year              |  | Debt               |     |  | Capital Lease |  |    | Total | 
|                  |  |                    |     |  |               |  |    |       | 
|                  |  | (EUR, in millions) |    
|2005              |  |                    | 262 |  |               |  | 4  |       |  |  | 266   | 
|2006              |  |                    | 73  |  |               |  | 5  |       |  |  | 78    | 
|2007              |  |                    | 227 |  |               |  | 5  |       |  |  | 232   | 
|2008              |  |                    | 11  |  |               |  | 5  |       |  |  | 16    | 
|2009              |  |                    | 200 |  |               |  | 5  |       |  |  | 205   | 
|Thereafter        |  |                    | 222 |  |               |  | 73 |       |  |  | 295   | 
|                  |  |                    |     |  |               |  |    |       | 
|Total
    debt(1) |  |                    | 995 |  |               |  | 97 |       |  |  | 1,092 | 
|                  |  |                    |     |  |               |  |    |       | 






|    |                                                                                    
|--- | -----------------------------------------------------------------------------------
|(1) | Excluding EUR 147 million related to the sale of the
    SCOR building. See Note 2.



F-37



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Note 10. Income Tax




|                               |                                  |                         |     |     |      |  |     |      |  |  |      |      |  
|------------------------------ | -------------------------------- | ----------------------- | --- | --- | ---- |  | --- | ---- |  |  | ---- | ---- | -
|                               |                                  | Year ended December 31, |    
|                               |                                  |                         |    
|                               |                                  | 2002                    |     |     | 2003 |  |     | 2004 | 
|                               |                                  |                         |     |     |      |  |     |      | 
|                               |                                  | (EUR, in millions)      |    
|Current tax expense (benefit)  |                                  |                         |     |     |      |  |     |      |  |  |      |     
|                               | French                           |                         |     | (8  | )    |  |     | 2    |  |  |      | 12   |  
|                               | Foreign                          |                         |     | (11 | )    |  |     | 32   |  |  |      | 31   |  
|                               |                                  |                         |     |     |      |  |     |      | 
|                               |                                  |                         | (19 | )   |      |  | 34  |      |  |  | 43   |     
|                               |                                  |                         |     |     |      |  |     |      | 
|Deferred tax expense (benefit) |                                  |                         |     |     |      |  |     |      |  |  |      |     
|                               | French                           |                         |     | (24 | )    |  |     | 147  |  |  |      | (110 | )
|                               | Foreign                          |                         |     | 94  |      |  |     | 106  |  |  |      | (6   | )
|                               |                                  |                         |     |     |      |  |     |      | 
|                               |                                  |                         | 70  |     |      |  | 253 |      |  |  | (116 | )   
|                               |                                  |                         |     |     |      |  |     |      | 
|                               | Total provision for income taxes |                         |     | 51  |      |  |     | 287  |  |  |      | (73  | )
|                               |                                  |                         |     |     |      |  |     |      | 









F-38



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                       |                                                               |              |  |      |      |  |  |      |  
|---------------------- | ------------------------------------------------------------- | ------------ |  | ---- | ---- |  |  | ---- | -
|                       |                                                               | As of        | 
|                       |                                                               | December 31, | 
|                       |                                                               |              | 
|                       |                                                               | 2003         |  |      | 2004 | 
|                       |                                                               |              |  |      |      | 
|                       |                                                               | (EUR,        | 
|                       |                                                               | in millions) | 
|Deferred tax liability |                                                               |              |  |      |      |  |  |     
|                       | Deferred policy acquisition costs                             |              |  | 88   |      |  |  | 139  |  
|                       | Unrealized appreciation and timing differences on investments |              |  | 5    |      |  |  | 8    |  
|                       | Equalization reserves                                         |              |  | 16   |      |  |  | 25   |  
|                       | Ceding commission acquisition Allstate                        |              |  | 17   |      |  |  | 17   |  
|                       | Financial instruments                                         |              |  | 11   |      |  |  |     |  
|                       | Capitalisation reserve                                        |              |  | 40   |      |  |  | 42   |  
|                       | Other temporary differences                                   |              |  | 51   |      |  |  | 5    |  
|                       |                                                               |              |  |      |      | 
|                       | Total deferred tax liability                                  |              |  | 228  |      |  |  | 236  |  
|                       |                                                               |              |  |      |      | 
|Deferred tax asset     |                                                               |              |  |      |      |  |  |     
|                       | Unrealized depreciation and timing differences of investments |              |  | 1    |      |  |  |     |  
|                       | Retirement plan                                               |              |  | 6    |      |  |  |     |  
|                       | Loss carryforward                                             |              |  | 669  |      |  |  | 725  |  
|                       | Loss reserves                                                 |              |  | 66   |      |  |  | 50   |  
|                       | Unearned premium                                              |              |  | 4    |      |  |  | 2    |  
|                       | Cancellation of internal realized gains on sale of assets     |              |  | 5    |      |  |  | 9    |  
|                       | Realized gain (loss) on real estate                           |              |  | 24   |      |  |  | 26   |  
|                       | Other temporary differences                                   |              |  |     |      |  |  | 26   |  
|                       |                                                               |              |  |      |      | 
|                       | Total deferred tax asset                                      |              |  | 775  |      |  |  | 838  |  
|                       | Valuation allowance                                           |              |  | (587 | )    |  |  | (525 | )
|                       |                                                               |              |  |      |      | 
|                       | Net deferred tax asset (liability)                            |              |  | (40  | )    |  |  | 77   |  
|                       |                                                               |              |  |      |      | 





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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                             |                                    |                         |      |    |      |  |     |      |  |  |      |     |  
|------------------------------------------------------------ | ---------------------------------- | ----------------------- | ---- | -- | ---- |  | --- | ---- |  |  | ---- | --- | -
|                                                             |                                    | Year ended December 31, |     
|                                                             |                                    |                         |     
|                                                             |                                    | 2002                    |      |    | 2003 |  |     | 2004 | 
|                                                             |                                    |                         |      |    |      |  |     |      | 
|                                                             |                                    | (EUR, in millions)      |     
|Computed tax expense (benefit) at statutory rate             |                                    |                         | (154 | )  |      |  | (71 | )    |  |  | 69   |    
|Net impact of the valuation allowance on deferred tax assets |                                    |                         | 132  |    |      |  | 353 |      |  |  | (118 | )  
|Tax exempt revenues and expenses                             |                                    |                         | 24   |    |      |  | (9  | )    |  |  | (14  | )  
|Changes from statutory tax rate                              |                                    |                         | 40   |    |      |  | 4   |      |  |  | (12  | )  
|Capitalization reserve                                       |                                    |                         | 7    |    |      |  | 11  |      |  |  | 2    |    
|Others, net                                                  |                                    |                         | 2    |    |      |  | (1  | )    |  |  |     |    
|                                                             |                                    |                         |      |    |      |  |     |      | 
|                                                             | Total income tax (benefit) expense |                         |      | 51 |      |  |     | 287  |  |  |      | (73 | )
|                                                             |                                    |                         |      |    |      |  |     |      | 

Note 11. Employee Benefits


Pension plans and other long-term employee benefits
















F-40



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                                        |  |                    |     |   |      |  |     |      |  |  |     |  
|----------------------------------------------------------------------- |  | ------------------ | --- | - | ---- |  | --- | ---- |  |  | --- | -
|                                                                        |  | 2002               |     |   | 2003 |  |     | 2004 | 
|                                                                        |  |                    |     |   |      |  |     |      | 
|                                                                        |  | (EUR, in millions) |    
|Change in Projected in Benefit Obligation                               |  |                    |     |   |      |  |     |      |  |  |     |  
|Projected Benefit Obligation at Beginning of Year                       |  |                    | 55  |   |      |  | 60  |      |  |  | 62  |  
|Service Cost                                                            |  |                    | 4   |   |      |  | 4   |      |  |  | 4   |  
|Interest Cost                                                           |  |                    | 3   |   |      |  | 3   |      |  |  | 3   |  
|Actuarial (Gain) Loss                                                   |  |                    | 5   |   |      |  | 3   |      |  |  | (10 | )
|Benefit Payments                                                        |  |                    | (2  | ) |      |  | (3  | )    |  |  | (2  | )
|Settlement                                                              |  |                    |     |   |      |  |     |      |  |  | (4  | )
|Currency Changes                                                        |  |                    | (5  | ) |      |  | (5  | )    |  |  | (3  | )
|                                                                        |  |                    |     |   |      |  |     |      | 
|Projected Benefit Obligation at End of Year                             |  |                    | 60  |   |      |  | 62  |      |  |  | 50  |  
|                                                                        |  |                    |     |   |      |  |     |      | 
|Change in Fair Value of Plan Assets                                     |  |                    |     |   |      |  |     |      |  |  |     |  
|Fair Value of Assets at Beginning of Year                               |  |                    | 22  |   |      |  | 17  |      |  |  | 20  |  
|                                                                        |  |                    |     |   |      |  |     |      | 
|Actual Return on Plan Assets                                            |  |                    | (1  | ) |      |  | 2   |      |  |  | 1   |  
|Benefit Payments                                                        |  |                    | (2  | ) |      |  | (3  | )    |  |  | (2  | )
|Employer Contributions                                                  |  |                    | 1   |   |      |  | 6   |      |  |  | 4   |  
|Currency Changes                                                        |  |                    | (3  | ) |      |  | (2  | )    |  |  | (1  | )
|                                                                        |  |                    |     |   |      |  |     |      | 
|Fair Value of Plan Assets at End of Year                                |  |                    | 17  |   |      |  | 20  |      |  |  | 22  |  
|                                                                        |  |                    |     |   |      |  |     |      | 
|Projected Benefit Obligation in Excess of Fair Value of Plan
    Assets |  |                    | (43 | ) |      |  | (42 | )    |  |  | (28 | )
|Unrecognized Net Actuarial Loss (Gain)                                  |  |                    | 7   |   |      |  | 8   |      |  |  | (3  | )
|                                                                        |  |                    |     |   |      |  |     |      | 
|Net Accrued Benefit Cost at End of Year                                 |  |                    | (36 | ) |      |  | (34 | )    |  |  | (31 | )
|                                                                        |  |                    |     |   |      |  |     |      | 





|                                                    |  |      |     |   |      |  |     |      |  |  |     |  
|--------------------------------------------------- |  | ---- | --- | - | ---- |  | --- | ---- |  |  | --- | -
|                                                    |  | 2002 |     |   | 2003 |  |     | 2004 | 
|                                                    |  |      |     |   |      |  |     |      | 
|Accrued Benefit Liability                           |  |      | (41 | ) |      |  | (38 | )    |  |  | (36 | )
|Accumulated Other Comprehensive Income (before tax) |  |      | 5   |   |      |  | 4   |      |  |  | 5   |  
|                                                    |  |      |     |   |      |  |     |      | 
|Net Amount Recognized                               |  |      | (36 | ) |      |  | (34 | )    |  |  | (31 | )
|                                                    |  |      |     |   |      |  |     |      | 





F-41



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                  |  |                    |    |   |      |  |    |      |  |  |    |  
|--------------------------------- |  | ------------------ | -- | - | ---- |  | -- | ---- |  |  | -- | -
|                                  |  | 2002               |    |   | 2003 |  |    | 2004 | 
|                                  |  |                    |    |   |      |  |    |      | 
|                                  |  | (EUR, in millions) |   
|Service Cost                      |  |                    | 4  |   |      |  | 4  |      |  |  | 4  |  
|Interest Cost                     |  |                    | 3  |   |      |  | 3  |      |  |  | 3  |  
|Expected Return on Plan Assets    |  |                    | (1 | ) |      |  | (1 | )    |  |  | (1 | )
|Impact of curtailment/ settlement |  |                    |   |   |      |  |   |      |  |  | (4 | )
|                                  |  |                    |    |   |      |  |    |      | 
|Net periodic benefit cost         |  |                    | 6  |   |      |  | 6  |      |  |  | 2  |  
|                                  |  |                    |    |   |      |  |    |      | 

|                                                                                                             |  |      |   |  |      |  |    |      |  |  |   | 
|------------------------------------------------------------------------------------------------------------ |  | ---- | - |  | ---- |  | -- | ---- |  |  | - | 
|                                                                                                             |  | 2002 |   |  | 2003 |  |    | 2004 | 
|                                                                                                             |  |      |   |  |      |  |    |      | 
|Additional information                                                                                       |  |      |   |  |      |  |    |      |  |  |   | 
|Increase (decrease) in minimum liability before tax included in
    other comprehensive income excluding tax |  |      | 3 |  |      |  | (1 | )    |  |  | 1 | 



Weighted-average assumptions used to determine benefit
obligations at December 31


|                              |  |                   |  |                   |  |                  
|----------------------------- |  | ----------------- |  | ----------------- |  | -----------------
|                              |  | 2002              |  | 2003              |  | 2004             
|                              |  |                   |  |                   |  |                  
|Discount rate                 |  | 5.8%              |  | 5.4%              |  | 5.2%             
|                              |  | Graded            |  | Graded            |  | Graded           
|Rate of compensation increase |  | from 7.5% to 3.5% |  | from 7.5% to 3.5% |  | from 7.5% to 2.0%

Weighted-average assumptions used to determine net periodic
benefit cost for years ended December 31


|                                         |  |                   |  |                   |  |                  
|---------------------------------------- |  | ----------------- |  | ----------------- |  | -----------------
|                                         |  | 2002              |  | 2003              |  | 2004             
|                                         |  |                   |  |                   |  |                  
|Discount rate                            |  | 6.2%              |  | 5.8%              |  | 5.4%             
|Expected long-term return on plan assets |  | 8.5%              |  | 8.0%              |  | 7.6%             
|                                         |  | Graded            |  | Graded            |  | Graded           
|Rate of compensation increase            |  | from 7.5% to 3.5% |  | from 7.5% to 3.5% |  | from 7.5% to 3.5%



|                  |  |           |            |  |                 |  |     |  
|----------------- |  | --------- | ---------- |  | --------------- |  | --- | -
|                  |  | SCOR U.S. |            |  | OTHER COUNTRIES | 
|                  |  |           |            |  |                 | 
|Asset Category    |  |           |            |  |                 |  |     |  
|Equity securities |  |           | 60% +/- 5% |  |                 |  |    |  
|Debt securities   |  |           | 40% +/- 5% |  |                 |  | 100 | %
|Other             |  |           | 5% +/- 5%  |  |                 |  |    |  
|Total             |  |           | 100%       |  |                 |  | 100 | %

F-42



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                  |  |                |     |   |      |  |     |  
|----------------- |  | -------------- | --- | - | ---- |  | --- | -
|                  |  | Plan Assets at |    
|                  |  | December 31    |    
|                  |  |                |    
|                  |  | 2003           |     |   | 2004 | 
|                  |  |                |     |   |      | 
|Asset Category    |  |                |     |   |      |  |     |  
|Equity securities |  |                | 41  | % |      |  | 38  | %
|Debt securities   |  |                | 52  | % |      |  | 52  | %
|Other             |  |                | 7   | % |      |  | 10  | %
|Total             |  |                | 100 | % |      |  | 100 | %





|                |  |                    |    | 
|--------------- |  | ------------------ | -- | 
|                |  | 2004               |   
|                |  |                    |   
|                |  | (EUR, in millions) |   
|2005            |  |                    | 1  | 
|2006            |  |                    | 5  | 
|2007            |  |                    | 2  | 
|2008            |  |                    | 3  | 
|2009            |  |                    | 2  | 
|Years 2010-2014 |  |                    | 21 | 

Other long-term employee benefits




Savings plans






F-43



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                           |  |                   |    |  |      |  |    |      |  |  |    | 
|---------------------------------------------------------- |  | ----------------- | -- |  | ---- |  | -- | ---- |  |  | -- | 
|                                                           |  | As of December 31 |   
|                                                           |  |                   |   
|                                                           |  | 2002              |    |  | 2003 |  |    | 2004 | 
|                                                           |  |                   |    |  |      |  |    |      | 
|Assets held in short-term investments and fixed maturities |  |                   | 10 |  |      |  | 9  |      |  |  | 8  | 
|Assets held in French stocks                               |  |                   | 2  |  |      |  | 3  |      |  |  | 2  | 
|Assets held in Ordinary Shares of SCOR                     |  |                   | 3  |  |      |  | 1  |      |  |  | 2  | 
|                                                           |  |                   |    |  |      |  |    |      | 
|Total                                                      |  |                   | 15 |  |      |  | 13 |      |  |  | 12 | 
|                                                           |  |                   |    |  |      |  |    |      | 



Note 12. Share Capital and Earnings per Share










|                              |                                                                 |                              |      |      |               |  |  |           |  |  |  |        |  
|----------------------------- | --------------------------------------------------------------- | ---------------------------- | ---- | ---- | ------------- |  |  | --------- |  |  |  | ------ | -
|                              |                                                                 | Year ended December 31, 2002 |     
|                              |                                                                 |                              |     
|                              |                                                                 | Income                       |      |      | Shares(1)     |  |  | Per-Share | 
|                              |                                                                 | (Numerator)                  |      |      | (Denominator) |  |  | Amount    | 
|                              |                                                                 |                              |      |      |               |  |  |           | 
|                              |                                                                 | (EUR, in millions)           |      |      | (Thousands)   |  |  | (EUR)     | 
|Net Income                    |                                                                 |                              | (493 | )    |               |  |  |           |  |  |  |       
|                              |                                                                 |                              |      |      |               |  |  |           | 
|Basic Earnings Per Share      |                                                                 |                              |      |      |               |  |  |           |  |  |  |       
|                              | Income available to Ordinary Shareholders                       |                              |      | (493 | )             |  |  | 37,830    |  |  |  | (13.03 | )
|Effect of dilutive securities |                                                                 |                              |      |      |               |  |  |           |  |  |  |       
|                              | Stock options                                                   |                              |      |     |               |  |  |          |  |  |  |        |  
|                              | Convertible bonds                                               |                              |      |     |               |  |  |          |  |  |  |        |  
|                              |                                                                 |                              |      |      |               |  |  |           | 
|Diluted Earnings Per Share    |                                                                 |                              |      |      |               |  |  |           |  |  |  |       
|                              | Income available to Ordinary Shareholders + assumed conversions |                              |      | (493 | )             |  |  | 37,830    |  |  |  | (13.03 | )
|                              |                                                                 |                              |      |      |               |  |  |           | 






|    |                                                                            
|--- | ---------------------------------------------------------------------------
|(1) | Weighted average number of shares outstanding excluding treasury
    stocks

F-44



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                              |                                                                 |                              |      |      |               |  |  |           |  |  |  |       |  
|----------------------------- | --------------------------------------------------------------- | ---------------------------- | ---- | ---- | ------------- |  |  | --------- |  |  |  | ----- | -
|                              |                                                                 | Year ended December 31, 2003 |     
|                              |                                                                 |                              |     
|                              |                                                                 | Income                       |      |      | Shares(1)     |  |  | Per-Share | 
|                              |                                                                 | (Numerator)                  |      |      | (Denominator) |  |  | Amount    | 
|                              |                                                                 |                              |      |      |               |  |  |           | 
|                              |                                                                 | (EUR, in millions)           |      |      | (Thousands)   |  |  | (EUR)     | 
|Net Income                    |                                                                 |                              | (512 | )    |               |  |  |           |  |  |  |      
|                              |                                                                 |                              |      |      |               |  |  |           | 
|Basic Earnings Per Share      |                                                                 |                              |      |      |               |  |  |           |  |  |  |      
|                              | Income available to Ordinary Shareholders                       |                              |      | (512 | )             |  |  | 136,300   |  |  |  | (3.76 | )
|Effect of dilutive securities |                                                                 |                              |      |      |               |  |  |           |  |  |  |      
|                              | Stock options                                                   |                              |      |     |               |  |  |          |  |  |  |       |  
|                              | Convertible bonds                                               |                              |      |     |               |  |  |          |  |  |  |       |  
|                              |                                                                 |                              |      |      |               |  |  |           | 
|Diluted Earnings Per Share    |                                                                 |                              |      |      |               |  |  |           |  |  |  |      
|                              | Income available to Ordinary Shareholders + assumed conversions |                              |      | (512 | )             |  |  | 136,300   |  |  |  | (3.76 | )
|                              |                                                                 |                              |      |      |               |  |  |           | 






|    |                                                                            
|--- | ---------------------------------------------------------------------------
|(1) | Weighted average number of shares outstanding excluding treasury
    stocks

|                              |                                                                 |                              |     |     |               |  |  |           |  |  |  |      | 
|----------------------------- | --------------------------------------------------------------- | ---------------------------- | --- | --- | ------------- |  |  | --------- |  |  |  | ---- | 
|                              |                                                                 | Year ended December 31, 2004 |    
|                              |                                                                 |                              |    
|                              |                                                                 | Income                       |     |     | Shares(1)     |  |  | Per-Share | 
|                              |                                                                 | (Numerator)                  |     |     | (Denominator) |  |  | Amount    | 
|                              |                                                                 |                              |     |     |               |  |  |           | 
|                              |                                                                 | (EUR, in millions)           |     |     | (Thousands)   |  |  | (EUR)     | 
|Net Income                    |                                                                 |                              | 247 |     |               |  |  |           |  |  |  |     
|                              |                                                                 |                              |     |     |               |  |  |           | 
|Basic Earnings Per Share      |                                                                 |                              |     |     |               |  |  |           |  |  |  |     
|                              | Income available to Ordinary Shareholders                       |                              |     | 247 |               |  |  | 803,152   |  |  |  | 0.31 | 
|Effect of dilutive securities |                                                                 |                              |     |     |               |  |  |           |  |  |  |     
|                              | Stock options                                                   |                              |     |    |               |  |  | 300       |  |  |  |     | 
|                              | Convertible bonds                                               |                              |     | 6   |               |  |  | 53,737    |  |  |  | 0.01 | 
|                              |                                                                 |                              |     |     |               |  |  |           | 
|Diluted Earnings Per Share    |                                                                 |                              |     |     |               |  |  |           |  |  |  |     
|                              | Income available to Ordinary Shareholders + assumed conversions |                              |     | 253 |               |  |  | 857,189   |  |  |  | 0.30 | 
|                              |                                                                 |                              |     |     |               |  |  |           | 






|    |                                                                            
|--- | ---------------------------------------------------------------------------
|(1) | Weighted average number of shares outstanding excluding treasury
    stocks

Note 13. Stock Option and Stock Award Plans






F-45



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                 |                   |      |           |          |      |  |           |           |   |  |            |            |  
|-------------------------------- | ----------------- | ---- | --------- | -------- | ---- |  | --------- | --------- | - |  | ---------- | ---------- | -
|                                 |                   | 2002 |           |          | 2003 |  |           | 2004      |  
|                                 |                   |      |           |          |      |  |           |           |  
|Outstanding at beginning of year |                   |      | 3,065,228 |          |      |  | 4,915,746 |           |   |  | 12,342,962 | (2)       
|                                 | Options granted   |      |           |         |      |  |           | 4,099,754 |   |  |            | 5,990,000  |  
|                                 | Options exercised |      |           | (16,158  | )    |  |           |          |   |  |            |           |  
|                                 | Options expired   |      |           |         |      |  |           |          |   |  |            | (113,809   | )
|                                 |                   |      |           |          |      |  |           |           |  
|                                 | Options forfeited |      |           | (159,850 | )    |  |           | (539,588  | ) |  |            | (1,163,455 | )
|                                 |                   |      |           |          |      |  |           |           |  
|Outstanding at end of year       |                   |      | 2,889,220 | (1)      |      |  | 8,475,912 |           |   |  | 17,055,698 |           
|                                 |                   |      |           |          |      |  |           |           |  






|    |                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Following the capital increase on December 31, 2002, the
    Company has adjusted the number of shares eligible to
    subscription to 4,915,746.
|   
|(2) | Following the capital increase on January 7, 2004, the
    Company has adjusted the number of shares eligible to
    subscription to 12,342,962. 





| |  |                                                                                                                                                                                      |  | 
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | 
| |  | 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 |  | 



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







F-46



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|     |      |                                      |                |                |                                     |                 |          |  |                |  |  |                 |       |  |  |  |            | 
|---- | ---- | ------------------------------------ | -------------- | -------------- | ----------------------------------- | --------------- | -------- |  | -------------- |  |  | --------------- | ----- |  |  |  | ---------- | 
|     |      | 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 2003 |          |  | Exercise price |  |  | the end of 2003 |      
|     |      |                                      |                |                |                                     |                 |          |  |                |  |  |                 |      
|     |      | (in EUR)                             |                |                |                                     |                 | (in EUR) |  |                | 
|     | 1994 |                                      |                |                | 10.22                               |                 |          |  | 78,156         |  |  |                 | 7.02  |  |  |  | 113,809    | 
|     | 1995 |                                      |                |                | 9.59                                |                 |          |  | 152,795        |  |  |                 | 6.59  |  |  |  | 222,498    | 
|     | 1996 |                                      |                |                | 17.04                               |                 |          |  | 510,525        |  |  |                 | 11.70 |  |  |  | 743,406    | 
|     | 1997 |                                      |                |                | 21.88                               |                 |          |  | 619,847        |  |  |                 | 15.03 |  |  |  | 902,587    | 
|     | 1998 |                                      |                |                | 33.08                               |                 |          |  | 672,567        |  |  |                 | 22.72 |  |  |  | 979,358    | 
|     | 1999 |                                      |                |                | 27.05                               |                 |          |  | 653,015        |  |  |                 | 18.58 |  |  |  | 950,886    | 
|     | 2000 |                                      |                |                | 28.23                               |                 |          |  | 142,956        |  |  |                 | 19.39 |  |  |  | 208,164    | 
|     | 2000 |                                      |                |                | 26.46                               |                 |          |  | 568,845        |  |  |                 | 18.17 |  |  |  | 828,330    | 
|     | 2001 |                                      |                |                | 28.23                               |                 |          |  | 845,181        |  |  |                 | 19.39 |  |  |  | 1,230,713  | 
|     | 2001 |                                      |                |                | 19.99                               |                 |          |  | 347,138        |  |  |                 | 13.73 |  |  |  | 505,946    | 
|     | 2003 |                                      |                |                | 4.16                                |                 |          |  | 956,000        |  |  |                 | 2.86  |  |  |  | 1,392,042  | 
|     | 2003 |                                      |                |                | 5.74                                |                 |          |  | 2,928,887      |  |  |                 | 3.94  |  |  |  | 4,265,223  | 
|     |      |                                      |                |                |                                     |                 |          |  |                |  |  |                 |      
|     |      |                                      |                |                |                                     |                 |          |  | 8,475,912      |  |  |                 |       |  |  |  | 12,342,962 | 
|     |      |                                      |                |                |                                     |                 |          |  |                |  |  |                 |      





|                         |                |                     |             |           |                     |                  |           |         |                |  |        |             |       |         |                |  |           |  |  |  |       | 
|------------------------ | -------------- | ------------------- | ----------- | --------- | ------------------- | ---------------- | --------- | ------- | -------------- |  | ------ | ----------- | ----- | ------- | -------------- |  | --------- |  |  |  | ----- | 
|                         |                | 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)       |      
|                         | 1.14 to 3.94   |                     |             |           | 10,920,716          |                  |           |         | 9.1 years      |  |        |             | 2.28  |         |                |  |          |  |  |  |      | 
|                         | 6.59 to 11.70  |                     |             |           | 896,567             |                  |           |         | 1.4 year       |  |        |             | 10.60 |         |                |  | 896,567   |  |  |  | 10.60 | 
|                         | 13.73 to 15.03 |                     |             |           | 1,310,755           |                  |           |         | 4.1 years      |  |        |             | 14.59 |         |                |  | 865,443   |  |  |  | 15.03 | 
|                         | 18.17 to 22.72 |                     |             |           | 3,927,660           |                  |           |         | 5.2 years      |  |        |             | 19.76 |         |                |  | 2,028,343 |  |  |  | 20.57 | 
|                         |                |                     |             |           |                     |                  |           |         |                |  |        |             |       |         |                | 
|                         | 1.14 to 22.72  |                     |             |           | 17,055,698          |                  |           |         | 7.4 years      |  |        |             | 7.69  |         |                |  | 3,790,353 |  |  |  | 16.95 | 



STOCK AWARD PLANS




F-47



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                   |  |              |                   |                  |         |  |                      |                   |  |  |          | 
|------------------ |  | ------------ | ----------------- | ---------------- | ------- |  | -------------------- | ----------------- |  |  | -------- | 
|                   |  |              |                   | Number of shares |         |  | Fair value of shares |                  
|Grant date         |  | Vesting date |                   |                  | granted |  |                      | at the grant date | 
|                   |  |              |                   |                  |         |  |                      |                   | 
|September 22, 2004 |  |              | January 10, 2005  |                  |         |  | 1,962,555            |                   |  |  | EUR 1.20 | 
|December 7, 2004   |  |              | January 10, 2005  |                  |         |  | 2,434,453            |                   |  |  | EUR 1.41 | 
|December 7, 2004   |  |              | November 10, 2005 |                  |         |  | 2,418,404            |                   |  |  | EUR 1.41 | 



Note 14. Financial Instruments




14.1. Fixed maturities, equity securities and trading
investments




14.2. Cash and cash equivalents




14.3 Long-term debt




14.4. Note payable




14.5. Convertible subordinated debentures and
debentures




14.6. Derivative Instruments




F-48



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|            |                                                                 |                    |  |       |                   |  |          |        |  |  |            |       |  |  |  |       | 
|----------- | --------------------------------------------------------------- | ------------------ |  | ----- | ----------------- |  | -------- | ------ |  |  | ---------- | ----- |  |  |  | ----- | 
|            |                                                                 | As of              |  |       | As of             | 
|            |                                                                 | December 31, 2003  |  |       | December 31, 2004 | 
|            |                                                                 |                    |  |       |                   | 
|            |                                                                 | Carrying           |  |       |                   |  | Carrying |        |  | 
|            |                                                                 | amount             |  |       | Fair value        |  |          | amount |  |  | Fair value |      
|            |                                                                 |                    |  |       |                   |  |          |        |  |  |            |      
|            |                                                                 | (EUR, in millions) | 
|Assets      |                                                                 |                    |  |       |                   |  |          |        |  |  |            |       |  |  |  |      
|            | Fixed maturities at fair value                                  |                    |  | 5,130 |                   |  |          | 5,130  |  |  |            | 5,272 |  |  |  | 5,272 | 
|            | Equity securities, available for sale                           |                    |  | 109   |                   |  |          | 109    |  |  |            | 265   |  |  |  | 265   | 
|            | Trading investments                                             |                    |  | 740   |                   |  |          | 740    |  |  |            | 778   |  |  |  | 778   | 
|            | Cash and cash equivalents                                       |                    |  | 1,824 |                   |  |          | 1,824  |  |  |            | 1,798 |  |  |  | 1,798 | 
|            | Derivative instruments                                          |                    |  | 104   |                   |  |          | 104    |  |  |            | 29    |  |  |  | 29    | 
|Liabilities |                                                                 |                    |  |       |                   |  |          |        |  |  |            |       |  |  |  |      
|            | Convertible subordinated debentures                             |                    |  | 257   |                   |  |          | 252    |  |  |            | 200   |  |  |  | 244   | 
|            | Other long term debt including obligations under capital leases |                    |  | 782   |                   |  |          | 792    |  |  |            | 761   |  |  |  | 782   | 
|            | Notes payable                                                   |                    |  | 36    |                   |  |          | 36     |  |  |            | 34    |  |  |  | 34    | 
|            | Derivative instruments                                          |                    |  | 11    |                   |  |          | 11     |  |  |            | 6     |  |  |  | 6     | 

Note 15. Derivative instruments






Fair value hedges:








F-49



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Foreign currency hedges:








Credit derivative hedges:




Non-hedge instruments:




Other derivatives used by the Group:




F-50



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Note 16. Commitments and Guarantees






|                     |                           |                         |  |       |      |  |  |       |  |  |  |       | 
|-------------------- | ------------------------- | ----------------------- |  | ----- | ---- |  |  | ----- |  |  |  | ----- | 
|                     |                           | Year ended December 31, | 
|                     |                           |                         | 
|                     |                           | 2002                    |  |       | 2003 |  |  | 2004  | 
|                     |                           |                         |  |       |      |  |  |       | 
|                     |                           | (EUR, in millions)      | 
|Commitments received |                           |                         |  |       |      |  |  |       |  |  |  |      
|                     | Unused credit lines       |                         |  | 100   |      |  |  | 50    |  |  |  | 44    | 
|                     | Endorsements and sureties |                         |  | 1     |      |  |  | 68    |  |  |  | 47    | 
|                     | Letters of Credit         |                         |  | 1,262 |      |  |  | 1,285 |  |  |  | 867   | 
|                     | Other commitments         |                         |  | 1     |      |  |  |      |  |  |  | 13    | 
|                     |                           |                         |  |       |      |  |  |       | 
|                     | Total                     |                         |  | 1,364 |      |  |  | 1,403 |  |  |  | 971   | 
|                     |                           |                         |  |       |      |  |  |       | 
|Commitments given    |                           |                         |  |       |      |  |  |       |  |  |  |      
|                     | Endorsements and sureties |                         |  | 1     |      |  |  | 90    |  |  |  | 47    | 
|                     | Leases                    |                         |  | 28    |      |  |  | 17    |  |  |  | 10    | 
|                     | Letters of Credit         |                         |  | 1,085 |      |  |  | 594   |  |  |  | 656   | 
|                     | Pledged securities        |                         |  | 2,583 |      |  |  | 3,226 |  |  |  | 1,885 | 
|                     | Other commitments         |                         |  | 23    |      |  |  | 139   |  |  |  | 99    | 
|                     |                           |                         |  |       |      |  |  |       | 
|                     | Total                     |                         |  | 3,720 |      |  |  | 4,066 |  |  |  | 2,698 | 
|                     |                           |                         |  |       |      |  |  |       | 







EUR 50 million short term credit line




F-51



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




SCOR stand-by letters of credit facility




SCOR Vie stand-by letters of credit facility




F-52



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Stand-by letter of credit facility




Guarantees














F-53



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


less than




greater than




Exchange Upon Change of Control






Note 17. Lines of Business and Geographic
Information








F-54



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Non Life:




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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. Property-Casualty also includes direct or
    allocated operating expenses and net income from
    Property-Casualty-related investing activities.                                                                                                                                                                    
|
| |  | Large corporate accounts: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






 Alternative risks (Commercial Risk Partners)






Life/ Accident & Health:




F-55



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                          |                                            |                              |        |      |      |  |       |        |  |  |              |     |  |  |        |      |  
|----------------------------------------- | ------------------------------------------ | ---------------------------- | ------ | ---- | ---- |  | ----- | ------ |  |  | ------------ | --- |  |  | ------ | ---- | -
|                                          |                                            | Year ended December 31, 2002 |       
|                                          |                                            |                              |       
|                                          |                                            | Non Life                     |        |      | Life |  |       | Others |  |  | Consolidated |    
|                                          |                                            |                              |        |      |      |  |       |        |  |  |              |    
|                                          |                                            | (EUR, in millions)           |       
|Net premiums written                      |                                            |                              | 3,313  |      |      |  | 1,045 |        |  |  |             |     |  |  | 4,358  |     
|                                          |                                            |                              |        |      |      |  |       |        |  |  |              |    
|Net premiums earned                       |                                            |                              | 3,252  |      |      |  | 901   |        |  |  |             |     |  |  | 4,153  |     
|Net investment income                     |                                            |                              | 228    |      |      |  | 120   |        |  |  | 19           |     |  |  | 367    |     
|Net realized gains on investments         |                                            |                              | 62     |      |      |  | (17   | )      |  |  | (3           | )   |  |  | 42     |     
|                                          |                                            |                              |        |      |      |  |       |        |  |  |              |    
|Total revenues                            |                                            |                              | 3,542  |      |      |  | 1,004 |        |  |  | 16           |     |  |  | 4,562  |     
|                                          |                                            |                              |        |      |      |  |       |        |  |  |              |    
|Claim and claim expenses                  |                                            |                              | 3,258  |      |      |  | 663   |        |  |  |             |     |  |  | 3,921  |     
|Acquisition costs                         |                                            |                              | 664    |      |      |  | 245   |        |  |  |             |     |  |  | 909    |     
|Underwriting and administration expenses  |                                            |                              | 167    |      |      |  | 67    |        |  |  | (30          | )   |  |  | 204    |     
|Interest expense                          |                                            |                              | 34     |      |      |  |      |        |  |  |             |     |  |  | 34     |     
|Other income and expenses                 |                                            |                              |       |      |      |  |      |        |  |  | (73          | )   |  |  | (73    | )   
|                                          |                                            |                              |        |      |      |  |       |        |  |  |              |    
|Total expenses                            |                                            |                              | 4,123  |      |      |  | 975   |        |  |  | (103         | )   |  |  | 4,995  |     
|                                          |                                            |                              |        |      |      |  |       |        |  |  |              |    
|Income accounted for by the equity method |                                            |                              |       |      |      |  |      |        |  |  | 4            |     |  |  | 4      |     
|                                          |                                            |                              |        |      |      |  |       |        |  |  |              |    
|                                          | Income before taxes and minority interests |                              |        | (581 | )    |  |       | 29     |  |  |              | 123 |  |  |        | (429 | )
|                                          |                                            |                              |        |      |      |  |       |        |  |  |              |    
|Total assets as of December 31            |                                            |                              | 13,112 |      |      |  | 2,890 |        |  |  |             |     |  |  | 16,002 |     
|                                          |                                            |                              |        |      |      |  |       |        |  |  |              |    

|                                          |                                            |                              |        |      |      |  |       |        |   |  |              |     |  |  |        |      |  
|----------------------------------------- | ------------------------------------------ | ---------------------------- | ------ | ---- | ---- |  | ----- | ------ | - |  | ------------ | --- |  |  | ------ | ---- | -
|                                          |                                            | Year ended December 31, 2003 |       
|                                          |                                            |                              |       
|                                          |                                            | Non Life                     |        |      | Life |  |       | Others |   |  | Consolidated |    
|                                          |                                            |                              |        |      |      |  |       |        |   |  |              |    
|                                          |                                            | (EUR, in millions)           |       
|Net premiums written                      |                                            |                              | 2,103  |      |      |  | 885   |        |   |  |             |     |  |  | 2,988  |     
|                                          |                                            |                              |        |      |      |  |       |        |   |  |              |    
|Net premiums earned                       |                                            |                              | 2,455  |      |      |  | 869   |        |   |  |             |     |  |  | 3,324  |     
|Net investment income                     |                                            |                              | 279    |      |      |  | 54    |        |   |  | (7           | )   |  |  | 326    |     
|Net realized gains on investments         |                                            |                              | 101    |      |      |  | 20    |        |   |  | (4           | )   |  |  | 117    |     
|                                          |                                            |                              |        |      |      |  |       |        |   |  |              |    
|Total revenues                            |                                            |                              | 2,835  |      |      |  | 943   |        |   |  | (11          | )   |  |  | 3,767  |     
|                                          |                                            |                              |        |      |      |  |       |        |   |  |              |    
|Claim and claim expenses                  |                                            |                              | 2,507  |      |      |  | 653   |        |   |  |             |     |  |  | 3,160  |     
|Acquisition costs                         |                                            |                              | 490    |      |      |  | 252   |        |   |  |             |     |  |  | 742    |     
|Underwriting and administration expenses  |                                            |                              | 123    |      |      |  | 67    |        |   |  | (30          | )   |  |  | 160    |     
|Interest expense                          |                                            |                              | 33     |      |      |  |      |        |   |  |             |     |  |  | 33     |     
|Other income and expenses                 |                                            |                              |       |      |      |  |      |        |   |  | (128         | )   |  |  | (128   | )   
|                                          |                                            |                              |        |      |      |  |       |        |   |  |              |    
|Total expenses                            |                                            |                              | 3,153  |      |      |  | 972   |        |   |  | (158         | )   |  |  | 3,967  |     
|                                          |                                            |                              |        |      |      |  |       |        |   |  |              |    
|Income accounted for by the equity method |                                            |                              |       |      |      |  |      |        |   |  | 1            |     |  |  | 1      |     
|                                          |                                            |                              |        |      |      |  |       |        |   |  |              |    
|                                          | Income before taxes and minority interests |                              |        | (318 | )    |  |       | (29    | ) |  |              | 148 |  |  |        | (199 | )
|                                          |                                            |                              |        |      |      |  |       |        |   |  |              |    
|Total assets as of December 31            |                                            |                              | 10,443 |      |      |  | 3,162 |        |   |  |             |     |  |  | 13,605 |     
|                                          |                                            |                              |        |      |      |  |       |        |   |  |              |    

F-56



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SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                          |                                                                                                     |                              |       |    |      |  |       |        |  |  |              |    |  |  |        |     | 
|----------------------------------------- | --------------------------------------------------------------------------------------------------- | ---------------------------- | ----- | -- | ---- |  | ----- | ------ |  |  | ------------ | -- |  |  | ------ | --- | 
|                                          |                                                                                                     | Year ended December 31, 2004 |      
|                                          |                                                                                                     |                              |      
|                                          |                                                                                                     | Non Life                     |       |    | Life |  |       | Others |  |  | Consolidated |   
|                                          |                                                                                                     |                              |       |    |      |  |       |        |  |  |              |   
|                                          |                                                                                                     | (EUR, in millions)           |      
|Net premiums written                      |                                                                                                     |                              | 1,282 |    |      |  | 844   |        |  |  |             |    |  |  | 2,126  |    
|                                          |                                                                                                     |                              |       |    |      |  |       |        |  |  |              |   
|Net premiums earned                       |                                                                                                     |                              | 1,427 |    |      |  | 800   |        |  |  |             |    |  |  | 2,227  |    
|Net investment income                     |                                                                                                     |                              | 141   |    |      |  | 102   |        |  |  | 39           |    |  |  | 282    |    
|Net realized gains on investments         |                                                                                                     |                              | 13    |    |      |  | 22    |        |  |  | 7            |    |  |  | 42     |    
|                                          |                                                                                                     |                              |       |    |      |  |       |        |  |  |              |   
|Total revenues                            |                                                                                                     |                              | 1,581 |    |      |  | 924   |        |  |  | 46           |    |  |  | 2,551  |    
|                                          |                                                                                                     |                              |       |    |      |  |       |        |  |  |              |   
|Claim and claim expenses                  |                                                                                                     |                              | 999   |    |      |  | 628   |        |  |  |             |    |  |  | 1,627  |    
|Acquisition costs                         |                                                                                                     |                              | 349   |    |      |  | 219   |        |  |  |             |    |  |  | 568    |    
|Underwriting and administration expenses  |                                                                                                     |                              | 112   |    |      |  | 47    |        |  |  | (24          | )  |  |  | 135    |    
|Interest expense                          |                                                                                                     |                              | 49    |    |      |  |      |        |  |  |             |    |  |  | 49     |    
|Other income and expenses                 |                                                                                                     |                              | 0     |    |      |  | 0     |        |  |  | (23          | )  |  |  | (23    | )  
|                                          |                                                                                                     |                              |       |    |      |  |       |        |  |  |              |   
|Total expenses                            |                                                                                                     |                              | 1,509 |    |      |  | 894   |        |  |  | (47          | )  |  |  | 2,356  |    
|                                          |                                                                                                     |                              |       |    |      |  |       |        |  |  |              |   
|Income accounted for by the equity method |                                                                                                     |                              |      |    |      |  |      |        |  |  | (1           | )  |  |  | (1     | )  
|                                          | Income before taxes, minority interests and cumulative effect of
    change in accounting principle |                              |       | 72 |      |  |       | 30     |  |  |              | 92 |  |  |        | 194 | 
|                                          |                                                                                                     |                              |       |    |      |  |       |        |  |  |              |   
|Total assets as of December 31            |                                                                                                     |                              | 9,966 |    |      |  | 3,473 |        |  |  |             |    |  |  | 13,439 |    
|                                          |                                                                                                     |                              |       |    |      |  |       |        |  |  |              |   





|                             |                                                                                                     |                    |  |       |        |       |  |         |  |  |      |       |   |              |  |     |  |  |  |        |  
|---------------------------- | --------------------------------------------------------------------------------------------------- | ------------------ |  | ----- | ------ | ----- |  | ------- |  |  | ---- | ----- | - | ------------ |  | --- |  |  |  | ------ | -
|                             |                                                                                                     |                    |  |       |        | North |  |         |  |  |     
|                             |                                                                                                     | France             |  |       | Europe |       |  | America |  |  | Asia |       |   | Consolidated | 
|                             |                                                                                                     |                    |  |       |        |       |  |         |  |  |      |       |   |              | 
|                             |                                                                                                     | (EUR, in millions) | 
|Year ended December 31, 2002 |                                                                                                     |                    |  |       |        |       |  |         |  |  |      |       |   |              |  |     |  |  |  |       
|                             | Revenues                                                                                            |                    |  | 1,443 |        |       |  | 708     |  |  |      | 2,131 |   |              |  | 280 |  |  |  | 4,562  |  
|                             | Income before taxes and minority interests                                                          |                    |  | (399  | )      |       |  | 65      |  |  |      | (138  | ) |              |  | 43  |  |  |  | (429   | )
|                             | Identifiable assets as of December 31                                                               |                    |  | 7,382 |        |       |  | 2,047   |  |  |      | 6,167 |   |              |  | 406 |  |  |  | 16,002 |  
|Year ended December 31, 2003 |                                                                                                     |                    |  |       |        |       |  |         |  |  |      |       |   |              |  |     |  |  |  |       
|                             | Revenues                                                                                            |                    |  | 1,615 |        |       |  | 713     |  |  |      | 1,217 |   |              |  | 222 |  |  |  | 3,767  |  
|                             | Income before taxes and minority interests                                                          |                    |  | (120  | )      |       |  | 112     |  |  |      | (249  | ) |              |  | 58  |  |  |  | (199   | )
|                             | Identifiable assets as of December 31                                                               |                    |  | 6,975 |        |       |  | 1,742   |  |  |      | 4,519 |   |              |  | 369 |  |  |  | 13,605 |  
|Year ended December 31, 2004 |                                                                                                     |                    |  |       |        |       |  |         |  |  |      |       |   |              |  |     |  |  |  |       
|                             | Revenues                                                                                            |                    |  | 1,386 |        |       |  | 417     |  |  |      | 582   |   |              |  | 166 |  |  |  | 2,551  |  
|                             | Income before taxes, minority interests and cumulative effect of
    change in accounting principle |                    |  | 115   |        |       |  | 108     |  |  |      | (42   | ) |              |  | 13  |  |  |  | 194    |  
|                             | Identifiable assets as of December 31                                                               |                    |  | 8,474 |        |       |  | 1,254   |  |  |      | 3,379 |   |              |  | 332 |  |  |  | 13,439 |  

Note 18. Unpaid loss and loss adjustment
expenses




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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, |      
|                                                                |                                      |                         |      
|                                                                |                                      | 2002                    |       |       | 2003 |  |       | 2004  | 
|                                                                |                                      |                         |       |       |      |  |       |       | 
|                                                                |                                      | (EUR, in millions)      |      
|Reserves for losses and LAE at beginning of year, net           |                                      |                         | 6,917 |       |      |  | 6,933 |       |  |  | 6,331 |      
|Effect of changes in foreign currency exchange rates            |                                      |                         | (745  | )     |      |  | (656  | )     |  |  | (203  | )    
|Effect of claims portfolio transfer and other reclassifications |                                      |                         | 107   |       |      |  | 31    |       |  |  | 9     |      
|                                                                |                                      |                         |       |       |      |  |       |       | 
|Incurred related to:                                            |                                      |                         |       |       |      |  |       |       |  |  |       |      
|                                                                | Current year                         |                         |       | 2,802 |      |  |       | 1,661 |  |  |       | 1,002 | 
|                                                                | Prior years                          |                         |       | 660   |      |  |       | 1,078 |  |  |       | 174   | 
|                                                                |                                      |                         |       |       |      |  |       |       | 
|                                                                | Total incurred losses and
    LAE(1) |                         |       | 3,462 |      |  |       | 2,739 |  |  |       | 1,176 | 
|                                                                |                                      |                         |       |       |      |  |       |       | 
|Paid related to:                                                |                                      |                         |       |       |      |  |       |       |  |  |       |      
|                                                                | Current year                         |                         |       | 450   |      |  |       | 316   |  |  |       | 116   | 
|                                                                | Prior years                          |                         |       | 2,358 |      |  |       | 2,400 |  |  |       | 1,614 | 
|                                                                |                                      |                         |       |       |      |  |       |       | 
|                                                                | Total paid losses and
    LAE(1)     |                         |       | 2,808 |      |  |       | 2,716 |  |  |       | 1,730 | 
|                                                                |                                      |                         |       |       |      |  |       |       | 
|Reserves for losses and loss expenses at end of year  net      |                                      |                         | 6,933 |       |      |  | 6,331 |       |  |  | 5,583 |      
|Reinsurance recoverable on unpaid losses                        |                                      |                         | 1,033 |       |      |  | 673   |       |  |  | 536   |      
|                                                                |                                      |                         |       |       |      |  |       |       | 
|Reserves for losses and loss expenses at end of year  gross    |                                      |                         | 7,966 |       |      |  | 7,004 |       |  |  | 6,119 |      
|                                                                |                                      |                         |       |       |      |  |       |       | 






|    |                                                                                                                                                                                                   
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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.



For 2001 and prior reserves in 2002:




| |   |                                                                                                                                                                                                                                                                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Additional reserve of EUR 154 million for SCOR US,
    increasing its total reserves to EUR 2.6 billion. These
    additional reserves apply to all the underwriting years, in
    particular 1998-2001, and to Program Business activities (in
    which underwriting was ceased at end-2001).                                                                           
|
| |  | Additional reserve of EUR 141 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 ceased its underwriting
    activities in this business line.
|
| |  | Additional reserve of EUR 35 million for the World
    Trade Center tragedy of 9/11.                                                                                                                                                                                                                                                                                      
|
| |  | Additional reserve of EUR 30 million for the Credit and
    Surety business, These additional reserves relate to credit
    derivatives reinsurance, the underwriting of which was ceased in
    November 2001.                                                                                                                                                           
|
| |  | Additional reserves of EUR 15 million for exposure to
    asbestos and pollution risks, so as to reflect recent legal
    developments in the USA.                                                                                                                                                                                                                        

F-58



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


For 2002 and prior reserves in 2003:




| |   |                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Additional reserve of EUR 227 million applied to all the
    underwriting years, in particular 1998-2001, and to Program
    Business activities (in which underwriting was ceased at
    end-2001).
|
| |  | Additional reserve of EUR 45 million on Commercial Risk
    Partner relating mainly to prospective finite risk contracts for
    Workers Compensation in 1999 and 2000                             

For 2003 and prior reserves in 2004:




| |   |                                                                                                                                  
| | - | ---------------------------------------------------------------------------------------------------------------------------------
| |  | The additional reserves relate mainly to SCOR US, CRP, and
    also EUR 20 million for the World Trade Center tragedy of
    9/11





|                                                                     |  |                         |     |   |                  |  |     |      |  |  |      |   |  |      |     |   |      |  |     |   |  |  |     |  
|-------------------------------------------------------------------- |  | ----------------------- | --- | - | ---------------- |  | --- | ---- |  |  | ---- | - |  | ---- | --- | - | ---- |  | --- | - |  |  | --- | -
|                                                                     |  | Year ended December 31, |    
|                                                                     |  |                         |    
|                                                                     |  | Asbestos(1)             |     |   | Environmental(1) | 
|                                                                     |  |                         |     |   |                  | 
|                                                                     |  | 2002                    |     |   | 2003             |  |     | 2004 |  |  | 2002 |   |  | 2003 |     |   | 2004 | 
|                                                                     |  |                         |     |   |                  |  |     |      |  |  |      |   |  |      |     |   |      | 
|                                                                     |  | (EUR, in millions)      |    
|Gross Non Life claims reserves, including IBNR reserves              |  |                         | 157 |   |                  |  | 109 |      |  |  | 98   |   |  |      | 88  |   |      |  | 59  |   |  |  | 54  |  
|% of total loss and LAE reserves                                     |  |                         | 2   | % |                  |  | 1.5 | %    |  |  | 1.6  | % |  |      | 1.1 | % |      |  | 0.8 | % |  |  | 0.9 | %
|Non Life claims and LAE paid                                         |  |                         | 7   |   |                  |  | 15  |      |  |  | 15   |   |  |      | 71  |   |      |  | 13  |   |  |  | 5   |  
|% of the Groups total net property-casualty claims and LAE
    paid |  |                         | 0.3 | % |                  |  | 0.6 | %    |  |  | 0.9  | % |  |      | 2.5 | % |      |  | 0.5 | % |  |  | 0.3 | %






|    |                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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 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, respectively.

F-59



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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|  |                                                                                                                                                                                                                                                     
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The 2003 reserves are respectively EUR 19 million and
    EUR 18 million for asbestos and environmental. The
    2003 paid claims and LAE are respectively
    EUR 0.6 million and EUR 0.9 million for
    asbestos and environmental, respectively.
| 
| | The 2004 reserves are respectively EUR 18 million and EUR
    16 million for asbestos and environmental. The 2004 paid
    claims and LAE are respectively EUR 0.3 million and
    EUR 0.3 million for asbestos and environmental,
    respectively.

Note 19. Related Party Transactions








| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | As part of the transaction for the acquisition of Sorema S.A.
    and Sorema N.A. in May 2001, Groupama, as the seller of both
    companies provided two guarantees for a period of six years,
    pursuant to which it may be required to indemnify SCOR for
    negative developments concerning material social and tax
    liabilities and liabilities in respect of technical reserves for
    the 2000 and previous underwriting years as assessed at
    June 30, 2007. As of December 31, 2004 and 2003, the
    consolidated balance sheets included EUR 234 million and
    EUR 240 million, respectively, related to the guaranty
    provided.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|
| |  | In December 2002, SCOR entered into a credit agreement with a
    banking syndicate led by BNP Paribas providing for a credit
    facility of USD 900 million. As a result of a number of
    amendments executed by the parties in 2004, the most recent
    occurring in November 2004, the borrowing capacity under the
    credit facility has been reduced to USD 115 million and
    certain letters of credit and related parent guarantees were not
    renewed and have expired. The credit agreement, as amended,
    provides for payment of a number of fees including: a
    utilization fee of .15% per year calculated on the basis of
    outstanding amounts loaned, payable monthly; a non-utilization
    fee of .06% per year calculated on the basis of non-utilized and
    non-cancelled borrowings, payable quarterly; an extension of
    time fee of .045% calculated on the basis of the new borrowing
    capacity, payable in January 2005; a fronting fee payable to the
    lead bank of .10% calculated on the basis of outstanding amounts
    loaned, payable quarterly; and a fee for the implementation of
    the latest amendment payable to the lead bank of .04% calculated
    on the basis of the new borrowing capacity. A director of the
    Company, also serves on the Board of Directors of the lead bank.
|
| |  | In June 2004, SCOR entered into an agreement with several banks
    in connection with the placement of subscriptions for the
    OCEANEs bonds. The agreement provided for a placement fee, a
    success fee and guaranty fee aggregating EUR 4,175,000. Two
    directors of the Company, are affiliated with two of the banks.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| |  | In connection with SCORs last capital increase, and in
    order to comply with certain preemptive subscription rights, on
    December 1, 2003 the Board of Directors authorized
    execution of a global guarantee contract between SCOR and BNP
    Paribas, Goldman Sachs and HSBC-CCF. Under this contract, BNP
    Paribas undertook to subscribe (directly or through affiliates)
    100% of any shares remaining unsubscribed at the close of the
    subscription, up to a maximum of 399,434,466 shares, at the
    issue price of the new shares (i.e., EUR 1.10 per share).
    The guarantee contract was ultimately not executed as the
    capital increase was fully subscribed. Messrs. Kessler and
    Chodron de Courcel, directors of the Company, are affiliates of
    BNP Paribas.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

Note 20. Contingencies




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##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Note 21. Subsequent Events








F-61



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##### Table of Contents






SCHEDULE I  SUMMARY OF INVESTMENTS OTHER THAN
INVESTMENTS


IN RELATED PARTIES


December 31, 2004


|                                          |                                                                                                          |                    |       |       |       |                 |              |               |  |  |       |       | 
|----------------------------------------- | -------------------------------------------------------------------------------------------------------- | ------------------ | ----- | ----- | ----- | --------------- | ------------ | ------------- |  |  | ----- | ----- | 
|Col A                                     |                                                                                                          | Col B              |       |       | Col C |                 |              | Col D         | 
|                                          |                                                                                                          |                    |       |       |       |                 |              |               | 
|                                          |                                                                                                          |                    |       |       |       | Amount at which |             
|                                          |                                                                                                          |                    |       | Fair  |       |                 | shown in the |              
|Type of investment                        |                                                                                                          | Cost               |       |       | Value |                 |              | balance sheet | 
|                                          |                                                                                                          |                    |       |       |       |                 |              |               | 
|                                          |                                                                                                          | (EUR, in millions) |      
|Fixed maturities:                         |                                                                                                          |                    |       |       |       |                 |              |               |  |  |       |      
|Available for sale:                       |                                                                                                          |                    |       |       |       |                 |              |               |  |  |       |      
|                                          | Debt securities issued or guaranteed by the French government or
    its agencies                        |                    |       | 766   |       |                 |              | 776           |  |  |       | 776   | 
|                                          | Debt securities issued or guaranteed by the U.S. government
    or its agencies                          |                    |       | 1,396 |       |                 |              | 1,382         |  |  |       | 1,382 | 
|                                          | Obligations of U.S. states and political subdivisions                                                    |                    |       | 119   |       |                 |              | 123           |  |  |       | 123   | 
|                                          | Debt securities issued or guaranteed by the European Union                                               |                    |       | 452   |       |                 |              | 453           |  |  |       | 453   | 
|                                          | Debt securities issued or guaranteed by other national, state or
    local governments or their agencies |                    |       | 299   |       |                 |              | 314           |  |  |       | 314   | 
|                                          | Corporate debt securities                                                                                |                    |       | 1,295 |       |                 |              | 1,312         |  |  |       | 1,312 | 
|                                          | Mortgage-backed securities                                                                               |                    |       | 836   |       |                 |              | 868           |  |  |       | 868   | 
|                                          | Other debt securities                                                                                    |                    |       | 44    |       |                 |              | 44            |  |  |       | 44    | 
|                                          |                                                                                                          |                    |       |       |       |                 |              |               | 
|Total fixed maturities available for sale |                                                                                                          |                    | 5,207 |       |       |                 | 5,272        |               |  |  | 5,272 |      
|                                          |                                                                                                          |                    |       |       |       |                 |              |               | 
|Trading                                   |                                                                                                          |                    | 520   |       |       |                 | 521          |               |  |  | 521   |      
|                                          |                                                                                                          |                    |       |       |       |                 |              |               | 
|                                          | Total fixed maturities                                                                                   |                    |       | 5,727 |       |                 |              | 5,793         |  |  |       | 5,793 | 
|                                          |                                                                                                          |                    |       |       |       |                 |              |               | 
|Equity securities:                        |                                                                                                          |                    |       |       |       |                 |              |               |  |  |       |      
|Available for sale                        |                                                                                                          |                    | 288   |       |       |                 | 265          |               |  |  | 265   |      
|                                          | Trading                                                                                                  |                    |       | 264   |       |                 |              | 257           |  |  |       | 257   | 
|                                          |                                                                                                          |                    |       |       |       |                 |              |               | 
|Total equity securities                   |                                                                                                          |                    | 552   |       |       |                 | 522          |               |  |  | 522   |      
|                                          |                                                                                                          |                    |       |       |       |                 |              |               | 
|Other long-term investments               |                                                                                                          |                    | 322   |       |       |                 |              |               |  |  | 322   |      
|                                          |                                                                                                          |                    |       |       |       |                 |              |               | 
|Total investments                         |                                                                                                          |                    | 6,601 |       |       |                 |              |               |  |  | 6,637 |      
|                                          |                                                                                                          |                    |       |       |       |                 |              |               | 
|Cash and cash equivalents                 |                                                                                                          |                    | 1,798 |       |       |                 |              |               |  |  | 1,798 |      

S-1



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##### Table of Contents






SCHEDULE III  SUPPLEMENTARY INSURANCE
INFORMATION


December 31, 2004, 2003 and 2002


|                                |          |                    |  |                   |                  |  |  |          |              |  |                  |       |       |  |  |   |   | 
|------------------------------- | -------- | ------------------ |  | ----------------- | ---------------- |  |  | -------- | ------------ |  | ---------------- | ----- | ----- |  |  | - | - | 
|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 |      
|                                |          |                    |  |                   |                  |  |  |          |              |  |                  |      
|                                |          | (EUR, in millions) | 
|December 31, 2004:              |          |                    |  |                   |                  |  |  |          |              |  |                  |       |       |  |  |  
|                                | Life     |                    |  | 264               |                  |  |  | 2,677    |              |  |                  |      |       |  |  |  |  
|                                | Non Life |                    |  | 254               |                  |  |  | 6,119    |              |  |                  | 978   |       |  |  |  |  
|                                |          | Total              |  |                   | 518              |  |  |          | 8,796        |  |                  |       | 978   |  |  |   |  | 
|                                |          |                    |  |                   |                  |  |  |          |              |  |                  |      
|December 31, 2003:
    restated |          |                    |  |                   |                  |  |  |          |              |  |                  |       |       |  |  |  
|                                | Life     |                    |  | 232               |                  |  |  | 2,562    |              |  |                  |      |       |  |  |  |  
|                                | Non Life |                    |  | 251               |                  |  |  | 7,004    |              |  |                  | 1,124 |       |  |  |  |  
|                                |          | Total              |  |                   | 483              |  |  |          | 9,566        |  |                  |       | 1,124 |  |  |   |  | 
|                                |          |                    |  |                   |                  |  |  |          |              |  |                  |      
|December 31, 2002:
    restated |          |                    |  |                   |                  |  |  |          |              |  |                  |       |       |  |  |  
|                                | Life     |                    |  | 155               |                  |  |  | 2,368    |              |  |                  |      |       |  |  |  |  
|                                | Non Life |                    |  | 299               |                  |  |  | 7,966    |              |  |                  | 1,617 |       |  |  |  |  
|                                |          | Total              |  |                   | 454              |  |  |          | 10,334       |  |                  |       | 1,617 |  |  |   |  | 
|                                |          |                    |  |                   |                  |  |  |          |              |  |                  |      



S-2



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##### Table of Contents



SCHEDULE IV  REINSURANCE


December 31, 2004, 2003 and 2002


|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            |  |   |       |  |  |   |     |  
|------------------------------------------ | -------------------------------------------- | ---------------------------- |  | -------- | ------ |  | ------- | ---------- | --- | ---- | ------ | ------ | ----- | ---------- |  | - | ----- |  |  | - | --- | -
|Col. A                                     |                                              | Col. B                       |  |          | Col. C |  |         | Col. D     |     |      | Col. E |        |       | Col. F     | 
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|                                           |                                              |                              |  |          |        |  |         |            |     | % of |       
|                                           |                                              |                              |  | Ceded to |        |  | Assumed |            |     |      |        | Amount |      
|                                           |                                              | Gross                        |  |          | Other  |  |         | from Other |     |      | Net    |        |       | Assumed to | 
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|                                           |                                              | (EUR, in millions)           | 
|Year Ended December 31, 2004:              |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            |  |   |       |  |  |  
|                                           | Life insurance in force                      |                              |  |         |        |  |         |           |     |      |        |       |       |            |  |  |       |  |  |  |    
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|                                           | Insurance premiums and other considerations: |                              |  |          |        |  |         |            |     |      |        |        |       |            |  |   |       |  |  |   |    
|                                           |                                              | Life insurance and annuities |  |          |       |  |         |            | 20  |      |        |        | 544   |            |  |   | 524   |  |  |   | 104 | %
|                                           |                                              | Property-casualty insurance  |  |          |       |  |         |            | 165 |      |        |        | 1,868 |            |  |   | 1,703 |  |  |   | 110 | %
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|                                           |                                              | Total                        |  |          |       |  |         |            | 185 |      |        |        | 2,412 |            |  |   | 2,227 |  |  |   | 108 | %
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|Year Ended December 31, 2003:
    restated |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            |  |   |       |  |  |  
|                                           | Life insurance in force                      |                              |  |         |        |  |         |           |     |      |        |       |       |            |  |  |       |  |  |  |    
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|                                           | Insurance premiums and other considerations: |                              |  |          |        |  |         |            |     |      |        |        |       |            |  |   |       |  |  |   |    
|                                           |                                              | Life insurance and annuities |  |          |       |  |         |            | 66  |      |        |        | 583   |            |  |   | 517   |  |  |   | 113 | %
|                                           |                                              | Property-casualty insurance  |  |          |       |  |         |            | 292 |      |        |        | 3,099 |            |  |   | 2,807 |  |  |   | 110 | %
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|                                           |                                              | Total                        |  |          |       |  |         |            | 358 |      |        |        | 3,682 |            |  |   | 3,324 |  |  |   | 111 | %
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|Year Ended December 31, 2002:
    restated |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            |  |   |       |  |  |  
|                                           | Life insurance in force                      |                              |  |         |        |  |         |           |     |      |        |       |       |            |  |  |       |  |  |  |    
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|                                           | Insurance premiums and other considerations: |                              |  |          |        |  |         |            |     |      |        |        |       |            |  |   |       |  |  |   |    
|                                           |                                              | Life insurance and annuities |  |          |       |  |         |            | 97  |      |        |        | 675   |            |  |   | 578   |  |  |   | 117 | %
|                                           |                                              | Property-casualty insurance  |  |          |       |  |         |            | 471 |      |        |        | 4,046 |            |  |   | 3,575 |  |  |   | 113 | %
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|                                           |                                              | Total                        |  |          |       |  |         |            | 568 |      |        |        | 4,721 |            |  |   | 4,153 |  |  |   | 114 | %
|                                           |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 

S-3



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##### Table of Contents






SCHEDULE V  VALUATION AND QUALIFYING
ACCOUNTS


December 31, 2004, 2003 and 2002


|                                                   |       |                    |    |           |              |  |    |              |  |  |            |    |            |             |  |   |  |  |    |    | 
|-------------------------------------------------- | ----- | ------------------ | -- | --------- | ------------ |  | -- | ------------ |  |  | ---------- | -- | ---------- | ----------- |  | - |  |  | -- | -- | 
|Col. A                                             |       | Col. B             |    |           | Col. C       |  |    | Col. D       |  |  | Col. E     |   
|                                                   |       |                    |    |           |              |  |    |              |  |  |            |   
|                                                   |       |                    |    | Additions |              |  |    |              |  |  |           
|                                                   |       |                    |    |           |              |  |    |              |  |  |           
|                                                   |       | Balance at         |    |           | 1)  Charged |  |    | 2)  Charged |  |  |            |    |           
|                                                   |       | beginning of       |    |           | to costs and |  |    | to other     |  |  |            |    | Balance at |            
|Description                                        |       | year               |    |           | expenses     |  |    | accounts     |  |  | Deductions |    |            | end of year | 
|                                                   |       |                    |    |           |              |  |    |              |  |  |            |    |            |             | 
|                                                   |       | (EUR, in millions) |   
|December 31, 2004:                                 |       |                    |    |           |              |  |    |              |  |  |            |    |            |             |  |   |  |  |    |   
|Reserves deducted from assets to which they apply: |       |                    |    |           |              |  |    |              |  |  |            |    |            |             |  |   |  |  |    |   
|Investments                                        |       |                    | 35 |           |              |  | 1  |              |  |  |            |    |            |             |  |   |  |  | 36 |   
|Reinsurance balance receivable                     |       |                    | 8  |           |              |  | 3  |              |  |  |            |    |            |             |  |   |  |  | 11 |   
|Advances to and investments in affiliates          |       |                    | 16 |           |              |  | 1  |              |  |  |            |    |            |             |  |   |  |  | 17 |   
|Other assets                                       |       |                    | 1  |           |              |  |    |              |  |  | 1          |    |            |             |  |   |  |  | 0  |   
|                                                   |       |                    |    |           |              |  |    |              |  |  |            |    |            |             | 
|                                                   | Total |                    |    | 60        |              |  |    | 5            |  |  |            | (1 | )          |             |  | 0 |  |  |    | 65 | 
|                                                   |       |                    |    |           |              |  |    |              |  |  |            |    |            |             | 
|December 31, 2003:
    restated                    |       |                    |    |           |              |  |    |              |  |  |            |    |            |             |  |   |  |  |    |   
|Reserves deducted from assets to which they apply: |       |                    |    |           |              |  |    |              |  |  |            |    |            |             |  |   |  |  |    |   
|Investments                                        |       |                    | 32 |           |              |  | 3  |              |  |  |            |    |            |             |  |   |  |  | 35 |   
|Reinsurance balance receivable                     |       |                    | 9  |           |              |  |    |              |  |  | (1         | )  |            |             |  |   |  |  | 8  |   
|Advances to and investments in affiliates          |       |                    | 16 |           |              |  |    |              |  |  |            |    |            |             |  |   |  |  | 16 |   
|Other assets                                       |       |                    | 1  |           |              |  |    |              |  |  |            |    |            |             |  |   |  |  | 1  |   
|                                                   |       |                    |    |           |              |  |    |              |  |  |            |    |            |             | 
|                                                   | Total |                    |    | 58        |              |  |    | 3            |  |  |            | (1 | )          |             |  | 0 |  |  |    | 60 | 
|                                                   |       |                    |    |           |              |  |    |              |  |  |            |    |            |             | 
|December 31, 2002:
    restated                    |       |                    |    |           |              |  |    |              |  |  |            |    |            |             |  |   |  |  |    |   
|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 | )          |             |  | 0 |  |  |    | 58 | 
|                                                   |       |                    |    |           |              |  |    |              |  |  |            |    |            |             | 

S-4



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##### Table of Contents






SCHEDULE VI  SUPPLEMENTAL INFORMATION
CONCERNING


PROPERTY/ CASUALTY INSURANCE OPERATIONS


(I) DECEMBER 31, 2004, 2003 and 2002


|                                         |  |                    |     |                     |                     |  |                  |             |  |  |          |  |  |  |       | 
|---------------------------------------- |  | ------------------ | --- | ------------------- | ------------------- |  | ---------------- | ----------- |  |  | -------- |  |  |  | ----- | 
|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 | 
|                                         |  |                    |     |                     |                     |  |                  |             |  |  |          | 
|                                         |  | (EUR, in millions) |    
|Registrant and consolidated subsidiaries |  |                    |     |                     |                     |  |                  |             |  |  |          |  |  |  |       | 
|2004                                     |  |                    | 254 |                     |                     |  | 6,119            |             |  |  | 92       |  |  |  | 978   | 
|2003                                     |  |                    | 251 |                     |                     |  | 7,004            |             |  |  | 104      |  |  |  | 1,124 | 
|(restated)                               |  |                    |     |                     |                     |  |                  |             |  |  |          |  |  |  |       | 
|2002                                     |  |                    | 299 |                     |                     |  | 7,966            |             |  |  | 210      |  |  |  | 1,617 | 
|(restated)                               |  |                    |     |                     |                     |  |                  |             |  |  |          |  |  |  |       | 

S-5