##### Table of Contents



As filed with the Securities and Exchange Commission on
June 29, 2006








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, 2005                                               |  |  |  | 
|  |  | 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









| |                                                                                                                                                                            | 
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| | 968,769,070 Ordinary Shares, including 25,340,999 American
    Depositary Shares (as evidenced by American Depositary
    Receipts), each representing one Ordinary Share. | 






x o




o x




| |                                                                                                                                                                                                                       | 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
| | Note  Checking the box above will not relieve any
    registrant required to file reports pursuant to Section 13
    or 15(d) of the Securities Exchange Act of 1934 from their
    obligation under those Sections. | 



x o




x o o




o x




o x










---



##### Table of Contents



CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING
STATEMENTS






| |   |                                                                                                                     
| | - | --------------------------------------------------------------------------------------------------------------------
| |  | the implementation of the SCOR 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 classes 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;
|
| |  | 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 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;                                                                                                                                                                                                                                                                                           

2



---



##### Table of Contents





| |   |                                                                                                                                                                                                                                           
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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;                                                                                                                                                                                                               
|
| |  | changes in laws, regulations and case law;                                                                                                                                                                                                
|
| |  | political, regulatory and industry initiatives;                                                                                                                                                                                           
|
| |  | 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 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, or
    documents furnished to, the SEC; and
|
| |  | other matters not yet known to SCOR or not currently considered
    material by SCOR.                                                                                                                                                     



20-F,





3



---



##### 



Table of Contents







|         |  |                                                                                  |     |      |     | 
|-------- |  | -------------------------------------------------------------------------------- | --- | ---- | --- | 
|         |  |                                                                                  |     | Page |    
|         |  |                                                                                  |     |      |    
|PART I   |  |                                                                                  | 5   |     
|Item 1.  |  | Identity of Directors, Senior Management
    and Advisers                        |     |      | 5   | 
|Item 2.  |  | Offer Statistics and Expected Timetable                                          |     |      | 5   | 
|Item 3.  |  | Key Information                                                                  |     |      | 5   | 
|Item 4.  |  | Information on the Company                                                       |     |      | 19  | 
|Item 4A. |  | Unresolved Staff Comments                                                        |     |      | 49  | 
|Item 5.  |  | Operating and Financial Review and
    Prospects                                 |     |      | 49  | 
|Item 6.  |  | Directors, Senior Management and
    Employees                                   |     |      | 74  | 
|Item 7.  |  | Major Shareholders and Related Party
    Transactions                            |     |      | 108 | 
|Item 8.  |  | Financial Information                                                            |     |      | 116 | 
|Item 9.  |  | The Offer and Listing                                                            |     |      | 121 | 
|Item 10. |  | Additional Information                                                           |     |      | 127 | 
|Item 11. |  | Quantitative and Qualitative Disclosures
    About Market Risk                   |     |      | 144 | 
|Item 12. |  | Description of Securities Other than Equity
    Securities                       |     |      | 146 | 
|PART II  |  |                                                                                  | 147 |     
|Item 13. |  | Defaults, Dividend Arrearages and
    Delinquencies                              |     |      | 147 | 
|Item 14. |  | Material Modifications to the Rights of
    Security Holders and Use of Proceeds |     |      | 147 | 
|Item 15. |  | Controls and Procedures                                                          |     |      | 147 | 
|Item 16. |  | A.   Audit Committee
    Financial Expert                                        |     |      | 157 | 
|Item 16. |  | B.   Code of Ethics                                                              |     |      | 158 | 
|Item 16. |  | C.   Principal Accountant
    Fees and Services                                  |     |      | 158 | 
|Item 16. |  | D.   Exemptions From The
    Listings Standards for Audit Committees             |     |      | 159 | 
|Item 16. |  | E.   Purchases Of Equity
    Securities by the Issuer and Affiliated Purchasers  |     |      | 159 | 
|PART III |  |                                                                                  | 164 |     
|Item 17. |  | Financial Statements                                                             |     |      | 164 | 
|Item 18. |  | Financial Statements                                                             |     |      | 164 | 
|Item 19. |  | Exhibits                                                                         |     |      | 164 | 
|EX-1.1  
|EX-4.5  
|EX-4.6  
|EX-4.7  
|EX-8    
|EX-12.1 
|EX-12.2 
|EX-13.1 
|EX-13.2 
|EX-15   



4



---



##### Table of Contents






PART I





Item 1. Identity of Directors, Senior Management
and Advisers







Item 2. Offer Statistics and Expected Timetable







Item 3. Key Information


A. SELECTED FINANCIAL DATA


Currency Translations And Exchange Rates:




|                        |                                   |      |      |      |     |         |      |         |        |  |           |      |  |  |      |      | 
|----------------------- | --------------------------------- | ---- | ---- | ---- | --- | ------- | ---- | ------- | ------ |  | --------- | ---- |  |  | ---- | ---- | 
|                        |                                   |      |      |      |     | Average |      |         | End of | 
|Year Ended December 31, |                                   | High |      |      | Low |         |      | Rate(1) |        |  | Period(2) |     
|                        |                                   |      |      |      |     |         |      |         |        |  |           |     
|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 |     
|2005                    |                                   |      | 1.35 |      |     |         | 1.17 |         |        |  | 1.24      |      |  |  | 1.18 |     
|2006 (through June 23)  |                                   |      | 1.30 |      |     |         | 1.19 |         |        |  | 1.23      |      |  |  | 1.25 |     
|                        | January 2006                      |      |      | 1.23 |     |         |      | 1.20    |        |  |           | 1.21 |  |  |      | 1.22 | 
|                        | February 2006                     |      |      | 1.21 |     |         |      | 1.19    |        |  |           | 1.19 |  |  |      | 1.19 | 
|                        | March 2006                        |      |      | 1.22 |     |         |      | 1.19    |        |  |           | 1.20 |  |  |      | 1.21 | 
|                        | April 2006                        |      |      | 1.26 |     |         |      | 1.21    |        |  |           | 1.23 |  |  |      | 1.26 | 
|                        | May 2006                          |      |      | 1.29 |     |         |      | 1.26    |        |  |           | 1.28 |  |  |      | 1.28 | 
|                        | June 2006 (through June 23, 2006) |      |      | 1.30 |     |         |      | 1.25    |        |  |           | 1.27 |  |  |      | 1.25 | 






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





5



---



##### Table of Contents



Selected U.S. GAAP Consolidated Financial Data










6



---



##### Table of Contents



SELECTED U.S. GAAP CONSOLIDATED FINANCIAL DATA


|                                                                                         |  |                                                |        |   |       |  |         |       |  |  |         |              |  |       |         |  |       |  |         |  |  |  |        | 
|---------------------------------------------------------------------------------------- |  | ---------------------------------------------- | ------ | - | ----- |  | ------- | ----- |  |  | ------- | ------------ |  | ----- | ------- |  | ----- |  | ------- |  |  |  | ------ | 
|                                                                                         |  | As of and for the years ended December 31,     |       
|                                                                                         |  |                                                |       
|                                                                                         |  | 2001                                           |        |   | 2002  |  |         | 2003  |  |  | 2004    |              |  | 2005  |         |  | 2005  | 
|                                                                                         |  |                                                |        |   |       |  |         |       |  |  |         |              |  |       |         |  |       | 
|                                                                                         |  |                                                |        |   |       |  |         |       |  |  |         | (Translated) | 
|                                                                                         |  |                                                |        |   |       |  |         |       |  |  |         | (unaudited)  | 
|                                                                                         |  | (EUR)                                          |        |   | (EUR) |  |         | (EUR) |  |  | (EUR)   |              |  | (EUR) |         |  | (USD) | 
|                                                                                         |  | (millions, except share and per share amounts) |       
|Income statement                                                                         |  |                                                |        |   |       |  |         |       |  |  |         |              |  |       |         |  |       |  |         |  |  |  |        | 
|Operating revenues                                                                       |  |                                                | 4,000  |   |       |  | 4,520   |       |  |  | 3,650   |              |  |       | 2,509   |  |       |  | 2,387   |  |  |  | 2,823  | 
|Total revenues                                                                           |  |                                                | 4,010  |   |       |  | 4,562   |       |  |  | 3,767   |              |  |       | 2,551   |  |       |  | 2,486   |  |  |  | 2,940  | 
|Income (loss) before cumulative effect of change in accounting                           |  |                                                | (434   | ) |       |  | (493    | )     |  |  | (512    | )            |  |       | 243     |  |       |  | 165     |  |  |  | 195    | 
|Cumulative effect of change in accounting principles, net of
    income
    taxes(1),(2) |  |                                                | 42     |   |       |  |        |       |  |  |        |              |  |       | 4       |  |       |  |        |  |  |  |       | 
|Net income (loss)                                                                        |  |                                                | (392   | ) |       |  | (493    | )     |  |  | (512    | )            |  |       | 247     |  |       |  | 165     |  |  |  | 195    | 
|Net income (loss) per Ordinary Share, basic                                              |  |                                                | (11.54 | ) |       |  | (13.03  | )     |  |  | (3.76   | )            |  |       | 0.31    |  |       |  | 0.18    |  |  |  | 0.21   | 
|Net income (loss) per Ordinary Share, diluted                                            |  |                                                | (11.54 | ) |       |  | (13.03  | )     |  |  | (3.76   | )            |  |       | 0.30    |  |       |  | 0.17    |  |  |  | 0.20   | 
|Balance sheet data (as at end of year)                                                   |  |                                                |        |   |       |  |         |       |  |  |         |              |  |       |         |  |       |  |         |  |  |  |        | 
|Total assets                                                                             |  |                                                | 16,917 |   |       |  | 16,002  |       |  |  | 13,605  |              |  |       | 13,400  |  |       |  | 13,829  |  |  |  | 16,354 | 
|Shareholders equity                                                                     |  |                                                | 1,267  |   |       |  | 1,078   |       |  |  | 356     |              |  |       | 1,211   |  |       |  | 1,702   |  |  |  | 2,013  | 
|Convertible debentures, long-term debt and capital leases                                |  |                                                | 510    |   |       |  | 902     |       |  |  | 1,039   |              |  |       | 961     |  |       |  | 955     |  |  |  | 1,129  | 
|Dividend declared per Ordinary Share                                                     |  |                                                | 0.30   |   |       |  |        |       |  |  |        |              |  |       |        |  |       |  | 0.03    |  |  |  | 0.04   | 
|Number of Ordinary Shares, in thousands                                                  |  |                                                | 41,244 |   |       |  | 136,545 |       |  |  | 136,545 |              |  |       | 819,269 |  |       |  | 968,769 |  |  |  |       | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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, 2004 and 2005 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,
    EUR 12 million before tax and EUR 8 million
    after tax, and EUR 9 million before tax and
    EUR 6 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 3.9 to the consolidated financial
    statements included in Item 18. Financial
    Statements.                                                                                                                                                                                                                                                                                                                                                            

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.




7



---



##### Table of Contents







We are exposed to losses from catastrophic events.










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




8



---



##### Table of Contents





terrorism-related terrorism-related




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


asbestos-related


9



---



##### Table of Contents







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








1997-2001. run-off,


10



---



##### Table of Contents







Our results may be affected 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.




mid-2005,


11



---



##### Table of Contents



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










fixed-maturity












12



---



##### Table of Contents



We face risks related to our equity-based investments.










mid-cap




Ratings are important to our business.










13



---



##### Table of Contents



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 2002, we issued EUR 200 million of unsubordinated
    notes repayable on June 21, 2007.                                                                                                                                                                                                                                                                                                                                       
|
| |  | In June 2004, we issued EUR 200 million of OCEANE
    bonds at par value, which are bonds convertible or exchangeable
    for new or existing shares. The OCEANE bonds will be fully
    redeemed in 2010. We used the proceeds from the OCEANE bond
    issuance, together with available cash, to repay our 1999 OCEANE
    bonds that matured on January 1, 2005 for an aggregate
    amount of approximately EUR 235 million.





We are exposed to the risk on foreign exchange rates.




14



---



##### Table of Contents











Our Non Life subsidiaries in the United States have been
facing financial difficulties.








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




15



---



##### Table of Contents







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.






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 and in Bermuda.


run-off run-off




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




16



---



##### Table of Contents











We have identified material weaknesses in our internal
controls, and these material weaknesses or the identification of
any material weaknesses or significant deficiencies in our
internal controls in the future could affect our ability to
ensure timely and reliable financial reports and could have a
significant and adverse effect on our business and
reputation.




17



---



##### Table of Contents





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                       

18



---



##### Table of Contents





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




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. HISTORY AND DEVELOPMENT OF THE COMPANY


General


société anonyme


19



---



##### 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 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.                                                                                                                                                                                            





Non-Life


20



---



##### Table of Contents



History of SCOR


statuts


















Recent Developments










21



---



##### Table of Contents















| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In connection with Project New SCOR announced in June 2005, SCOR
    has transferred its Non-Life reinsurance activities in Europe,
    comprising Treaty underwriting and management business, Large
    Corporate Accounts, Credit & Surety and Construction
    reinsurance, to a wholly-owned subsidiary of SCOR registered in
    France called SCOR Global P&C (formerly Société
    Putéolienne de Participations). Such transfer was approved
    by the shareholders meeting held on May 16, 2006 and
    is effective as of January 1, 2006.                                                                                                                                                                                                                          
|
| |  | This reorganization represents an important step in the strategy
    of SCOR and has been carried out with a view to simplifying the
    legal structure of the Group by streamlining the Group into two
    subsidiaries dedicated to Life and Non-Life business,
    respectively. SCOR SA will remain the holding company and owner
    of the US, Canadian and Asian Non-Life subsidiaries (although
    these entities will report to SCOR Global P&C for their
    operational activity). SCOR SA will benefit from the
    retrocession of its Life and Non-Life reinsurance subsidiaries,
    and will be responsible for the allocation of capital and
    resources within the Group, based on the underwriting needs and
    the determined capacities of each entity.
|
| |  | The Group is continuing its efforts to improve the control of
    its business.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Chief Risk Officer has developed and updated the
    underwriting rules and allocated the capacity defined as part of
    the recently instituted Catastrophe Committee, in
    accordance with the annual underwriting policy.                                                                                                                                                                                       
|
| |  | The Group is continuing to conform its internal procedures to
    the provisions of the new Rating Agency requirements for
    Enterprise Risk Management, as well as the new obligations
    following the application in France and Europe of the Directive
    2005/68/EC of the European Parliament and of the Council of
    16 November 2005 on reinsurance (OJ L 323, 12.9.2005, p.
    1) on Reinsurance Monitoring.
|
| |  | In order to meet the restrictions resulting from this Directive,
    as well as from the European Union Commissions
    Solvency II project, SCOR has acquired one of the
    best solvency modeling tools on the market (Dynamic Financial
    Analysis).                                                                                                                                                               
|
| |  | The annual underwriting plan is now monitored in the quarterly
    reporting structures, which should enable the Group to improve
    the underwriting control management charts over the next few
    months.                                                                                                                                                                                                              
|
| |  | The Group is implementing the Matrix pricing
    project, which constitutes a major element in the unification
    and monitoring of the underwriting, risk selection and pricing
    policy.                                                                                                                                                                                                                             

22



---



##### Table of Contents





| |   |                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Group has decided to invest in the upgrade of the accounting
    tool used to consolidate its accounts, and has begun a project
    to this effect.           
|
| |  | Finally, in view of the development of structures in Europe,
    SCOR is developing an electronic document management system for
    all of its Non-Life business.

Societas
Europaea






23



---



##### Table of Contents



B. BUSINESS OVERVIEW


INDUSTRY OVERVIEW


Principles




Functions






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




24



---



##### Table of Contents





Proportional and Non-Proportional Reinsurance










Retrocession




25



---



##### Table of Contents



Broker vs. Direct Reinsurance




Cyclicality




26



---



##### Table of Contents



PRODUCTS AND MARKETS


General






Non-Life




|                                 |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |     |  |    |     |     | 
|-------------------------------- | ----------------------------------- | ----------------------------------------------- | ----- | ----- | ----- |  | -- | ---- | --- |  | ----- | ----- | ----- | --- | -- | --- | --- |  | ----- | ----- | --- |  | -- | --- | --- | 
|                                 |                                     | Year ended December 31,                         |      
|                                 |                                     |                                                 |      
|                                 |                                     | 2003                                            |       |       | 2004  |  |    | 2005 |    
|                                 |                                     |                                                 |       |       |       |  |    |      |    
|                                 |                                     | EUR                                             |       |       | %     |  |    | EUR  |     |  | %     |       |       | EUR |    |     | %   | 
|                                 |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     | 
|                                 |                                     | (EUR, in millions, except percentages)          |      
|By segment of business           |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |     |  |    |    
|Property-Casualty                |                                     |                                                 | 2,323 |       |       |  | 70 |      |     |  | 1,365 |       |       |     | 61 |     |     |  | 1,383 |       |     |  | 61 |    
|Life/Accident & Health           |                                     |                                                 | 983   |       |       |  | 30 |      |     |  | 880   |       |       |     | 39 |     |     |  | 875   |       |     |  | 39 |    
|                                 |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     | 
|                                 | Total                               |                                                 |       | 3,306 |       |  |    | 100  |     |  |       | 2,245 |       |     |    | 100 |     |  |       | 2,258 |     |  |    | 100 |    
|                                 |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     | 
|By class of business             |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |     |  |    |    
|Property-Casualty                |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |     |  |    |    
|Property-Casualty Treaty         |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |     |  |    |    
|                                 | Property                            |                                                 |       | 972   |       |  |    | 58   |     |  |       | 608   |       |     |    | 57  |     |  |       | 549   |     |  |    | 55  |    
|                                 | Casualty                            |                                                 |       | 609   |       |  |    | 36   |     |  |       | 326   |       |     |    | 31  |     |  |       | 272   |     |  |    | 27  |    
|                                 | Marine, Aviation and Transportation |                                                 |       | 63    |       |  |    | 4    |     |  |       | 19    |       |     |    | 2   |     |  |       | 31    |     |  |    | 3   |    
|                                 | Construction                        |                                                 |       | 46    |       |  |    | 2    |     |  |       | 111   |       |     |    | 10  |     |  |       | 144   |     |  |    | 15  |    
|                                 |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     | 
|                                 |                                     | Total Property-Casualty Treaty                  |       |       | 1,690 |  |    |      | 100 |  |       |       | 1,064 |     |    |     | 100 |  |       |       | 996 |  |    |     | 100 | 
|                                 |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     | 
|Facultatives and Large Corporate |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |     |  |    |    
|Accounts (SBS)                   |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     |  |       |       |     |  |    |    
|                                 | Property                            |                                                 |       | 329   |       |  |    | 58   |     |  |       | 161   |       |     |    | 62  |     |  |       | 185   |     |  |    | 55  |    
|                                 | Casualty                            |                                                 |       | 85    |       |  |    | 15   |     |  |       | 30    |       |     |    | 11  |     |  |       | 35    |     |  |    | 11  |    
|                                 | Marine, Aviation and Transportation |                                                 |       | 36    |       |  |    | 6    |     |  |       | 41    |       |     |    | 16  |     |  |       | 60    |     |  |    | 18  |    
|                                 | Construction                        |                                                 |       | 119   |       |  |    | 21   |     |  |       | 29    |       |     |    | 11  |     |  |       | 55    |     |  |    | 16  |    
|                                 |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     | 
|                                 |                                     | Total Facultatives and Large Corporate Accounts |       |       | 569   |  |    |      | 100 |  |       |       | 261   |     |    |     | 100 |  |       |       | 335 |  |    |     | 100 | 
|Credit, Surety & Political Risks |                                     |                                                 | 65    |       |       |  |    |      |     |  | 38    |       |       |     |    |     |     |  | 52    |       |     |  |    |    
|Alternative Reinsurance          |                                     |                                                 | (1    | )     |       |  |    |      |     |  | 2     |       |       |     |    |     |     |  | 0     |       |     |  |    |    
|                                 |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     | 
|                                 | Total Property-Casualty             |                                                 |       | 2,323 |       |  |    |      |     |  |       | 1,365 |       |     |    |     |     |  |       | 1,383 |     |  |    |     |    
|                                 |                                     |                                                 |       |       |       |  |    |      |     |  |       |       |       |     |    |     |     | 

27



---



##### Table of Contents



|                        |                              |                                        |     |     |      |  |    |      |  |  |     |     |  |     |    |     |   |  |     |     |  |  |    |     | 
|----------------------- | ---------------------------- | -------------------------------------- | --- | --- | ---- |  | -- | ---- |  |  | --- | --- |  | --- | -- | --- | - |  | --- | --- |  |  | -- | --- | 
|                        |                              | Year ended December 31,                |    
|                        |                              |                                        |    
|                        |                              | 2003                                   |     |     | 2004 |  |    | 2005 | 
|                        |                              |                                        |     |     |      |  |    |      | 
|                        |                              | EUR                                    |     |     | %    |  |    | EUR  |  |  | %   |     |  | EUR |    |     | % | 
|                        |                              |                                        |     |     |      |  |    |      |  |  |     |     |  |     |    |     |   | 
|                        |                              | (EUR, in millions, except percentages) |    
|Life/Accident & Health  |                              |                                        |     |     |      |  |    |      |  |  |     |     |  |     |    |     |   |  |     |     |  |  |    |    
|Annuity-based           |                              |                                        | 198 |     |      |  | 18 |      |  |  | 33  |     |  |     | 4  |     |   |  | 81  |     |  |  | 9  |    
|Individual & group life |                              |                                        | 384 |     |      |  | 46 |      |  |  | 511 |     |  |     | 58 |     |   |  | 462 |     |  |  | 53 |    
|Accident                |                              |                                        | 132 |     |      |  | 12 |      |  |  | 97  |     |  |     | 11 |     |   |  | 82  |     |  |  | 9  |    
|Disability              |                              |                                        | 50  |     |      |  | 4  |      |  |  | 39  |     |  |     | 5  |     |   |  | 94  |     |  |  | 11 |    
|Health                  |                              |                                        | 105 |     |      |  | 9  |      |  |  | 74  |     |  |     | 8  |     |   |  | 42  |     |  |  | 5  |    
|Unemployment            |                              |                                        | 28  |     |      |  | 3  |      |  |  | 28  |     |  |     | 3  |     |   |  | 13  |     |  |  | 1  |    
|Long-term care          |                              |                                        | 86  |     |      |  | 8  |      |  |  | 98  |     |  |     | 11 |     |   |  | 101 |     |  |  | 12 |    
|                        |                              |                                        |     |     |      |  |    |      |  |  |     |     |  |     |    |     |   | 
|                        | Total Life/Accident & Health |                                        |     | 983 |      |  |    | 100  |  |  |     | 880 |  |     |    | 100 |   |  |     | 875 |  |  |    | 100 | 
|                        |                              |                                        |     |     |      |  |    |      |  |  |     |     |  |     |    |     |   | 

Property-Casualty






| |   |                                           
| | - | ------------------------------------------
| |  | Property & Casualty Treaty; and           
|
| |  | Facultatives and Large Corporate Accounts.

Property & Casualty Treaties




Property.


Casualty.


Marine, Aviation and Transportation.


Construction.


Credit, Surety & Political Risks


Facultatives and Large Corporate Accounts




28



---



##### Table of Contents













Life/Accident & Health




Life.


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


Competitive position of our Life and non life businesses.










Argus de
lAssurance


Argus de lAssurance


29



---



##### Table of Contents





Association des Réassureurs
Français)






| |   |                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------
| |  | the European component in its portfolio is the most intense;                                                                           
|
| |  | the North American component is the lowest;                                                                                            
|
| |  | the proportion of P&C premiums is the highest and, in
    contrast, the proportion of Third-Party Liability premiums is
    the lowest;
|
| |  | the proportion of Special Risk premium is relatively high, which
    reflects SCORs leadership in the Ten-Year Liability
    business;
|
| |  | the proportion of Credit-Surety premiums is in line with the
    competition.                                                          

Distribution by geographic area








|                                     |                            |                           |       |       |      |  |      |      |  |  |       |     |  |     |      |     |   |  |       |     |  |  |      |     | 
|------------------------------------ | -------------------------- | ------------------------- | ----- | ----- | ---- |  | ---- | ---- |  |  | ----- | --- |  | --- | ---- | --- | - |  | ----- | --- |  |  | ---- | --- | 
|                                     |                            | Year ended December 31,   |      
|                                     |                            |                           |      
|                                     |                            | 2003                      |       |       | 2004 |  |      | 2005 | 
|                                     |                            |                           |       |       |      |  |      |      | 
|                                     |                            | EUR                       |       |       | %    |  |      | EUR  |  |  | %     |     |  | EUR |      |     | % | 
|                                     |                            |                           |       |       |      |  |      |      |  |  |       |     |  |     |      |     |   | 
|                                     |                            | (EUR figures in millions) |      
|Total Europe                         |                            |                           | 1,925 |       |      |  | 58%  |      |  |  | 1,355 |     |  |     | 60%  |     |   |  | 1,341 |     |  |  | 59%  |    
|                                     | France                     |                           |       | 720   |      |  |      | 22%  |  |  |       | 480 |  |     |      | 21% |   |  |       | 521 |  |  |      | 23% | 
|                                     | Europe (Outside of France) |                           |       | 1,205 |      |  |      | 36%  |  |  |       | 875 |  |     |      | 39% |   |  |       | 820 |  |  |      | 36% | 
|North America                        |                            |                           | 822   |       |      |  | 25%  |      |  |  | 430   |     |  |     | 19%  |     |   |  | 440   |     |  |  | 20%  |    
|Asia-Pacific and Other International |                            |                           | 559   |       |      |  | 17%  |      |  |  | 460   |     |  |     | 21%  |     |   |  | 477   |     |  |  | 21%  |    
|                                     |                            |                           |       |       |      |  |      |      |  |  |       |     |  |     |      |     |   | 
|Total                                |                            |                           | 3,306 |       |      |  | 100% |      |  |  | 2,245 |     |  |     | 100% |     |   |  | 2,258 |     |  |  | 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.

30



---



##### Table of Contents



RATINGS






|                                     |  |                             |  |                             |  |                            
|------------------------------------ |  | --------------------------- |  | --------------------------- |  | ---------------------------
|                                     |  | Insurer Financial Strength  |  | Senior Debt                 |  | Subordinated Debt          
|                                     |  |                            
|Standard & Poors
    August 1, 2005 |  | A-
    (stable outlook)     |  | A-                          |  | BBB                        
|A.M. Best
    November 8, 2005       |  | B++
    (positive outlook)  |  | bbb
    (positive outlook)  |  | bbb-
    (positive outlook)
|Moodys
    October 7, 2005          |  | Baa1
    (positive outlook) |  | Baa1
    (positive outlook) |  | Baa3
    (positive outlook)







31



---



##### Table of Contents



UNDERWRITING, RISK MANAGEMENT AND RETROCESSION


Underwriting




















32



---



##### Table of Contents





Catastrophe Risk and Exposure Controls
















|                                           |  |                                                     
|------------------------------------------ |  | ----------------------------------------------------
|Range of Potential Catastrophe Exposure(1) |  | Subject countries as of December 2005               
|                                           |  |                                                     
|(EUR, in millions)                         |  |                                                     
|100 to 200                                 |  | Canada, United States, Mexico, Israel, Italy, Turkey
|200 to 300                                 |  | Chile, Portugal, Taiwan                             
|300 and over                               |  | Japan, Europe                                       






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

33



---



##### Table of Contents





Système
dEvaluation des Risques Naturels






|                                                               |  |                         |    |     |      |  |    |      |  |  |     |    
|-------------------------------------------------------------- |  | ----------------------- | -- | --- | ---- |  | -- | ---- |  |  | --- | ---
|                                                               |  | Year ended December 31, |   
|                                                               |  |                         |   
|                                                               |  | 2003                    |    |     | 2004 |  |    | 2005 | 
|                                                               |  |                         |    |     |      |  |    |      | 
|                                                               |  | (EUR, in millions)      |   
|Number of
    catastrophes(1)                                  |  |                         | 4  |     |      |  | 2  |      |  |  | 5   |    
|Incurred losses and LAE from catastrophes, gross               |  |                         | 78 | (2) |      |  | 40 | (3)  |  |  | 215 | (4)
|Incurred losses and LAE from catastrophes, net of Retrocession |  |                         | 72 | (2) |      |  | 40 | (3)  |  |  | 168 | (4)
|Group loss
    ratio(5)                                        |  |                         | 99 | %   |      |  | 69 | %    |  |  | 74  | %  
|Group loss ratio excluding catastrophes                        |  |                         | 96 | %   |      |  | 67 | %    |  |  | 60  | %  






|    |                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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) | Floods in Italy and Southwestern France, storms in the
    Midwestern United States and Typhoon Maemi in South Korea.                                        
|   
|(3) | Typhoon Sondga plus Hurricane Ivan.                                                                                                                          
|   
|(4) | Hurricanes Katrina, Wilma, Rita, storm Gudrun and floods in
    Eastern Europe.                                                                              
|   
|(5) | Loss incurred prior to discount on workers compensation reserves
    on North American operations expressed as a percentage of
    premiums earned.          

Claims






34



---



##### Table of Contents





Directeur Général
Délégué


Retrocessional Reinsurance














35



---



##### 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








36



---



##### Table of Contents









Life business




Changes in Historical Reserves








37



---



##### Table of Contents









38



---



##### Table of Contents





Ten-Year Loss Development Table Presented Net of


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


|                                                                        |                    |      |       |       |      |  |       |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|----------------------------------------------------------------------- | ------------------ | ---- | ----- | ----- | ---- |  | ----- | ----- |  |  | ------- | ----- |  | ---- | ------- | ----- | ---- |  | ------- | ----- |  |  | ------- | ----- |  | ---- | ------- | ----- | ---- |  | ------- | ----- |  |  | ----- | ----- |  |  | ----- | ----- |  |  | ----- |  | 
|                                                                        |                    | 1995 |       |       | 1996 |  |       | 1997  |  |  | 1998    |       |  | 1999 |         |       | 2000 |  |         | 2001  |  |  | 2002    |       |  | 2003 |         |       | 2004 |  |         | 2005  | 
|                                                                        |                    |      |       |       |      |  |       |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       | 
|Initial gross reserves for unpaid loss
    (4)and LAE                   |                    |      | 2,600 |       |      |  | 3,361 |       |  |  | 3,723   |       |  |      | 3,942   |       |      |  | 4,774   |       |  |  | 5,575   |       |  |      | 8,365   |       |      |  | 7,966   |       |  |  | 7,004 |       |  |  | 6,119 |       |  |  | 6,030 | 
|Initial retroceded reserves                                             |                    |      | 234   |       |      |  | 316   |       |  |  | 306     |       |  |      | 337     |       |      |  | 421     |       |  |  | 507     |       |  |      | 1,448   |       |      |  | 1,033   |       |  |  | 673   |       |  |  | 536   |       |  |  | 566   | 
|                                                                        |                    |      |       |       |      |  |       |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       | 
|Initial net reserves                                                    |                    |      | 2,366 |       |      |  | 3,045 |       |  |  | 3,417   |       |  |      | 3,605   |       |      |  | 4,353   |       |  |  | 5,068   |       |  |      | 6,917   |       |      |  | 6,933   |       |  |  | 6,331 |       |  |  | 5,583 |       |  |  | 5,464 | 
|Paid (Cumulative) as
    of:(2)                                         |                    |      |       |       |      |  |       |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       | 
|                                                                        | One year later     |      |       | 420   |      |  |       | 654   |  |  |         | 874   |  |      |         | 1,040 |      |  |         | 1,399 |  |  |         | 1,807 |  |      |         | 2,514 |      |  |         | 2,627 |  |  |       | 1,426 |  |  |       | 896   |  |  |       |  | 
|                                                                        | Two years later    |      |       | 901   |      |  |       | 1,136 |  |  |         | 1,440 |  |      |         | 1,570 |      |  |         | 2,294 |  |  |         | 3,163 |  |      |         | 3,614 |      |  |         | 3,736 |  |  |       | 2,119 |  |  |       |       |  |  |       |  | 
|                                                                        | Three years later  |      |       | 1,188 |      |  |       | 1,405 |  |  |         | 1,778 |  |      |         | 1,946 |      |  |         | 3,046 |  |  |         | 4,390 |  |      |         | 3,575 |      |  |         | 4,557 |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Four years later   |      |       | 1,368 |      |  |       | 1,599 |  |  |         | 2,015 |  |      |         | 2,356 |      |  |         | 3,606 |  |  |         | 5,027 |  |      |         | 6,309 |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Five years later   |      |       | 1,505 |      |  |       | 1,731 |  |  |         | 2,306 |  |      |         | 2,626 |      |  |         | 4,028 |  |  |         | 5,536 |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Six years later    |      |       | 1,590 |      |  |       | 1,953 |  |  |         | 2,488 |  |      |         | 2,874 |      |  |         | 3,474 |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Seven years later  |      |       | 1,779 |      |  |       | 2,073 |  |  |         | 2,646 |  |      |         | 2,069 |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Eight years later  |      |       | 1,871 |      |  |       | 2,176 |  |  |         | 2,790 |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Nine years later   |      |       | 1,948 |      |  |       | 2,274 |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Ten years later    |      |       | 2,023 |      |  |       |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Eleven years later |      |       |       |      |  |       |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|Reserve re-estimated
    as of:(3)                                      |                    |      |       |       |      |  |       |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       | 
|                                                                        | One year later     |      |       | 2,630 |      |  |       | 3,458 |  |  |         | 3,690 |  |      |         | 4,057 |      |  |         | 4,996 |  |  |         | 5,938 |  |      |         | 8,030 |      |  |         | 8,344 |  |  |       | 6,466 |  |  |       | 5,916 |  |  |       |  | 
|                                                                        | Two years later    |      |       | 2,733 |      |  |       | 3,411 |  |  |         | 3,772 |  |      |         | 4,082 |      |  |         | 5,278 |  |  |         | 6,358 |  |      |         | 8,699 |      |  |         | 7,984 |  |  |       | 6,756 |  |  |       |       |  |  |       |  | 
|                                                                        | Three years later  |      |       | 2,702 |      |  |       | 3,401 |  |  |         | 3,810 |  |      |         | 4,117 |      |  |         | 5,446 |  |  |         | 7,385 |  |      |         | 8,794 |      |  |         | 8,404 |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Four years later   |      |       | 2,692 |      |  |       | 3,404 |  |  |         | 3,807 |  |      |         | 4,209 |      |  |         | 5,952 |  |  |         | 7,412 |  |      |         | 9,104 |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Five years later   |      |       | 2,675 |      |  |       | 3,379 |  |  |         | 3,887 |  |      |         | 4,479 |      |  |         | 5,962 |  |  |         | 7,530 |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Six years later    |      |       | 2,653 |      |  |       | 3,429 |  |  |         | 4,002 |  |      |         | 4,454 |      |  |         | 6,032 |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Seven years later  |      |       | 2,711 |      |  |       | 3,522 |  |  |         | 3,990 |  |      |         | 4,522 |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Eight years later  |      |       | 2,792 |      |  |       | 3,507 |  |  |         | 4,070 |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Nine years later   |      |       | 2,780 |      |  |       | 3,448 |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Ten years later    |      |       | 2,571 |      |  |       |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|                                                                        | Eleven years later |      |       |       |      |  |       |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |       |       |  |  |       |       |  |  |       |  | 
|Cumulative redundancy/ (deficiency) before premium development          |                    |      | (205) |       |      |  | (403) |       |  |  | (652)   |       |  |      | (917)   |       |      |  | (1,679) |       |  |  | (2,462) |       |  |      | (2,187) |       |      |  | (1,471) |       |  |  | (426) |       |  |  | (333) |       |  |  |       | 
|% before premium development                                            |                    |      | (9)   | %     |      |  | (13)  | %     |  |  | (19)    | %     |  |      | (25)    | %     |      |  | (39)    | %     |  |  | (49)    | %     |  |      | (32)    | %     |      |  | (21)    | %     |  |  | (7)   | %     |  |  | (6)   | %     |  |  |       | 
|Premium development                                                     |                    |      | 231   |       |      |  | 363   |       |  |  | 344     |       |  |      | 395     |       |      |  | 476     |       |  |  | 957     |       |  |      | 1,238   |       |      |  | 701     |       |  |  | 358   |       |  |  | 337   |       |  |  |       | 
|Cumulative redundancy/(deficiency) after premiums development           |                    |      | 26    |       |      |  | (40)  |       |  |  | (308)   |       |  |      | (522)   |       |      |  | (1,203) |       |  |  | (1,505) |       |  |      | (949)   |       |      |  | (770)   |       |  |  | (68)  |       |  |  | 4     |       |  |  |       | 
|Percentage                                                              |                    |      | 1     | %     |      |  | (1)   | %     |  |  | (9)     | %     |  |      | (14)    | %     |      |  | (28)    | %     |  |  | (30)    | %     |  |      | (14)    | %     |      |  | (11)    | %     |  |  | (1)   | %     |  |  |      |       |  |  |       | 
|Gross re-estimated liability at December 31, 2005                       |                    |      | 3,057 |       |      |  | 3,945 |       |  |  | 4,761   |       |  |      | 5,239   |       |      |  | 7,213   |       |  |  | 8,774   |       |  |      | 11,240  |       |      |  | 10,162  |       |  |  | 7,513 |       |  |  | 6,604 |       |  |  |       | 
|Re-estimated receivable at December 31, 2005                            |                    |      | 486   |       |      |  | 497   |       |  |  | 691     |       |  |      | 717     |       |      |  | 1,181   |       |  |  | 1,244   |       |  |      | 2,136   |       |      |  | 1,758   |       |  |  | 757   |       |  |  | 688   |       |  |  |       | 
|                                                                        |                    |      |       |       |      |  |       |       |  |  |         |       |  |      |         |       |      |  |         |       |  |  |         |       |  |      |         |       |      |  |         |       | 
|Net re-estimated liability at December 31, 2005                         |                    |      | 2,571 |       |      |  | 3,448 |       |  |  | 4,070   |       |  |      | 4,522   |       |      |  | 6,032   |       |  |  | 7,530   |       |  |      | 9,104   |       |      |  | 8,404   |       |  |  | 6,756 |       |  |  | 5,916 |       |  |  |       | 
|Gross cumulative redundancy/(deficiency) before premium
    development |                    |      | (457) |       |      |  | (585) |       |  |  | (1,038) |       |  |      | (1,297) |       |      |  | (2,439) |       |  |  | (3,199) |       |  |      | (2,875) |       |      |  | (2,196) |       |  |  | (510) |       |  |  | (485) |       |  |  |       | 
|Gross premium adjustments                                               |                    |      | 283   |       |      |  | 412   |       |  |  | 368     |       |  |      | 365     |       |      |  | 467     |       |  |  | 805     |       |  |      | 1,168   |       |      |  | 770     |       |  |  | 522   |       |  |  | 401   |       |  |  |       | 
|Gross Cumulative redundancy/(deficiency) after premiums
    development |                    |      | (174) |       |      |  | (173) |       |  |  | (670)   |       |  |      | (932)   |       |      |  | (1,972) |       |  |  | (2,394) |       |  |      | (1,707) |       |      |  | (1,426) |       |  |  | 12    |       |  |  | (84)  |       |  |  |       | 
|Percentage                                                              |                    |      | -6.71 | %     |      |  | -5.15 | %     |  |  | -18.00  | %     |  |      | -23.66  | %     |      |  | -41.30  | %     |  |  | -42.95  | %     |  |      | -20.41  |       |      |  | -18.00  | %     |  |  | 0.17  | %     |  |  | -1.37 | %     |  |  |       | 

39



---



##### Table of Contents








|    |                                                                                                                                                                                                                                                                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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.                                                        
|   
|(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.                                                                             
|   
|(4) | Gross underwriting reserves for 2003, 2004 and 2005 differ by
    EUR 302 million, EUR 351 million and EUR 409
    million, respectively, from the amounts presented on the
    financial statements due to the exclusion in this table of the
    reserves for increasing risks.                                                                                                    

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


|                                                                 |              |                                      |       |       |       |  |       |       |       |  |       |       |       | 
|---------------------------------------------------------------- | ------------ | ------------------------------------ | ----- | ----- | ----- |  | ----- | ----- | ----- |  | ----- | ----- | ----- | 
|                                                                 |              | Year ended December 31,              |      
|                                                                 |              |                                      |      
|                                                                 |              | 2003                                 |       |       | 2004  |  |       | 2005  |      
|                                                                 |              |                                      |       |       |       |  |       |       |      
|                                                                 |              | (EUR, in millions)                   |      
|Reserves for losses and LAE at beginning of year, net            |              |                                      | 6,933 |       |       |  | 6,633 |       |       |  | 5,934 |      
|Effect of changes in foreign currency exchange rates             |              |                                      | (656  | )     |       |  | (203  | )     |       |  | 359   |      
|Effect of claims portfolio transfer and other reclassifications  |              |                                      | 333   |       |       |  | 58    |       |       |  | 3     |      
|                                                                 |              |                                      |       |       |       |  |       |       |      
|Incurred related to:                                             |              |                                      |       |       |       |  |       |       |       |  |       |      
|                                                                 | Current year |                                      |       | 1,661 |       |  |       | 1,002 |       |  |       | 1,134 |      
|                                                                 | Prior years  |                                      |       | 1,078 |       |  |       | 174   |       |  |       | 34    |      
|                                                                 |              |                                      |       |       |       |  |       |       |      
|                                                                 |              | Total incurred losses and
    LAE(1) |       |       | 2,739 |  |       |       | 1,176 |  |       |       | 1,168 | 
|                                                                 |              |                                      |       |       |       |  |       |       |      
|Paid related to:                                                 |              |                                      |       |       |       |  |       |       |       |  |       |      
|                                                                 | Current year |                                      |       | 316   |       |  |       | 116   |       |  |       | 695   |      
|                                                                 | Prior years  |                                      |       | 2,400 |       |  |       | 1,614 |       |  |       | 896   |      
|                                                                 |              |                                      |       |       |       |  |       |       |      
|                                                                 |              | Total paid losses and
    LAE(1)     |       |       | 2,716 |  |       |       | 1,730 |  |       |       | 1,591 | 
|                                                                 |              |                                      |       |       |       |  |       |       |      
|Reserves for losses and loss expenses at end of year 
    net   |              |                                      | 6,633 |       |       |  | 5,934 |       |       |  | 5,873 |      
|Reinsurance recoverable on unpaid losses                         |              |                                      | 673   |       |       |  | 536   |       |       |  | 566   |      
|                                                                 |              |                                      |       |       |       |  |       |       |      
|Reserves for losses and loss expenses at end of year 
    gross |              |                                      | 7,306 |       |       |  | 6,470 |       |       |  | 6,439 |      
|                                                                 |              |                                      |       |       |       |  |       |       |      






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

Commutations














40



---



##### Table of Contents







Asbestos and environmental


asbestos-related






41



---



##### Table of Contents





|                                                        |  |                         |     |   |                  |  |     |      |  |  |      |   |  |      |     |   |      |  |     |   |  |  |     |  
|------------------------------------------------------- |  | ----------------------- | --- | - | ---------------- |  | --- | ---- |  |  | ---- | - |  | ---- | --- | - | ---- |  | --- | - |  |  | --- | -
|                                                        |  | Year ended December 31, |    
|                                                        |  |                         |    
|                                                        |  | Asbestos(1)             |     |   | Environmental(1) | 
|                                                        |  |                         |     |   |                  | 
|                                                        |  | 2003                    |     |   | 2004             |  |     | 2005 |  |  | 2003 |   |  | 2004 |     |   | 2005 | 
|                                                        |  |                         |     |   |                  |  |     |      |  |  |      |   |  |      |     |   |      | 
|                                                        |  | (EUR, in millions)      |    
|Gross Non Life claims reserves, including IBNR reserves |  |                         | 109 |   |                  |  | 98  |      |  |  | 111  |   |  |      | 59  |   |      |  | 54  |   |  |  | 39  |  
|% of total loss and LAE reserves                        |  |                         | 1.5 | % |                  |  | 1.6 | %    |  |  | 1.7  | % |  |      | 0.8 | % |      |  | 0.9 | % |  |  | 0.6 | %
|Non Life claims and LAE paid                            |  |                         | 15  |   |                  |  | 15  |      |  |  | 12   |   |  |      | 13  |   |      |  | 5   |   |  |  | 7   |  
|% of the Groups total net Non Life claims and LAE paid |  |                         | 0.6 | % |                  |  | 0.9 | %    |  |  | 0.7  | % |  |      | 0.5 | % |      |  | 0.3 | % |  |  | 0.4 | %






|    |                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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 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.
|
| |  | The 2005 reserves were EUR 15 million and
    EUR 8 million for asbestos and environmental,
    respectively. The 2005 paid claims were
    EUR 1.7 million and EUR 1 million for
    asbestos and environmental, respectively.           







run-off




42



---



##### Table of Contents





|                                                                                                       |  |                              |            |  |               |  |           | 
|------------------------------------------------------------------------------------------------------ |  | ---------------------------- | ---------- |  | ------------- |  | --------- | 
|                                                                                                       |  | Year ended December 31, 2005 |           
|                                                                                                       |  |                              |           
|                                                                                                       |  | Asbestos                     |            |  | Environmental | 
|                                                                                                       |  |                              |            |  |               | 
|Number of claims notifications with respect to non-proportional
    treaties and facultative contracts |  |                              | 7,961      |  |               |  | 7,219     | 
|Average cost per
    claim(1)                                                                          |  |                              | EUR 14,689 |  |               |  | EUR 4,338 | 






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

43



---



##### Table of Contents



INVESTMENTS


General
























Consolidated Net Investment Income


|                            |                        |                         |     |          |          |  |       |          |          |  |        |         |     |          |       |     |          |  |      |         |  |  |          |   |    |          |     |     |     |  |      |  |  |  |    |  |    | 
|--------------------------- | ---------------------- | ----------------------- | --- | -------- | -------- |  | ----- | -------- | -------- |  | ------ | ------- | --- | -------- | ----- | --- | -------- |  | ---- | ------- |  |  | -------- | - | -- | -------- | --- | --- | --- |  | ---- |  |  |  | -- |  | -- | 
|                            |                        | Year ended December 31, |    
|                            |                        |                         |    
|                            |                        | 2003                    |     |          | 2004     |  |       | 2005     |         
|                            |                        |                         |     |          |          |  |       |          |         
|                            |                        |                         |     | 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   |                        |                         | 265 |          |          |  | 4.8%  |          |          |  | 93     |         |     |          | 244   |     |          |  | 4.4% |         |  |  | 27       |   |    |          | 221 |     |     |  | 4.2% |  |  |  | 48 | 
|Equity securities           |                        |                         | 3   |          |          |  | 1.1%  |          |          |  | 14     |         |     |          | 6     |     |          |  | 1.4% |         |  |  | 17       |   |    |          | 7   |     |     |  | 1.4% |  |  |  | 45 | 
|Trading equity securities   |                        |                         | 47  |          |          |  |       |          |          |  |        |         |     |          | 3     |     |          |  |     |         |  |  |         |   |    |          | 49  |     |     |  |      |  |  |  |    | 
|Short term and
    other(2) |                        |                         | 100 |          |          |  | 4.7%  |          |          |  | 10     |         |     |          | 112   |     |          |  | 4.4% |         |  |  | (2       | ) |    |          | 95  |     |     |  | 3.2% |  |  |  | 6  | 
|Less investment expense     |                        |                         |     |          |          |  |       |          |          |  |        |         |     |          |       |     |          |  |      |         |  |  |          |   |    |          |     |     |     |  |      |  |  |  |    | 
|                            | Swap interest          |                         |     | (8       | )        |  |       |          |          |  |        |         |     |          |       | (7  | )        |  |      |         |  |  |          |   |    |          |     | (5  | )   |  |      |  |  |  |    |  |   
|                            | Administration expense |                         |     | (29      | )        |  |       |          |          |  |        |         |     |          |       | (33 | )        |  |      |         |  |  |          |   |    |          |     | (33 | )   |  |      |  |  |  |    |  |   
|                            | Other                  |                         |     | (52      | )        |  |       |          |          |  |        |         |     |          |       | (43 | )        |  |      |         |  |  |          |   |    |          |     | (33 | )   |  |      |  |  |  |    |  |   
|                            |                        |                         |     |          |          |  |       |          |          |  |        |         |     |          |       |     |          |  |      |         |  |  |          |   |    |          |    
|                            |                        | Total                   |     |          | 326      |  |       |          |          |  |        |         | 117 |          |       |     | 282      |  |      |         |  |  |          |   | 42 |          |     |     | 301 |  |      |  |  |  |    |  | 99 | 
|                            |                        |                         |     |          |          |  |       |          |          |  |        |         |     |          |       |     |          |  |      |         |  |  |          |   |    |          |    

44



---



##### Table of Contents








|    |                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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. Investment balances were converted into euro from
    local currencies at
    year-end exchange rates.
|   
|(2) | Includes swap income of EUR 3 million in 2003, EUR
    8 million in 2004 and EUR 2 million in 2005.
    Other swap-related net income is included in realized and
    unrealized capital gains (and losses).                                                                                                                                                                           

Portfolios




Consolidated Investment Position


|                                                   |       |                                       |       |       |  |  |    |     |   |  |       |       |  |  |    |     |   |  |       |       |  |  |    |     |  
|-------------------------------------------------- | ----- | ------------------------------------- | ----- | ----- |  |  | -- | --- | - |  | ----- | ----- |  |  | -- | --- | - |  | ----- | ----- |  |  | -- | --- | -
|                                                   |       | 2003                                  |       |       |  |  |    |     |   |  |      
|                                                   |       |                                       |       |       |  |  |    |     |   |  |      
|                                                   |       |                                       |       | 2004  |  |  |    |     |  
|                                                   |       |                                       |       |       |  |  |    |     |  
|                                                   |       | Net carrying value as of December 31, |      
|                                                   |       |                                       |      
|                                                   |       |                                       |       | 2005  | 
|                                                   |       |                                       |       |       | 
|                                                   |       | )                                     |      
|                                                   |       | (EUR in millions                      |      
|Fixed maturities available for sale, at fair value |       |                                       | 5,130 |       |  |  | 64 | %   |   |  | 5,272 |       |  |  | 63 | %   |   |  | 5,237 |       |  |  | 63 | %  
|Equity securities, available for sale              |       |                                       | 109   |       |  |  | 1  | %   |   |  | 265   |       |  |  | 3  | %   |   |  | 769   |       |  |  | 9  | %  
|Trading Investments                                |       |                                       | 740   |       |  |  | 9  | %   |   |  | 778   |       |  |  | 9  | %   |   |  | 335   |       |  |  | 4  | %  
|Short term investments                             |       |                                       |      |       |  |  |   |     |   |  |      |       |  |  |   |     |   |  |      |       |  |  |   |    
|Other long-term investments                        |       |                                       | 316   |       |  |  | 4  | %   |   |  | 322   |       |  |  | 4  | %   |   |  | 317   |       |  |  | 4  | %  
|Cash and cash equivalents                          |       |                                       | 1,824 |       |  |  | 22 | %   |   |  | 1,798 |       |  |  | 21 | %   |   |  | 1,666 |       |  |  | 20 | %  
|                                                   |       |                                       |       |       |  |  |    |     |   |  |       |       |  |  |    |     |   | 
|                                                   | Total |                                       |       | 8,119 |  |  |    | 100 | % |  |       | 8,435 |  |  |    | 100 | % |  |       | 8,324 |  |  |    | 100 | %
|                                                   |       |                                       |       |       |  |  |    |     |   |  |       |       |  |  |    |     |   | 





|          |       |                         |       |       |                |  |    |     |  
|--------- | ----- | ----------------------- | ----- | ----- | -------------- |  | -- | --- | -
|          |       | As of December 31, 2005 |      
|          |       |                         |      
|          |       | Net carrying            |       |       | % of total net | 
|Rating    |       | value                   |       |       | book value     | 
|          |       |                         |       |       |                | 
|          |       | (EUR, in millions)      |      
|AAA       |       |                         | 3,824 |       |                |  | 71 | %  
|AA        |       |                         | 573   |       |                |  | 11 | %  
|A         |       |                         | 621   |       |                |  | 11 | %  
|BBB       |       |                         | 310   |       |                |  | 6  | %  
|Below BBB |       |                         | 22    |       |                |  | 0  | %  
|Unrated   |       |                         | 45    |       |                |  | 1  | %  
|          |       |                         |       |       |                | 
|          | Total |                         |       | 5,395 |                |  |    | 100 | %
|          |       |                         |       |       |                | 



45



---



##### Table of Contents



INFORMATION TECHNOLOGY






re-keying.










INSURANCE AND RISK COVERAGE (EXCLUDING REINSURANCE
ACTIVITY)














46



---



##### Table of Contents





REGULATION OF THE REINSURANCE INDUSTRY


société anonyme 94-679


2001-420




| |   |                                                                                                                                                                                                                                                                                                             
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the institution of a prior authorization procedure for French
    companies whose exclusive business is reinsurance, prior to
    being permitted to engage in this business. However, as the
    application texts were not adopted, this procedure has not yet
    come into effect;                      
|
| |  | the possibility for the French Insurance regulator (A.C.A.M.) to
    send warnings when a company violates applicable legislative or
    regulatory provisions;                                                                                                                                             
|
| |  | the introduction of new sanctions to be imposed by the A.C.A.M.
    on reinsurance companies for violations of applicable
    legislative or regulatory provisions; and                                                                                                                                     
|
| |  | the possibility of withdrawing approvals in the event of
    prolonged inactivity, failure to maintain a balance between the
    companys financial situation and its business or, if the
    general interest requires, substantial modification in the
    companys stock ownership or governing bodies.





Solvency margin






47



---



##### Table of Contents







|   |                         
|-- | ------------------------
|C. | ORGANIZATIONAL STRUCTURE

OPERATIONS


General











48



---



##### Table of Contents











|   |                               
|-- | ------------------------------
|D. | PROPERTY, PLANTS AND EQUIPMENT










|         |                          
|-------- | -------------------------
|Item 4A. | Unresolved Staff Comments








|        |                                             
|------- | --------------------------------------------
|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
IFRS, which differ in certain respects from U.S. GAAP.


Overview




49



---



##### 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,       | 
|                 |  |                                    |       |  |                                   | 
|                 |  | 2003                               |       |  | 2004                              |  |        | 2005 |  |  | 2003  |  |  | 2004 |       |  | 2005 | 
|                 |  |                                    |       |  |                                   |  |        |      |  |  |       |  |  |      |       |  |      | 
|U.S. Dollar      |  |                                    | 1.263 |  |                                   |  | 1.3604 |      |  |  | 1.182 |  |  |      | 1.141 |  |      |  | 1.244 |  |  |  | 1.240 | 
|Canadian Dollar  |  |                                    | 1.623 |  |                                   |  | 1.648  |      |  |  | 1.380 |  |  |      | 1.587 |  |      |  | 1.619 |  |  |  | 1.502 | 
|British Pound    |  |                                    | 0.705 |  |                                   |  | 0.709  |      |  |  | 0.688 |  |  |      | 0.693 |  |      |  | 0.679 |  |  |  | 0.682 | 
|Singapore Dollar |  |                                    | 2.145 |  |                                   |  | 2.228  |      |  |  | 1.968 |  |  |      | 1.986 |  |      |  | 2.010 |  |  |  | 2.061 | 



50



---



##### Table of Contents



Business Segments










Consolidated Results of Operations




Premiums


Gross premiums written




|                       |                        |                                  |                         |     |       |       |  |      |       |       |  |     |       |       | 
|---------------------- | ---------------------- | -------------------------------- | ----------------------- | --- | ----- | ----- |  | ---- | ----- | ----- |  | --- | ----- | ----- | 
|                       |                        | Year ended December 31,          |                        
|                       |                        |                                  |                        
|                       |                        | 2003                             |                         |     | 2004  |       |  | 2005 |      
|                       |                        |                                  |                         |     |       |       |  |      |      
|                       |                        | (EUR, in millions)               |                        
|Gross premiums written |                        |                                  |                         |     |       |       |  |      |       |       |  |    
|                       | Property-Casualty      |                                  |                         |     |       |       |  |      |       |       |  |     |      
|                       |                        | Treaty Property-Casualty         |                         |     | 1,690 |       |  |      | 1,064 |       |  |     | 996   |      
|                       |                        | Credit, Surety & Political Risks |                         |     | 65    |       |  |      | 38    |       |  |     | 52    |      
|                       |                        | Large Corporate accounts         |                         |     | 569   |       |  |      | 261   |       |  |     | 335   |      
|                       |                        |                                  |                         |     |       |       |  |      |      
|                       |                        | Alternative Reinsurance          |                         |     | (1    | )     |  |      | 2     |       |  |     | 0     |      
|                       |                        |                                  |                         |     |       |       |  |      |      
|                       |                        |                                  | Total Property-Casualty |     |       | 2,323 |  |      |       | 1,365 |  |     |       | 1,383 | 
|                       | Life/Accident & Health |                                  |                         | 983 |       |       |  | 880  |       |       |  | 875 |      
|                       |                        |                                  |                         |     |       |       |  |      |      
|                       |                        | Total                            |                         |     | 3,306 |       |  |      | 2,245 |       |  |     | 2,258 |      
|                       |                        |                                  |                         |     |       |       |  |      |      



51



---



##### Table of Contents







Conclusion of the Back on Track plan and
implementation of the SCOR 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 Property-Casualty, 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.


52



---



##### Table of Contents











Fluctuations in exchange rates.


Net premiums written




|                     |                        |                                  |                         |     |       |       |  |      |       |       |  |     |       |       | 
|-------------------- | ---------------------- | -------------------------------- | ----------------------- | --- | ----- | ----- |  | ---- | ----- | ----- |  | --- | ----- | ----- | 
|                     |                        | Year ended December 31,          |                        
|                     |                        |                                  |                        
|                     |                        | 2003                             |                         |     | 2004  |       |  | 2005 |      
|                     |                        |                                  |                         |     |       |       |  |      |      
|                     |                        | (EUR, in millions)               |                        
|Net premiums written |                        |                                  |                         |     |       |       |  |      |       |       |  |    
|                     | Property-Casualty      |                                  |                         |     |       |       |  |      |       |       |  |     |      
|                     |                        | Treaty Property-Casualty         |                         |     | 1,580 |       |  |      | 1,014 |       |  |     | 942   |      
|                     |                        | Credit, Surety & Political Risks |                         |     | 63    |       |  |      | 38    |       |  |     | 51    |      
|                     |                        | Large Corporate accounts         |                         |     | 461   |       |  |      | 227   |       |  |     | 287   |      
|                     |                        |                                  |                         |     |       |       |  |      |      
|                     |                        | Alternative Reinsurance          |                         |     | (1    | )     |  |      | 3     |       |  |     | 0     |      
|                     |                        |                                  |                         |     |       |       |  |      |      
|                     |                        |                                  | Total Property-Casualty |     |       | 2,103 |  |      |       | 1,282 |  |     |       | 1,280 | 
|                     | Life/Accident & Health |                                  |                         | 885 |       |       |  | 844  |       |       |  | 841 |      
|                     |                        |                                  |                         |     |       |       |  |      |      
|                     |                        | Total                            |                         |     | 2,988 |       |  |      | 2,126 |       |  |     | 2,121 |      
|                     |                        |                                  |                         |     |       |       |  |      |      





53



---



##### Table of Contents



Revenues






Net premiums earned




|                    |                        |                                  |                         |     |       |       |  |      |       |       |  |     |       |       | 
|------------------- | ---------------------- | -------------------------------- | ----------------------- | --- | ----- | ----- |  | ---- | ----- | ----- |  | --- | ----- | ----- | 
|                    |                        | Year ended December 31,          |                        
|                    |                        |                                  |                        
|                    |                        | 2003                             |                         |     | 2004  |       |  | 2005 |      
|                    |                        |                                  |                         |     |       |       |  |      |      
|                    |                        | (EUR, in millions)               |                        
|Net premiums earned |                        |                                  |                         |     |       |       |  |      |       |       |  |    
|                    | Property-Casualty      |                                  |                         |     |       |       |  |      |       |       |  |     |      
|                    |                        | Treaty Property-Casualty         |                         |     | 1,670 |       |  |      | 1,120 |       |  |     | 937   |      
|                    |                        | Credit, Surety & Political Risks |                         |     | 122   |       |  |      | 51    |       |  |     | 51    |      
|                    |                        | Large Corporate accounts         |                         |     | 504   |       |  |      | 253   |       |  |     | 240   |      
|                    |                        | Alternative Reinsurance          |                         |     | 159   |       |  |      | 3     |       |  |     | 0     |      
|                    |                        |                                  |                         |     |       |       |  |      |      
|                    |                        |                                  | Total Property-Casualty |     |       | 2,455 |  |      |       | 1,427 |  |     |       | 1.227 | 
|                    |                        |                                  |                         |     |       |       |  |      |      
|                    | Life/Accident & Health |                                  |                         | 869 |       |       |  | 800  |       |       |  | 859 |      
|                    |                        |                                  |                         |     |       |       |  |      |      
|                    |                        | Total                            |                         |     | 3,324 |       |  |      | 2,227 |       |  |     | 2,086 |      
|                    |                        |                                  |                         |     |       |       |  |      |      





Net Income from investments






54



---



##### Table of Contents













Expenses
















55



---



##### Table of Contents

















Income taxes














56



---



##### Table of Contents



Minority interests




Income from investments accounted for under the equity
method






Changes in accounting standards


03-1, 03-1 03-1


03-1


Underwriting Results


Property-Casualty




57



---



##### Table of Contents





|                                    |  |                         |       |   |      |  |       |      |  |  |       |  
|----------------------------------- |  | ----------------------- | ----- | - | ---- |  | ----- | ---- |  |  | ----- | -
|                                    |  | Year ended December 31, |      
|                                    |  |                         |      
|                                    |  | 2003                    |       |   | 2004 |  |       | 2005 | 
|                                    |  |                         |       |   |      |  |       |      | 
|                                    |  | (EUR, in millions)      |      
|Gross premiums written              |  |                         | 2,323 |   |      |  | 1,365 |      |  |  | 1,383 |  
|Net premiums written                |  |                         | 2,103 |   |      |  | 1,282 |      |  |  | 1,280 |  
|Net premiums earned                 |  |                         | 2,455 |   |      |  | 1,427 |      |  |  | 1,227 |  
|Net loss and LAE                    |  |                         | 2,507 |   |      |  | 999   |      |  |  | 916   |  
|Net commissions and
    expenses(1) |  |                         | 613   |   |      |  | 461   |      |  |  | 393   |  
|Underwriting (loss)                 |  |                         | (673  | ) |      |  | (17   | )    |  |  | (82   | )
|Loss ratio                          |  |                         | 102   | % |      |  | 70    | %    |  |  | 75    | %
|Expense
    ratio(1)                |  |                         | 25    | % |      |  | 32    | %    |  |  | 32    | %
|Combined ratio                      |  |                         | 127   | % |      |  | 102   | %    |  |  | 107   | %






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













58



---



##### Table of Contents

















59



---



##### Table of Contents



Life/Accident & Health




|                                    |  |                         |      |   |      |  |     |      |  |  |     |  
|----------------------------------- |  | ----------------------- | ---- | - | ---- |  | --- | ---- |  |  | --- | -
|                                    |  | Year ended December 31, |     
|                                    |  |                         |     
|                                    |  | 2003                    |      |   | 2004 |  |     | 2005 | 
|                                    |  |                         |      |   |      |  |     |      | 
|                                    |  | (EUR, in millions)      |     
|Gross premiums written              |  |                         | 983  |   |      |  | 880 |      |  |  | 875 |  
|Net premiums written                |  |                         | 885  |   |      |  | 844 |      |  |  | 841 |  
|Net premiums earned                 |  |                         | 869  |   |      |  | 800 |      |  |  | 859 |  
|Net loss and LAE                    |  |                         | 653  |   |      |  | 628 |      |  |  | 666 |  
|Net commissions and
    expenses(1) |  |                         | 319  |   |      |  | 266 |      |  |  | 269 |  
|Underwriting (loss)                 |  |                         | (104 | ) |      |  | (94 | )    |  |  | (76 | )
|Loss ratio                          |  |                         | 75   | % |      |  | 79  | %    |  |  | 78  | %
|Expense
    ratio(1)                |  |                         | 37   | % |      |  | 33  | %    |  |  | 31  | %
|Combined ratio                      |  |                         | 112  | % |      |  | 112 | %    |  |  | 109 | %






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

















60



---



##### Table of Contents













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

Liquidity and Capital Resources




|                                                          |  |                         |       |   |      |  |       |      |  |  |       |  
|--------------------------------------------------------- |  | ----------------------- | ----- | - | ---- |  | ----- | ---- |  |  | ----- | -
|                                                          |  | Year ended December 31, |      
|                                                          |  |                         |      
|                                                          |  | 2003                    |       |   | 2004 |  |       | 2005 | 
|                                                          |  |                         |       |   |      |  |       |      | 
|                                                          |  | (EUR, in millions)      |      
|Net cash flows provided by (used in) operating activities |  |                         | (98   | ) |      |  | (229  | )    |  |  | (742  | )
|                                                          |  |                         |       |   |      |  |       |      | 
|Net cash flows provided by (used in) investing activities |  |                         | 258   |   |      |  | (450  | )    |  |  | 584   |  
|                                                          |  |                         |       |   |      |  |       |      | 
|Net cash flows provided by (used in) financing activities |  |                         | 50    |   |      |  | 846   |      |  |  | (242  | )
|                                                          |  |                         |       |   |      |  |       |      | 
|Effect of exchange rate changes on cash                   |  |                         | 21    |   |      |  | (135  | )    |  |  | 171   |  
|Cash and cash equivalents at beginning of year            |  |                         | 1,788 |   |      |  | 1,824 |      |  |  | 1,798 |  
|Effect of changes in exchange rates on cash beginning     |  |                         | (195  | ) |      |  | (58   | )    |  |  | 97    |  
|                                                          |  |                         |       |   |      |  |       |      | 
|Cash and cash equivalents at end of year                  |  |                         | 1,824 |   |      |  | 1,798 |      |  |  | 1,666 |  
|                                                          |  |                         |       |   |      |  |       |      | 





61



---



##### Table of Contents





















62



---



##### Table of Contents















1999-2005












EUR 75 million renewable credit facility with
BNP Paribas






63



---



##### Table of Contents



EUR 25 million renewable credit facility with
Deutsche Bank Luxembourg








SCOR stand-by letters of credit facility with BNP
Paribas






SCOR VIE stand-by letters of credit facility




SCOR VIE and SCOR Financial Services Limited
USD 250 million stand-by letters of credit
facility with CALYON






SCOR and SCOR VIE USD 100 million stand-by letters of
credit facility entered into with CALYON and Caisse
Régionale de Crédit Agricole Mutuel de Paris et
dIle de France on December 14, 2005.




SCOR and SCOR VIE USD 50 million stand-by letters of
credit facility entered into with Natexis on December 19,
2005.




SCOR and SCOR VIE USD 200 million stand-by letter of
credit facility entered into with Deutsche Bank on
October 11, 2004.




64



---



##### Table of Contents





Letter of credit facility between Commercial Risk
Reinsurance Company Ltd. and Citigroup Global Markets Ltd. dated
December 22, 1999, as amended on of November 16,
2005.




EUR 200,000,000 notes due 2007 issued on
June 19, 2002.


|                 |  |      |      |  |               |                                                                            |                  |  |        |            |  |                                                                           
|---------------- |  | ---- | ---- |  | ------------- | -------------------------------------------------------------------------- | ---------------- |  | ------ | ---------- |  | --------------------------------------------------------------------------
|Principal Amount |  | Term |      |  | Interest Rate |                                                                            | Interest Payment |  |        | Redeemable
|                 |  |      |      |  |               |                                                                            |                  |  |        |           
|EUR 200 million  |  |      | 2007 |  |               | From June, 2002 to June, 2007: Fixed Rate 5.25% and
    complementary 2.5% |                  |  | Annual |            |  | The notes will be redeemed at their principal amount on
    June 21, 2007.



|                 |  |           |  |                                                                                   |  |                                                                                     |  |  |             |  |  |                                                                                                                                                                                  
|---------------- |  | --------- |  | --------------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------- |  |  | ----------- |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Principal Amount |  | Term      |  |                                                                                   |  |                                                                                     |  |  |             | 
|                 |  |           |  |                                                                                   |  |                                                                                     |  |  |             | 
|                 |  |           |  | Interest Rate                                                                     |  |                                                                                     |  | 
|                 |  |           |  |                                                                                   |  |                                                                                     |  | 
|                 |  |           |  |                                                                                   |  | Interest                                                                            |  |  | Redeemable 
|                 |  |           |  |                                                                                   |  | Payment                                                                             |  |  |            
|                 |  |           |  |                                                                                   |  |                                                                                     |  |  |            
|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 month
    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.                                     

C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES,
ETC.




D. TREND INFORMATION




E. OFF-BALANCE SHEET ARRANGEMENTS






65



---



##### Table of Contents





|                     |                           |                         |       |       |      |  |       |       |  |  |       |       | 
|-------------------- | ------------------------- | ----------------------- | ----- | ----- | ---- |  | ----- | ----- |  |  | ----- | ----- | 
|                     |                           | Year ended December 31, |      
|                     |                           |                         |      
|                     |                           | 2003                    |       |       | 2004 |  |       | 2005  | 
|                     |                           |                         |       |       |      |  |       |       | 
|                     |                           | (EUR, in millions)      |      
|Commitments received |                           |                         |       |       |      |  |       |       |  |  |       |      
|                     | Unused credit lines       |                         |       | 50    |      |  |       | 44    |  |  |       | 99    | 
|                     | Endorsements and sureties |                         |       | 68    |      |  |       | 47    |  |  |       | 12    | 
|                     | Letters of Credit         |                         |       | 1,285 |      |  |       | 867   |  |  |       | 1,090 | 
|                     | Other commitments         |                         |       |      |      |  |       | 13    |  |  |       |      | 
|                     |                           |                         |       |       |      |  |       |       | 
|Total                |                           |                         | 1,403 |       |      |  | 971   |       |  |  | 1,201 |      
|                     |                           |                         |       |       |      |  |       |       | 
|Commitments given    |                           |                         |       |       |      |  |       |       |  |  |       |      
|                     | Endorsements and sureties |                         |       | 90    |      |  |       | 47    |  |  |       | 25    | 
|                     | Leases                    |                         |       | 17    |      |  |       | 10    |  |  |       | 7     | 
|                     | Letters of Credit         |                         |       | 594   |      |  |       | 656   |  |  |       | 645   | 
|                     | Collateralized securities |                         |       | 3,226 |      |  |       | 1,885 |  |  |       | 2,080 | 
|                     | Other commitments         |                         |       | 139   |      |  |       | 99    |  |  |       | 162   | 
|                     |                           |                         |       |       |      |  |       |       | 
|Total                |                           |                         | 4,066 |       |      |  | 2,697 |       |  |  | 2,919 |      
|                     |                           |                         |       |       |      |  |       |       | 





Guarantees






66



---



##### Table of Contents



F. CONTRACTUAL OBLIGATIONS




|           |                      |                    |     |     |    
|---------- | -------------------- | ------------------ | --- | --- | ---
|Year       |                      | Payment            |    
|           |                      |                    |    
|           |                      | (EUR, in millions) |    
|2006       |                      |                    | 36  |    
|2007       |                      |                    | 230 |    
|2008       |                      |                    | 5   |    
|2009       |                      |                    | 15  |    
|2010       |                      |                    | 206 |    
|Thereafter |                      |                    | 414 |    
|           |                      |                    |    
|           | Total long-term debt |                    |     | 906 | (1)
|           |                      |                    |    






|    |                                                                        
|--- | -----------------------------------------------------------------------
|(1) | Excluding EUR 144 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 (principal)                          |          |                       | 813   |           |        |  | 31    |           |           |  | 225       |       |  |         | 210   |       |  |  | 347   |      
|Long term debt and capital lease (interest)
    (1) |          |                       | 223   |           |        |  | 21    |           |           |  | 52        |       |  |         | 35    |       |  |  | 115   |      
|Losses and loss adjustment
    expenses(2)          |          |                       | 6,439 |           |        |  | 1,888 |           |           |  | 1,628     |       |  |         | 1,244 |       |  |  | 1,679 |      
|Future policy
    benefits(2)                       |          |                       | 2,719 |           |        |  | 557   |           |           |  | 140       |       |  |         | 155   |       |  |  | 1,867 |      
|Capital lease                                       |          |                       | 93    |           |        |  | 5     |           |           |  | 10        |       |  |         | 11    |       |  |  | 67    |      
|Operating lease                                     |          |                       |      |           |        |  |      |           |           |  |          |       |  |         |      |       |  |  |      |      
|Purchase                                            |          |                       |      |           |        |  |      |           |           |  |          |       |  |         |      |       |  |  |      |      
|Other long term liabilities                         |          |                       |      |           |        |  |      |           |           |  |          |       |  |         |      |       |  |  |      |      
|                                                    |          |                       |       |           |        |  |       |           |           |  |           |       |  |         |      
|                                                    | Total(3) |                       |       | 10,287    |        |  |       | 2,502     |           |  |           | 2,055 |  |         |       | 1,655 |  |  |       | 4,075 | 
|                                                    |          |                       |       |           |        |  |       |           |           |  |           |       |  |         |      






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Some of SCORs long term debt bears interest at floating
    rates and is denominated in U.S. dollars. The calculation
    of interest payments on long term debt is based on interest
    rates and exchange rates as of December 31, 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   
|(2) | Given that loss reserves and future policy benefits are
    estimates, the payment of these estimates are generally not
    fixed as to amount or timing. The projected amounts included in
    the table are estimates based on past experience and our
    judgment. The projected settlement of loss reserves and future
    policy benefits will differ, perhaps significantly, from future
    payments. Deviations from these estimates are normal and are to
    be expected. These estimates can not be extrapolated to future
    underwriting years payment patterns as underwriting policy has
    changed and the commutation policy pursued by SCOR in the past
    might significantly change in the future. Additionally,
    estimated losses as of the financial statement date do not take
    into account the impact of estimated losses from future
    business. For further information regarding the uncertainty
    associated with loss reserves and future policy benefits see
    Item 4.A. History and Development of the
    Company  Reserves and Item 5.G.
    Critical Accounting Policies.
|   
|(3) | Excluding EUR 144 million related to the sale of the
    SCOR building.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          



G. CRITICAL ACCOUNTING POLICIES




67



---



##### Table of Contents





Technical Reserves




Reserve Segmentation:






Actuarial methods:






68



---



##### Table of Contents



Assumptions:






Long tail:




Asbestos and Environmental Claims:














Range and Process:




69



---



##### Table of Contents













Property-Casualty












70



---



##### Table of Contents









Life/Accident & Health












| |   |                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a reserve component that SCOR has identified as an item missing
    in the information received from the cedent; or                                                   
|
| |  | a Loss Recognition Reserve, when SCORs actuarial analysis
    of the reinsured risks reveals that overall losses are expected
    until termination of the contracts.





Premiums




Methodology




71



---



##### Table of Contents



Property-Casualty










Life/Accident & Health














72



---



##### Table of Contents



Accounting








Amortization of Deferred Policy Acquisition Costs








Fair Values




73



---



##### Table of Contents



Goodwill




Deferred Tax











Item 6. Directors, Senior Management and
Employees


A. DIRECTORS AND SENIOR MANAGEMENT


société
anonyme, Président-Directeur Général


Board of Directors


statuts


statuts, statuts


74



---



##### Table of Contents



statuts sociétés anonymes statuts




|                                     |  |                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |           |         |  |            |  |      | 
|------------------------------------ |  | ---------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------- | ------- |  | ---------- |  | ---- | 
|                                     |  |                  |  | Other current principal position at SCOR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | Initially |         |  | Expiration | 
|Name                                 |  | Date of Birth    |  | and principal business activities outside SCOR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  | appointed |         |  | of term    | 
|                                     |  |                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |           |         |  |            | 
|Denis
    Kessler(1)Chairman and CEO |  | March 25, 1952   |  | Chairman and Chief Executive Officer:SCOR VIE.Chairman:SCOR Italia Riassicurazioni S.p.A (Italy),
    SCOR Life U.S. Re Insurance Company (U.S.), SCOR
    Reinsurance Company (U.S.), SCOR U.S. Corporation
    (U.S.).Director:BNP Paribas SA, BOLLORE Investissement SA,
    COGEDIM S.A.S., DASSAULT Aviation, SCOR Canada Reinsurance
    Company, AMVESCAP Plc (UK), Dexia S.A. (Belgium).Member of the Supervisory Board:SCOR Deutschland
    (Allemagne).Non-voting director:FDC S.A., GIMAR Finance &
    Cie S.C.A.Permanent representativeof FERGASCOR in S.A.
    Communication et Participation. |  |           | 11/4/02 |  |            |  | 2007 | 
|                                    
|Carlo
    Acutis(2)                  |  | October 17, 1938 |  | Vice-Chairman:Vittoria Assicurazioni S.p.A., Banca
    Passadore S.p.A., Presidential Council of the European Committee
    of National Insurance Companies, Fondazione Piemontese per la
    ricerca sul cancro.Chairman:BPC INVESTIMENTI SGR S.p.A.;                                                                                                                                                                                                                                                                                                                                                        |  |           | 5/15/03 |  |            |  | 2009 | 
|                                     |  |                  |  | Director:SCOR VIE (6), Yura International Holding
    B.V., Yura S.A., Camfin S.p.A., Pirelli & C. S.p.A.,
    Ergo Italia S.p.A., Ergo Assicurazioni S.p.A., Ergo Previdenza
    S.p.A., Vittoria Capital N.V.;                                                                                                                                                                                                                                                                                                                                                                                              |  |           |         |  |            |  |      | 
|                                     |  |                  |  | Member of the Supervisory Board:COGEDIM S.A.S., Yam
    Invest N.V.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |           |         |  |            |  |      | 
|                                     |  |                  |  | Member of council:European Committee of Insurance
    Companies, Geneva Association.Member of the executive committee:ANIA Associazione
    Italiana fra le Imprese di Assicurazione.                                                                                                                                                                                                                                                                                                                                                                                                                         |  |           |         |  |            |  |      | 

75



---



##### Table of Contents



|                             |  |                   |  |                                                                                                                                                                                                                                                                                                           |  |           |          |  |            |  |      | 
|---------------------------- |  | ----------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------- | -------- |  | ---------- |  | ---- | 
|                             |  |                   |  | Other current principal position at SCOR                                                                                                                                                                                                                                                                  |  | Initially |          |  | Expiration | 
|Name                         |  | Date of Birth     |  | and principal business activities outside SCOR                                                                                                                                                                                                                                                            |  | appointed |          |  | of term    | 
|                             |  |                   |  |                                                                                                                                                                                                                                                                                                           |  |           |          |  |            | 
|Michèle
    Aronvald(7)      |  | August 15, 1958   |  | Employee Director.                                                                                                                                                                                                                                                                                        |  |           | 8/30/01  |  |            |  | 2006 | 
|                            
|Antonio
    Borges(2)(3)     |  | November 18, 1949 |  | Vice-Chairman:Goldman Sachs International (London).Supervisory board:CNP Assurances.Director:SCOR VIE (6), Jérónimo Martins,
    SONEAcom, Caixa Seguros, Heidrick & Struggles.                                                                                                                           |  |           | 5/15/03  |  |            |  | 2007 | 
|                            
|Allan Chapin,
    Esq.(1)(4) |  | August 28, 1941   |  | Partner:Compass Advisers LLP (New York, U.S.A.).Director:Pinault Printemps Redoute, SCOR VIE (6),
    In Bev (Belgium), SCOR Reinsurance Company (US), General
    Security National Insurance Company (US), French-American
    Foundation; Chairman of American Friends of the Pompidou
    Foundation. |  |           | 5/12/97  |  |            |  | 2011 | 
|                            
|Daniel
    Havis(2)          |  | December 31, 1955 |  | Chairman and Chief Executive Officer:MATMUT (Mutuelle
    Assurance des Travailleurs Mutualistes).Chairman:GEMA, SMAC (Mutuelle Accidents
    Corporels), IMADIES.Vice-Chairman:CEGES.                                                                                                                    |  |           | 11/18/96 |  |            |  | 2011 | 
|                             |  |                   |  | Director:Mutualité Française de la Seine
    Maritime (MFSM), La Fédération Nationale de la
    Mutualité Française (FNMF).                                                                                                                                                                               |  |           |          |  |            |  |      | 
|                             |  |                   |  | Member of the bureau:Fédération Nationale de
    la Mutualité Interprofessionnelle (FNMI).                                                                                                                                                                                                                |  |           |          |  |            |  |      | 
|                             |  |                   |  | Chairman of the Supervisory Board:OFI Asset Management
    (formerly OFIVALMO Gestion).                                                                                                                                                                                                                   |  |           |          |  |            |  |      | 
|                             |  |                   |  | Vice-Chairman of the Supervisory Board:IMA, OFIVALMO.                                                                                                                                                                                                                                                     |  |           |          |  |            |  |      | 
|                             |  |                   |  | Chairman of the Board of Directors:Matmut Protection
    Juridique formerly PMA (Protection Mutualiste en Assurance),
    MUTRE S.A.; MDA.                                                                                                                                                                |  |           |          |  |            |  |      | 

76



---



##### Table of Contents



|                            |  |               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |           |         |  |            |  |      | 
|--------------------------- |  | ------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------- | ------- |  | ---------- |  | ---- | 
|                            |  |               |  | Other current principal position at SCOR                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | Initially |         |  | Expiration | 
|Name                        |  | Date of Birth |  | and principal business activities outside SCOR                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | appointed |         |  | of term    | 
|                            |  |               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |           |         |  |            | 
|                            |  |               |  | Director:Matmut Vie, OFIMALLIANCE, SCOR VIE (6).Vice-chairman of the Board of Directors:Groupe des
    Mutuelles Associées.Permanent representativeof OFI Asset Management in
    OFIVALMO Net Epargne, OFI Mandats; of MATMUT in the supervisory
    board of OFI Palmarès; of SMAC in the board of directors of
    OFIMA Trésor, OFIMA Convertibles and OFI SMIDCAP.                                                                                                          |  |           |         |  |            |  |      | 
|                            |  |               |  | Chairmanof the Comité National des
    Réalisations Sanitaires et Sociales, Memberof
    commissions in the Conseil Supérieur de la Mutualité
    (Commission Agréments and Commission Affaires
    Générales). Memberof the Haut Conseil pour
    lAvenir de lAssurance Maladie. Representative
    Imadiès in Conseil des Mutuelles Santé.                                                                                                                                   |  |           |         |  |            |  |      | 
|                           
|Yvon
    Lamontagne*(2)     |  | June 14, 1940 |  | Director:AXA Insurance Canada (Toronto, Canada), SCOR
    VIE (6); SCOR Canada Reinsurance Company (Toronto, Canada),
    Hydro-Québec (Montreal, Canada), Anglo-Canada General
    Insurance Company (Toronto, Canada), AXA Pacific Insurance
    Company (Vancouver, Canada).Member of the consultative board:Bureau of
    Superintendent of Financial Institutions (Ottawa, Canada).Fiduciary:Fiducie Henri-Paul Rousseau (Montréal,
    Canada) (Chairman of the treasury). |  |           | 5/15/03 |  |            |  | 2007 | 
|                           
|Daniel
    Lebègue(1)(2)(3) |  | May 4, 1943   |  | Chairman:IFA (French Society of Directors 
    Institut Français des Administrateurs).Director:SCOR VIE (6), Crédit Agricole S.A.,
    Alcatel, Technip, SCOR Reinsurance Company (U.S.), General
    Security National Insurance Company (U.S.).                                                                                                                                                                                                                               |  |           | 5/15/03 |  |            |  | 2009 | 
|                            |  |               |  | Member of the Supervisory Board:Areva.                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |           |         |  |            |  |      | 
|                            |  |               |  | Chairman of the Board of Directors:Institut
    dÉtudes Politiques de Lyon;                                                                                                                                                                                                                                                                                                                                                                                                     |  |           |         |  |            |  |      | 

77



---



##### Table of Contents



|                                          |  |                   |  |                                                                                                                                                                                                                                                                                                                                                                              |  |           |         |  |            |  |      | 
|----------------------------------------- |  | ----------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------- | ------- |  | ---------- |  | ---- | 
|                                          |  |                   |  | Other current principal position at SCOR                                                                                                                                                                                                                                                                                                                                     |  | Initially |         |  | Expiration | 
|Name                                      |  | Date of Birth     |  | and principal business activities outside SCOR                                                                                                                                                                                                                                                                                                                               |  | appointed |         |  | of term    | 
|                                          |  |                   |  |                                                                                                                                                                                                                                                                                                                                                                              |  |           |         |  |            | 
|                                          |  |                   |  | Chairman:Institute of Sustainable Development and
    International Relations (Institut du Développement
    Durable et des Relations Internationales,IDDRI),
    Transparence-International France, Ecoda (European Confederation
    of Associations of Directors 
    Confédération Européenne des Associations
    dAdministrateurs).Co-Chairman:Eurofi (association). |  |           |         |  |            |  |      | 
|                                         
|Helman le Pas
    de Sécheval(1)(2)(3)(5) |  | January 21, 1966  |  | Group Chief Financial Officer:GROUPAMA S.A..Chairman of the Board of Directors:Groupama Immobilier,
    Groupama Asset Management, Finama Private Equity, Compagnie
    Financière Parisienne.                                                                                                                                                                               |  |           | 11/3/04 |  |            |  | 2009 | 
|                                          |  |                   |  | Vice-Chairman of the Supervisory Board:Banque Finama.                                                                                                                                                                                                                                                                                                                        |  |           |         |  |            |  |      | 
|                                          |  |                   |  | Director:SCOR VIE (6), GAN Italia Vita (Italy), GAN
    Italia S.p.A (Italy).                                                                                                                                                                                                                                                                                                |  |           |         |  |            |  |      | 
|                                          |  |                   |  | Non-Voting member of the Supervisory Board:GIMAR
    Finance & Compagnie.Permanent representativeof GROUPAMA S.A. on the
    supervisory board of Lagardère S.C.A. and at the Board of
    Directors of Silic; of GAN Assurances Vie on the Supervisory
    Board of Locindus.                                                                                               |  |           |         |  |            |  |      | 
|                                         
|André
    Lévy-Lang(1)(3)(4)              |  | November 26, 1937 |  | Associate Professor (Emeritus) at the Paris University of
    Dauphine.Director:AGF, SCOR VIE (6), Dexia (Brussels),
    Schlumberger (U.S.).Member of Supervisory Board:Paris-Orléans.                                                                                                                                                                                      |  |           | 5/15/03 |  |            |  | 2009 | 
|                                         
|Herbert
    Schimetschek(2)               |  | January 5, 1938   |  | Chairman:Oesterreichische Nationalbank.Director:SCOR VIE (6).Chairman of the Management Board:Austria
    Versicherungsverein auf Gegenseitigkeit Privatstiftung
    (Holding), UNIQA Immobilien- Projekterrichtungs GmbH.                                                                                                                                                   |  |           | 5/15/03 |  |            |  | 2007 | 
|                                          |  |                   |  | Chairman of the Supervisory Board:Austria
    Österreichische Hotelbetriebs Aktiengesellschaft.                                                                                                                                                                                                                                                                              |  |           |         |  |            |  |      | 

78



---



##### Table of Contents



|                        |  |                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |           |         |  |            |  |      | 
|----------------------- |  | ----------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------- | ------- |  | ---------- |  | ---- | 
|                        |  |                   |  | Other current principal position at SCOR                                                                                                                                                                                                                                                                                                                                                                                          |  | Initially |         |  | Expiration | 
|Name                    |  | Date of Birth     |  | and principal business activities outside SCOR                                                                                                                                                                                                                                                                                                                                                                                    |  | appointed |         |  | of term    | 
|                        |  |                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |           |         |  |            | 
|                        |  |                   |  | Vice-Chairman of the Supervisory Board:Bank Gutmann
    S.A.Vice-Chairman:Automobile Club of Austria,
    Franco-Austrian Chamber of Commerce. Member of the Board of
    Directors: Diplomatic Academy of Vienna.                                                                                                                                                                                                                |  |           |         |  |            |  |      | 
|                       
|Jean-Claude
    Seys(1) |  | November 13, 1938 |  | Chairman and Chief Executive Officer:COVEA (SGAM).Chairman of the Board of Directors:MMA IARD, MMA Vie
    (SAM), MAAF Santé (Mutuelle 45), Force et Santé (Union
    Mutualiste), COSEM (Association), Aide Médicale
    (Association), Fondation MAAF Assurances, OCEAM Ré (SRM).                                                                                                                                               |  |           | 5/15/03 |  |            |  | 2009 | 
|                        |  |                   |  | Director:MAAF Assurances (SAM), MAAF Assurances (SA),
    Défense Automobile et Sportive (DAS) (SAM), AGMAA
    S.A.  Azur GMF Mutuelles Assurances Associés,
    SCOR VIE (6), OFIMALLIANCE S.A., Fidelia S.A. (subsidiary
    of Azur GMF), COVEA Ré (Luxembourg), EURAPCO.                                                                                                                                                    |  |           |         |  |            |  |      | 
|                        |  |                   |  | Chairman of the Supervisory Board:Savour Club S.A. (MAAF
    S.A. subsidiary), OFIVALMO S.A.;                                                                                                                                                                                                                                                                                                                                     |  |           |         |  |            |  |      | 
|                        |  |                   |  | Member of the Supervisory Board:OFI Asset Management
    (subsidiary of OFIVALMO S.A.).                                                                                                                                                                                                                                                                                                                                           |  |           |         |  |            |  |      | 
|                        |  |                   |  | Vice-Chairman of the Board of Directors:ACMA
    (Association for the Cooperation Among Mutual Insurance
    Companies for Agriculture and Craft Industry 
    Association pour la Coopération entre Mutuelles
    Assurances pour lAgriculture et lArtisanat:), SC
    Holding S.A.S. (Santéclair).Permanent representative:of COVEA (SGAM) in Covéa
    Technologie (S.A.S.) and of OCEAM Ré (SRM) in COVEA Group
    S.A.S. |  |           |         |  |            |  |      | 

79



---



##### Table of Contents



|                        |  |                |  |                                                                                                                                                                                                                                                                                            |  |           |         |  |            |  |      | 
|----------------------- |  | -------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | --------- | ------- |  | ---------- |  | ---- | 
|                        |  |                |  | Other current principal position at SCOR                                                                                                                                                                                                                                                   |  | Initially |         |  | Expiration | 
|Name                    |  | Date of Birth  |  | and principal business activities outside SCOR                                                                                                                                                                                                                                             |  | appointed |         |  | of term    | 
|                        |  |                |  |                                                                                                                                                                                                                                                                                            |  |           |         |  |            | 
|                       
|Jean
    Simonnet(2)    |  | August 5, 1936 |  | Chairman:MACIF (Mutual Insurance Company)
    **,
    SOCRAM (Credit
    Company)**,
    SMIP (Mutual Insurance Company).Director:FORINTER
    S.A.**,
    SICAV OFIMA EURO Moyen Terme, Union Mutualiste des Deux
    Sèvres (Mutual Insurance Company), SCOR VIE (6), IMA
    IBERICA.   |  |           | 3/2/99  |  |            |  | 2011 | 
|                        |  |                |  | Non-Voting Director:MACIFILIA**,
    OFIMA MIDCAP SICAV, OFIMA TRESOR SICAV.                                                                                                                                                                                                               |  |           |         |  |            |  |      | 
|                        |  |                |  | Managing director (gérant):Gironde et Gascogne
    S.A.R.L., Château de Belcier S.C.E.A., Château Ramage
    La Batisse S.C.I.                                                                                                                                                             |  |           |         |  |            |  |      | 
|                        |  |                |  | Permanent representative of MACIF:on the supervisory
    board of I.M.A.
    S.A.**,
    MUTAVIE
    S.A.**,
    OFIVALMO
    S.A.**and on the board of directors of Compagnie
    Immobilière MACIF
    S.A.**,
    Foncière de Lutèce
    S.A.**,
    MACIF
    Mutualité**,
    EURESA. |  |           |         |  |            |  |      | 
|                        |  |                |  | Member of the councils or committees:GPIM S.A.S., MACIF
    Participations
    S.A.S.**,
    Compagnie Foncière de la MACIF
    S.A.S.**,
    SIEM S.A., MACIFIMO S.A.S.** Companies
    consolidated in the MACIF Group                                                                   |  |           |         |  |            |  |      | 
|                       
|Claude
    Tendil(1)(2) |  | July 25, 1945  |  | Chairman and Chief Executive Officer:Generali France,
    Generali France Assurances Vie.Chairman of the Board of Directors:Assurance France
    Generali, Generali Assurances-IARD, GPA IARD, GPA VIE, La
    Fédération Continentale, Europ Assistance Holding.                          |  |           | 5/15/03 |  |            |  | 2007 | 
|                        |  |                |  | Director:Unibail, SCOR VIE (6).                                                                                                                                                                                                                                                            |  |           |         |  |            |  |      | 
|                        |  |                |  | Chairman of the Board of Directors:Europ Assistance
    Italy.Permanent representativeof Europ Assistance Holding on
    the board of directors of Europ Assistance Spain.                                                                                                                 |  |           |         |  |            |  |      | 

80



---



##### Table of Contents



|                    |  |                 |  |                                                                                                                                                                                                                                                                     |  |           |         |  |            |  |      | 
|------------------- |  | --------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------- | ------- |  | ---------- |  | ---- | 
|                    |  |                 |  | Other current principal position at SCOR                                                                                                                                                                                                                            |  | Initially |         |  | Expiration | 
|Name                |  | Date of Birth   |  | and principal business activities outside SCOR                                                                                                                                                                                                                      |  | appointed |         |  | of term    | 
|                    |  |                 |  |                                                                                                                                                                                                                                                                     |  |           |         |  |            | 
|Daniel
    Valot(1) |  | August 24, 1944 |  | Chairman and Chief Executive Officer:Technip.Director:Compagnie Générale de
    Géophysique, Institut Français du Pétrole, SCOR
    VIE (6), Technip Far East (Malaysia).Permanent representativeof Technip in Technip France.
    Chairman: Technip Italy (Italy). |  |           | 5/15/03 |  |            |  | 2007 | 






|    |                                                                                                                                                                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Member of the Strategic Committee.                                                                                                                                                                                                                                                          
|   
|(2) | Member of the Risks Committee.                                                                                                                                                                                                                                                              
|   
|(3) | Member of the Accounts and Audit Committee.                                                                                                                                                                                                                                                 
|   
|(4) | Member of the Compensation and Nominations Committee.                                                                                                                                                                                                                                       
|   
|(5) | Mr. Helman le Pas de Secheval is a non-voting member of the
    Accounts and Audit Committee. He was appointed as a board member
    in replacement of Mr. Jean Baligand on November 3,
    2004, and his appointment was ratified by the general
    shareholders meeting of May 31, 2005.
|   
|(6) | During the meeting of SCOR VIE Board of Directors held on
    May 16, 2006, these Directors resigned from their position
    as Directors of SCOR VIE and have been replaced by Patrick
    Thourot, Jean-Luc Besson, Marcel Kahn and Christian Mounis.                                     
|   
|(7) | The bylaws were amended at the May 16, 2006
    shareholders meeting. The amended bylaws no longer contain
    a provision requiring one Board member to be an employee
    director.                                                                                                      
|   
|*   | Mr. Yvon Lamontagne passed away on March 20, 2006.                                                                                                                                                                                                                                          











Denis Kessler


Ecole des
Hautes Etudes Commerciales


81



---



##### Table of Contents



Carlo Acutis




Michèle Aronvald




Antonio Borges




Allan Chapin, Esq.




Daniel Havis




Yvon Lamontagne




Daniel Lebègue




Helman le Pas de Sécheval


Commission des opérations de bourse, Autorité des Marchés Financiers,


André Lévy-Lang


emeritus


Herbert Schimetschek


Comité Européen des Assurances,


82



---



##### Table of Contents



Jean-Claude Seys






Jean Simonnet




Claude Tendil




Daniel Valot




Georges Chodron de Courcel




Executive Officers


statuts Président du Conseil
dAdministration Directeur Général Président-Directeur Général Directeur Général Délégué


83



---



##### Table of Contents





|                       |  |     |    |  |                  |                                                                                                  |               |  |      | 
|---------------------- |  | --- | -- |  | ---------------- | ------------------------------------------------------------------------------------------------ | ------------- |  | ---- | 
|                       |  |     |    |  |                  | Executive                                                                                        |              
|Name                   |  | Age |    |  | Current Position |                                                                                                  | Officer Since | 
|                       |  |     |    |  |                  |                                                                                                  |               | 
|Denis Kessler          |  |     | 53 |  |                  | Chairman and Chief Executive Officer                                                             |               |  | 2002 | 
|Patrick
    Thourot(1) |  |     | 57 |  |                  | Chief Operating Officer (Directeur
    Général Délégué)                                          |               |  | 2003 | 
|Yvan Besnard           |  |     | 51 |  |                  | Deputy Chief Operating Officer (Adjoint du Directeur
    Général Délégué) of SCOR
    Global P&C |               |  | 2004 | 
|Jean-Luc Besson        |  |     | 59 |  |                  | Chief Risk Officer                                                                               |               |  | 2003 | 
|Romain
    Durand(2)   |  |     | 48 |  |                  | Chief Executive Officer and Director of SCOR VIE                                                 |               |  | 1997 | 
|Marcel Kahn            |  |     | 49 |  |                  | Chief Financial Officer                                                                          |               |  | 2004 | 
|Henry Klecan Jr.       |  |     | 54 |  |                  | President and CEO of SCOR U.S. and SCOR Canada                                                   |               |  | 2003 | 
|Victor Peignet         |  |     | 48 |  |                  | Chief Operating Officer of SCOR Global P&C                                                       |               |  | 2004 | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Mr. Thourot was appointed by the Board of Directors on
    January 22, 2003 as Chief Operating Officer for the length
    of the term of the Chairman and Chief Executive Officer.                                                                                                                                                                                                                 
|   
|(2) | Romain Durand resigned as Chief Executive Officer and director
    of SCOR VIE on December 28, 2005. The Board of Directors of
    SCOR VIE confirmed his resignation on January 11, 2006.
    Upon a proposal of the Compensation and Nominations Committee,
    the Board of Directors of SCOR VIE unanimously appointed its
    Chairman, Denis Kessler, as Chief Executive Officer of SCOR VIE.





Denis Kessler




Patrick Thourot




Yvan Besnard




Jean-Luc Besson




84



---



##### Table of Contents



Romain Durand


Ecole des
Hautes Etudes Commerciales Institut
dEtudes Politiques de Paris


Marcel Kahn


Directeur General
Adjoint


Henry Klecan Jr.




Victor Peignet




|              |  |     |    |  |                  |                                      |               |                                                                                      
|------------- |  | --- | -- |  | ---------------- | ------------------------------------ | ------------- | -------------------------------------------------------------------------------------
|Name          |  | Age |    |  | Current position |                                      | Other offices
|              |  |     |    |  |                  |                                      |              
|Denis Kessler |  |     | 53 |  |                  | Chairman and Chief Executive Officer |               | See above under Item 6.A. Directors and Senior
    Management  Board of Directors.

85



---



##### Table of Contents



|                       |  |     |    |  |                  |                                                   |               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|---------------------- |  | --- | -- |  | ---------------- | ------------------------------------------------- | ------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name                   |  | Age |    |  | Current position |                                                   | Other offices
|                       |  |     |    |  |                  |                                                   |              
|Patrick
    Thourot(1) |  |     | 57 |  |                  | Chief Operating Officer                           |               | Chairman and Chief Executive Officer: EUROFINIMO; FINIMOFRANCE;
    FERGASCOR; SCOR AUBER.
    Director: MUTRE S.A.
    Permanent Representative of FERGASCOR on the Board of Directors
    of the Société Putéolienne de Participations
    Chairman: SCOR UK Group Limited; SCOR UK Company Limited; IRP
    Holdings Limited (Ireland); Irish Reinsurance Partners Ltd
    (Ireland); SCOR Reinsurance Asia-Pacific (Singapore); SCOR
    Deutschland (Germany); Commercial Risk Re-Insurance Company
    (U.S.); Commercial Risk Partners Ltd (Bermuda); Commercial Risk
    Reinsurance Company Ltd (Bermuda);
    Director: SCOR Reinsurance Company U.S.; SCOR
    U.S. Corporation; General Security National Insurance
    Company (U.S.); ASEFA (Spain).
|Yvan Besnard           |  |     | 51 |  |                  | Deputy Chief Operating Officer of SCOR Global P&C |               | Member of the Supervisory Board: FCPE Actions SCOR; FCPE Valeurs
    Mobilières Obligations. Director: Groupement de Services
    dAssurance et Réassurance; Euroscor/ Actiscor
    (Luxembourg); SCOR UK Group Ltd; SCOR UK Company Ltd; SCOR
    Europe Mid Cap (Luxembourg); SCOR Italia; SCOR Picking
    (Luxembourg). Permanent Representative of SCOR in: Assuratome
    (G.I.E.); Assurpol (G.I.E.); Tricast S.A. Member of the
    Supervisory Board and Deputy Chairman of SCOR Deutschland.                                                                                                                                                                                                                                                           
|Jean-Luc Besson        |  |     | 59 |  |                  | Chief Risk Officer                                |               | Director of the Institut des Actuaires.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|Romain
    Durand(2)   |  |     | 48 |  |                  | CEO of SCOR VIE                                   |               | Chairman: SOLAREH S.A.* Permanent Representative of SCOR VIE on
    the Supervisory Board of MUTRE*. Director: SGF*; Investors
    Insurance Corporation (U.S.)*; Investors Marketing Group
    (U.S.)*; SCOR Financial Services Limited (Ireland)*; SCOR Life
    U.S. Reinsurance Company (U.S.)*; SCOR Italia
    Riassicurazioni S.p.A. (Italy)*. Member of the Supervisory Board
    REMARK B.V. (Netherlands)*.* Romain
    Durand resigned from his positions within these companies on
    December 31, 2005.                                                                                                                                                                                                                                             

86



---



##### Table of Contents



|                  |  |     |    |  |                  |                                                |               |                                                                                                                                                                                                                                                                                                                                     
|----------------- |  | --- | -- |  | ---------------- | ---------------------------------------------- | ------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name              |  | Age |    |  | Current position |                                                | Other offices
|                  |  |     |    |  |                  |                                                |              
|Marcel Kahn       |  |     | 49 |  |                  | Group Chief Financial Officer                  |               | Member of the Supervisory Board: FCPE Actions SCOR; FCPE Valeurs
    Mobilières Obligations.
    Chairman: Euroscor/ Actiscor (Luxembourg); SCOR Europe Mid Cap
    (Luxembourg); SCOR Picking (Luxembourg).
    Permanent Representative of SCOR in SGF, SCOR Auber and in the
    Supervisory Board of Locindus SA.               
|Henry Klecan, Jr. |  |     | 54 |  |                  | President and CEO of SCOR U.S. and SCOR Canada |               | Chief Executive Officer of SCOR Reinsurance Company (U.S.); SCOR
    U.S. Corporation; General Security Indemnity Company of
    Arizona (U.S.); General Security National Insurance Company
    (U.S.); SCOR Canada Reinsurance Company; Cal Re Management, Inc
    (U.S.); SOREMA N.A. Holding Corporation.                       
|Victor Peignet    |  |     | 48 |  |                  | Chief Operating Officer of SCOR Global P&C     |               | Chairman of SCORLUX (Luxembourg; company in the process of
    liquidation). Director of SCOR UK Co. Ltd. (London); SCOR
    Channel Ltd. (Guernsey); Arisis Ltd. (Guernsey); General
    Security Indemnity Company of Arizona (U.S.); General Security
    National Insurance Company (U.S.); SCOR Reinsurance Company
    (U.S.).






|    |                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Mr. Thourot was appointed by the Board of Directors on
    January 22, 2003 as Chief Operating Officer for the length
    of the term of the Chairman and Chief Executive Officer.                                                                                                                                                                                                                 
|   
|(2) | Romain Durand resigned as Chief Executive Officer and director
    of SCOR VIE on December 28, 2005. The Board of Directors of
    SCOR VIE confirmed his resignation on January 11, 2006.
    Upon a proposal of the Compensation and Nominations Committee,
    the Board of Directors of SCOR VIE unanimously appointed its
    Chairman, Denis Kessler, as Chief Executive Officer of SCOR VIE.

B. COMPENSATION


Directors attendance fees








87



---



##### Table of Contents





|                                |  |      |        |  |      |  |        | 
|------------------------------- |  | ---- | ------ |  | ---- |  | ------ | 
|                                |  | 2005 |        |  | 2004 | 
|                                |  |      |        |  |      | 
|Mr. Denis
    Kessler(1)        |  |      | 0      |  |      |  | 0      | 
|Mr. Carlo
    Acutis(2)         |  |      | 18,825 |  |      |  | 20,100 | 
|Ms. Michèle
    Aronvald(3)     |  |      | 31,900 |  |      |  | 28,500 | 
|Mr. Antonio
    Borges(4)       |  |      | 30,300 |  |      |  | 27,750 | 
|Mr. Allan
    Chapin(5)         |  |      | 31,575 |  |      |  | 26,475 | 
|Mr. Georges Chodron de Courcel  |  |      | 35,300 |  |      |  | 31,900 | 
|Mr. Daniel Havis                |  |      | 31,900 |  |      |  | 28,500 | 
|Mr. Yvon
    Lamontagne(6)      |  |      | 23,925 |  |      |  | 21,375 | 
|Mr. Helman le Pas de Sécheval   |  |      | 37,000 |  |      |  | 35,300 | 
|Mr. Daniel Lebègue              |  |      | 43,800 |  |      |  | 43,800 | 
|Mr. André Lévy Lang             |  |      | 45,500 |  |      |  | 47,200 | 
|Mr. Herbert
    Schimetschek(7) |  |      | 18,825 |  |      |  | 17,550 | 
|Mr. Jean-Claude Seys            |  |      | 30,200 |  |      |  | 31,900 | 
|Mr. Jean Simonnet               |  |      | 30,200 |  |      |  | 26,800 | 
|Mr. Claude Tendil               |  |      | 31,900 |  |      |  | 30,200 | 
|Mr. Daniel Valot                |  |      | 33,600 |  |      |  | 28,500 | 






|    |                                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | In accordance with the decision taken by the Board of Directors
    on March 21, 2006, in the future the Chairman and Chief
    Executive Officer will receive directors attendance fees
    to the same extent as the other members of the Board of
    Directors of the Company and according to the same breakdown.
|   
|(2) | The amount allocated to Mr. Carlo Acutis was initially EUR
    25,100 which takes into account an initial tax of 25%, (i.e.
    EUR 6,275), pursuant to Articles 117 bis, 119 bis 2,
    and 187 of the French Tax Code.                                                                                               
|   
|(3) | Employee director.                                                                                                                                                                                                                                                                                                     
|   
|(4) | The amount allocated to Mr. Antonio Borgès was
    initially EUR 40,400 which takes into account an initial tax of
    25%, (i.e. EUR 10,100), pursuant to Articles 117 bis, 119
    bis 2, and 187 of the French Tax Code.                                                                                            
|   
|(5) | The amount allocated to Mr. Allan Chapin was initially EUR
    42,100 which takes into account an initial tax of 25%, (i.e. EUR
    10,525), pursuant to Articles 117 bis, 119 bis 2, and 187
    of the French Tax Code.                                                                                              
|   
|(6) | The amount allocated to Mr. Yvon Lamontagne was initially
    EUR 31,900 which takes into account an initial tax of 25% (i.e.
    EUR 7,975), pursuant to Articles 117 bis, 119 bis 2,
    and 187 of the French Tax Code.                                                                                             
|   
|(7) | The amount allocated to Mr. Herbert Schimetschek was
    initially EUR 25,100 which takes into account an initial tax of
    25%, (i.e. EUR 6,275), pursuant to Articles 117 bis,
    119 bis 2, and 187 of the French Tax Code.                                                                                       



SCOR U.S.:






SCOR Canada:






2005 Compensation for Members of the Executive Committee




88



---



##### Table of Contents







| |   |                                                                                                                                                                                                                                                                                                                                                                                             
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a fixed sum of EUR 500,000,                                                                                                                                                                                                                                                                                                                                                                 
|
| |  | a variable portion for a maximum amount of EUR 900,000,
    including a portion of 3 per thousand of the consolidated
    net result for SCOR, provided such result exceeds
    EUR 30,000,000, up to EUR 360,000, and an amount up to
    EUR 540,000 determined by the Board of Directors linked to
    the achievement of objectives decided for each year by the Board
    of Directors.





| |   |                                                                                                                                                                                                                                                                                                                                                                 
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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 linked to the achievement of objectives decided for
    each year by the Chairman and Chief Executive Officer.



|                    |  |               |         |          |                   |  |         |               |  |  |               |  |  |               |         |  |               |  |         |  |  |  |         | 
|------------------- |  | ------------- | ------- | -------- | ----------------- |  | ------- | ------------- |  |  | ------------- |  |  | ------------- | ------- |  | ------------- |  | ------- |  |  |  | ------- | 
|                    |  |               |         | Variable |                   |  |         |               |  |  |               |  | 
|                    |  | Fixed         |         |          | compensation      |  |         | Total         |  |  | Fixed         |  |  | Variable      |         |  | Total         | 
|                    |  | compensation  |         |          | paid and/or to be |  |         | compensation  |  |  | compensation  |  |  | compensation  |         |  | compensation  | 
|                    |  | paid for 2005 |         |          | paid for 2005     |  |         | paid for 2005 |  |  | paid for 2004 |  |  | paid for 2004 |         |  | paid for 2004 | 
|                    |  |               |         |          |                   |  |         |               |  |  |               |  |  |               |         |  |               | 
|                    |  | In euros      |         |          | In euros          |  |         | In euros      |  |  | In euros      |  |  | In euros      |         |  | In euros      | 
|Mr. Denis Kessler   |  |               | 500,000 |          |                   |  | 846,000 |               |  |  | 1,346,000     |  |  |               | 500,000 |  |               |  | 328,791 |  |  |  | 828,791 | 
|Mr. Patrick Thourot |  |               | 410,000 |          |                   |  | 289,450 |               |  |  | 699,450       |  |  |               | 410,000 |  |               |  | 164,477 |  |  |  | 574,477 | 



|                    |  |              |         |  |              |  |         |              |  |          |              |  |  |              |         |  |              |  |         |  |  |  |         | 
|------------------- |  | ------------ | ------- |  | ------------ |  | ------- | ------------ |  | -------- | ------------ |  |  | ------------ | ------- |  | ------------ |  | ------- |  |  |  | ------- | 
|                    |  |              |         |  |              |  |         |              |  | Variable |              |  | 
|                    |  | Fixed        |         |  | Variable     |  |         | Total        |  |          | Fixed        |  |  | compensation |         |  | Total        | 
|                    |  | compensation |         |  | compensation |  |         | compensation |  |          | compensation |  |  | variable     |         |  | compensation | 
|                    |  | paid in 2005 |         |  | paid in 2005 |  |         | paid in 2005 |  |          | paid in 2004 |  |  | paid in 2004 |         |  | paid in 2004 | 
|                    |  |              |         |  |              |  |         |              |  |          |              |  |  |              |         |  |              | 
|                    |  | In euros     |         |  | In euros     |  |         | In euros     |  |          | In euros     |  |  | In euros     |         |  | In euros     | 
|Mr. Denis Kessler   |  |              | 500,000 |  |              |  | 495,364 |              |  |          | 995,364      |  |  |              | 500,000 |  |              |  | 150,000 |  |  |  | 650,000 | 
|Mr. Patrick Thourot |  |              | 410,000 |  |              |  | 164,477 |              |  |          | 574,477      |  |  |              | 410,000 |  |              |  | 123,000 |  |  |  | 533,000 | 



89



---



##### Table of Contents





|                       |  |               |         |          |                   |  |         |          |  |  |               |  |  |               |         |  |               |  |         |               |  |  |               |  |  |  |        |  |  |  |         | 
|---------------------- |  | ------------- | ------- | -------- | ----------------- |  | ------- | -------- |  |  | ------------- |  |  | ------------- | ------- |  | ------------- |  | ------- | ------------- |  |  | ------------- |  |  |  | ------ |  |  |  | ------- | 
|                       |  |               |         | Variable |                   |  |         |          |  |  |               |  |  |               |         |  |              
|                       |  | Fixed         |         |          | compensation      |  |         | Profit   |  |  | Total         |  |  | Fixed         |         |  | Variable      |  |         | Profit        |  |  | Total         | 
|                       |  | compensation  |         |          | paid and/or to be |  |         | sharing  |  |  | compensation  |  |  | compensation  |         |  | compensation  |  |         | sharing       |  |  | compensation  | 
|                       |  | paid for 2005 |         |          | paid for 2005     |  |         | for 2005 |  |  | paid for 2005 |  |  | paid for 2004 |         |  | paid for 2004 |  |         | paid for 2004 |  |  | paid for 2004 | 
|                       |  |               |         |          |                   |  |         |          |  |  |               |  |  |               |         |  |               |  |         |               |  |  |               | 
|                       |  | In euros      |         |          | In euros          |  |         | In euros |  |  | In euros      |  |  | In euros      |         |  | In euros      |  |         | In euros      |  |  | In euros      | 
|Marcel Kahn            |  |               | 280,000 |          |                   |  | 138,390 |          |  |  | 25,130        |  |  |               | 443,520 |  |               |  | 195,152 |               |  |  | 142,240       |  |  |  | 11,342 |  |  |  | 348,734 | 
|Romain
    Durand(1)   |  |               | 280,000 |          |                   |  |        |          |  |  | 251           |  |  |               | 280,251 |  |               |  | 255,000 |               |  |  | 142,240       |  |  |  |       |  |  |  | 397,240 | 
|Jean-Luc Besson        |  |               | 280,000 |          |                   |  | 171,990 |          |  |  | 25,130        |  |  |               | 477,120 |  |               |  | 209,000 |               |  |  | 167,740       |  |  |  | 15,753 |  |  |  | 392,493 | 
|Victor Peignet         |  |               | 280,000 |          |                   |  | 160,790 |          |  |  | 25,130        |  |  |               | 465,920 |  |               |  | 203,000 |               |  |  | 159,676       |  |  |  | 15,753 |  |  |  | 378,429 | 
|Henry Klecan
    Jr(2) |  |               | 253,700 |          |                   |  | 111,112 |          |  |  |              |  |  |               | 364,812 |  |               |  | 226,743 |               |  |  | 126,850       |  |  |  |       |  |  |  | 353,593 | 
|Yvan Besnard           |  |               | 197,000 |          |                   |  | 97,798  |          |  |  | 25,130        |  |  |               | 319,928 |  |               |  | 157,000 |               |  |  | 90,226        |  |  |  | 12,397 |  |  |  | 259,623 | 



|                         |  |              |         |  |              |  |         |              |  |  |              |  |  |              |         |  |              |  |         |              |  |  |              |  |  |  |   |  |  |  |         | 
|------------------------ |  | ------------ | ------- |  | ------------ |  | ------- | ------------ |  |  | ------------ |  |  | ------------ | ------- |  | ------------ |  | ------- | ------------ |  |  | ------------ |  |  |  | - |  |  |  | ------- | 
|                         |  | Fixed        |         |  | Variable     |  |         | Profit       |  |  | Total        |  |  | Fixed        |         |  | Variable     |  |         | Profit       |  |  | Total        | 
|                         |  | compensation |         |  | compensation |  |         | sharing      |  |  | compensation |  |  | compensation |         |  | compensation |  |         | sharing      |  |  | compensation | 
|                         |  | paid in 2005 |         |  | paid in 2005 |  |         | paid in 2005 |  |  | paid in 2005 |  |  | paid in 2004 |         |  | paid in 2004 |  |         | paid in 2004 |  |  | paid in 2004 | 
|                         |  |              |         |  |              |  |         |              |  |  |              |  |  |              |         |  |              |  |         |              |  |  |              | 
|                         |  | In euros     |         |  | In euros     |  |         | In euros     |  |  | In euros     |  |  | In euros     |         |  | In euros     |  |         | In euros     |  |  | In euros     | 
|Marcel Kahn              |  |              | 280,000 |  |              |  | 142,240 |              |  |  | 11,342       |  |  |              | 433,582 |  |              |  | 195,152 |              |  |  |             |  |  |  |  |  |  |  | 195,152 | 
|Romain
    Durand(1)     |  |              | 280,000 |  |              |  | 148,774 |              |  |  |             |  |  |              | 428,774 |  |              |  | 255,000 |              |  |  | 79,635       |  |  |  |  |  |  |  | 334,635 | 
|Jean-Luc Besson          |  |              | 280,000 |  |              |  | 133,840 |              |  |  | 15,753       |  |  |              | 429,593 |  |              |  | 209,000 |              |  |  | 50,460       |  |  |  |  |  |  |  | 259,460 | 
|Victor Peignet           |  |              | 280,000 |  |              |  | 181,842 |              |  |  | 15,753       |  |  |              | 477,595 |  |              |  | 203,000 |              |  |  | 109,078      |  |  |  |  |  |  |  | 312,078 | 
|Henry
    Klecan, Jr.(2) |  |              | 253,700 |  |              |  | 126,850 |              |  |  |             |  |  |              | 380,550 |  |              |  | 226,743 |              |  |  | 25,481       |  |  |  |  |  |  |  | 252,224 | 
|Yvan Besnard             |  |              | 197,000 |  |              |  | 90,226  |              |  |  | 12,397       |  |  |              | 299,623 |  |              |  | 157,000 |              |  |  | 11,700       |  |  |  |  |  |  |  | 168,700 | 






|    |                                                                                                                                                                                                                                                                                                                                                             
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Romain Durand resigned from his functions as Chief Executive
    Officer and director of SCOR VIE on December 28, 2005.
    The Board of Directors of SCOR VIE accepted his resignation
    on January 11, 2006. Effective December 28, 2005,
    Romain Durand lost all his rights under the Companys stock
    option plans and stock compensation plans.
|   
|(2) | Exchange rate at December 31, 2005 of 1 USD =
    0.8456 EUR and 1 CAD = 0.7448 EUR.                                                                                                                                                                                                                                                                        







| |     |                                                                                                                                        
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------
| | (a) | a health insurance policy under the terms of a contract dated
    September 16, 1998;                                                  
|
| | (b) | an all causes death or permanent disability
    insurance underwritten for the senior management of the Company
    on June 30, 1993.



| |                                                                                                                                                                                                                                            
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The Company is currently re-negotiating this contract, and it
    should be noted that the Chairman and Chief Executive Officer
    and the Chief Operating Officer will benefit from any contract
    replacing the existing contract; and



|    |                                                                                                                                                                                                                                                                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(c) | an insurance for death or permanent disability caused by an
    accident, underwritten on January 1, 2006. The Company is
    currently re-negotiating this contract and it should be noted
    that the Chairman and Chief Executive Officer and the Chief
    Operating Officer will benefit from any contract replacing the
    existing contract.

90



---



##### Table of Contents





Compensation to the Chairman and Chief Executive Officer and
the Chief Operating Officer for the 2006 Financial Year


Compensation to the Chairman and Chief Executive
Officer






| |   |                                                                                                                        
| | - | -----------------------------------------------------------------------------------------------------------------------
| |  | will continue to receive a fixed annual gross amount of
    EUR 500,000, payable in twelve monthly payments; and       
|
| |  | will receive, as of the 2006 financial year, a variable annual
    gross amount capped at EUR 1,000,000, consisting of:



| |   |                                                                                                                                                                                                                                                                                                             
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | an annual variable gross amount capped at EUR 500,000,
    which will be determined in accordance with the achievement of
    personal objectives, defined at the beginning of each financial
    year by the Board of Directors following a proposal by the
    Compensation and Nominations Committee; and



| |   |                                                                                                                                                                                                                                                                                                          
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | an annual variable gross amount capped at EUR 500,000,
    which will be determined in accordance with the achievement of
    financial objectives, defined at the beginning of each financial
    year by the Board of Directors following a proposal of the
    Compensation and Nominations Committee.







| |   |                                                                                                                                                                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | personal criteria: completion of strategic transactions, return
    to an A- rating (A.M.Best) and maintenance of the A- rating
    (S&P), restructuring of the SCOR Group around the three
    companies currently being created, general management of the
    firm; and                    
|
| |  | financial criteria: level of Return on Equity (ROE) achieved by
    SCOR, provided that the amount of the variable compensation will
    be progressive and proportional to the amount of ROE between 0%
    and 10%, an ROE exceeding or equal to 10% awards the
    maximum variable amount.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the entire variable amount of his compensation for the
    N-1 financial year will be payable during the
    N financial year when the Company financial
    statements for the financial year N-1 are approved
    by the shareholders meeting;                                                                                                                                                                             
|
| |  | furthermore, in the event of dismissal, the variable amount of
    his compensation for the N financial year will be
    (i) determined based on the variable amount for the
    N-1 financial year and in proportion to his
    departure date during the N financial year in
    course, and (ii) paid when the Company financial statements
    for the N-1 financial year are approved by the
    shareholders meeting.





91



---



##### Table of Contents







Compensation to the Chief Operating Officer






| |   |                                                                                                                      
| | - | ---------------------------------------------------------------------------------------------------------------------
| |  | will continue to receive a fixed annual gross amount of
    EUR 410,000, payable in twelve monthly payments; and     
|
| |  | will receive, as of the 2006 financial year, a variable annual
    gross amount capped at EUR 410,000, consisting of:



| |   |                                                                                                                                                                                                                                                                                                             
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | an annual variable gross amount capped at EUR 205,000,
    which will be determined in accordance with the achievement of
    personal objectives, defined at the beginning of each financial
    year by the Board of Directors following a proposal by the
    Compensation and Nominations Committee; and
|
| |  | an annual variable gross amount capped at EUR 205,000,
    which will be determined in accordance with the achievement of
    financial objectives, defined at the beginning of each financial
    year by the Board of Directors following a proposal of the
    Compensation and Nominations Committee.   







| |   |                                                                                                                                                                                                                                                                                                             
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | personal criteria: completion of strategic transactions, return
    to an A- rating (A.M. Best) and maintenance of the A- rating
    (S&P), restructuring of the SCOR Group around the three
    companies currently being created, contribution to the general
    management of the firm; and             
|
| |  | financial criteria: level of Return on Equity (ROE) achieved by
    SCOR, provided that the amount of the variable compensation will
    be progressive and proportional to the figure achieved by this
    ROE between 0% and 10%, an ROE exceeding or equal to
    10% awards the maximum variable amount.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the entire variable amount of his compensation for the
    N-1 financial year will be payable during the
    N financial year when the Company financial
    statements for the financial year N-1 are approved
    by the shareholders meeting;                                                                                                                                                                             
|
| |  | furthermore, in the event of dismissal, the variable amount of
    his compensation for the N financial year will be
    (i) determined based on the variable amount for the
    N-1 financial year and in proportion to his
    departure date during the N financial year in
    course, and (ii) paid when the Company financial statements
    for the N-1 financial year are approved by the
    shareholders meeting.





92



---



##### Table of Contents





C. BOARD PRACTICES






| |   |                                                                                                                                                                                                                                                                                                                                                                                    
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | A majority of independent directors, pursuant to criteria
    adopted by the Board of Directors based on those set forth in
    the 2003 AFEP-MEDEF
    Report in France. 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.;
|
| |  | 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;                                                                                                                                                                                                       
|
| |  | An improved flow of information with the Board of Directors of
    the Companys subsidiaries;                                                                                                                                                                                                                                                                                     
|
| |  | A reorganization of the Board of Directors committees; and                                                                                                                                                                                                                                                                                                                        
|
| |  | An in-depth evaluation, every three years, of the functioning of
    the Board of Directors and an update in each intervening year.                                                                                                                                                                                                                                                

Lévy-Lang Lévy-Lang




Mission of the Board of Directors




Meetings of the Board of Directors




Meetings held by videoconference or
telecommunication


règlement
intérieur


93



---



##### Table of Contents





Independence of Directors






| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | receive a salary or hold an executive position within SCOR and
    must not have done so during the previous five years;                                                                                                                                                                                                                                                                                                          
|
| |  | have received from SCOR compensation greater than
    EUR 100,000 during the five previous years, except for
    directors fees,                                                                                                                                                                                                                                                                                                 
|
| |  | be an officer in a company in which SCOR directly or indirectly
    is a director or in which an employee has been designated as
    such or in which an officer of SCOR (currently or within the
    last five years) is a director;                                                                                                                                                                                             
|
| |  | be a significant client, supplier, investment banker, commercial
    banker of the Company or of the Group or for which the Company
    or the Group represents a significant share of the business. A
    significant share is a contribution to the business equal to the
    lesser of the following two amounts: more than 2% of the
    Companys consolidated premium income, or an amount greater
    than EUR 100 million,
|
| |  | have a close family relationship with an officer of the Company;                                                                                                                                                                                                                                                                                                                                                                  
|
| |  | have been an auditor of the company during the previous five
    years;                                                                                                                                                                                                                                                                                                                                                           
|
| |  | have been a Director of SCOR for more than twelve years,                                                                                                                                                                                                                                                                                                                                                                          
|
| |  | represent a shareholder of the Company owning more than 5% of
    the share capital or voting rights.                                                                                                                                                                                                                                                                                                                             

Rights and obligations of Directors




Loyalty and conflict of interest


226-38


Accumulation of directorships




94



---



##### Table of Contents



Limitations and restrictions on trading SCOR
securities










| |   |                                                                                                                                                                                                                                                                                                                                      
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | first, it is forbidden to trade in SCOR securities while in
    possession of information which, when made public, is likely to
    have an impact on the share price. This restriction remains in
    effect two days after this information has been made public by a
    press release;                                           
|
| |  | in addition, it is forbidden to directly or indirectly conduct
    any transaction with regard to the Companys securities
    during certain sensitive periods as notified to the Directors by
    the Company or during any period preceding an important event
    affecting the Company and likely to influence its market price.



Board Committees






| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Strategic Committee is 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).
    Pursuant to the internal regulations, this Committee is
    comprised of six to ten members appointed by the Board of
    Directors and chosen among the Directors and
    Non-voting Directors.
    The duration of their term corresponds to the their term as
    Director or Non-voting
    Director.






|    |                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Independent director.                                                                                                                      
|   
|(2) | Appointed as member of the Strategic Committee on
    November 3, 2004 in replacement of Jean Baligand who
    resigned on August 18, 2004.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Its mission is to scrutinize the Groups development
    strategies and to make recommendations on major Group
    acquisition and disposal plans in excess of
    EUR 100 million.                                                                                                                                                                                                                                                                         
|
| | The Chairman of the Committee may call any individual to attend
    who is likely to shed relevant light on the clear understanding
    of a given point, this persons presence and the
    information shall be limited to an agenda item concerning him.
    The Chairman of the Committee must exclude the non-independent
    members of the Committee from its deliberations on matters
    likely to pose an ethical problem or conflict of interest.
|
| | The Strategic Committee convened twice in 2005.                                                                                                                                                                                                                                                                                                                                                                                                             



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Accounts and Audit Committee is comprised of Daniel
    Lebègue(1),
    Chairman; André
    Lévy-Lang(1);
    Antonio
    Borges(1)
    and Helman le Pas de
    Sécheval(2).
    Pursuant to the bylaws, this Committee is comprised of three to
    five members appointed by the Board of Directors and chosen
    among the Directors and non-voting Directors. The duration of
    their term corresponds to their term as Director or non-voting
    Director.






|    |                      
|--- | ---------------------
|(1) | Independent Director.

|    |                                                                                       
|--- | --------------------------------------------------------------------------------------
|(2) | Mr. le Pas de Sécheval is a non-voting member of the
    Accounts and Audit Committee.

95



---



##### Table of Contents





| |                                                                                                                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 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.
|
| | The Accounts and Audit Committee met six times in 2005 and
    discussed the following matters:                                                                                                                                              



| |   |                                                                                                        
| | - | -------------------------------------------------------------------------------------------------------
| |  | the disengagement from IRP,                                                                            
|
| |  | update and principal issues relative to IFRS standards;                                                
|
| |  | Sarbanes-Oxley developments and compliance requirements;                                               
|
| |  | 2005 budget of the external auditors and pre-approval of the
    missions of the external auditors;    
|
| |  | verification of the French GAAP Company and consolidated
    financial statements at December 31, 2004;
|
| |  | approval of the U.S. GAAP accounts at December 31,
    2004 and at September 30, 2004;                 
|
| |  | the Groups 2005 budget;                                                                               
|
| |  | agreement for the SCOR  SCOR VIE pooling of resources;                                                
|
| |  | financial consequences of the exit of minority shareholders from
    IRP;                              
|
| |  | the organization of the management of SCORs assets;                                                   
|
| |  | IFRS financial statements at March 31, 2005;                                                           
|
| |  | consolidated results of the first quarter of 2005;                                                     
|
| |  | 2005 Audit Plan;                                                                                       
|
| |  | Auditors Report;                                                                                      
|
| |  | consolidated results at September 30, 2005;                                                            
|
| |  | the Groups exposure to and protection from natural
    catastrophes in 2005 and forecast for 2006; and
|
| |  | Certification of the CRP accounts in 2004.                                                             



| |                                                                                                           
| | ----------------------------------------------------------------------------------------------------------
| | The Accounts and Audit Committee has established standing rules
    that emphasize two essential missions:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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 Chairman of the Committee may call any individual to attend
    an Accounts and Audit Committee meeting who is likely to assist
    in achieving a clear understanding of a given point. This
    persons presence and the information shall be limited to
    an agenda item concerning him. The Chairman of the Committee
    must exclude the non-independent members of the Committee from
    its discussions to examine points likely to pose an ethical
    problem or conflict of interest.
|
| | The Sarbanes-Oxley Act of 2002 requires, among other things,
    that the audit committees of listed companies in the United
    States, such as SCOR, be entirely composed of independent board
    members (as                                                                                                                                                                                                                                                                                        

96



---



##### Table of Contents



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | such notion is defined in the Sarbanes-Oxley Act of 2002),
    subject to certain exemptions, and that they be exclusively
    responsible for supervising the selection of external auditors.
    The internal rules of SCORs Accounts and Audit Committee
    provide that all members of the Accounts and Audit Committee
    will be chosen among the independent Directors, subject to
    exceptions provided by applicable regulations. See
    Item 16D  Exemptions from the Listing
    Standards For Audit Committees.
|
| | The rules of the Accounts and Audit Committee were approved by
    the Accounts and Audit Committee on March 18, 2005.                                                                                                                                                                                                                                                                                                                                                                                                              



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Compensation and Nominations Committee is comprised
    of Allan
    Chapin(1),
    Chairman; André
    Lévy-Lang(1)
    and Georges Chodron de
    Courcel(2).
    Pursuant to internal rules, it is composed of three to five
    members appointed by the Board of Directors and non-voting
    Directors. The majority of the members must be chosen among the
    independent Directors. The duration of their term corresponds to
    their term as Director or non-voting Director.



| |                                                                                                                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Its missions are to make recommendations on the compensation of
    Group Directors, officers and of senior executives, on pension
    plans and stock options, and to make proposals regarding the
    membership and organization of the Board of Directors and its
    committees.
|
| | The Compensation and Nominations Committee met four times in
    2005 and has made recommendations on the implementation of a
    stock award plan, a stock option plan and on the bonus to be
    allocated to the senior executives of SCOR.                                       



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



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Its mission is to identify the major risks to which the Group is
    exposed on both the assets and liabilities sides, and to ensure
    that means are in place to monitor and manage these risks. It
    scrutinizes the main technical and financial risks to which the
    Group is exposed. The Risks Committee did not meet in 2004
    because all of the matters it would have acted upon were acted
    upon by the full board or the Audit and Accounts Committee. As a
    result, on March 23, 2005, the Board decided to dissolve
    the Risks Committee going forward, and to transfer its tasks to
    other relevant Group Committees. On May 16, 2006 the Board
    of Directors decided to re-instate the Risks Committee following
    its dissolution on March 23, 2005 with the same mission as
    it previously had.

Statement of Significant Differences Between Corporate
Governance Practices Followed by SCOR and the NYSEs
Corporate Governance Standards Pursuant to Article 303A-11
of the New York Stock Exchange Listed Company Manual


Overview




Principal sources


Code de commerce Code
monétaire et financier Loi de
sécurité financière Loi pour la
confiance et la modernisation de léconomie





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

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

97



---



##### Table of Contents



Haut Conseil du Commissariat aux Compte




Composition of the Board of Directors;
Independence.










Board Committees


Overview.






98



---



##### Table of Contents



Audit committee.










| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Accounting: review of periodic financial reports, review of the
    appropriateness of choices and proper application of accounting
    methods, review of the accounting treatment of all significant
    transactions, review of the consolidation scope, review of
    off-balance sheet liabilities, management of the selection and
    remuneration of the statutory auditors, control of all
    accounting and financial disclosure documents prior to their
    release to the public; and
|
| |  | Ethical and internal controls: ensure that internal procedures
    for the gathering and verification of data ensure the quality
    and reliability of SCORs financial statements, review
    related-party transactions, analyze and reply to employees
    questions with respect to internal control, preparation of the
    financial statements, and the treatment of accounting entries.                                                                                                  



Corporate governance guidelines






99



---



##### Table of Contents



Loi de
sécurité financière inter alia


Code of Business Conduct and Ethics














D. EMPLOYEES








100



---



##### Table of Contents



(1)


|                                       |  |                    |       |  |      |  |       |      |  |  |     | 
|-------------------------------------- |  | ------------------ | ----- |  | ---- |  | ----- | ---- |  |  | --- | 
|                                       |  | As of December 31, |      
|                                       |  |                    |      
|                                       |  | 2003               |       |  | 2004 |  |       | 2005 | 
|                                       |  |                    |       |  |      |  |       |      | 
|Number of employees                    |  |                    | 1,187 |  |      |  | 1,052 |      |  |  | 994 | 
|Breakdown by geographic location       |  |                    |       |  |      |  |       |      |  |  |     | 
|France                                 |  |                    | 639   |  |      |  | 587   |      |  |  | 565 | 
|Asia-Pacific region                    |  |                    | 70    |  |      |  | 63    |      |  |  | 62  | 
|Other European countries               |  |                    | 167   |  |      |  | 150   |      |  |  | 141 | 
|North America                          |  |                    | 293   |  |      |  | 233   |      |  |  | 208 | 
|Other regions                          |  |                    | 18    |  |      |  | 19    |      |  |  | 18  | 
|                                       |  |                    |       |  |      |  |       |      | 
|                                       |  |                    | 1,187 |  |      |  | 1,052 |      |  |  | 994 | 
|Breakdown by main category of activity |  |                    |       |  |      |  |       |      |  |  |     | 
|Global Property and Casualty           |  |                    | 553   |  |      |  | 455   |      |  |  | 416 | 
|Life reinsurance                       |  |                    | 238   |  |      |  | 224   |      |  |  | 215 | 
|Staff and financial sectors            |  |                    | 396   |  |      |  | 373   |      |  |  | 363 | 
|                                       |  |                    |       |  |      |  |       |      | 
|                                       |  |                    | 1,187 |  |      |  | 1,052 |      |  |  | 994 | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The calculation of the total workforce is based on the
    registered workforce as of December 31, 2005 with
    expatriates being counted in their country of expatriation. The
    figures published last year, 1,038 in 2004 and 1,162 in 2003,
    were based on the workforce present on December 31 of each
    financial year, with expatriates being counted in their country
    of origin.

E. SHARE OWNERSHIP


Shares Held by Directors and Executive Officers




|                               |  |  |         | 
|------------------------------ |  |  | ------- | 
|Directors                      |  |  |         | 
|Mr. Carlo Acutis               |  |  | 60,000  | 
|Ms. Michèle Aronvald           |  |  | 948     | 
|Mr. Antonio Borges             |  |  | 1       | 
|Mr. Allan Chapin               |  |  | 1,000   | 
|Mr. Daniel Havis               |  |  | 7,602   | 
|Mr. Denis Kessler              |  |  | 319,920 | 
|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           |  |  | 21,050  | 
|Mr. Jean Simonnet              |  |  | 2,736   | 
|Mr. Claude Tendil              |  |  | 1,506   | 
|Mr. Daniel Valot               |  |  | 100     | 
|                               |  |  |        
|Non-Voting Directors           |  |  |         | 
|Mr. Georges Chodron de Courcel |  |  | 17,836  | 
|                               |  |  |        
|Chief Operating Officer        |  |  |         | 
|Mr. Patrick Thourot            |  |  | 91,530  | 
|                               |  |  |        
|Total                          |  |  | 679,295 | 
|                               |  |  |        

101



---



##### Table of Contents



Stock Option Plans








|                                                                 |       |               |            |  |              |             |  |                                                                     |           |       |                |           |        |            |             |         |               |          |            |         |  |  |           |  |  |  |           | 
|---------------------------------------------------------------- | ----- | ------------- | ---------- |  | ------------ | ----------- |  | ------------------------------------------------------------------- | --------- | ----- | -------------- | --------- | ------ | ---------- | ----------- | ------- | ------------- | -------- | ---------- | ------- |  |  | --------- |  |  |  | --------- | 
|                                                                 |       |               |            |  |              |             |  |                                                                     |           |       |                |           |        | Number     |            
|                                                                 |       |               |            |  |              |             |  |                                                                     |           |       |                |           |        | granted to |            
|                                                                 |       |               |            |  |              |             |  |                                                                     |           | Total |                |           | Number |            |             | top ten |              
|                                                                 |       | 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       |             |  | Expired                                                             |           |       | Expired        |           |        |            | 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  |               |            |  |              |             |  |                                                                     |           |       |                |           |        |            |             |         |               |          | 11,088,489 |         |  |  | 2,229,143 |  |  |  | 1,519,870 | 
|                                                                 | 2003  |               |            |  | February 28  |             |  | February 28, 2007                                                   |           |       | Feb. 27, 2013  |           |        |            | 65          |         |               |          | 1,435,688  |         |  |  | 655,233   |  |  |  | 247,532   | 
|                                                                 | 2003  | (1)           |            |  | June 3       |             |  | June 3, 2007                                                        |           |       | June 2, 2013   |           |        |            | 1,161       |         |               |          | 2,266,927  |         |  |  | 420,441   |  |  |  | 177,787   | 
|                                                                 | 2003  |               |            |  |              |             |  | Condition of benefit not achieved (cancelled)                       |           |       |                |           |        |            |             |         |               |          | 2,266,929  |         |  |  | 420,441   |  |  |  | 177,787   | 
|Readjusted total after the capital increase, at
    December 31, |       |               |            |  |              |             |  |                                                                     |           |       |                |          
|                                                                 | 2003  |               |            |  |              |             |  |                                                                     |           |       |                |           |        |            |             |         |               |          | 17,058,033 |         |  |  | 3,725,258 |  |  |  | 2,122,976 | 
|                                                                 |       |               |            |  |              |             |  |                                                                     |           |       |                |           |        |            |             |         |               |          |            |         | 
|Readjusted total after the capital increase, at
    January 7,   |       |               |            |  |              |             |  |                                                                     |           |       |                |          
|                                                                 | 2004  |               |            |  |              |             |  |                                                                     |           |       |                |           |        |            |             |         |               |          |            |         |  |  |           |  |  |  |           | 
|                                                                 | 2004  |               |            |  | August 25    |             |  | August 26, 2008                                                     |           |       | Aug. 25, 2014  |           |        |            | 171         |         |               |          | 5,990,000  |         |  |  | 1,335,000 |  |  |  | 920,000   | 
|                                                                 | 2005  |               |            |  | August 31    |             |  | September 16, 2009                                                  |           |       | Sept. 16, 2015 |           |        |            | 219         |         |               |          | 7,260,000  |         |  |  | 1,650,000 |  |  |  | 1,420,000 | 
|                                                                 |       |               |            |  |              |             |  |                                                                     |           |       |                |           |        |            |             |         |               |          |            |         | 
|                                                                 |       |               |            |  |              |             |  | TOTAL at December 31, 2005                                          |           |       |                |           |        |            | 30,308,033  |         |               |          | 6,710,258  |         |  |  | 4,462,976 | 
|                                                                 |       |               |            |  |              |             |  |                                                                     |           |       |                |           |        |            |             |         |               |          |            |         | 






|    |                                                                                                                                                                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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. Since these conditions were unrealized,
    the options were cancelled.



i.e.


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

102



---



##### Table of Contents



i.e.


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





|                            |       |                       |          |  |                     |                 |  |                   |            |  |                |      |           |            |      |  |            |  |  |  |           | 
|--------------------------- | ----- | --------------------- | -------- |  | ------------------- | --------------- |  | ----------------- | ---------- |  | -------------- | ---- | --------- | ---------- | ---- |  | ---------- |  |  |  | --------- | 
|Status at December 31, 2005 |      
|                            |      
|                            |       | 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 |  |                   | 2005       |  |                | 2005 |           |            | 2005 | 
|                            |       |                       |          |  |                     |                 |  |                   |            |  |                |      |           |            |      | 
|                            | 1995  |                       |          |  | 6.59                |                 |  |                   | 192,782    |  |                |      | 192,782   |            |      |  |           |  |  |  |          | 
|                            | 1996  |                       |          |  | 11.70               |                 |  |                   | 703,785    |  |                |      | 42,096    |            |      |  | 661,689    |  |  |  |          | 
|                            | 1997  |                       |          |  | 15.03               |                 |  |                   | 865,443    |  |                |      | 59,429    |            |      |  | 806,014    |  |  |  |          | 
|                            | 1998  |                       |          |  | 22.72               |                 |  |                   | 937,260    |  |                |      | 76,764    |            |      |  | 860,496    |  |  |  |          | 
|                            | 1999  |                       |          |  | 18.58               |                 |  |                   | 903,835    |  |                |      | 86,667    |            |      |  | 817,168    |  |  |  |          | 
|                            | 2000  |                       |          |  | 19.39               |                 |  |                   | 187,248    |  |                |      | 25,647    |            |      |  | 161,601    |  |  |  |          | 
|                            | 2000  |                       |          |  | 18.17               |                 |  |                   | 761,469    |  |                |      | 86,420    |            |      |  | 675,049    |  |  |  |          | 
|                            | 2001  |                       |          |  | 19.39               |                 |  |                   | 1,137,848  |  |                |      | 137,430   |            |      |  | 1,000,418  |  |  |  |          | 
|                            | 2001  |                       |          |  | 13.73               |                 |  |                   | 445,312    |  |                |      | 60,137    |            |      |  | 385,175    |  |  |  |          | 
|                            | 2003  |                       |          |  | 2.86                |                 |  |                   | 1,275,553  |  |                |      | 104,840   |            |      |  | 1,170,713  |  |  |  |          | 
|                            | 2003  |                       |          |  | 3.94                |                 |  |                   | 3,655,163  |  |                |      | 2,026,386 |            |      |  | 1,628,777  |  |  |  |          | 
|                            | 2004  |                       |          |  | 1.14                |                 |  |                   | 5,990,000  |  |                |      | 450,000   |            |      |  | 5,540,000  |  |  |  |          | 
|                            | 2005  | (1)                   |          |  | 1.66                |                 |  |                   |           |  |                |      | 255,000   |            |      |  | 7,005,000  |  |  |  | 7,260,000 | 
|                            |       |                       |          |  |                     |                 |  |                   |            |  |                |      |           |            |      | 
|                            | Total |                       |          |  |                     |                 |  |                   | 17,055,698 |  |                |      | 3,603,598 |            |      |  | 20,712,100 |  |  |  | 7,260,000 | 
|                            |       |                       |          |  |                     |                 |  |                   |            |  |                |      |           |            |      | 






|    |                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------
|(1) | out of the 7,260,000 options granted in 2005, 255,000 were
    cancelled due to the departure of certain beneficiaries.









103



---



##### Table of Contents





|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 |  |           |  |  |                                                                                                                 |                                   | 
|---------------------- |  | --------- | ---- |  | ------------ |  | --------- | ---------- |  | --------- | -------------- |  | ----------- | ------------ | ----- |  | --------------- |  | --------- |  |  | --------------------------------------------------------------------------------------------------------------- | --------------------------------- | 
|                       |  |           |      |  |              |  |           |            |  | Potential |                |  |            
|                       |  | Options   |      |  | Options to   |  |           |            |  | Price     |                |  | transaction |              |       | 
|                       |  | exercised |      |  | be exercised |  |           | Plan dates |  |           | (EUR)          |  |             | volume (EUR) |       |  | Exercise period | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|Denis
    Kessler(1)   |  |           | None |  |              |  | 364,019   |            |  |           | Feb. 28, 2003  |  |             |              | 2.86  |  |                 |  | 1,041,094 |  |  |                                                                                                                 | Feb. 28, 2007 to Feb. 28, 2013    | 
|                       |  |           | None |  |              |  | 160,169   |            |  |           | June 03, 2003  |  |             |              | 3.94  |  |                 |  | 631,065   |  |  |                                                                                                                 | June 03, 2007 to June 03, 2013    | 
|                       |  |           | None |  |              |  | 375,000   |            |  |           | Aug. 25, 2004  |  |             |              | 1.14  |  |                 |  | 427,500   |  |  |                                                                                                                 | Aug. 26, 2008 to Aug. 25, 2014    | 
|                       |  |           | None |  |              |  | 450,000   |            |  |           | Sept. 16, 2005 |  |             |              | 1.66  |  |                 |  | 747,000   |  |  |                                                                                                                 | Sept. 16, 2009 to Sept. 15, 2015  | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|TOTAL                  |  |           |      |  |              |  | 1,349,188 |            |  |           |                |  |             |              |       |  |                 |  |           |  |  |                                                                                                                 |                                   | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|Patrick
    Thourot(1) |  |           | None |  |              |  | 72,804    |            |  |           | Feb. 28, 2003  |  |             |              | 2.86  |  |                 |  | 208,219   |  |  |                                                                                                                 | Feb. 28, 2007 to Feb. 28, 2013    | 
|                       |  |           | None |  |              |  | 60,064    |            |  |           | June 03, 2003  |  |             |              | 3.94  |  |                 |  | 236,652   |  |  |                                                                                                                 | June 03, 2007 to June 03, 2013    | 
|                       |  |           | None |  |              |  | 180,000   |            |  |           | Aug. 25, 2004  |  |             |              | 1.14  |  |                 |  | 205,200   |  |  |                                                                                                                 | Aug. 26 2008 to Aug. 25, 2014     | 
|                       |  |           | None |  |              |  | 200,000   |            |  |           | Sept. 16, 2005 |  |             |              | 1.66  |  |                 |  | 332,000   |  |  |                                                                                                                 | Sept. 16, 2009 to Sept. 15, 2015  | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|TOTAL                  |  |           |      |  |              |  | 512,868   |            |  |           |                |  |             |              |       |  |                 |  |           |  |  |                                                                                                                 |                                   | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|Romain
    Durand(2)   |  |           | None |  |              |  | 19,809    |            |  |           | Sept. 04, 1997 |  |             |              | 15.03 |  |                 |  | 297,729   |  |  |                                                                                                                 | Sept. 04, 2002, to Sept. 03, 2007 | 
|                       |  |           | None |  |              |  | 29,713    |            |  |           | Sept. 03, 1998 |  |             |              | 22.72 |  |                 |  | 675,079   |  |  |                                                                                                                 | Sept. 04, 2003 to Sept. 03, 2008  | 
|                       |  |           | None |  |              |  | 32,188    |            |  |           | Sept. 02, 1999 |  |             |              | 18.58 |  |                 |  | 598,053   |  |  |                                                                                                                 | Sept. 03, 2004 to 02 Sep. 2009    | 
|                       |  |           | None |  |              |  | 249       |            |  |           | May 04, 2000   |  |             |              | 19.39 |  |                 |  | 4,828     |  |  |                                                                                                                 | May 05, 2004 to May 03, 2010      | 
|                       |  |           | None |  |              |  | 37,141    |            |  |           | Aug. 31, 2000  |  |             |              | 18.17 |  |                 |  | 674,852   |  |  |                                                                                                                 | Sept. 01, 2005 to Aug. 30, 2010   | 
|                       |  |           | None |  |              |  | 49,520    |            |  |           | Sept. 04, 2001 |  |             |              | 19.39 |  |                 |  | 960,193   |  |  |                                                                                                                 | Sept. 04, 2005 to Sept. 03, 2011  | 
|                       |  |           | None |  |              |  | 497       |            |  |           | Oct. 03, 2001  |  |             |              | 13.73 |  |                 |  | 6,824     |  |  |                                                                                                                 | Oct. 04, 2005 to Oct. 02, 2011    | 
|                       |  |           | None |  |              |  | 43,683    |            |  |           | Feb. 28, 2003  |  |             |              | 2.86  |  |                 |  | 124,933   |  |  |                                                                                                                 | Feb. 28, 2007 to Feb. 25, 2013    | 
|                       |  |           | None |  |              |  | 40,043    |            |  |           | June 03, 2003  |  |             |              | 3.94  |  |                 |  | 157,770   |  |  |                                                                                                                 | June 03, 2007 to June 03, 2013    | 
|                       |  |           | None |  |              |  | 180,000   |            |  |           | Aug. 25, 2004  |  |             |              | 1.14  |  |                 |  | 205,200   |  |  |                                                                                                                 | Aug. 26, 2008 to Aug. 25, 2014    | 
|                       |  |           | None |  |              |  | 200,000   |            |  |           | Sept. 16, 2005 |  |             |              | 1.66  |  |                 |  | 332,000   |  |  |                                                                                                                 | Sept. 16, 2009 to Sept. 15, 2015  | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|TOTAL                  |  |           |      |  |              |  | 632,843   |            |  |           |                |  |             |              |       |  |                 |  |           |  |  |                                                                                                                 |                                   | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|Jean-Luc Besson        |  |           | None |  |              |  | 43,683    |            |  |           | Feb. 28, 2003  |  |             |              | 2.86  |  |                 |  | 124,933   |  |  |                                                                                                                 | Feb. 28, 2007 to Feb. 28, 2013    | 
|                       |  |           | None |  |              |  | 40,043    |            |  |           | June 03, 2003  |  |             |              | 3.94  |  |                 |  | 157,770   |  |  |                                                                                                                 | June 03, 2007 to June 03, 2013    | 
|                       |  |           | None |  |              |  | 120,000   |            |  |           | Aug. 25, 2004  |  |             |              | 1.14  |  |                 |  | 136,800   |  |  |                                                                                                                 | Aug. 26, 2008 to Aug. 25, 2014    | 
|                       |  |           | None |  |              |  | 180,000   |            |  |           | Sept. 16, 2005 |  |             |              | 1.66  |  |                 |  | 298,800   |  |  |                                                                                                                 | Sept. 16, 2009 to Sept. 15, 2015  | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|TOTAL                  |  |           |      |  |              |  | 383,726   |            |  |           |                |  |             |              |       |  |                 |  |           |  |  |                                                                                                                 |                                   | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|Marcel Kahn            |  |           | None |  |              |  | 120,000   |            |  |           | Aug. 25, 2004  |  |             |              | 1.14  |  |                 |  | 136,800   |  |  |                                                                                                                 | Aug. 26, 2008 to Aug. 25, 2014    | 
|                       |  |           | None |  |              |  | 150,000   |            |  |           | Sept. 16, 2005 |  |             |              | 1.66  |  |                 |  | 249,000   |  |  |                                                                                                                 | Sept. 16, 2009 to Sept. 15, 2015  | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|TOTAL                  |  |           |      |  |              |  | 270,000   |            |  |           |                |  |             |              |       |  |                 |  |           |  |  |                                                                                                                 |                                   | 
|                       |  |           |      |  |              |  |           |            |  |           |                |  |             |              |       |  |                 | 
|Victor Peignet         |  |           | None |  |              |  | 9,905     |            |  |           | Sept. 05, 1996 |  |             |              | 11.7  |  |                 |  | 115,889   |  |  | Sept. 05, 1997 to Sept. 04, 2006(30%)Sept. 05, 1998 to Sept. 04, 2006(30%)Sept. 05, 1999 to Sept. 04, 2006(40%)
|                       |  |           | None |  |              |  | 12,381    |            |  |           | Sept. 04, 1997 |  |             |              | 15.03 |  |                 |  | 186,086   |  |  |                                                                                                                 | Sept. 04, 2002 to Sept. 03, 2007  | 
|                       |  |           | None |  |              |  | 9,905     |            |  |           | Sept. 03, 1998 |  |             |              | 22.72 |  |                 |  | 225,042   |  |  |                                                                                                                 | Sept. 04, 2003 to Sept. 03, 2008  | 
|                       |  |           | None |  |              |  | 12,381    |            |  |           | Sept. 02, 1999 |  |             |              | 18.58 |  |                 |  | 230,039   |  |  |                                                                                                                 | Sept. 03, 2004 to Sept. 02, 2009  | 
|                       |  |           | None |  |              |  | 249       |            |  |           | May 04, 2000   |  |             |              | 19.39 |  |                 |  | 4,828     |  |  |                                                                                                                 | May 05, 2004 to May 03, 2010      | 
|                       |  |           | None |  |              |  | 14,857    |            |  |           | Aug. 31, 2000  |  |             |              | 18.17 |  |                 |  | 269,952   |  |  |                                                                                                                 | Sept. 01, 2005 to Aug. 30, 2010   | 

104



---



##### Table of Contents



|             |  |           |      |  |              |  |           |            |  |           |                 |  |             |              |       |  |                 |  |            |  |  |  |                                  | 
|------------ |  | --------- | ---- |  | ------------ |  | --------- | ---------- |  | --------- | --------------- |  | ----------- | ------------ | ----- |  | --------------- |  | ---------- |  |  |  | -------------------------------- | 
|             |  |           |      |  |              |  |           |            |  | Potential |                 |  |            
|             |  | Options   |      |  | Options to   |  |           |            |  | Price     |                 |  | transaction |              |       | 
|             |  | exercised |      |  | be exercised |  |           | Plan dates |  |           | (EUR)           |  |             | volume (EUR) |       |  | Exercise period | 
|             |  |           |      |  |              |  |           |            |  |           |                 |  |             |              |       |  |                 | 
|             |  |           | None |  |              |  | 19,809    |            |  |           | Sept. 04, 2001  |  |             |              | 19.39 |  |                 |  | 384,097    |  |  |  | Sept. 04, 2005 to Sept. 03, 2011 | 
|             |  |           | None |  |              |  | 497       |            |  |           | Oct. 03, 2001   |  |             |              | 13.73 |  |                 |  | 6,824      |  |  |  | Oct. 04, 2005 to Oct. 02, 2011   | 
|             |  |           | None |  |              |  | 26,210    |            |  |           | Feb. 28, 2003   |  |             |              | 2.86  |  |                 |  | 74,961     |  |  |  | Feb. 28, 2007 to Feb. 28, 2013   | 
|             |  |           | None |  |              |  | 28,030    |            |  |           | June 03, 2003   |  |             |              | 3.94  |  |                 |  | 110,438    |  |  |  | June 03, 2007 to June 03, 2013   | 
|             |  |           | None |  |              |  | 120,000   |            |  |           | Aug. 25, 2004   |  |             |              | 1.14  |  |                 |  | 136,800    |  |  |  | Aug. 26, 2008 to Aug. 25, 2014   | 
|             |  |           | None |  |              |  | 200,000   |            |  |           | Sept. 16, 2005  |  |             |              | 1.66  |  |                 |  | 332,000    |  |  |  | Sept. 16, 2009 to Sept. 15, 2015 | 
|             |  |           |      |  |              |  |           |            |  |           |                 |  |             |              |       |  |                 | 
|TOTAL        |  |           |      |  |              |  | 454,224   |            |  |           |                 |  |             |              |       |  |                 |  |            |  |  |  |                                  | 
|             |  |           |      |  |              |  |           |            |  |           |                 |  |             |              |       |  |                 | 
|Henry Klecan |  |           | None |  |              |  | 14,857    |            |  |           | Sept. 04, 2001  |  |             |              | 19.39 |  |                 |  | 288,077    |  |  |  | Sept. 04, 2005 to Sept. 03, 2011 | 
|             |  |           | None |  |              |  | 497       |            |  |           | Oct. 03, 2001   |  |             |              | 13.73 |  |                 |  | 6,824      |  |  |  | Oct. 04, 2005 to Oct. 02, 2011   | 
|             |  |           | None |  |              |  | 11,649    |            |  |           | Feb. 28, 2003   |  |             |              | 2.86  |  |                 |  | 33,316     |  |  |  | Feb. 28, 2007 to Feb. 28, 2013   | 
|             |  |           | None |  |              |  | 16,017    |            |  |           | June 03, 2003   |  |             |              | 3.94  |  |                 |  | 63,107     |  |  |  | June 03, 2007 to June 03, 2013   | 
|             |  |           | None |  |              |  | 120,000   |            |  |           | Aug. 25, 2004   |  |             |              | 1.14  |  |                 |  | 136,800    |  |  |  | Aug. 26, 2008 to Aug. 26, 2014   | 
|             |  |           | None |  |              |  | 150,000   |            |  |           | Sept. 16, 2005  |  |             |              | 1.66  |  |                 |  | 249,000    |  |  |  | Sept. 16, 2009 to Sept. 15, 2015 | 
|             |  |           |      |  |              |  |           |            |  |           |                 |  |             |              |       |  |                 | 
|TOTAL        |  |           |      |  |              |  | 313,020   |            |  |           |                 |  |             |              |       |  |                 |  |            |  |  |  |                                  | 
|             |  |           |      |  |              |  |           |            |  |           |                 |  |             |              |       |  |                 | 
|Yvan Besnard |  |           | None |  |              |  | 17,334    |            |  |           | Sept. 04, 1997  |  |             |              | 15.03 |  |                 |  | 260,530    |  |  |  | Sept. 04, 2002 to Sept. 03, 2007 | 
|             |  |           | None |  |              |  | 17,334    |            |  |           | Sept. 03, 1998  |  |             |              | 22.72 |  |                 |  | 393,828    |  |  |  | Sept. 04, 2003 to Sept. 03, 2008 | 
|             |  |           | None |  |              |  | 17,334    |            |  |           | Sept. 02, 1999  |  |             |              | 18.58 |  |                 |  | 322,066    |  |  |  | Sept. 03, 2004 to Sept. 02, 2009 | 
|             |  |           | None |  |              |  | 249       |            |  |           | May 04, 2000    |  |             |              | 19.39 |  |                 |  | 4,828      |  |  |  | May 05, 2004 to Mar. 05, 2010    | 
|             |  |           | None |  |              |  | 14,857    |            |  |           | Aug. 31, 2000   |  |             |              | 18.17 |  |                 |  | 269,952    |  |  |  | Sept. 01, 2005 to Aug. 30, 2010  | 
|             |  |           | None |  |              |  | 17,334    |            |  |           | Sept. 04, 2001  |  |             |              | 19.39 |  |                 |  | 336,106    |  |  |  | Sept. 04, 2005 to Sept. 03, 2011 | 
|             |  |           | None |  |              |  | 497       |            |  |           | Oct. 03, 2001   |  |             |              | 13.73 |  |                 |  | 6,824      |  |  |  | Oct. 04, 2005 to Oct. 02, 2011   | 
|             |  |           | None |  |              |  | 26,210    |            |  |           | Feb. 28, 2003   |  |             |              | 2.86  |  |                 |  | 74,961     |  |  |  | Feb. 28, 2007 to Feb. 28, 2013   | 
|             |  |           | None |  |              |  | 14,416    |            |  |           | June 03, 2003   |  |             |              | 3,94  |  |                 |  | 56,799     |  |  |  | June 03, 2007 to June 03, 2013   | 
|             |  |           | None |  |              |  | 120,000   |            |  |           | Aug. 25, 2004   |  |             |              | 1.14  |  |                 |  | 136,800    |  |  |  | Aug. 26, 2008 to Aug. 25, 2014   | 
|             |  |           | None |  |              |  | 120,000   |            |  |           | Sept. 16,  2005 |  |             |              | 1.66  |  |                 |  | 199,200    |  |  |  | Sept. 16, 2009 to Sept. 15, 2015 | 
|             |  |           |      |  |              |  |           |            |  |           |                 |  |             |              |       |  |                 | 
|TOTAL        |  |           |      |  |              |  | 365,565   |            |  |           |                 |  |             |              |       |  |                 |  |            |  |  |  |                                  | 
|             |  |           |      |  |              |  |           |            |  |           |                 |  |             |              |       |  |                 | 
|GRAND TOTAL  |  |           |      |  |              |  | 4,281,434 |            |  |           |                 |  |             |              |       |  |                 |  | 13,886,268 |  |  |  |                                  | 
|             |  |           |      |  |              |  |           |            |  |           |                 |  |             |              |       |  |                 | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | In the event of dismissal or a significant change in the share
    capital of the Company that substantially affects their
    respective responsibilities and makes it difficult for them to
    pursue their respective activities and the normal exercise of
    their duties, and if their professional relationship is
    terminated at their request, the Chairman and Chief Executive
    Officer and/or the Chief Operating Officer shall retain the
    right to exercise the options allotted to them that have been
    fully vested within the periods defined by the stock option
    plan, and shall be entitled to an indemnity, for the options
    they would be unable to exercise under this plan, to compensate
    for the loss of the right to exercise the options under the
    terms of the plan. The amount of this indemnity will be
    determined by an independent expert using the
    Black & Scholes option valuation method on
    the date of their respective departures.
|   
|(2) | For a description of the treatment of the stock options granted
    to Romain Durand following his resignation on December 28,
    2005, please see Item 6.B. Compensation 
    2005 Compensation for Members of the Executive Committee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    









105



---



##### Table of Contents





|                                                                                                                                                                                                                                                                                                  |  |           |           |  |          |  |      |            |  |  |                |  |  |  |                | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------- | --------- |  | -------- |  | ---- | ---------- |  |  | -------------- |  |  |  | -------------- | 
|Stock options awarded to top ten non-officer                                                                                                                                                                                                                                                      |  | Number of |           |  | Exercise |  |      | Expiration |  |  |               
|employee recipients and exercised options                                                                                                                                                                                                                                                         |  | options   |           |  | Price    |  |      | date       |  |  | Plan           | 
|                                                                                                                                                                                                                                                                                                  |  |           |           |  |          |  |      |            |  |  |                | 
|Options awarded during the financial year, by the issuer and by
    any company included in the option distribution scope, to the
    top ten recipient employees of the issuer and of any company
    included in this scope and which were granted the most options
    (aggregate information) |  |           | 1,420,000 |  |          |  | 1.66 |            |  |  | Sept. 16, 2009 |  |  |  | Sept. 16, 2005 | 
|Options exercised during the financial year by the ten employees
    of the issuer or the companies included in the scope who
    exercised the most options (aggregate information)                                                                                                              |  |           | N/A       |  |          |  | N/A  |            |  |  | N/A            |  |  |  | N/A            | 

Other Stock Compensation














106



---



##### Table of Contents





|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |         |  |  |  |                    | 
|---------------------- |  | ---- | --------------------------------------- |  | ------ | ----- | --------- | ---------- | ----------- |  | ---------- |  |  | ---------------- | ------- |  |  |  | ------------------ | 
|                       |  |      |                                         |  |        | Price |           |            | Transaction |  |            | 
|                       |  | Plan |                                         |  | Shares |       |           | (in euros) |             |  | (in euros) |  |  | Date of transfer |        
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|Denis
    Kessler(1)   |  |      | 2004 Plan  Tranche A                   |  |        |       | 187,500   |            |             |  | 1.44       |  |  |                  | 270,000 |  |  |  | January 10, 2005   | 
|                       |  |      | Plan 2004  Forfeiture  redistribution |  |        |       | 262,500   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      | 2005 Plan                               |  |        |       | 450,000   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|TOTAL                  |  |      |                                         |  |        |       | 900,000   |            |             |  |            |  |  |                  |         |  |  |  |                    | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|Patrick
    Thourot(1) |  |      | 2004 Plan  Tranche A                   |  |        |       | 90,000    |            |             |  | 1.44       |  |  |                  | 129,600 |  |  |  | January 10, 2005   | 
|                       |  |      | 2004 Plan  Forfeiture  redistribution |  |        |       | 126,000   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      | 2005 Plan                               |  |        |       | 200,000   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|TOTAL                  |  |      |                                         |  |        |       | 416,000   |            |             |  |            |  |  |                  |         |  |  |  |                    | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|Romain
    Durand(2)   |  |      | 2004 Plan  Tranche A                   |  |        |       | 90,000    |            |             |  | 1.44       |  |  |                  | 129,600 |  |  |  | January 10, 2005   | 
|                       |  |      | 2004 Plan  Tranche B                   |  |        |       | 90,000    |            |             |  | 1.69       |  |  |                  | 152,100 |  |  |  | November 10, 2005  | 
|                       |  |      | 2005 Plan                               |  |        |       | 200,000   |            |             |  |            |  |  |                  |         |  |  |  | September 01, 2007 | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|TOTAL                  |  |      |                                         |  |        |       | 380,000   |            |             |  |            |  |  |                  |         |  |  |  |                    | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|Jean-Luc Besson        |  |      | 2004 Plan  Tranche A                   |  |        |       | 75,000    |            |             |  | 1.44       |  |  |                  | 108,000 |  |  |  | January 10, 2005   | 
|                       |  |      | 2004 Plan  Tranche B                   |  |        |       | 75,000    |            |             |  | 1.69       |  |  |                  | 126,750 |  |  |  | November 10, 2005  | 
|                       |  |      | 2005 Plan                               |  |        |       | 180,000   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|TOTAL                  |  |      |                                         |  |        |       | 330,000   |            |             |  |            |  |  |                  |         |  |  |  |                    | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|Marcel Kahn            |  |      | 2004 Plan  Tranche A                   |  |        |       | 75,000    |            |             |  | 1.44       |  |  |                  | 108,000 |  |  |  | January 10, 2005   | 
|                       |  |      | 2004 Plan  Forfeiture  redistribution |  |        |       | 105,000   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      | 2005 Plan                               |  |        |       | 150,000   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|TOTAL                  |  |      |                                         |  |        |       | 330,000   |            |             |  |            |  |  |                  |         |  |  |  |                    | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|Victor Peignet         |  |      | 2004 Plan  Tranche A                   |  |        |       | 75,000    |            |             |  | 1.44       |  |  |                  | 108,000 |  |  |  | January 10, 2005   | 
|                       |  |      | 2004 Plan  Forfeiture  redistribution |  |        |       | 105,000   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      | 2005 Plan                               |  |        |       | 200,000   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|TOTAL                  |  |      |                                         |  |        |       | 380,000   |            |             |  |            |  |  |                  |         |  |  |  |                    | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|Henry Klecan           |  |      | 2004 Plan  Tranche A                   |  |        |       | 65,576    |            |             |  | 1.44       |  |  |                  | 94,429  |  |  |  | January 10, 2005   | 
|                       |  |      | 2004 Plan  Tranche B                   |  |        |       | 65,576    |            |             |  | 1.69       |  |  |                  | 110,823 |  |  |  | November 10, 2005  | 
|                       |  |      | 2005 Plan                               |  |        |       | 150,000   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|TOTAL                  |  |      |                                         |  |        |       | 281,152   |            |             |  |            |  |  |                  |         |  |  |  |                    | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|Yvan Besnard           |  |      | 2004 Plan  Tranche A                   |  |        |       | 51,842    |            |             |  | 1.44       |  |  |                  | 74,652  |  |  |  | January 10, 2005   | 
|                       |  |      | 2004 Plan  Forfeiture  redistribution |  |        |       | 72,579    |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      | 2005 Plan                               |  |        |       | 120,000   |            |             |  |            |  |  |                  |        |  |  |  | September 01, 2007 | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|TOTAL                  |  |      |                                         |  |        |       | 244,421   |            |             |  |            |  |  |                  |         |  |  |  |                    | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        
|GRAND TOTAL            |  |      |                                         |  |        |       | 3,261,573 |            |             |  |            |  |  |                  |         |  |  |  |                    | 
|                       |  |      |                                         |  |        |       |           |            |             |  |            |  |  |                  |        






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | In the event of dismissal or a significant change in the share
    capital of the Company that substantially affects their
    respective responsibilities and makes it difficult for them to
    pursue their activities and the normal exercise of their
    responsibilities, and if their professional relationship is
    terminated at their request, the Chairman and Chief Executive
    Officer and/or the Chief Operating Officer shall be entitled to
    an indemnity, for the bonus shares that would have been allotted
    to them and which they could not receive, to compensate for the
    loss of the right to the shares. The amount of this loss shall
    be calculated as the number of shares in question multiplied by
    the average price of the SCOR shares on the date of their
    respective departures.
|   
|(2) | For a description of the treatment of the rights of Romain
    Durand under the share award plan following his resignation on
    December 28, 2005, please see Item 6.B.
    Compensation  2005 Compensation for Members of the
    Executive Committee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             



107



---



##### Table of Contents






Item 7. Major Shareholders and Related Party
Transactions


A. MAJOR SHAREHOLDERS




|                       |  |                      |             |      |                   |  |        |                   |      |  |                  |  |  |         |             |      |           |  |        |           |  |  |         |  |  |           |             |      |           |  |         |         |  |  |           |  |  |  |             |      |  |  |         |  |  |  |         | 
|---------------------- |  | -------------------- | ----------- | ---- | ----------------- |  | ------ | ----------------- | ---- |  | ---------------- |  |  | ------- | ----------- | ---- | --------- |  | ------ | --------- |  |  | ------- |  |  | --------- | ----------- | ---- | --------- |  | ------- | ------- |  |  | --------- |  |  |  | ----------- | ---- |  |  | ------- |  |  |  | ------- | 
|                       |  | December 31, 2003(1) |             |      | December 31, 2004 |  |        | December 31, 2005 |      |  | January 31, 2006 | 
|                       |  |                      |             |      |                   |  |        |                   |      |  |                  | 
|                       |  |                      |             | % 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    |  |                      | 25,656,535  |      |                   |  | 18.79% |                   |      |  | 18.86%           |  |  |         | 155,260,343 | (3)  |           |  | 18.95% |           |  |  | 19.17%  |  |  |           | 155,246,370 | (12) |           |  | 16.03%  |         |  |  | 16.18%    |  |  |  | 155,246,370 | (15) |  |  | 16.03%  |  |  |  | 16.18%  | 
|Silchester(4)          |  |                      | 11,729,332  |      |                   |  | 8.59%  |                   |      |  | 8.62%            |  |  |         | 70,375,992  |      |           |  | 8.59%  |           |  |  | 8.69%   |  |  |           | 81,375,992  |      |           |  | 8.40%   |         |  |  | 8.48%     |  |  |  | 76,771,648  |      |  |  | 7.92%   |  |  |  | 8.00%   | 
|Marathon
    AM(4)     |  |                      | 9,145,757   |      |                   |  | 6.70%  |                   |      |  | 6.72%            |  |  |         | 58,549,828  |      |           |  | 7.15%  |           |  |  | 7.23%   |  |  |           | 57,295,188  |      |           |  | 5.91%   |         |  |  | 5.97%     |  |  |  | 56,566,688  |      |  |  | 5.84%   |  |  |  | 5.89%   | 
|Groupe
    MAAF-MMA(5) |  |                      | 6,707,235   |      |                   |  | 4.91%  |                   |      |  | 4.93%            |  |  |         | 31,505,874  |      |           |  | 3.85%  |           |  |  | 3.89%   |  |  |           | 33,725,874  |      |           |  | 3.48%   |         |  |  | 3.51%     |  |  |  | 33,725,874  |      |  |  | 3.48%   |  |  |  | 3.51%   | 
|MACIF                  |  |                      | 3,966,628   | (6)  |                   |  | 2.91%  |                   |      |  | 2.92%            |  |  |         | 26,941,535  | (7)  |           |  | 3.29%  |           |  |  | 3.33%   |  |  |           | 29,908,937  |      |           |  | 3.09%   |         |  |  | 3.12%     |  |  |  | 29,908,937  |      |  |  | 3.09%   |  |  |  | 3.12%   | 
|Generali(8)            |  |                      | 2,365,660   |      |                   |  | 1.73%  |                   |      |  | 1.74%            |  |  |         | 15,100,507  |      |           |  | 1.84%  |           |  |  | 1.86%   |  |  |           | 15,100,507  |      |           |  | 1.56%   |         |  |  | 1.57%     |  |  |  | 15,100,507  |      |  |  | 1.56%   |  |  |  | 1.57%   | 
|MATMUT(9)              |  |                      | 2,750,000   |      |                   |  | 2.01%  |                   |      |  | 2.02%            |  |  |         | 14,250,000  |      |           |  | 1.74%  |           |  |  | 1.76%   |  |  |           | 15,505,983  | (13) |           |  | 1.60%   |         |  |  | 1.62%     |  |  |  | 14,130,983  | (16) |  |  | 1.46%   |  |  |  | 1.47%   | 
|Employees              |  |                      | 861,220     | (10) |                   |  | 0.63%  |                   |      |  | 0.63%            |  |  |         | 1,278,720   | (11) |           |  | 0.16%  |           |  |  | 0.16%   |  |  |           | 3,396,922   | (14) |           |  | 0.35%   |         |  |  | 0.35%     |  |  |  | 3,350,517   | (17) |  |  | 0.35%   |  |  |  | 0.35%   | 
|Owned by SCOR          |  |                      | 489,500     |      |                   |  | 0.36%  |                   |      |  |                 |  |  |         | 9,298,085   |      |           |  | 1.13%  |           |  |  |        |  |  |           | 9,110,915   |      |           |  | 0.94%   |         |  |  |          |  |  |  | 9,110,915   |      |  |  | 0.94%   |  |  |  |        | 
|Others                 |  |                      | 72,872,978  |      |                   |  | 53.37% |                   |      |  | 53.56%           |  |  |         | 436,708,186 |      |           |  | 53.30% |           |  |  | 53.92%  |  |  |           | 568,102,382 |      |           |  | 58.64%  |         |  |  | 59.20%    |  |  |  | 574,856,631 |      |  |  | 59.34%  |  |  |  | 59.90%  | 
|                       |  |                      |             |      |                   |  |        |                   |      |  |                  |  |  |         |             |      |           |  |        |           |  |  |         |  |  |           |             |      |           |  |         |         |  |  |           | 
|Total                  |  |                      | 136,544,845 |      |                   |  | 100%   |                   |      |  | 100%             |  |  |         | 819,269,070 |      |           |  | 100%   |           |  |  | 100%    |  |  |           | 968,769,070 |      |           |  | 100.00% |         |  |  | 100.00%   |  |  |  | 968,769,070 |      |  |  | 100.00% |  |  |  | 100.00% | 
|                       |  |                      |             |      |                   |  |        |                   |      |  |                  |  |  |         |             |      |           |  |        |           |  |  |         |  |  |           |             |      |           |  |         |         |  |  |           | 






|     |                                                                                                                                                                                            
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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. 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.   
|    
|(4)  | Source: Silchester, Marathon. These companies are shareholders
    through mutual funds.                                                                                                   
|    
|(5)  | Source: MAAF-MMA.                                                                                                                                                                          
|    
|(6)  | Source: MACIF.                                                                                                                                                                             
|    
|(7)  | Source: MACIF. This figure includes 26,908,937 shares owned
    directly and 32,598 shares owned through funds managed by
    MACIF Gestion.                                               
|    
|(8)  | Source: Generali.                                                                                                                                                                          
|    
|(9)  | Source: MATMUT.                                                                                                                                                                            
|    
|(10) | This figure includes 295,220 shares owned directly and
    566,000 shares owned through a company-sponsored mutual
    fund.                                                               
|    
|(11) | This figure includes 295,220 shares owned directly and
    983,500 shares owned through a company-sponsored mutual
    fund.                                                               
|    
|(12) | Source: Groupama. This figure includes 139,439,071 shares
    owned directly by Groupama S.A. and 15,807,299 shares
    owned by subsidiaries and the Caisses-Regionales of
    Groupama.
|    
|(13) | Source: MATMUT. This figure includes 14,250,000 shares
    owned directly and 1,255,983 shares owned through their
    mutual funds.                                                       
|    
|(14) | This figure includes 1,764,622 shares owned directly and
    1,632,300 shares owned through a company-sponsored mutual
    fund.                                                           
|    
|(15) | Source: Groupama. This figure includes 139,439,071 shares
    owned by Groupama S.A. and 15,807,299 shares held by
    subsidiaries and by Regional Mutuals.                               
|    
|(16) | Source: Matmut. This figure includes 12,875,000 shares
    owned directly and 1,255,983 shares held through mutual
    funds.                                                              
|    
|(17) | This figure includes 1,695,417 shares owned directly and
    1,655,100 shares owned through a company-sponsored mutual
    fund.                                                           





108



---



##### Table of Contents











Autorité
des Marchés Financiers












B. RELATED PARTY TRANSACTIONS








| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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 reduced the overall reserves
    of SCOR U.S. and, to a lesser extent, CRP, by approximately
    USD 300 million and has been accounted for in the first
    quarter of 2005.                                                                                                                                                                                                           
|
| |  | The Board of Directors, at its meeting of May 9, 2005,
    authorized the entering into of an agreement to open a revolving
    credit facility with a banking syndicate represented by BNP
    Paribas as Agent and Lead Manager (the Credit Facility
    Agreement) in order to make available to the Company a
    short-term credit facility to finance its general cash needs.
    The Credit Facility Agreement was entered into on May 18,
    2005 for a term of 12 months. The credit facility is
    available by drawing down a maximum

109



---



##### Table of Contents



| |  |                                                                                                                                                  
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------
| |  | amount of EUR 75,000,000 over a period ending one month before
    the facilitys final payment date. This agreement expired
    on May 18, 2006.



|                                                                           |  |        |                |            |      |  |      | 
|-------------------------------------------------------------------------- |  | ------ | -------------- | ---------- | ---- |  | ---- | 
|                                                                           |  |        |                | Commitment |     
|Lender                                                                     |  | Credit |                |            | in % | 
|                                                                           |  |        |                |            |      | 
|BNP Paribas                                                                |  |        | EUR 24,750,000 |            |      |  | 33%  | 
|CALYON                                                                     |  |        | EUR 18,750,000 |            |      |  | 25%  | 
|Natexis Banques Populaires                                                 |  |        | EUR 15,000,000 |            |      |  | 20%  | 
|Crédit Industriel et Commercial                                            |  |        | EUR 7,500,000  |            |      |  | 10%  | 
|Ixis Corporate & Investment Bank                                           |  |        | EUR 5,250,000  |            |      |  | 7%   | 
|Caisse Régionale de Crédit Agricole Mutuel de Paris
    et dIle-de-France |  |        | EUR 3,750,000  |            |      |  | 5%   | 
|                                                                           |  |        |                |            |      | 
|Total Commitments                                                          |  |        | EUR 75,000,000 |            |      |  | 100% | 
|                                                                           |  |        |                |            |      | 



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | As a security of its obligations under the Credit Facility
    Agreement, the Company must grant a first rank pledge over its
    securities account for the benefit of the Lenders and BNP
    Paribas as Agent pursuant to the terms of the related pledge
    agreement and must pledge as security, as a condition precedent
    to each draw down under the credit facility and at the option of
    the Company, either (i) French treasury bonds
    (Obligations Assimilables du Trésor, or
    OAT) for an amount equal to at least 105% of the
    draw down amount, (ii) shares for an amount equal to at
    least 125% of the draw down amount, or (iii) bonds for an
    amount equal to at least 110% of the draw down amount.
|
| | The Board authorized as may be necessary, the execution of an
    amendment to the Credit Facility Agreement providing for the
    pledge of shares of Luxembourg SICAV mutual funds as well as a
    pledge agreement subject to Luxembourg law between the Company,
    the Lenders and BNP Paribas as Agent, relative to the pledge of
    such shares of Luxembourg SICAV mutual funds (hereinafter, with
    the securities pledge described above, the Security).                                                                                                                                                                                                                                                                      
|
| | The applicable margin for each draw down is a function of the
    type of securities pledged as collateral prior to the draw down.
    In the event of a pledge of shares (including shares of a
    Luxembourg SICAV mutual fund), the applicable margin is set at a
    rate of 0.45% per year; in the event of a pledge of bonds, the
    applicable margin was fixed at a rate of 0.25% per year; and, in
    the event of a pledge of OAT French treasury bonds, the
    applicable margin is set at the greater of (i) the rate of
    0.15% per year and (ii) fees for non-use of the draw down
    applicable on the date of the applicable draw down.                                                                                 
|
| | The interest period is set, at the Companys discretion and
    for each draw down, at 1, 2, 3 or 6 months. The applicable
    interest rate for the drawn amount is equal to the sum of
    (i) EURIBOR for the applicable interest period,
    (ii) the margin applicable to the applicable draw down and,
    as the case may be, (iii) mandatory costs applicable under
    the terms of the agreement.                                                                                                                                                                                                                                                                                                                                    





| |                                                                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Non-use fees: payable quarterly in arrears on the basis of a
    rate applied at the time of the opening of the credit facility
    and which varies as a function of the Counterparty Credit Rating
    attributed to the Company by Standard & Poors:

| |              |  |  |               
| | ------------ |  |  | --------------
| | BBB or less: |  |  | 0.28% per year
| | BBB+:        |  |  | 0.20% per year
| | A-:          |  |  | 0.15% per year
| | A or better: |  |  | 0.12% per year

110



---



##### Table of Contents





| |                                                                                                                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If on the calculation date, Standard & Poors no longer
    attributed such a rating to the Company, the rate is to be
    determined as a function of the Counterparty Credit Rating
    attributed by Moodys, in the following manner:

| |               |  |  |               
| | ------------- |  |  | --------------
| | Baa2 or less: |  |  | 0.28% per year
| | Baa1:         |  |  | 0.20% per year
| | A3:           |  |  | 0.15% per year
| | A2 or better: |  |  | 0.12% per year



| |                                                                                                                                                                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In the event Standard & Poors and Moodys no
    longer attributed to the Company the credit ratings referred to
    above, and assuming an event of default (as defined in the
    Credit Facility Agreement) were to occur, the applicable rate
    would be set at the maximum applicable rate, i.e. 0.28% per year.
|
| | Participation fee: 0.20% of the amount of commitments of each
    Lender, payable on the day of execution of the Credit Facility
    Agreement.                                                                                                                                                                         



| |   |                                                                                                                                                                     
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Agents commission: EUR 10,000 (not including VAT)
    payable in one installment.                                                                                  
|
| |  | Lead Managers commission: 0.10% flat rate (not including
    VAT), calculated on the basis of the credit line of
    EUR 75,000,000 and payable in one installment.



| |                                                                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The representations and warranties of the Company pursuant to
    the Credit Facility Agreement and events of default are similar
    in all material respects to those shown in the letter of credit
    facility agreement, as amended, entered into on
    December 26, 2002.





| |   |                                                                                                                                                                                                                                                                                                                                                                                            
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Board of Directors at its meeting of May 31, 2005
    authorized, pursuant to
    Article L. 225-38
    of the French Commercial Code, and in connection with the
    capital increase dated June 30, 2005, the execution of a
    mandate letter and an underwriting agreement between SCOR and
    BNP Paribas relative to the offer and to the placement of shares
    to be issued.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Board of Directors at its meeting of August 31, 2005
    authorized, pursuant to
    Article L. 225-38
    of the French Commercial Code, the execution of a Global
    Novation Agreement among SCOR, Irish Reinsurance Partners
    Limited (IRP), and SCOR, SCOR Italia Riassicurazioni, SCOR UK
    Company Ltd, SCOR Deutschland, SCOR Asia Pacific, SCOR Re Co
    (Asia) Ltd, SCOR Asia Pacific Australian Branch, SCOR Asia
    Pacific Labuan Branch and SCOR Re Asia Pacific PTE Ltd Korea
    Branch, (referred to as the Subsidiaries), pursuant
    to which SCOR shall be assigned all IRP rights and obligations
    resulting from the quota share retrocession agreements.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Board of Directors at its meeting of August 31, 2005
    authorized, pursuant to
    Article L. 225-38
    of the French Commercial Code, the execution of the SCOR Re
    Novation Agreement between SCOR, Irish Reinsurance Partners
    Limited (IRP) and SCOR Reinsurance Company, pursuant to which
    SCOR shall be assigned all IRP rights and obligations resulting
    from the quota share retrocession agreement, as defined by such
    agreement.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Board of Directors at its meeting of August 31, 2005
    authorized, pursuant to
    Article L. 225-38
    of the French Commercial Code, the execution of the Canada
    Novation Agreement between SCOR, Irish Reinsurance Partners
    Limited (IRP) and SCOR Canada Reinsurance Company, pursuant to
    which SCOR shall be assigned all IRP rights and obligations
    resulting from the quota share retrocession agreement, as
    defined by such agreement.



111



---



##### Table of Contents





| |   |                                                                                                                                                                                                                                                                                                                                                                                                           
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Board of Directors at its meeting of August 31, 2005
    authorized, pursuant to
    Article L. 225-38
    of the French Commercial Code, the execution of an indemnity
    agreement requested of SCOR by the Board of Directors of IRP in
    order to indemnify any liability to Irish Reinsurance Partners
    Limited resulting from the execution of the renewal agreements
    described above.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Board of Directors at its meeting dated August 31, 2005
    authorized, pursuant to
    Articles L. 225-38
    and L. 225-35 of
    the French Commercial Code, the renewal of certain parent
    company guarantees granted by SCOR in order to allow the
    Groups reinsurance subsidiaries to benefit from a
    financial rating equivalent to SCORs. SCOR guarantees the
    obligations of such subsidiaries under their insurance and
    reinsurance agreements, especially in connection with a parent
    company letter of guarantee which the Board authorized on
    December 19, 2002.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | During the 2004/2005 period, the subsidiary General Security
    Indemnity Company of Arizona was required to produce the letter
    of guarantee once for the attention of a certain intermediary.                                                                                                                                                                                                                                                                    
|
| | Furthermore, the Board of Directors also authorized a new parent
    company guarantee granted by SCOR to Commercial Risk Reinsurance
    Company and Commercial Risk
    Re-Insurance Limited.                                                                                                                                                                                                                                                                        
|
| | The Chairman of the Board also indicated that pursuant to
    Article L. 225-38
    of the French Commercial Code and given the functions that they
    occupy on the Board of Directors of certain of the
    Companys subsidiaries, Messrs. Chapin, Lamontagne,
    Lebègue and Kessler did not take part in the vote. For the
    same reasons, with respect to the parent company guarantee
    granted to SCOR VIE, only Ms. Aronvald was authorized to
    vote.
|
| | The benefit of such parent company guarantee is granted to the
    following subsidiaries of the SCOR Group, pursuant to the
    insurance and/or reinsurance agreements entered into by such
    subsidiaries:                                                                                                                                                                                                                                                        



| |   |                                                                          
| | - | -------------------------------------------------------------------------
| |  | SCOR Reinsurance Co. Ltd (US)                                            
|
| |  | General Security Indemnity Co. of Arizona                                
|
| |  | General Security National Insurance Co.                                  
|
| |  | Commercial Risk Reinsurance Company                                      
|
| |  | Commercial Risk Re-Insurance Limited                                     
|
| |  | 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                                                        
|
| |  | SCOR VIE                                                                 



112



---



##### Table of Contents





| |                                                                                                                                                                                                                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The directors and officers concerned are Messrs. Chapin,
    Lamontagne, Lebègue, Thourot and Kessler. Concerning the
    parent company guarantee granted to SCOR VIE, the directors and
    officers concerned are Messrs. Kessler, Havis, Chapin,
    Simonnet, Seys,
    Levy-Lang, Borges,
    Schimetschek, Tendil, Acutis, Lamontagne, Valot, Lebègue
    and le Pas de Sécheval.



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Board of Directors in its meeting of November 2, 2005
    authorized, pursuant to Article L. 225-38 of the French
    Commercial Code, the issuance of a parent company letter of
    guarantee to cover the financial obligations of SCOR VIE
    pursuant to an agreement for the issuance of letters of credit
    to be entered into among SCOR VIE, SCOR Financial Services
    Limited (SFS) and CALYON.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | This agreement to issue letters of credit and the parent company
    guarantee are part of a transaction intended to make available
    to SCOR Life U.S. Reinsurance Company (SLR) additional
    financial resources in order for it to satisfy the financial
    coverage requirements provided by
    so-called Triple
    X U.S. regulations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | Pursuant to the agreement referred to above, CALYON undertook to
    issue or to cause the issuance to the benefit of SLR of one or
    more letters of credit for a term of five years and up to a
    total commitment corresponding to the smaller of the two
    following amounts: (a) USD 250 million and
    (b) the difference between the (i) Triple X reserves
    and (ii) 150% of the amount of the reserves required
    pursuant to accounting requirements (net of deferred acquisition
    costs).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | The transaction was submitted to the Texas Department of
    Insurance as it required a number of modifications to the
    Automatic Coinsurance Retrocession Treaty entered into on
    December 31, 2003 among SLR and SFS. The Texas Department
    of Insurance indicated, in a letter dated September 30,
    2005, that it had no comments to the modifications made to this
    agreement. The Irish regulatory authority (IFSRA) was also
    informed of the transaction and indicated they had no objection.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| | The transaction was finalized at the end of December 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | The board members concerned are Messrs. Kessler, Havis,
    Chapin, Simonnet, Seys, Levy-Lang, Lebègue, Borges,
    Schimetschek, Tendil, Acutis, Lamontagne, Valot and le Pas de
    Sécheval.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| | 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.                                                                                                                                                                                                                                                                                                                          
|
| | On August 25, 2004, an Amendment No. 3 to the credit
    agreement was authorized by the Companys Board of
    Directors in order to (i) eliminate some provisions that
    had become irrelevant following the discharge of pledges SCOR
    had made on certain of its subsidiaries on March 31, 2004
    under the agreement; and (ii) to modify the obligations
    with respect to purchases of shares and capital reductions in
    order to specify an exception for the capital reduction and
    share buyback plan approved at the May 18, 2004
    shareholders meeting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | In addition, in November 2004 the Board of Directors authorized
    Amendment No. 4 to the credit agreement which extended the
    maturity date of the credit agreement to December 31, 2005
    and reduced the credit lien to USD 115 million effective
    January 1, 2005. Amendment No. 4 also provided for the
    following lender fees payable under the credit agreement:
    (i) a use commission of 0.15% per year as of
    November 1, 2004, reduced from 0.30% per year under the
    original agreement; (ii) a non-use commission of 0.06% per
    year as of January 1, 2005, reduced from 0.20% for the
    previous year, calculated on the basis of the amount of credit
    not used and not cancelled and payable quarterly, commencing
    with the quarterly payment due as of the execution date of
    Amendment No. 4 calculated on the basis of the average rate
    determined and prorated from the previously applicable rate of
    0.20% per year and the new 0.06% per year rate applicable from
    and after the execution date; (iii) an extension commission
    of 0.045%, reduced from of 0.20%, calculated on the

113



---



##### Table of Contents



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | basis of the new USD 115 million amount of the credit
    facility as of January 1, 2005 and payable on
    January 3, 2005; (iv) an issuance commission of USD
    400 for every issuance of a letter of credit; (v) a
    fronting commission payable to BNP Paribas of 0.10%, reduced
    from of 0.24%, calculated on the basis of the outstanding amount
    payable quarterly; and (vi) a commission for establishing
    Amendment No. 4 due to BNP Paribas of 0.04% of the new USD
    115 million amount of the credit facility as of
    January 1, 2005 payable on January 3, 2005.                                                                                                                                                                                                                                                                                                                                                                                     
|
| | In addition to the changes in the financial terms, Amendment
    No. 4 also: (i) expanded the real and personal
    sureties that SCOR may grant under the terms of the credit
    agreement; (ii) cancelled the requirement that SCOR obtain
    prior approval from the banking syndicate to dispose of assets,
    other than the equity interests held in SCOR VIE;
    (iii) raised the cross-default threshold to EUR
    50 million; and (iv) substituted the concept of
    Principal Subsidiaries in lieu of the notion of
    consolidated Member of the SCOR Group.                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | Amendment No. 4 included a partial and definitive reduction
    of the amount of the credit facility by SCOR in the amount of
    USD 177 million. As a result of this amendment, the total
    amount of credit available under the facility was USD
    115 million as of January 1, 2005. The participating
    banks and their respective commitment amounts were as follows:
    BNP Paribas (USD 37.95 million, or 33%); CALYON (USD
    26.45 million, or 23%); Natexis Banques Populaires (USD
    19.55 million, or 17%); CIC (USD 17.25 million, or
    15%); Ixis Corporate & Investment Bank (USD
    8.05 million, or 7%); and CRCAM (USD 5.75 million,
    or 5%).                                                                                                                                                                                                                                                                                                   
|
| | The Company terminated this credit facility agreement, as
    amended, with effect as of December 31, 2005. The
    Companys objective is to favor bilateral relations with
    one or more banking partners with respect to the coverage by
    letters of credit of its reinsurance obligations. The Company
    asked BNP Paribas not to terminate certain of its
    stand-by letters of
    credit issued in connection with such credit agreement and to
    retain responsibility for certain banking commitments in
    connection therewith (so that such letters of credit renew
    automatically for a year as from December 31, 2005) and
    requested BNP Paribas, subject to the decision of its Board, to
    issue new letters of credit in connection with a new agreement.                                                                                                                                                                                    
|
| | The Board of Directors at its meeting of November 2, 2005
    authorized, pursuant to Article L.
    225-38 of the French
    Commercial Code, the execution of a new stand-by letter of
    credit facility agreement with the BNP Paribas to guarantee the
    performance of the Companys obligations under its
    reinsurance operations. The agreement was executed on
    November 25, 2005. The credit facility is available by
    issuing letters of credit and/or revolving stand-by letters of
    credit (SBLC) up to a maximum of USD 85,000,000 (eighty-five
    million USD) and over a period running from January 4, 2006
    to December 31, 2008.                                                                                                                                                                                                                                                                                                             
|
| | In order to guarantee its obligations under the above credit
    facility agreement, SCOR offered a first-rank pledge of
    securities account to the benefit of the BNP Paribas pursuant to
    a pledge agreement (and the related pledge declaration) and
    pledged as collateral, (i) on the date of execution of the
    pledge agreement, a number of OAT French treasury bonds in a
    minimum amount equal to EUR 5,000 (five thousand euros),
    (ii) on December 30, 2005, an additional number of OAT
    French treasury bonds in an amount equal to the value in EUR of
    105% of the Initial SBLCs (corresponding to the letters of
    credit issued in connection with the former credit facility
    agreement and assumed and extended by the BNP Paribas), and
    (iii) before each new draw down, is required to pledge
    additional OAT French treasury bonds in an amount equal to the
    value in EUR of 105% of the amount of the new draw down.





| |   |                                                                                                                                                                               
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Non-use fee: 0.05% per year as from January 1, 2006,
    calculated on the non-utilized and uncancelled amount of the
    credit facility and payable per semester in arrears.
|
| |  | Use fee: 0.10% per year as from January 1, 2006, calculated
    on the basis of the outstanding credit facility and payable
    monthly in advance.                           
|
| |  | Other BNP Paribas commissions:                                                                                                                                                



| |   |                                                       
| | - | ------------------------------------------------------
| |  | fixed commission of USD 400 for each issuance of SBLC;

114



---



##### Table of Contents





| |   |                                                               
| | - | --------------------------------------------------------------
| |  | fixed commission of USD 100 for each modification of SBLC;    
|
| |  | fixed commission of USD 100 for each annual extension of SBLC.



| |                                           
| | ------------------------------------------
| | The Board member concerned is Mr. Kessler.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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 Groupama may be required to indemnify SCOR in
    the event of negative developments concerning material social
    security and income 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, 2005, the amount of such obligations was
    estimated by SCOR at EUR 250 million. 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 a director of Groupama, and Mr. Le Pas de
    Sécheval, the Chief Financial Officer of Groupama S.A., is
    currently a director of the Company.
|
| |  | On June 24, 2004, SCOR entered into an underwriting
    agreement with BNP Paribas, Goldman Sachs International and HSBC
    CCF for the placement and subscription of the bonds convertible
    and/or exchangeable for new or existing shares (OCEANE) with a
    par value of EUR 2 due January 1, 2010 authorized by the
    Board of Director of June 21, 2004 and approved by the
    Autorité des marchés financiers on
    June 24, 2004 under No. 04-627. The agreement provided
    for a placement fee, a success fee and guaranty fee aggregating
    EUR 4,175,000. The directors concerned by this agreement are
    Mr. Kessler, the Chairman and Chief Executive Officer and a
    director of the Company who also serves on the Board of
    Directors of BNP Paribas, and Mr. Borges, a director of the
    Company who is Vice Chairman and a Director of Goldman Sachs
    International.                                
|
| |  | In June 2004, the Companys Board of Directors approved a
    loan agreement dated June 21, 2004, in favor of SCOR Auber,
    a Company subsidiary, 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 on June 30, 2004. Interest on
    the loan was calculated at market rates. EUR 10 million of
    the loan was capitalized following a share capital increase. The
    officer concerned by this agreement was Mr. Thourot, Chief
    Operating Officer of the Company, who also serves on the board
    of SCOR Auber.                                                                                                                                                                                                                                                                                                                             
|
| |  | In November 2004, the Companys Board of Directors approved
    a joint and several guarantee granted by the Company to SCOR VIE
    with respect to a stand-by letter of credit facility agreement
    dated November 14, 2003 for a maximum amount of EUR
    110 million between SCOR VIE and a bank pool including BNP
    Paribas, CIC, CAI, Natexis Banques Populaires, WestLB,
    CDC-Finance
    CDC Ixis, Crédit Agricole dIle de France and
    Crédit Lyonnais. This credit facility agreement was
    terminated with effect from December 31, 2005.                                                                                                                                                                                                                                                                                                                                                                           

C. INTERESTS OF EXPERTS AND COUNSEL




115



---



##### Table of Contents






Item 8. Financial Information


A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL
INFORMATION


Legal Proceedings










| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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. The policy has been retroceded at 80% outside
    of the SCOR Group. GSNIC has paid the undisputed portions of the
    claim. On January 27, 2006, motions for partial summary
    judgment and cross-motions filed by the various parties were
    argued, with the decisions being very favorable for the
    defendants. The Court granted GSNICs Motion for partial
    summary judgment dismissing all claims against it for alleged
    bad-faith denial as well as dismissing the claim that GSNIC
    conspired with its consultants to wrongfully deny the insurance
    claim. Additionally, claims for other punitive or
    extra-contractual damages as well as counsel fees were also
    dismissed. Plaintiffs cross-motion for partial summary
    judgment on GSNICs affirmative defense of insurance fraud
    was denied. As a result of these rulings, plaintiff is left with
    a contract cause of action against GSNIC on the insurance
    policy. Discovery is likely to be completed in the spring of
    2006. A date for trial is tentatively listed for June 2006.
|
| |  | In March 2004, certain funds of Highfields Capital (Highfields
    Capital LTD, Highfields Capital I LP and Highfields Capital II
    LP, together referred to as the Highfields Funds),
    as minority shareholders of IRP Holdings Limited, filed a
    complaint against SCOR in the US District Court of
    Massachusetts. The complaint alleges fraud and violations of
    Massachusetts law with regard to the acquisition by the
    Highfields Funds of a stake in IRP Holdings Limited in December
    2001. On April 19, 2006, after a question arose regarding
    the U.S. District Courts jurisdiction over the case,
    Highfields filed a Motion to Affirm Subject Matter Jurisdiction
    or, in the Alternative, to Refer Case to State Court, which asks
    the federal court to clarify jurisdictional questions. The
    parties have filed briefs on that motion but, as of
    June 22, 2006, the court has neither heard oral argument
    nor issued a ruling on Highfields motion. If the
    U.S. District Court determines it has the proper
    jurisdiction over the case, damages (including punitive damages)
    owed, if any, would only be determined by the court at the end
    of the trial which is scheduled to begin in May 2007. If the
    U.S. District Court determines it lacks jurisdiction over the
    law suit, Highfields may be permitted to file a similar
    complaint in Massachusetts state court.                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| |  | Beginning in October 2001, various lawsuits were 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 constituted
    one or two occurrences under the terms of the applicable
    property insurance coverage issued to the lessees of the WTC and
    other parties. While SCOR as a reinsurer is not a party to such
    lawsuits, its ceding company, Allianz Global Risks
    U.S. Insurance Company (Allianz), which insured a portion
    of the WTC and which is reinsured by SCOR, is a party to the
    legal action.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      



116



---



##### Table of Contents













| |   |                                                                                                                                                                                                                                                                                                                                                                                                              
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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 the related claims is approximately USD
    10.3 million.                                                                                                                              
|
| |  | In January 2005, Continental Casualty Company (CCC), a CNA
    subsidiary, initiated an arbitration proceeding to obtain a
    declaration that six contracts signed with Commercial Risk
    Re-Insurance Company (CRRC) should contain the so called
    insolvency clause. CRRC issued a counter demand for
    arbitration proceedings to obtain access to all relevant books
    and records from CCC.







| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In August 2005, certain American subsidiaries of Royal & Sun
    Alliance (RSA) initiated four arbitration proceedings against
    Commercial Risk Re-Insurance Company and Commercial Risk
    Reinsurance Company Ltd (Commercial Risk) relating to seven
    reinsurance treaties signed by RSA and Commercial Risk. RSA is
    alleging breach of the contracts and is seeking full payment of
    balances due under these contracts, plus interest and expenses,
    for a total of approximately USD 23 million. Commercial
    Risk denies these balances asserting that the losses are outside
    the scope of coverage and the terms and conditions of the
    treaties.

117



---



##### Table of Contents







| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | At the end of February 2006, Security Insurance Company of
    Hartford, Orion Insurance Company and other subsidiaries of
    Royal & Sun Alliance (RSA) instituted litigation against
    SCOR Reinsurance Company (SCOR Re) in the Supreme Court of the
    State of New York alleging breach of contract and seeking
    recovery of claimed loss balances of approximately USD
    48.9 million allegedly due as losses under two quota share
    treaties between the parties (the Treaties).





| |   |                                                                                                                                                                                                                                                                                                                                                                                                          
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In February 2006, SCOR received an arbitration notice from the
    captive of a pharmaceutical laboratory concerning
    the settlement of a claim under civil liability for a laboratory
    product. SCOR denied owing this amount and claims that the
    captive was not required to indemnify the pharmaceutical
    laboratory. The maximum potential commitment of SCOR is USD
    17.5 million.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | SCOR VIE, as the reinsurer of an 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, 2005.
|
| |  | The French Autorité des Marchés Financiers
    (AMF) initiated an investigation on October 21, 2004 in
    connection with the financial information and trading activity
    surrounding the issue of the SCOR OCEANE bonds in July 2004. The
    Company has no additional information on this matter at this
    time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| |  | The AMF also initiated an investigation on October 5, 2005
    concerning the market for the SCOR shares as of June 1,
    2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| |  | Since February 2005, the Company has been subject to a tax audit
    for the period from January 1, 2002 to December 31,
    2003. On December 21, 2005, this audit resulted in an
    initial adjustment proposal, excluding late penalties, for an
    additional assessment for the corporate income tax base for 2002
    of EUR 26,870,073.77, an assessment for the withholding
    stipulated by Article 119 bis 2 of the French General Tax
    Code of EUR 5,788,871 and an additional assessment for the
    employers payroll tax of EUR 27,891.                                                                                                                                                                                                                                                                     

118



---



##### Table of Contents



| |   |                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | The Company has challenged this adjustment proposal. This
    proposal, which stays the statute of limitations, will be
    followed in 2006 with a definitive proposal also covering fiscal
    year 2003.
|
| |  | The Autorité de Contrôle des Assurances et des
    Mutuelles (A.C.A.M.) launched an audit of SCOR VIE in
    January 2006.                                                                                 



Dividend Policy




statuts statuts






|     |  |             |         |  |              |  |              |                 |  |  |              |  |              |                    |      |  |  |  |      | 
|---- |  | ----------- | ------- |  | ------------ |  | ------------ | --------------- |  |  | ------------ |  | ------------ | ------------------ | ---- |  |  |  | ---- | 
|     |  | 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)              |     
|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 |  |              |  | 0.03         |                 |  |  | 0.03         |  |              |                    | 0.04 |  |  |  | 0.04 | 
|2005 |  |             | 968,769 |  |              |  | 0.05         |                 |  |  | 0.05         |  |              |                    | 0.06 |  |  |  | 0.06 | 

119



---



##### Table of Contents








|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Avoir Fiscalfor 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 0.35 in 2001, and
    the dividend per ADS including Avoir Fiscal for other
    corporations was USD 0.31 in 2001. 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.                                                                                              

B. SIGNIFICANT CHANGES




120



---



##### Table of Contents






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 | 
|                              |  |                          |           |                 |                         |  |                    |                  |  |                 |                |  |  |     |           |  |      | 
|2001                          |  |                          | EUR 58.20 |                 |                         |  | EUR 24.47          |                  |  |                 | 1,679,000      |  |  |     | USD 53.75 |  |      |  | USD 27.89 |  |  |  | 89,000     | 
|2002                          |  |                          | EUR 29.09 |                 |                         |  | 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  | 
|2004                          |  |                          | EUR  1.74 |                 |                         |  | EUR  1.00          |                  |  |                 | 119,620,704    |  |  |     | USD  2.37 |  |      |  | USD  1.23 |  |  |  | 12,707,650 | 
|First Quarter                 |  |                          | EUR  1.74 |                 |                         |  | 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  | 
|2005                          |  |                          | EUR  1.89 |                 |                         |  | EUR  1.38          |                  |  |                 | 118,532,069    |  |  |     | USD  2.29 |  |      |  | USD  1.83 |  |  |  | 3,444,917  | 
|First Quarter                 |  |                          | EUR  1.70 |                 |                         |  | EUR  1.38          |                  |  |                 | 77,690,765     |  |  |     | USD  2.29 |  |      |  | USD  1.83 |  |  |  | 5,010,133  | 
|Second Quarter                |  |                          | EUR  1.71 |                 |                         |  | EUR  1.46          |                  |  |                 | 116,936,278    |  |  |     | USD  2.12 |  |      |  | USD  1.86 |  |  |  | 4,370,100  | 
|Third Quarter                 |  |                          | EUR  1.84 |                 |                         |  | EUR  1.57          |                  |  |                 | 173,557,847    |  |  |     | USD  2.20 |  |      |  | USD  1.92 |  |  |  | 2,522,500  | 
|Fourth Quarter                |  |                          | EUR  1.89 |                 |                         |  | EUR  1.61          |                  |  |                 | 105,943,387    |  |  |     | USD  2.21 |  |      |  | USD  1.91 |  |  |  | 1,876,933  | 
|November 2005                 |  |                          | EUR  1.75 |                 |                         |  | EUR  1.62          |                  |  |                 | 98,436,676     |  |  |     | USD  2.03 |  |      |  | USD  1.91 |  |  |  | 1,811,800  | 
|December 2005                 |  |                          | EUR  1.89 |                 |                         |  | EUR  1.71          |                  |  |                 | 108,573,398    |  |  |     | USD  2.21 |  |      |  | USD  2.03 |  |  |  | 2,627,300  | 
|2006 (through June 23rd)      |  |                          | 2.25      |                 |                         |  | 1.60               |                  |  |                 | 129,878,569    |  |  |     | USD  2.61 |  |      |  | USD  2.02 |  |  |  | 2,176,917  | 
|January 2006                  |  |                          | EUR  2.11 |                 |                         |  | EUR  1.81          |                  |  |                 | 194,052,142    |  |  |     | USD  2.56 |  |      |  | USD  2.21 |  |  |  | 3,161,900  | 
|February 2006                 |  |                          | EUR  2.19 |                 |                         |  | EUR  1.97          |                  |  |                 | 144,931,333    |  |  |     | USD  2.54 |  |      |  | USD  2.34 |  |  |  | 1,225,300  | 
|March 2006                    |  |                          | EUR  2.25 |                 |                         |  | EUR  1.99          |                  |  |                 | 131,440,902    |  |  |     | USD  2.65 |  |      |  | USD  2.35 |  |  |  | 2,039,000  | 
|April 2006                    |  |                          | EUR  2.17 |                 |                         |  | EUR  2.01          |                  |  |                 | 82,341,287     |  |  |     | USD  2.61 |  |      |  | USD  2.41 |  |  |  | 1,773,600  | 
|May 2006                      |  |                          | EUR  2.08 |                 |                         |  | EUR  1.75          |                  |  |                 | 131,746,279    |  |  |     | USD  2.60 |  |      |  | USD  2.27 |  |  |  | 3,425,300  | 
|June 2006 (through June 23rd) |  |                          | EUR  1.91 |                 |                         |  | EUR  1.60          |                  |  |                 | 94,759,472     |  |  |     | USD  2.39 |  |      |  | USD  2.02 |  |  |  | 1,436,400  | 


















121



---



##### Table of Contents



OCEANEs Issuance and Repayment








| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | at any time, for all or a portion of the bonds, by means of
    repurchases on the market or over-the-counter or by public
    tender offer;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| |  | at any time, for all bonds outstanding, from January 1,
    2008 to December 31, 2009, subject to a minimum notice
    period of at least 30 calendar days by redemption at par, plus
    interest accrued from the last interest payment date preceding
    the early redemption date until the date set for redemption and
    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; and
|
| |  | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       









122



---



##### Table of Contents





|     |  |                        |  |              |           |       |      |  |       |     |  |  |      | 
|---- |  | ---------------------- |  | ------------ | --------- | ----- | ---- |  | ----- | --- |  |  | ---- | 
|     |  |                        |  | 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   |       |      |  | 2.35  |     |  |  | 2.25 | 
|     |  | April                  |  |              | 660       |       |      |  | 2.35  |     |  |  | 2.27 | 
|     |  | May                    |  |              | 3,506     |       |      |  | 2.35  |     |  |  | 2.15 | 
|     |  | June                   |  |              | 225,024   |       |      |  | 2.32  |     |  |  | 2.13 | 
|     |  | July                   |  |              | 1,512,206 |       |      |  | 2.45  |     |  |  | 2.20 | 
|     |  | August                 |  |              | 1,380,156 |       |      |  | 2.40  |     |  |  | 2.30 | 
|     |  | September              |  |              | 19,077    |       |      |  | 2.35  |     |  |  | 2.25 | 
|     |  | October                |  |              | 66,000    |       |      |  | 2.55  |     |  |  | 2.34 | 
|     |  | November               |  |              | 546,815   |       |      |  | 2.55  |     |  |  | 2.11 | 
|     |  | December               |  |              | 627,689   |       |      |  | 2.43  |     |  |  | 2.22 | 
|2006 |  | January                |  |              | 52,621    |       |      |  | 2.39  |     |  |  | 2.34 | 
|     |  | February               |  |              | 8,080     |       |      |  | 2.57  |     |  |  | 2.45 | 
|     |  | March                  |  |              | 327,850   |       |      |  | 2.58  |     |  |  | 2.53 | 
|     |  | April                  |  |              | 10,715    |       |      |  | 2.55  |     |  |  | 2.47 | 
|     |  | May                    |  |              | 85,810    |       |      |  | 2.42  |     |  |  | 2.36 | 
|     |  | June (through June 23) |  |              | 1,200     |       |      |  | 2.40  |     |  |  | 2.40 | 






IRP


General








123



---



##### Table of Contents





Cash buyback of minority shareholders












B. PLAN OF DISTRIBUTION




C. MARKETS


Freiverkehrshandel


premier marché premier marché






124



---



##### 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 nouveau marché


premier marché second
marché small- medium-sized nouveau marché marché libre


réservation à la hausse ou à la baisse


125



---



##### Table of Contents



Autorité des Marchés
Financiers,


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




126



---



##### Table of Contents






Item 10. Additional Information


A. SHARE CAPITAL




B. BYLAWS




statuts,








| |    |                                                                                                                                                                                                                                                                                                                                                                                                             
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. | insurance, reinsurance, cession or retrocession of 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, and
    creation, acquisition, rental, lease, installation and operation
    of any undertaking for the purpose of carrying on such business;
|
| | b. | construction, rental, operation or purchase of any buildings;                                                                                                                                                                                                                                                                                                                                               
|
| | c. | 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;                                                                                                                                              
|
| | d. | acquisition of equity investments or interests in any
    industrial, commercial, agricultural, financial, securities or
    realty companies or other undertakings, formation of any
    company, the participation in any share capital increase,
    mergers, spin-off and partial contributions;                                                                                                        
|
| | e. | 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.                                                                                          



| |                                                                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | And, generally, all industrial, commercial, financial,
    securities and real property transactions as may pertain to the
    above stated purposes or as may facilitate the implementation or
    pursuit of such purposes.

Changes in Share Capital












127



---



##### Table of Contents

















capitaux
propres sociétés
anonymes,






Additional Ordinary Share Issuances Authorized




Directeur Général Directeur Général
Délégué




128



---



##### Table of Contents









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







| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | delegated its authority to the Board of Directors to decide,
    solely for the purposes of the financing or the refinancing by
    the Company of the repurchase of minority interests in IRP
    Holdings and the improvement of the Companys capital
    resources, to increase the share capital by issuing, without
    preferential subscription rights, ordinary shares and/or
    securities granting access to the Companys share capital.
    The share capital increase(s) which could be carried out
    pursuant to this delegation may not lead to the issue of more
    than 150,000,000 shares, or a maximum nominal share capital
    increase of EUR 118,154,584.50, included in the aggregate
    maximum amount of share capital increases in a nominal amount of
    EUR 148,480,927.85, or a maximum of 188,500,000 shares in a
    nominal amount of EUR 0.78769723 per share. Lastly, the
    total aggregate nominal amount of securities granting access to
    the Companys share capital issued pursuant to this
    delegation may not exceed EUR 250,000,000;
|
| |  | authorized the Board of Directors to increase the number of
    shares and/or securities to be issued in the event of a share
    capital increase with or without preferential subscription
    rights, within a 30-day period following the closing of the
    subscription of the initial issue and within a limit of 15% of
    the initial issue and at the same price as such initial issue.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | By means of such authorizations, the Board of Directors decided
    on May 31, 2005 to delegate to its Chairman and Chief
    Executive Officer the authority to decide on the completion of a
    share capital increase, without preferential subscription rights
    and, as the case may be, to increase the number of shares to be
    issued. Pursuant to such authorization, Mr. Kessler decided
    on June 21, 2005 to increase the share capital by a nominal
    amount of EUR 102,400,640 through the issuance of
    130,000,000 shares with a nominal value of EUR 0.78769723
    per share, without shareholders preferential subscription
    rights and without a priority subscription period. On
    June 22, 2005, Mr. Kessler decided to set the
    subscription price of the new shares at EUR 1.56 per share
    to be issued, for a total share capital increase (including
    issue premiums) of

129



---



##### Table of Contents



| |                                                                                                                                                                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | EUR 202,800,000. On June 22, 2005, Mr. Kessler
    decided to complete a supplementary issue of 19,500,000 new
    shares at a price corresponding to the initial issue price, or
    EUR 1.56 per share to be issued, with the total amount of
    the share capital increase in connection with such supplementary
    issue (including issue premiums) set at EUR 30,420,000.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | delegated its authority to the board of directors to decide to
    increase the share capital by the issuance, on one or several
    occasions, on the French market or foreign markets, in euro, or
    in any other legal currency or monetary unit determined by
    reference to a basket of currencies, of ordinary shares of the
    Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| |  | resolved that the capital increase(s) that may be decided and
    carried out by the board of directors, immediately and/or at a
    future date, may not give rise to the issuance of a number of
    shares (of a par value of EUR 0.78769723 each) greater than
    300,000,000 (three hundred million) shares, not taking into
    account the number of ordinary shares to be issued, as the case
    may be, under adjustments made in accordance with the law and
    applicable contractual provisions, to protect the rights of
    holders of securities granting access to the Companys
    capital, it being specified that the nominal amount of any
    capital increase carried out pursuant to this delegation of
    authority shall be deducted from the aggregate ceiling of
    EUR 267,029,360.97;                                                                                                                                                                                                                                                                                                                                                                                                
|
| |  | resolved that the shareholders may exercise, under conditions
    provided by law, their preferential subscription right for the
    subscription on a non-reducible basis of new ordinary shares
    which issuance shall be decided by the board of directors
    pursuant to this delegation of authority; the board of directors
    may institute to the benefit of shareholders a right for the
    subscription on a reducible basis of excess ordinary shares
    which shall be exercised in proportion to their rights and
    within the limit of their request; if the subscriptions for new
    shares on a non-reducible basis or, as the case may be, for
    excess shares on a reducible basis have not absorbed all of the
    ordinary shares issued, the board of directors shall have the
    option, in the order that it shall determine, either to limit,
    pursuant to the law, the issuance to the amount of subscriptions
    received, on the condition that such amount reaches at least
    three-fourths of the issuance that will have been decided, or to
    freely allocate all or part of the shares not subscribed, or to
    offer such shares in the same manner to the public;
|
| |  | resolved that the board of directors may, as necessary, deduct
    the expenses, costs and fees brought about by the issuances,
    from the amount of the issuance premiums related thereto and
    deduct from such amount the sums necessary to establish the
    legal reserve.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     



Preferential Subscription Rights










Attendance and Voting at Shareholders Meetings




130



---



##### Table of Contents











Comité
dentreprise






département Bulletin des annonces
légales obligatoires,


avis de réunion






131



---



##### Table of Contents





statuts,


certificat dimmobilisation de titres au porteur




statuts














132



---



##### Table of Contents









Dividend and Liquidation Rights


statuts


statuts




statuts




133



---



##### Table of Contents



Form, Holding and Transfer of Ordinary Shares


Form of Shares. statuts


Holding of Ordinary Shares. dématérialisation


BNP Paribas




statuts


non-French




Requirements for Holdings Exceeding Certain Percentages of
Shares. 2 3 two-year


134



---



##### Table of Contents





12-month


one-third


statuts two-year


Transfer of Ordinary Shares.


Non-residents






135



---



##### Table of Contents



Ownership of Shares by
Non-French Persons


non-residents non-French


autorisation préalable


déclaration administrative non-French non-French one-third 1 3


C. MATERIAL CONTRACTS






| |   |                                                                                                                                                          
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Our credit agreements with certain banks concerning credit lines
    and letters of credit described in Item 5. B.
    Liquidity and Capital Resources;
|
| |  | Our agreements with certain related parties described in
    Item 7. B. Related Party Transactions;                                                    
|
| |  | The lease agreement on the Groups headquarters described
    in Item 4.C Property, Plants and Equipment.                                              

D. EXCHANGE CONTROLS


Exchange Controls


non-residents. non-resident


E. TAXATION


tax-exempt pass-through mark-to-market


136



---



##### Table of Contents











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



Exchanges of ADRs for Ordinary Shares performed by a U.S.
resident




Taxation of Dividends


French Taxation. after-tax non-residents Avoir Fiscal


Avoir Fiscal Avoir Fiscal


137



---



##### Table of Contents



(a) Withholding tax








| |   |                                                                                                                                                                                           
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | an individual or other
    non-corporate holder
    that is a resident of the United States for Treaty purposes (15%
    withholding tax rate);                                           
|
| |  | a United States corporation, other than a regulated investment
    company, that owns, directly or indirectly, 10% or more of the
    capital of the Company (5% withholding tax rate); or
|
| |  | a United States corporation that does not own, directly or
    indirectly, 10% or more of the capital of the Company (15%
    withholding tax rate).                                      

Centre des Impôts des Non Residents,


(b) Tax Credit


Avoir Fiscal Avoir Fiscal


Avoir
Fiscal Avoir Fiscal


5I-2-05, non-resident Avoir Fiscal Avoir Fiscal,


138



---



##### Table of Contents



above-mentioned


United States Federal Income Taxation. ex-dividend


dividends-received






Taxation of Capital Gains


French Taxation.


139



---



##### Table of Contents







United States Federal Income Taxation. Long-term non-corporate


French Estate and Gift Taxes






French Wealth Tax


non-resident


United-States


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.

140



---



##### Table of Contents









| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | any gain realized on the sale or other disposition of Ordinary
    Shares or ADSs, 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.                                             





141



---



##### Table of Contents











Related Person Insurance Income for U.S. Holders


non-United


United States Information Reporting and Backup Withholding
for U.S. Holders


W-9


142



---



##### Table of Contents



F. DIVIDENDS AND PAYING AGENTS




G. STATEMENT BY EXPERTS




H. DOCUMENTS ON DISPLAY










1-800-SEC-0330.








I. SUBSIDIARY INFORMATION




143



---



##### Table of Contents






Item 11. Quantitative and Qualitative Disclosures About
Market Risk






Foreign currency exchange rate risk










Interest rate risk




Equity security price risk




short-term


144



---



##### Table of Contents





Sensitivity analysis


before-tax before-tax




before-tax before-tax


before-tax


145



---



##### Table of Contents





|                          |       |                    |       |                  |                |  |                    |               |      |               |         |      |   |  |     |      |  
|------------------------- | ----- | ------------------ | ----- | ---------------- | -------------- |  | ------------------ | ------------- | ---- | ------------- | ------- | ---- | - |  | --- | ---- | -
|                          |       | December 31, 2005  |       |                  |               
|                          |       |                    |       |                  |               
|                          |       |                    |       | 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          |       |                    | 5,237 |                  |                |  | 392                |               |      |               | (201    | )    |   |  |     |     
|Equity securities         |       |                    | 769   |                  |                |  | 20                 |               |      |               |         |      |   |  | 77  |     
|Trading equity securities |       |                    | 335   |                  |                |  | 13                 |               |      |               | (3      | )    |   |  | 34  |     
|Cash and cash equivalents |       |                    | 1,666 |                  |                |  | 105                |               |      |               |         |      |   |  |     |     
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|                          | Total |                    |       | 8,007            |                |  |                    | 530           | (1)  |               |         | (204 | ) |  |     | 111  |  
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|Decrease                  |       |                    |       |                  |                |  |                    |               |      |               |         |      |   |  |     |     
|Fixed maturities          |       |                    | 5,237 |                  |                |  | (392               | )             |      |               | 201     |      |   |  |     |     
|Equity securities         |       |                    | 769   |                  |                |  | (20                | )             |      |               |         |      |   |  | (77 | )   
|Trading equity securities |       |                    | 335   |                  |                |  | (13                | )             |      |               | 3       |      |   |  | (34 | )   
|Cash and cash equivalents |       |                    | 1,666 |                  |                |  | (105               | )             |      |               |         |      |   |  |     |     
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     
|                          | Total |                    |       | 8,007            |                |  |                    | (530          | )(1) |               |         | 204  |   |  |     | (111 | )
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     

|                          |       |                    |       |                  |                |  |                    |               |      |               |         |      |   |  |     |     |  
|------------------------- | ----- | ------------------ | ----- | ---------------- | -------------- |  | ------------------ | ------------- | ---- | ------------- | ------- | ---- | - |  | --- | --- | -
|                          |       | 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 | )
|                          |       |                    |       |                  |                |  |                    |               |      |               |         |     






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




Item 12. Description of Securities Other than Equity
Securities




146



---



##### Table of Contents






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


Sarbanes-Oxley 20-F. L.225-37


Internal control procedures






| |   |                                                                                                                                                                                                                                                                                                                  
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | first, to ensure that management actions, or the conduct of
    transactions, as well as the conduct of employees are consistent
    with the policies of the Companys as established by
    management, with applicable laws and regulations, and with the
    Companys internal values, standards, and rules;
|
| |  | second, to verify that accounting, financial, and management
    information provided to SCORs corporate governance bodies
    accurately reflects the conduct of the Companys operations
    and its financial condition.                                                                                     

decision-making




147



---



##### Table of Contents



Secrétariat Général


Brief description of the controls implemented










| |   |                                                                                                                                      
| | - | -------------------------------------------------------------------------------------------------------------------------------------
| |  | holding company;                                                                                                                     
|
| |  | operating company for financial management and various
    reinsurance operations, the business of which is located in
    Paris; and
|
| |  | functional responsibilities.                                                                                                         

Direction du Contrôle des
Risques Groupe Direction Financière Direction des Systèmes
dInformation Secrétariat Général et
Direction des Affaires Juridiques Groupe Direction des Ressources Humaines Direction des Affaires Publiques Direction de lAudit
Interne


Direction des Sinistres
Groupe Non-Life Non-Life Non-Life




Direction de lActuariat Groupe Direction des Rétrocessions Groupe et du Contrôle
des Risques Catastrophiques Non-Life Direction Technique Groupe Non Vie


Non-Life Credit-Sureties




148



---



##### Table of Contents



Participants in Internal Controls









| |   |                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Operating companies located in Paris and subsidiaries provide an
    initial level of control of all operations under their
    organizational responsibility;                                                                                                    
|
| |  | The Reinsurance Business Segments, the Treasury and Asset
    Management department and the Group functional departments
    provide a second level of control in their respective areas over
    transactions and operations conducted by the operating entities;
|
| |  | The Internal Audit Department provides a third level of control
    by checking the effectiveness and relevance of the internal
    control mechanisms of the first two levels in all areas and for
    all of the Groups French and
    non-French companies.   





| |   |                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Board of Directors relies on various Board Committees, in
    particular the Accounts and Audit Committee, to exercise its
    control responsibility over the policies it has set for the
    Company.

149



---



##### Table of Contents





| |   |                                                                                                                                                                                                                     
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Groups functional Departments or areas having control
    responsibility define and oversee the implementation of rules
    for which they are responsible that apply to all of the
    Groups entities. Thus:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the Chief Actuary (Group Actuarial Department), reports directly
    to the Chief Risk Officer, who, in turn, reports to the Chairman
    and Chief Executive Officer, conducts centralized control of the
    methods, tools, and results of calculations of claims reserves
    funding for all
    non-life operations.
    His task is to implement standardized methods for funding claims
    reserves for the entire Group, except for life insurance
    operations, and to ensure the consistency of the Groups
    reserve policies, working with internal actuaries and, when
    appropriate, external actuaries. The Chief Risk Officer,
    assisted by the Chief Actuary, supervises the establishment of
    reserves for all subsidiaries and branches and reports to the
    Accounts and Audit Committee of the Board of Directors;
|
| |  | the Group Retrocession and the Catastrophic Risk Control
    Department, reporting to the Chief Risk Officer, prepares and
    implements the plan of internal and external retrocession for
    non-life businesses.
    This Department is responsible for proper application of this
    plan and monitoring the solvency of retrocessionnaires;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |  | control of the Groups information systems is provided by
    the Group Management Information Systems Department, which has a
    Security manager. This Department reports to the
    Chief Operating Officer;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| |  | the Planning, Budget, and Results Department (PBR), reporting to
    the Chief Financial Officer, is responsible for financial and
    accounting reporting and for verification and supervision of
    aggregate monthly and consolidated quarterly results of
    operations and the preparation of financial statements for the
    French companies and the consolidated financial statements under
    IFRS and U.S. GAAP; and                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |  | the control of all financial information intended for the
    market, investors, financial analysts, Security Committees of
    brokers and rating agencies falls under the responsibility of
    the Financial Communication, Capital Adequacy & Ratings
    Department, reporting to the Chief Financial Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The general management of the two reinsurance business segments,
    reporting to the Chairman and Chief Executive Officer and to the
    Chief Operating Officer, jointly with the Group Risk Control
    Department, reporting to the Chairman and Chief Executive
    Officer, are responsible for drafting common guidelines for
    underwriting policies throughout the world within their areas of
    responsibility and overseeing their proper application. The
    reinsurance business segments are also responsible for defining
    claim management policy.
|
| |  | The Treasury and Asset Management Department, within the Finance
    and Accounting Department, manages the assets of SCOR and of its
    European and Asian subsidiaries. It supervises the application
    of the investment strategy decided by the Groups General
    Management and Chief Financial Officer, and is responsible for
    reporting on investments for the entire Group, as well as
    reviewing all
    off-balance sheet
    commitments.                                                                                                          
|
| |  | The subsidiaries, as well as the Paris underwriting departments
    and their branches or offices, must implement rules defined by
    the reinsurance business segments, the Treasury and Asset
    Management Department, and the functional departments. The
    subsidiaries implement all
    first-level controls
    relating to business management and ensure compliance with local
    regulatory, tax, and accounting requirements.                                                                                                                            
|
| |  | The Internal Audit Department, reporting to the Chairman and
    Chief Executive Officer, has the primary responsibilities below:                                                                                                                                                                                                                                                                                                                                                                                                                                         



| |   |                                                                                                                                                                                                                     
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | inform General Management and the operating units and functional
    departments of operating irregularities through the
    implementation of an annual audit plan adopted by the Accounts
    and Audit Committee;
|
| |  | advise managers of the operating companies on the preparation of
    their internal control plans and work with them on
    implementation of the procedures and tools necessary for
    effective risk control; and

150



---



##### Table of Contents





| |   |                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------
| |  | supervise relevance and compliance by the operating units and
    functional departments with internal control procedures.













| |   |                                                                          
| | - | -------------------------------------------------------------------------
| |  | issuance and management of reinsurance policies and claim
    management;
|
| |  | accounting management (see c) below);                                    
|
| |  | asset management; and                                                    
|
| |  | support functions.                                                     





| |   |                                                                                                                                                                                                                                                                                                                            
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The management and control procedures relating to the
    underwriting and management of reinsurance policies and claim
    management are defined by each business segment and apply to all
    underwriting departments, regardless of their location. The
    following steps strengthen internal controls in this area:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | SCOR uses a model for determining financial capital managed by
    the Group Risk Control Department, which is necessary to
    implement its underwriting policy. Financial capital is
    allocated to each reinsurance business segment and constitutes
    the reference for deciding and verifying the profitability
    expected for each of them;                                                                                                                                                                                                                                                                                                                                                                                                       
|
| |  | underwriting plans, by business segment, are approved annually
    by the Groups General Management;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| |  | operating budgets are prepared annually;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| |  | a quarterly review of technical results by market/ subsidiary is
    carried out and provides for technical results by underwriting
    period. The formalization of this review was reinforced in 2005
    through meetings referred to as FAO (Finance, Actuary and
    Operationals) and QBR (Quarterly Business Review) meetings;                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| |  | underwriting guidelines, defined by the Group Risk Control
    Department, or reinsurance business segments, specify the
    underwriting capabilities delegated to each entity, as well as
    the underwriting rules to be followed. Cases that go beyond this
    scope are subject to special authorization procedures. These
    cases are examined by the Group Technical Department and/or the
    Technical Department of SCOR Global P&C for the
    Non-Life Reinsurance
    business segment, by the Underwriting Committee or the market
    manager for the SCOR VIE business segment. The Group Risk
    Control Department or the reinsurance business segments update
    the underwriting guidelines concerning pricing methods
    and tools;

151



---



##### Table of Contents





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the definition of a global claim management policy for all of
    the cases falls under the responsibility of the SCOR Global
    P&C business segment, and a major claim management policy is
    provided by SCOR Global P&Cs Claims and Commutations
    Department. A SCOR Global P&C Major Claim Committee makes it
    possible to be informed quickly of major claims. In addition,
    audits of client claim departments are conducted by claim
    experts (adjusters) of the major SCOR companies. With regard to
    the SCOR VIE business segment, management of claims presenting a
    risk of disputed claims was overseen by this business
    segments Strategy Department until December 2005. Since
    that date, it has been handled by the Market Departments in
    question and overseen by SCOR VIEs Underwriting Department;
|
| |  | aggregation of catastrophic risks is monitored by each of the
    reinsurance business segments and verified by the Group
    Retrocession and the Catastrophic Risk Control Department within
    the Group Risk Control Department using various methods and
    tools. The principal earthquakes risks are managed by a specific
    tool based on the Groups reinsurance management
    information system. As for storm risks, they are managed
    with a commercial tool (Eqecat) in the areas considered to be
    the most exposed;                                                                                                                                                                                                                                                                                                             
|
| |  | the risks specific to the management of reinsurance contracts
    are subject to audits and verifications at the level of the
    subsidiaries and branches based on the use of a system common to
    the Group and including multiple automatic controls. Formalized
    and systematic review systems have been implemented since 2005
    and numerous control tools have been developed by the Management
    Information Systems Department; and                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |  | furthermore, a procedure specific to Life reinsurance has been
    installed for the purpose of combating money laundering. It
    falls under the responsibility of the Fraud Prevention and
    Security Department, which reports to SCOR VIEs General
    Management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                



| |   |                              
| | - | -----------------------------
| |  | Relating to asset management:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | investment guidelines are established and verified annually by
    SCORs General Management or the general management of each
    of its subsidiaries for the financial assets recorded on the
    balance sheet of the company in question. These guidelines are
    applied to both the asset management teams based in Paris and
    the management delegated to an external service provider for our
    North American companies;
|
| |  | investment decisions are made during monthly Investment
    Committee meetings. Such meetings decide on the options to be
    followed regarding the type of investments and to manage market
    risks (interest rates, exchange rate fluctuations,
    consideration) and options regarding asset/ liability management;                                                                                                             
|
| |  | monthly reporting of operations allows tracking of changes in
    assets under management;                                                                                                                                                                                                                                                                                                                                             
|
| |  | regular tracking of financial flows and the Groups cash
    flow situation is centralized by the Treasury and Asset
    Management Department; and                                                                                                                                                                                                                                                                                    
|
| |  | the systems used allow oversight of transactions in publicly
    traded securities (audit trail, valuation of securities).                                                                                                                                                                                                                                                                                                             



| |   |                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the support functions include both
    budgeting-forecasting activities and those relating to
    disclosure of non-financial information, plus management
    information systems, human resources, general services, and
    legal matters. Among these areas:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the area of information systems is crucially important for SCOR,
    which, since 1995, has instituted and updated a worldwide
    information system including underwriting operations, accounting
    (technical, general, consolidated), financial administration and
    marketing (creation of a data base of SCOR clients).
    A Group manager is specifically responsible for all
    management information security matters. Periodic audits of
    computer and management information security procedures are
    conducted. An IT contingency plan has been established,
    including an emergency and
    back-up center

152



---



##### Table of Contents



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | located outside of SCORs headquarters. In 2005, SCOR
    improved its control procedures by basing them on the COBIT
    reference documents (Control objectives for information
    and technology) to cover risks, listed in the
    12 major processes of COBIT, relating to the development of
    programs, changes in programs, and operation and access to data
    programs;                                                                                                                                                                                                                                                                   
|
| |  | the budget control system is organized as follows: an
    orientation letter is sent by General Management to each unit
    setting forth the general guidelines to be followed under the
    strategy adopted for the Group. Forecast validation meetings
    then take place involving the managers of the Group companies,
    General Management and the PBR Department, which is in charge of
    drafting a validation report. This Department is also
    responsible for verifying the consistency of the assumptions
    used, accounting items monitored, the proper use of budget
    worksheets, and the application of the selected schedule;
|
| |  | regarding SCORs offices, very demanding regulations
    applicable to high-rise buildings require periodic verifications
    and audits, conducted either internally or by outside service
    providers; and                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| |  | the Groups Office of the Company Secretary 
    Legal Department provides a control function at various levels.
    It is especially responsible for ensuring compliance, both with
    applicable laws and regulations, and with internal rules,
    decisions, commitments, practices and policies of SCOR. This
    task particularly affects the legal organization of the
    Groups companies, the entering into of agreements, and
    supervision of major litigation.                                                                                                                                                                         



| |                               
| | ------------------------------
| | In addition, SCOR has adopted:



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | since 1996, a Code of Ethics sent to all employees. This Code
    sets forth the Groups fundamental values and principles
    and is a guide for resolving issues of ethics and law with which
    an employee may be confronted. It covers, among other things,
    business confidentiality, use of confidential and privileged
    information, financial disclosure, relations with our clients
    and our competitors, and conflicts of interest;                                                               
|
| |  | since April 2003, an Audit Charter, setting forth the role,
    scope, principles and methods of operation of the Internal Audit
    Department and stating the responsibilities of the Groups
    operating and functional units in controlling and supervising
    their operations; and                                                                                                                                                                                                                            
|
| |  | since July 2004, a Data Management Charter that sets forth the
    importance of computer data for SCOR and establishes the basis
    for using information technology resources. It especially sets
    forth the applicable security measures and the legal
    considerations involved in using information technology
    resources. The other purposes of this Charter are to avoid
    misuse of professional and personal information and guarantee
    compliance with the confidentiality of such information.



| |                                                  
| | -------------------------------------------------
| | These documents are available on SCORs Intranet.



153



---



##### Table of Contents














| |   |                                                                                                 
| | - | ------------------------------------------------------------------------------------------------
| |  | technical reinsurance accounting: premiums, claims, commissions,
    technical reserves;        
|
| |  | accounting for securities assets: securities, bank accounts,
    financial revenues and charges;
|
| |  | auxiliary cash flow accounting;                                                                 
|
| |  | accounting for real estate assets; and                                                          
|
| |  | accounting for general and administrative expenses.                                             

154



---



##### Table of Contents



Direction des
Placements et Trésorerie ).




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Regarding reinsurance accounting services, several regular
    controls are conducted (automatic and systematic, or for
    consistency, or by testing) by the technical accounting groups
    that are located in Paris and in the subsidiaries by using both
    Group techniques and control formats developed either at the
    Group level or specifically. Quarterly inventories are also
    specifically verified. At the time of an inventory, the
    calculation of technical reserves (including IBNRs), largely
    based on contractual and accounting information, the relevance
    of which is verified at the source, has a significant impact on
    the balance sheet and income statement.



| |   |                                                                                       
| | - | --------------------------------------------------------------------------------------
| |  | It is subject to the following successive controls for SCOR
    Global P&Cs business:



| |   |                                                                                                                                           
| | - | ------------------------------------------------------------------------------------------------------------------------------------------
| |  | by the reserving actuaries, through control statements whose
    proper application is verified by the Group Actuarial
    Department; and
|
| |  | by the Chief Actuary, in particular, in respect of methods,
    tools, and results.                                                       





| |   |                                              
| | - | ---------------------------------------------
| |  | With regard to the SCOR VIE business segment:



| |   |                                                                                                                                                                                          
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Reinsurance treaties are subject to either individual review or
    pooling within an affiliation treaty according to certain
    criteria defined in advance;                           
|
| |  | The treaties are then subject to appraisals; and                                                                                                                                         
|
| |  | These appraisals are reviewed systematically at each quarterly
    closing during meetings to which underwriters, managers and
    possibly the Technical Department members are invited.



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Monitoring of current assets and cash flow is provided through
    various operating methods making it possible to limit risks. The
    computer systems used provide an audit path for completed
    transactions and have automatic alert systems. In the North
    American companies, accounting activities are performed by
    external service providers. Controls implemented by these
    companies make it possible to verify the proper consolidation of
    accounting data and compatibility of the figures. In addition,
    these service providers can transmit an external evaluation of
    the internal control systems on the delegated activities. This
    evaluation is commonly called SAS 70 type II.



non-modifiable






| |   |                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | by using general accounting and consolidation software common to
    all companies of the Group;                                                                                                           
|
| |  | by defining the financial statement plan decided upon and
    verified by the PBR Department, which also establishes and
    updates the financial statement closing schedule and the tax
    schedule; and
|
| |  | by defining responsibilities for controlling the inclusion and
    consolidation of auxiliary accounts.                                                                                                    

155



---



##### Table of Contents







| |   |                                                                                                                                                                                
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | use of a tool common to the Group making it possible to limit
    the number of entries and the risk of errors;                                                                
|
| |  | automated and formalized controls applicable to all Group
    companies (with regard to these first two points, see the
    comments below relating to the tools limitations);
|
| |  | at least two levels of control of consistency and exhaustiveness
    of consolidation forms, one by the company or unit involved, the
    other by the PBR Department;         
|
| |  | an exact schedule for, and definition of, the responsibilities
    of each party involved in the process;                                                                      
|
| |  | controls and verification of the consolidation process at
    various stages;                                                                                                  
|
| |  | documentation of restatements;                                                                                                                                                 
|
| |  | final verification of entries affecting income and consolidated
    reserves; and                                                                                              
|
| |  | internal monitoring of changes in the law and in accounting
    standards, together with the Groups outside counsel and
    statutory auditors.                               

re-enter




Balance sheet activity for 2005 and action plan for 2006










| |   |                                                                                                                                                                                                  
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Finalization of drafting procedures in the companies considered
    to be significant;                                                                                                           
|
| |  | Deployment and implementation in Paris and in the significant
    subsidiaries of standardized control procedures
    reflecting the best internal control practices used within the
    Group;
|
| |  | Definition of the evaluation system and the internal testing
    plans that make it possible to verify the proper application of
    control procedures and their effectiveness; and             

156



---



##### Table of Contents





| |   |                                                                                                                                                                                                        
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Evaluation of financial internal control, of processes retained
    in a first coverage scope, based on a testing plans and
    consolidation of the results in a tool for monitoring risk
    control.





| |   |                                                                                                                                                                                                       
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | an error in the accounting for leases that were originated
    during the fiscal year ended December 31, 2002, and that
    were not properly accounted for as capital leases under U.S.
    GAAP; and
|
| |  | an error in accounting for derivatives at December 31, 2003.                                                                                                                                          





| |   |                                                                                                                                                                                                   
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Strengthening of the teams with individuals familiar with U.S.
    GAAP and training of staff in U.S. accounting issues;                                                                          
|
| |  | Strengthening of existing controls relating to the process of
    preparing consolidation forms;                                                                                                  
|
| |  | Improvement in the standard reconciliation formats between
    French GAAP, IFRS and U.S. GAAP; and                                                                                               
|
| |  | Review and obligatory approval by certain managers of
    transactions that have an impact on SCORs financial
    position or on the consolidated operating results above certain
    thresholds.







Item 16.





A. AUDIT COMMITTEE FINANCIAL EXPERT




157



---



##### Table of Contents



20-F non-voting


Commission des Opérations de Bourse, Autorité des Marchés Financiers non-executive


10A-3(e)(i) 10A-3(e)(iii)(A). 10A-3(b)(ii)(B), non-investment 10A-3(b)(ii).


10A-3(b)(1)(iv)(D)





B. CODE OF ETHICS

















C. PRINCIPAL ACCOUNTANT FEES AND SERVICES


audit-related audit-related


|                          |  |      |           |  |      |  |           | 
|------------------------- |  | ---- | --------- |  | ---- |  | --------- | 
|Ernst & Young             |  | 2005 |           |  | 2004 | 
|                          |  |      |           |  |      | 
|Audit Fees                |  |      | 4,331,500 |  |      |  | 3,591,759 | 
|Audit-Related
    Fees(1) |  |      | 624,520   |  |      |  | 383,173   | 
|Tax
    Fees(2)           |  |      | 346,000   |  |      |  | 515,618   | 
|All Other
    Fees(3)     |  |      | 0         |  |      |  | 43,715    | 
|                          |  |      |           |  |      | 
|Total                     |  |      | 5,302,020 |  |      |  | 4,534,265 | 
|                          |  |      |           |  |      | 

158



---



##### Table of Contents








|    |                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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






S-X.





D. EXEMPTIONS FROM THE LISTINGS STANDARDS FOR AUDIT
COMMITTEES


10A-3(e)(i) 10A-3(e)(iii)(A). 10A-3(b)(ii)(B), non-investment 10A-3(b)(ii).


10A-3(b)(1)(iv)(D)





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


Legal framework






| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 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 plan managed by a Company sponsored mutual fund,
    a stock option plan or a share award plan after obtaining
    approval of the shareholders at an extraordinary general
    meeting; and                                                                                                                                                                                                                                                                                  
|
| | 3. | to implement a share repurchase program for specific purposes
    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 Chief Executive Officer, or with the approval of the
    Chief Executive Officer, to one or several Chief Operating
    Officers (directeur général
    délégué) powers to carry out such a
    repurchase program.

159



---



##### Table of Contents













Share repurchase program








| |   |                                                                                                                               
| | - | ------------------------------------------------------------------------------------------------------------------------------
| |  | debt financial instruments exchangeable into equity instruments;
    or                                                       
|
| |  | employee share option programs or other allocations of shares to
    employees of the issuer or of an affiliate of the issuer;











| |   |                                                                                                                                                                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The issuer must not, when executing trades under a repurchase
    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 markets 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 may not be above the higher of
    the price of the last independent trade and the highest current
    independent bid;

160



---



##### Table of Contents





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



Autorité des
Marchés Financiers.


Share repurchase program for 2005


Autorité des Marchés Financiers 05-374,




| |   |                                                                                                                                                                                                   
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | authorized the Board of Directors, which may delegate this
    authority under the conditions provided by law, to purchase and
    sell the Companys shares under applicable legal provisions;   
|
| |  | decided that purchases and sales could be carried out for all
    allowed purposes as authorized pursuant to applicable laws and
    regulations, and notably in view of the following objectives:



| |   |                                                                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | trading on the secondary market or ensuring the liquidity of the
    market of the Companys shares by entering into a liquidity
    agreement with an investment services provider;
|
| |  | implementation of any of the Companys stock option plans;                                                                                                                          
|
| |  | implementation of the share award plan to employees and/or
    officers;                                                                                                            
|
| |  | distribution of shares to employees and, as the case may be, to
    corporate officers pursuant to a profit sharing scheme or a
    company sponsored mutual fund;                  
|
| |  | purchase of shares to be used as consideration in potential
    mergers and/or acquisitions;                                                                                        
|
| |  | payment of shares in connection with the exercise of rights
    attached to securities granting access to share capital;                                                            
|
| |  | cancellation of shares, within the limits provided by law as
    authorized under the seventeenth resolution of the extraordinary
    shareholders meeting;                        



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | decided that the acquisition, sale or transfer of such shares
    could be done by any means, on a regulated market or over the
    counter, including block purchases or sales (without limiting
    the part of the purchase plan that may be completed through this
    means), or by using derivative financial instruments, traded on
    a regulated market or by OTC transactions, or the development of
    option strategies under the conditions authorized by the market
    regulators. These transactions may be carried out at any time,
    including during the public offering period, in compliance with
    applicable regulations;
|
| |  | set the maximum purchase price at EUR 2.20 per share
    (excluding acquisition costs), provided that, in the event of a
    share capital increase through the capitalization of reserves
    and the share award to shareholders, as well as in the event of
    a share-split or reverse
    share-split, such
    maximum purchase price shall be adjusted by a multiplier
    coefficient equal to the ratio between the number of securities
    comprising the share capital before the transaction and the
    number of shares after the transaction;                                                                                        
|
| |  | decided that the maximum number of shares to be purchased under
    this authorization is set at 10% of the share capital, provided
    that such limit applies to a number of shares, which will, if
    applicable, be adjusted in order to take into account the
    transactions affecting the share capital after the
    shareholders meeting and that the amount of shares
    purchased by the Company may in no case result in it holding,
    directly or indirectly, more than 10% of the share capital,
    provided that the overall amount that the                                                                                    

161



---



##### Table of Contents



| |   |                                                                                                                                                                                                                                                                                                                
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | Company may use to purchase its own shares may not exceed
    (i) the total amount of the share capital in addition to
    the amount of mandatory reserves and (ii) the amount of the
    overall reserves, excluding the mandatory legal reserve, of the
    Company;                                        
|
| |  | duly noted that shareholders will be informed at the next annual
    shareholders meeting of the precise allocation of the
    purchased shares to the different objectives pursued under the
    share repurchase program, and of the procedures for the
    repurchases completed during the financial year;
|
| |  | with regard to the shares acquired before October 13, 2004,
    granted all necessary powers to the Board of Directors to:                                                                                                                                                                                     



| |   |                                                                                                                                                                                                                                                                                                                                                      
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | either allocate such shares to an objective entitling the
    Company to benefit from the exemption set forth by Regulation
    (EC) No. 2273/2003 of December 22, 2003 as described
    below; or                                                                                                                                                   
|
| |  | allocate such shares to one of the two market practices accepted
    by the Autorité des Marchés Financiers
    (liquidity agreement with an investment service provider acting
    under the conditions determined for that practice, holding, and
    for exchange or payment in connection with possible merger and
    acquisition transactions);



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | conferred all powers to the Board of Directors, which may
    delegate this authority, to place all stock market orders, enter
    into all agreements, particularly with a view to keeping share
    purchase and sale registers, to prepare all documents, including
    but not limited to information reports, carry out all
    disclosures and formalities with the Autorités des
    Marchés Financiers and any other regulator and, in
    general, to complete all necessary actions to implement such
    share repurchase program;
|
| |  | decided that this authorization is granted for a period that
    will end at the 2006 annual shareholders meeting approving
    the 2005 financial statements, provided that such period shall
    not exceed a maximum of eighteen months as from May 30,
    2005; and                                                                                                                                                                                                                                                                    
|
| |  | decided that this authorization supersedes the authorization
    granted by the fourteenth resolution of the combined
    shareholders meeting of May 18, 2004.                                                                                                                                                                                                                                                                                                                                                                             



non-distributable






162



---



##### Table of Contents



|         |  |                  |           |             |                |  |      |                   |            |               |                     |                     |                  |                  |                       |                            |                     |  |           |  |  |  |            |    
|-------- |  | ---------------- | --------- | ----------- | -------------- |  | ---- | ----------------- | ---------- | ------------- | ------------------- | ------------------- | ---------------- | ---------------- | --------------------- | -------------------------- | ------------------- |  | --------- |  |  |  | ---------- | ---
|         |  |                  |           |             |                |  |      | Average price per |            |               |                     |                     |                 
|         |  |                  |           |             |                |  |      | share transferred |            |               | (c) Total number of |                     |                  |                 
|         |  |                  |           | (b) Average |                |  |      |                   | (excluding |               |                     | shares purchased as |                  |                  | (d) Maximum number of |                           
|         |  | (a) Total number |           |             | price paid per |  |      |                   |            | allocation of |                     |                     | part of publicly |                  |                       | shares that might still be |                    
|         |  | of shares        |           |             | share          |  |      | Total number of   |            |               | bonus shares)       |                     |                  | announced share  |                       |                            | acquired under the  | 
|MONTH    |  | purchased        |           |             | (in EUR)       |  |      | shares sold       |            |               | (in EUR)            |                     |                  | repurchase plans |                       |                            | program(1)(2)(3)(6) | 
|         |  |                  |           |             |                |  |      |                   |            |               |                     |                     |                  |                  |                       |                            |                     | 
|Jan-05   |  |                  | 783,396   |             |                |  | 1.46 |                   |            |               | 5,914,001           |                     |                  |                  | 1.50                  |                            |                     |  | 783,396   |  |  |  | 28,513,498 |    
|Febr-05  |  |                  | 875,000   |             |                |  | 1.56 |                   |            |               | 700,000             |                     |                  |                  | 1.59                  |                            |                     |  | 875,000   |  |  |  | 28,338,498 |    
|March-05 |  |                  | 1,287,498 |             |                |  | 1.59 |                   |            |               | 750,000             |                     |                  |                  | 1.65                  |                            |                     |  | 1,287,498 |  |  |  | 27,801,000 |    
|Apr-05   |  |                  | 1,537,000 |             |                |  | 1.60 |                   |            |               | 1,019,947           |                     |                  |                  | 1.62                  |                            |                     |  | 1,537,000 |  |  |  | 27,283,947 |    
|May-05   |  |                  | 485,000   |             |                |  | 1.57 |                   |            |               | 1,359,757           |                     |                  |                  | 1.61                  |                            |                     |  | 485,000   |  |  |  | 28,158,704 | (4)
|June-05  |  |                  | 900,000   |             |                |  | 1.60 |                   |            |               | 685,000             |                     |                  |                  | 1.62                  |                            |                     |  | 900,000   |  |  |  | 92,139,633 | (5)
|July-05  |  |                  | 3,073,686 |             |                |  | 1.64 |                   |            |               | 813,482             |                     |                  |                  | 1.70                  |                            |                     |  | 3,073,686 |  |  |  | 89,879,429 |    
|Aug-05   |  |                  | 600,000   |             |                |  | 1.69 |                   |            |               | 280,500             |                     |                  |                  | 1.73                  |                            |                     |  | 600,000   |  |  |  | 89,559,929 |    
|Sept-05  |  |                  | 2,373,933 |             |                |  | 1.67 |                   |            |               | 575,000             |                     |                  |                  | 1.68                  |                            |                     |  | 2,373,933 |  |  |  | 87,760,996 |    
|Oct-05   |  |                  | 1,775,000 |             |                |  | 1.74 |                   |            |               | 225,000             |                     |                  |                  | 1.75                  |                            |                     |  | 1,775,000 |  |  |  | 86,210,996 |    
|Nov-05   |  |                  | 0         |             |                |  | 0    |                   |            |               | 1,515,795           |                     |                  |                  | 0                     |                            |                     |  | 0         |  |  |  | 87,726,791 |    
|Dec-05   |  |                  | 0         |             |                |  | 0    |                   |            |               | 39,201              |                     |                  |                  | 0                     |                            |                     |  | 0         |  |  |  | 87,765,992 |    






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | 2004 share repurchase program. The 2004 share repurchase program
    was publicly announced on April 28, 2004 and was subject
    only to the approval of the shareholders at the 2004 annual
    shareholders meeting approving the financial statements
    for 2003. Such approval was granted by the shareholders. In May
    2004, the shareholders of the Company authorized, within the
    limits of French law relating to the level of reserves and
    shares held by the Company at the time, the purchase of a
    maximum of 28,755,773 shares. As the repurchase of shares
    was authorized until the Annual Shareholders Meeting to
    approve the financial statements for 2004, which was held on
    May 31, 2005, the authorization for the repurchase of
    shares expired on that date.
|   
|(2) | 2005 share repurchase program. In May 2005, the shareholders of
    the Company authorized, within the limits of French law relating
    to the level of reserves and number of treasury shares, the
    repurchase of a maximum of 76,722,376 shares. This amount
    has been adjusted in June 2005 to take into account the share
    capital increase of 149,500,000 shares.                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   
|(3) | Under the terms of the 2004 and 2005 share repurchase programs,
    the shares could be purchased in open market transactions or
    privately negotiated transactions. Repurchases were made by the
    Company in one-off
    transactions, prior to the expiration of the plan, based on the
    Companys evaluation of market conditions and other
    factors. The Company has used and continues to use existing cash
    to fund the repurchase of shares. All of the shares repurchased
    during the months identified above were purchased in open market
    transactions through this program.                                                                                                                                                                                                       
|   
|(4) | These repurchases were made under the 2004 share repurchase
    program. The program expired at the date of the
    shareholders meeting approving the financial statements
    for 2004. At that time, although there were still
    28,158,704 shares remaining that could be repurchased under
    the terms of the 2004 share repurchase program, the
    authorization was cancelled. However, the annual
    shareholders meeting approving the financial statements
    for 2004 has authorized the repurchase of
    76,722,376 shares, as referenced in footnote (2) above.                                                                                                                                                                                                                             
|   
|(5) | These repurchases were made under the 2005 share repurchase plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   
|(6) | During 2005, the Company repurchased 13,690,513 shares
    (including 7,466,580 under the liquidity agreement), and resold
    13,877,683 shares (including 7,936,686 under the liquidity
    agreement).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          





163



---



##### Table of Contents






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, 2005
    and 2004                                                     |  |       | F-2  F-3  | 
|Consolidated Statements of Operations for the Years Ended
    December 31, 2005, 2004 and 2003                       |  |       | F-4        | 
|Consolidated Statements of Comprehensive Income for the Years
    Ended December 31, 2005, 2004, and 2003            |  |       | F-5        | 
|Consolidated Statements of Changes in Shareholders Equity
    for the Years Ended December 31, 2005, 2004, and 2003 |  |       | F-6        | 
|Consolidated Statements of Cash Flows for the Years Ended
    December 31, 2005, 2004, and 2003                      |  |       | F-7        | 
|Notes to Consolidated Financial Statements                                                                           |  |       | F-8  F-57 | 
|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
    statuts, or bylaws, as last amended on May 16, 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|        | 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)

164



---



##### Table of Contents



|        |      |  |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|------- | ---- |  | ----------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |      |  |            
|Number  |      |  | Description
|        | 4.1  |  |             | 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
    (Incorporated by reference to Exhibit 4.4 to the
    Registration Statement on Form 20-F of the Company, as
    filed with the Securities and Exchange Commission on May 4,
    2005 (File No.
    001-14518))(1)
|        | 4.2  |  |             | 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
    (Incorporated by reference to Exhibit 4.5 to the
    Registration Statement on Form 20-F of the Company, as
    filed with the Securities and Exchange Commission on May 4,
    2005 (File
    No. 001-14518))(1) 
|        | 4.3  |  |             | Stand-By Letter of Credit Facility, dated October 11, 2004,
    entered into by SCOR VIE and Deutsche Bank AG, Paris Branch
    (Incorporated by reference to Exhibit 4.6 to the
    Registration Statement on Form 20-F of the Company, as
    filed with the Securities and Exchange Commission on May 4,
    2005 (File
    No. 001-14518))(1)                                                                                                                            
|        | 4.4  |  |             | Stand-By Letter of Credit Facility, dated October 11, 2004,
    entered into by SCOR and Deutsche Bank AG, Paris Branch
    (Incorporated by reference to Exhibit 4.7 to the
    Registration Statement on Form 20-F of the Company, as
    filed with the Securities and Exchange Commission on May 4,
    2005 (File
    No. 001-14518))(1)                                                                                                                                
|        | 4.5  |  |             | Amendment dated November 16, 2005 to Stand-By Letter of
    Credit Facility, dated October 11, 2004, entered into by
    SCOR VIE and Deutsche Bank AG, Paris Branch                                                                                                                                                                                                                                                                                                         
|        | 4.6  |  |             | Amendment dated November 16, 2005 to Stand-By Letter of
    Credit Facility, dated October 11, 2004, entered into by
    SCOR and Deutsche Bank AG, Paris Branch                                                                                                                                                                                                                                                                                                             
|        | 4.7  |  |             | Term-sheet of the Stand-By Letter of Credit Facility, dated
    December 14, 2005, entered into by SCOR, CALYON and Caisse
    Régionale de Crédit Agricole Mutuel de Paris et
    dIle-de-France                                                                                                                                                                                                                                                                           
|        | 8    |  |             | Subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|        | 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.

165



---



##### Table of Contents



SIGNATURES






| |     
| | ----
| | SCOR



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

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



166



---



##### Table of Contents



Report of Independent Registered Public Accounting Firm












| |                               
| | ------------------------------
| | ERNST & YOUNG                 
| | /s/ Pierre Planchon           
| | Represented by Pierre Planchon





F-1



---



##### Table of Contents






SCOR


CONSOLIDATED BALANCE SHEETS


|                                                |                                                                                                                |       |      |                    |      |  |       |        |  |  |       |        | 
|----------------------------------------------- | -------------------------------------------------------------------------------------------------------------- | ----- | ---- | ------------------ | ---- |  | ----- | ------ |  |  | ----- | ------ | 
|                                                |                                                                                                                |       |      | As of December 31, |     
|                                                |                                                                                                                |       |      |                    |     
|                                                |                                                                                                                | Notes |      |                    | 2004 |  |       | 2005   | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|                                                |                                                                                                                |       |      | (EUR, in millions) |     
|ASSETS                                         
|Investments                                     |                                                                                                                |       |      |                    |      |  |       |        |  |  |       |       
|                                                | Fixed maturities, available for sale, at fair value (amortized
    cost: EUR 5,207 in 2004 and EUR 5,231 2005) |       |      | 3,4,14             |      |  |       | 5,272  |  |  |       | 5,237  | 
|                                                | Equity securities, available for sale, at fair value (cost EUR
    220 in 2004 and EUR 746 in 2005)            |       |      | 3,4,14             |      |  |       | 265    |  |  |       | 769    | 
|                                                | Trading investments, at fair value                                                                             |       |      | 3,4,14             |      |  |       | 778    |  |  |       | 335    | 
|                                                | Other long-term investments                                                                                    |       |      | 3,4                |      |  |       | 322    |  |  |       | 317    | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|                                                | Total investments                                                                                              |       |      |                    |      |  |       | 6,637  |  |  |       | 6,658  | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|Cash and cash equivalents                       |                                                                                                                |       | 3,14 |                    |      |  | 1,798 |        |  |  | 1,666 |       
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|Accrued interest income                         |                                                                                                                |       |      |                    |      |  | 184   |        |  |  | 179   |       
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|Reinsurance balances receivable                 |                                                                                                                |       |      |                    |      |  |       |        |  |  |       |       
|                                                | Non Life                                                                                                       |       |      | 3                  |      |  |       | 282    |  |  |       | 544    | 
|                                                | Life                                                                                                           |       |      | 3                  |      |  |       | 42     |  |  |       | 170    | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|                                                | Total reinsurance balances receivable                                                                          |       |      |                    |      |  |       | 324    |  |  |       | 714    | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|Accrued premiums receivable, net of commissions |                                                                                                                |       |      |                    |      |  |       |        |  |  |       |       
|                                                | Non Life                                                                                                       |       |      | 3,5                |      |  |       | 588    |  |  |       | 620    | 
|                                                | Life                                                                                                           |       |      | 3,5                |      |  |       | 218    |  |  |       | 208    | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|                                                | Total accrued premiums receivable, net of commissions                                                          |       |      |                    |      |  |       | 806    |  |  |       | 828    | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|Non-Life                                        |                                                                                                                |       |      |                    |      |  |       |        |  |  |       |       
|                                                | Reinsurance recoverable on unpaid losses and LAE                                                               |       |      | 3,5                |      |  |       | 536    |  |  |       | 566    | 
|                                                | Prepaid reinsurance premium                                                                                    |       |      | 3,5                |      |  |       | 40     |  |  |       | 29     | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|                                                | Total Non Life                                                                                                 |       |      |                    |      |  |       | 576    |  |  |       | 595    | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|Life                                            |                                                                                                                |       |      |                    |      |  |       |        |  |  |       |       
|                                                | Reinsurance recoverable on reserves for future policy benefits                                                 |       |      | 3,5                |      |  |       | 331    |  |  |       | 375    | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|Deferred policy acquisition costs, net          |                                                                                                                |       | 3    |                    |      |  | 518   |        |  |  | 549   |       
|Credits for deposits with ceding companies      |                                                                                                                |       | 3    |                    |      |  | 1,387 |        |  |  | 1,199 |       
|Deferred income tax assets                      |                                                                                                                |       | 3,10 |                    |      |  | 150   |        |  |  | 242   |       
|Derivative financial instruments                |                                                                                                                |       | 3,15 |                    |      |  | 29    |        |  |  | 33    |       
|Fixed assets, net                               |                                                                                                                |       | 3    |                    |      |  | 86    |        |  |  | 82    |       
|Intangible assets                               |                                                                                                                |       | 3    |                    |      |  | 9     |        |  |  | 34    |       
|Advances to and investments in affiliates       |                                                                                                                |       | 3,4  |                    |      |  | 39    |        |  |  | 39    |       
|Goodwill                                        |                                                                                                                |       | 3    |                    |      |  | 209   |        |  |  | 228   |       
|Other assets                                    |                                                                                                                |       |      |                    |      |  | 317   |        |  |  | 408   |       
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 
|                                                | Total assets                                                                                                   |       |      |                    |      |  |       | 13,400 |  |  |       | 13,829 | 
|                                                |                                                                                                                |       |      |                    |      |  |       |        | 



F-2



---



##### Table of Contents



SCOR


CONSOLIDATED BALANCE SHEETS


|                                                                |                                                                                                   |       |         |                    |      |  |        |        |   |  |        |        |  
|--------------------------------------------------------------- | ------------------------------------------------------------------------------------------------- | ----- | ------- | ------------------ | ---- |  | ------ | ------ | - |  | ------ | ------ | -
|                                                                |                                                                                                   |       |         | As of December 31, |     
|                                                                |                                                                                                   |       |         |                    |     
|                                                                |                                                                                                   | Notes |         |                    | 2004 |  |        | 2005   |  
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|                                                                |                                                                                                   |       |         | (EUR, in millions) |     
|LIABILITIES AND SHAREHOLDERS EQUITY                           
|Non Life                                                        |                                                                                                   |       |         |                    |      |  |        |        |   |  |        |       
|                                                                | Losses and loss adjustment expenses reserves                                                      |       |         | 3,18               |      |  |        | 6,470  |   |  |        | 6,439  |  
|                                                                | Unearned premium reserves                                                                         |       |         | 3                  |      |  |        | 627    |   |  |        | 693    |  
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|                                                                | Total                                                                                             |       |         |                    |      |  |        | 7,097  |   |  |        | 7,132  |  
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|Life                                                            |                                                                                                   |       |         |                    |      |  |        |        |   |  |        |       
|                                                                | Reserve for future policy benefits                                                                |       |         | 3,17               |      |  |        | 2,677  |   |  |        | 2,719  |  
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|Funds held under reinsurance treaties                           |                                                                                                   |       | 3,5     |                    |      |  | 427    |        |   |  | 379    |       
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|Reinsurance balances payable                                    |                                                                                                   |       |         |                    |      |  |        |        |   |  |        |       
|                                                                | Non Life                                                                                          |       |         | 3                  |      |  |        | 78     |   |  |        | 239    |  
|                                                                | Life                                                                                              |       |         | 3                  |      |  |        | 93     |   |  |        | 174    |  
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|                                                                | Total reinsurance balances payable                                                                |       |         |                    |      |  |        | 171    |   |  |        | 413    |  
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|Convertible subordinated debentures                             |                                                                                                   |       | 9,14    |                    |      |  | 200    |        |   |  | 200    |       
|Other long term debt including obligations under capital Leases |                                                                                                   |       | 9       |                    |      |  | 761    |        |   |  | 755    |       
|Notes payable                                                   |                                                                                                   |       | 9,14,15 |                    |      |  | 34     |        |   |  | 34     |       
|Debt due within one year                                        |                                                                                                   |       |         |                    |      |  | 244    |        |   |  | 61     |       
|Derivative financial instruments                                |                                                                                                   |       | 15      |                    |      |  | 6      |        |   |  | 6      |       
|Other liabilities                                               |                                                                                                   |       |         |                    |      |  | 317    |        |   |  | 344    |       
|Deferred income tax liabilities                                 |                                                                                                   |       | 3,10    |                    |      |  | 72     |        |   |  | 84     |       
|Minority interest                                               |                                                                                                   |       | 2       |                    |      |  | 183    |        |   |  |       |       
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|                                                                | Total liabilities                                                                                 |       |         |                    |      |  |        | 12,189 |   |  |        | 12,127 |  
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|Contingencies                                                   |                                                                                                   |       |         |                    |      |  |        |        |   |  |        |       
|Shareholders Equity                                            |                                                                                                   |       |         |                    |      |  |        |        |   |  |        |       
|                                                                | Common stock, 819,269,070 shares in 2004 and 968,769,070 shares
    in 2005 authorized and issued |       |         | 3,12               |      |  |        | 645    |   |  |        | 763    |  
|                                                                | Additional paid-in capital                                                                        |       |         |                    |      |  |        | 1,402  |   |  |        | 1,523  |  
|                                                                | Retained deficit                                                                                  |       |         |                    |      |  |        | (673   | ) |  |        | (545   | )
|                                                                | Accumulated other comprehensive loss                                                              |       |         | 3,8                |      |  |        | (151   | ) |  |        | (24    | )
|                                                                | Treasury stock, at cost (9,298,085 shares in 2004 and 9,110,915
    shares in 2005)               |       |         |                    |      |  |        | (12    | ) |  |        | (15    | )
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|                                                                | Total shareholders equity                                                                        |       |         |                    |      |  |        | 1,211  |   |  |        | 1,702  |  
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  
|Total liabilities and shareholders equity                      |                                                                                                   |       |         |                    |      |  | 13,400 |        |   |  | 13,829 |       
|                                                                |                                                                                                   |       |         |                    |      |  |        |        |  



F-3



---



##### Table of Contents



SCOR


CONSOLIDATED STATEMENTS OF OPERATIONS


|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |       |   |  |       |       | 
|----------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----- | ---- | ----------------------- | ---- |  | ----- | ----- | - |  | ----- | ----- | - |  | ----- | ----- | 
|                                                                  |                                                                                                                                                                                          |       |      | Year ended December 31, |     
|                                                                  |                                                                                                                                                                                          |       |      |                         |     
|                                                                  |                                                                                                                                                                                          | Notes |      |                         | 2003 |  |       | 2004  |   |  | 2005  |      
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|                                                                  |                                                                                                                                                                                          |       |      | (EUR, in millions)      |     
|Revenues                                                          |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |       |   |  |       |      
|                                                                  | Life premiums earned, net of premiums ceded totaling EUR 66
    in 2003, EUR 20 in 2004 and EUR 28 in 2005                                                                               |       |      | 3,5,17                  |      |  |       | 517   |   |  |       | 524   |   |  |       | 520   | 
|                                                                  | Non Life premiums earned, net of premiums ceded totaling
    EUR 292 in 2003, EUR 165 in 2004 and EUR 125 in
    2005                                                                    |       |      | 3,5,17                  |      |  |       | 2,807 |   |  |       | 1,703 |   |  |       | 1,566 | 
|                                                                  | Net investment income                                                                                                                                                                    |       |      | 3,4,17                  |      |  |       | 326   |   |  |       | 282   |   |  |       | 301   | 
|                                                                  | Net realized gains on investments                                                                                                                                                        |       |      | 3,4,17                  |      |  |       | 117   |   |  |       | 42    |   |  |       | 99    | 
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|Total revenues                                                    |                                                                                                                                                                                          |       |      |                         |      |  | 3,767 |       |   |  | 2,551 |       |   |  | 2,486 |      
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|Expenses                                                          |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |       |   |  |       |      
|                                                                  | Life claims, net of reinsurance recoveries totaling EUR 88
    in 2003,
    EUR 3 in 2004 and EUR 31 in 2005                                                                             |       |      | 3,5,17                  |      |  |       | 421   |   |  |       | 451   |   |  |       | 414   | 
|                                                                  | Non Life claims and loss adjustment expenses, net of reinsurance
    recoveries totaling EUR 99 in 2003, EUR 65 in 2004 and
    EUR 87 in 2005                                           |       |      | 3,5,17                  |      |  |       | 2,739 |   |  |       | 1,176 |   |  |       | 1,168 | 
|                                                                  | Policy acquisition costs and commissions                                                                                                                                                 |       |      | 3,17                    |      |  |       | 742   |   |  |       | 568   |   |  |       | 521   | 
|                                                                  | Underwriting and administration expenses                                                                                                                                                 |       |      | 3,17                    |      |  |       | 160   |   |  |       | 135   |   |  |       | 141   | 
|                                                                  | Foreign exchange (gain) loss, net                                                                                                                                                        |       |      |                         |      |  |       | (147  | ) |  |       | (37   | ) |  |       | 81    | 
|                                                                  | Impairment of goodwill                                                                                                                                                                   |       |      |                         |      |  |       |      |   |  |       |      |   |  |       | 3     | 
|                                                                  | Interest expense                                                                                                                                                                         |       |      |                         |      |  |       | 33    |   |  |       | 49    |   |  |       | 48    | 
|                                                                  | Other operating expenses, net                                                                                                                                                            |       |      |                         |      |  |       | 19    |   |  |       | 14    |   |  |       | 17    | 
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|Total expenses                                                    |                                                                                                                                                                                          |       |      |                         |      |  | 3,967 |       |   |  | 2,356 |       |   |  | 2,393 |      
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|                                                                  | 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 |       |      |                         |      |  |       | (200  | ) |  |       | 195   |   |  |       | 93    | 
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|Income tax (expense) benefit                                      |                                                                                                                                                                                          |       | 3,10 |                         |      |  | (287  | )     |   |  | 73    |       |   |  | 72    |      
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|                                                                  | Income (loss) before minority interests, income (loss) from
    investments accounted for by the equity method and cumulative
    effect of change in accounting principle               |       |      |                         |      |  |       | (487  | ) |  |       | 268   |   |  |       | 165   | 
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|Minority interests                                                |                                                                                                                                                                                          |       |      |                         |      |  | (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                     |      |  |       | (513  | ) |  |       | 244   |   |  |       | 165   | 
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|Income (loss) from investments accounted for by the equity method |                                                                                                                                                                                          |       |      |                         |      |  | 1     |       |   |  | (1    | )     |   |  |      |      
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|                                                                  | Income (loss) before cumulative effect of change in accounting
    principle                                                                                                             |       |      |                         |      |  |       | (512  | ) |  |       | 243   |   |  |       | 165   | 
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|Cumulative effect of change in accounting principle, net of tax   |                                                                                                                                                                                          |       | 3    |                         |      |  |      |       |   |  | 4     |       |   |  |      |      
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      
|                                                                  | Net income (loss)                                                                                                                                                                        |       |      |                         |      |  |       | (512  | ) |  |       | 247   |   |  |       | 165   | 
|                                                                  |                                                                                                                                                                                          |       |      |                         |      |  |       |       |   |  |       |      

|                                                            |                                                                              |  |  |                        |  |  |  |         |   |  |  |         |  |  |  |         | 
|----------------------------------------------------------- | ---------------------------------------------------------------------------- |  |  | ---------------------- |  |  |  | ------- | - |  |  | ------- |  |  |  | ------- | 
|                                                            |                                                                              |  |  | (EUR, except number of | 
|                                                            |                                                                              |  |  | shares in thousands)   | 
|Basic earnings per share                                    |                                                                              |  |  |                        |  |  |  |         |   |  |  |         |  |  |  |        
|                                                            | Income (loss) before cumulative effect of change in accounting
    principle |  |  |                        |  |  |  | (3.76   | ) |  |  | 0.30    |  |  |  | 0.18    | 
|                                                            | Cumulative effect of a change in accounting principle, net of tax            |  |  |                        |  |  |  |        |   |  |  | 0.01    |  |  |  |        | 
|                                                            |                                                                              |  |  |                        |  |  |  |         |   |  |  |        
|                                                            | Basic earnings per share available to common stockholders                    |  |  | 3,12                   |  |  |  | (3.76   | ) |  |  | 0.31    |  |  |  | 0.18    | 
|                                                            |                                                                              |  |  |                        |  |  |  |         |   |  |  |        
|Diluted earnings per share                                  |                                                                              |  |  |                        |  |  |  |         |   |  |  |         |  |  |  |        
|                                                            | Income (loss) before cumulative effect of change in accounting
    principle |  |  |                        |  |  |  | (3.76   | ) |  |  | 0.29    |  |  |  | 0.17    | 
|                                                            | Cumulative effect of a change in accounting principle, net of tax            |  |  |                        |  |  |  |        |   |  |  | 0.01    |  |  |  |        | 
|                                                            |                                                                              |  |  |                        |  |  |  |         |   |  |  |        
|                                                            | Diluted earnings per share available to common stockholders                  |  |  | 3,12                   |  |  |  | (3.76   | ) |  |  | 0.30    |  |  |  | 0.17    | 
|                                                            |                                                                              |  |  |                        |  |  |  |         |   |  |  |        
|Weighted average number of shares outstanding, in thousands |                                                                              |  |  |                        |  |  |  |         |   |  |  |         |  |  |  |        
|                                                            | Basic                                                                        |  |  | 3,12                   |  |  |  | 136,300 |   |  |  | 803,152 |  |  |  | 887,626 | 
|                                                            |                                                                              |  |  |                        |  |  |  |         |   |  |  |        
|                                                            | Diluted                                                                      |  |  | 3,12                   |  |  |  | 136,300 |   |  |  | 857,189 |  |  |  | 989,325 | 
|                                                            |                                                                              |  |  |                        |  |  |  |         |   |  |  |        



F-4



---



##### Table of Contents



SCOR


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


|                                              |                                                                         |                                                                                      |  |                         |      |  |      |      |      |   |      |      |     |   |     |     |     |  
|--------------------------------------------- | ----------------------------------------------------------------------- | ------------------------------------------------------------------------------------ |  | ----------------------- | ---- |  | ---- | ---- | ---- | - | ---- | ---- | --- | - | --- | --- | --- | -
|                                              |                                                                         |                                                                                      |  | Year ended December 31, |     
|                                              |                                                                         |                                                                                      |  |                         |     
|                                              |                                                                         | Notes                                                                                |  |                         | 2003 |  |      | 2004 |      |   | 2005 |     
|                                              |                                                                         |                                                                                      |  |                         |      |  |      |      |      |   |      |     
|                                              |                                                                         |                                                                                      |  | (EUR, in millions)      |     
|Net income (loss)                             |                                                                         |                                                                                      |  |                         |      |  | (512 | )    |      |   | 247  |      |     |   | 165 |    
|                                              |                                                                         |                                                                                      |  |                         |      |  |      |      |      |   |      |     
|Other comprehensive income (loss), net of tax |                                                                         |                                                                                      |  |                         |      |  |      |      |      |   |      |      |     |   |     |    
|                                              | Foreign currency translation adjustment                                 |                                                                                      |  | 3,8                     |      |  |      | (127 | )    |   |      | (101 | )   |   |     | 107 |    
|                                              | Minimum Pension Liability Adjustment                                    |                                                                                      |  | 3,8                     |      |  |      | 1    |      |   |      | (1   | )   |   |     | (6  | )  
|                                              | Unrealized appreciation (depreciation) on investments during
    period |                                                                                      |  |                         |      |  |      |      |      |   |      |      |     |   |     |     |    
|                                              |                                                                         | Fixed maturities                                                                     |  |                         | 3,8  |  |      |      | (45  | ) |      |      | 14  |   |     |     | (22 | )
|                                              |                                                                         | Equity securities                                                                    |  |                         | 3,8  |  |      |      | 5    |   |      |      | 3   |   |     |     | 23  |  
|                                              |                                                                         | Less: reclassification adjustment for appreciation included
    in net income (loss) |  |                         | 3,8  |  |      |      | (41  | ) |      |      | (9  | ) |     |     | 25  |  
|                                              |                                                                         |                                                                                      |  |                         |      |  |      |      |      |   |      |     
|                                              |                                                                         | Other comprehensive income (loss)                                                    |  |                         |      |  |      |      | (207 | ) |      |      | (94 | ) |     |     | 127 |  
|                                              |                                                                         |                                                                                      |  |                         |      |  |      |      |      |   |      |     
|                                              |                                                                         | Comprehensive income (loss)                                                          |  |                         |      |  |      |      | (719 | ) |      |      | 153 |   |     |     | 292 |  
|                                              |                                                                         |                                                                                      |  |                         |      |  |      |      |      |   |      |     



F-5



---



##### Table of Contents






SCOR


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS
EQUITY


|                                              |                                                                                               |                          |     |             |             |   |       |             |             |   |       |             |             |  
|--------------------------------------------- | --------------------------------------------------------------------------------------------- | ------------------------ | --- | ----------- | ----------- | - | ----- | ----------- | ----------- | - | ----- | ----------- | ----------- | -
|                                              |                                                                                               | As of December 31,       |    
|                                              |                                                                                               |                          |    
|                                              |                                                                                               | 2003                     |     |             | 2004        |   |       | 2005        |            
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|                                              |                                                                                               | (EUR, in millions)       |    
|Ordinary Shares                               |                                                                                               |                          |     |             |             |   |       |             |             |   |       |            
|                                              | Balance at beginning of year                                                                  |                          |     | 520         |             |   |       | 136         |             |   |       | 645         |            
|                                              | Issuance of Ordinary Shares  Public issue                                                    |                          |     |            |             |   |       | 683         |             |   |       | 118         |            
|                                              | Change in Ordinary Shares Par
    Value(1)                                                    |                          |     | (384        | )           |   |       | (174        | )           |   |       |            |            
|                                              | Cancellation of Ordinary Shares                                                               |                          |     |            |             |   |       |            |             |   |       |            |            
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|                                              |                                                                                               | Balance at end of year   |     |             | 136         |   |       |             | 645         |   |       |             | 763         |  
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|Additional paid-in capital                    |                                                                                               |                          |     |             |             |   |       |             |             |   |       |            
|                                              | Balance at beginning of year                                                                  |                          |     | 811         |             |   |       | 1,195       |             |   |       | 1,398       |            
|                                              | Issuance of Ordinary Shares  Public issue                                                    |                          |     |            |             |   |       | 68          |             |   |       | 115         |            
|                                              | Stock Award Plan                                                                              |                          |     |            |             |   |       | 4           |             |   |       | 19          |            
|                                              | Other                                                                                         |                          |     |            |             |   |       | (39         | )           |   |       | (9          | )          
|                                              | Change in Ordinary Shares Value                                                               |                          |     | 384         |             |   |       | 174         |             |   |       |            |            
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|                                              |                                                                                               | Balance at end of year   |     |             | 1,195       |   |       |             | 1,402       |   |       |             | 1,523       |  
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|Accumulated other comprehensive income (loss) |                                                                                               |                          |     |             |             |   |       |             |             |   |       |            
|                                              | Balance at beginning of period                                                                |                          |     | 150         |             |   |       | (57         | )           |   |       | (151        | )          
|                                              | Unrealized appreciation (depreciation) on investments, net of
    reclassification adjustment |                          |     | (81         | )           |   |       | 8           |             |   |       | 26          |            
|                                              | Currency translation adjustments                                                              |                          |     | (127        | )           |   |       | (101        | )           |   |       | 107         |            
|                                              | Minimum pension liability adjustment                                                          |                          |     | 1           |             |   |       | (1          | )           |   |       | (6          | )          
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|                                              |                                                                                               | Balance at end of period |     |             | (57         | ) |       |             | (151        | ) |       |             | (24         | )
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|Catastrophe reserve                           |                                                                                               |                          |     |             |             |   |       |             |             |   |       |            
|                                              | Balance at beginning of year                                                                  |                          |     | 6           |             |   |       |            |             |   |       |            |            
|                                              | Allocation during year                                                                        |                          |     | (6          | )           |   |       |            |             |   |       |            |            
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|                                              |                                                                                               | Balance at end of year   |     |             |            |   |       |             |            |   |       |             |            |  
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|Retained deficit                              |                                                                                               |                          |     |             |             |   |       |             |             |   |       |            
|                                              | Balance at beginning of year                                                                  |                          |     | (410        | )           |   |       | (916        | )           |   |       | (669        | )          
|                                              | Net (loss) income                                                                             |                          |     | (512        | )           |   |       | 247         |             |   |       | 165         |            
|                                              | Allocation to catastrophe reserve                                                             |                          |     | 6           |             |   |       |            |             |   |       |            |            
|                                              | Dividends                                                                                     |                          |     |            |             |   |       |            |             |   |       | (24         | )          
|                                              | Treasury stock sales                                                                          |                          |     |            |             |   |       |            |             |   |       | (4          | )          
|                                              | Deferred compensation expense                                                                 |                          |     |            |             |   |       | (4          | )           |   |       | (13         | )          
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|                                              |                                                                                               | Balance at end of year   |     |             | (916        | ) |       |             | (673        | ) |       |             | (545        | )
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|Treasury stock                                |                                                                                               |                          |     |             |             |   |       |             |             |   |       |            
|                                              | Balance at beginning of year                                                                  |                          |     |            |             |   |       | (2          | )           |   |       | (12         | )          
|                                              | Purchase of treasury shares                                                                   |                          |     | (2          | )           |   |       | (10         | )           |   |       | (3          | )          
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|                                              |                                                                                               | Balance at end of year   |     |             | (2          | ) |       |             | (12         | ) |       |             | (15         | )
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|Total Shareholders equity                    |                                                                                               |                          | 356 |             |             |   | 1,211 |             |             |   | 1,702 |            
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|Ordinary Shares                               |                                                                                               |                          |     |             |             |   |       |             |             |   |       |            
|                                              | Balance at beginning of year                                                                  |                          |     | 136,544,845 |             |   |       | 136,544,845 |             |   |       | 819,269,070 |            
|                                              | Issuance of Ordinary Shares                                                                   |                          |     |            |             |   |       | 682,724,225 |             |   |       | 149,500,000 |            
|                                              |                                                                                               |                          |     |             |             |   |       |             |            
|                                              |                                                                                               | Balance at end of year   |     |             | 136,544,845 |   |       |             | 819,269,070 |   |       |             | 968,769,070 |  
|                                              |                                                                                               |                          |     |             |             |   |       |             |            






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

F-6



---



##### Table of Contents






SCOR


CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |       |      |     |        |       |      |  
|--------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------- | --------------------------------------------------- | ------ | ----- | --- | ---- | ------ | ----- | ---- | --- | ------ | ----- | ---- | -
|                                        |                                                                                                                  | Year ended December 31,                                 |                                                    
|                                        |                                                                                                                  |                                                         |                                                    
|                                        |                                                                                                                  | 2003                                                    |                                                     |        | 2004  |     |      | 2005   |      
|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |      
|                                        |                                                                                                                  | (EUR, in millions)                                      |                                                    
|Cash flows from operating activities    |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |       |      |     |       
|                                        | Net income (loss) before minority interests                                                                      |                                                         |                                                     | (486   | )     |     |      | 271    |       |      |     | 165    |      
|                                        | Adjustments to reconcile net income (loss) before minority
    interest to net cash used in operating activities |                                                         |                                                     |        |       |     |      |        |       |      |     |        |      
|                                        |                                                                                                                  | Change in reinsurance recoverable on unpaid losses      |                                                     |        | 287   |     |      |        | 111   |      |     |        | 27    |     
|                                        |                                                                                                                  | Change in prepaid insurance premiums                    |                                                     |        | 40    |     |      |        | 66    |      |     |        | 15    |     
|                                        |                                                                                                                  | Change in losses and LAE reserves, gross                |                                                     |        | (230  | )   |      |        | (662  | )    |     |        | (447  | )   
|                                        |                                                                                                                  | Change in Life reserves for future policy benefits, net |                                                     |        | 533   |     |      |        | 336   |      |     |        | (223  | )   
|                                        |                                                                                                                  | Change in unearned premium reserves, gross              |                                                     |        | (375  | )   |      |        | (167  | )    |     |        | 19    |     
|                                        |                                                                                                                  | Deferred policy acquisition costs                       |                                                     |        | (66   | )   |      |        | (23   | )    |     |        | (27   | )   
|                                        |                                                                                                                  | Net realized gains on investments                       |                                                     |        | (117  | )   |      |        | (42   | )    |     |        | (99   | )   
|                                        |                                                                                                                  | Other amortization and change in other provisions       |                                                     |        | 60    |     |      |        | 56    |      |     |        | 48    |     
|                                        |                                                                                                                  | Change in deferred tax                                  |                                                     |        | 233   |     |      |        | (116  | )    |     |        | (107  | )   
|                                        |                                                                                                                  | Unrealized foreign exchange gains or losses             |                                                     |        | (102  | )   |      |        | 13    |      |     |        | (47   | )   
|                                        |                                                                                                                  | Premium and loss balances, net                          |                                                     |        | (35   | )   |      |        | 312   |      |     |        | (133  | )   
|                                        |                                                                                                                  | Change in reinsurance balances payable / receivable     |                                                     |        | 232   |     |      |        | (107  | )    |     |        | (50   | )   
|                                        |                                                                                                                  | Change in deposits with ceding companies                |                                                     |        | 13    |     |      |        | (194  | )    |     |        | 206   |     
|                                        |                                                                                                                  | Change in funds held under reinsurance treaties         |                                                     |        | (53   | )   |      |        | (72   | )    |     |        | (99   | )   
|                                        |                                                                                                                  | Change in sundry debtors and creditors                  |                                                     |        | (7    | )   |      |        | 30    |      |     |        | 19    |     
|                                        |                                                                                                                  | Other                                                   |                                                     |        | (25   | )   |      |        | (41   | )    |     |        | (9    | )   
|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |      
|                                        |                                                                                                                  |                                                         | Net cash used in operating activities               |        |       | (98 | )    |        |       | (229 | )   |        |       | (742 | )
|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |      
|Cash flows from investing activities    |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |       |      |     |       
|                                        | Sales, maturities or redemptions of fixed maturities available
    for sale                                      |                                                         |                                                     | 6,145  |       |     |      | 2,788  |       |      |     | 3,067  |      
|                                        | Sales of equity securities                                                                                       |                                                         |                                                     | 159    |       |     |      | 575    |       |      |     | 680    |      
|                                        | Net sales (purchases) of short-term investments                                                                  |                                                         |                                                     | 169    |       |     |      |       |       |      |     |       |      
|                                        | Investments in fixed maturities available for sale                                                               |                                                         |                                                     | (6,112 | )     |     |      | (3,045 | )     |      |     | (2,146 | )    
|                                        | Investments in equity securities                                                                                 |                                                         |                                                     | (165   | )     |     |      | (778   | )     |      |     | (1,031 | )    
|                                        | Acquisitions of fixed assets, including capital lease                                                            |                                                         |                                                     | (15    | )     |     |      | (4     | )     |      |     |        |      
|                                        | Disposals of fixed assets                                                                                        |                                                         |                                                     | 46     |       |     |      |       |       |      |     | 18     |      
|                                        | Investment in consolidated affiliates                                                                            |                                                         |                                                     | 5      |       |     |      | 14     |       |      |     | (2     | )    
|                                        | Investment in reinsurance companies                                                                              |                                                         |                                                     |       |       |     |      | (3     | )     |      |     | (3     | )    
|                                        | Long term loans                                                                                                  |                                                         |                                                     | 26     |       |     |      | 3      |       |      |     | 1      |      
|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |      
|                                        |                                                                                                                  |                                                         | Net cash provided by (used in) investing activities |        |       | 258 |      |        |       | (450 | )   |        |       | 584  |  
|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |      
|Cash flows from financing activities    |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |       |      |     |       
|                                        | Dividends paid                                                                                                   |                                                         |                                                     |       |       |     |      |       |       |      |     | (24    | )    
|                                        | Repayment of borrowings                                                                                          |                                                         |                                                     | (114   | )     |     |      | (39    | )     |      |     | (258   | )    
|                                        | Proceeds from borrowings, including capital lease                                                                |                                                         |                                                     | 209    |       |     |      | 200    |       |      |     | 9      |      
|                                        | Issuance of shares                                                                                               |                                                         |                                                     | (3     | )     |     |      | 708    |       |      |     | 224    |      
|                                        | Decrease on minority interests                                                                                   |                                                         |                                                     | (40    | )     |     |      | (13    | )     |      |     | (183   | )    
|                                        | Purchase of treasury stock                                                                                       |                                                         |                                                     | (2     | )     |     |      | (10    | )     |      |     | (10    | )    
|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |      
|                                        |                                                                                                                  |                                                         | Net cash provided by (used in) financing activities |        |       | 50  |      |        |       | 846  |     |        |       | (242 | )
|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |      
|Effect of exchange rate changes on cash |                                                                                                                  |                                                         | 21                                                  |        |       |     | (135 | )      |       |      | 171 |       
|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |      
|                                        |                                                                                                                  | Net increase (decrease) in cash and cash equivalents    |                                                     |        | 231   |     |      |        | 32    |      |     |        | (229  | )   
|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |      
|                                        |                                                                                                                  | Cash and cash equivalents at beginning of year          |                                                     |        | 1,788 |     |      |        | 1,824 |      |     |        | 1,798 |     
|                                        |                                                                                                                  | Effect of changes in exchange rates on beginning cash   |                                                     |        | (195  | )   |      |        | (58   | )    |     |        | 97    |     
|                                        |                                                                                                                  | Cash and cash equivalents at end of year                |                                                     |        | 1,824 |     |      |        | 1,798 |      |     |        | 1,666 |     
|                                        |                                                                                                                  |                                                         |                                                     |        |       |     |      |        |      



F-7



---



##### Table of Contents






SCOR


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 1. Business overview


société anonyme


Note 2. Significant Events


General










Note 3. Summary of Significant Accounting
Policies


3.1. Basis of presentation




3.2. Principles of consolidation






3.3. Use of estimates




F-8



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


.


3.4. Foreign currency translation






3.5. Investments


















F-9



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


3.6. Other than temporary impairments in
investments




3.7. Derivatives
















3.8. Cash and cash equivalents




F-10



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


3.9. Premiums earned








3.10. Deferred policy acquisition costs


Life reinsurance deferred policy acquisition costs






Non Life reinsurance deferred policy acquisition
costs




F-11



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Premium deficiency reserves




Present value of future profits (PVFP)




3.11. Other long-term investments






3.12. Fixed assets




3.13. Impairment or disposal of long-lived
assets




3.14. Goodwill




F-12



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


3.15. Uncollectible reinsurance balances




3.16. Losses and loss expenses and Life future policy
benefits












3.17. Stock-based compensation


fair-value stock-based fair-value stock-option


F-13



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




risk-free




|                                                                                                                       |                                        |                                          |      |       |          |   |     |          |      |  |     |      |      | 
|---------------------------------------------------------------------------------------------------------------------- | -------------------------------------- | ---------------------------------------- | ---- | ----- | -------- | - | --- | -------- | ---- |  | --- | ---- | ---- | 
|                                                                                                                       |                                        | 31/12/03                                 |      |       | 31/12/04 |   |     | 31/12/05 |     
|                                                                                                                       |                                        |                                          |      |       |          |   |     |          |     
|                                                                                                                       |                                        | In Eur Millions                          |     
|                                                                                                                       |                                        | (except per share data)                  |     
|Net Income (loss) as reported                                                                                          |                                        |                                          | (512 | )     |          |   | 247 |          |      |  | 165 |     
|Total compensation determined under the intrinsic value method                                                         |                                        |                                          |     |       |          |   | 3   |          |      |  | 4   |     
|Less: Total employee stock option compensation expense
    determined under the fair value based method for all awards |                                        |                                          | (5   | )     |          |   | (8  | )        |      |  | (8  | )   
|                                                                                                                       |                                        |                                          |      |       |          |   |     |          |     
|Pro forma Net Income (loss)  basic                                                                                    |                                        |                                          | (517 | )     |          |   | 242 |          |      |  | 161 |     
|                                                                                                                       |                                        |                                          |      |       |          |   |     |          |     
|Interest on convertible bonds                                                                                          |                                        |                                          |     |       |          |   | 6   |          |      |  | 5   |     
|                                                                                                                       |                                        |                                          |      |       |          |   |     |          |     
|Pro Forma Net Income (loss)  diluted                                                                                  |                                        |                                          | (517 | )     |          |   | 248 |          |      |  | 166 |     
|                                                                                                                       |                                        |                                          |      |       |          |   |     |          |     
|Earnings Per
    Share(a):                                                                                             |                                        |                                          |      |       |          |   |     |          |      |  |     |     
|                                                                                                                       | Basic earnings per share  As reported |                                          |      | (3.76 | )        |   |     | 0.31     |      |  |     | 0.18 |     
|                                                                                                                       | Basic earnings per share  Pro forma   |                                          |      | (3.79 | )        |   |     | 0.30     |      |  |     | 0.18 |     
|                                                                                                                       |                                        | Diluted earnings per share  As reported |      |       | (3.76    | ) |     |          | 0.30 |  |     |      | 0.17 | 
|                                                                                                                       |                                        | Diluted earnings per share  Pro forma   |      |       | (3.79    | ) |     |          | 0.29 |  |     |      | 0.17 | 






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | The weighted average number of shares used to calculate basic
    EPS (expressed in thousands) were 136,300, 803,152 and 887,626
    for 2003, 2004, and 2005, respectively. The weighted average
    number of shares used to calculate diluted EPS (expressed in
    thousands) were 136,300, 857,189 and 989,325 for 2003, 2004, and
    2005, 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




F-14



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




3.19. Post retirement benefits










3.20. Earnings per share




if-converted


3.21. Credit risk concentration




F-15



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








3.22. Reclassifications




3.23. Severance Plans




3.24. Recently adopted accounting standards






F-16



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










3.25. Recently issued accounting standards






F-17



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)












F-18



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Note 4. Investments




|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |     |   |  |  |       | 
|------------------------------------ | -------------------------------------------------------------------------------------------------------- | ----------------------- |  | ----- | ---------- |  |  | ---------- |  |  | ---------- | --- | - |  |  | ----- | 
|                                     |                                                                                                          | As of December 31, 2004 | 
|                                     |                                                                                                          |                         | 
|                                     |                                                                                                          | 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                        |                         |  | 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-19



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |     |   |  |  |       | 
|------------------------------------ | -------------------------------------------------------------------------------------------------------- | ----------------------- |  | ----- | ---------- |  |  | ---------- |  |  | ---------- | --- | - |  |  | ----- | 
|                                     |                                                                                                          | As of December 31, 2005 | 
|                                     |                                                                                                          |                         | 
|                                     |                                                                                                          | 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                        |                         |  | 544   |            |  |  | 8          |  |  |            | (2  | ) |  |  | 550   | 
|                                     | Debt securities issued or guaranteed by the U.S. government
    or its agencies                          |                         |  | 1,394 |            |  |  | 2          |  |  |            | (35 | ) |  |  | 1,361 | 
|                                     | Obligations of U.S. states and political Subdivisions                                                    |                         |  | 100   |            |  |  | 2          |  |  |            |    |   |  |  | 102   | 
|                                     | Debt securities issued or guaranteed by the European Union                                               |                         |  | 452   |            |  |  | 3          |  |  |            | (2  | ) |  |  | 453   | 
|                                     | Debt securities issued or guaranteed by other national, state or
    local governments or their agencies |                         |  | 326   |            |  |  | 14         |  |  |            |    |   |  |  | 340   | 
|                                     | Corporate debt securities                                                                                |                         |  | 1,478 |            |  |  | 31         |  |  |            | (11 | ) |  |  | 1,498 | 
|                                     | Mortgage-backed securities                                                                               |                         |  | 875   |            |  |  | 11         |  |  |            | (8  | ) |  |  | 878   | 
|                                     | Other debt securities                                                                                    |                         |  | 62    |            |  |  |           |  |  |            | (7  | ) |  |  | 55    | 
|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |    
|                                     | Total fixed maturities available for sale                                                                |                         |  | 5,231 |            |  |  | 71         |  |  |            | (65 | ) |  |  | 5,237 | 
|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |    
|Equity securities available for sale |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |     |   |  |  |      
|                                     | Equity securities, available for sale                                                                    |                         |  | 746   |            |  |  | 33         |  |  |            | (10 | ) |  |  | 769   | 
|                                     |                                                                                                          |                         |  |       |            |  |  |            |  |  |            |    



|                   |                                        |                         |  |       |            |  |  |       | 
|------------------ | -------------------------------------- | ----------------------- |  | ----- | ---------- |  |  | ----- | 
|                   |                                        | As of December 31, 2005 | 
|                   |                                        |                         | 
|                   |                                        | Amortized               |  |       | Estimated  | 
|                   |                                        | cost                    |  |       | fair value | 
|                   |                                        |                         |  |       |            | 
|                   |                                        | (EUR, in millions)      | 
|Available for sale |                                        |                         |  |       |            |  |  |      
|                   | Due within one year or less            |                         |  | 535   |            |  |  | 538   | 
|                   | Due after one year through five years  |                         |  | 2,445 |            |  |  | 2,426 | 
|                   | Due after five years through ten years |                         |  | 980   |            |  |  | 994   | 
|                   | Due after ten years                    |                         |  | 1,271 |            |  |  | 1,279 | 
|                   |                                        |                         |  |       |            | 
|                   | Total                                  |                         |  | 5,231 |            |  |  | 5,237 | 
|                   |                                        |                         |  |       |            | 



F-20



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                   |                                         |                          |  |     |      |  |  |      |     |  |  |     |     | 
|------------------ | --------------------------------------- | ------------------------ |  | --- | ---- |  |  | ---- | --- |  |  | --- | --- | 
|                   |                                         | Year ended December 31   | 
|                   |                                         |                          | 
|                   |                                         | 2003                     |  |     | 2004 |  |  | 2005 |    
|                   |                                         |                          |  |     |      |  |  |      |    
|                   |                                         | (EUR, in millions)       | 
|Investment income  |                                         |                          |  |     |      |  |  |      |     |  |  |    
|                   | Fixed maturities                        |                          |  | 265 |      |  |  | 244  |     |  |  | 221 |    
|                   | Equity securities, dividends            |                          |  | 3   |      |  |  | 6    |     |  |  | 7   |    
|                   | Trading securities                      |                          |  | 47  |      |  |  | 3    |     |  |  | 49  |    
|                   | Short term investments and
    other(1) |                          |  | 100 |      |  |  | 112  |     |  |  | 95  |    
|                   |                                         |                          |  |     |      |  |  |      |    
|                   |                                         | Total investment income  |  |     | 415  |  |  |      | 365 |  |  |     | 372 | 
|                   |                                         |                          |  |     |      |  |  |      |    
|Investment expense |                                         |                          |  |     |      |  |  |      |     |  |  |    
|                   | Swap interest                           |                          |  | 8   |      |  |  | 7    |     |  |  | 5   |    
|                   | Administration expenses                 |                          |  | 29  |      |  |  | 33   |     |  |  | 33  |    
|                   | Other                                   |                          |  | 52  |      |  |  | 43   |     |  |  | 33  |    
|                   |                                         |                          |  |     |      |  |  |      |    
|                   |                                         | Total investment expense |  |     | 89   |  |  |      | 83  |  |  |     | 71  | 
|                   |                                         |                          |  |     |      |  |  |      |    
|                   |                                         | Net investment income    |  |     | 326  |  |  |      | 282 |  |  |     | 301 | 
|                   |                                         |                          |  |     |      |  |  |      |    






|    |                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------
|(1) | Includes swap income of EUR 3 million in 2003,
    EUR 8 million in 2004 and EUR 2 million in
    2005.



|                                       |                                  |                              |  |    |      |  |  |      |    |  |  |    |    | 
|-------------------------------------- | -------------------------------- | ---------------------------- |  | -- | ---- |  |  | ---- | -- |  |  | -- | -- | 
|                                       |                                  | Year ended December 31,      | 
|                                       |                                  |                              | 
|                                       |                                  | 2003                         |  |    | 2004 |  |  | 2005 |   
|                                       |                                  |                              |  |    |      |  |  |      |   
|                                       |                                  | (EUR, in millions)           | 
|Net realized investment gains (losses) |                                  |                              |  |    |      |  |  |      |    |  |  |   
|                                       | Fixed maturities                 |                              |  | 93 |      |  |  | 27   |    |  |  | 48 |   
|                                       | Equity securities                |                              |  | 14 |      |  |  | 17   |    |  |  | 45 |   
|                                       | Short term investments and other |                              |  | 10 |      |  |  | (2   | )  |  |  | 6  |   
|                                       |                                  |                              |  |    |      |  |  |      |   
|                                       |                                  | Net realized investment gain |  |    | 117  |  |  |      | 42 |  |  |    | 99 | 
|                                       |                                  |                              |  |    |      |  |  |      |   

F-21



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                                                                                    |  |                    |     |   |              |  |     |  
|------------------------------------------------------------------------------------------------------------------- |  | ------------------ | --- | - | ------------ |  | --- | -
|                                                                                                                    |  | Year ended         |     |   | Year ended   | 
|                                                                                                                    |  | December 31,       |     |   | December 31, | 
|                                                                                                                    |  | 2004               |     |   | 2005         | 
|                                                                                                                    |  |                    |     |   |              | 
|                                                                                                                    |  | (EUR, in millions) |    
|Increase (decrease) during period in difference between fair
    value and cost of investments in equity securities |  |                    | 34  |   |              |  | (22 | )
|Deferred income tax benefit (expense)                                                                               |  |                    | (11 | ) |              |  | 8   |  
|                                                                                                                    |  |                    |     |   |              | 
|Increase (decrease) in net unrealized gains (losses) on equity
    securities                                       |  |                    | 23  |   |              |  | (14 | )
|                                                                                                                    |  |                    |     |   |              | 
|Increase (decrease) during period in difference between fair
    value and cost of investments in fixed maturities  |  |                    | (5  | ) |              |  | (59 | )
|Deferred income tax benefit (expense)                                                                               |  |                    | 2   |   |              |  | 1   |  
|                                                                                                                    |  |                    |     |   |              | 
|Increase (decrease) in net unrealized gains (losses) on fixed
    maturities                                        |  |                    | (3  | ) |              |  | (58 | )
|                                                                                                                    |  |                    |     |   |              | 
|Minority interest                                                                                                   |  |                    | 1   |   |              |  |    |  
|Total increase (decrease) in net unrealized gains (losses) on
    equity securities and fixed maturities            |  |                    | 21  |   |              |  | (72 | )
|                                                                                                                    |  |                    |     |   |              | 



|                                                                                                         |  |                                        |       |  |            |  |     |       |  |  |            |  |  |       |     |   |            |  |       |  |  |  |     |  
|-------------------------------------------------------------------------------------------------------- |  | -------------------------------------- | ----- |  | ---------- |  | --- | ----- |  |  | ---------- |  |  | ----- | --- | - | ---------- |  | ----- |  |  |  | --- | -
|                                                                                                         |  | Unrealized Losses at December 31, 2004 |      
|                                                                                                         |  |                                        |      
|                                                                                                         |  | Less than                              |       |  | More 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 | )
|                                                                                                         |  |                                        |       |  |            |  |     |       |  |  |            |  |  |       |     |   |            | 

F-22



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                                                                                         |  |                                        |       |  |            |  |     |       |  |  |            |  |  |       |     |   |            |  |       |  |  |  |     |  
|-------------------------------------------------------------------------------------------------------- |  | -------------------------------------- | ----- |  | ---------- |  | --- | ----- |  |  | ---------- |  |  | ----- | --- | - | ---------- |  | ----- |  |  |  | --- | -
|                                                                                                         |  | Unrealized Losses at December 31, 2005 |      
|                                                                                                         |  |                                        |      
|                                                                                                         |  | Less than                              |       |  | More 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                        |  |                                        | 51    |  |            |  | (2  | )     |  |  | 63         |  |  |       | 0   |   |            |  | 114   |  |  |  | (2  | )
|Debt securities issued or guaranteed by the U.S. government
    or its agencies                          |  |                                        | 639   |  |            |  | (19 | )     |  |  | 542        |  |  |       | (16 | ) |            |  | 1,181 |  |  |  | (35 | )
|Obligations of U.S. states and political Subdivisions                                                    |  |                                        |       |  |            |  |     |       |  |  |            |  |  |       |     |   |            |  |       |  |  |  |     |  
|Debt securities issued or guaranteed by the European Union                                               |  |                                        | 85    |  |            |  | (1  | )     |  |  | 148        |  |  |       | (1  | ) |            |  | 233   |  |  |  | (2  | )
|Debt securities issued or guaranteed by other national, state or
    local governments or their agencies |  |                                        | 34    |  |            |  | 0   |       |  |  | 4          |  |  |       | 0   |   |            |  | 38    |  |  |  | 0   |  
|Corporate debt securities                                                                                |  |                                        | 664   |  |            |  | (10 | )     |  |  | 48         |  |  |       | (1  | ) |            |  | 712   |  |  |  | (11 | )
|Mortgage-backed securities                                                                               |  |                                        | 425   |  |            |  | (8  | )     |  |  |            |  |  |       |     |   |            |  | 425   |  |  |  | (8  | )
|Other debt securities                                                                                    |  |                                        | 61    |  |            |  | (7  | )     |  |  |            |  |  |       |     |   |            |  | 61    |  |  |  | (7  | )
|                                                                                                         |  |                                        |       |  |            |  |     |       |  |  |            |  |  |       |     |   |            | 
|Total fixed maturities available for sale                                                                |  |                                        | 1,958 |  |            |  | (47 | )     |  |  | 805        |  |  |       | (18 | ) |            |  | 2,763 |  |  |  | (65 | )
|                                                                                                         |  |                                        |       |  |            |  |     |       |  |  |            |  |  |       |     |   |            | 

U.S. Treasury Obligations. other-than


Debt Securities Issued or Guaranteed by the European Union


other-than


Mortgage-Backed Securities. other-than


Corporate Debt Securities.


F-23



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


other-than


|                                      |                                                  |                         |  |     |      |  |  |      |   |  |  |     |  
|------------------------------------- | ------------------------------------------------ | ----------------------- |  | --- | ---- |  |  | ---- | - |  |  | --- | -
|                                      |                                                  | Year ended December 31, | 
|                                      |                                                  |                         | 
|                                      |                                                  | 2003                    |  |     | 2004 |  |  | 2005 |  
|                                      |                                                  |                         |  |     |      |  |  |      |  
|                                      |                                                  | (EUR, in millions)      | 
|Equity securities, available for sale |                                                  |                         |  |     |      |  |  |      |   |  |  |    
|                                      | Gross unrealized gains                           |                         |  | 11  |      |  |  | 45   |   |  |  | 33  |  
|                                      | Gross unrealized losses                          |                         |  |    |      |  |  |     |   |  |  | (10 | )
|                                      |                                                  |                         |  |     |      |  |  |      |  
|                                      | Net unrealized gains                             |                         |  | 11  |      |  |  | 45   |   |  |  | 23  |  
|                                      |                                                  |                         |  |     |      |  |  |      |  
|Fixed maturities, available for sale  |                                                  |                         |  |     |      |  |  |      |   |  |  |    
|                                      | Gross unrealized gains                           |                         |  | 101 |      |  |  | 93   |   |  |  | 71  |  
|                                      | Gross unrealized losses                          |                         |  | (31 | )    |  |  | (28  | ) |  |  | (65 | )
|                                      |                                                  |                         |  |     |      |  |  |      |  
|                                      | Net unrealized gains                             |                         |  | 70  |      |  |  | 65   |   |  |  | 6   |  
|                                      |                                                  |                         |  |     |      |  |  |      |  
|                                      | Total net unrealized gains (losses)              |                         |  | 81  |      |  |  | 110  |   |  |  | 29  |  
|                                      |                                                  |                         |  |     |      |  |  |      |  
|                                      | Policyholder-related
    amounts(1)              |                         |  | (37 | )    |  |  | (40  | ) |  |  | (4  | )
|                                      | Deferred tax liability                           |                         |  | (2  | )    |  |  | (14  | ) |  |  | (5  | )
|                                      | Minority interest                                |                         |  | (4  | )    |  |  | 0    |   |  |  | 0   |  
|                                      |                                                  |                         |  |     |      |  |  |      |  
|                                      | Shareholders net unrealized
    appreciation(2) |                         |  | 38  |      |  |  | 56   |   |  |  | 20  |  
|                                      |                                                  |                         |  |     |      |  |  |      |  






|    |                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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).
|   
|(2) | The unrealized appreciation component of accumulated other
    comprehensive income, as presented in Note 8, includes the
    foreign currency movements on available for sale securities. 





|                        |  |                    |     |  |      |  |     | 
|----------------------- |  | ------------------ | --- |  | ---- |  | --- | 
|                        |  | Year ended         |    
|                        |  | December 31,       |    
|                        |  |                    |    
|                        |  | 2004               |     |  | 2005 | 
|                        |  |                    |     |  |      | 
|                        |  | (EUR, in millions) |    
|Land                    |  |                    | 53  |  |      |  | 89  | 
|Buildings               |  |                    | 264 |  |      |  | 226 | 
|Furniture and equipment |  |                    | 5   |  |      |  | 2   | 
|                        |  |                    |    |  |      |  |    | 
|                        |  |                    |     |  |      | 
|Total                   |  |                    | 322 |  |      |  | 317 | 
|                        |  |                    |     |  |      | 



Note 5. Reinsurance




F-24



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|         |         |                              |  |       |          |  |  |              |   |  |  |        |  
|-------- | ------- | ---------------------------- |  | ----- | -------- |  |  | ------------ | - |  |  | ------ | -
|         |         | 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 | )
|         |         |                              |  |       |          |  |  |              |  

|         |         |                              |  |       |          |  |  |              |   |  |  |        |  
|-------- | ------- | ---------------------------- |  | ----- | -------- |  |  | ------------ | - |  |  | ------ | -
|         |         | Year ended December 31, 2005 | 
|         |         |                              | 
|         |         | Premiums                     |  |       | Premiums |  |  | Loss and LAE |  
|         |         | written                      |  |       | earned   |  |  | incurred     |  
|         |         |                              |  |       |          |  |  |              |  
|         |         | (EUR, in millions)           | 
|Non Life |         |                              |  |       |          |  |  |              |   |  |  |       
|         | Assumed |                              |  | 1,710 |          |  |  | 1,691        |   |  |  | (1,255 | )
|         | Ceded   |                              |  | (109  | )        |  |  | (125         | ) |  |  | 87     |  
|Life     |         |                              |  |       |          |  |  |              |   |  |  |       
|         | Assumed |                              |  | 548   |          |  |  | 548          |   |  |  | (445   | )
|         | Ceded   |                              |  | (28   | )        |  |  | (28          | ) |  |  | 31     |  
|         |         |                              |  |       |          |  |  |              |  
|         | Net     |                              |  | 2,121 |          |  |  | 2,086        |   |  |  | 1,582  |  
|         |         |                              |  |       |          |  |  |              |  





F-25



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)














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














F-26



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Note 7. Fixed Assets








Note 8. Comprehensive Income




|                                                                        |                                                                                            |                              |      |     |               |  |    |            |   |  |      |     |  
|----------------------------------------------------------------------- | ------------------------------------------------------------------------------------------ | ---------------------------- | ---- | --- | ------------- |  | -- | ---------- | - |  | ---- | --- | -
|                                                                        |                                                                                            | 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 | )  
|                                                                        |                                                                                            |                              |      |     |               |  |    |            |  

|                                                                        |                                                                                            |                              |      |     |               |  |    |            |   |  |      |    |  
|----------------------------------------------------------------------- | ------------------------------------------------------------------------------------------ | ---------------------------- | ---- | --- | ------------- |  | -- | ---------- | - |  | ---- | -- | -
|                                                                        |                                                                                            | 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 loss |                              |      | (14 | )             |  |    | 5          |   |  |      | (9 | )
|                                                                        |                                                                                            |                              |      |     |               |  |    |            |  
|Other comprehensive loss                                                |                                                                                            |                              | (119 | )   |               |  | 25 |            |   |  | (94  | ) 
|                                                                        |                                                                                            |                              |      |     |               |  |    |            |  

F-27



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                                                        |                                                                                              |                              |     |     |               |  |     |            |   |  |     |     |  
|----------------------------------------------------------------------- | -------------------------------------------------------------------------------------------- | ---------------------------- | --- | --- | ------------- |  | --- | ---------- | - |  | --- | --- | -
|                                                                        |                                                                                              | Year ended December 31, 2005 |    
|                                                                        |                                                                                              |                              |    
|                                                                        |                                                                                              | Before-Tax                   |     |     | Tax (Expense) |  |     | Net-of-Tax |  
|                                                                        |                                                                                              | Amount                       |     |     | or Benefit    |  |     | Amount     |  
|                                                                        |                                                                                              |                              |     |     |               |  |     |            |  
|                                                                        |                                                                                              | (EUR, in millions)           |    
|Foreign currency translation adjustment                                 |                                                                                              |                              | 107 |     |               |  |    |            |   |  | 107 |    
|Minimum pension liability adjustment                                    |                                                                                              |                              | (6  | )   |               |  |    |            |   |  | (6  | )  
|Unrealized appreciation (depreciation) on investments during
    period |                                                                                              |                              |     |     |               |  |     |            |   |  |     |    
|                                                                        | Fixed maturities                                                                             |                              |     | (34 | )             |  |     | 12         |   |  |     | (22 | )
|                                                                        | Equity securities                                                                            |                              |     | 48  |               |  |     | (25        | ) |  |     | 23  |  
|                                                                        | Less: reclassification adjustment for depreciation
    (appreciation) included in net income |                              |     | 40  |               |  |     | (15        | ) |  |     | 25  |  
|                                                                        |                                                                                              |                              |     |     |               |  |     |            |  
|Other comprehensive loss                                                |                                                                                              |                              | 155 |     |               |  | (28 | )          |   |  | 127 |    
|                                                                        |                                                                                              |                              |     |     |               |  |     |            |  



|                             |                                |                          |  |      |                   |              |  |                |    |  |            |   |   |               |  |    |     |   |  |      |      |  
|---------------------------- | ------------------------------ | ------------------------ |  | ---- | ----------------- | ------------ |  | -------------- | -- |  | ---------- | - | - | ------------- |  | -- | --- | - |  | ---- | ---- | -
|                             |                                |                          |  |      |                   | Unrealized   |  |                |    |  |           
|                             |                                |                          |  |      |                   | Appreciation |  |                |    |  |           
|                             |                                | Foreign                  |  |      | Unrealized        |              |  | (Depreciation) |    |  | Minimum    |   |   | Accumulated   | 
|                             |                                | Currency                 |  |      | Appreciation      |              |  | Pertaining to  |    |  | Pension    |   |   | Other         | 
|                             |                                | Translation              |  |      | (Depreciation)    |              |  | Equity Method  |    |  | Liability  |   |   | Comprehensive | 
|                             |                                | Adjustment               |  |      | of Investments(1) |              |  | Investments    |    |  | Adjustment |   |   | Income (Loss) | 
|                             |                                |                          |  |      |                   |              |  |                |    |  |            |   |   |               | 
|                             |                                | (EUR, in millions)       | 
|Year ended December 31, 2003 |                                |                          |  |      |                   |              |  |                |    |  |            |   |   |               |  |    |     |   |  |     
|                             | Balance at beginning of Period |                          |  | 30   |                   |              |  | 124            |    |  |            |  |   |               |  | (4 | )   |   |  | 150  |     
|                             | 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 | )
|                             |                                |                          |  |      |                   |              |  |                |    |  |            |   |   |               | 
|Year ended December 31, 2005 |                                |                          |  |      |                   |              |  |                |    |  |            |   |   |               |  |    |     |   |  |     
|                             | Current-period change          |                          |  | 107  |                   |              |  | 26             |    |  |            |  |   |               |  | (6 | )   |   |  | 127  |     
|                             |                                |                          |  |      |                   |              |  |                |    |  |            |   |   |               | 
|                             |                                | Balance at end of period |  |      | (91               | )            |  |                | 77 |  |            |   |  |               |  |    | (10 | ) |  |      | (24  | )
|                             |                                |                          |  |      |                   |              |  |                |    |  |            |   |   |               | 

F-28



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)







|    |                                                                                                               
|--- | --------------------------------------------------------------------------------------------------------------
|(1) | Includes impact of changes in exchange rates which are not
    apparent in the information provided in Note 4.

Note 9. Debt




|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |       |  |  |     |       | 
|---------------------------------------------------------------- | -------------------------- | ------------------ | --- | ----- | ----- |  | --- | ----- |  |  | ----- | ----- |  |  | --- | ----- | 
|                                                                 |                            | As of December 31, |    
|                                                                 |                            |                    |    
|                                                                 |                            | 2004               |     |       | 2005  | 
|                                                                 |                            |                    |     |       |       | 
|                                                                 |                            | Book               |     |       | Fair  |  |     | Book  |  |  | Fair  |      
|                                                                 |                            | Value              |     |       | Value |  |     | Value |  |  | Value |      
|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |      
|                                                                 |                            | (EUR, in millions) |    
|Bank, short-term loans, and debt due within one year             |                            |                    | 244 |       |       |  | 284 |       |  |  | 61    |       |  |  | 61  |      
|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |      
|                                                                 | Total short-term debt      |                    |     | 244   |       |  |     | 284   |  |  |       | 61    |  |  |     | 61    | 
|                                                                 | Notes payable  fixed rate |                    |     | 34    |       |  |     | 34    |  |  |       | 34    |  |  |     | 34    | 
|Convertible subordinated debentures  4.125%                     |                            |                    | 200 |       |       |  | 224 |       |  |  | 200   |       |  |  | 242 |      
|EUR 200 million debentures  7.75%                               |                            |                    | 199 |       |       |  | 220 |       |  |  | 200   |       |  |  | 200 |      
|EUR 50 million perpetual subordinated debt 
    EURIBOR + 0.75% |                            |                    | 50  |       |       |  | 50  |       |  |  | 50    |       |  |  | 50  |      
|USD 100 million 30-year subordinated debt  LIBOR
    + 0.80%    |                            |                    | 74  |       |       |  | 74  |       |  |  | 85    |       |  |  | 85  |      
|EUR 100 million 20-year subordinated debt 
    EURIBOR + 1.15%  |                            |                    | 100 |       |       |  | 100 |       |  |  | 100   |       |  |  | 100 |      
|Horizon                                                          |                            |                    | 94  |       |       |  | 94  |       |  |  | 83    |       |  |  | 83  |      
|Capital Lease                                                    |                            |                    | 97  |       |       |  | 97  |       |  |  | 93    |       |  |  | 93  |      
|Lease Back SCOR Building  Note 7                                |                            |                    | 147 |       |       |  | 147 |       |  |  | 144   |       |  |  | 144 |      
|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |      
|                                                                 | Total long-term debt       |                    |     | 961   |       |  |     | 1,006 |  |  |       | 955   |  |  |     | 997   | 
|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |      
|                                                                 | Total debt                 |                    |     | 1,239 |       |  |     | 1,324 |  |  |       | 1,050 |  |  |     | 1,092 | 
|                                                                 |                            |                    |     |       |       |  |     |       |  |  |       |      



|            |            |                    |       |       |      |  |     |       | 
|----------- | ---------- | ------------------ | ----- | ----- | ---- |  | --- | ----- | 
|            |            | As of December 31, |      
|            |            |                    |      
|            |            | 2004               |       |       | 2005 | 
|            |            |                    |       |       |      | 
|            |            | (EUR, in millions) |      
|Euro        |            |                    | 1,111 |       |      |  | 881 |      
|U.S. Dollar |            |                    | 129   |       |      |  | 169 |      
|            |            |                    |       |       |      | 
|            | Total debt |                    |       | 1,239 |      |  |     | 1,050 | 
|            |            |                    |       |       |      | 



|                                         |            |                    |     |       |      |  |     |       | 
|---------------------------------------- | ---------- | ------------------ | --- | ----- | ---- |  | --- | ----- | 
|                                         |            | As of December 31, |    
|                                         |            |                    |    
|                                         |            | 2004               |     |       | 2005 | 
|                                         |            |                    |     |       |      | 
|                                         |            | (EUR, in millions) |    
|Below 4%                                 |            |                    | 227 |       |      |  | 54  |      
|4 to 5.5%                                |            |                    | 253 |       |      |  | 217 |      
|5.5 to
    6.5%(1)                       |            |                    | 244 |       |      |  | 237 |      
|6.5 to 7.75%                             |            |                    | 208 |       |      |  | 208 |      
|Variable rates based on LIBOR or Euribor |            |                    | 307 |       |      |  | 334 |      
|                                         |            |                    |     |       |      | 
|                                         | Total debt |                    |     | 1,239 |      |  |     | 1,050 | 
|                                         |            |                    |     |       |      | 






|    |                                                                                                                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Including capital lease obligations of EUR 97 million and
    EUR 93 million in 2004 and 2005, respectively as well
    as debt relating to the SCOR building of
    EUR 147 million and EUR 144 million in 2004
    and 2005, respectively.

F-29



---



##### 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                                     



|                 |  |      |  |                                                                          |  |                  |        |  |            |                                                                           |  | 
|---------------- |  | ---- |  | ------------------------------------------------------------------------ |  | ---------------- | ------ |  | ---------- | ------------------------------------------------------------------------- |  | 
|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;

F-30



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |     |                                                                                                                                                                                                                                                                   
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (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) |    
|2006              |  |                    | 31  |  |               |  | 5  |       |  |  | 36  | 
|2007              |  |                    | 225 |  |               |  | 5  |       |  |  | 230 | 
|2008              |  |                    |    |  |               |  | 5  |       |  |  | 5   | 
|2009              |  |                    | 10  |  |               |  | 5  |       |  |  | 15  | 
|2010              |  |                    | 200 |  |               |  | 6  |       |  |  | 206 | 
|Thereafter        |  |                    | 347 |  |               |  | 67 |       |  |  | 414 | 
|                  |  |                    |     |  |               |  |    |       | 
|Total
    debt(1) |  |                    | 813 |  |               |  | 93 |       |  |  | 906 | 
|                  |  |                    |     |  |               |  |    |       | 






|    |                                                                        
|--- | -----------------------------------------------------------------------
|(1) | Excluding EUR 144 million related to the sale of the SCOR
    building.



long-term


Note 10. Income Tax




|                               |                                  |                         |     |     |      |  |      |      |   |  |      |      |  
|------------------------------ | -------------------------------- | ----------------------- | --- | --- | ---- |  | ---- | ---- | - |  | ---- | ---- | -
|                               |                                  | Year ended December 31, |    
|                               |                                  |                         |    
|                               |                                  | 2003                    |     |     | 2004 |  |      | 2005 |  
|                               |                                  |                         |     |     |      |  |      |      |  
|                               |                                  | (EUR, in millions)      |    
|Current tax expense (benefit)  |                                  |                         |     |     |      |  |      |      |   |  |      |     
|                               | French                           |                         |     | 2   |      |  |      | 12   |   |  |      | 9    |  
|                               | Foreign                          |                         |     | 32  |      |  |      | 31   |   |  |      | 27   |  
|                               |                                  |                         |     |     |      |  |      |      |  
|                               |                                  |                         | 34  |     |      |  | 43   |      |   |  | 36   |     
|                               |                                  |                         |     |     |      |  |      |      |  
|Deferred tax expense (benefit) |                                  |                         |     |     |      |  |      |      |   |  |      |     
|                               | French                           |                         |     | 147 |      |  |      | (110 | ) |  |      | (120 | )
|                               | Foreign                          |                         |     | 106 |      |  |      | (6   | ) |  |      | 12   |  
|                               |                                  |                         |     |     |      |  |      |      |  
|                               |                                  |                         | 253 |     |      |  | (116 | )    |   |  | (108 | )   
|                               |                                  |                         |     |     |      |  |      |      |  
|                               | Total provision for income taxes |                         |     | 287 |      |  |      | (73  | ) |  |      | (72  | )
|                               |                                  |                         |     |     |      |  |      |      |  



F-31



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                       |                                                               |                    |  |      |      |  |  |      |  
|---------------------- | ------------------------------------------------------------- | ------------------ |  | ---- | ---- |  |  | ---- | -
|                       |                                                               | As of December 31, | 
|                       |                                                               |                    | 
|                       |                                                               | 2004               |  |      | 2005 | 
|                       |                                                               |                    |  |      |      | 
|                       |                                                               | (EUR, in millions) | 
|Deferred tax liability |                                                               |                    |  |      |      |  |  |     
|                       | Deferred policy acquisition costs                             |                    |  | 139  |      |  |  | 132  |  
|                       | Unrealized appreciation and timing differences on Investments |                    |  | 8    |      |  |  | 14   |  
|                       | Equalization reserves                                         |                    |  | 25   |      |  |  | 26   |  
|                       | Ceding commission acquisition Allstate                        |                    |  | 17   |      |  |  | 20   |  
|                       | Financial instruments                                         |                    |  |     |      |  |  |     |  
|                       | Capitalisation reserve                                        |                    |  | 42   |      |  |  | 44   |  
|                       | Other temporary differences                                   |                    |  | 5    |      |  |  | 5    |  
|                       |                                                               |                    |  |      |      | 
|                       | Total deferred tax liability                                  |                    |  | 236  |      |  |  | 241  |  
|                       |                                                               |                    |  |      |      | 
|Deferred tax asset     |                                                               |                    |  |      |      |  |  |     
|                       | Unrealized depreciation and timing differences of Investments |                    |  |     |      |  |  |     |  
|                       | Retirement plan                                               |                    |  |     |      |  |  |     |  
|                       | Loss carryforward                                             |                    |  | 725  |      |  |  | 730  |  
|                       | Loss reserves                                                 |                    |  | 50   |      |  |  | 42   |  
|                       | Unearned premium                                              |                    |  | 2    |      |  |  | 3    |  
|                       | Cancellation of internal realized gains on sale of assets     |                    |  | 9    |      |  |  | 10   |  
|                       | Realized gain (loss) on real estate                           |                    |  | 26   |      |  |  | 26   |  
|                       | Other temporary differences                                   |                    |  | 26   |      |  |  | 56   |  
|                       |                                                               |                    |  |      |      | 
|                       | Total deferred tax asset                                      |                    |  | 838  |      |  |  | 867  |  
|                       | Valuation allowance                                           |                    |  | (525 | )    |  |  | (468 | )
|                       |                                                               |                    |  |      |      | 
|                       | Net deferred tax asset (liability)                            |                    |  | 77   |      |  |  | 158  |  
|                       |                                                               |                    |  |      |      | 









F-32



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                                             |                                    |                         |     |     |      |  |      |      |   |  |      |     |  
|------------------------------------------------------------ | ---------------------------------- | ----------------------- | --- | --- | ---- |  | ---- | ---- | - |  | ---- | --- | -
|                                                             |                                    | Year ended December 31, |    
|                                                             |                                    |                         |    
|                                                             |                                    | 2003                    |     |     | 2004 |  |      | 2005 |  
|                                                             |                                    |                         |     |     |      |  |      |      |  
|                                                             |                                    | (EUR, in millions)      |    
|Computed tax expense (benefit) at statutory rate             |                                    |                         | (71 | )   |      |  | 69   |      |   |  | 32   |    
|Net impact of the valuation allowance on deferred tax assets |                                    |                         | 353 |     |      |  | (118 | )    |   |  | (103 | )  
|Tax exempt revenues and expenses                             |                                    |                         | (9  | )   |      |  | (14  | )    |   |  | 4    |    
|Changes from statutory tax rate                              |                                    |                         | 4   |     |      |  | (12  | )    |   |  | (5   | )  
|Capitalization reserve                                       |                                    |                         | 11  |     |      |  | 2    |      |   |  | 0    |    
|Others, net                                                  |                                    |                         | (1  | )   |      |  |     |      |   |  |     |    
|                                                             |                                    |                         |     |     |      |  |      |      |  
|                                                             | Total income tax (benefit) expense |                         |     | 287 |      |  |      | (73  | ) |  |      | (72 | )
|                                                             |                                    |                         |     |     |      |  |      |      |  

Note 11. Employee Benefits


Pension plans and other long-term employee benefits














F-33



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                                                        |  |                    |     |   |      |  |     |      |  |  |     |  
|----------------------------------------------------------------------- |  | ------------------ | --- | - | ---- |  | --- | ---- |  |  | --- | -
|                                                                        |  | 2003               |     |   | 2004 |  |     | 2005 | 
|                                                                        |  |                    |     |   |      |  |     |      | 
|                                                                        |  | (EUR, in millions) |    
|Change in Projected Benefit Obligation                                  |  |                    |     |   |      |  |     |      |  |  |     |  
|Projected Benefit Obligation at Beginning of Year                       |  |                    | 60  |   |      |  | 62  |      |  |  | 50  |  
|Service Cost                                                            |  |                    | 4   |   |      |  | 4   |      |  |  | 2   |  
|Interest Cost                                                           |  |                    | 3   |   |      |  | 3   |      |  |  | 3   |  
|Actuarial (Gain) Loss                                                   |  |                    | 3   |   |      |  | (10 | )    |  |  | 11  |  
|Benefit Payments                                                        |  |                    | (3  | ) |      |  | (2  | )    |  |  | (1  | )
|Settlement                                                              |  |                    |     |   |      |  | (4  | )    |  |  | (5  | )
|Currency Changes                                                        |  |                    | (5  | ) |      |  | (3  | )    |  |  | 5   |  
|                                                                        |  |                    |     |   |      |  |     |      | 
|Projected Benefit Obligation at End of Year                             |  |                    | 62  |   |      |  | 50  |      |  |  | 65  |  
|                                                                        |  |                    |     |   |      |  |     |      | 
|Change in Fair Value of Plan Assets                                     |  |                    |     |   |      |  |     |      |  |  |     |  
|Fair Value of Assets at Beginning of Year                               |  |                    | 17  |   |      |  | 20  |      |  |  | 22  |  
|                                                                        |  |                    |     |   |      |  |     |      | 
|Actual Return on Plan Assets                                            |  |                    | 2   |   |      |  | 1   |      |  |  | 1   |  
|Benefit Payments                                                        |  |                    | (3  | ) |      |  | (2  | )    |  |  | (1  | )
|Employer Contributions                                                  |  |                    | 6   |   |      |  | 4   |      |  |  | 4   |  
|Currency Changes                                                        |  |                    | (2  | ) |      |  | (1  | )    |  |  | 3   |  
|                                                                        |  |                    |     |   |      |  |     |      | 
|Fair Value of Plan Assets at End of Year                                |  |                    | 20  |   |      |  | 22  |      |  |  | 29  |  
|                                                                        |  |                    |     |   |      |  |     |      | 
|Projected Benefit Obligation in Excess of Fair Value of Plan
    Assets |  |                    | (42 | ) |      |  | (28 | )    |  |  | (36 | )
|Unrecognized Net Actuarial Loss (Gain)                                  |  |                    | 8   |   |      |  | (3  | )    |  |  | 10  |  
|                                                                        |  |                    |     |   |      |  |     |      | 
|Net Accrued Benefit Cost at End of Year                                 |  |                    | (34 | ) |      |  | (31 | )    |  |  | (26 | )
|                                                                        |  |                    |     |   |      |  |     |      | 





|                                                    |  |      |     |   |      |  |     |      |  |  |     |  
|--------------------------------------------------- |  | ---- | --- | - | ---- |  | --- | ---- |  |  | --- | -
|                                                    |  | 2003 |     |   | 2004 |  |     | 2005 | 
|                                                    |  |      |     |   |      |  |     |      | 
|Accrued Benefit Liability                           |  |      | (38 | ) |      |  | (36 | )    |  |  | (36 | )
|Accumulated Other Comprehensive Income (before tax) |  |      | 4   |   |      |  | 5   |      |  |  | 10  |  
|                                                    |  |      |     |   |      |  |     |      | 
|Net Amount Recognized                               |  |      | (34 | ) |      |  | (31 | )    |  |  | (26 | )
|                                                    |  |      |     |   |      |  |     |      | 





F-34



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                      |  |                    |    |   |      |  |    |      |  |  |    |  
|------------------------------------- |  | ------------------ | -- | - | ---- |  | -- | ---- |  |  | -- | -
|                                      |  | 2003               |    |   | 2004 |  |    | 2005 | 
|                                      |  |                    |    |   |      |  |    |      | 
|                                      |  | (EUR, in millions) |   
|Service Cost                          |  |                    | 4  |   |      |  | 4  |      |  |  | 2  |  
|Interest Cost                         |  |                    | 3  |   |      |  | 3  |      |  |  | 3  |  
|Expected Return on Plan Assets        |  |                    | (1 | ) |      |  | (1 | )    |  |  | (2 | )
|Amortization of unrecognized elements |  |                    |   |   |      |  |   |      |  |  | (1 | )
|Impact of curtailment/ settlement     |  |                    |   |   |      |  | (4 | )    |  |  | (4 | )
|                                      |  |                    |    |   |      |  |    |      | 
|Net periodic benefit cost             |  |                    | 6  |   |      |  | 2  |      |  |  | (2 | )
|                                      |  |                    |    |   |      |  |    |      | 

|                                                                                                             |  |      |    |   |      |  |   |      |  |  |   | 
|------------------------------------------------------------------------------------------------------------ |  | ---- | -- | - | ---- |  | - | ---- |  |  | - | 
|                                                                                                             |  | 2003 |    |   | 2004 |  |   | 2005 | 
|                                                                                                             |  |      |    |   |      |  |   |      | 
|Additional information                                                                                       |  |      |    |   |      |  |   |      |  |  |   | 
|Increase (decrease) in minimum liability before tax included in
    other comprehensive income excluding tax |  |      | (1 | ) |      |  | 1 |      |  |  | 5 | 



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


|                              |  |           |  |           |  |          
|----------------------------- |  | --------- |  | --------- |  | ---------
|                              |  | 2003      |  | 2004      |  | 2005     
|                              |  |           |  |           |  |          
|Discount rate                 |  | 5.4%      |  | 5.2%      |  | 4.8%     
|                              |  | Graded    |  | Graded    |  | Graded   
|Rate of compensation increase |  | from 7.5% |  | from 7.5% |  | from 7.5%
|                              |  | to 3.5%   |  | to 2.0%   |  | to 2.0%  

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


|                                         |  |           |  |           |  |          
|---------------------------------------- |  | --------- |  | --------- |  | ---------
|                                         |  | 2003      |  | 2004      |  | 2005     
|                                         |  |           |  |           |  |          
|Discount rate                            |  | 5.8%      |  | 5.4%      |  | 5.2%     
|Expected long-term return on plan assets |  | 8.0%      |  | 7.6%      |  | 7.1%     
|                                         |  | Graded    |  | Graded    |  | Graded   
|Rate of compensation increase            |  | from 7.5% |  | from 7.5% |  | from 7.5%
|                                         |  | to 3.5%   |  | to 3.5%   |  | to 2.0%  



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

F-35



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                  |  |                |     |   |      |  |     |  
|----------------- |  | -------------- | --- | - | ---- |  | --- | -
|                  |  | Plan Assets at |    
|                  |  | December 31    |    
|                  |  |                |    
|                  |  | 2004           |     |   | 2005 | 
|                  |  |                |     |   |      | 
|Asset Category    |  |                |     |   |      |  |     |  
|Equity securities |  |                | 38  | % |      |  | 46  | %
|Debt securities   |  |                | 52  | % |      |  | 53  | %
|Other             |  |                | 10  | % |      |  | 1   | %
|Total             |  |                | 100 | % |      |  | 100 | %





|                |  |                    |    | 
|--------------- |  | ------------------ | -- | 
|                |  | 2005               |   
|                |  |                    |   
|                |  | (EUR, in millions) |   
|2006            |  |                    | 5  | 
|2007            |  |                    | 2  | 
|2008            |  |                    | 2  | 
|2009            |  |                    | 2  | 
|2010            |  |                    | 2  | 
|Years 2011-2015 |  |                    | 14 | 

Other long-term employee benefits




Savings plans






F-36



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                           |  |                    |    |  |      |  |    |      |  |  |    | 
|---------------------------------------------------------- |  | ------------------ | -- |  | ---- |  | -- | ---- |  |  | -- | 
|                                                           |  | As of December 31  |   
|                                                           |  |                    |   
|                                                           |  | 2003               |    |  | 2004 |  |    | 2005 | 
|                                                           |  |                    |    |  |      |  |    |      | 
|                                                           |  | (EUR, in millions) |   
|Assets held in short-term investments and fixed maturities |  |                    | 9  |  |      |  | 8  |      |  |  | 8  | 
|Assets held in French stocks                               |  |                    | 3  |  |      |  | 2  |      |  |  | 3  | 
|Assets held in Ordinary Shares of SCOR                     |  |                    | 1  |  |      |  | 2  |      |  |  | 3  | 
|                                                           |  |                    |    |  |      |  |    |      | 
|Total                                                      |  |                    | 13 |  |      |  | 12 |      |  |  | 14 | 
|                                                           |  |                    |    |  |      |  |    |      | 



Note 12. Share Capital and Earnings per Share














F-37



---



##### Table of Contents



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 Loss                      |                                                               |                              | (512 | )    |               |  |  |           |  |  |  |      
|                              |                                                               |                              |      |      |               |  |  |           | 
|Basic Earnings Per Share      |                                                               |                              |      |      |               |  |  |           |  |  |  |      
|                              | Loss available to Ordinary Shareholders                       |                              |      | (512 | )             |  |  | 136,300   |  |  |  | (3.76 | )
|Effect of dilutive securities |                                                               |                              |      |      |               |  |  |           |  |  |  |      
|                              | Stock options                                                 |                              |      |     |               |  |  |          |  |  |  |       |  
|                              | Convertible bonds                                             |                              |      |     |               |  |  |          |  |  |  |       |  
|                              |                                                               |                              |      |      |               |  |  |           | 
|Diluted Earnings Per Share    |                                                               |                              |      |      |               |  |  |           |  |  |  |      
|                              | Loss available to Ordinary Shareholders + assumed conversions |                              |      | (512 | )             |  |  | 136,300   |  |  |  | (3.76 | )
|                              |                                                               |                              |      |      |               |  |  |           | 






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

|                              |                                                                 |                              |     |     |               |  |  |           |  |  |  |      | 
|----------------------------- | --------------------------------------------------------------- | ---------------------------- | --- | --- | ------------- |  |  | --------- |  |  |  | ---- | 
|                              |                                                                 | 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
    stock.

F-38



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                              |                                                                 |                              |     |     |               |  |  |           |  |  |  |       |  
|----------------------------- | --------------------------------------------------------------- | ---------------------------- | --- | --- | ------------- |  |  | --------- |  |  |  | ----- | -
|                              |                                                                 | Year ended December 31, 2005 |    
|                              |                                                                 |                              |    
|                              |                                                                 | Income                       |     |     | Shares(1)     |  |  | Per-Share | 
|                              |                                                                 | (Numerator)                  |     |     | (Denominator) |  |  | Amount    | 
|                              |                                                                 |                              |     |     |               |  |  |           | 
|                              |                                                                 | (EUR, in millions)           |     |     | (Thousands)   |  |  | (EUR)     | 
|Net Income                    |                                                                 |                              | 165 |     |               |  |  |           |  |  |  |      
|                              |                                                                 |                              |     |     |               |  |  |           | 
|Basic Earnings Per Share      |                                                                 |                              |     |     |               |  |  |           |  |  |  |      
|                              | Income available to Ordinary Shareholders                       |                              |     | 165 |               |  |  | 887,626   |  |  |  | 0.18  |  
|Effect of dilutive securities |                                                                 |                              |     |     |               |  |  |           |  |  |  |      
|                              | Stock options                                                   |                              |     |    |               |  |  | 1,699     |  |  |  |       |  
|                              | Convertible bonds                                               |                              |     | 5   |               |  |  | 100,000   |  |  |  | (0.01 | )
|                              |                                                                 |                              |     |     |               |  |  |           | 
|Diluted Earnings Per Share    |                                                                 |                              |     |     |               |  |  |           |  |  |  |      
|                              | Income available to Ordinary Shareholders + assumed conversions |                              |     | 170 |               |  |  | 989,325   |  |  |  | 0.17  |  
|                              |                                                                 |                              |     |     |               |  |  |           | 






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

Note 13. Stock Option and Stock Award Plans








|                                 |                   |      |           |           |      |  |            |            |   |  |            |            |  
|-------------------------------- | ----------------- | ---- | --------- | --------- | ---- |  | ---------- | ---------- | - |  | ---------- | ---------- | -
|                                 |                   | 2003 |           |           | 2004 |  |            | 2005       |  
|                                 |                   |      |           |           |      |  |            |            |  
|Outstanding at beginning of year |                   |      | 4,915,746 |           |      |  | 12,342,962 | (1)        |   |  | 17,055,698 |           
|                                 | Options granted   |      |           | 4,099,754 |      |  |            | 5,990,000  |   |  |            | 7,260,000  |  
|                                 | Options exercised |      |           |          |      |  |            |           |   |  |            |           |  
|                                 | Options expired   |      |           |          |      |  |            | (113,809   | ) |  |            | (192,782   | )
|                                 |                   |      |           |           |      |  |            |            |  
|                                 | Options forfeited |      |           | (539,588  | )    |  |            | (1,163,455 | ) |  |            | (3,410,816 | )
|                                 |                   |      |           |           |      |  |            |            |  
|Outstanding at end of year       |                   |      | 8,475,912 |           |      |  | 17,055,698 |            |   |  | 20,712,100 |           
|                                 |                   |      |           |           |      |  |            |            |  






|    |                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Following the capital increase on January 7, 2004, the
    Company adjusted the number of shares eligible to subscription
    to 12,342,962.



F-39



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




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







|     |      |                                      |                |                |                                     |                 |          |  |                |  |  |                 |       |  |  |  |            | 
|---- | ---- | ------------------------------------ | -------------- | -------------- | ----------------------------------- | --------------- | -------- |  | -------------- |  |  | --------------- | ----- |  |  |  | ---------- | 
|     |      | 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 2004 |          |  | Exercise price |  |  | the end of 2004 |      
|     |      |                                      |                |                |                                     |                 |          |  |                |  |  |                 |      
|     |      | (in EUR)                             |                |                |                                     |                 | (in EUR) |  |                | 
|     | 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 | 
|     |      |                                      |                |                |                                     |                 |          |  |                |  |  |                 |      





F-40



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                         |             |                     |             |           |                     |                  |           |         |                |  |        |             |       |         |                |  |           |  |  |  |       | 
|------------------------ | ----------- | ------------------- | ----------- | --------- | ------------------- | ---------------- | --------- | ------- | -------------- |  | ------ | ----------- | ----- | ------- | -------------- |  | --------- |  |  |  | ----- | 
|                         |             | 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)       |      
|                         | 1.14-3.94   |                     |             |           | 15,344,490          |                  |           |         | 8.91 years     |  |        |             | 1.81  |         |                |  | 2,799,490 |  |  |  | 3.49  | 
|                         | 11.70-15.03 |                     |             |           | 1,852,878           |                  |           |         | 2.17 years     |  |        |             | 13.57 |         |                |  | 1,852,878 |  |  |  | 13.57 | 
|                         | 18.17-22.72 |                     |             |           | 3,514,732           |                  |           |         | 4.72 years     |  |        |             | 19.78 |         |                |  | 3,514,732 |  |  |  | 19,78 | 
|                         |             |                     |             |           |                     |                  |           |         |                |  |        |             |       |         |                | 
|                         | 1.14-22.72  |                     |             |           | 20,712,100          |                  |           |         | 7.51 years     |  |        |             | 5.91  |         |                |  | 8,167,100 |  |  |  | 12.79 | 



STOCK AWARD PLANS






|                   |  |              |                   |                  |                   |  |                      |                   |  |  |          | 
|------------------ |  | ------------ | ----------------- | ---------------- | ----------------- |  | -------------------- | ----------------- |  |  | -------- | 
|                   |  |              |                   | Number of shares |                   |  | Fair value of shares |                  
|Grant date         |  | Vesting date |                   |                  | initially granted |  |                      | at the grant date | 
|                   |  |              |                   |                  |                   |  |                      |                   | 
|September 22, 2004 |  |              | January 10, 2005  |                  |                   |  | 1,962,555            |                   |  |  | EUR 1.2  | 
|December 7, 2004   |  |              | January 10, 2005  |                  |                   |  | 2,434,453            |                   |  |  | EUR 1.41 | 
|December 7, 2004   |  |              | November 10, 2005 |                  |                   |  | 2,418,404            |                   |  |  | EUR 1.41 | 
|November 7, 2005   |  |              | August 15, 2007   |                  |                   |  | 8,471,998            |                   |  |  | EUR 1.58 | 





Note 14.  Financial Instruments




F-41



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




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. Financial Instruments




F-42



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|            |                                                                 |                    |  |       |                   |  |          |        |  |  |            |       |  |  |  |       | 
|----------- | --------------------------------------------------------------- | ------------------ |  | ----- | ----------------- |  | -------- | ------ |  |  | ---------- | ----- |  |  |  | ----- | 
|            |                                                                 | As of              |  |       | As of             | 
|            |                                                                 | December 31, 2004  |  |       | December 31, 2005 | 
|            |                                                                 |                    |  |       |                   | 
|            |                                                                 | Carrying           |  |       |                   |  | Carrying |        |  | 
|            |                                                                 | amount             |  |       | Fair value        |  |          | amount |  |  | Fair value |      
|            |                                                                 |                    |  |       |                   |  |          |        |  |  |            |      
|            |                                                                 | (EUR, in millions) | 
|Assets      |                                                                 |                    |  |       |                   |  |          |        |  |  |            |       |  |  |  |      
|            | Fixed maturities at fair value                                  |                    |  | 5,272 |                   |  |          | 5,272  |  |  |            | 5,237 |  |  |  | 5,237 | 
|            | Equity securities, available for sale                           |                    |  | 265   |                   |  |          | 265    |  |  |            | 769   |  |  |  | 769   | 
|            | Trading investments                                             |                    |  | 778   |                   |  |          | 778    |  |  |            | 335   |  |  |  | 335   | 
|            | Cash and cash equivalents                                       |                    |  | 1,798 |                   |  |          | 1,798  |  |  |            | 1,666 |  |  |  | 1,666 | 
|            | Derivative instruments                                          |                    |  | 29    |                   |  |          | 29     |  |  |            | 33    |  |  |  | 33    | 
|Liabilities |                                                                 |                    |  |       |                   |  |          |        |  |  |            |       |  |  |  |      
|            | Convertible subordinated debentures                             |                    |  | 200   |                   |  |          | 244    |  |  |            | 200   |  |  |  | 242   | 
|            | Other long term debt including obligations under capital leases |                    |  | 761   |                   |  |          | 782    |  |  |            | 755   |  |  |  | 755   | 
|            | Notes payable                                                   |                    |  | 34    |                   |  |          | 34     |  |  |            | 34    |  |  |  | 34    | 
|            | Derivative instruments                                          |                    |  | 6     |                   |  |          | 6      |  |  |            |      |  |  |  |      | 

Note 15. Derivative instruments






Fair value hedges:








F-43



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Foreign currency hedges:








Non-hedge instruments:




Other derivatives used by the Group:




Note 16. Commitments and Guarantees






F-44



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                     |                           |                         |  |       |      |  |  |       |  |  |  |       | 
|-------------------- | ------------------------- | ----------------------- |  | ----- | ---- |  |  | ----- |  |  |  | ----- | 
|                     |                           | Year ended December 31, | 
|                     |                           |                         | 
|                     |                           | 2003                    |  |       | 2004 |  |  | 2005  | 
|                     |                           |                         |  |       |      |  |  |       | 
|                     |                           | (EUR, in millions)      | 
|Commitments received |                           |                         |  |       |      |  |  |       |  |  |  |      
|                     | Unused credit lines       |                         |  | 50    |      |  |  | 44    |  |  |  | 99    | 
|                     | Endorsements and sureties |                         |  | 68    |      |  |  | 47    |  |  |  | 12    | 
|                     | Letters of Credit         |                         |  | 1,285 |      |  |  | 867   |  |  |  | 1,090 | 
|                     | Other commitments         |                         |  |      |      |  |  | 13    |  |  |  |      | 
|                     |                           |                         |  |       |      |  |  |       | 
|                     | Total                     |                         |  | 1,403 |      |  |  | 971   |  |  |  | 1,201 | 
|                     |                           |                         |  |       |      |  |  |       | 
|Commitments given    |                           |                         |  |       |      |  |  |       |  |  |  |      
|                     | Endorsements and sureties |                         |  | 90    |      |  |  | 47    |  |  |  | 25    | 
|                     | Leases                    |                         |  | 17    |      |  |  | 10    |  |  |  | 20    | 
|                     | Letters of Credit         |                         |  | 594   |      |  |  | 656   |  |  |  | 645   | 
|                     | Pledged securities        |                         |  | 3,226 |      |  |  | 1,885 |  |  |  | 2,080 | 
|                     | Other commitments         |                         |  | 139   |      |  |  | 99    |  |  |  | 162   | 
|                     |                           |                         |  |       |      |  |  |       | 
|                     | Total                     |                         |  | 4,066 |      |  |  | 2,697 |  |  |  | 2,932 | 
|                     |                           |                         |  |       |      |  |  |       | 





EUR 75 million renewable credit








EUR 25 million renewable credit




F-45



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






SCOR and SCOR VIE
stand-by letters of
credit facility


stand-by


stand-by


Project Triple X






Guarantees






F-46



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Note 17. Lines of Business and Geographic
Information










Property-Casualty:




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Property-Casualty treaty:The Property-Casualty
    treaty sub-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)




F-47



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




run-off


Life/Accident & Health:


long-term






|                                          |                                            |                              |        |       |                   |  |       |        |   |  |              |     |  |  |        |      |  
|----------------------------------------- | ------------------------------------------ | ---------------------------- | ------ | ----- | ----------------- |  | ----- | ------ | - |  | ------------ | --- |  |  | ------ | ---- | -
|                                          |                                            | Year ended December 31, 2003 |       
|                                          |                                            |                              |       
|                                          |                                            |                              |        | Life/ |                   |  |      
|                                          |                                            | Property-Casualty            |        |       | Accident & Health |  |       | 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-48



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                          |                                                                                                     |                              |       |       |                   |  |       |        |  |  |              |    |  |  |        |     | 
|----------------------------------------- | --------------------------------------------------------------------------------------------------- | ---------------------------- | ----- | ----- | ----------------- |  | ----- | ------ |  |  | ------------ | -- |  |  | ------ | --- | 
|                                          |                                                                                                     | Year ended December 31, 2004 |      
|                                          |                                                                                                     |                              |      
|                                          |                                                                                                     |                              |       | Life/ |                   |  |      
|                                          |                                                                                                     | Property-Casualty            |       |       | Accident & Health |  |       | 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            |                                                                                                     |                              | 9,927 |       |                   |  | 3,473 |        |  |  |             |    |  |  | 13,400 |    
|                                          |                                                                                                     |                              |       |       |                   |  |       |        |  |  |              |   

|                                          |                                                                                                     |                              |       |    |                   |  |       |        |  |  |              |   |  |  |        |    | 
|----------------------------------------- | --------------------------------------------------------------------------------------------------- | ---------------------------- | ----- | -- | ----------------- |  | ----- | ------ |  |  | ------------ | - |  |  | ------ | -- | 
|                                          |                                                                                                     | Year ended December 31, 2005 |      
|                                          |                                                                                                     |                              |      
|                                          |                                                                                                     | Property-                    |       |    | Life/             |  |       |       
|                                          |                                                                                                     | Casualty                     |       |    | Accident & Health |  |       | Others |  |  | Consolidated |  
|                                          |                                                                                                     |                              |       |    |                   |  |       |        |  |  |              |  
|                                          |                                                                                                     | (EUR, in millions)           |      
|Net premiums written                      |                                                                                                     |                              | 1,280 |    |                   |  | 841   |        |  |  |             |   |  |  | 2,121  |   
|                                          |                                                                                                     |                              |       |    |                   |  |       |        |  |  |              |  
|Net premiums earned                       |                                                                                                     |                              | 1,227 |    |                   |  | 859   |        |  |  |             |   |  |  | 2,086  |   
|Net investment income                     |                                                                                                     |                              | 154   |    |                   |  | 141   |        |  |  | 6            |   |  |  | 301    |   
|Net realized gains on investments         |                                                                                                     |                              | 72    |    |                   |  | 27    |        |  |  |              |   |  |  | 99     |   
|                                          |                                                                                                     |                              |       |    |                   |  |       |        |  |  |              |  
|Total revenues                            |                                                                                                     |                              | 1,453 |    |                   |  | 1,027 |        |  |  | 6            |   |  |  | 2,486  |   
|                                          |                                                                                                     |                              |       |    |                   |  |       |        |  |  |              |  
|Claim and claim expenses                  |                                                                                                     |                              | 916   |    |                   |  | 666   |        |  |  |             |   |  |  | 1,582  |   
|Acquisition costs                         |                                                                                                     |                              | 289   |    |                   |  | 232   |        |  |  |             |   |  |  | 521    |   
|Underwriting and administration expenses  |                                                                                                     |                              | 104   |    |                   |  | 37    |        |  |  |             |   |  |  | 141    |   
|Interest expense                          |                                                                                                     |                              | 48    |    |                   |  |      |        |  |  |             |   |  |  | 48     |   
|Other income and expenses                 |                                                                                                     |                              | 74    |    |                   |  | 27    |        |  |  |             |   |  |  | 101    |   
|                                          |                                                                                                     |                              |       |    |                   |  |       |        |  |  |              |  
|Total expenses                            |                                                                                                     |                              | 1,431 |    |                   |  | 962   |        |  |  |             |   |  |  | 2,393  |   
|                                          |                                                                                                     |                              |       |    |                   |  |       |        |  |  |              |  
|Income accounted for by the equity method |                                                                                                     |                              |       |    |                   |  |      |        |  |  |             |   |  |  |       |   
|                                          | Income before taxes, minority interests and cumulative effect of
    change in accounting principle |                              |       | 22 |                   |  |       | 65     |  |  |              | 6 |  |  |        | 93 | 
|                                          |                                                                                                     |                              |       |    |                   |  |       |        |  |  |              |  
|Total assets as of December 31            |                                                                                                     |                              | 9,336 |    |                   |  | 4,433 |        |  |  | 60           |   |  |  | 13,829 |   
|                                          |                                                                                                     |                              |       |    |                   |  |       |        |  |  |              |  



F-49



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                             |                                                                                                     |                    |  |       |        |       |  |         |  |  |      |       |   |              |  |     |  |  |  |        |  
|---------------------------- | --------------------------------------------------------------------------------------------------- | ------------------ |  | ----- | ------ | ----- |  | ------- |  |  | ---- | ----- | - | ------------ |  | --- |  |  |  | ------ | -
|                             |                                                                                                     |                    |  |       |        | North |  |         |  |  |     
|                             |                                                                                                     | France             |  |       | Europe |       |  | America |  |  | Asia |       |   | Consolidated | 
|                             |                                                                                                     |                    |  |       |        |       |  |         |  |  |      |       |   |              | 
|                             |                                                                                                     | (EUR, in millions) | 
|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 |  
|Year ended December 31, 2005 |                                                                                                     |                    |  |       |        |       |  |         |  |  |      |       |   |              |  |     |  |  |  |       
|                             | Revenues                                                                                            |                    |  | 1,492 |        |       |  | 338     |  |  |      | 513   |   |              |  | 143 |  |  |  | 2,486  |  
|                             | Income before taxes                                                                                 |                    |  | 79    |        |       |  | 78      |  |  |      | (77   | ) |              |  | 13  |  |  |  | 93     |  
|                             | Identifiable assets as of December 31                                                               |                    |  | 9,055 |        |       |  | 1,037   |  |  |      | 3,384 |   |              |  | 353 |  |  |  | 13,829 |  

Note 18. Unpaid loss and loss adjustment
expenses






F-50



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Reconciliation of Reserves for Losses and LAE


|                                                                 |                                      |                         |       |       |      |  |       |       |  |  |       |       | 
|---------------------------------------------------------------- | ------------------------------------ | ----------------------- | ----- | ----- | ---- |  | ----- | ----- |  |  | ----- | ----- | 
|                                                                 |                                      | Year ended December 31, |      
|                                                                 |                                      |                         |      
|                                                                 |                                      | 2003                    |       |       | 2004 |  |       | 2005  | 
|                                                                 |                                      |                         |       |       |      |  |       |       | 
|                                                                 |                                      | (EUR, in millions)      |      
|Reserves for losses and LAE at beginning of year, net            |                                      |                         | 6,933 |       |      |  | 6,633 |       |  |  | 5,934 |      
|Effect of changes in foreign currency exchange rates             |                                      |                         | (656  | )     |      |  | (203  | )     |  |  | 359   |      
|Effect of claims portfolio transfer and other reclassifications  |                                      |                         | 333   |       |      |  | 58    |       |  |  | 3     |      
|                                                                 |                                      |                         |       |       |      |  |       |       | 
|Incurred related to:                                             |                                      |                         |       |       |      |  |       |       |  |  |       |      
|                                                                 | Current year                         |                         |       | 1,661 |      |  |       | 1,002 |  |  |       | 1,134 | 
|                                                                 | Prior years                          |                         |       | 1,078 |      |  |       | 174   |  |  |       | 34    | 
|                                                                 |                                      |                         |       |       |      |  |       |       | 
|                                                                 | Total incurred losses and
    LAE(1) |                         |       | 2,739 |      |  |       | 1,176 |  |  |       | 1,168 | 
|                                                                 |                                      |                         |       |       |      |  |       |       | 
|Paid related to:                                                 |                                      |                         |       |       |      |  |       |       |  |  |       |      
|                                                                 | Current year                         |                         |       | 316   |      |  |       | 116   |  |  |       | 695   | 
|                                                                 | Prior years                          |                         |       | 2,400 |      |  |       | 1,614 |  |  |       | 896   | 
|                                                                 |                                      |                         |       |       |      |  |       |       | 
|                                                                 | Total paid losses and
    LAE(1)     |                         |       | 2,716 |      |  |       | 1,730 |  |  |       | 1,591 | 
|                                                                 |                                      |                         |       |       |      |  |       |       | 
|Reserves for losses and loss expenses at end of year 
    net   |                                      |                         | 6,633 |       |      |  | 5,934 |       |  |  | 5,873 |      
|Reinsurance recoverable on unpaid losses                         |                                      |                         | 673   |       |      |  | 536   |       |  |  | 566   |      
|                                                                 |                                      |                         |       |       |      |  |       |       | 
|Reserves for losses and loss expenses at end of year 
    gross |                                      |                         | 7,306 |       |      |  | 6,470 |       |  |  | 6,439 |      
|                                                                 |                                      |                         |       |       |      |  |       |       | 






|    |                                                                                                                                                                                                   
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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 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
    Partners 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

For 2004 and prior reserves in 2005:




| |   |                                                          
| | - | ---------------------------------------------------------
| |  | The additional reserves relate mainly to SCOR US and CRP.



F-51



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                                                     |  |                         |     |   |                  |  |     |      |  |  |      |   |  |      |     |   |      |  |     |   |  |  |     |  
|-------------------------------------------------------------------- |  | ----------------------- | --- | - | ---------------- |  | --- | ---- |  |  | ---- | - |  | ---- | --- | - | ---- |  | --- | - |  |  | --- | -
|                                                                     |  | Year ended December 31, |    
|                                                                     |  |                         |    
|                                                                     |  | Asbestos(1)             |     |   | Environmental(1) | 
|                                                                     |  |                         |     |   |                  | 
|                                                                     |  | 2003                    |     |   | 2004             |  |     | 2005 |  |  | 2003 |   |  | 2004 |     |   | 2005 | 
|                                                                     |  |                         |     |   |                  |  |     |      |  |  |      |   |  |      |     |   |      | 
|                                                                     |  | (EUR, in millions)      |    
|Gross Non Life claims reserves, including IBNR reserves              |  |                         | 109 |   |                  |  | 98  |      |  |  | 111  |   |  |      | 59  |   |      |  | 54  |   |  |  | 39  |  
|% of total loss and LAE reserves                                     |  |                         | 1.5 | % |                  |  | 1.6 | %    |  |  | 1.7  | % |  |      | 0.8 | % |      |  | 0.9 | % |  |  | 0.6 | %
|Non Life claims and LAE paid                                         |  |                         | 15  |   |                  |  | 15  |      |  |  | 12   |   |  |      | 13  |   |      |  | 5   |   |  |  | 7   |  
|% of the Groups total net property-casualty claims and LAE
    paid |  |                         | 0.6 | % |                  |  | 0.9 | %    |  |  | 0.7  | % |  |      | 0.5 | % |      |  | 0.3 | % |  |  | 0.4 | %






|    |                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(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 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.
| 
| | The 2005 reserves are respectively EUR 15 million and
    EUR 8 million for asbestos and environmental. The 2005
    paid claims and LAE are respectively EUR 1.7 million
    and EUR 1.0 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, a significant
    shareholder of SCOR, 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, 2005 and 2004, the

F-52



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | consolidated balance sheets included EUR 250 million and
    EUR 234 million, respectively, related to the guaranty
    provided.                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|
| |  | In June 2004, SCOR entered into an agreement with several banks
    in connection with the placement of subscriptions for the OCEANE
    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.                                                                                                                                                                                                                                                              
|
| |  | On May 18, 2005 SCOR entered into a Credit Facility
    Agreement for a term of twelve months from the date of signature
    with a banking syndicate represented by BNP Paribas as Agent and
    Lead Manager, the purpose of which is to provide the Company
    with short-term cash facilities to finance its general cash
    needs for a maximum of EUR 75 million. The agreement
    provides for non-use commissions, participation commission,
    agent commission and a lead manager commission. The Chairman and
    Chief Executive Officer of SCOR is a director of BNP Paribas.
|
| |  | On May 31, 2005 authorized the signature by SCOR and BNP
    Paribas of an agency letter and underwriting agreement for the
    offering and placement of the shares issued in June 30,
    2005. The Chairman and Chief Executive Officer of SCOR is a
    director the BNP Paribas.                                                                                                                                                                                                                                                                                                         
|
| |  | On December 31, 2005 the Company terminated the credit
    facility agreement as amended that was signed on
    December 26, 2002 with a banking syndicate represented by
    BNP Paribas.                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |  | On November 2, 2005 meeting the Board of Directors
    authorized the signature of a new credit facility for stand-by
    letters of credit with BNP Paribas up to a maximum of
    USD 85 million over a utilization period from
    January 4, 2006 to December 31, 2008. The agreement
    requires securities to be pledged at 105% of amounts used as
    well as for the payment of non-use and utilization commissions
    and other bank fees. The Chairman and Chief Executive Officer of
    SCOR is a director the BNP Paribas.                                                    

Note 20. Contingencies






In the United States:




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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. The policy has been retroceded at 80% outside
    of the SCOR Group. GSNIC has paid the undisputed portions of the
    claim. On January 27, 2006, motions for partial summary
    judgment and cross-motions filed by the various parties were
    argued, with the decisions being very favorable for the
    defendants. The Court granted GSNICs Motion for partial
    summary judgment dismissing all claims against it for alleged
    bad-faith denial as well as dismissing the claim that GSNIC
    conspired with its consultants to wrongfully deny the insurance
    claim. Additionally, claims for other punitive or
    extra-contractual damages as well as counsel fees were also
    dismissed. Plaintiffs cross-motion for partial summary
    judgment on GSNICs affirmative defense of insurance fraud
    was denied. As a result of these rulings, plaintiff is left with
    a contract cause of action against GSNIC on the insurance

F-53



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | policy. Discovery is likely to be completed in the spring of
    2006. A date for trial is tentatively listed for June 2006.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| |  | In March 2004, certain funds of Highfields Capital (Highfields
    Capital LTD, Highfields Capital I LP and Highfields Capital II
    LP, together referred to as the Highfields Funds),
    as minority shareholders of IRP Holdings Limited, filed a
    complaint against SCOR in the US District Court of
    Massachusetts. The complaint alleges fraud and violations of
    Massachusetts law with regard to the acquisition by the
    Highfields Funds of a stake in IRP Holdings Limited in December
    2001. On April 19, 2006, after a question arose regarding
    the U.S. District Courts jurisdiction over the case,
    Highfields filed a Motion to Affirm Subject Matter Jurisdiction
    or, in the Alternative, to Refer Case to State Court, which asks
    the federal court to clarify jurisdictional questions. The
    parties have filed briefs on that motion but, as of
    June 22, 2006, the court has neither heard oral argument
    nor issued a ruling on Highfields motion. If the
    U.S. District Court determines it has the proper
    jurisdiction over the case, damages (including punitive damages)
    owed, if any, would only be determined by the court at the end
    of the trial which is scheduled to begin in May 2007. If the
    U.S. District Court determines it lacks jurisdiction over the
    law suit, Highfields may be permitted to file a similar
    complaint in Massachusetts state court.
|
| |  | Beginning in October 2001, various lawsuits were 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 constituted
    one or two occurrences under the terms of the applicable
    property insurance coverage issued to the lessees of the WTC and
    other parties. While SCOR as a reinsurer is not a party to such
    lawsuits, its ceding company, Allianz Global Risks
    U.S. Insurance Company (Allianz), which insured a portion
    of the WTC and which is reinsured by SCOR, is a party to the
    legal action.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              







F-54



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |   |                                                                                                                                                                                                                                                                                                                                                                                                              
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 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 Credit & Surety
    bond losses. The total amount of the related claims is
    approximately USD 10.3 million.                                                                                                              
|
| |  | In January 2005, Continental Casualty Company (CCC), a CNA
    subsidiary, initiated an arbitration proceeding to obtain a
    declaration that six contracts signed with Commercial Risk
    Re-Insurance Company (CRRC) should contain the so called
    insolvency clause. CRRC issued a counter demand for
    arbitration proceedings to obtain access to all relevant books
    and records from CCC.







| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In August 2005, certain American subsidiaries of Royal & Sun
    Alliance (RSA) initiated four arbitration proceedings against
    Commercial Risk Re-Insurance Company and Commercial Risk
    Reinsurance Company Ltd (Commercial Risk) relating to seven
    reinsurance treaties signed by RSA and Commercial Risk. RSA is
    alleging breach of the contracts and is seeking full payment of
    balances due under these contracts, plus interest and expenses,
    for a total of approximately USD 23 million. Commercial
    Risk denies these balances asserting that the losses are outside
    the scope of coverage and the terms and conditions of the
    treaties.



In Europe:




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | SCOR VIE, as the reinsurer of an 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, 2005.
|
| |  | The French Autorité des Marchés Financiers
    (AMF) initiated an investigation on October 21, 2004 in
    connection with the financial information and trading activity
    surrounding the issue of the SCOR OCEANE bonds in July 2004. The
    Company has no additional information on this matter at this
    time.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| |  | The AMF also initiated an investigation on October 5, 2005
    concerning the market for the SCOR shares as of June 1,
    2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| |  | Since February 2005, the Company has been subject to a tax audit
    for the period from January 1, 2002 to December 31,
    2003. On December 21, 2005, this audit resulted in an
    initial adjustment proposal,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

F-55



---



##### Table of Contents



SCOR


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | excluding late penalties, for an additional assessment for the
    corporate income tax base for 2002 of EUR 26,870,073.77, an
    assessment for the withholding stipulated by Article 119
    bis 2 of the French General Tax Code of EUR 5,788,871 and an
    additional assessment for the employers payroll tax of EUR
    27,891. The Company has challenged this adjustment proposal.
    This proposal, which stays the statute of limitations, will be
    followed in 2006 with a definitive proposal also covering fiscal
    year 2003.
|
| |  | The Autorité de Contrôle des Assurances et des
    Mutuelles (A.C.A.M.) launched an audit of SCOR VIE in
    January 2006.                                                                                                                                                                                                                                                                                                                                                                                                                          



Note 21. Subsequent Events








F-56



---



##### Table of Contents






SCHEDULE I  SUMMARY OF INVESTMENTS OTHER THAN
INVESTMENTS


IN RELATED PARTIES


December 31, 2005


|                                          |                                                                                                          |                    |       |       |        |                 |              |               |  |  |       |       | 
|----------------------------------------- | -------------------------------------------------------------------------------------------------------- | ------------------ | ----- | ----- | ------ | --------------- | ------------ | ------------- |  |  | ----- | ----- | 
|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                        |                    |       | 544   |        |                 |              | 550           |  |  |       | 550   | 
|                                          | Debt securities issued or guaranteed by the U.S. government
    or its agencies                          |                    |       | 1,394 |        |                 |              | 1,361         |  |  |       | 1,361 | 
|                                          | Obligations of U.S. states and political subdivisions                                                    |                    |       | 100   |        |                 |              | 102           |  |  |       | 102   | 
|                                          | 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 |                    |       | 326   |        |                 |              | 340           |  |  |       | 340   | 
|                                          | Corporate debt securities                                                                                |                    |       | 1,478 |        |                 |              | 1,498         |  |  |       | 1,498 | 
|                                          | Mortgage-backed securities                                                                               |                    |       | 875   |        |                 |              | 878           |  |  |       | 878   | 
|                                          | Other debt securities                                                                                    |                    |       | 62    |        |                 |              | 55            |  |  |       | 55    | 
|                                          |                                                                                                          |                    |       |       |        |                 |              |               | 
|Total fixed maturities available for sale |                                                                                                          |                    | 5,231 |       |        |                 | 5,237        |               |  |  | 5,237 |      
|                                          |                                                                                                          |                    |       |       |        |                 |              |               | 
|Trading                                   |                                                                                                          |                    | 155   |       |        |                 | 158          |               |  |  | 158   |      
|                                          |                                                                                                          |                    |       |       |        |                 |              |               | 
|                                          | Total fixed maturities                                                                                   |                    |       | 5,386 |        |                 |              | 5,395         |  |  |       | 5,395 | 
|                                          |                                                                                                          |                    |       |       |        |                 |              |               | 
|Equity securities:                        |                                                                                                          |                    |       |       |        |                 |              |               |  |  |       |      
|Available for sale                        |                                                                                                          |                    | 746   |       |        |                 | 769          |               |  |  | 769   |      
|                                          | Trading                                                                                                  |                    |       | 138   |        |                 |              | 177           |  |  |       | 177   | 
|                                          |                                                                                                          |                    |       |       |        |                 |              |               | 
|Total equity securities                   |                                                                                                          |                    | 884   |       |        |                 | 946          |               |  |  | 946   |      
|                                          |                                                                                                          |                    |       |       |        |                 |              |               | 
|Other long-term investments               |                                                                                                          |                    | 317   |       |        |                 |              |               |  |  | 317   |      
|                                          |                                                                                                          |                    |       |       |        |                 |              |               | 
|Total investments                         |                                                                                                          |                    | 6,587 |       |        |                 |              |               |  |  | 6,658 |      
|                                          |                                                                                                          |                    |       |       |        |                 |              |               | 
|Cash and cash equivalents                 |                                                                                                          |                    | 1,666 |       |        |                 |              |               |  |  | 1,666 |      

S-1



---



##### Table of Contents



SCHEDULE III  SUPPLEMENTARY INSURANCE
INFORMATION


December 31, 2005, 2004 and 2003


|                   |          |                    |  |                   |                  |  |  |          |              |  |                  |     |     |  |  |   |   | 
|------------------ | -------- | ------------------ |  | ----------------- | ---------------- |  |  | -------- | ------------ |  | ---------------- | --- | --- |  |  | - | - | 
|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, 2005: |          |                    |  |                   |                  |  |  |          |              |  |                  |     |     |  |  |  
|                   | Life     |                    |  | 300               |                  |  |  | 2,719    |              |  |                  |    |     |  |  |  |  
|                   | Non Life |                    |  | 249               |                  |  |  | 6,439    |              |  |                  | 693 |     |  |  |  |  
|                   |          | Total              |  |                   | 549              |  |  |          | 9,158        |  |                  |     | 693 |  |  |   |  | 
|                   |          |                    |  |                   |                  |  |  |          |              |  |                  |    
|December 31, 2004: |          |                    |  |                   |                  |  |  |          |              |  |                  |     |     |  |  |  
|                   | Life     |                    |  | 264               |                  |  |  | 2,677    |              |  |                  |    |     |  |  |  |  
|                   | Non Life |                    |  | 254               |                  |  |  | 6,470    |              |  |                  | 627 |     |  |  |  |  
|                   |          | Total              |  |                   | 518              |  |  |          | 9,147        |  |                  |     | 627 |  |  |   |  | 
|                   |          |                    |  |                   |                  |  |  |          |              |  |                  |    
|December 31, 2003: |          |                    |  |                   |                  |  |  |          |              |  |                  |     |     |  |  |  
|                   | Life     |                    |  | 232               |                  |  |  | 2,562    |              |  |                  |    |     |  |  |  |  
|                   | Non Life |                    |  | 251               |                  |  |  | 7,306    |              |  |                  | 822 |     |  |  |  |  
|                   |          | Total              |  |                   | 483              |  |  |          | 9,868        |  |                  |     | 822 |  |  |   |  | 
|                   |          |                    |  |                   |                  |  |  |          |              |  |                  |    



S-2



---



##### Table of Contents



SCHEDULE IV  REINSURANCE


December 31, 2005, 2004 and 2003


|                              |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            |  |   |       |  |  |   |     |  
|----------------------------- | -------------------------------------------- | ---------------------------- |  | -------- | ------ |  | ------- | ---------- | --- | ---- | ------ | ------ | ----- | ---------- |  | - | ----- |  |  | - | --- | -
|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, 2005  |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            |  |   |       |  |  |  
|                              | Life insurance in force                      |                              |  |         |        |  |         |           |     |      |        |       |       |            |  |  |       |  |  |  |    
|                              |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|                              | Insurance premiums and other considerations: |                              |  |          |        |  |         |            |     |      |        |        |       |            |  |   |       |  |  |   |    
|                              |                                              | Life insurance and annuities |  |          |       |  |         |            | 28  |      |        |        | 548   |            |  |   | 520   |  |  |   | 105 | %
|                              |                                              | Property-casualty insurance  |  |          |       |  |         |            | 125 |      |        |        | 1,691 |            |  |   | 1,566 |  |  |   | 108 | %
|                              |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|                              |                                              | Total                        |  |          |       |  |         |            | 153 |      |        |        | 2,239 |            |  |   | 2,086 |  |  |   | 107 | %
|                              |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 
|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 | %
|                              |                                              |                              |  |          |        |  |         |            |     |      |        |        |       |            | 

S-3



---



##### Table of Contents



SCHEDULE V  VALUATION AND QUALIFYING ACCOUNTS


December 31, 2005, 2004 and 2003


|                                                   |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |   |   |  |  |    |    | 
|-------------------------------------------------- | ----- | ------------------ | -- | --------- | ------------ |  | - | ------------ |  |  | ---------- | -- | ---------- | ----------- | - | - |  |  | -- | -- | 
|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, 2005:                                 |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |   |   |  |  |    |   
|Reserves deducted from assets to which they apply: |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |   |   |  |  |    |   
|Reinsurance balance receivable                     |       |                    | 11 |           |              |  | 2 |              |  |  |           |    |            |             |  |   |  |  | 13 |   
|Advances to and investments in affiliates          |       |                    | 17 |           |              |  |  |              |  |  |           |    |            |             | 8 |   |  |  | 9  |   
|Other assets                                       |       |                    |   |           |              |  |  |              |  |  |           |    |            |             |  |   |  |  |   |   
|                                                   |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |  
|                                                   | Total |                    |    | 28        |              |  |   | 2            |  |  |            |   |            |             |   | 8 |  |  |    | 22 | 
|                                                   |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |  
|December 31, 2004:                                 |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |   |   |  |  |    |   
|Reserves deducted from assets to which they apply: |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |   |   |  |  |    |   
|Reinsurance balance receivable                     |       |                    | 8  |           |              |  | 3 |              |  |  |           |    |            |             |  |   |  |  | 11 |   
|Advances to and investments in affiliates          |       |                    | 16 |           |              |  | 1 |              |  |  |           |    |            |             |  |   |  |  | 17 |   
|Other assets                                       |       |                    | 1  |           |              |  |  |              |  |  | (1         | )  |            |             |  |   |  |  |   |   
|                                                   |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |  
|                                                   | Total |                    |    | 25        |              |  |   | 4            |  |  |            | (1 | )          |             |   |  |  |  |    | 28 | 
|                                                   |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |  
|December 31, 2003:                                 |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |   |   |  |  |    |   
|Reserves deducted from assets to which they apply: |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |   |   |  |  |    |   
|Reinsurance balance receivable                     |       |                    | 9  |           |              |  |  |              |  |  | (1         | )  |            |             |  |   |  |  | 8  |   
|Advances to and investments in affiliates          |       |                    | 16 |           |              |  |  |              |  |  |           |    |            |             |  |   |  |  | 16 |   
|Other assets                                       |       |                    | 1  |           |              |  |  |              |  |  |           |    |            |             |  |   |  |  | 1  |   
|                                                   |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |  
|                                                   | Total |                    |    | 26        |              |  |   |             |  |  |            | (1 | )          |             |   |  |  |  |    | 25 | 
|                                                   |       |                    |    |           |              |  |   |              |  |  |            |    |            |             |  

S-4



---



##### Table of Contents






SCHEDULE VI  SUPPLEMENTAL INFORMATION
CONCERNING


PROPERTY/ CASUALTY INSURANCE OPERATIONS


(I) DECEMBER 31, 2005, 2004 and 2003


|                                         |  |                    |     |                     |            |  |                  |             |  |  |          |  |  |  |     | 
|---------------------------------------- |  | ------------------ | --- | ------------------- | ---------- |  | ---------------- | ----------- |  |  | -------- |  |  |  | --- | 
|Col. A                                   |  | Col. B             |     |                     | Col. C     |  |                  | Col. D      |  |  | Col. E   | 
|                                         |  |                    |     |                     |            |  |                  |             |  |  |          | 
|                                         |  |                    |     | Reserves for Unpaid |            |  |                  |             | 
|                                         |  |                    |     | Claims, and Claim   |            |  | Discount if any, |             |  | 
|                                         |  | Deferred Policy    |     |                     | Adjustment |  |                  | Deducted in |  |  | Unearned | 
|Affiliation with Registrant              |  | Acquisition Costs  |     |                     | Expenses   |  |                  | Column C    |  |  | Premiums | 
|                                         |  |                    |     |                     |            |  |                  |             |  |  |          | 
|                                         |  | (EUR, in millions) |    
|Registrant and consolidated subsidiaries |  |                    |     |                     |            |  |                  |             |  |  |          |  |  |  |     | 
|2005                                     |  |                    | 249 |                     |            |  | 6,439            |             |  |  | 83       |  |  |  | 693 | 
|2004                                     |  |                    | 254 |                     |            |  | 6,470            |             |  |  | 92       |  |  |  | 627 | 
|2003                                     |  |                    | 251 |                     |            |  | 7,306            |             |  |  | 104      |  |  |  | 822 | 

S-5