(1) Source: “S&P Global Reinsurance Highlights 2011” (excluding Lloyd’s of London) (2) Operating income is defined as result before financial expenses, share in results of associates, restructuring costs, gain from bargain purchase and taxes. (3) The investment income 2010 and 2009 changed compared to the 2010 publication due to the new expense allocation methodology. Refer to Section 20.1.6
For SCOR’s casualty business, the frequency and severity of claims and the related indemnification payment amounts can be affected by several factors. The most significant factors are the changing legal and regulatory environment, including changes in civil liability law and jurisprudence. Additionally, due to the length of amicable, arbitral and court procedures, the casualty business is exposed to inflation risks regarding the assessment of claim amounts. Additional exposure could arise from so-called emerging risks, which are risks considered to be new or subject to constant evolution, and thus particularly uncertain in their impact. Examples of such risks are electromagnetic fields or nanotechnology.
SCOR might overtime retrocede certain XXX-related cash flows and reserves to such affiliated or unaffiliated reinsurers that are authorized in the ceding company domicile or provide collateral in an amount equal to the ceded reserves. Such collateral must be provided in the form of withheld funds, NAIC (National Association of Insurance Commissioners)
Although the Group attempts to limit its exposure to acceptable levels, it is possible that multiple concurrent catastrophic events could have a material adverse effect on its business, present and future revenues, net income, cash flows, financial position, and potentially, on the price of its securities.
See “Section 20 – Note 16, Contract liabilities – A. Guaranteed Minimum Death Benefit (GMDB)” for further information on risk mitigation actions.
Insurance industry participants may seek to consolidate through mergers and acquisitions. These consolidated entities may use their enhanced market power and broader capital base to negotiate price reductions for SCOR’s products and services, and reduce their use of reinsurance, and as such, the Group may experience rate declines and possibly write less business. The occurrence of any of the foregoing could have a material and adverse effect on SCOR’s business, present and future revenues, net income, cash flows, financial position, and potentially, on the price of its securities.
In the same way, many of the Group’s reinsurance treaties contain a requirement for it to put in place letters of credit
For more details about the Group’s lines of credit, refer to “Section 10 — Capital resources.”
Details of intangible assets, related impairment testing policy and recent acquisitions is included in “Section 20.1.6 –
External sources of liquidity in normal markets include a variety of short- and long-term instruments, including repurchase agreements, commercial paper, medium- and long-term debt, junior subordinated debt securities, capital securities and stockholders’ equity.
on the Frankfurt Stock Exchange. The Company’s American Depositary Shares which were listed on the New York
 the obligation imposed upon reinsurers, to establish an adequate solvency margin, aims to protect the insurance companies, and hence, the consumers, in order to ensure that in the event of a decline in business or in investment income, the reinsurance companies have additional reserves, protecting those interests and consequently, the policy holders, while providing both executives and oversight and regulatory authorities with sufficient time to resolve the problems that have arisen. In Switzerland, the Group subsidiaries apply the federal law dated 17 December 2004, governing the oversight of insurance companies, which also governs reinsurance companies, which stipulates that an insurance company must have sufficient assets, free of any predictable commitment, for all its activities (solvency margin).
Ireland are regulated by the Central Bank of Ireland. In Sweden, the Group is in the process of transforming its Swedish subsidiary into a branch which, as of 2012, will no longer be regulated by the Swedish FSA.
SCOR Global P&C, effective retroactively to 1 January 2006. In 2007, SCOR Global P&C adopted the European
(NYSE) through an American Depositary Shares program (the “Converium Shares”). The total number of Converium shares able to be contributed to the Offer was set at 106,369,112. Under the terms of the Offer, the company offered
French social protection market, to acquire 100 % of the share capital and voting rights of Prévoyance et Réassurance, i.e., 1,650,000 shares and voting rights, and its Life and Health reinsurance subsidiary Prévoyance Ré, i.e. 850,000 shares and voting rights.
In treaty reinsurance, the ceding company is contractually bound to cede and the reinsurer is bound to assume a specified, contractually defined portion of a type or category of risks insured by the ceding company. Treaty reinsurers, including SCOR, do not separately evaluate each of the individual risks assumed under their treaties and, consequently, after a review of the ceding company’s underwriting practices, such reinsurers are dependent on the original risk underwriting decisions made by the ceding company’s primary policy writers.
More than 50% of the SCOR Global Life portfolio of reinsurance risks is a traditional portfolio of mortality reinsurance business, based on gross written premiums as of 31 December 2011.
Critical Illness (“CI”) insurance pays a lump sum benefit, to be used at discretion, if the insured person suffers a serious condition and survives a defined period. The use and effectiveness of CI covers varies considerably between countries.
Life retrocession mainly deals with, but is not limited to, natural catastrophes and large corporate risks for which the
For the year ended 31 December 2011, for Life the largest brokers SCOR wrote gross premiums written with were AON
For Non-Life, the largest brokers that the Group used were AON Benfield with approximately 22% of its Non-Life total gross premiums written, Guy Carpenter with approximately 12% and Willis Gras Savoye with approximately 9%.
Additionally, periodic audits are conducted on specific claims and lines of business, and claims processing and procedures are examined at the ceding companies’ offices with the aim of evaluating their claims adjusting process, valuation of case reserves and overall performance. Technical and legal assistance is provided to underwriters before and after accepting certain risks.
SCOR Global Life, as well as worldwide control and reporting procedures and managing commutation of claim portfolios.
Maximum underwriting capacities are defined to limit SCOR Global Life’s exposure on various types of treaties underwritten, proportional and non-proportional, covering individual or Group policies. These capacities are revised each year, taking into account the capacities obtained by the retrocession coverage purchased by the Group. These limits include: maximum commitment per life accumulated for all SCOR exposures, maximum annual commitments for nonproportional cover per life or per event, maximum commitment per country for non-proportional exposures by event.
The Non-Life reserves adequacy is controlled by internal actuaries who make a quarterly review and an annual detailed report, validated by the Group Chief Actuary. External consulting firms also review on an annual basis the Non-Life reserves as well as the Life reserving hypothesis used in the framework of the embedded value calculation. If necessary, internal audits of its portfolios are performed. Centrally defined and tightly controlled reserving process, strong portfolio diversification, prudent reserving policy, sound reserving tools and, state of the art actuarial methods used by highly skilled professionals and high level of transparency, both internally and externally, tends to minimize the risk of inadequate reserves.
Retrocession procedures are centralized in the retrocession function of the Non-Life division. The level of retrocession is selected each year to ensure that SCOR's retained risk profile respects the specific Group risk tolerance limits, to help achieve its return on capital and solvency objectives. The Group utilizes a variety of retrocession agreements with nonaffiliated retrocessionaires to control its exposures to large property losses. In particular, it has implemented an overall program set in place on an annual basis that provides partial coverage for up to three major catastrophic events, natural or not, within one occurrence year. A major event is likely to be a natural catastrophe such as an earthquake, a windstorm, a hurricane or a typhoon in a region where SCOR has major aggregate exposures stemming from the business written. SCOR's retrocession program includes both traditional retrocession as well as the use of alternative risk transfer solutions (e.g., the multi-year securitization of catastrophic risk in the form of ILS and mortality swaps and the issuance of contingent capital securities). See below for a description of the securitization of catastrophic risk and mortality swaps. The credit risk that SCOR may be exposed to through these alternative risk transfer solutions can be more limited than the credit risk related to traditional retrocession arrangements because alternative retrocession is usually fully collateralized, which is not the case with traditional retrocession.
IV Reinsurance Limited (“Atlas IV”) on 29 November 2007 for a term of three years and one month, providing EUR 160 million in additional retrocession coverage for SCOR SE and its subsidiaries against exposures to storms in Europe and earthquakes in Japan, and, in three series, Atlas V Capital Limited (“Atlas V”) on 19 February 2009 for a term of three years providing USD 200 million in additional retrocession coverage for SCOR SE and its subsidiaries against exposure to earthquakes and hurricane in the U.S. and Puerto Rico.
The Group succeeded in the renewal of its retrocession programs in 2010 and 2011. On December 9, 2010, SCOR
The duration of SCOR’s fixed income portfolio declined slightly from 3.4 years at 31 December 2010 to 3.1 years at 31
SCOR's total exposure to government bonds and assimilated in its investment portfolio was EUR 3,439 million at 31
On 7 October 2010, Moody’s raised the outlook on the “A2” Insurer Financial Strength Rating (IFSR) of SCOR SE and its main subsidiaries from “stable” to “positive” today. According to the rating agency, this decision reflected “SCOR’s good franchise, diverse book of reinsurance business, excellent asset quality, and relatively low financial leverage.
On 4 September 2009, Standard & Poor's raised SCOR’s Enterprise Risk Management (ERM) from “adequate" to
On 13 March 2009, Standard & Poor's upgraded SCOR SE’s and its core guaranteed subsidiaries long-term credit and insurer financial strength ratings to "A" from "A-" with a stable outlook.
Europaea with the Nanterre Trade and Company Register. This registration occurred after: (i) the completion of the negotiations on the involvement of the employees in the various European companies, as stipulated by the legislation governing a European company, with the special negotiation group (“SNG”) formed for this purpose in July 2006, and representing the employees of the Group; an agreement on the involvement of the employees within SCOR SE and
November 2007 for the North American activities of SCOR Global Life, now regrouped in New York (NY) and in Dallas
Défense (district of Puteaux – 92800). The SCOR building, with more than 30,000 m2 of office space, has been owned by Compagnie La Lucette since 2006. Neither the sale of the building from KanAm to Compagnie La Lucette in 2006, nor the recent acquisition of Compagnie La Lucette by Icade, a French real estate investment trust, resulted in any change in the terms of the lease that had been signed by SCOR and KanAm when the property was originally sold to
8.2 Environmental issues that may affect the utilization of property, plant and equipment
Refer also to Section 20.1.6 – Notes to the consolidated financial statements, Note 1 – Accounting principles and methods and Note 26 – Insurance and financial risks.
September 2010 in the “Strong Momentum” strategic plan, and confirmed in the version 1.1 presented on 7 September 2011, the Group maintained a “rollover investment strategy" for its fixed income portfolio in order to have significant financial cash flows to reinvest in the event of a sudden change in the economic and financial environment, whilst seizing market opportunities in the short term.
Business (EIA), of which only EUR 32 million was written in 2010, compared to EUR 386 million in 2009.
SCOR Global Life offers a broad range of reinsurance facilities for individual and Group life insurance, life financing reinsurance, annuities, health, disability, critical illness, long term care and personal accident.
Excluding the net impact of the disposal of the indexed annuity business in the US, Life operating margin in 2011 was
SCOR succeeded in the renewal of its retrocession programmes in 2011. Indeed, within the framework of its capital shield policy, one of its four strategic cornerstones, on 12 December 2011, SCOR successfully placed a new catastrophe bond (“cat bond”), Atlas VI Capital Limited Series 2011-1 and 2011-2, which will provide the Group with
On 17 December 2010, SCOR entered into a Contingent Capital arrangement with UBS, as described in Section 20.1.6
In addition, the Group and its companies are subject to certain financial covenants (minimum net worth requirements and maximum debt levels) under the terms of certain stand-by letter of credit agreements. Non respect of said covenants might lead to an increase in the percentage of required collateralization.
SCOR Global P&C recorded an average price increase of 0.6% on its Specialty Treaty P&C portfolio as price changes were impacted by prudent pricing in some lines (e.g. Aviation, Credit, Engineering) where the combination of competition pressure and economic crisis created challenges.
French law and the Company's bylaws, the Shareholders' Meeting may appoint up to four Non-Voting Members (only one Non-Voting Member has been appointed to date). The Non-Voting Member is entitled to attend meetings of the
Abroad - SCOR Reinsurance Company (U.S.) - General Security National Insurance Company (U.S.)
Out of France Director: - Petro Canada - CHC Helicopter Corporation - AXA Assurances Inc
Quebec Chamber of Commerce. She became a Member of the Order of Canada in 1989 and a Fellow of the Institute of
Officer determines, and is responsible for, the implementation of SCOR’s goals, strategies and budgets, which are reviewed and monitored by the Board of Directors.
Officer Since Other Offices Philippe Trainar 58 Group Chief Risk Officer 2010 Director
(1) Prior to joining the Company, Paolo de Martin was an executive officer of Converium Holdings AG since 2006. (2) Benjamin Gentsch was an executive officer of Converium Holdings AG since 2002
Economics. He held various positions in the French civil service from 1981 to 1999, notably as financial attaché to the
The Board of Directors of SCOR has decided, during the meeting of 12 December 2008, to apply the AFEP (Association of French Private-sector Companies) and MEDEF (French Business Confederation) recommendations of 6 October 2008 on the compensation of Corporate Executive Officers of listed companies to the compensation of the Executive
Executive Officer:  will receive a fixed gross annual sum of EUR 1,200,000, payable in twelve monthly instalments; and
Refer also to Appendix A - Notes to the Corporate Financial Statements, Note 14 - Compensation of the Corporate
Benjamin Gentsch (Paid in CHF*) 469,564 347,477 33,887** 850,928 469,564 347,477
16.2 Information on service contracts of members of Administrative and Management bodies
Mr. Jean-Claude Seys Acquisition of shares for a total amount of
Following authorization at the Shareholders meeting of 4 May 2011, the Company's Board of Directors of 27 July 2011, decided to grant stock options to a limited number of executive members of the Transamerica Re who joined SCOR after the acquisition of Transamerica Re and to certain Partners hired after 7 March 2011. Following this decision, 308,500 stock options were allocated on 1 September 2011 to 18 Partners (with 283,000 stock options for 15 Partners of
The exercise of all of the options granted is subject to the same performance conditions as those decided for the 22
The Company's Board of Directors of 7 March 2011, on the proposal of the Compensation and Nominations Committee of 7 March 2011, decided to grant a total of 1,350,540 performance shares to the Chairman and Chief Executive Officer, to the members of the Executive Committee and to the Chairman and Chief Executive Officer and to Partners.
All the shares awarded to the Chairman and Chief Executive Officer (and all the ones awarded to the Executive
As of the date of the Registration Document, the Company’s Board of Directors has not exercised this authorization. This authorization was granted for a period of eighteen months as of the date of the Combined Shareholders’ Meeting on 4
401(k) Plan - Participants are allowed to make pre-tax contributions up to 50 % of their bi-weekly salary. Employer matches up to 4 % of bi-weekly salary.
The following table provides an overview of the primary defined benefits pension schemes in place in the Group.
Investors Limited, Barclays Global Investors N.A., Barclays Global Fund Advisors and Barclays Global Investors
On 13 May 2011, Amundi Asset Management declared that the three portfolio management companies of group Amundi, i.e. Amundi, Société Générale Gestion and Etoile Gestion SNC, further to an acquisition made on 12 May 2010, had exceeded the registered thresholds of 2.5% of the capital and voting rights in SCOR and that they held in their OPCVM
19.1 Related party transactions 176 19.3 Special report of the auditors on regulated agreements and commitments 177
These procedures consisted in verifying that the information provided to us is consistent with the documentation from which it has been extracted.
Jean-Claude Seys as administrator of SCOR SE and of administrator of SCOR Switzerland AG.
As its meeting of 18 March 2008, the Company’s Board of Directors authorized pursuant to the Article L.225-38, the execution of an additional pension plan, which was ultimately executed on 15 May 2008.
At its meeting of 4 November 2010, the Company’s Board of Directors authorized, pursuant to Article L.225-38 of the
Agreement contract signed on 20 October 2008, by which participating companies give the power to SCOR SE for the management of cash-pooling.
Company of America ; SCOR Reinsurance Asia-Pacific Pte Ltd; SCOR Reinsurance Company (Asia) Ltd ; SCOR
Share of retrocessionaires in insurance and investment contract liabilities Note 16 1,251 1,114
 Amendments to IFRS 7 which become effective for any period beginning on or after 1 July 2011, require additional disclosures of financial assets that have been derecognized but the entity has a ‘Continuing
Group has substantially transferred the risks and rewards inherent to the ownership of the financial asset.
(including real estate, interest rate and mortality swaps, options, etc.), fair value is determined by reference to either published bid-values, or modeled values which incorporate market inputs within the valuation assumptions.
Provisions are recognized when the Group has a present legal, contractual or constructive obligation as the result of past events and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made.
The liability adequacy test for the Life segment compares the carrying value of the reserves less deferred acquisition costs and value of business acquired with the fair value of the liabilities from the reinsurance portfolio recognized. The fair value is calculated as the present value of the projected future cash flow using current actuarial assumptions and parameters. In case of deficiency, SCOR would impair deferred acquisition costs and value of business acquired and increase reserves. The liability adequacy test is performed at the level of portfolios that are managed together and are subject to broadly similar risks.
receivable. This reflects the fact that the Group has assumed a greater proportion of the business of the syndicates. If the Group has reduced its participation from one year of account to the next, the RITC receivable is eliminated, leaving an element of RITC payable. This reflects the reduction in the Group’s exposure to risks previously written by the syndicates. The Group recognizes Lloyd’s RITC in claims and policy benefits to ensure consistency with similar transactions recognized in accordance with IFRS and, present a true and fair view.
Share of retrocessionaires in insurance and investment contract liabilities 402 849 1,251 653 461 1,114
Net cash flows from investing activities (355) (225) (580) (289) (441) (730) (608) (444) (1,052)
The provisional fair value of the assets acquired and liabilities assumed as of 9 August 2011 were as follows: TRANSAMERICA RE: FAIR VALUE OF ASSETS AND LIABILITIES ACQUIRED AS AT 9 AUGUST 2011
For the purpose of presenting pro forma information, the acquisition related gain from bargain purchase of
EUR 21 million for the years ended 31 December 2011, 2010, and 2009 respectively.
In December 2003, the Group sold its headquarters but remains as tenant of this building until December 2012. The owner of the building has a bank guarantee based on SCOR’s rating. SCOR has pledged assets for the same value with the bank that issued this guarantee.
Investments at fair value through income Note 6 – (A), (B), (D) 127 40
In 2011, there were no material gains or losses realized on the disposal of available for sale investments which were previously carried at cost.
Net unrealized gains (losses) net of tax 1 January 56 37 (251)
Short term investments are carried at fair value. Other loans and receivables are carried at cost which approximates to the fair value at 31 December 2011 and 2010.
The mortality swap asset is measured as the difference between the present value of expected cash flows based on the contractual spread (205 bps and 550 bps for the 1st and 2nd tranche respectively) and the current estimated spread obtained from comparable instruments in the market.
Net cash flow provided by operations, excluding changes in working capital 511 596 1,102
Share capital increase – exercise of stock options – 30 November 2010 - 20,077 -
Group aims to achieve the following objectives:  Optimization of the Group’s risk profile;  “AA” level of financial security;  Profitability of 1000 basis points above the three-month risk-free rate over the cycle.
Capitalization and indebtedness was comprised of the following: It should be noted that regulatory filings in the majority of countries in which the Group operates are not prepared on an
Procedure (GAAP) requirements. This was first performed by the Group in 2008 and subsequently an update was performed at the end of 2009, 2010 and 2011. The results of these assessments confirm that the Group meets the requirements of the “Solvency I” directive.
Real estate financing relates to the acquisition of investment properties through property-related bank loans of EUR 409 million (EUR 182 million as at 31 December 2010). The main property related bank loan amounts to EUR 170 million and is used to finance the Group’s head-office in Paris, at Kléber. It bears interest indexed to the 3-month Euribor rate plus 1.35% and is redeemable in June 2018. SCOR entered into three interest rate swaps which cover its exposure to the variable interest rate whereas SCOR pays fixed 2.97 % and receives three-months Euribor. The interest rate swaps have been accounted for as cash flow hedges (for further detail refer to Note 8 – Derivative instruments). The other property-related bank loans bear interests indexed to the 3-month Euribor and redeemable between 2016 and 2021.
The table begins by showing the initial reported year-end gross and net reserves, including IBNR, recorded at the balance sheet date at the exchange rates applicable at each balance sheet date.
Expected return on assets as at 31 December 2011 7.50% 3.00% 2.90% 5.60% 3.40%
14.56 for French residents 12.94 for NonFrench residents 6.64 for French residents 5.36 for NonFrench residents 13.93 for French residents 12.39 for NonFrench residents 17.63 for French residents 15.73 for NonFrench residents 15.3 for French residents 13.6 for NonFrench residents
Unrealized revaluations and temporary differences on investments 84 95 1 20 22 2
Net operating losses for carry forward 693 575 603 30 (34) 64
The tables below show the analysis by type of investment income and split by category of financial assets: ANALYSIS BY TYPE
Net income attributable to ordinary shareholders 330 183,379 1,80 418 180,125 2.32 370 179,455 2.06
This method is validated by the Research & Development Cat team, who performs comparative studies with other peril/zones of similar hazard and vulnerability characteristics.
Because broker business is concentrated with a small number of brokers, SCOR is exposed to concentration risk. A
Furthermore, to reduce the credit risk arising from its retrocessionaires, SCOR:  requests that certain of its retrocessionaires provide that all or a portion of the receivables from its retrocession contracts be guaranteed by collateral (cash deposits, letters of credit, pledging of securities etc.) in favor of
Currency risk is the risk that the fair value or future cash flows of a financial instrument or balance sheet amount will fluctuate because of changes in foreign exchange rates. The following types of foreign exchange risk have been identified by SCOR: (i) Transaction risk
For Long Term Care products in France, ceding companies use valuation rates established by French regulators which are based on a prudent proportion of the moving average of long-term government rates. The bulk of the reserves are deposited. The interests on these deposits are often linked to the assets of the ceding companies and minimum interest rates on deposits are at least the valuation rate. Ceding companies are usually doing a proper matching of assets and liabilities. Hence a 100 basis point decrease in interest rates would have no significant impact.
Valuation risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. The Group’s valuation exposure relates to financial assets and financial liabilities whose values will fluctuate as a result of changes in market prices, principally investments in equity securities.
SCOR is also exposed to equity price risk. A widespread and sustained decline in the equity markets could result in an impairment of SCOR’s equity portfolio. Such impairment could affect the Group’s net income.
Equity prices are likely to be affected by risks which affect all of the market (uncertainty on economic conditions in general, such as changes in GDP, inflation, interest rates, sovereign risk, etc.) and/or by risks which influence a single asset or a small number of assets (specific or idiosyncratic risk).
SCOR and its subsidiaries are involved in legal and arbitration proceedings from time to time in the ordinary course of their business.
France regarding the information relative to the Group included in the management report.
Not applicable 20.4 Date of most recently audited financial information 20.5 Interim and other financial information
acknowledged, on 2 March 2010, the capital increase of EUR 84,322.99 by creation of 10,705 shares with a nominal value of EUR 7.8769723 each.
SCOR SE is required by law to establish and maintain a legal reserve at a level equal to 10% of the aggregate nominal value of its share capital and, if necessary to maintain such legal reserve, to make a minimum transfer of 5% of the net income each year to the legal reserve. The legal reserve is distributable only upon the Company’s liquidation. the
(including those voting by correspondence) or represented by proxy. As of 31 December 2011, the Ordinary Shares constitute our only class of capital stock.
Date Subject 20 May 2011 Periodical publications – Approval of the financial statements for the financial year 2010 by the Ordinary and Extraordinary General Meeting of the Shareholders held on 4 May 2011 and allocation of income 18 April 2011 Notices of meeting – Notice of convening of the shareholders and securities holders to the Ordinary and Extraordinary General Meeting of the Shareholders of 4 May 2011 30 March 2011 Notices of meeting – Notice of meeting of the shareholders and securities holders to the Ordinary and Extraordinary General Meeting of the Shareholders of 4 May 2011
October 2011 Letter to shareholders: SCOR accelerated towards the fulfillment of its strategic plan “Strong Momentum”
 On 5 July 2011, SCOR drew EUR 75 million under the contingent capital facility due to the exceptional first quarter natural catastrophe events. UBS exercised the number of warrants required for the issuance and subscription by it of new SCOR shares in an aggregate amount of EUR 75 million and informed SCOR that it had placed the corresponding shares with investors in a private placement.
(1) Data for financial years 2010 and 2011 are before appropriation of results.
Retrocession: The retroceded portion of assumed reinsurance, determined in accordance with the treaty terms, is recorded separately from the assumed reinsurance transaction.
Shares in and advances to land and real estate companies 1 - 4 - 5
Deferred income and accrued expenses 3 - (3) - 1 - - 1
SCOR SE premiums are the result of the implementation of three internal retrocession treaties entered into jointly with
Auber SA, Prévoyance RE SA, DB Caravelle and ReMark France as subsidiaries. Under the tax agreement, SCOR SE
Total tax losses of the consolidated French tax Group were EUR 1,277 million as at 31 December 2011.
Investments in subsidiaries and affiliates pledged to financial institutions - - - 3
 It is however underlined that the Board should appoint younger directors during the next renewals.
The Board of Directors’ composition is guided by the following principles:  Application of the best in class corporate governance practices;  An appropriate number of Board members in order to allow meaningful individual participation;  A majority of independent Directors, pursuant to criteria adopted by the Board of Directors based on those set forth in the AFEP-MEDEF corporate governance code of listed corporations. The Audit, Risk and
The Board of Directors is composed of 25 % of foreigners, of 66,6 % of Directors having a past experience in the insurance or reinsurance industry and of 83,3 % of independent Directors.
(ii) Terms should be staggered so as to avoid replacement of the entire body and to favor a smooth replacement of
At the Board Meeting held on 31 March 2004, a new set of Internal Charter (the “Internal Charter”) was adopted. This
Daniel Lebègue Yes Yes Yes Yes Yes Yes Yes Yes Yes
Guillaume Sarkozy (2) Yes Yes Yes Yes Yes Yes Yes Yes Yes
(1) Directors appointed by the Annual General meeting on 4 May, 2011 (2) Representing Malakoff Médéric Group, Director
During the course of the financial year 2011, the Company’s Board of Directors held 7 meetings on the following dates:  4 May 2011 (2 meetings, one before the AGM and the second after it)
(represented by Guillaume Sarkozy as permanent representative), Guylaine Saucier, Jean-Claude Seys and Daniel
The Committee focused on the renewal and composition of the Board of Directors. The Committee also worked on the general organization and the remuneration policy, and on the succession schemes of the key officers of the Group. It also does an annual review of the director’s fees and expenses for the all Directors within the Group.
On meeting on 7 March 2011, the Board of Directors, upon authorization granted by the Extraordinary general meeting of the Shareholders on 28 April 2010, and upon the recommendation of the Compensation and Remuneration
The insurance, maintenance, fuel and all costs related to the driver are paid by the Company.
Moreover, the Chairman and Chief Executive Officer receives benefits in kind, of the following nature: (a) a health insurance policy under the terms of a contract dated 16 September 1988; (b) an “all causes” death or permanent disability insurance policy for Company Executives, dated 30 June 1993.
Transamerica Re, a division of AEGON. The integration of the former Transamerica Re’s risk management and internal control system is currently in progress.
Resources and a Risk Manager. Moreover several Group functions are carried out from different locations in order to fully benefit from the competencies disseminated across the world.
Board of Directors, the underwriting plan, the financial policy, the investment policy, the risk management policy, and the management of the resources. In addition, the COMEX supervises the functioning of the Group and the Hubs through a quarterly monitoring of the bodies contributing to the sound administration of the
Bribery. The Policy in question gives additional guidance on prohibited conduct and on requirements regarding gifts, entertainment and hospitality and on requirements in dealing with business partners. The policy also outlines the different roles and responsibilities of the various control functions within SCOR to combat bribery.
Finally, reinsurance technical results are analyzed quarterly by the finance departments of SCOR Global P&C and
Our role is to: report on any matters as to the information contained in the Chairman's report in respect of the internal control and risk management procedures relating to the preparation and processing of the accounting and financial information, and confirm that the report also includes the other information required by article L. 225-37 of the French Commercial Code
Chairman's report is based and of the existing documentation;  obtaining an understanding of the work involved in the preparation of this information and of the existing documentation;  determining if any material weaknesses in the internal control procedures relating to the preparation and processing of the accounting and financial information that we would have noted in the course of our work are properly disclosed in the Chairman's report.
Centre”) participate to diminishing the energy intensity derived from data management. The energy efficiency target of the Global Data Centre is to reach a “Power Usage Effectiveness” (PUE) of 1.5.
Most of the locations surveyed in 2011 reported on paper waste and to a lesser extent on other waste (IT & electronic, bulbs, toner, batteries, other).
Group 6- Description of the measures taken to prevent sound and olfactory pollution
policy). This holds true for the acquisition of property offices where a clear focus has been put on “green” credentials (i.e.
The net amount of reinsurance reserves rose to EUR 3 114 020 593.
For employees (non-Partners) the SCOR cash bonus is a reward for individual performance over the previous year.
by accumulating points, the scales depends in particular on the status and date of birth of the employee.
French contract: compulsory mutual insurance company agreement of branch (RPP) +
("Basic State Pension"). The amount of full basic state pension for a single person is GBP 97.65 per week for the period from 6 April 2010
Africa, 226 days for Ireland and UK, 222 days in Switzerland, 222 days in Germany, 225 days in
In 2011, the expenses of the Works Council in Paris dedicated to the realization of the social activity were EUR 565,291.85, excluding operating expenses (and including summer camps costs*). The main benefits for the employees are:  The “crédit loisirs”: an annual lump sum credit is proposed to each employee for the reimbursement of the theatre tickets, movie tickets, shows tickets, sporting and cultural activities
 In Germany and in Switzerland: lunches called “equal opportunity lunches” are settled. The objective is to develop a reflection on the discrimination and the equality between women and men on the workplace.
(1) The Company did not hold any cross shareholding in 2011. (2) To our knowledge, there is no element which could have an impact in the event of a tender offer.