In addition, large claims are subject to a specific review by a Large Claims Committee. The main objectives of the Large Claims Committee are:  to assess and review the impact, at the Group level, of large and/or strategic claims;  to monitor the management of such claims among the various business lines and Group entities;  to communicate the lessons learnt to management for potential changes in strategy and underwriting policy.
The assessment of biometric risks is at the centre of underwriting risk in life reinsurance. These are risks which result from adverse developments in mortality, morbidity, longevity or epidemic/pandemic claims for direct insurers and reinsurers. These risks are evaluated by SCOR Global Life's actuaries, research centres and medical underwriters, who analyse and use information from SCOR Global Life's own portfolio experience, from the ceding companies as well as relevant information available in the public domain, such as mortality or disability studies and tables produced by various organisations, e.g. actuarial associations or medical research bodies.
Mortality risk is the risk of negative deviation from planned results due to higher than anticipated death rates (due to higher frequency of claims and/or an increased cost of claims under the insured portfolio) resulting from either a general volatility, an adverse long-term trend or a mortality shock event.
In particular, the Group's most significant exposure to natural catastrophes in Non-Life relates to earthquakes, storms, typhoons, hurricanes, floods and other weather-related phenomena like hail or tornados.
Moreover, some of its facilities contain conditions about its financial situation which, if not met, constitute a default and result in the suspension of the use of current credit facilities and/or a prohibition on obtaining new lines of credit or result in the need to negotiate in adverse conditions new LOC facility, which could in some cases have an adverse effect on its revenues, net income, cash flow and financial position.
SCOR believes its modelling, underwriting, price calculation and information technology and application systems are critical to the correct operation of its business. Moreover, its proprietary technology and applications are an important part of its underwriting and claims management processes and are a contributing factor to its competitiveness. The Group is, therefore, exposed to a major breakdown in its IT systems, outages, disruptions due to viruses, attacks by hackers and theft of data. Catastrophic scenarios that could affect its entire operational infrastructure have led to the revision of the business continuity plan ("BCP"). The BCP continues to be reviewed regularly.
In the case of medical underwriting, (including SCOR Telemed), some information required from the policyholders may be confidential. There is a risk regarding compliance with data privacy laws in force in each country.
The retrocessionaires’ part in the technical reserves split by retrocessionaires’ financial rating is included in Section 20.1.6 - Notes to the consolidated financial statements, Note 16 – Contract liabilities.
Firstly, SCOR may be exposed to credit risk in relation to amounts deposited with ceding companies in respect of reserves which cover its current or future liabilities. Depositing these amounts does not a priori discharge SCOR of its liability towards its cedants in case SCOR is not able to recover these amounts in the event of default of cedants.
For further details, refer to Section 4.1.3 – SCOR could be subject to losses as a result of its exposure to Terrorism.
Interest rate fluctuations have direct consequences on the market value of the Group’s fixed-income investments and therefore on the level of unrealised capital gains or losses of the fixed-income securities held in its portfolio. The return on the securities held also depends on changes in interest rates. Interest rates are very sensitive to a number of external factors, including monetary and budgetary policies, the national and international economic and political environment, and the risk aversion of economic agents.
The value of property assets, owned directly or through funds, is exposed to changes in the investment market itself (changes in interest rates, liquidity) but potentially also to the risk of regulatory obsolescence of properties (regulatory developments related to the accessibility of buildings for handicapped people, on the reduction of energy consumption and the production of carbon dioxide etc…) which would lead to losses of value in the event of a sale of the assets or to additional expenditure to restore the value of the property.
As of this date, the Group is subject to comprehensive and detailed regulations and to the supervision of the insurance and reinsurance regulatory authorities in all countries in which it operates. Changes in existing laws and regulations may affect the way in which SCOR conducts its business and the products it may offer or the amount of reserves to be posted, including on claims already declared. Insurance and reinsurance supervisory authorities have broad administrative power over many aspects of the reinsurance industry and SCOR cannot predict the timing or form of any future regulatory initiatives. Furthermore, these authorities are concerned primarily with the protection of policyholders and policy beneficiaries, rather than shareholders or creditors. The diversity of the regulations to which SCOR is subject has been substantially reduced by the implementation into French law of Directive n. 2005/68/EC dated 16 November 2005 by ordinance n. 2008-556 of 13 June 2008 and application decrees n. 2008-711 of 17 July 2008 and n. 2008-1154 of 7 November 2008 as well as a regulation (arrêté) of 7 November 2008. This Directive prescribes the application of a "single passport" and confers the supervision of EU reinsurance companies upon the supervisory authorities of the
In 1998, SCOR and SOLAREH incorporated SOLAREH SA, which is now held equally by SCOR Global Life SE and SOLAREH International. Its corporate purpose is to facilitate the reintegration to society of the disabled by re-education, prevention and training services granted to French insurers which are reinsured by the Group.
Since August 2007, SCOR SE has acquired control of Converium (which became SCOR Holding (Switzerland)) further to the market purchases of Converium shares, to the acquisition of blocks of Converium shares and to the Offer (for additional information on this takeover, refer to Section 5.2.1.1 – Public offer upon the Converium shares). In the context of this Offer, SCOR SE also listed its shares to trading in Swiss Francs on the SWX Swiss Exchange (which became the SIX Swiss Exchange) in Zurich, thereby enabling Converium shareholders who brought their Converium shares to SCOR SE to keep their assets in the same currency and on the same stock exchange.
Global Reinsurance Highlights 2010 of Standard & Poor’s, in terms of pro forma gross written premiums issued in 2009 by the Group’s entities.
On 31 July 2008, SCOR SE entered into an agreement with the Malakoff Médéric Group, the leading Group in the French social protection market, in order to acquire 100% of the share capital and voting rights of Prévoyance et Réassurance and its Life and health reinsurance subsidiary Prévoyance Ré. This agreement also includes the signature of a 5-year commercial agreement between SCOR SE and Malakoff Médéric. The transaction was signed on 24 October 2008 and gave rise to the contribution to the Malakoff Médéric Group of SCOR SE treasury shares. In carrying out this acquisition, SCOR increases its leading role in the French Life and Health reinsurance market and the social protection field. The acquisition of Prévoyance Ré is described in more details in Section 5.2.1.3 - Acquisition of all the shares of Prévoyance Ré.
On 1 November, 2010, the Lloyd’s Market Franchise Board gave its “in principle” approval to the creation of Syndicate 2015. Final arrangements and approval have led to the commencement of underwriting as early as 1 January 2011 on a risk inception basis. SCOR is the sole capital provider of Syndicate 2015, the initial stamp capacity of which is GBP 75 million. The envisaged portfolio has a strong focus on shorter tail lines coming from markets outside the US and excludes reinsurance treaty business. This will be the first time that the Group is the exclusive capital provider to a Lloyd’s Market syndicate. SCOR’s support of Syndicate 2015 reflects the company’s intention to further develop an insurance platform. It is an additional initiative to the Group’s ongoing strong support of a number of other syndicates as a reinsurer and/or capital provider.
SCOR Global Life intends to open a subsidiary in Sydney, Australia for the Australian and New Zealand markets and, in 2010 has submitted its application to the Australian Prudential Regulation Authorities and targets to obtain its licence in 2011.
Reinsurance provides four essential functions:  it offers the direct insurer greater security for its equity and solvency, as well as stable results when unusual and major events occur, by covering the direct insurer above certain ceilings or against accumulated individual commitments;  it allows insurers to increase their available capacity – i.e. the maximum amount they can insure for a given loss or category of losses, by enabling them to underwrite policies covering a larger number of risks, or larger risks, without excessively raising their administrative costs and their need to cover their solvency margin and, therefore, their shareholder’s equity;  it makes substantial liquid assets available to insurers in the event of exceptional losses.
In treaty reinsurance, the ceding company has a contractual obligation to cede and the reinsurer to accept, a specified portion of a type or category of risks insured by the ceding company. Reinsurers producing the treaties, as done by SCOR, do not separately evaluate each of the individual risks assumed under the treaty. As a result, after reviewing the ceding company’s underwriting practices, they depend on the coverage decisions made originally by the policy writers of the ceding company.
The Life insurance business of SCOR Global Life is predominantly underwritten in the form of proportional treaties (quota share or surplus basis or a combination of both) and less frequently excess of loss per person basis or catastrophe excess of loss basis or stop loss basis.
Personal Accident Personal accident is a cover provided by SCOR Global Life. A main source of business is ReMark, a subsidiary of SCOR, which provides direct distribution solutions to insurers, financial institutions and affinity partners. ReMark designs and executes direct marketing programmes.
In Germany, SCOR Deutschland AG (former Converium Cologne) along with its existing life business portfolio was successfully merged into the German branch of SCOR Global Life SE.
The main operational entities of the Group are presented in the chart below: LIFE NON-LIFE
Branches of SCOR Re. Asia-Pacific Pte Ltd: Australia, Malaysia, South Korea
The Group’s Life, accident, disability, health, unemployment, and long-term care operations are conducted by SCOR Global Life SE (formerly SCOR VIE). SCOR Global Life SE carries out its operations through its branches in Germany, United Kingdom, Italy, Spain, Switzerland and Canada, and through SCOR Global Life U.S. Re Insurance Company in the U.S., SCOR Global Life Rückversicherung Schweiz in Switzerland and SCOR Global Life Reinsurance Ireland in Ireland.
The Group owns offices in Milan (Italy), Singapore, and now in Madrid (Spain), where its local entities and subsidiaries have their corporate offices, and the remainder of the space is leased to third parties as part of its investment management business. The Group leases office space for its other business locations. SCOR believes that the Group’s offices are adequate for its current needs and following the integration of Revios and Converium, has combined under one roof its various local entities in each of the countries in which the Group operates. In 2009, SCOR committed to acquire a 6,000 m²-building which will be the Cologne Hub head office at the end of 2011.
Investment income for the year ended 31 December 2010 amounted to EUR 690 million as compared to EUR 503 million and EUR 467 million for the years ended 31 December 2009 and 2008, respectively.
In 2009, SCOR was affected by the following catastrophes which resulted in estimated losses greater than EUR 10 million:  Wind storm Klaus (January 2009) in Europe and particularly in France ; the original cost of the claim, net of retrocession and reinstatement premium amounted to EUR 62 million at 31 December 2009. As at December 2010, the revised impact is EUR 53 million.
12.1 PAGE 91 Most significant trends in production, sales, inventory, costs, and selling prices since the end of the last financial year 12.2 PAGE 93 Known trends, uncertainties, demands, commitments and events reasonably likely to have a material effect on the issuer’s prospects
On the 10 February 2011, SCOR announced that the January 2011 Non-Life renewals confirm SCOR’s excellent position in the reinsurance industry, as well as the validity of its hypotheses on the evolution of the reinsurance environment released in September 2010 in Monte Carlo in anticipation of the renewal season.
The vast majority of our portfolio consists of pure death cover, exposed to mortality risk. Moreover, SCOR Global Life does not currently underwrite variable annuities and exposure to unemployment risk is minimal. Consequently, our Life portfolio is largely immunised against the undesirable effects of economic slowdown. In addition to this, SCOR’s prudent investment policy has considerably reduced its exposure to the problems of the financial markets.
The average age of the members of the Board is 64 years.
Sociales - Prévadies’representative to the Conseil des Mutuelles Santé (Council of Mutual Health Insurance Companies) - Member of the Haut Conseil pour l’Avenir de l’Assurance Maladie (High Council for the Health Insurance’s future)
Chairman: - Technip Italy (Italy) (until 27 April 2007) - Technip Far East (Malaysia) (until 27 April 2007)
Director: - Banca Nazionale del Lavoro (Italy) - BNPP ZAO (Russia)
Frieder Knüpling 41 Deputy Chief Executive Officer of SCOR Global Life 2010 Director: SCOR Financial Services Limited (Ireland) SCOR Global Life Reinsurance (Barbados) Ltd (Barbados) SCOR Global Life Reinsurance International (Barbados) Ltd. (Barbados) SCOR Global Life Reinsurance Ireland Ltd. (Ireland)
1 Paolo De Martin had previously been an executive at Converium since 2006.
The shareholders meeting of the Company held on 28 April 2010 resolved that the annual maximum aggregate amount of Directors fees shall not exceed EUR 960,000. This amount has not been modified since then. Upon the proposal of the Compensation and Nomination Committee and within the limit of this amount, the Board of Directors set the terms and conditions of the allocation to encourage the presence of the Directors. It has been decided to allocate the Directors fees, which are payable to each Director or Non-voting Director, in one fixed sum of EUR 20,000, payable by quarter and a variable sum, depending on the presence of the Directors at the meetings of the Board of Directors and to its Committees, equal to EUR 1,700 per Board or Committee meeting at which they are present. Moreover, the Board of Directors decided, during the meeting held on 4 November 2010, and upon the proposal of the Compensation and Nomination Committee, to grant a daily fee for Board and Committee meetings occuring on the same day. The payment of the Directors fees is paid at the end of each quarter. Moreover, each Director receives the single sum of EUR 10,000 that must be used to purchase Company’s shares, that the Director commits to keep until the end of his appointment.
Denis Kessler 2 March 2010 125,000 1,912,500 2 March 2012 3 March 2014
Members of the Executive Committee - Gross Compensation 2010 2009 2008
15.2 Total amounts set aside or accrued to provide pension, retirement, or similar benefits for financial year 2010 Like all senior executives in France having joined the Group before 30 June 20081, French COMEX members are entitled to a guaranteed capped pension plan conditioned on a minimum 5 years length of service with the Group, the payment of which is based on their average compensation over the last five years.
Gérard Andreck Director 2011 (*) 18 March 2008 (1) To be determined (3)
The Board of Directors of 2 March 2010, on the basis of the authorisation of the Shareholders meeting of 15 April, 2009, in its twenty second resolution, decided to allocate 125,000 performance shares to the Chairman and Chief Executive Officer, 344,000 free shares or performance shares to the other members of the Executive Committee and 928,300 free shares or performance shares to the other Partners of the Company.
For the number of stock options underlying shares held on the issuer and on the companies referred to previously and exercised during the financial year by the ten employees of the issuer or these companies, whose number of options thus purchased or subscribed is the highest, as well as the stock options granted to ten employees not Company officers whose number of options thus purchased is the highest, refer to table in Section 17.2.2 – Stock options held by the members of the Executive Committee and other company officers as of 31 December 2010 17.3.4 EMPLOYEE SAVINGS PLAN
As of the date of the Registration Document, the Company’s Board of Directors has not exercised this authorisation. This authorisation was granted for a period of eighteen months as of the date of the Combined Shareholders’ Meeting on 28 April 2010.
At its meeting of 2 March 2010, the Company’s Board of Directors authorised, pursuant to Article L. 225-38 of the French Commercial Code, the issuance by SCOR SE, regarding the « Stand-By Letter of Credit Facility Agreement » with Société Générale with a maximum amount of USD 100 million, of a first demand guarantee.
 Authorisation to execute an engagement letter between SCOR SE and BNP Paribas with regard to the acquisition of certain business of a company
At its meeting of 28 April 2010, the Company’s Board of Directors authorized, pursuant to Article L. 225-38 of the French Commercial Code, the signature by your company, of an amendment to the opening contract for accessible credit through the issue of credit letters (“Letters of Credit Facility Agreement”) concluded on 23 December 2008 with BNP Paribas, in order to:  include the letter of credit dated 8 August 2008 regarding the "Initial Letters of Credit" subscribed by SCOR Global Life SE,
At its meeting of 28 April 2010, the Company’s Board of Directors authorized, pursuant to Article L. 225-38 of the French Commercial Code, the sale by your company to SCOR Global P&C SE of 100% of the shares of SCOR Reinsurance Asia Pacific Pte Ltd, a Singaporean subsidiary.
The signature of the retrocession framework agreement between your company and SCOR Global Life SE (then named SCOR Vie) was authorised by the Board on 16 May 2006, pursuant to the provisions of Article L.225-38 of the French Commercial Code. The contract was signed on 4 July 2006 with retroactive effect on 1 January 2006.
Related person: Denis Kessler as Chairman and Chief Executive Officer of your company and as Chairman of the Board of SCOR US Corporation.
Share of retrocessionaires in insurance and investment contract liabilities Note 16 1,114 1,439
Other liabilities 1,650 2,055 Deferred tax liabilities Note 19 192 251 Derivative instruments Note 8 8 9 Assumed insurance and reinsurance payables Note 10 230 377 Accounts payable on ceded reinsurance transactions Note 10 906 1,083 Taxes payable 92 89 Other liabilities 222 246
Attributable to: Non controlling interests - 1 Group share 568 638
SCOR SE (“the Company”) is a European Company (Societas Europaea) domiciled in France and governed by the provisions of French law relating to European Companies as well as by the French corporate law provisions applicable to Sociétés Anonymes where this is not contrary to the specific provisions applicable to European Companies. SCOR’s shares are publicly traded on the Eurolist by Euronext Paris stock market and on the SIX Swiss Exchange (formerly known as the SWX Swiss Exchange). The principle activities of the Company and its subsidiaries (“the Group” or “SCOR”) are Life and Non-Life reinsurance.
SCOR’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards and interpretations as adopted by the European Union (“EU”) and effective at 31 December 2010.
provision is recorded equal to the difference between its fair value and the net book value. With regard to investment properties, their fair value is based primarily on the sum of estimated future cash flows that are discounted on the basis of current market assumptions.
Investment properties acquired through financial lease agreements are recorded on the balance sheet as assets based on the present value of future rental payments and any purchase option. Subsequent to the initial recognition they are accounted for like investment properties at cost, net of accumulated depreciation and impairment losses. The corresponding debt is recorded under “financial liabilities” and is amortised based on the effective interest rate method.
At initial recognition, all borrowings are recorded at fair value less directly attributable transaction costs. After initial recognition, they are measured at amortised cost using the effective interest rate method.
For financial instruments where the fair value cannot be measured reliably and they are measured at cost a regular analysis is completed to determine if this remains appropriate given the nature of the investment and factors such as amounts realised and the appearance or re-appearance of a market or reliable value. Impairment assessments are completed dependant on the underlying nature of the investment and the expected future cash flow.
Net cash flows from operations 457 199 656 384 467 851 Net cash flows from investing activities (289) (441) (730) (608) (444) (1,052) Net cash flows from financing activities (281) (33) (314) (239) (30) (269) Effect of changes in foreign exchange rates 48 22 70 8 4 12
Net book value at 31 December 2009 787 551 80 1,418
The Group conducted its annual assessment of the amortisation period and amortisation method of these finite life intangible assets and has concluded that both the amortisation period and existing amortisation methodology are appropriate and in line with current contractual agreements.
Tangible assets at 31 December 2010 were EUR 52 million compared to EUR 40 million at 31 December 2009. These primarily relate to buildings used by SCOR as offices, office furniture and equipment, and building fixtures and fittings.
Level 2: Investments at fair value determined using valuation techniques based on observable market data
(1) Movements in derivatives instruments relates to the amortization and investment in ATLAS V and VI catastrophe bonds.
In EUR million Book value Net unrealised gains / (losses) Book value Net unrealised gains / (losses)
Amounts recorded in the statement of income include transaction costs that are expensed at inception as financing expense. The changes in fair value through income as presented above are recognised as other operating expenses or other operating income.
The terms of the agreement have been summarised below: (1st tranche) 2009 amendment
Additionally, SCOR prepaid USD 850,000 and USD 1,050,000 for the 1st and 2nd tranche respectively as a form of collateral to JP Morgan to secure fees for these arrangements.
 All other movements presented above relate to the issuance of shares on the exercise of stock options for EUR 2 million (EUR 1 million in share capital and EUR 1 million in additional paid-in capital). This resulted in the creation of 145,254 new shares throughout the year.
Gross claims reserves and claims estimates as at 31 December 9,696 9,156
Net DAC - end of year 179 124 129 135 108 228 226 238 277 (1) The table includes balance sheet reserves for Converium for years from 2007 onwards only. Figures for 2007 reflect the completion of the initial accounting of the business combination with Converium. Figures for 2007 and 2008 align to the segments as defined in Note 1. Alignment to segment definition has not be applied to 2006 and prior year figures.
EUR per share Number of options Average exercise price in EUR per share
The fair value of the free shares corresponds to the market value adjusted taking into account the dividends and nontransferability costs, estimated using a forward acquisition/disposal method with a turnover assumption. The following table lists the characteristics used at the end of 2010 and 2009: Fair value at grant date (EUR)
The operating tax losses available for carry-forward expire as follows: In EUR million
Reinsurance commitments are recognised as liabilities within underwriting reserves and are offset by assets which are maintained for the settlement of claims. When the liabilities are not offset by cash deposited with the ceding companies, the underwriting reserves may be covered by pledged securities or letters of credit granted to ceding companies which are disclosed within off-balance sheet commitments.
Available-for-sale investments 11,458 3 - - - 11,461 Fair value through income 40 - - - - 40 Derivative instruments 94 - - - - 94 Loans and receivables 7,830 68 - - - 7,898 Reinsurance assets 1,114 - - - - 1,114 Insurance receivables 2,936 569 58 41 41 3,645 Taxes receivable 50 - - - 50 Other accounts receivable 256 2 5 - - 263 Cash and cash equivalents 1,007 - - - - 1,007 TOTAL 24,785 642 63 41 41 25,572
The amount of gross deposits which have been netted against expected life benefits are EUR 3,694 million and EUR 3,898 million in 2010 and 2009, respectively.
20.3 Sources of financial information not extracted from the audited financial statements of the issuer and indication of such absence of audit Not applicable 20.4 Date of most recently audited financial information 31 December 2010.
Refer to:  Section 15.1.3 – Remuneration in the form of options and share allocation,
When a decrease or a selling of a stake, whether directly or indirectly, has been notified, the French prudential control Authority checks that such operation does not challenge the conditions to which the license granted to the company is subject to.
The authorisation granted to the acquisition or increase of stakes, whether directly or indirectly, may be subject to the compliance with commitments taken by one or several of the applying persons.
Pursuant to the terms and conditions of an amendment executed on 4 December 2009, SCOR Switzerland AG became a party to this facility agreement.
Cash deposited with ceding companies - - - Investments representing unit-linked contracts Note 2 - - - -
For active reinsurance companies, the fair value is estimated based on consolidated net assets, excluding goodwill and before elimination of shares, increased by unrealised capital gains or losses and by the Embedded Value (for Life Reinsurance) and forecasts of future profits (for Non-Life Reinsurance), net of tax. It does not include the value of future business for Life companies.
 Long-term service awards: the CNC Notice 2004-05 dated 25 March 2004 requires the recognition of a provision for long-term service awards as from 2004
 Analysis performed for other equity investments did not result in impairment provisions 2.2 SCHEDULE OF INVESTMENTS
Extension in the scope of business retroceded to underwriting years to 2002-2005 included, by SCOR Global P&C SE to SCOR SE through quota-share, resulting in an increase in assumed technical reserves by approximately EUR 400 million in SCOR SE; Amendment to SCOR Global Life SE's quota-share with SCOR SE, whereby retrocession is computed from 1 January 2010 on the basis of the accounting year rather than by accounting years of cedant (all underwriting years concerned), as previously done ;
The maturity of debt at 31 December 2010 is as follows: In EUR million
The SCOR SE Group in France is consolidated for tax purposes with SCOR SE as the parent company of the Group, and SCOR Global P&C SE, SCOR Global Life SE, SCOR Global Investment, SCOR Gestion Financière SA, SCOR Auber SA and Prévoyance RE SA as subsidiaries. Under the tax agreement, SCOR SE benefits from the deficits of its subsidiaries, and tax benefits are transferred back to the individual subsidiary concerned, if the entity becomes profitable in the future.
Total tax losses of the consolidated French tax Group were EUR 1,027 million as at 31 December 2010.
 Natixis: USD 28 million (EUR 21 million) for the WTC loss,
I. Terms and conditions for preparing and organising the work for the board of directors
The experience and competences of the Directors and the Non-Voting Director are very varied. In addition to the Chairman of the Board, nine of the Directors listed, work or have worked at a high level within the insurance industry. Three Directors and the non-voting Director practise or have practised at a high level in the financial and banking industry, in addition to one Director from the manufacturing industry and one from the media industry. The Board benefits from international experience, provided by the American, Austrian, Italian, and Swiss nationalities of its members.
The Audit Committee has adopted a set of Internal Regulations, setting forth two imperative missions:  Accounting mission, including the analysis of periodic financial documents, the review of the relevance of choices and correct application of accounting methods, the review of the accounting treatment of any material transaction, review of the scope of consolidation, review of off-balance sheet commitments, control of the selection and remuneration of statutory auditors, oversight of any accounting and financial reporting documents before they are made public;  Ethical and internal control responsibilities. In this context, the Audit Committee is responsible for ensuring that internal procedures relating to the collection and auditing of data, guarantee the quality and reliability of SCOR’s financial statements. The Audit Committee is also in charge of reviewing agreements with related parties (“conventions réglementées”), analysing and responding to questions from employees with regard to internal controls, the preparation of financial statements and the treatment of internal accounting books and records.
Like any internal control system, the Group’s system cannot absolutely guarantee that the risks of not achieving the COSO objectives will be totally eliminated. For example, among the various limitations inherent in the effectiveness of internal controls relating to the preparation of financial documents, those involving decision-making errors based on human judgment are particularly high in a reinsurance company. In effect, the accounting data are subject to numerous estimates, primarily because of the evaluation by the reinsurer of claim reserves, either those not yet declared to the ceding companies or the reinsurer, or those for which development is uncertain or subject to a number of assumptions.
General accounting for SCOR subsidiaries is supported by two main auxiliary group of accounting systems, namely (1) technical reinsurance accounting: premiums, claims, commissions, technical reserves, interest on funds held; and (2) financial asset accounting: securities, bank accounts, investment income and expenses.
On the basis of our work, we have no matters to report on the information relating to the company's internal control and risk management procedures relating to the preparation and processing of the accounting and financial information contained in the report prepared by the Chairman of the Board of Directors in accordance with article L. 225-37 of the French Commercial Code (code de commerce).
 Bacteriological treatment of the canteen’s fryer in order to reduce frequency of oil change and cleaning of fan filters;  Implementation of a network to detect leaks of water and hydrocarbon (fuel, oil);  Installation of a retention basin to hold acids or chlorine used for the descaling of certain materials or the treatment of channels, in the local technical sub-soil and on the 15th floor;  Installation of an oil retention basin in local electricity generation groups;
APPENDIX D: GLOSSARY* *This glossary is a list of selected reinsurance terms. It is not a complete list of terms used in this Document de Reference or in the insurance or reinsurance industry.
Costs associated with the acquisition of new contracts, mainly commissions, are recorded as assets and amortised on the basis of the residual term of the contracts for Non Life business and on the basis of the recognition of future margins for Life contracts. DAC is subject to impairment resting conducted within the liability adequacy test.
Defines the target risk profile (assets and liabilities combined) that SCOR actively seeks in order to achieve its expected return. The target risk profile is represented as the Group's target profiit/loss probability distribution. Compared to the Dynamic Lift strategic plan, “Strong Momentum” has a slightly fatter body of the distribution which reflects a slightly higher earnings volatility coupled with a higher expected return.
SCOR’s three engines: SGPC (SCOR Global P&C), SGL (SCOR Global Life), SGI (SCOR Global Investments)
Life insurance contract or capitalisation certificate for which the amount guaranteed and bonus amounts are expressed, not in a specific Euro amount, but by reference to one or more units of account such as mutual fund units or real estate investment trust units. Contractual guarantees are directly linked to upward or downward variations in a security listed on a regulated market or in the value of a real estate asset.
The following table shows the distribution of employees by geographic area and by entity (1): Distribution by Hub
Training / work experience contracts 19 17 Trainees pursuant to agreements 52 16
Additional services 2010 In EUR thousands Maternity leave (1 additional month) 46.60 Retirement leave 36.05 Retirement benefits (IDR and IFC) 658.61 3.5.12 PROFESSIONAL RELATIONSHIPS AND COLLECTIVE AGREEMENTS
 Board of Directors - Composition Section 14.1.1 - List of the other functions and offices held by the Board Members in 2010 Section 14.1.1 - Delegation of competences / powers granted to the Board Section 21.1
 Subsidiaries’ business overview in 2010 Sections 6, 7, 9 and
Mail adress 1, avenue du Général de Gaulle 92074 Paris La Défense Cedex France