B Report Of The Chairman Of The Board Of Directors 362
 The historical financial information included in the Registration Document was certified by the auditors and their reports are reproduced in Section 20.2 and Appendix A of this document as well as the historical financial information is incorporated by reference for financial years 2011 and 2010, in section 20.2 and Appendix A and
As previously indicated, natural or man-made catastrophic events can cause very significant material damages affecting the Non-Life activities of the Group. In addition, such events could cause multiple deaths and serious injuries which could potentially seriously impact the Life activities of SCOR, particularly under contracts covering groups of employees working at the same location.
approved commercial bank letters of credit, the placement of assets in trust for the ceding company’s benefit, or by other means pre-approved by the ceding company’s regulator.
As a result of this imprecision and uncertainty, SCOR cannot exclude the possibility that it could be exposed to significant environmental and asbestos claims, or have to increase its reserving level, which could have an adverse effect on its business, present and future revenues, net income, cash flows, financial position, and potentially, on the price of its securities.
In the case of a large number of LOCs being drawn simultaneously, SCOR could encounter difficulties in providing the total amount of required cash or fungible assets, i.e. exposing it to a liquidity risk.
Since August 2011, the majority of the mortality reinsurance business in the United States of the former Transamerica
The retrocessionaires’ part in the reserves split by retrocessionaires’ financial rating is included in “Section 20.1.6 –
The inability of one or several banks to return its deposits to SCOR could have a material adverse impact on its business, present and future revenues, net income, cash flows, financial position, and potentially, on the price of its securities.
Economic Area will be required to have in order to cover the risks to which they are exposed and the principles that should guide insurers' and reinsurers' overall risk management and reporting..
The official date of application according to the latest texts published in the Official Journal of the European Union is 1
SCOR share capital. The Company listed its Ordinary Shares on the Paris stock exchange after completion of a reverse merger with Compagnie Générale des Voitures, listed on the Paris Stock Exchange and changed its name to SCOR
S.A. on 16 October 1989 and to SCOR on 13 May 1996. The withdrawal of Compagnie UAP, which held 41% of the share capital, was completed in October 1996 via an international public offering at the time of SCOR listing on the New
ILS and mortality swaps (see “Paragraph 6.1.3 Underwriting, Catastrophe Risk and Claims” and
P&C teams (primarily based in Europe). Under credit insurance, the insurer covers the risk of losses from the non-
500) with a zero percent floor, or a fixed interest rate which are credited to the policyholder’s account value. With the sale of IIC, SCOR no longer actively writes annuities coverage.
Underwriting, actuarial, accounting and other support staff are located in the Group’s six Hubs as well as in local subsidiaries and branches. However, SCOR's overall exposure to particular risks and in particular geographic zones is centrally monitored thanks to a unique integrated Group IT system.
Reserves for policy claims are established on initial recognition on the basis of the Group’s best estimates’ assumptions of mortality, morbidity as well as investment income plus a provision for adverse deviation. These assumptions are subsequently locked in. Reserves are subject to liability adequacy test.
SCOR's capital shield policy includes 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 contingent capital securities, which are designed as tools of last resort. See below for a description of the securitization of catastrophic risk, mortality swaps and contingent capital securities. 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.
Atlas IV Reinsurance Limited (“Atlas IV”) on 29 November 2007 for a term of three years and one month, providing EUR
On 24 August 2010, Fitch Ratings upgraded the outlook on the “A” rating of SCOR SE and its subsidiaries from “stable”
Re) and U.S. and Bermudian reinsurers (for example, PartnerRe, RGA, Ace, Axis Capital, Transatlantic Re, Odyssey
Life SE by establishing a branch in Stockholm, and merge SCOR International Reinsurance Ireland Ltd., with SCOR
SCOR moved during Q2 2012 into its new office building in Paris, with more than 20.000 m² located at 5, avenue Kleber in
September 2012, the Group placed perpetual subordinated notes, with a first call date in June 2018, for an aggregate total amount of CHF 250 million. Furthermore, on 24 September 2012, SCOR increased this perpetual subordinated notes by
(2011: EUR 31 million including the Atlas VI 2011 series placed in December 2011, excluding one-time set up costs for the 2011 series of EUR 3 million included as financing expenses).
In 2010, gross written premiums have increased by 12.2% at current exchange rate to EUR 3,659 million versus EUR 3,261 million in 2009. Due to its improved standing in the industry and its continued momentum, SCOR Global P&C delivered strong January, April and July renewals confirming the strength and depth of SCOR 's business franchise.
(1) Refer to “Paragraph 9.2.6 – Calculation of financial ratios”. (2) The Life technical margin better reflects the biometric characteristics of SCOR Global Life’s portfolio and therefore has replaced the Life operational margin disclosed in the 2011 Registration Document and previous financial reporting. The published technical margin was 5.5 % in 2010. The difference is due to a new segment presentation (see “Paragraph 20.1.6.2 – Segment information”).
Notes to the consolidated financial statements, Note 13 – Information on share capital, shareholders’ equity and capital management.
 R&D Center for Disability and Critical Illness: dedicated to the analysis of disability and critical illness risks; two complex risks due to multiple definitions, cover types and socio-economic environments.
Moreover, SCOR Global Life does not currently underwrite variable annuities and exposure to unemployment risk is minimal. Consequently, SCOR’s Life portfolio is largely immunized against the effects of economic slowdown.
Vice-Chairman: - Editoriale La Nuova Sardegna S.p.A. (Italy) - S.E.T.A. S.p.A. (Italy)
Director: - Generali España Holding (Spain) - Banco Vitalicio de España (Spain) - La Estrella, S.A. de Seguros y Reaseguros (Spain) - Save the Children Italia
Director: - Petro Canada - CHC Helicopter Corporation - AXA Assurances Inc
Français des Administrateurs - IFA) and of several associations and foundations.
Médéric Group in June 2006 and was appointed Group General Manager on 1 September 2006. Then he was appointed
Chartered Accountants (F.C.A.) and Fellow of the Institute of Corporate Directors. She was Chairman and Chief Executive
Benjamin Gentsch 52 Deputy Chief Executive Officer of SCOR Global P&C SE
Insurance, the Geneva Papers, Economie & Statistique and in the magazine "Risques". On 1 April 2010, he is appointed
The approved principles and rules for setting compensation and benefits granted to Board members are provided in
(4) Since 2009, 100% of shares and stock options granted are submitted to performance conditions. The value is calculated according to the same assumptions as those used for the Group accounts (IFRS2 standard). Please refer to the Sections 17.2.2 and 17.2.3 for the details of the shares and stock-options granted to the Corporate Officer.
The total commitment of the Group for defined benefits retirement plans for the Executive Committee members (including the Chairman and Chief Executive Officer) amounts at EUR 33 million as at 31 December 2012, i.e.,13% of the total commitment of the Group for pension plans of EUR 254 million.
Mr. Jean-Claude Seys Acquisition of shares for a total amount of EUR 10,000
Potential transaction volume (EUR) Exercise period François de Varenne 09 /16/2009 to 09/15/2015 09/14/2016 09/12/2017 05/21/2018 03/22/2019 03/18/2020 03/22/2021 03/23/2022
On 4 May 2011, the General Shareholder’s meeting of the Company's Board of Directors has authorized, in its twenty-eighth resolution, the Company's Board of Directors, under the provisions of Articles L.225-177 to L.225-185 of the Commercial
Requirement of presence at the company as at 26 July 2018 Performance conditions
From 26 July 2012 to 26 July 2014 included 2 years
Executive Committee and other company officers as at 31 December 2012.
The amount of annual benefit is paid at Normal Retirement Date in monthly installments for life is 46% of Average Monthly Compensation, multiplied by a fraction, not exceed 1 and based on seniority upon retirement. The SCOR U.S. Group Pension
18.1 Significant shareholders known to SCOR 171 18.2 Negative statement as to the absence of differences between the voting rights of various shareholders 174 18.3 Direct or indirect control by one 18.4 Agreement which could result in a subsequent change in control 174
The performance condition (C_n) established by the Board of Directors on the recommendation of the Compensations and Nominations Committee will be achieved for the year n is at least three of the four conditions below are satisfied: (A). SCOR's financial rating by S&P must be maintained to a minimum “A” on average in the years n-1 and n-2; (B). SCOR Global P&C’s net combined ratio must be less than or equal to 102% on average in the years n-1 and n-2; (C). SCOR Global Life’s operational margin must be higher than or equal to 3% on average in the years n-1 and n-2; (D). The SCOR Group’s return on equity "ROE" must be higher by 300 base points than the risk-free rate on average in the years n-1 and n-2.
3. With SCOR Global Life SE, SCOR Global P&C SE, SCOR Switzerland AG and SCOR Rückversicherung (Deutschland) AG (absorbed by SCOR Global Life SE on 19 October 2010) Related Persons Mr. Denis Kessler as Chairman and Chief Executive Officer of SCOR SE and as Chairman of the boards of directors of SCOR Global Life SE, SCOR Global P&C SE and SCOR Switzerland AG.
4. With SCOR Global Life Reinsurance Ireland P&C Related Persons Mr. Denis Kessler as Chairman and Chief Executive Officer of SCOR SE and as Chairman of the board of directors of SCOR Global Life Reinsurance P&C.
The transaction was submitted to the Department of Insurance of the State of Texas (U.S.) insofar as it requires a certain number of amendments to the retrocession treaty (Automatic Coinsurance Retrocession Treaty) executed on 31 December 2003, between SGLR and SFS. In a letter dated 30 September 2005, the competent authorities of the State of Texas indicated they had no comments on the amendments which would be made to such agreement. The Irish administrative authorities (ISFRA) were also informed of the transaction and indicated they had no objection.
Mr. Patrick Thourot as Deputy Chief Executive Officer of SCOR SE and as Deputy Chief Executive Officer and member of the board of directors of SCOR Global Life SE.
On 25 July 2007, SCOR Global Life SE adopted the form of Societas Europaea (SE) at the time of the merger
The companies party to this agreement are SCOR SE, SCOR Global P&C SE and SCOR Global Life SE. The other companies within the Group could equally benefit from this agreement with approval of BNP Paribas.
Mr. Daniel Valot as member of the Board of Directors of SCOR SE and as member of the board of directors of SCOR Reinsurance Asia-Pacific Pte Ltd.
This transaction gave rise to the invoicing by SCOR SE of EUR 6.2 million in 2012.
Statements that addresses the accounting for consolidated financial statements. It also includes the issues raised in SIC-12 Consolidation – Special Purpose Entities. The standard establishes a single control model that applies to all entities. It will require management to exercise judgment to determine which entities are controlled, and therefore are required to be consolidated by a parent. The European Union endorsed IFRS 10 on 11 December 2012. This standard is effective for annual periods beginning on or after 1 January 2013 for companies preparing financial statements in compliance with IFRS issued by the IASB and on or after 1 January 2014 for European listed Companies. The adoption of IFRS 10 is not expected to have a material impact on the Group’s consolidated financial statements.
The Group provides retirement benefits to its employees, in accordance with the laws and practices of each country. The main plans are in France, Switzerland, the U.K., the U.S. and Germany. Group employees in certain countries receive additional pension payments, paid as an annuity or in capital upon retirement. The benefits granted to Group employees are either in the form of defined contribution or defined benefit plans. Plan assets are generally held separately from the Group ’s assets.
Cash and cash equivalents at 31 December 786 680 1,466 705 576 1,281 687 320 1,007
amortization costs have been added to the pro forma statement of income. They amount to EUR 32 million and
For the purpose of presenting pro forma information, the acquisition related gain from bargain purchase of EUR 127 million has been recognized as at 1 January 2011.
The value of business acquired (“VOBA”) for the acquisition of XL Life America Inc. has been estimated as EUR 37 million based on an estimate of expected future income and using a discount rate including an appropriate risk premium. This intangible asset is amortized over the lifetime of the underlying treaties, in line with expected emergence of income.
The net book value of goodwill allocated to SCOR Global P&C and SCOR Global Life is disclosed in Note 2 – Segment information.
Mortality/morbidity are based on external tables, adjusted based on internal past experience. Lapses are also based on internal past experience. SCOR calculates and publishes a Market Consistent Embedded Value in line with the principles of the CFO Forum. For the 2012 embedded value discount rates used were based on risk free swap rates ranging between 0.29% and 8.15% depending on the currency and the duration.
Other intangible assets at 31 December 2012 were EUR 122 million compared with EUR 112 million at 31 December 2011.
Intangible assets with an indefinite life are tested for impairment annually. The price of the Lloyd ’s syndicate participations from the Lloyd’s auction process are key inputs to the impairment tests conducted which demonstrated that there are no indicators of impairment.
Investments at fair value through income Note 6 – (A), (B), (D) 216 127
Unrealized gains and losses on available-for-sale investments (gross of tax) (1) 305 (170) 135 187 (405) (218)
Under the terms of the original 2008 agreement (“1st tranche”) SCOR Global Life SE would have received cash up to a nominal amount of USD 100 million and EUR 36 million in the event of a rise in mortality. Under the terms of the amended agreement in 2009 (“2nd tranche”) SCOR Global Life SE would also have received cash up to a nominal amount of
The objective of this transaction was to:  Hedge SCOR’s direct economic exposure to the Paris commercial real estate market.
SCOR valued these swaps using an internal model based on observable banking and real estate inputs.
Receivables from ceded reinsurance transactions 1 75 76 98 77 175
Change in scope of consolidation and contract portfolio exchanges - - - (105) - (105) - - -
Net cash flow provided by operations, excluding changes in working capital 669 511 596
Share capital increase – exercise of stock options – 30 November 2010 - - 20,077
Share capital increase – exercise of stock options – 30 September 2012 186,490 - -
Share capital increase – exercise of stock options – 30 November 2012 5,566 - -
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. They are used to finance other buildings owned by the Group.
Ceded claims reserves and claims estimates as at 31 December (690) (765)
Gross claims reserves and claims estimates as at 31 December 10,857 10,602
An analysis of the share of retrocessionaires in the Group’s contract liabilities by rating of the retrocessionaires and collateral from retrocessionaires in favor of SCOR at 31 December 2012 and 2011 is as follows: In EUR million AAA AA A BBB < BBB Not rated
Defined contribution plans include plans whereby an employer makes periodic contributions to an external plan which manages all administrative and financial aspects. These external plans relieve the employer of all future obligations and manage the payment to employees of all amounts which are due (e.g. National insurance pension scheme, complementary pension scheme (AGIRC/ARRCO in France), defined contribution retirement plans).
Fair value of assets as at 1 January 125 16 77 32 114 14 68 32
(notably as regards to the presence condition), provide that the options allocated to Partners can be exercised at the earliest 4 years after the grant date, if the presence condition is met in addition to the satisfaction of certain performance conditions.
The average remaining life of the options and the average exercise price for 2012 and 2011 are presented below.
Effect of changes in foreign exchange rates (20) 8 (12) 117 - 117 136 - 136
Applying the deferred tax netting methodologies in accordance with IFRS the amount of deferred tax liabilities and deferred tax assets stated in the balance sheet are as follows: BALANCE SHEET AMOUNTS AS AT 31 DECEMBER 2012 2011 2010
 In Asia : SCOR Reinsurance Asia-Pacific Pte Ltd ; SCOR Reinsurance Company (Asia) Ltd.
SCOR Life Insurance Company (SLAC) United States 100.00 100.00 100.00 100.00 Full
The Group tracks natural catastrophe accumulation (earthquakes, wind and flood perils…) for all exposed countries worldwide. Depending on the region of the world and the peril in question, it uses a variety of techniques to evaluate and manage its total exposure. The Group quantifies this exposure in terms of a maximum commitment. It defines this maximum commitment, taking into account policy limits, as the potential maximum loss caused by a catastrophe affecting a geographic area, such as a storm, hurricane or earthquake, and occurring within a given return period. SCOR estimates that its potential maximum losses for catastrophes, before retrocession, come from windstorms in Europe, hurricanes in the U.S., typhoons in Japan or from earthquakes in Japan or the U.S.
Model Regulation), commonly referred to as Regulation XXX (or Triple X) and adopted by most U.S. states as at 1 January 2000, requires a relatively higher level of regulatory, or statutory, reserves that U.S. life insurance and life reinsurance companies must hold on their statutory financial statements for various types of life insurance business, primarily certain level premium term life products. The reserve requirements under Regulation XXX increase over time and are normally in excess of reserves required under IFRS in other jurisdictions. The increase and the ultimate level of XXX reserves will depend upon the mix of business and future production levels in the U.S.
 If its affiliated or not affiliated retrocessionaires, are unable to obtain or provide sufficient collateral to support their statutory ceded reserves or if regulatory changes lead to change to the current retrocession structures, it may be required to increase regulatory reserves. In turn, this reserve increase could significantly reduce statutory capital levels and adversely affect SCOR’s ability to satisfy required regulatory capital levels that apply, unless it is able to raise additional capital to contribute to its operating subsidiaries.
Different types of GMDBs are covered, including return of premium, ratchet, roll-up and reset. Guarantees that increase over time are, for a majority of the assumed business, only applied up to a certain age. This implies that SCOR Global Life will be released from the risk when the beneficiary reaches this age limit. See Note 16 – Contract Liabilities.”
Peak mortality, disability and critical illness risks are covered either by surplus per life retrocession programs, or, in some cases, by excess of loss per life covers. Risks from accumulation in catastrophic events are covered by per event retrocessional coverage.
Life claim reserves are predominantly paid out within zero to five years.
We have examined the approaches used in the impairment tests, the cash flow forecasts and the consistency of the assumptions used. We have verified that the information described in note 4 to the consolidated financial statements is appropriate.
We examined the group’s procedures to identify these risks, to evaluate and reflect them in the financial statements.
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.
(1) This figure corresponds to the share capital and to the number of shares as acknowledged by the Board of Directors on 28 July 2010, and stated in the by-laws of the Company as at 31 December 2010. It does not take into account the shares that could have been issued between 28 July 2010 and 31 December 2010 due to the exercise of stock-options. The figures that take these shares into account are referred to in Section 20.1.6 – Notes to the consolidated financial statements, Note 13 – Information on share capital, capital management, regulatory framework and shareholders 'equity
According to the decision of the Extraordinary Shareholders General Meeting of the Company dated (i) 18 May 2004, in its fourth resolution, (ii) 31 May 2005 in its sixth resolution and (iii) 16 May 2006 in its fifth resolution to authorize the Board to grant to officers and employees options to subscribe for or purchase of shares and to acknowledge, if necessary, at its first meeting following the year end of the Company, the number and amount of new shares issued during that period following the exercise of options, the Board of Directors of SCOR SE acknowledged, on 3 May 2012, the capital increase of EUR
As a result, on the date of the Registration Document, the registered share capital of SCOR SE is EUR 1,516,681,107.50 divided into 192,546,203 shares with a par value of EUR 7.8769723 each.
12th resolution (Delegation of authority granted to the Board of Directors for the purpose of deciding on the issuance of shares and/or of securities granting access to capital or giving entitlement to a debt instrument, with cancellation of preferential subscription rights)
13th resolution (Delegation of authority granted to the Board of Directors for the purpose of making determinations with respect to the issuance, in the context of an offer of shares and/or of securities granting access to capital or entitling the holder to a debt instrument, with cancellation of preferential subscription rights)
Commercial Code, eliminate the pre-emptive subscription right for the entire capital increase or for one or more segments of said increase and may allow or not allow a priority subscription period for shareholders. When the issue is carried out through a public offering or through an offer referred to in Article L.411-2, II of the French Financial and Monetary Code without pre-emptive subscription rights, the issue price must be set according to Article L 225-136 of the French Commercial
An owner of Ordinary Shares residing outside France may trade such shares on Euronext. Should such owner, or the broker or other agent through whom a sale is effected, require assistance in this connection, an accredited intermediary should be contacted.
In case of failure of these rules, and without prejudice of the provisions of Article L. 233-14 of the French commercial code, upon request from the ACP, the District Attorney (procureur de la République) or any shareholder, the judge shall adjourn the exercise of the voting rights of the failing persons, until regularization of the situation.
Half_year statement of the liquidity contract between SCOR SE and EXANE BNP Paribas - Press release
Number of voting rights as at 30 November 2012 - Declaration pursuant to Article L. 233-8 II of the French Commercial Code and Article 223-16 of the General Regulation of the "Autorité des Marchés Financiers"
Financiers with such translation being available on SCOR's website www.scor.com; (ii) The corporate financial statements for the year ended 31 December 2010 and the Auditors’ Report pertaining thereto published on pages 312 to 342 and 343 to 344, respectively, of the registration document filed with the Autorité des
For active reinsurance companies, the fair value is estimated based on consolidated net assets, excluding goodwill and before elimination of shares, increased by unrealized capital gains or losses and by the Embedded Value for Life
At each balance sheet date, if the carrying value of an investment in associate is less than its historical cost, an analysis is conducted in order to determine if impairment is required. The assumptions and conclusions of this analysis, conducted as at 31 December 2012, are detailed in Section 2.1.
 Senior management pension obligations (Article 39): The valuation of the reserve for senior management pension obligations is based on the following actuarial assumptions: - Discount rate: 4.25%, defined with respect to high quality long term corporate bonds with duration in line with the duration of the obligations evaluated.
274.540.000 to EUR 287.040.000, creating 1.250.000 new shares all subscribed by SCOR SE.
Avda Manoteras 32 Edificio A 28050 Madrid, Spain 10 Nikolskaya Street, 109012, Moscow, Russian Federation 2nd Floor, West Tower, Maude Street, Nelson Mandela Square, Sandton 2196, South Africa - SCOR GLOBAL INVESTMENT SE EUR 3 3 100.00% 3 3 - - - 25 6 4 5 avenue Kléber, 75116 PARIS, France
Accounts receivable from reinsurance transactions 5 - 39 44 71 - 15 86
Deferred income and accrued expenses - - - - 1 - - 1
 Initial USD 100 million reduced to USD 67 million after repurchase of USD 33 million in 2011 30-year subordinated bonds issued on 7 June 1999, callable by SCOR quarterly as from the tenth year. These floating-rate bonds bear interest based on the 3-month Libor rate plus (i) 0.80% for the first ten years of the issue, and (ii) 1.80% thereafter.
 Loans granted to SCOR by its subsidiaries, mainly SCOR Global P&C SE (see Section 2.3).
Cross-currency swaps are used to hedge foreign exchange and rate risks of perpetual notes in CHF issued in 2011 and 2012: the instruments exchange the principal of 2011 placements for a total of CHF 650 million into EUR and exchange the coupon on the CHF 400 million placement to 6.98% and on the CHF 250 million placement to 6.925%. Both instruments mature on 2 August 2016. Additional instruments exchange the principal of 2012 placements for a total of
III Statutory auditors’ report, prepared in accordance with article L. 225-235 of the Commercial code, on the report prepared by the Chairman of the Board of Directors of SCOR SE 387
Then, the Internal Charter requires Directors to register as owners of SCOR’s equities that they themselves or their minor children are holding at the time they enter office or those acquired subsequently. In addition, the Internal Charter lays down certain restrictions on trading SCOR’s securities: - first, it is forbidden to trade in SCOR’s 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 SCOR’s securities during certain sensitive periods that the Group notifies to the Directors or during any period preceding an important event affecting SCOR and likely to influence its market price.
The Chairman of the Committee may hear any officer or employee likely to provide relevant information for a clear understanding of a given point; the presence and information provided by this individual being limited to the relevant items on the agenda. The Internal Charter of the Audit Committee, was approved by the Board of Directors on 18 March 2005 and modified by the Board of Directors on 4 November 2010.
The Compensation and Nomination Committee is composed of Claude Tendil (Chairman), Georges Chodron de
Group. 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
This session met twice in 2012 and has worked on the assessment of the Board of Directors.
Chairman of the Audit Committee who receives an amount equal to EUR 4,000 per meeting as special fees for his function. The payment of the Directors fees is made at the end of each quarter. Moreover, the individual independent members of the Board received in 2012 the single sum of EUR 10,000 in Company’s shares, that the Director commits to keep until the end of his appointment. The paid amounts have been properly used to that effect.
(A). SCOR financial strength by S&P rating must be maintained (minimum) “A” on average in year n-1 and n-2; (B). SCOR Global P&C’s net combined ratio must be less than or equal to 102% on average in year n-1 and n-2; (C). SCOR Global Life’s technical margin must be higher than or equal to 3% on average in year n-1 and n-2; (D). The SCOR group’s ROE must be higher than 300 points above the risk-free rate on average in year n-1 and n-2.
Environment Programme Finance Initiative (UNEP-FI) of which SCOR became a founding signatory last summer.
Group Investment Committee and with the investment guidelines. The Group Investment Committee meets at least once every quarter. Its role is to coordinate tactical asset allocation on a Group level and to supervise the application of objectives by the asset management company, observing the constraints established;
(audit trail, valuation of securities). Assets owned by all Group entities are since 2009 monitored in one central information system and the accounting tools implemented in Paris in 2008 have been deployed in the Group’s subsidiaries. Risk monitoring tools are being deployed as well;  A head of Compliance and Internal Control was appointed in 2009 in order to meet the requirements of the regulatory body. His role is to implement an effective internal control program which covers all activities relating to financial asset management.
The Audit Committee receives at least on a quarterly basis a report on the Internal Audit activities.
Regarding the process of aggregating and consolidating accounting data by the Group Accounting Department, current internal control is ensured:  by the use of general and consolidation accounting software shared by all Group entities;  by the definition by the Group Accounting & Consolidation Department of a closing process, clear responsibilities and a detailed financial statement closing schedule, which is monitored, in the closing period, on a daily basis;  by a definition of responsibilities for controlling the integration of auxiliary accounting systems;  by the centralized management of charts of accounts;  by the works of the IFRS Centre of Excellence whose objectives are to (1) communicate developments and standards to all contributors and (2) coordinate justifications and documentations of accounting processes for complex operations.
1 Operating and financial review of SCOR SE 401 1.2 Operating results of SCOR SE during the last financial years 402 2 Fluctuation of SCOR SE quotation 3 Social impact of SCOR’s activities 403 3.2 Group social indicators 404 4 Environmental impact of SCOR’s activity 413 5 information related to social commitments in support of sustainable development 419 6 Additional information relating to the management report of the Company and the Group – Table of compliance 423 7 Review report by statutory auditors on a selection of social corporate citizenship and environmental indicators 424
Pursuant to Article 223 quarter of the French General Tax Code, we remind you that the amount of the expenses and charges referred to in Article 39.4 of said Code totals EUR 108,369 for the previous fiscal year 2012 and the amount of taxation borne by the Company due to the non-deductibility of such charges should amount to a total of EUR 39,121.
(2) SCOR Global Life SE holds 100% of the capital of ReMark. Due to its specific activity, ReMark’s human resources is managed independently from that of the Group 3.2.2 Distribution by gender
Methodology: employees on fixed-term Contract are considered as definitively leaving SCOR when their contracts expire. Employee who signed a permanent contract in 2012 at the end of their fixed-term contract are not included in this scope.
Sweden, 223 days in Switzerland, 229 days in Israel, 221 days in Germany, 223 days in Austria, 232 days in New York (USA), 227 days in Brazil, 225 days in Colombia, 232 days in Itasca (USA), 230 days in Toronto (Canada), 229 days in Charlotte (USA), 234 days in Montreal (Canada), 228 days in Latin Americas (Life division: Chili, Mexico, Brazil), 229 days in Australia, 228 in China, 223 days in Hong Kong, 215 days in India, 224 days in Malaysia, 226 days in South Korea, 230 days in Singapore, 216 days in Japan and 229 days in Taiwan.
Germany on November 2012 « Allowance for glasses for computer work », September 2012
« Parent-Child-Office », August 2012 « public transport and parking allowance », June 2012
 To maintain and develop employees’ technical and transverse skills, thus contributing to the Group’s performance,
SCOR had 66 trainees as at 31 December 2012. (41 in France, 9 in Switzerland, 8 in Germany, 4 in the US, 1 in Canada, 3 in the United-Kingdom). The trainees’ working contracts differ according to country and training objectives. All trainee programs aim to introduce the students to the world of work, be it through internships during studies or vocational training courses for learning about specific professions.
 In Germany: “Learning over Lunch” events are organised to discuss ways to help parents manage specific parental situations; there are two women on the local
Energy consumption is expressed in kWh/m2, water consumption expressed in m3/employee, and paper consumption expressed in kg/employee. For some data, the ratio takes into account the contractors active in the premises occupied by the staff managed by the Group.
With regards to the financing of the fight against climate change several initiatives are led locally. Whereas voluntary compensation is experimented in Cologne. SCOR Switzerland Ltd joined the
 professional associations representing the interests of the insurance and reinsurance industry (e.g. Fédération
(Nanyang Technological University/Nanyang Business School in Singapore) and has launched significant research partnerships in the field of economics and finance (the Risk Foundation in collaboration with the Toulouse School of
At your request and in our capacity as statutory auditor of SCOR SE Group (the “Group”), we hereby present our report on the consolidated social, environmental and societal information presented in paragraphs 3, 4 and 5 of the management report presented in appendix D on the present Reference Document (the “Information”) prepared in respect of the financial year ended 31 December 2012 pursuant to article L.225-102-1 of the French code of commercial law.
We performed the following procedures:  We assessed the appropriateness of the Reporting Criteria in terms of its relevance, completeness, neutrality, understandability and reliability, with due regard to any relevant best business practices for the industry.