Administrative, Management and Supervisory bodies 311 21.2.3 Rights, privileges and restrictions attached to existing voting right 312 21.2.4 Form, holding and transfer of ordinary shares 313 21.2.5 Actions required to modify shareholders’ rights 315 21.2.6 Conditions for calling annual shareholders’ meetings and extraordinary shareholders’ meetings
December 2013. The following will be put to a vote at the Annual General Shareholders’ Meeting called to approve the financial statements for the financial year ending 31 December 2013: Mr. Lionel Gotlib
profitability of SCOR’s business. In an economic downturn characterized by higher unemployment, lower household income, lower corporate earnings, lower business investment and lower consumer spending, the demand for SCOR’s and its clients’ products could be adversely affected. In addition, the Group may experience an elevated incidence of claims or surrenders of policies that could affect the current and future profitability of its business. Although written premiums have seen steady growth in prior years, a prolonged economic crisis could result in lower written premiums in the future. These adverse changes in the economy could affect earnings negatively and could have a material adverse effect on SCOR’s business, present and future revenues, net income, cash flows, financial position, and potentially, on the price of its securities.
Valuation of Life Insurance Policies Model Regulation), commonly referred to as Regulation XXX (or Triple X) and adopted by most US states as at 1 January 2000, requires a relatively higher level of regulatory, or statutory, reserves that US 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
The increase and the ultimate level of XXX reserves will depend upon the mix of business and future production levels in the US.
See “Section 20.1.6 – Note 26, Insurance and financial risk – Life reinsurance” for further information on risk mitigation actions.
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
Reinsurance is a highly competitive sector. As is the case for all other reinsurers, SCOR’s position in the reinsurance market is based on several factors, such as its financial strength as perceived by the rating agencies, its underwriting expertise, reputation and experience in the lines written, the countries in which it operates, the premiums charged, as well as the quality of the proposed reinsurance structures, the services offered among others in terms of claims payment.
Moreover, some of SCOR’s facilities contain conditions about its financial situation which, if not met, constitute a default and might 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 new LOC facilities under adverse conditions, 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.
The success of SCOR’s business combinations will be assessed with regards to the success of the integration within the
SCOR remains committed to exploring acquisition opportunities which may present themselves and which would be likely to deliver value for shareholders, and will rely on the consistent application of its strategic plans.
(medical among others) and motor bodily injury claims. In addition, SCOR is exposed to claims inflation over and above general inflation and in particular to the inflation of court awards in respect of general liability and bodily injury claims.
Furthermore, these authorities could make the protection of policyholders and policy beneficiaries prevail over shareholders or creditors of a reinsurer. The diversity of the regulations to which the Group is subject has been substantially reduced by the implementation into French law of Directive n. 2005/68/EC (the “2005 Directive”) dated 16
On 10 April 2008, SCOR announced that it has been admitted as a property and casualty reinsurer in Brazil. In addition,
Investments SE in Luxembourg and dedicated to investments in SICAV funds.
The Group’s main Specialty reinsurance activities include Credit & Surety, Inherent Defects Insurance, Aviation, Space,
Hubs as well as in local subsidiaries and branches. However, SCOR's overall exposure and control to particular risks and in particular geographic zones is centrally monitored thanks to a unique integrated Group IT system.
SCOR regularly reviews and updates its methods for determining outstanding claims reserves and IBNR Reserves.
Atlas V & VI are special-purpose vehicles incorporated under the laws of Ireland and their notes are placed with various institutional investors. In accordance with IAS 39 “Financial Instruments recognition and measurement”, due to the absence of an ultimate net loss clause, contracts concluded between SCOR and these vehicles have been recognized as derivative instruments. They are considered as balance sheet protection (See "Section 20.1.6 - Notes to the consolidated financial statements, Note 8 - Derivative instruments).
On 2 May 2012, A.M. Best upgraded the Issuer Credit Ratings (ICR) of SCOR SE and its main subsidiaries from "a" to
 Although the underwriting of renewed and new business in June and July demonstrated an overall slight deterioration in expected underwriting ratios (of around one point on average compared to 2012), the average underwriting ratio expected for all portfolios underwritten over the first half was improving by around one point compared to 2012, while the return on risk-adjusted capital remained higher than the target rate, despite the impact of low interest rates.
In Europe, SCOR Global Life continued its strategy of implementing a simplified legal structure combined with operational optimizations. SGL finalized a project to integrate the business of Sweden Re in the legal SCOR Global Life
Despite a lower average technical margin, these deals are priced to fully meet SCOR Group RoE requirements. Local markets involved are China, Taiwan, South Korea, Japan, and India.
Italy, in Spain, in Switzerland and in Germany through its branches, as does SCOR Global Life SE. SCOR Global P&C SE
Converium, which became SCOR Holding (Switzerland), in SCOR’s European companies. SCOR Global Investments SE
Managers of the issuer;  Section 7.1 – Brief description of the Group and of the position of the issuer as concerns the economic organization of the Group;  Section 19.3 – Special report of the Auditors on related agreements and commitments, and;  Section 20.1.6 – Notes to the Consolidated Financial Statements, Note 3 – Acquisitions and disposals for a description of the operations, of the relevant interim management balances and of the strategic economic assets of the main subsidiaries.
SCOR moved during Q2 2012 into its new office building in Paris, with more than 20,000 m² located at 5, avenue Kleber in
EUR 566 million and EUR 624 million for the years ended 31 December 2012 and 2011, respectively (2). The net return on investments in 2013 was 2.4% compared to 2.7% in 2012 and 3.2% in 2011. The decrease in investment income from 2012 to 2013 is mainly due to the low yield environment, lower realized gains on fixed income and higher investment impairment.
In 2013, SCOR Global Life continued to grow profitably in a competitive Life reinsurance market. It succeeded in further strengthening its long-term business relationships with existing clients and gained new business partners. In addition, SCOR Global Life took a selective approach in writing new profitable business.
The gross written premium development is driven by the long-term nature of in-force Life reinsurance business, new business produced by SCOR Global Life’s distribution channels, and the acquisition of the Generali U.S. reinsurance portfolio with a three month contribution in 2013.At constant exchange rates, growth was 14.5%. The growth in premiums was negatively impacted by exchange rate developments (EUR 163 millions).
America and the Nordic Countries, where business did not meet SCOR’s profitability targets and SCOR Global Life decided not to renew some business.
Life technical margin (2) in 2013 was 7.3% compared to 7.7% in 2012 and 8.1% in 2011(3).
The risk transferred is variable based on a defined index (CDC mortality index weighted by age and gender mortality) and not based on SCOR’s effective portfolio. As a consequence, the contract has been accounted for as a derivative.
Also refer to Section 5.1.4.2 – Legal form and applicable legislation.
Commissioners (NAIC) or other appropriate regulatory body. A portion of those credit facilities is collateralized.
The total liquidity of the Group of EUR 2,120 million (comprised of cash and cash equivalents and short term investments)
The Centers have entered into many scientific partnerships over the years, the current ones being with: the Assmann
 the projected net combined ratio of the contracts written in the January 2014 renewals is expected to remain flat compared to the January 2013 renewals.
“Employee Director”). The Employee Director is elected by the employees of the Company and of its subsidiaries in a two round election on a simple majority basis. The elected candidate is then proposed by the Board of Directors to be appointed by the Shareholders’ Meeting. Once appointed by the Shareholders’ Meeting, the Employee Director has the same rights and obligations as the other members of the Board of Directors (including the right to vote on any decision of the Board of
Other positions: France: Director: - BNP Paribas S.A. (France)* - Dassault Aviation SA (France)*
Member of the Supervisory Board: - Generali Investments SpA (Italy) until 28 February 2013
Professional Address: MACIF 2-4, rue de pied de Fond 79000 Niort France
Out of France: Member of the Advisory Board: -Marshall-Wace LLP (UK)
Chairman: - Holding FGA SAS - Le Monde Prévoyance SAS - Sévriena 2
Chairman and Chief Executive Officer of Présence Assurances, a subsidiary of the AXA Group. In 1989, he was appointed
Sociale) from May 2009 to Decembre 2011. On 1 July 2008, he was appointed Chairman of the Groupement des
Andreas Brandstetter, an Austrian citizen, was a member of the Management Board of UNIQA Versicherungen AG from 2002 to 2011. Since 2011, he has been the Chairman of the Management Board and Manager of UNIQA, Chief Executive
MMA Vie. Since 2008, he has been Chairman and Chief Executive Officer of Covéa.
Fellow of the Institute of Corporate Directors in 2004, received the 25th McGill University Management Prize in 2005 and obtained the professional qualification of ICD.D from the Institute of Corporate Directors in 2010.
Executive Officer has authority to act on the Group’s behalf and to represent SCOR in dealings with third parties, subject only to those powers expressly reserved by law to the Board of Directors or the shareholders. The Chief Executive 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.
(1) Philippe Trainar was a member of the Executive Committee until 17 January 2014 as Group Chief Risk Officer
15.1 Amount of remuneration paid and benefits in-kind 15.1.1 DIRECTORS’ FEES
determined on the basis of the variable compensation for prior year and prorated on the basis of the departure date for the current year, and (ii) paid as soon as the Company’s financial statements for prior year are settled by the Board of Directors.
Variable compensation Benjamin Gentsch (Paid in CHF (1)) 487,171 405,131 34,744(2) 927,046 487,171 350,763
The total number of employees of the Group increased from 2,284 as at 31 December 2012 to 2,450 as at 31 December 2013. The distribution of personnel covers the various geographical areas to meet the strategic principles of the Group.
17.2.2 STOCK OPTIONS HELD BY THE MEMBERS OF THE EXECUTIVE COMMITTEE AND OTHER COMPANY OFFICERS AS AT 31 DECEMBER 2013
The attribution of shares since 2008 is subject to the satisfaction of performance conditions. Thus, a third of the number of shares awarded on 07 May 2008, and half of the shares awarded on 16 March 2009 and all the shares awarded since 2
On 25 April 2013, the General Shareholder’s meeting of the Company's Board of Directors had authorized, in its twentysecond resolution, the Company's Board of Directors, under the provisions of Articles L.225-177 to L.225-186-1 of the
Nevertheless, if condition (4) is not met and, in addition, one of the three performance conditions (1), (2) or (3) is considered not to have been met, only a reduced percentage of the initial option allocation, in accordance with the table below, will be granted: 2 October 2013 Stock option Plan
The exercise of all of the options granted is subject to the same performance conditions as those set forth for the 21 March 2013 Stock Option Plan (for the description of the performance conditions, refer to Section 17.3.1 – Stock Option Plans – 21
Board of Directors of the Company would determine the identity of the beneficiaries of the allotment and the conditions and criteria for the allotment of the shares.
Code, who are participants in savings plans and/or any mutual funds, eliminating the pre-emptive right they have. This new authorization replaces the authorization granted by the General Shareholders’ Meeting of 3 May 2012.
Defined Contribution Retirement Program (Employer funding varies by employee depending on age and service)
Distribution of capital (number of shares, % of capital and voting rights) – (i) shareholders having more than 2.5% of the registered capital and/or voting rights and (ii) shareholders represented on the Board of Directors (on the basis of a study of identifiable share bearers ("Titres aux Porteurs Identifiables" – "TPI") conducted by the Company as at 31 December 2012): As at 31 December 2012 Number of shares % of capital % voting rights (1)
On 3 May 2011, Natixis Asset Management declared that it had exceeded the registered thresholds of 2.5% of the capital and voting rights in SCOR and that it held, 9,107,255 voting rights, or 4.851% of voting rights in SCOR.
On 24 May 2011, BlackRock Inc., on behalf of funds and its clients, declared that it had fallen below the thresholds of 5% of the capital and voting rights in SCOR and that it held 9,323,134 shares representing 4.97% of the capital in SCOR.
Commerce) and the Article R. 322-7 of the French insurance code (Code des assurances) concerning, if any, the implementation of the agreements and commitments which were already approved by the shareholders’ meeting.
a) Nature and purpose of the 1st agreement Authorization to sign the 5th amendment to the Multicurrency Revolving Letter of Credit Facility Agreement between SCOR SE and BNP Paribas, as amended (“the Convention”).
On 15 April 2009, for these same reasons and taking into account the 2009 UK reorganization, i.e.: the creation of a
2. With Mr. Denis Kessler, Chairman and Chief Executive Officer of SCOR SE
Pursuant to a decision dated 26 July 2012, taken in accordance with Article L. 225-42-1 of the French Commercial
Group, the Chairman and Chief Executive Officer will benefit from an indemnity limited to the amount of fixed and variable compensation paid to him during the last twenty-four months preceding the date of his departure from the
In addition, the performance stock and stock options granted to the Chairman and Chief Executive Officer before his departure shall be subject, in their totality, to the only performance conditions of each plan as validated by the Board of
Global Life SE 5Mr. Patrick Thourot ceased his duties as Deputy Chief Executive Officer of SCOR SE on 15 April 2009 and as member of the board of directors of SCOR Global Life SE on 27 May 2010).
to the Facility Agreement concluded on 23 December 2008 with BNP Paribas in order to extend the original agreement for a period of three years beginning 1 January 2012 and ending 31 December 2014, reassess the financial conditions under the Facility Agreement.
Mr. Jean-Claude Seys as member of the Board of Directors of SCOR SE (Mr. Jean-Claude Seys ceased his duties as member of the Board of Directors of SCOR SE on 25 April 2013) and as member of the board of directors of SCOR
International Reinsurance Ireland PLC resulting from the merger of these two companies taking effect on 1 January 2013. This guarantee is issued for a period of 4 years ending 31 January 2015.
Related Persons Mr. Denis Kessler as Chairman and Chief Executive Officer of SCOR SE.
Change in scope of consolidation (cash and cash equivalent of acquired companies) (1) 640 - 494
27, IAS 31 and IAS 28 - Investment in Associates. A number of new disclosures are added to the existing requirements such as the judgments made to determine whether control of another entity exists. The European
A gain from bargain purchase is generated when the fair value of the net assets acquired by the Group exceeds the acquisition price and is recognized in the statement of income from the date of acquisition.
Available-for-sale financial assets are recorded at their fair value. Unrealized gains and losses and the respective foreign exchange resulting from variations in the fair value of a non-monetary available-for-sale asset are recorded directly in shareholders’ equity. Variations due to foreign exchange for monetary available-for-sale assets are recorded through income.
Financial Officer functions (Group Tax, Group Accounting, Group Consolidation and Reporting), Group Chief Operating
Gross commission on earned premiums (894) (1,035) - - (1,929) (953) (956) - - (1,909) (804) (773) - - (1,577)
Share of retrocessionaires in insurance and investment contract liabilities 410 730 1,140 540 783 1,323
December 2013 and includes estimates for the impact of purchase accounting. The pro forma financial information is not necessarily indicative of what would have occurred had the acquisition and related transactions been made on the dates indicated, or of the future results of the Group.
The cost of the investment was lower than the fair value of the net assets acquired. This difference, or gain from bargain purchase of EUR 30 million, was recorded in the statement of income of the Group.
Fair value adjustments on available-for-sale financial instruments, net of taxes (1)
For the purposes of impairment testing, goodwill acquired in a business combination is allocated by SCOR to the groups of cash generating units that are expected to benefit from the profitability and synergies of the business combination. SCOR
groups its CGUs by its operating segments, SCOR Global P&C and SCOR Global Life. This is consistent with the way that
As part of the impairment testing, SCOR assesses whether the recoverable amount of operating units is at least equal to the total carrying value of operating units (including goodwill). If it is determined that an impairment exists, the total carrying value is adjusted to the recoverable amount. Any impairment charge is recorded in income in the period in which it arises.
Other intangible assets with finite useful lives at 31 December 2013 were EUR 96 million compared with EUR 92 million at 31 December 2012. A component of this balance relates to the joint-venture agreement with the Medical Defense Union
Cumulative depreciation and impairment at 31 December 2013 (88) - (88)
Total fixed income securities as at 31 December 2013 2,420 4,669 2,249 1,113 729 200 11,380
The table below presents the estimated maturity profiles of financial assets, which are expected to generate cash inflows to meet cash outflows on financial liabilities: Less than one year One to five years Five to 10 years 10 to 20 years More than 20 years Total As at 31 December 2013
Transferred to consolidated net income during the period, net of impairment 18 47 (18)
On 9 December 2010, SCOR placed a new Cat bond, Atlas VI Capital Limited Series 2010-1, which provides the Group with
Included in the forward sales contracts at 31 December 2013 and 2012 respectively is a forward sale contract which has been designated as a hedge of a net investment (see Note 13 – Information on Share Capital, capital management, regulatory framework and shareholders’ equity).
The number of ordinary shares which were issued and fully paid in circulation as at 31 December 2013, 2012 and 2011 were as follows: Share capital increase – exercise of stock options – 31 January 2011 - - 38,617
Share capital increase – exercise of stock options – 31 March 2011 - - 5,117
Share capital increase – exercise of stock options – 31 May 2013 40,005 - -
In 2012, the movements were due to the following operations:  After recording the creation of 216,250 new ordinary shares further to the exercise of stock-options between 1 March 2011 and 30 April 2012, the Board of Directors held on 3 May 2012 decided to reduce the share capital by cancellation of 216,250 treasury shares for a total value of EUR 2 million.
 All other movements presented above relate to the issuance of shares on the exercise of stock options for
The movement in the translation adjustment is primarily due to the translation of accounts of the subsidiaries and branches not using EUR as the functional currency. In 2013, the Group hedged itself against certain movements in the net asset value of its US dollar denominated subsidiaries. These hedges were effective and resulted in a total positive foreign exchange impact of EUR 4 million within equity in 2013 (2012: EUR 13 million, 2011: EUR 13 million). As at 31 December 2013, the
During 2013, the Group re-purchased USD 43 million and USD 3 million of its own USD 100 million subordinated debt at a price of 89.75% and 85% respectively. The purchase price of this debt at a price below par gave rise to a consolidated pretax profit of EUR 4 million.
On 11 May 2011, SCOR reopened its existing CHF perpetual subordinated notes placement by issuing an additional amount of CHF 225 million. The placement was increased to CHF 250 million at the settlement date of 3 June 2011, given the market appetite. The notes are fungible to those issued on 2 February 2011. The conditions and the accounting treatment are similar to the first placement.
(1) Prior year comparatives have been adjusted retrospectively due to the adoption of IAS 19 – Employee Benefits (revised) - refer to Section 20.1.6. Note 1 – D -
A significant portion of SCOR Global P&C reserves relates to liabilities payable in currencies other than the euro. The fluctuations of the euro to those currencies are embedded in the data in the below table.
Changes in reserves from portfolio movements and actuarial calculation (108) (72)
Duration as at 31 December 2013 11 years 17 years 14 years 31 years 9 years 15 years
Actuarial gains/losses not recognized in income 9 (3) 6 (16) 8 (8) (3) 7 4
Items that will not be reclassified subsequently to profit or loss 9 (3) 6 (16) 8 (8) (3) 7 4
Effect of changes in foreign exchange rates (163) (2) (165) (20) 8 (12) 117 - 117
Elimination of internal capital gains - (7) (3) - (13) - TOTAL DEFERRED TAX LIABILITIES (830) (763) (638) (30) (68) (103)
Finimo Realty Pte Ltd Singapore 100.00 100.00 100.00 100.00 Full 5 avenue Kléber SAS France 100.00 100.00 100.00 100.00 Full
The primary consequences of these factors are to reduce or increase the volume of Non-Life reinsurance premiums on the market, to make the reinsurance market more competitive, and also to favor the operators who are most attentive to the specific needs of the cedants. This could lead potentially to a loss of competitive advantage for SCOR.
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
The assessment of biometric risks is at the center of underwriting in life reinsurance. These are risks which result from adverse developments in mortality, morbidity, longevity or from epidemic/pandemic claims. These risks are evaluated by the actuaries, research centers and medical underwriters of SCOR Global Life, who analyze and use information from SCOR
Anti-selection risks are mitigated through careful product design and a well-defined medical and financial underwriting selection process. SCOR mitigates lapse risk through appropriate reinsurance treaty clauses, as well as product, client and market diversification.
The policy for the management of retrocessionaire credit risk is entrusted to the Security Committee who is responsible for analyzing the financial security of each retrocessionaire and defining the terms and conditions and limits of amounts ceded per retrocessionaire, per rating and per geographical area. The Security Committee meets regularly and pays particular attention to the retrocessionaires’ default risk in the treaty renewal period.
Forward sales and purchases of currencies are included in the financial statements, Note 8 – Derivative Instruments.”
During periods of declining interest rates, income from investments is likely to fall due to investment of net cash flows at rates lower than those of the existing portfolio (dilutive effect of new investments). During such periods, there is therefore a risk that SCOR’s return on equity objectives are not met. In addition, in these periods of declining interest rates, fixedincome securities are more likely to be redeemed early in cases where bond issuers benefit from an early redemption option and can borrow at lower interest rates. Consequently the probability of needing to reinvest the proceeds at lower interest rates is increased.
(Tribunal Supremo) on January 2013. The Supreme Court has accepted the State attorney’s appeal on 10 October 2013. As a consequence the appeal is currently pending.
Highfields Capital LTD, Highfields Capital I LP and Highfields Capital II LP covered by its excess policies. In both cases the courts have ordered adjournments of the proceedings until the appeal court of Versailles has rendered its sentence in the first case.
20.7 Litigation and arbitration procedures Please see Section 20.1.6 – Notes to the consolidated financial statements, Note 27 – Litigation.
EUR 1,512,224,741.93, dived by 191,980,457 ordinary shares. The reason for such decision of capital reduction is to avoid any dilutive effect of the exercise of stock-options upon the share capital.
Company by one of said co-owners or by a single agent, appointed by the Court in the event of disagreement.
A fee or commission is payable to the French broker, accredited intermediary or other agent involved in the transaction
21.2.9 CONDITIONS GOVERNING MODIFICATIONS TO THE SHARE CAPITAL (OTHER THAN LEGAL PROVISIONS)
THIRD-PARTY INFORMATION AND STATEMENTS BY EXPERTS AND DECLARATIONS OF ANY INTEREST
The financial statements for fiscal year 2013 are presented in accordance with the European Directive of 19 December 1991, the French Decree 94-481 of 8 June 1994, and the Order of 20 June 1994 as amended by the Order of 28 July 1995, for which the application has been extended to include reinsurance companies. The income statement was split between the
compared to EUR 741 million as at 31 December 2012 (including EUR 587 million to SCOR Global Life SE, EUR 40 million to SCOR AUBER SA, EUR 44 million to SCOR GLOBAL P&C SE and EUR 59 million to GIE Informatique).
- SCOR GLOBAL LIFE SE EUR 287 592 99.99% 471 471 951 - - 2,582 103 5 avenue Kléber, 75116 PARIS, France 5 avenue Kléber, 75116 PARIS, France 199 Water Street, NEW YORK, NY 10038-3526 USA
 On 16 May 2012, SCOR SE issued 2,248,448 additional warrants to UBS, each warrant committing UBS to subscribe for two new shares (maximum amount of EUR 75 million). As a result of the extension of the existing
EUR 75 million facility, the aggregate amount available under the combined facility upon the occurrence of natural catastrophe related trigger event will be EUR 150 million.
15.1 COMMITMENTS RECEIVED AND GIVEN IN THE ORDINARY COURSE OF BUSINESS
The guarantee given in consideration for underwriting commitments with the cedant ACE was USD 16 million
Company, in a discerning and efficient manner. Furthermore, outside of Board of Directors meetings, the Chairman and
The following table presents the results of the review of the independence of each Director made by the Board of
 Approval of the regulatory reports (Solvency report, internal control report)
The Strategic Committee is composed of Denis Kessler (Chairman), Gérard Andreck, Andreas Brandstetter, Thierry
(1) Audit Committee member since 25 April 2013 (2) Audit Committee member until 25 April 2013 3. The Risk Committee
(1) Representing Malakoff Médéric Group, Director (2) Risk Committee member since 25 April 2013 (3) Risk Committee member until 25 April 2013 4. The Compensation and Nomination Committee
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.
(A) SCOR financial strength by S&P rating must be maintained (minimum) “A” on average over two prior years; (B) SCOR Global P&C’s net combined ratio must be less than or equal to 102% on average over two prior years; (C) SCOR Global Life’s technical margin must be higher than or equal to 3% on average over two prior years; (D) The SCOR group’s ROE must be higher than (or equal to) 300 points above the risk-free rate on average over two prior years.
Because of the international activity of the Group, and to ensure a Group-wide coherent approach for managing risks and operating the internal control system, the Group uses the COSO 2 framework “Enterprise Risk Management –
November 2013, SCOR’s ERM is rated “Very Strong” by Standard & Poor’s.
Following several acquisitions, the Group has set up a functional organization structured around regional management platforms, or “Hubs”: Cologne, London, Paris and Zurich for Europe, Singapore for Asia and for the Americas’ hub, New
 Established in 2011, the Group Risk Committee meets quarterly and is a dedicated body of the COMEX in charge of the monitoring of the internal control system and risk management framework. The Group Risk
The approach used to develop the internal control system is specified in the ICS Group Policy and monitored by the
COMEX also ensures that there is an optimal risk-based allocation of capital and diversification. Under the responsibility of the Group Chief Risk Officer, the Capital Shield Strategy sets risk limits to ensure a protection of the Group’s capital in line with the strategic plan’s objectives. The Capital Shield Strategy is approved and monitored by the Group Risk
Several processes for identifying and assessing risks have been implemented to approach risk from different angles and to deal with them in an exhaustive manner. These include:  A risk information process : every quarter, the Group Risk Committee reviews the "Group Risk Dashboard"
 A Risk Enquiry process: the methodology of this process is based on interviews carried out by members of the risk functions at divisional and hub levels with senior management and subject matter experts. The risks identified during the interviews are described, assessed and assigned to risk owners. In addition, existing and planned actions mitigating the risks are documented. The Risk Enquiry can take on various forms depending on local specificities.
Department; this department manages major, serial, contentious and latent claims. In addition, audits of the clients’ claim departments are conducted by claim experts from the principal entities of SCOR in order to review important files and to provide technical support to these cedants.
Life’s but verifies the adequacy of the assumptions leading to the life division's best estimates. In some cases, the Group Actuarial Department applies a global approach and calculates a confidence interval in order to check that the reserves booked are within the said confidence interval. Similar to the P&C side, an annual report is established by the Group Actuarial Department, where the Group Chief Actuary gives his opinion on the adequacy of the reviewed booked reserves. The main objective of this report is to provide the COMEX as well as the Audit Committee an opinion on the reviewed reserving adequacy of the Life division but also to highlight the inherent uncertainties surrounding this assessment.
Monitoring of the internal control procedures falls under the remit of General Management which is supported by two departments:  the Group Risk Management Department
The entity’s financial year in which the accounts are recorded. Due to the time required to transfer information relating to a given period of cover, the ceding company’s accounting year may differ from that of the reinsurer. For reinsurers such as SCOR and its subsidiaries, which may calculate their results before receiving the accounts from the ceding company, estimates are made for ceding company information which has not been received at the date the financial statements are prepared.
In a number of countries, including France, such coverage is required as a matter of law. It is generally granted for a period of ten years after construction is completed.
The balance sheet of SCOR SE as at 31 December 2013 amounts to EUR 8,157,155,272 compared to
EUR 1,270,338,386. The debts amounted to EUR 733,629,975 including other loans of EUR 620,216,628.
III. - Profit and loss per share: a) Net Profit after taxes, and before depreciations and reserves 1.25 1.03 0.34 1.13 (1.33)
In addition, the Group pursues a policy of employee shareholding, which resulted in 221,160 shares being allocated to non-Partners in 2010, 141,020 shares in 2011, 168,440 shares in 2013.
* Data relating to Generali U.S. Holding Inc., the acquisition of which was finalized in October 2013, is excluded from this section.
(*) Sick leave, accident, maternity/paternity leave, sabbatical leave, exceptional leave are included.
Organization of employee/management dialogue 58 meetings were held with staff representatives in Europe (34 meetings in France*, 5 meetings in Italy, 6 in Switzerland, 9 meetings in Germany, 4 in Sweden).
- Establishment of specific training for a deaf employee eligible for teleworking.
SCOR has not been subject of any convictions or any litigations invoking its civil liability.
34 kg per employee and contractor). Recycled paper and paper carrying the FSC or PEFC label represented around 94% of these
SCOR follows an active policy of partnership and sponsorship, notably at a Group level in the field of scientific promotion and locally through its commitment to local communities and its support for the arts and culture.
Museum) and in the United States where the staff of SCOR Global Life America, based in Charlotte (North Carolina) are involved in fundraising campaigns for the Art & Science Council.
The group compliance framework is regularly updated to reflect tightened requirements and other developments.
We got acquainted with the direction that the Group is taking in terms of sustainability, with regard to the social and environmental consequences of the company's business and its societal commitments and, where appropriate, the actions or programs that stemmed from it.
In the event of omission of certain consolidated information, we verified that explanations were provided in accordance with the third paragraph of the article R. 225-105 of the French Commercial Code.