My Learning Platform has become SCOR’s one-stop shop for all learning and development programs, and includes: • LinkedIn Learning which provides unlimited access to 16,000 online courses and video tutorials given by experts and covering technical subjects, business expertise, and professional efficiency; • a digital language training solution offered by Speexx, available in five languages; • SCOR-specific content produced by our SCOR experts.
6.6.1. SCOPE AND CORRESPONDENCE TABLE This consolidated non-financial performance statement was prepared in accordance with the provisions set out in Articles L. 225-102-1 and L. 22-10-36 of the French Commercial Code enacting Directive 2014/95/EU as regards the disclosure of nonfinancial and diversity information by certain large undertakings and groups.
Correspondence table with the provisions laid down in Articles L. 225-102-1 and L. 22-10-36 of the French Commercial Code
Business model description Articles L. 225-102-1 et R. 225-105, I of the French Commercial Code
Policy Articles L. 225-102-1, R. 225-104 et R. 225-105 of the French Commercial Code
Impact of SCOR’s activities relating to the respect of human rights, anti-corruption and tax evasion
Independent third party statement on the information presented in the non-financial performance statement
06NON-FINANCIAL PERFORMANCE STATEMENT Note on methodology 6.6.3. ENVIRONMENTAL DATA: METHODOLOGY The environmental data presented in Section 6.4.3 – The Group’s operations covers the Group as defined in Section 6.6.1 – Scope and correspondence table. These companies account for 90.9% of employees of fully consolidated subsidiaries.
6.6.3.3. METHODOLOGY Energy consumption is expressed in kWh/m², water consumption in m3/employee, and paper consumption in kg/employee. For some indicators, service providers and other tenants located in the premises occupied by the staff managed by the Group are taken into account.
In addition, the Group consolidates all its forms of energy consumption and presents them as an indicator, expressed in tons of CO2 equivalent. The conversion of the different energy sources into greenhouse gas emissions is performed centrally on the basis of the conversion factors taken from the “Base Carbone®” database provided by the French “Environment and Energy Management Agency” (ADEME), the Department for Environment, Food and Rural Affairs (DEFRA) database regarding air transportation emissions, and data effectively collected in each Hub. More specifically, the emissions calculated by the Group cover, with varying degrees, the following scopes of the “Greenhouse Gas Protocol”: • “Scope 1”: direct emissions from the combustion of fossil fuel.
With regards to the source of emissions (to be distinguished from the volume of emissions) within each Scope, the rate of coverage is estimated at around 100% for Scope 1 (within this scope refrigerant fluid may be a significant source of greenhouse gas emissions; volumes are not estimated) and at 100% for Scope 2. The rate of coverage for Scope 3 is limited to approximately 10% of emitting sources linked to the management of operational processes since the Group has adopted a pragmatic approach with a focus on business travel, which provides a more immediate lever and has a significant environmental footprint. Within this scope, the main sources linked to the management of operational processes that are excluded from Group environmental reporting are commuting as well as the socalled depreciation of equipment, property and some services used by the Group, such as outsourced data centers.
The change in the intensity ratio presented in Section 6.4.3.3 covers Scopes 1 and 2 described above and concerns the management of the Group's operational processes.
The main sources of greenhouse gas emissions of the Group may also include emissions stemming from investment activities. In this regard, SCOR measures the carbon footprint of its invested assets. For each investment, the data provider, ISS, collects emissions data from several different sources (e.g. CDP, the World Bank). When the data are not available, ISS provides an estimate of the carbon footprint based on a proprietary methodology. The data used cover Scopes 1 and 2, excluding sovereign bonds for which Scopes 1, 2 and 3 are covered. Then ISS calculates the financed emissions of the portfolio by taking into account SCOR’s share in the value of the company, sovereign debt, or a real estate project or an infrastructure. After computing the amount of financed emissions, this value is divided by the market value of the considered assets in order to calculate the carbon intensity in millions of euros invested.
06 NON-FINANCIAL PERFORMANCE STATEMENT Report by the independent third party, on the consolidated non-financial statement included in the management report 6.7. REPORT BY THE INDEPENDENT THIRD PARTY, ON THE CONSOLIDATED NON-FINANCIAL STATEMENT INCLUDED IN THE MANAGEMENT REPORT
In our capacity as independent third party, accredited by COFRAC under number 3-1058 (scope available at www.cofrac.fr), and member of the Mazars network of one of the company’s Statutory Auditors, we hereby report to you on the consolidated non-financial statement for the year ended December 31st 2020 (hereinafter the “Statement”), included in the Group management report pursuant to the requirements of articles L. 225-102-1, R. 225-105 and R. 225-105-1 of the French Commercial Code (Code de commerce).
The entity's responsibility The Board of Directors is responsible for preparing the Statement, including a presentation of the business model, a description of the principal non-financial risks, a presentation of the policies implemented considering those risks and the outcomes of said policies, including key performance indicators.
Responsibility of the independent third party On the basis of our work, our responsibility is to provide a report expressing a limited assurance conclusion on: • the compliance of the Statement with the requirements of article R.225-105 of the French Commercial Code; • the fairness of the information provided in accordance with article R. 225-105 I, 3° and II of the French Commercial Code, i.e., the outcomes, including key performance indicators, and the measures implemented considering the principal risks (hereinafter the “Information”).
However, it is not our responsibility to comment on the entity’s compliance with other applicable legal and regulatory requirements, in particular the French duty of care law and anti-corruption and tax avoidance legislation nor on the compliance of products and services with the applicable regulations.
Nature and scope of our work The work described below was performed in accordance with the provisions of articles A. 225-1 et seq. of the French Commercial Code, as well as with the professional guidance of the French Institute of Statutory Auditors (“CNCC”) applicable to such engagements, and with ISAE 3000 (1): • we obtained an understanding of all the consolidated entities’ activities and the description of the principal risks associated; • we assessed the suitability of the criteria of the Guidelines with respect to their relevance, completeness, reliability, neutrality and understandability, with due consideration of industry best practices, where appropriate; • we verified that the Statement includes each category of social and environmental information set out in article L. 225‑102‑1 III in HR and environmental matters, as well as information provided for in the second paragraph of Article L.22-10-36 in respect for human rights and the fight against corruption and tax avoidance legislation; • we verified that the Statement provides the information required under article R. 225-105 II of the French Commercial Code, where relevant with respect to the principal risks, and includes, where applicable, an explanation for the absence of the information required under article L. 225-102-1 III, paragraph 2 of the French Commercial Code; • we verified that the Statement presents the business model and a description of principal risks associated with all the consolidated entities’ activities, including where relevant and proportionate, the risks associated with their business relationships, their products or services, as well as their policies, measures and the outcomes thereof, including key performance indicators associated to the principal risks; • we referred to documentary sources and conducted interviews to — assess the process used to identify and confirm the principal risks as well as the consistency of the outcomes, including the key performance indicators used, with respect to the principal risks and the policies presented, and
(1) ISA 3000 - Assurance engagements other than audits or reviews of historical financial information.
— corroborate the qualitative information (measures and outcomes) that we considered to be the most important (1); concerning risks related to business ethics and ethics in data, our work was carried out on the consolidating entity, for the others risks, our work was carried out on the consolidating entity and on a selection of entities (2); • we verified that the Statement covers the scope of consolidation, i.e. all the consolidated entities in accordance with article L. 233-16 of the French Commercial Code within the limitations set out in the Statement; • we obtained an understanding of internal control and risk management procedures the entity has put in place and assessed the data collection process to ensure the completeness and fairness of the Information; • for the key performance indicators and other quantitative outcomes that we considered to be the most important (3) we implemented: — analytical procedures to verify the proper consolidation of the data collected and the consistency of any changes in those data; — tests of details, using sampling techniques, in order to verify the proper application of the definitions and procedures and reconcile the data with the supporting documents. This work was carried out on a selection of contributing entities (2) and covers between 24% and 61% of the consolidated data relating to the key performance indicators and outcomes selected for these tests; • we assessed the overall consistency of the Statement based on our knowledge of all the consolidated entities.
We believe that the work carried out, based on our professional judgement, is sufficient to provide a basis for our limited assurance conclusion; a higher level of assurance would have required us to carry out more extensive procedures.
Means and resources Our work was carried out by a team of 6 people between November 2020 and February 2021 and took a total of 7 weeks.
Conclusion Based on the procedures performed, nothing has come to our attention that causes us to believe that the consolidated non-financial statement is not presented in accordance with the applicable regulatory requirements and that the Information, taken as a whole, is not presented fairly in accordance with the Guidelines, in all material respects.
(1) HR information: Measures to promote equality between women and men Compliance information: compliance system
(2) Paris, Charlotte, Cologne. (3) HR information: Headcount at December 31st; Turnover; Total compensation; Average fixed remuneration; Average bonus; Number of meetings with staff representatives; Number of European Committee meetings; Number of collective agreements signed; Number of training hours. Environmental information: Volume of sorted and recycled paper waste; Energy consumption; Greenhouse gas emissions related to operational processes; CO2 emission / employee. IT Security information: Number of false phishing attempts.
APPENDIX B Unconsolidated corporate financial statements of scor se 313 1. Significant events of the year 313 2. Balance sheet 315 3. Income statement 317 4. Off-balance sheet commitments 319 5. Notes to the corporate financial statements 320 6. Certification of audit of historical financial information 343
APPENDIX D Additional information relating to the management report of the company and the Group – Correspondence table 355 1. Operating and financial review of SCOR SE 355 2. Trends in the SCOR SE share price throughout 2020 358 3. Social and environmental impact of SCOR’s activity 358 4. Consequences of respect of human rights, the fight against corruption and fiscal evasion 358 5. Related party agreements 358 6. Additional information provided in the management report of the company and the Group – Correspondence table 359
A PERSON RESPONSIBLE FOR THE ANNUAL REPORT Name and title of person responsible
APPENDIX A Person responsible for the annual report 1. NAME AND TITLE OF PERSON RESPONSIBLE Denis Kessler, Chairman of the Board of Directors and Chief Executive Officer of SCOR SE.
I confirm, to the best of my knowledge, that the financial statements have been drawn up in accordance with applicable accounting standards and accurately show the position of the assets and liabilities, the financial position and the net income or loss of the Company and of all businesses and firms included within the scope of the consolidated group, and that the management report, mentioned in Appendix D of this Universal Registration Document, accurately reflects the evolution of the business, the results and the financial position of the Company and of all businesses and firms included within the scope of the consolidated group, and describes the main risks and contingencies which they are faced with.
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Significant events of the year
Pursuant to Article 28 of Regulation (EC) No. 809/2004 of the European Commission, the following information is included by reference in this Universal Registration Document: (i) the corporate financial statements for the year ended December 31, 2019 and the Statutory Auditors’ report pertaining thereto published on pages 302 to 333 and 334 to 337, respectively, of the Universel Registration Document filed with the AMF on March 13, 2020 under number D.20-0127 and from pages 302 to 333 and from pages 334 to 337, respectively, of the free translation into English of the Universal Registration Document filed with the AMF with such translation being available on SCOR's website www.scor.com; (ii) the corporate financial statements for the year ended December 31, 2018 and the Statutory Auditors’ report pertaining thereto published on pages 280 to 310 and 311 to 315, respectively, of the Registration Document filed with the AMF on March 4, 2019 under number D.19-0092 and from pages 280 to 310 and from pages 311 to 315, respectively, of the free translation into English of the Registration Document filed with the AMF with such translation being available on SCOR's website www.scor.com; SCOR SE’s corporate financial statements for the financial year ended December 31, 2020 are presented below: 1. SIGNIFICANT EVENTS OF THE YEAR “Significant events of the year” are an integral part of the notes to the corporate financial statements.
In 2020, SCOR SE carried out the following significant transactions: Sale of SCOR Underwriting Ltd On January 1, 2020, SCOR SE sold SCOR Underwriting Ltd for EUR 3 million to SCOR Switzerland AG.
Capital increase in SCOR Global Life Americas Holding Inc On February 3, 2020, SCOR SE has increased its capital into SCOR Global Life Americas Holding Inc by USD 34 million (EUR 31 million).
Brazilian Holding restructuration During the first quarter 2020, a Brazilian holdings restructuration has been held. M&S Brazil Participacoes Ltda is now 100% held by SCOR Brazil Participacoes Ltda.
Partial redemption of the loan granted to SCOR Global Life America Reinsurance Company On March 30, 2020, SCOR SE received a USD 21 million (EUR 19 million) partial repayment of the loan granted to SCOR Global Life America Reinsurance Company. The outstanding balance of this loan as of December 31, 2020 amounts to USD 34 million (EUR 28 million).
Capital increase in SCOR Auber SAS by contribution in kind of SCOR Properties II shares On July 22, 2020, SCOR SE has increased its capital into SCOR Auber SAS by EUR 245 million by contribution in kind of SCOR Properties II shares that it owned.
Capital increase in SCOR Reinsurance Asia Pacific Pte Ltd On September 14, 2020, SCOR SE has increased its capital into SCOR Reinsurance Asia Pacific Pte Ltd by USD 5 million (EUR 4.2 million).
Issuance of new loan to SCOR Global Life Americas Holding Inc On November 16, 2020, SCOR SE granted a new loan of USD 352 million (EUR 292 million) to SCOR Global Life America Holding Inc.
On the same day, SCOR SE took another debt of USD 160 million (EUR 133 million). The coupon was set at 1.34%. The term is fixed on November 23, 2025.
Dividends received During 2020, SCOR SE received EUR 342 million in dividends from its affiliates (EUR 166 million in 2019).
Accrued income and deferred expenses 5.2.8 & 5.2.9 449 - 449 492
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Income statement 3. INCOME STATEMENT
In EUR millions Gross transactions Retroceded transactions 2020 net transactions 2019 net transactions
Expenses for Life reinsurance and other underwriting reserves 260 (11) 249 (127)
Internal and external investment management expenses and interest expenses (154) (160)
NET EARNINGS PER SHARE (IN EUR) 0.59 4.85 318 UNIVERSAL REGISTRATION DOCUMENT SCOR 2020
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Off-balance sheet commitments 4. OFF-BALANCE SHEET COMMITMENTS
B UNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5. NOTES TO THE CORPORATE FINANCIAL STATEMENTS
5.1. ACCOUNTING POLICIES 321 5.1.1. Intangible assets 321 5.1.3. Property, plant and equipment 322 5.1.4. Accounts receivable 322 5.1.5. Retirement commitments and similar benefits 5.1.6. Financial liabilities and subordinated liabilities 5.1.7. Recording of reinsurance transactions 5.1.8. Underwriting reserves 323 5.1.9. Acquisition costs of reinsurance transactions 5.1.10. Transactions conducted in foreign currencies 5.1.11. Principles relating to the presentation of the financial statements 5.1.12. Derivatives instruments received and given 5.1.13. Catastrophe bonds – derivative instrument 5.1.14. Catastrophe bond – Reinsurance contract 5.1.15. Quota share retrocession agreement 5.2. ANALYSIS OF KEY BALANCE SHEET ITEMS
5.2.2. Other Assets 330 5.2.3. Shareholders’ Equity 331 5.2.4. Subordinated Liabilities And
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.1. ACCOUNTING POLICIES
For active reinsurance companies, the fair value is the revaluated net assets value including the value of Life reinsurance portfolio and the forecasts of future profits in Non-Life reinsurance, net of taxes.
At each reporting date, if the carrying amount of an investment in affiliates is below its historical cost, an analysis is conducted in order to determine if an impairment loss should be recorded. The assumptions and outcome of this analysis, conducted as at December 31, 2020 are detailed in 5.2.1.
Bonds and other fixed-income securities Bonds and other fixed-income securities are recorded at cost, excluding accrued interest. In compliance with Article 122 – 1 of regulation No. 2015-11 dated November 26, 2015 of the French standard-setter (Autorité des normes comptables – ANC), the difference between cost and redeemable par value is amortized to income over the remaining period until maturity using the effective interest rate method.
No impairment is recognized for differences between net book value, as decreased or increased by the amortization of any premium or discount, and realizable value. An impairment provision is recorded only in the event of issuer default.
Cash deposited with ceding companies Within the framework of reinsurance treaties, the ceding companies can request cash deposits to guarantee the technical provisions ceded to the reinsurer. The receivables representing those cash deposits are recorded in the item “Cash deposited with ceding companies” on the asset side of the balance sheet or in the item “Investments in associates” if the ceding company is an associate company, according to the Reinsurance accounting plan (Plan comptable assurance). The remuneration of the cash deposits is contractually stipulated and at each closing date accrued interest on the cash deposited with ceding companies is recorded in the item « Accounts receivable from reinsurance transactions » on the asset side of the balance sheet.
Based on the calculations performed, such reserve was neither required nor recorded in the financial statements for 2020 or 2019.
• retirement indemnities: employees benefit from additional retirement benefits paid out in the form of lump sum capital upon retirement. The evaluation of these indemnities depends on several factors such as age, years of service and salary; • 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: 0.45%, defined with respect to high quality long-term corporate bonds with maturities consistent with the duration of the obligations evaluated,
Securities pledged as collateral by reinsurers to guarantee their commitment are presented off balance sheet at their fair value as of the reporting date.
Finite reinsurance Finite reinsurance treaties, as defined under Article L. 310-1-1 of the French Insurance Code, have to be accounted for under the provisions of regulation No. 2015-11 dated November 26, 2015 of the French standard-setter (Autorité des normes comptables – ANC).
Outgoing/incoming Life portfolios Life premium portfolio entries represent the portion of earned premiums paid at the start of the reinsurance contract and/or the financial year while the underlying risk (written in previous periods) relates to future events.
Portfolio withdrawals and portfolio entries are recorded as outgoing/ incoming premium/claim portfolios that offset the cancellation of underwriting reserves pertaining to those commitments.
The following is applicable: • outgoing or incoming premium portfolios in consideration of the cancellation of unearned premium reserves. These portfolio transfers are included in premiums in the income statement; • outgoing or incoming claim portfolios in consideration of all other underwriting reserves. These portfolio transfers are included in benefits and costs paid in the income statement.
Life business The mathematical reserves for Life reinsurance are submitted by ceding companies and completed by estimates using statistics based on historical data and information provided by business underwriters.
B UNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements
“structural” foreign currency position, primarily investments in subsidiaries and related impairments; • other transactions generating an “operational” foreign currency position.
Differences relating to the conversion of structural positions are recorded on the balance sheet whereas those relating to operational positions are recorded in income.
Off-balance sheet positions in foreign currencies The foreign currency differences on off-balance sheet positions (forward financial instruments) and the related accounts represent unrealized foreign currency gains or losses. These differences are recorded in the balance sheet in the accounts “Net translation adjustments” and “Regularization of forward financial instruments”, based on the underlying strategy.
Life/Non-Life In the corporate income statement of SCOR SE under French GAAP, the Non-Life segment encompasses personal accident/sickness reinsurance in accordance with Article 410-1 and followings of regulation No. 2015-11 dated November 26, 2015 of the French standard-setter (Autorité des normes comptables – ANC). Personal accident/sickness reinsurance is classified in the Life segment in the consolidated financial statements under IFRS.
The use of and accounting for financial instruments comply with European Directive 2005/68/EC (also known as the Reinsurance Directive), with the French General Statement of Accounting Principles (Plan comptable général) of 1982, and with French Decree No. 2002-970 dated July 4, 2002, relating to the use of forward financial instruments by French insurance companies.
Income and losses in the form of premiums or interests are recorded on a prorata basis over the life of the contract. Commitments given and received recorded at the reporting date reflect the nominal amount of ongoing transactions.
In the accounts of the company, those instruments are considered foreign exchange hedging operations.
On January 13, 2016 SCOR sponsored a catastrophe bond, Atlas IX Series 2016-1, which provides the Group with multi-year risk transfer capacity of USD 300 million for US named storms and US & Canada earthquake events. The risk period for Atlas IX 2016-1 runs from January 13, 2016 to December 31, 2019.
ATLAS Capital Reinsurance 2020 DAC SCOR has sponsored a new catastrophe bond (“cat bond”), Atlas Capital Reinsurance 2020 DAC, which provides the Group with multi-year risk transfer capacity of USD 200 million to protect itself against storms in the U.S. and earthquakes in the U.S. and Canada. The risk period for Atlas Capital Reinsurance 2020 DAC runs from
Atlas Capital UK Since June 1, 2019 SCOR sponsored a new catastrophe bond, Atlas Capital UK 2019 PLC, which provides the Group with multi-year risk transfer capacity of USD 250 million for US named storms, earthquakes in the US & Canada, and windstorms in Europe. The risk period for Atlas Capital UK 2019 runs from June 1, 2019, to May 31, 2023.
Accounting The fair value of Cat bond Atlas Capital UK 2019 PLC and Atlas Capital Reinsurance 2020 DAC is presented in "Other receivables" in the balance sheet and the payment of interests in “Other liabilities”. The change in fair value is recorded in "Other expenses/ Other operating income".
Shares in and advances to land and real estate companies 626 - 248 265 609
Cash deposited with ceding companies (related and associated companies) 600 (44) 33 438 151
Shares in and advances to land and real estate companies 3 - - - 3
Investments in affiliates The increase of investments in affiliates during the year is mainly driven by: • a capital increase in its subsidiary SCOR US Corporation for
At December 31, 2020, provisions against such investments can be analyzed as follows: • SCOR Switzerland AG: EUR 1,387 million; • SCOR P&C Ireland Holding Ltd: EUR 13 million; • SCOR Services Switzerland: EUR 11 million; • RCAN Holding Corp: EUR 11 million.
(EUR 83 million); • increase in the cash advance granted to SCOR GIE Informatique for EUR 58 million; • the cash advance to SCOR Auber SAS decreased by
Other investments Other investments of EUR 6,289 million are mainly made up of the following categories: • bonds and other fixed income securities for EUR 3,936 million; • mutual fund exclusively invested in fixed-income securities for
During the year, the change in other investments was mainly due to: • a net increase in mutual funds for EUR 226 million; • a net increase in bonds and other fixed income securities for
• investments valued according to Article R.343-9 3,863 3,860 3,934 74
• investments valued according to Article R.343-10 18,746 17,311 23,278 5,967
• investments valued according to Article R.343-13 - - - -
• investments and forward instruments issued in OECD countries 20,938 19,505 25,213 5,708
• investments and forward instruments issued in non-OECD countries 1,729 1,724 2,057 333
Foreign currency hedging: Cross currency swaps Yield more than 5 years - 2 (3) 25
Forward instrument: Cat bond Yield between 1 to 5 years 100 - (46) -
LUC 3 Minster Court, Mincing Lane, London EC3R 7DD GBP 33 (14) 100.00% 44 44 - - - - 15 16 • SCOR MANAGEMENT SERVICES IRELAND LTD
6th floor, 2 Grand Canal Square, Dublin 2 EUR - (1) 100.00% - - 1 - - 25 4 - • SCOR CAPITAL PARTNERS SAS
General Guisan-Quai 26, 8022 Zurich, Switzerland CHF 4 (40) 100.00% 13 2 - - - 117 33 - • SCOR AFRICA LTD
28,29 Sir John Rogersons Quay 2 Dublin, Ireland USD 984 890 100.00% 625 625 - 27 1,559 1,554 (14) - • SCOR GLOBAL LIFE AUSTRALIA
• REVIOS CANADA HOLDING CORP. LTD c/o Lang Michener, Brookfield Place, 181 Bay street, suite 2500, M51 2T7 Toronto, Canada CAD 1 38 100.00% 17 6 - - - - - -
• SCOR GLOBAL LIFE AMERICAS HOLDING INC. 101 South Tryon Street- 28280 Charlotte, USA USD 1,272 (76) 100.00% 1 112 1 112 292 1 1,084 1 (26) -
5 avenue Kléber, 75116 Paris, France EUR 22 - 100.00% 22 22 - 156 35 133 1 - • SCOR SWITZERLAND ASSET SERVICES AG
World Trade Centre Zuidplein 214, Amsterdam, 1077XV Amsterdam, Pays-bas EUR 2 57 100.00% 65 65 18 - - 26 2 - • SCOR GLOBAL LIFE REINSURANCE IRELAND DAC
As of December 31, 2020, loans and advances granted by SCOR SE to its subsidiaries amounted to EUR 1,180 million, breaking down as follows: • EUR 342 million with SCOR GIE Informatique; • USD 352 million (EUR 292 million) with SGLA Holding Inc; • EUR 117 million with SCOR Capital Partners SAS; • CHF 125 million (EUR 115 million) with SCOR Switzerland AG; • USD 100 million (EUR 83 million) with SCOR Life Ireland dac; • USD 75 million (EUR 62 million) with SCOR Reinsurance
Company; • USD 60 million (EUR 50 million) with SCOR US Corporation; • USD 40 million (EUR 33 million) with SCOR Reinsurance Asia-
Company; • EUR 11 million with ReMark Group BV; • USD 8 million (EUR 7 million) with ReMark Group BV; • SGD 8 million (EUR 5 million) with SCOR Services Asia-Pacific Pte Ltd; • USD 2 million (EUR 1 million) with GIE Colombus; • EUR 1 million with SCOR Management Services Ireland Ltd; • EUR 1 million with Rehalto.
Company; • USD 40 million (EUR 36 million) with SCOR Reinsurance Asia-
Pacific Pte Ltd; • SGD 18 million (EUR 12 million) with SCOR Realty Singapore Pte
Ltd; • EUR 9 million with ReMark Group BV; • SGD 8 million (EUR 5 million) with SCOR Services Asia-Pacific Pte
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.2.3. SHAREHOLDERS’ EQUITY The share capital comprising 186,730,076 shares with a par value per share of EUR 7.8769723 amounted to EUR 1,470,867,636 as at
• The Article R. 352-1-1 of the Insurance Code does not require the constitution of a legal reserve for companies subject to prudential supervision such as the Company. Therefore, the board of directors decided to allocate the entire legal reserve (EUR 74 million) to other reserves.
The balance includes EUR 39 million of accrued interest (as at December 31, 2019: EUR 44 million) and EUR (22) million of written premium.
• EUR 300 million in fixed rate perpetual subordinated notes was issued on September 17, 2020. The notes are redeemable by SCOR from September 17, 2031 on an annual basis on the interest payment dates. The coupon has been set at 1.375% until September 17, 2031 and will be reset every 10 years.
For 2020, SCOR SE recognized EUR 16.1 million in financial income from loans with related companies and EUR 68 million in interest expenses on borrowings with related companies.
Other loans, deposits and guarantees received 803 803 - - 210
Payables on related companies and other affiliates 88 88 - - 54
The item “Reinsurance estimates – assumed” is presented in “Accounts receivable from reinsurance transactions”, whereas the item “Reinsurance estimates – ceded” is presented in “Liabilities arising from reinsurance operations”.
The breakdown of the reinsurance estimates – assumed is as follows as at December 31, 2020: • reinsurance estimates ─ assumed ─ Life (EUR (82) million)
includes premiums estimates for EUR 999 million, commissions payable for EUR (292) million, claims payable amounting to EUR (869) million, and EUR 80 million of accrued interest on the cash deposit; • reinsurance estimates ─ assumed ─ Non-Life (EUR 1,254 million) includes premiums estimates for EUR 2,375 million, EUR (564) million of commissions payable, claims payable for EUR (614) million and EUR 57 million of accrued interest on the cash deposit.
The others loans, deposis and guarantees received consist of: • debt of the German branch for EUR 15 million (EUR 15 million as of December 31, 2019); • debt of the Japanese branch for EUR 3 million; • loans granted to SCOR SE by its subsidiaries for EUR 785 million.
For the Life business, the decrease of EUR 181 million is mainly driven by the decrease in assumed mathematical reserves for EUR 298 million, due to run-off businesses in Cologne and Milan branches, which is partially offset by the increase in outstanding loss reserves for EUR 95 million, mainly in New Zealand (EUR 41 million), Singapore (EUR 32 million) and Zurich (EUR 26 million) branches.
The gross technical reserves (Non-Life) decrease by EUR 295 million. This variation is explained by the decrease in outstanding loss reserves for EUR 229 million, mainly in SCOR SE Paris (EUR 148 million), Beijing (EUR 47 million) and Milan (EUR 37 million) branches, and in assumed unearned premium reserves for EUR 62 million of which Beijing branch (EUR 71 million).
Cash deposits with ceding companies 151 - 5,934 6,085 600 - 5,958 6,558
Accrued income and deferred expenses 42 - 407 449 48 - 444 492
Cash deposits received from retrocessionaires 1,093 - 86 1,179 824 - 227 1,051
Liabilities arising from reinsurance operations 151 - 647 798 443 - 642 1,085
EUR (1.8) million; • exceptional charges related to 2018-2019 invoices from ReMark for EUR 7.9 million; • sale of a transport equipment generating a profit of EUR 2.3 million.
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.3.4. ANALYSIS OF INCOME TAX The Group in France is consolidated for tax purposes and is composed of SCOR SE as the parent company of the tax group, SCOR Investment Partners SE, SCOR Europe SE, ReMark France SAS, SCOR Auber SAS, Mondot Immobilier SAS, Marbot Real Estate SAS, DB Caravelle SAS, SCOR Capital Partners SAS, SCOR Développement SAS, Château Mondot SAS, Les Belles Perdrix de Trolong Mondot EURL, SCOR IP Holdco SAS, SCOR Capital Partners 2 BV Paris Branch, SCOR Capital Partners3, Marbot Management 2 SAS and SCOR Opérations.
Under the tax agreement, SCOR SE benefits from the tax loss carryforwards of its subsidiaries, and tax benefits are transferred back to the individual subsidiary concerned in the case of future profits.
Total tax losses of the consolidated French tax group are EUR 1,428 million as at December 31, 2020 (EUR 1,205 million as at December 31, 2019).
The 2020 corporate tax loss of EUR (19.2) million relates mainly to: • contribution of subsidiaries that are consolidated for tax purposes of EUR 14.2 million; • tax credit for the tax group for EUR 2 million; • tax expense for previous financial years for EUR (0.9) million; • reversal of tax audit provision for EUR 2.4 million; • tax audit settlement for EUR (0.6) million; • reversal of income tax provision concerning SCOR Holding
In application of Articles L. 225-181 and R. 225-137 of the French Commercial Code, the Company adjusted the price of the shares corresponding to options granted and the number of shares linked to options following the capital increases of December 31, 2002, of January 7, 2004 and December 12, 2006. Thus, according to the provisions of Article R. 22891 of the French Commercial Code, the adjustment applied equalizes, to the nearest hundredth of a share, the value of shares that will be received if the rights attached to stock subscription and purchase options are exercised after the capital increase, with pre-emptive subscription rights, of the Company decided on November 13, 2006 and the value of the shares that would have been obtained has those rights been exercised prior to the capital increase.
In 2020, 189,700 options were exercised: 125,000 options exercised under the Stock option of March 18, 2010 vested on March 18, 2014, 4,300 options exercised under the stock option plan of October 12, 2010 vested on October 12, 2014, 18,500 options exercised under the stock option plan of March 22, 2011 vested on March 22, 2015, 30,000 options exercised under the stock option plan of September 1, 2011 vested on September 1, 2015, 4,900 options exercised under the stock option plan of March 23, 2012 vested on March 23, 2016, 4,750 options exercised under the stock option plan of March 20, 2014 vested on March 20, 2018 and 2,250 options exercised under the stock option plan of March 20, 2015 vested on March 20, 2019.
The amount of 2020 profit-sharing payouts has been estimated in the accounts and set aside for EUR 0.1 million.
Confirmed credits, letters of credit and guarantees given 1,416 446 3,288 2,875
In 2020, currency forward purchases and sales generated unrealized profits of EUR 36 million.
Various financial institutions provide sureties for the Company in the form of letters of credit to collateralize SCOR SE’s technical liabilities. The total amount that benefits to cedents, not included in the table above, is EUR 697 million as of December 31, 2020 (EUR 755 million in 2019).
On December 26, 2018, SCOR SE received from BNP Paribas SA a EUR 150 million commitment as an overdraft facility. This commitment remains at December 31, 2020.
As of December 31, 2020, SCOR SE has an outstanding letter of credit capacity of EUR 224 million (EUR 155 million in 2019), recognized as a commitment received from banks. This outstanding capacity can be used to provide collateral on the forthcoming underwritten business. The allocation per bank is the following: • JP Morgan: USD 88 million (EUR 73 million); • BBVA: USD 62 million (EUR 52 million); • CACIB: USD 37 million (EUR 31 million); • BNP Paribas: USD 25 million (EUR 20 million); • Citibank: USD 23 million (EUR 19 million); • Helaba: USD 21 million (EUR 17 million); • Natixis: USD 6 million (EUR 5 million); • BLB: USD 5 million (EUR 4 million); • Deutsche Bank: USD 4 million (EUR 3 million).
As of December 31, 2020, commitments given by SCOR SE for parental guarantees amount to EUR 8,879 million (EUR 8,812 million in 2019), and benefit mainly to: • SCOR Holding Switzerland AG: EUR 2,621 million
(EUR 2,466 million in 2019); • SCOR Reinsurance Company: EUR 2,029 million
(EUR 1,139 million in 2019); • SCOR Global Life Ireland dac: EUR 1,517 million
On December 21, 2009 SCOR filed an appeal to the sanctioning decision before the Administrative Chamber of the National Audience (Audiencia Nacional, or the "AN").
In addition to the litigation described above, SCOR is involved in court, arbitration and other formal or informal dispute resolution proceedings in its normal course of business. Based on Management’s assessment these current proceedings are not expected to have a significant negative impact.
These legal actions consist of: • a criminal action, by way of a direct prosecution (“citation directe”) before the Criminal Court of Paris (“Tribunal correctionnel de Paris”), against Thierry Derez, for breach of trust (“abus de confiance”); • a criminal action, by way of a direct prosecution (“citation directe”) before the Criminal Court of Paris (“Tribunal correctionnel de Paris”), against Covéa SGAM and Covéa Coopérations, for concealment of breach of trust (“recel d’abus de confiance”); • a civil action against Barclays before the High Court of Justice of London, for serious breach of confidence and trade secrets; • a civil action (“action en responsabilité civile”), before the Commercial Court of Paris (“Tribunal de commerce de Paris”), against Thierry Derez, for serious breach of his legal and fiduciary duties and obligations as a director of SCOR in his personal capacity (regarding in particular loyalty, conflicts of interest, and confidentiality) as well as SCOR’s trade secrets (“secret des affaires”); and
In the criminal proceedings by way of direct prosecution (“citation directe”) before the Criminal Court of Paris (“Tribunal correctionnel de Paris”) against Thierry Derez, Covéa SGAM and Covéa Coopérations, the hearings on the merits are expected to be held in July 2021.
This is a translation into English of the Statutory Auditors’ report on the financial statements of the Company issued in French and it is provided solely for the convenience of English speaking users.
Statutory auditors' report on the financial statements To the Annual General Meeting of SCOR SE,
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at December 31, 2020 and of the results of its operations for the year then ended in accordance with French accounting principles.
Our responsibilities under those standards are further described in the Statutory Auditors’ Responsibilities for the Audit of the Financial Statements section of our report.
Justification of Assessments - Key Audit Matters Due to the global crisis related to the Covid-19 pandemic, the financial statements of this period have been prepared and audited under specific conditions. Indeed, this crisis and the exceptional measures taken in the context of the state of sanitary emergency have had numerous consequences for companies, particularly on their operations and their financing, and have led to greater uncertainties on their future prospects. Those measures, such as travel restrictions and remote working, have also had an impact on the companies' internal organization and the performance of the audits.
The technical reserves of your company amount to EUR 4,048 million for Life reinsurance and EUR 13,246 million for Non-Life reinsurance as at December 31, 2020.
Technical reserves for Life reinsurance are submitted by ceding companies and completed by estimates calculated by Life actuaries using statistics based on historical data and information provided by underwriters. The company is required to have adequate reserves to cover its commitments after consideration of estimated investment returns, mortality, morbidity and lapse rates, and other assumptions.
• we performed, for a selection of contracts, a deep analysis of underlying assumptions taking into account the activity, the records of reinsurance accounts received, and any new information received from ceding companies; • for new contracts underwritten in 2020, we performed on a sampling basis, controls on the consistency of premium estimates based on new business information available at the underwriting department; • we included within our team members with specific skills in IT systems to perform procedures aiming at evaluating the internal control environment of the systems used by the management and test the functioning of several automated processes as well as general IT controls that support those processes.
Measurement of investments in affiliates (see Notes 5.1.2 and 5.2.1 of the notes to the corporate financial statements)
Given the weight of investments in affiliates in the financial statements, the complexity of models used and their sensitivity to changes in data and assumptions, we considered the measurement of investments in affiliates as a key audit matter.
Information given in the management report and in the other documents with respect to the financial position and the finanal statements provided to the Shareholders
In accordance with Article 222-3, III of the AMF General Regulation, the Company’s management informed us of its decision to postpone the presentation of the financial statements in compliance with the European single electronic format as defined in the European Delegated Regulation No 2019/815 of 17 December 2018 to years beginning on or after January 1st, 2021. Therefore, this report does not include a conclusion on the compliance with this format of the presentation of the financial statements intended to be included in the annual financial report mentioned in Article L. 451-1-2 I of the French Monetary and Financial Code (code monétaire et financier).
We were appointed as statutory auditors of SCOR SE by the Annual General Meeting held on June 22, 1990 for MAZARS and on June 16, 2020 for KPMG SA.
As specified in Article L.823-10-1 of the French Commercial Code (code de commerce), our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company.
As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore: • Identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
We also provide the Audit Committee with the declaration provided for in Article 6 of Regulation (EU) N° 537/2014, confirming our independence within the meaning of the rules applicable in France such as they are set in particular by Articles L.822-10 to L.822-14 of the French Commercial Code (code de commerce) and in the French Code of Ethics (code de déontologie) for statutory auditors. Where appropriate, we discuss with the Audit Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards.
ACCUMULATION The sum of all risks which are correlated such that a single insured event will affect these risks or all the underwritten lines relating to the same risk.
ADVERSE DEVELOPMENT Losses recorded during the period for which initial estimates recorded in previous accounting periods proved insufficient.
ASSET LIABILITY MANAGEMENT (ALM) Risk-management technique aimed at earning stable and adequate returns and protecting capital by simultaneously managing the duration and other relevant characteristics of assets and liabilities.
CATASTROPHE (CAT) SCOR defines a natural catastrophe as events involving several natural risks including but not limited to flood, windstorm, earthquake, hurricane, tsunami, and wildfire that give rise to an insurable loss. For reporting purposes, the Group separately considers catastrophes as events causing pre-tax losses, net of retrocession, totaling at least EUR 3 million.
CONTINGENT CAPITAL Funds that would be available under a pre-negotiated agreement if a specific contingency (such as a natural disaster) occurs.
DIRECT INSURANCE A policy taken out with an insurer by an individual or a company to cover a risk (property, service or person). This policy can either be underwritten directly with one of the insurer’s agents or via a broker who receives a commission.
FINANCIAL SOLUTIONS Financial Solutions combine traditional Life reinsurance with financial components providing liquidity, balance sheet, solvency and/or income improvements to the client. This type of reinsurance treaty is typically used by cedents to fund growth, stabilize earnings or optimize their solvency position (capital relief).
LONGEVITY Longevity products cover the risk of negative deviation from expected results due to the insured or annuitant living longer than assumed in the pricing of the cover provided by insurers or pension funds.
LOSS ADJUSTMENT EXPENSES (OR CLAIM MANAGEMENT EXPENSES) Amount related to the expenses for actual or estimated claims expenses (declared or not declared yet) that occurred in the accounting year.
MATHEMATICAL RESERVE Amount that a Life insurance or capitalization company must set aside and capitalize in order to meet its commitments to the insured.
NON-LIFE NET ATTRITIONAL RATIO The Non-Life net attritional ratio is calculated by dividing Non-Life claims (excluding claims arising from natural catastrophes) by NonLife premiums earned. This ratio is net of retrocession.
NON-PROPORTIONAL (EXCESS OF LOSS) REINSURANCE Reinsurance contract written to protect the ceding company from all or part of claims in excess of a specified amount retained (priority). This generally takes the form of excess of loss (or XL) or excess of annual loss reinsurance.
PROVISION FOR CLAIMS PAYABLE Reserve for claims reported but not settled yet. These are estimated by ceding companies and communicated to the reinsurer.
REINSURANCE TREATY Reinsurance convention between an insurer and a reinsurer defining the terms under which the risks covered by the convention are ceded and accepted. The two main categories of treaty reinsurance are proportional and non-proportional.
SOLVENCY CAPITAL REQUIREMENT (SCR) Solvency Capital Requirement i.e. required capital, under the Solvency II framework, calculated by SCOR’s internal model, ensuring the Group can meet its obligation over the following 12 months with a 99.5% probability. It is the denominator of the solvency ratio.
SPECIAL PURPOSE VEHICLE (SPV) A legal entity created to fulfill specific or temporary objectives (conduct defined activities or hold assets etc.). SPV's are typically used by companies to isolate the financial risk from the firm.
TOTAL LIQUIDITY This total displays the Group's available short-term liquidity position. It is defined as cash and cash equivalents (which include cash held by the Group on behalf of third parties), short-term government bonds maturing between three months and twelve months from the date of purchase (included in loans and receivables) and bank overdrafts.
For Lloyd’s, amount of gross written premiums net of acquisition costs underwritten by the Group through its investments in Lloyd's Syndicates.
VALUE OF NEW BUSINESS (VNB) A measure of total economic profit (or loss) after risk margin and taxes resulting from underwriting or renewing reinsurance contracts measured on a Solvency basis at the point of sale. It is calculated as the discounted present value of all the expected future Solvency II cashflows (e.g. premiums, claims, commissions, expenses, collateral costs, cost of cat bonds, etc.) and the cost of Solvency risk capital required for the new business, as at the point of sale. The VNB growth is driven by new business premium volume growth, underwriting profitability, operating efficiency and capital efficiency.
XXX (OR TRIPLE X) A regulation in the US, (NAIC Model Regulation XXX or Valuation of Life Insurance Policies Model Regulation) commonly referred to as Regulation XXX (or Triple X) which requires that US life insurance and life reinsurance companies must hold on their statutory financial statements a relatively high level of regulatory or statutory reserves for various types of life insurance business, primarily certain level term life products. The reserve levels required under Regulation XXX increase over time and are normally in excess of reserves required under IFRS.
The statements and information pertaining to the management report on the Company’s and the Group’s activities in 2020, as approved by the Board of Directors on February 23, 2021 (the “Report”), are included and presented in the 2020 Universal Registration Document (URD) which will be submitted as such to the Shareholders’ Meeting convened to approve the financial statements for the financial year ended December 31, 2020.
The total assets of SCOR SE as at December 31, 2020 amounted to EUR 27,590,968,504.
The technical result of SCOR SE as at December 31, 2020 was EUR 181,144,265 while the financial result was EUR 458,967,483.
In application of the circular of the French Insurance Federation (Fédération française de l’assurance) of May 29, 2017, information presented in the table below, does not include the transactions linked to insurance and reinsurance contracts
ADDITIONAL INFORMATION RELATING TO THE MANAGEMENT REPORT OF THE COMPANY AND THE GROUP – CORRESPONDENCE TABLE Operating and financial review of SCOR SE
D 1.2. OPERATING RESULTS OF SCOR SE IN PAST FINANCIAL YEARS
1.2.1. FIVE-YEAR FINANCIAL SUMMARY Pursuant to the provisions of Article R. 225-102 of the French Commercial Code, the following table presents a summary of SCOR SE’s operating results for each of the last five financial years: I. Financial position at the end of the year a) Social capital (in EUR millions) 1,471 1,473 1,521 1,524 1,517 c) Number of convertible bonds to shares - - - - -
b) Net profit before taxes, depreciations and reserves 138 971 508 (90) 507 d) Net profit after taxes, depreciations and reserves 110 908 499 (5) 647
(1) Subject to adjustment based on Shareholders' Meeting’s decision regarding the allocation of 2020 income.
1.2.2. DIVIDENDS DISTRIBUTED BY SCOR SE OVER THE LAST THREE FINANCIAL YEARS Over the three previous financial years, the amounts distributed by SCOR SE as dividends were as follows: Fiscal year ended on: 12/31/2019 12/31/2018 12/31/2017
STATEMENTS DEALING WITH THE MANAGEMENT OF SCOR SE AND THE GROUP IN 2020: Analysis of the Company’s and the Group’s business development, results and financial position (including the debt situation)
Situation and activity of the Company and the Group during the past year Articles L. 225-100-1, I., 1°, L. 232- 1, II, L. 233-6 and L. 233-26 of the French Commercial Code
Results of the activity of the Company, its subsidiaries and the companies under its control Articles L. 225-100-1, I., 1°, L. 232- 1, II, L. 233-6 and L. 233-26 of the French Commercial Code
Key financial performance indicators Article L. 225-100-1, I., 2° of the French Commercial Code
Non financial performance statement of the Group and SCOR SE Articles L. 225-102-1, R. 225-105, I and L. 22-10-36 of the French Commercial Code
Main risk factors and uncertainties facing the Group Article L. 225-100-1, I., 3° of the French Commercial Code
Indications on the use of financial instruments, and the Company’s objectives and policy in terms of financial risk management and market risks
Main characteristics of the internal control and risk management procedures Article L. 22-10-35, 2° of the French Commercial Code
• Transactions performed by the Company in its own shares in the framework of Articles L. 22-10-61, L. 22-10-62 and L. 22-10-63 of the French Commercial Code
• Adjustment of the conversion basis for securities granting access to the share capital Articles R. 228-90 and R. 228-91 of the French Commercial Code
Collective agreements concluded within the Company and the impact on the economic performance and work conditions of the employees (included in the Non-financial performance statement of the Group and SCOR SE)
Articles L. 225-102-1, III and R. 225- 105 of the French Commercial Code
Any deviation from the procedure for implementing the remuneration policy and any waiver applied in accordance with the second paragraph of III of Article L. 22-10-8 of the French Commercial Code, including an explanation of the nature of the exceptional circumstances and an indication of the specific elements to which a waiver is applied
Article L. 22-10-8, I., paragraph 2 of the French Commercial Code
Composition, conditions of preparation and organization of the works of the Board Article L. 22-10-10, 1° of the French Commercial Code
List of all mandates and functions exercised in any company by each corporate officer during the financial year
Limitations brought by the Board of Directors to the powers of the Chief Executive Officer Article L. 22-10-10, 3° of the French Commercial Code
Specific means for the participation of the shareholders to the Shareholders’ Meeting or provisions of the articles of association providing for such means
Control mechanism provided for in a potential employee shareholding scheme, when the voting rights are not exercised by the latter
(1) The Company did not hold any cross shareholdings in 2020.
APPENDIX E Correspondence table – Delegated regulation (EC) of March 14, 2019
Appendix 1 of the delegated regulation (EC) No. 2019/980 and No 2019/979 of the European Commission of March 14, 2019 Paragraph Pages 1 PERSON RESPONSIBLE
1.1 Name and title of person responsible Appendix A Person responsible for the Annual Report 312 1.2 Declaration by person responsible Appendix A Person responsible for the Annual Report 312 1.3 Expert 5.3.3.1 Expert’s Report 275 1.4 Third party information 5.3.3.2 Information from third parties 275 2 STATUTORY AUDITORS
2.1 Auditors 4.8 Statutory Auditors 244 2.2 Resignation or non-renewal of Auditors 4.8 Statutory Auditors 244 3 RISK FACTORS 3 RISK FACTORS AND RISK MANAGEMENT MECHANISMS 121 TO 160 4 INFORMATION ABOUT THE ISSUER
Date of incorporation and the length of time of the issuer 5.3.1.3
Important events in the development of the issuer’s business 1.3.3 Significant events of the year 22 to 23 5.4 Strategy and objectives
Appendix 1 of the delegated regulation (EC) No. 2019/980 and No 2019/979 of the European Commission of March 14, 2019 Paragraph Pages 6 ORGANIZATIONAL STRUCTURE
8.1 Information concerning the issuer’s capital resources 1.3.6 Financial position, liquidity and capital resources 34 to 35 8.2 Sources and amounts of the issuer’s cash flows 1.3.8 Cash Flows 36 8.3 Borrowing requirements and financing structure
Sources of financing relating to the material investments in progress and for which firm commitments have already been made 1.3.6
(a) Most significant trends in production, sales, inventory, costs, and selling prices since the end of the last financial year
(b) any significative change in the financial performance of the group since the end of the last financial year 1.3.10
Information on the members of the Board of Directors and Senior Management 2.1.3, 2.1.4 & 2.1.5 Board of Directors & Executive Committee 43 to 78
Administrative, management, and supervisory bodies and Senior Management conflicts of interest 2.1.3 Board of Directors 43 to 71 13 COMPENSATION AND BENEFITS 2.2 EXECUTIVE COMPENSATION AND SHARE OWNERSHIP 81 TO 117 14 BOARD PRACTICES
Information on the Audit Committee and the Compensation and Nomination Committee 2.1.4 Board of Directors’ Committees 72 to 77 14.4 Corporate governance regime 2.1.1 Corporate governance principles 42 14.5 Potential material impacts on the corporate governance 2.1.1 Corporate governance principles 42 15 EMPLOYEES
Appendix 1 of the delegated regulation (EC) No. 2019/980 and No 2019/979 of the European Commission of March 14, 2019 Paragraph Pages
16.1 Significant shareholders known to SCOR 5.2.1.1 Capital ownership 255 to 257
Statement as to the absence of differences between the voting rights of various shareholders 5.2.8.1
Agreement which could result in a subsequent change in control 267 17 RELATED PARTY TRANSACTIONS 2.3.1 RELATED PARTY TRANSACTIONS AND AGREEMENTS 118 18 FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES
18.5 Dividend distribution policy 1.1.3 Dividend distribution policy 7 18.6 Litigation and arbitration procedures 4.6.26 Litigation 242 to 243 18.7 Material change in financial situation 4.6.27 Subsequent events 243 19 ADDITIONAL INFORMATION
STATEMENT BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT APPENDIX A 312
Review of the parent company’s and consolidated Group’s net income or loss, financial position, main risks and uncertainties, and share issue authorizations
Financial Code and Article 222-3 of the General Regulation of the AMF
Sections 18.1 and 18.3 of appendix 1 of the Delegated Regulation No. 2019/980 of the European Commission of March 14, 2019
SCOR SE's registration document filed with the AMF on March 4, 2019 under number D.19-0092
• SCOR's consolidated financial statements for the financial year ended December 31, 2018 (see Section 4)
• The report of the Statutory Auditors regarding said financial statements (see Section 4.9 and Appendix C – Unconsolidated corporate financial statements of SCOR SE, §6)
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