At the crossroads between research and the support for the arts and culture, SCOR is partnering with Louvre museum in a research program, which will last for four years on the topic of catastrophe and how it is represented. Each year, the research program is based around a specific theme, followed by seminars to report on the main results of the research conducted. A major exhibition, accompanied by a series of events and a publication, will bring the program to a close in 2016.
SCOR is also a partner to the culture and arts, notably in France (Orchestre de Paris), in Germany (Walfart Contemporary Art 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.
health and safety conditions, the environment, ethics and the way in which they must integrate these expectations into the design of their products and services.
SCOR’s procurement chain is not complex. Assistance from external service providers mainly consists of IT development and maintenance as well as maintenance and operations of the building from which SCOR conduct its activities. The diligences stated above are applied to these outsourcing contracts.
Since 2013 a Group Compliance Policy was issued summarizing SCOR’s compliance approach which includes preventive, detective and responsive measures. The Policy consolidates the overarching principles, requirements, tools and processes stated in the Group Compliance Policies and Guidelines and also contributes to SCOR’s efforts towards a more formalized/ documented approach which regulators and others increasingly require. The Policy shall also contribute to the efficient coordination of compliance activities between Group and Hub/locations as it documents current practices on interactions and reporting of Group/Hub and local compliance functions.
Aside from personal data relating to its employees, SCOR’s activities may lead to the processing of other personal data, which notably implies compliance with European Directive 2005/68/EC and with the French legislation on Data Protection and Freedoms.
Moreover, in the context of CRO Forum, SCOR participated to the drafting of a brainstorming paper in human rights and insurance. The purpose of this document is to build an understanding of why the insurance industry has to bring respect for human rights into its risk management framework and how it can address human rights issues in its business relationships with other corporations.
The Board of Directors is responsible for preparing a company’s management report including the CSR Information required by Article R. 225-105-1 of the French Commercial Code in accordance with the protocols used by the company (hereafter in the “Guidelines”), summarized in the management report and available on request from the company’s head office.
On the basis of our work, our responsibility is to:  Attest that the required CSR Information is included in the management report or, in the event of nondisclosure, that an explanation is provided in accordance with the third paragraph of article R.225-105 of the French Commercial Code (Attestation regarding the completeness of CSR Information);  Express a limited assurance conclusion that the CSR Information taken as a whole is, in all material respects, fairly presented in accordance with the Guidelines (Conclusion on the fairness of CSR Information).
We verified that the CSR Information covers the scope of consolidation, i.e., the Company, its subsidiaries as defined by article L.233-1 and the controlled entities as defined by article L.233-3 of the French Commercial Code within the limitations set out in the methodological note, presented in the sections “Methodological note” and “Environmental indicators: scope, methodology and limitations” of the management report.
We also assessed the relevance of explanations provided for any information that was not disclosed, either in whole or in part. We believe that the sampling methods and sample sizes we have used, based on our professional judgement, are 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. Due to the use of sampling techniques and other limitations inherent to
(1) ISAE 3000 Assurance engagements other than audits or reviews of historical financial information (2) Headcount on the last day of the period by gender, hub, status and type of contract; Hirings by contract type; Departures; Total compensation; Average fixed remuneration; Average bonus; Total granted shares; Distribution of Group employees on working time; Number of meetings with staff representatives; Number of European Committee meetings; Number of collective agreements signed; Number of meetings with staff representatives to discuss health and safety conditions; Number of collective agreements signed regarding health and safety at work; Number of training hours; Measures to promote equality between women and men; Number of employees with disability; Volume of sorted and recycled paper waste; Water consumption; Energy consumption; Greenhouse gas emissions; Actions to prevent corruption
APPENDIX E: GLOSSARY This glossary is a list of selected reinsurance terms. It is not a complete list of terms used in this Registration Document in the insurance or reinsurance industry.
The amount of capital that is effectively available to cover the target capital under the Solvency II framework.
A high performance bond which is generally issued by an insurance or reinsurance company. If a predefined occurrence takes place (such as an earthquake, tsunami, hurricane etc.), the bondholder loses all or part of his investment in the bond. This type of insurance-linked security allows insurance and reinsurance companies to transfer peak risks (such as those arising from natural catastrophes) to capital markets, thereby reducing their own risks.
Costs associated with the acquisition of new contracts, mainly commissions, are recorded as assets and amortized on the basis of the residual term of the contracts for Non-Life business and on the basis of the recognition of future margins for Life contracts. DAC is subject to impairment resting conducted within the liability adequacy test.
Amounts which may be deposited to the ceding company to guarantee the reinsurer’s liability. Income from securities deposited accrues to the reinsurer.
SCOR’s internal model is used to quantify the risks that SCOR faces. In particular, it is used to calculate the Solvency Capital Requirement (SCR)
Gross premiums less the portion of premiums paid for retrocession. Opposed to gross written premiums.
The rate of interest that remunerates assets with no counterparty risk. Usually, the weighted three months daily interest rates of treasury bills (T-bills) in the Euro area, the US, UK, Canada and Switzerland averaged over the period under consideration are used as proxies for the risk-free (interest) rate. The weighted average used for this calculation is based on the percentage of our managed assets denominated in the currency of each such asset.
Defines the target risk profile (assets and liabilities combined) that SCOR actively seeks in order to achieve its expected return.
Consistently defines the four following concepts: SCOR risk appetite, SCOR risk preference, SCOR risk tolerance and “footprint” scenario.
SCOR Global Life refers to the operating segment recording all business underwritten by entities in the life operating division. SCOR Global Life SE refers to the legal entity.
SCOR Global P&C refers to the operating segment and all business transacted by entities in this division. SCOR Global P&C SE refers to the legal entity.
SCOR SE refers to the legal entity SCOR SE, the issuer. SCOR SE and its consolidated subsidiaries are referred to as SCOR, SCOR Group or the Group.
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 firm from financial risk.
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 a relatively high 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 term life products. The reserve levels required under Regulation XXX increase over time and are normally in excess of reserves required under IFRS.
Statements and information relating:  To the resolutions submitted to the Shareholders’ Meeting, pursuant to the provisions of Articles R.225-83, 4°
For additional information on the operating and financial situation of SCOR SE and its subsidiaries, as well as on their activities’ development in 2015, please refer to Section 1.3, Section 4 and Appendix C of the Registration Document.
Pursuant to Article 223 quarter of the French general tax Code, we remind you that the amount of the expenses and charges referred to in Article 39.4 of said Code for 2015 totals EUR 77,288 for the previous fiscal year 2014 and the amount of taxation borne by the Company due to the non-deductibility of such charges should amount to a total of EUR 29,369.
Pursuant to the provisions of Article R.225-102 of the French commercial Code, the following table presents a summary of SCOR SE operating results during each of the last five financial years: RATIO NATURE 2015 2013 2012 2011 I. - Financial position at the end of the year a) Social Capital (EUR million) 1,518 b) Number of issued shares 192,653,095 192,757,911 192,384,219 192,021,303 c) Number of convertible bonds to shares -
II. - Global Profit and loss of effectives transactions (EUR million)
EUR 1.40 EUR 1.30 EUR 1.20 (1) Number of shares of the Company, with a nominal par value of EUR 7.8769723, existing at the moment of distribution of the related dividend, including treasury shares (actions auto-détenues) (2) For natural persons only: the dividend paid in 2013, 2014 and 2015 for the fiscal years 2012, 2013 and 2014 gave entitlement to a 40% deduction (except if the beneficiary has opted for fixed-rate taxation on dividends (prélèvement libératoire forfaitaire, as the case may be))
2 FLUCTUATION OF SCOR SE QUOTATION THROUGHOUT 2015 The following statements present the volume of transactions and the fluctuation of SCOR SE quotation on the Euronext Paris stock market throughout the financial year 2015: Total of transactions Extreme market price Year Month Volume Value (million EUR) Higher (In EUR) Lower (In EUR)
STATEMENTS DEALING WITH THE MANAGEMENT OF THE GROUP IN 2015: Analysis of the Group business development, results and financial situation Sections 1.1.1, 1.1.2, 1.3.1, 1.3.5, 1.3.6, 1.3.9, 4.1, 4.2, 4.3, 4.4, 4.5, 4.6 and 4.9 2015 fiscal year’s important events for the Group and SCOR SE Sections 1.2.2, 1.2.5, 1.3.3, 1.3.4, 1.3.5 and Appendix C-1
STATEMENTS DEALING WITH THE MANAGEMENT OF SCOR SE IN 2015: Company’s securities - Amount of issued capital, capital increase and additional information Section 2.3.1, 5.2 and Appendix C-5.2.4 - Operations performed by the Company on its own shares Section 2.3.1 - Issuance of bonds and similar securities Appendix C-5.2.3 and Section 4.6.14 - Share capital ownership and structure Section 2.3.1 - Elements which could have an impact in case of a tender offer Sections 2.3.1, 5.1 and 5.2 - Fluctuation of quotation related risks Section 3 - Employees’ shareholding in SCOR SE Sections 2.1.5, 2.2.2, 2.2.3 and 2.3.1 - Adjustment of the conversion basis for securities granting access to the share capital Section 2.3.1.5
Purchase of shareholdings in 2015 Sections 4.6.3 and 3.2.1.5 Appendix C - 5.2.1
APPENDIX G: COMMISSION REGULATION OF APRIL 29, 2004 – CORRESPONDENCE TABLE
Board of Directors & Executive Management 45 to 64 & 67 to 69
APPENDIX H: ANNUAL FINANCIAL REPORT – CORRESPONDENCE TABLE In order to assist readers of the Annual Financial Report, the following table cross-references the information required by Articles L.451-1-2 of the French Monetary and Financial Code and 222-3 of the General regulation of the Autorité des marchés financiers.
Information about share buybacks (Article L.225-211, paragraph 2, of the French Commercial Code)
FINANCIAL STATEMENTS Full-year financial statements Appendix C 249 to 280 Statutory Auditors’ report on the full-year financial statements Appendix C - 6 279 to 280 Consolidated financial statements 4 145 to 218 Statutory Auditors’ report on the consolidated financial statements 4.9 220 to 221
European Company With a share capital of EUR 1,517,523,092.82 RCS Paris B 562 033 357