In addition, to ensure the continuity and security of IT services, SCOR hosts its applications on heavily secured data centers, certified as SOC2 Type 2 for the most sensitive applications. Dual-site architecture with real time data replication ensures the recovery of applications in the event of a major incident. The Group also carries out intrusion tests in order to assess the security of its systems.
The monitoring of cyber risks is integrated into a dashboard that compares the level of identified threats, the level of protection of the systems concerned, and the resulting residual risk. This dashboard is shared with the Risk Committee of the Board of Directors, as well as with the Boards of Directors of several local entities.
This support is particularly focused on the use of collaborative tools, through a set of face-to-face and virtual training courses led by internal experts, and by digitizing the training offering with the launch of the My Learning Platform.
The platform is accessible anytime, anywhere and from any device, and is designed to promote a skills-based and self-driven learning culture.
06 NON-FINANCIAL PERFORMANCE STATEMENT Note on methodology 6.6. NOTE ON METHODOLOGY
Unless stated otherwise, this consolidated statement covers SCOR SE and all its fully consolidated subsidiaries, hereinafter “SCOR” or “the
Risk description Articles L. 225-102-1 et R. 225-105, I. 1° of the French Commercial Code
Section 6.1.3.4 Management of nonfinancial risk, presentation of risks and analysis
Section 6.2.1 Human capital as a key success factor for the Group
Performance, resources and results indicators Articles L. 225-102-1 et R. 225-105, I. 3° of the French Commercial Code
Articles L. 225-102-1, III et R. 225- 105-2 of the French Commercial Code 6.7 Report by the independent third party on the consolidated nonfinancial performance statement, included in the management report
The following categories of information, referred to in Article L. 225-102-1 III of the French Commercial Code, have been excluded because of their lack of relevance to the Group’s activities: • circular economy; • eliminating food waste; • combating food insecurity; • animal welfare; • responsible, fair trade and sustainable food.
6.6.2. SOCIAL DATA: METHODOLOGY See Section 6.2.2 – social indicators and note on methodology.
6.6.3.1. SCOPE OF DATA COLLECTION Data was collected on a target scope including all active Group sites with more than 30 employees for all the reporting indicators. This target scope accounts for 84.7% of employees (as of December 31, 2020) of legal entities fully consolidated in the financial statements.
The threshold of 30 employees is not applicable for the calculation of the environmental impact due to air travel. Data relating to the use of air travel covers 90.9% of globally consolidated employees due to the exceptions stipulated in Section 6 – Scope and correspondence table, and 99.9% of them were able to report on this indicator.
A summary table has been included in Section 6.4.3.3 – Greenhouse gas emissions and voluntary offsetting, providing an overview of the rate of coverage for a selection of indicators.
Consolidated data covers a 12-month period, generally from 6.6.3.2. LIMITATIONS Due to the unavailability of data for the full year for some of the sites, an extrapolation has been carried out to estimate missing consumption data. Moreover, depending on the surface area occupied, the information collected encompasses different parameters, in particular with regards to the consolidation or nonconsolidation of the energy consumption derived from the use of services located in shared areas of the building. Where SCOR is the sole or main tenant (i.e. more than 50% of the surface area occupied by the Group’s staff), the data includes SCOR’s share of the energy consumption for the shared area. Below this threshold, this share is not included in the data collected.
Lastly, sites surveyed include other tenants’ energy and water consumption and to a lesser extent waste production. Therefore, the environmental impact of the Group is overestimated. Other tenants’ employees occupying these sites account for 8.6% of the employees of entities fully consolidated in the financial statements.
Depending on the SCOR Group site, these emissions are generated by the consumption of fuel (for heating and backup generators) and gas (for heating and the use of vehicle fleets); • “Scope 2”: indirect emissions produced by electricity consumption, steam and cooling systems. For SCOR, most of these emissions result from the generation of purchased electricity and, for some sites, from cooling (for air conditioning). For the calculation of the greenhouse emissions SCOR does not use a reduced emission factor for renewable energy if a certificate with the conversion factor to be applied is not provided for the site in question. Indeed, as the sources of renewable energy purchased are not always known, SCOR adopts a precautionary approach, using the energy mix of a given country. This approach therefore tends to slightly overestimate the Group’s carbon footprint; • “Scope 3”: other indirect emissions. This scope usually includes emissions from the use of offices (so-called depreciation), commuting, business air travel, waste and so on. In this scope, SCOR focuses on air travel (the largest source of emissions) as well as rail travel and paper purchases.
Independence and quality control Our independence is defined by the requirements of article L. 822-11-3 of the French Commercial Code and the French Code of Ethics (Code de déontologie) of our profession. In addition, we have implemented a system of quality control including documented policies and procedures regarding compliance with applicable legal and regulatory requirements, the ethical requirements and French professional guidance.
06NON-FINANCIAL PERFORMANCE STATEMENT Report by the independent third party, on the consolidated non-financial statement included in the management report
We conducted a dozen interviews with people responsible for preparing the Statement, representing in particular the General Secretariat, the Human Resources Direction and the Compliance Direction.
06 NON-FINANCIAL PERFORMANCE STATEMENT Report by the independent third party, on the consolidated non-financial statement included in the management report 310 UNIVERSAL REGISTRATION DOCUMENT SCOR 2020
APPENDIX A Person responsible for the annual report 312 1. Name and title of person responsible 312 2. Declaration by the person responsible 312
2. DECLARATION BY THE PERSON RESPONSIBLE I declare that the information contained in this Universal Registration Document is, to the best of my knowledge, in accordance with the facts and contains no omission likely to affect its import.
2019 net income appropriation in the context of Covid-19 pandemic Since March 27, 2020, the European Insurance and Occupational Pensions Authority (“EIOPA”) and the Autorité de contrôle prudentiel et de résolution (ACPR) have issued statements, on April 2, 2020, and on April 3 and 21, 2020, respectively, regarding dividend distributions in respect of the 2019 fiscal year. In its press release of April 3, the ACPR says that “insurance companies must […] refrain from proposing the distribution of dividends”.
In view of these factors, the Board of Directors of SCOR SE, in its meeting on May 25, 2020, has decided to propose to the Shareholders’ Meeting of June 16, 2020, that no dividend be distributed for the 2019 fiscal year and that the entire net income for that year be allocated to distributable earnings. All of the resolutions proposed by the Board of Directors were adopted by the Annual Shareholders’ Meeting.
Call options During the first quarter 2020, in order to fulfill commitments to beneficiaries of free share allocations, SCOR SE signed a call option agreement with BNPP allowing SCOR SE to buy its own shares after payment of a predefined exercise price. Exercise dates for this option run from March 1, 2021 to September 2, 2025. The total number of options is 4,563,633. A premium of EUR 14 million was paid in 2020 and is recorded in other assets.
New cat bond ATLAS Capital Reinsurance 2020 DAC On May 4, 2020, 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 April 30, 2020, to May 31, 2024.
The issue has received the approval of the Central Bank of Ireland (CBI) and the Irish regulatory authorities.
This new obligation was recorded as a derivative asset in “other receivables”; capital and interests are recorded in “Other liabilities” and the change in fair value is recorded in "other expenses/other operating income".
B UNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Significant events of the year
Capital decrease in the Fiducie On June 10, 2020, SCOR SE made a withdrawal of USD 20.5 million (EUR 14 million) from the Fiducie trust as the result of a reduction in its commitments towards Aegon.
Capital increase in SCOR US Corporation On June 16, 2020, SCOR SE has increased its capital into SCOR US Corporation by USD 100 million (EUR 89 million).
Capital injection in SCOR Europe SE On June 26, 2020, SCOR SE carried out a capital injection for EUR 7 million in SCOR Europe SE.
Issuance of EUR 300 million in undated subordinated note On September 17, 2020, SCOR SE issued a perpetual note for EUR 300 million. The coupon was set at 1.375% (until September 17, 2031) and will reset every 10 years from this date.
Issuance of new debts with SCOR Switzerland Asset Services AG On September 30, 2020, the subordinated debt of EUR 231 million between the german branch of SCOR SE et SCOR Switzerland Asset Services AG has expired. This debt has been replaced by the issuance of a senior debt between SCOR SE and SCOR Switzerland Asset Services AG for EUR 231 million. The coupon was set at 1%. The term is fixed on September 30, 2030.
Redemption of EUR 116 million perpetual debt On October 20, 2020, SCOR SE reimbursed perpetual debt for CHF 125 million (EUR 116 million) for the first term. This is an anticipate reimbursement.
Issuance of new debts with SCOR Life Ireland dac On November 23, 2020, SCOR SE committed into a new debt of USD 192 million (EUR 159 million) with SCOR Life Ireland dac. The coupon was set at 2.1%. The term is fixed on November 23, 2030.
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Balance sheet 2. BALANCE SHEET
Share of retrocessionaires in underwriting reserves 5.2.9 2,982 - 2,982 3,210
Due and accrued interests on rental income 42 - 42 41
B UNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Balance sheet 2.2. BALANCE SHEET – LIABILITIES
(1) Data for financial years 2020 and 2019 are before appropriation of net income.
Internal and external investment management expenses and interest expenses (31) - (31) (24)
Other commitments on investment securities, assets or revenues 450 1,123 1,573 1,079
Financial Liabilities 5.2.5. Maturity Of Assets And Liabilities 332 5.2.6. Contingency reserves 333 5.2.7. Gross underwriting reserves 333 5.2.8. Accrued income and deferred expenses 5.2.9. Transactions with subsidiaries, affiliates and others 5.2.10. Assets – liabilities by currency 335 5.3. ANALYSIS OF KEY INCOME STATEMENT ITEMS
5.3.1. Breakdown of premiums and commissions 5.3.2. Analysis of investment income and expenses 5.3.3. Analysis of general expenses by type and non recurring income or loss 5.3.4. Analysis of income tax 337 5.3.5. Stock options 338 5.3.6. Employee share ownership plans 339 5.3.7. Compensation of the corporate officer 5.3.8. Analysis of commitments given and received 5.3.9. Post balance sheet events 341 320 UNIVERSAL REGISTRATION DOCUMENT SCOR 2020
The corporate financial statements for the year ended December 31, 2020 are presented in accordance with the accounting provisions grouped under title IV of book III of the Insurance Code and with the French standard-setter (Autorité des normes comptables – ANC) regulation No. 2015-11 of November 26, 2015 approved by the Order of December 28, 2015, relative to the annual accounts of insurance undertakings, as amended by the ANC regulation No. No. 2018-08 of December 11, 2018 and by ANC regulation No. 202011 of December 22, 2020. In the absence of specific provisions in the aforementioned ANC regulation No. 2015-11, the provisions of ANC regulation No. 2014-03 relating to the general accounting plan (Plan comptable général – PCG) are applicable.
5.1.1. INTANGIBLE ASSETS Intangible assets consist of: • software acquired or created by the Company which is capitalized and amortized over a period ranging from one to five years; • Non-Life goodwill not amortized; • Life goodwill relating to the value of life business acquired in mergers is not amortized but impaired if the carrying value is higher than the net present value of the portfolio. An impairment test is performed annually; • Life goodwill relating to portfolio transfers are amortized. According to Article 214-3, the goodwill is amortized over the useful life or, if this period cannot be reliably determined, over 10 years. but impaired if the carrying value is higher than the net present value of the portfolio. An impairment test is performed annually, in the event of an allocation or reversal of depreciation, the amortization plan should be modified prospectively; • renewal rights acquired from SCOR SWITZERLAND AG.
5.1.2. INVESTMENTS Investments are initially recorded at historical acquisition cost, excluding expenses. After initial recognition, investments are valued based on the asset category to which they belong and on the length of time during which they are expected to be held.
Equity securities and other variable-income securities Equity securities and other variable-income securities are recorded at cost, excluding expenses. The realizable value as at the reporting date is determined according to regulation No. 2015-11 dated November 26, 2015 of the French standard-setter (Autorité des normes comptables – ANC). For listed securities, it corresponds to the share price at the reporting date. For unlisted securities, fair value is based on net assets.
Provision for liquidity risk A liquidity risk reserve is recorded for the possible need to liquidate assets in order to make immediate payment on major claims. This reserve is included in underwriting reserves and is recorded when the total net book value of investments assets, excluding bonds and other fixed income securities (investments valued according to Article R. 343-9 of the French Insurance Code), exceeds their fair value. Fair value corresponds to the average price calculated over the last thirty days preceding the day of the inventory or, failing that, the market price for listed shares, net asset value for unlisted shares and net realizable value for investments in subsidiaries as described in 5.2.1.
— updated mortality tables for the various plans, with turnover data for managers and salary increases; • long-term service awards: CNC (“Conseil national de la comptabilité”) Opinion No. 2004-05 dated March 25, 2004 requires the recognition of a provision for long-term service awards as from 2004.
In its Opinion No. 2008-17 dated November 6, 2008 relating to the accounting of stock options and free share allocation plans, the CNC (“Conseil national de la comptabilité”) redefined the accounting of such benefits granted to employees and the accounting for impairment of treasury shares held for such plans. In the event of delivery of existing shares, the expense should be recognized over the vesting period if the attribution of the shares is subject to the employee remaining with the Company over the vesting period. Consequently, at each period end, a provision for risk is recorded for the estimated cost (calculated as the difference between the cost to acquire the shares and nil value) to which a prorata is applied from the grant date to the end of the vesting period over the entire vesting period.
Debt issuance costs are amortized over the life of the respective borrowings. Interest on financial liabilities is included in financial expenses.
Pursuant to the provisions of Article 152-1 of regulation No. 2015-11 dated November 26, 2015 of the French standard-setter (Autorité des normes comptables – ANC), accounts not yet received from ceding companies at the end of the financial year are estimated, in order to better reflect SCOR’s reinsurance commitments in the financial statements. This method applies to most contracts underwritten during the current financial year and to prior-year contracts where relevant. Estimates of premiums and commissions not yet received from ceding companies at period end are recorded in the income statement with a consideration in the balance sheet under “Accounts receivable from reinsurance transactions”.
Outgoing/incoming portfolios Non-Life Premium portfolio entries based on the accounts of ceding companies offset the risk on accounts managed by accounting year. Non-Life premium portfolio entries represent the portion of unearned premiums paid at the start of the reinsurance contract and/or the financial year while the underlying risk (written in previous periods) relates to current or future periods. Likewise, premium portfolio withdrawals represent the portion of unearned premiums at the end of the financial year and/or of the reinsurance contract. Premium portfolio entries and withdrawals are included in the premium written and are an integral part of premium income.
A provision for claims handling expenses was recorded for EUR 9.1 million in 2020.
SCOR applies rules relating to the accounting of transactions in foreign currencies by entities subject to the Insurance Code as required by the CRC in its Opinion No. 2002-09 dated
Balance sheet positions in foreign currencies At each reporting date, items in foreign currencies are converted into euros by allocating the underlying transactions as follows: • transactions relating to assets and liabilities generating a
Pursuant to CRC Opinion No. 2002-09 dated December 12, 2002, SCOR uses fair value as accounting method for forward contracts, puts and calls on financial instruments forming part of a yield strategy.
SCOR benefited in 2020 of an additional recovery of USD 9 million (EUR 8 million) with regards to Atlas IX 2015-1, following the exceptional series of large natural catastrophes that occurred during the second half of 2017. As a reminder, the recovery in 2019 related to Atlas IX 2015-1 amounted to USD 13 million (EUR 12 million).
Atlas Capital UK On June 1, 2018, as part of its policy of diversifying its capital protection tools, SCOR sponsored a new catastrophe bond (“cat bond”), Atlas Capital UK 2018 PLC, which provides the Group with multi-year risk transfer capacity of USD 300 million to protect itself against named storms in the U.S., earthquakes in the U.S. and Canada, and windstorms in Europe.
Mangrove Insurance PCC Limited – Quota Share Longevity Retrocession Agreement On December 18, 2019, as part of its policy of diversifying its capital protection tools, SCOR entered into a structured retrocession transaction with Mangrove Insurance PCC Limited, which provides the Group with a multi-year source of retrocessional capacity. The transaction covers longevity risks arising from nine existing in-force reinsurance treaties with clients in the United Kingdom. The risk period for Mangrove Insurance PCC Limited runs from October 1, 2019 until October 1, 2048.
B UNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.2. ANALYSIS OF KEY BALANCE SHEET ITEMS
Cash deposited with other ceding companies 5,958 (28) 29 25 5,934
Shares in and advances to land and real estate companies The movements on real estate investments during the year correspond to: • an increase in SCOR Auber SAS shares through the contribution in kind of SCOR Properties II shares for a book value of EUR 245 million; • the sale of Unibail Rodamco Westfield shares for a book value of EUR 9 million; • the sale of Klepierre shares for a book value of EUR 7 million.
USD 100 million (EUR 88 million); • a capital increase in its subsidiary SGLA Holding for
USD 34 million (EUR 31 million); • a capital increase in its subsidiary SCOR Brasil Participaçoes Ltda for EUR 31 million.
Cash deposited with ceding companies At December 31, 2020, cash deposited with ceding companies breaks down are as follows: • SGL Australia ON: EUR 71 million; • SCOR RE Asia Hong Kong: EUR 23 million; • SCOR RE AP Australia BR: EUR 20 million; • SCOR UK Company Ltd: EUR 15 million; • SCOR Africa Ltd: EUR 11 million.
(EUR 292 million); • loan granted to SCOR Life Ireland dac for USD 100 million
EUR (70) million; • loan granted to SGLA Reinsurance Company decreased by
EUR (21) million; • foreign exchange impact on opening EUR (4) million.
EUR 196 million; • deposits with credit institutions for EUR 140 million.
EUR 176 million; • a net decrease in fixed deposits for EUR (15) million.
Unrealized gains and losses 1 – Real estate investments and real estate investments in process 609 606 852 246 2 – Shares and other variable-income securities (other than mutual fund units) 8,663 7,233 12,702 5,469 3 – Mutual funds units (other than those in 4) 321 319 374 55 4 – Mutual fund units exclusively invested in fixed-income securities 1,696 1,696 1,893 197 5 – Bonds and other fixed-income securities 3,981 3,978 4,052 74 7 – Other loans and similar bills 1,184 1,184 1,184 9 – Cash deposits (other than those in 8) and security deposits 93 93 93 -
Foreign currency hedging: Forward trades Yield less than 1 year 31 71 31 (22)
GY1 1GX St Peter Port, Guernesey EUR - 1 99.98% 1 1 - - - - - - • SCOR UK GROUP LTD
160 Robinson Road, SBF Center, Singapore 068914 SGD 18 (7) 83.18% 6 6 - - - 2 (2) - • SCOR EUROPE SE
c/o BNP PARIBAS SECURITIES SERVICES, 9 rue du débarcadère, 93500 Pantin France USD 91 18 100.00% 135 135 - - 126 - - - • MRM
5 avenue Kléber, 75116 Paris, France EUR 93 (8) 59.90% 56 56 - - - 10 (11) - • REMARK GROUP BV
General Guisan-Quai 26, 8022 Zurich, Switzerland EUR 735 554 100.00% 2,877 1 490 115 - 2,621 1,112 140 130 • SCOR US CORPORATION
199 Water Street, NEW YORK, NY 10038-3526 USA USD 2,100 (338) 100.00% 1,828 1 828 50 - - - (1) - • SCOR CANADA REINSURANCE COMPANY
• SCOR REINSURANCE COMPANY ASIA LTD 3201-3210 Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong USD 28 102 100.00% 215 215 - 35 222 351 99 124
• SCOR REINSURANCE ASIA PACIFIC PTE LTD 143 Cecil Street, 20-01/GB Building Singapore 69542 Singapour USD 79 (26) 100.00% 265 265 33 29 293 265 (22) -
(1) Data based on 2020 IFRS accounts. (2) SCOR guarantees with limits as to the amounts listed above, the underwriting liabilities of its (re)insurance subsidiaries pertaining in particular to their obligations relative to the payment of claims. * OC: Original Currency.
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements
5 avenue Kléber, 75116 Paris, France EUR 197 (8) 100.00% 289 289 116 - - - (2) - • SCOR REALTY SINGAPORE PTE LTD
2nd Floor, West Tower, Maude Street, Nelson Mandela Square, Sandton 2196, South Africa ZAR 345 119 100.00% 24 24 - 10 47 1,543 48 - • SCOR AUBER SAS
5 avenue Kléber, 75116 Paris, France EUR 299 9 100.00% 394 394 32 11 - - 46 14 • SCOR P&C IRELAND HOLDING LTD
36 Lower Baggot Street Dublin 2 IRELAND EUR 14 - 100.00% 29 16 - - - - - 1 • SCOR INVESTMENT PARTNERS SE
5 avenue Kléber, 75116 Paris, France EUR 16 17 100.00% 15 15 - 5 - 46 4 3 • SCOR PERESTRAKHOVANIYE.O.O.O.
10 Nikolskaya Street, 109012, Moscou, Russian Federation RUB 809 1,116 100.00% 21 21 - 10 5 2,339 200 - • FIDUCIE
• SCOR BRASIL PARTICIPACOES LTDA Avenida Paisagista José Silva de Azevedo Neto, 200 – Bloco 4 – Sala 404, Barra de Tijuca – Rio de Janeiro – Brasil BRL 245 1 100.00% 64 64 - - - - 32 -
As of December 31, 2020, no affiliate was subject to complementry impairment during the period.
Pacific Pte Ltd; • EUR 32 million with SCOR Auber SAS; • USD 34 million (EUR 28 million) with SGLA Reinsurance
As of December 31, 2019, loans and advances granted by SCOR SE to its subsidiaries amounted to EUR 790 million, breaking down as follows: • EUR 284 million with SCOR GIE Informatique; • CHF 125 million (EUR 114 million) with SCOR Switzerland AG; • EUR 112 million with SCOR Capital Partners SAS; • EUR 102 million with SCOR Auber SAS; • USD 65 million (EUR 59 million) with SCOR US Corporation; • USD 55 million (EUR 50 million) with SGLA Reinsurance
Ltd; • EUR 3 million with SCOR Management Services Ireland Ltd; • EUR 2 million with Rehalto; • USD 2 million (EUR 1 million) with GIE Colombus; • EUR 1 million with Hokodo.
Treasury shares As at December 31, 2020, the number of shares held as treasury shares amounted to 259,567 shares (0.14% of capital) for a total value of EUR 7,962,992. These shares were acquired in the context of anticipated awards to Company employees and corporate officers as part of share allocation plans.
* SCOR SE has signed a share option agreement with BNPP to which a EUR 35 million premium was paid during 2019 and 2020 and shown on the balance sheet in Treasury shares.
• The EUR 908 million net income for 2019 was allocated to retained earnings.
• The issuance of shares resulting from the exercise of stock options until December 31, 2020 for a total of EUR 3.5 million was allocated to share capital of the Company for EUR 1.5 million and to additional paid-in capital for EUR 2 million. The exercise of options resulted in the creation of 189,700 shares.
• During 2020, the Board decided upon a share capital and additional paid-in capital reduction by cancellation of 509,135 treasury shares for a total amount of EUR 21 million, EUR 4 million was allocated to share capital and EUR 17 million to additional paid-in capital.
Financial liabilities include: Subordinated liabilities • EUR 250 million in fixed rate perpetual subordinated notes was issued on October 1, 2014. The notes are redeemable by SCOR from October 1, 2025 on an annual basis on the interest payment dates. The coupon has been set at 3.875% until October 1, 2025 and will be reset every 11 years at the prevailing 11-year EUR mid-swap rate plus a margin of 3.70% thereafter.
• USD 125 million in fixed rate perpetual subordinated notes was issued on December 17, 2019. The notes are redeemable by SCOR from March 13, 2029 on an annual basis on the interest payment dates. The coupon has been set at 5.25% until March 13, 2029 and will be reset every 5 years thereafter at yield for U.S. Treasury Securities at constant Maturity (for a designated maturity of 5 years) plus the margin of 2.37%. The
B UNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements notes are hedged by a cross-currency swap. • A subordinated debt of GBP 18 million (EUR 20 million) set up between the UK branch of SCOR and SCOR Holding (UK) Ltd in December 18, 2014, with an interest rate of 4.70%.
• A subordinated debt of EUR 16 million set up between SCOR and SCOR Global P&C Ireland Ltd in December 1, 2014, with an interest rate of 3.875%.
• EUR 600 million in dated subordinated notes was issued on December 7, 2015. The notes are redeemable by SCOR from June 8, 2026 on an annual basis on the interest payment dates. The coupon has been set at 3.00% until June 8, 2026 and will be reset every 10 years at the prevailing 10-year EUR mid-swap rate +3.25%.
• EUR 250 million in dated subordinated notes was issued on June 5, 2015. The notes are redeemable by SCOR from June 5, 2027 on an annual basis on the interest payment dates. The coupon has been set at 3.25% until June 5, 2027 and will be reset every 10 years at the prevailing 10-year EUR mid-swap rate +3.20%.
Receivables on related companies and other affiliates 32 32 - - 30
Their breakdown as of December 31, 2020 is as follows: — EUR 292 million with SCOR Life Ireland dac, — EUR 231 million with SCOR Switzerland Asset Service AG, — EUR 159 million with SCOR Switzerland Asset Service AG, — EUR 5 million with SCOR Investment Partners SE.
As of December 31, 2019, the breakdown was as follows: — EUR 97 million with SCOR Switzerland AG; — EUR 81 million with SCOR Auber SAS; — EUR 10 million with SCOR Investment Partners SE; — EUR 5 million with SCOR Europe SE.
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.2.6. CONTINGENCY RESERVES
Contingency reserves amount to EUR 207 million and consist of: • EUR 126 million in reserves for post-employment benefits, of which EUR 69 million for retirement provisions and EUR 57 million for supplementary retirement; • EUR 31 million for free share allocation plans with the following maturities: EUR 18 million at 2021, EUR 8 million at 2022, EUR 5 million at 2023 and beyond; • EUR 50 million in other provisions.
As at December 31, 2020, the gross underwriting reserves amount to EUR 17,294 million, decreasing by EUR 476 million compared to 2019.
5.2.8. ACCRUED INCOME AND DEFERRED EXPENSES The analysis of accrued income and deferred expenses at December 31, 2020 is as follows: In EUR millions
B UNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.2.9. TRANSACTIONS WITH SUBSIDIARIES, AFFILIATES AND OTHERS
Share of retrocessionaires in underwriting reserves 2,169 - 813 2,982 2,212 - 998 3,210
Deferred income and accrued expenses 112 - 131 243 133 - 57 190
Accounts receivable for Atlas Cat bonds - - 100 100 - - 85 85
Derivative instrument liabilities for Atlas Cat bonds - - 109 109 - - 92 92 334 UNIVERSAL REGISTRATION DOCUMENT SCOR 2020
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.2.10. ASSETS – LIABILITIES BY CURRENCY
Surplus 5.3. Analysis of key income statement items 5.3.1. BREAKDOWN OF PREMIUMS AND COMMISSIONS
Dividends received from subsidiaries amount to EUR 342 million mainly include SCOR Switzerland AG (EUR 130 million), SCOR Reinsurance Company (Asia) Ltd (EUR 124 million), SCOR Switzerland Asset Services (EUR 30 million), SCOR Canada Reinsurance Company (EUR 24 million), SCOR UK Group Ltd (EUR 16 million) and SCOR Auber SAS (EUR 14 million).
Foreign currency transactions Foreign exchange income amounts to a EUR 11 million gain in 2020 compared to a EUR 3.1 million gain in 2019.
5.3.3. ANALYSIS OF GENERAL EXPENSES BY TYPE AND NON RECURRING INCOME OR LOSS
On December 31, 2020, the total headcount of SCOR SE is 1,240 (727 executives and 58 employees in Paris, 455 in branches).
Non-recurring result The non-recurring loss amounted to EUR 4.5 million mainly due to the following items: • litigation provision related the acquisition of MutRé in 2018 for
It breaks down into non-recurring income for EUR 2.7 million and non recurring expenses for EUR (7.1) million.
Switzerland (merger with SCOR SE in 2019) for EUR 0.8 million; • income tax expense from the branches for EUR (37.2) million including: — Germany for EUR (15.2) million, — UK for EUR (8.2) million, — Canada for EUR (6.9) million, — Netherlands for EUR (4.0) million, — India for EUR (2.3) million, — New Zealand for EUR (0.6) million, — Sweden for EUR (0.3) million, — Argentina for EUR (0.1) million, — Malaysia for EUR (0.1) million, — Italy for EUR 0.4 million.
B UNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.3.5. STOCK OPTIONS The table below summarizes the status of the various stock option plans in force in 2020: Plan
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.3.6. EMPLOYEE SHARE OWNERSHIP PLANS
Amount distributed under the profit-sharing plan 1,318 769 182 1,665 1,216
5.3.7. COMPENSATION OF THE CORPORATE OFFICER The following table presents the gross cash compensation paid in 2019 and 2020 to the Group Chairman and Chief Executive Officer: Chairman and Chief Executive Officer
Total pension benefits for the corporate officer amount to EUR 26.3 million.
B UNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.3.8. ANALYSIS OF COMMITMENTS GIVEN AND RECEIVED
Cross-currency swaps are used to hedge foreign exchange and interest rate risks of perpetual notes in USD issued in 2020: the instruments convert the principal of 2020 placements for a total of USD 750 million into EUR and the coupon on the USD 400 million tranche to 2.945%; on the USD 225 million tranche to 2.955% and on the USD 125 million tranche to 3.115%. All instruments will mature on
On June 24, 2020, SCOR SE received from CACIB and HSBC a EUR 300 million commitment as an overdraft facility.
In return of technical provisions, SCOR SE gave guarantee in the form of securities pledged to ceding companies for an amount of EUR 3,053 million (EUR 2,564 million in 2019).
(EUR 1,695 million in 2019); • SCOR Global Life America Holding Inc: EUR 1,083 million
B UNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Notes to the corporate financial statements 5.3.10. LITIGATION
On December 28, 2012, the AN issued its judgment on the appeal, annulling the decision of the CNC. The AN accepted SCOR's grounds and declared that the Company had not infringed the Competition Act. Consequently, the economic sanction imposed on SCOR by the CNC was annulled.
Legal actions against Thierry Derez, Covéa and Barclays As announced in SCOR’s press release dated January 29, 2019, the gravity of the facts brought to the attention of SCOR and its governance bodies relating to the misconduct committed to the detriment of SCOR, in the context of the preparation and submission by Covéa, on August 24, 2018, of its unsolicited takeover proposal for SCOR, compelled SCOR to initiate legal actions against Thierry Derez, Covéa SGAM, Covéa Coopérations and Barclays.
In the civil proceedings before the Commercial Court of Paris (“Tribunal de commerce de Paris”) against Thierry Derez, the Commercial Court of Paris ruled on November 10, 2020 that Thierry Derez had violated his legal and fiduciary duties and obligations as a director of SCOR in his personal capacity (regarding loyalty, conflicts of interest and confidentiality), by disclosing confidential SCOR information and documents to Covéa and its advisors with the aim of wrongfully favoring the preparation and execution of an unsolicited takeover bid for SCOR by Covéa. Thierry Derez was ordered to pay the amount of EUR 479,376, plus interest, in compensation for the damage caused to SCOR. The Court also ruled that Covéa SGAM and Covéa Coopérations had participated and benefited in full knowledge of the misconduct committed by Thierry Derez, and that the public communication of their unsolicited takeover bid for SCOR had been wrongful. Thierry Derez, Covéa SGAM and Covéa Coopérations are ordered in solidum to pay the sum of EUR 19,603,191, plus interest, in compensation for the damage caused to SCOR. Thierry Derez, Covéa SGAM and Covéa Coopérations have appealed against the judgment of
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Certification of audit of historical financial information 6. CERTIFICATION OF AUDIT OF HISTORICAL FINANCIAL INFORMATION
Opinion In compliance with the engagement entrusted to us by your Annual General Meeting, we have audited the accompanying financial statements of SCOR SE for the year ended December 31, 2020.
Independence We conducted our audit engagement in compliance with independence requirements of the French Commercial Code (code de commerce) and the French Code of Ethics (Code de déontologie) for statutory auditors, for the period from January 1, 2020 to the date of our report and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014.
It is in this complex and evolving context that, in accordance with the requirements of Articles L.823-9 and R.823-7 of the French Commercial Code (code de commerce) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the financial statements of the current period, as well as how we addressed those risks.
Measurement of technical reserves related to reinsurance contracts (see Notes 5.1.8 and 5.2.7 of the notes to the corporate financial statements)
Inherent uncertainties in the Life and Non-Life reserves’ estimates are enhanced for reinsurers because of the longer time period between the date of an occurrence and the request for payment of the claim to the reinsurer, the diversity of contract development schemes, the dependence on ceding companies for information regarding claims and differing reserving practices among ceding companies.
To cover the risk related to the technical reserves estimation, our audit approach was as follows: • we obtained an understanding of the report of the group chief actuary, as well as reports from Life and Non-Life Business Units actuaries, on the global adequacy of reserves; • we updated our understanding of the procedures and methods of measurement used in determining the technical reserves; • we obtained an understanding of the internal controls framework and tested the efficiency of key controls established by management in order to assess the completeness and reliability of the data and of the implemented models; • we appreciated, for a selection of contracts, the actuarial methods and parameters used and the assumptions chosen.
• we performed procedures to analyze differences between expected claims and occurred claims in order to control subsequently the quality of estimates performed by the management; • we realized, with our Non-life actuarial specialists integrated in the audit team, a recalculation using our own assumptions and tools of technical reserves for the most sensitive actuarial segments reserves; • for Non-Life business, we analyzed the documentation supporting the measurement of reserves related to catastrophes, both manmade and natural; • for Life and Non-Life businesses, we analyzed the documentation justifying the impact of the Covid-19 in the valuation of the technical reserves; • we included within our team members with specific skills in IT systems to perform procedures aiming at reviewing 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.
SCOR SE gross written premiums amount to EUR 7,151 million during 2020 financial year.
Your company periodically review its assumptions and estimates based on experience as well as various other factors. Actual premiums can turn out to be different from management estimates.
Observing a large portion of estimates in the written premiums of a financial year is specific to the reinsurance business. In this context, we considered the measurement of reinsurance premiums as a key audit matter.
To cover the risk on the measurement of reinsurance premiums, we implemented the following audit approach: • we obtained an understanding of the internal controls framework on processes related to Life and Non-Life premium estimates and we tested the efficiency of key controls established by management; • we examined the consistency of premiums estimates over the period, comparing them both to the operational plan prepared by management and approved by Board of Directors and to premiums actuals from previous financial years and we investigated, if any, significant differences identified.
For real estate and financial (holding) companies, fair value is calculated as the share of net assets including unrealized gains, net of tax. An impairment provision is recorded on a line-by-line basis when such values are below historical cost.
Specific Verifications We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations.
The sincerity and consistency of the information relating to the payment terms mentioned in Article D.441-4 of the French Commercial Code (Code de Commerce) with the financial statements lead us to report the following observation: As indicated in the management report, this information does not include insurance and reinsurance transactions, as your company considers that they do not fall within the scope of the information to be produced, in accordance with the circular of the Fédération Française de l’Assurance of May 22, 2017.
We attest that the Board of Directors’ report on corporate governance sets out the information required by Articles L.225-37-4 and L.22-1010 et L.22-10-9 of the French Commercial Code.
Concerning the information given in accordance with the requirements of Article L.22-10-9 of the French Commercial Code (code de commerce) relating to remunerations and benefits received by or attributed to the directors and any other commitments made in their favour, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your company from controlled companies included in the scope of consolidation. Based on these procedures, we attest the accuracy and fair presentation of this information.
BUNCONSOLIDATED CORPORATE FINANCIAL STATEMENTS OF SCOR SE Certification of audit of historical financial information
Format of the presentation of the financial statements intended to be included in the annual financial report
As at December 31, 2020, MAZARS were in the 31st year of total uninterrupted engagement and KPMG SA in the1st year.
• Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the financial statements.
• Assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein.
ACCOUNTING YEAR The entity’s financial year in which the accounts are recorded.
ELIGIBLE OWN FUNDS (EOF) Amount of capital which is available and eligible to cover the Solvency II capital requirements (SCR). It is made of the addition of the IFRS shareholder’s equity, the eligible hybrid debt and the impact of economic adjustments on the economic balance sheet. It is the numerator of the solvency ratio.
ENTERPRISE RISK MANAGEMENT (ERM) Enterprise Risk Management is a process, deployed by an entity's Board of Directors, Chief Executive Officer, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite, in order to provide reasonable assurance regarding the achievement of the entity’s objectives.
FACULTATIVE REINSURANCE Reinsurance on an item-by-item or risk-by-risk basis. Facultative reinsurance is usually written for very large-line risks. It may be either proportional or non-proportional.
GROSS WRITTEN PREMIUMS Actual and estimated premiums to be received for the period from the ceding companies. Gross premiums represent revenues for the accounting period.
INSURANCE LINKED SECURITIES (ILS) Financial instruments whose values are driven by insurance loss events. Such instruments that are linked to property losses due to natural catastrophes represent a unique asset class, whose return is uncorrelated with the returns of the general financial markets.
LEVERAGE RATIO The leverage ratio is calculated by dividing subordinated debt by the sum of shareholders’ equity and subordinated debt. The calculation excludes accrued interest and includes the impact of swaps related to subordinated debt issuances. This ratio is used to determine how much lenders are financing the Group's activities over shareholders.
LIABILITY ADEQUACY TEST (LAT) An assessment of whether the carrying amount of an insurance liability needs to be increased (or the carrying amount of related deferred acquisition costs or related intangible assets, such as VOBA, decreased), based on a review of future cash flows.
PRIMARY INSURER An insurance company that issues insurance contracts to the public generally or to certain non-insurance entities.
PROPORTIONAL (PRORATA) REINSURANCE Reinsurer’s share of claims carried by the reinsurer in proportion to its share of premiums received. Proportional reinsurance is generally written as a quota share of business or as surplus reinsurance.
REINSURANCE Procedure whereby an insurance company in turn insures itself with an outside company (the reinsurer) for part or all of the risks it covers, in return for payment of a premium.
REINSURANCE POOLS A reinsurance pool involves insurance and reinsurance companies as well as public authorities in order to spread the risks. It allows the Group to have limited and known commitments.
REINSURANCE TO CLOSE (RITC) Lloyd’s accounting practice based on a 3-year accounting process for Lloyd’s syndicates. The syndicate underwriting account is closed at the end of the third year by means of reinsurance into the following year, which reinsures all future liabilities for the closed year and all previous years.
RETURN ON INVESTED ASSETS (ROIA) The return on invested assets is used to assess the return on the Group's invested assets excluding funds withheld by cedents. This percentage return is calculated by dividing the total investment income on invested assets by the average invested assets (calculated as the quarterly averages of the total invested assets).
RISK APPETITE FRAMEWORK Consistently defines the four following concepts: SCOR’s risk appetite, SCOR’s risk preference, SCOR’s risk tolerance and “footprint” scenario.
RUN OFF The cessation of all underwriting of new business on a risk portfolio. As a result, all reserves are “run off” over time until their complete extinction. Run off may take up to several decades depending on the class of business.
SCOR GLOBAL P&C (SGP&C) AND SCOR GLOBAL P&C SE SCOR Global P&C refers to the Non-Life operating segment and all business transacted by entities in this segment. SCOR Global P&C SE refers to the legal entity.
TECHNICAL RATIO The technical ratio is a P&C indicator and is calculated as the sum of the loss ratio and commission ratio. This ratio is net of retrocession and is used to assess the net performance of reinsurance transactions excluding P&C management expenses.
UNDERWRITING CAPACITY The maximum amount that an insurance or reinsurance company can underwrite. The limit is generally determined by the company’s retained earnings and investment capital. Reinsurance serves to increase a company’s underwriting capacity by reducing its exposure to particular risks.
UNDERWRITING EXPENSES The aggregate of policy acquisition costs, including commissions, and the portion of administrative, general and other expenses attributable to underwriting activities.
UNDERWRITING YEAR The year starting with the effective date of a policy or with the renewal date of that policy; to be distinguished from the accounting year. For example, a claim may occur during the current accounting year, but relate to a policy commencing in a prior underwriting year.
VALUE OF BUSINESS ACQUIRED (VOBA) This refers to life reinsurance portfolios acquired in a business combination. It is calculated as the present value of the stream of expected future cash flows including estimates of future technical results, future investment income less future administrative expenses. The present value calculation is based on assumptions and risk discount factors relevant at the date of acquisition. VOBA is amortized over the lifetime of the underlying reinsurance portfolio and is subject to impairment testing as part of the LAT.
APPENDIX D Additional information relating to the management report of the company and the Group – Correspondence table
Shareholders' equity stood at EUR 4,147,856,141 and subordinated liabilities at EUR 2,574,031,249. Liabilities amounted to EUR 1,601,095,876 including other loans of EUR 803,299,340.
For additional information on the operating and financial situation of SCOR SE and its subsidiaries, as well as on the development of their business in 2020, see Section 1.3, Section 4 and Appendix D of the Universal Registration Document.
Article D.441 I.2: Unpaid issued bills at the end of the financial year whose term is expired 0 day (indicative )
(C ) Reference payment term used (contractual or legal term – Article L. 441-6 or Article L. 443-1 of the commercial law)
Total amount of exceptional expenditures 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 2020 totals EUR 247,881.
Add-back of general expenditures Regarding general expenditures, no tax consolidation was recorded this year.
III. Profit and loss per share a) Net profit after taxes, and before depreciations and reserves 0.63 4.69 2.71 0.05 2.87 b) Net profit after taxes, depreciations and reserves 0.59 4.85 2.59 (0.02) 3.36
Amount eligible for the deduction allowance specified by Article 158-3 of the French General Tax Code (2) EUR - EUR1.75 EUR 1.65
ADDITIONAL INFORMATION RELATING TO THE MANAGEMENT REPORT OF THE COMPANY AND THE GROUP – CORRESPONDENCE TABLE Trends in the SCOR SE share price throughout 2020
2. TRENDS IN THE SCOR SE SHARE PRICE THROUGHOUT 2020 Refer to Section 5.1.1. – Trends in the SCOR SE share price throughout 2020.
3. SOCIAL AND ENVIRONMENTAL IMPACT OF SCOR’S ACTIVITY See Section 6 – Non-financial performance statement.
5. RELATED PARTY AGREEMENTS See Section 2.3.2 – Related party transactions and agreements.
The following information and statements are fully incorporated into this Report, of which they are an integral part, in the various sections of the Universal Registration Document referred to in the correspondence table below: Management report Legal provisions Universal registration document
Articles L. 225-100-1, I., 1°, L. 232- 1, II, L. 233-6 and L. 233-26 of the French Commercial Code
Important events occurred since the closing of the last financial year Articles L. 232- 1, II, and L. 233-26 of the French Commercial Code
Articles L. 511-6 and R. 511-2-1-3 of the French Monetary and Financial Code
Information on expenses and charges not deductible from taxes Article 223 quarter of the French General Tax Code
Clients and suppliers payment terms Article D. 441-4 of the French Commercial Code
Research and development activities within the Group and SCOR SE Articles L. 232-1, II and L. 233-26 of the French Commercial Code
ADDITIONAL INFORMATION RELATING TO THE MANAGEMENT REPORT OF THE COMPANY AND THE GROUP – CORRESPONDENCE TABLE Additional information provided in the management report of the company and the Group – Correspondence table
Indication on the financial risks related to the effects of the climate change and presentation of the means taken by the Company to reduce them by implementing a low-carbon strategy at all stage of its activity
• Threshold crossing Article L. 233-13 of the French Commercial Code
• Summary statement on the transactions on titles by the persons referred to in Article L. 621-18-2 of French Monetary and Financial Code (persons discharging managerial responsibilities as well as the persons closely associated with them)
Financial sanctions and orders by the Competition Authority on express decision for anti-competition behaviors
Subsidiaries’ business overview during the financial year closed Article L. 233‐6 of the French Commercial Code and Appendix B – 5.2.1 360 UNIVERSAL REGISTRATION DOCUMENT SCOR 2020
Purchase of shareholdings during the financial year closed Article L. 233‐6 of the French Commercial Code
Article L. 22-10-9, I., 1° of the French Commercial Code and 2.2.3
The relative proportion of fixed and variable compensation Article L. 22-10-9, I., 2° of the French Commercial Code
For the Chairman of the Board of Directors, the Chief Executive Officer and each Deputy Chief Executive Officer, the ratios between the level of compensation of each of these executives and, on the one hand, the average compensation on a full-time equivalent basis of the company's employees other than corporate officers, and on the other hand, the median compensation on a full-time equivalent basis of the company's employees other than corporate officers
The annual evolution of the remuneration, of the company's performance, of the average remuneration on a full-time equivalent basis of the company's employees, other than executives, and of the ratios referred to in 6°of Article L.22-10-9, I of the French Commercial Code over at least the five most recent financial years, presented together and in a manner that allows for comparison
An explanation of how the total remuneration complies with the adopted remuneration policy, including how it contributes to the long-term performance of the company, and how the performance criteria have been applied
The manner in which the vote of the last ordinary general meeting provided for in II of Article L. 22-10-34 of the French Commercial Code was taken into account
Choice of the Board related to the means of conservation by the officers of shares granted freely and/or shares resulting from the exercise of stock options
Articles L. 225-197-1, L. 22-10-59 du code de commerce and L. 225-185 of the French Commercial Code
Reference to a corporate governance code in accordance with the principle "comply or explain” as well as location where such code can be consulted
Implementation of the principle of balanced representation of women and men within the Board
Description of the procedure implemented by the company pursuant to the second paragraph of Article L. 22-10-12 of the French Commercial Code and its implementation
Choice made of one of the two means for exercising the General Management Article L. 225-37-4, 4° of the French Commercial Code
Search for a balanced representation within the executive committee and the 10% of positions with the highest responsibility
Additional information provided in the management report of the company and the Group – Correspondence table
Share capital structure Article L. 22-10-11 of the French Commercial Code
Direct or indirect shareholding interests in the Company of which it is aware pursuant to Articles L. 233-7 (threshold crossing) and L.233-12 of the French Commercial Code (cross-shareholding)
List of the persons holding titles comprising special control rights and description thereof
Powers of the Board in particular with respect to the issuance or the redemption of shares
4.1 Legal and commercial name of the issuer 5.3.1.1 Legal and commercial name of the issuer 268
Place of registration, registration number and legal entity identifier of the issuer 5.3.1.2
Date of incorporation and the length of time of the issuer 268
Domicile and legal form of the issuer, legislation under which the issuer operates, its country of incorporation, address, telephone number of its registered office and website of the issuer
Current strategic plan, Business overview & Non-financial performance statement 8, 11 to 20
Dependency of the issuer with respect to patents or licenses, industrial, commercial or financial contracts and new manufacturing processes 1.2.6
Research and development, patents and licenses 18 to 20 5.6 Information on SCOR’s competitive position 1.3.4 Information on SCOR’s competitive position 23 5.7 Investments
Brief description of the Group and of the position of the issuer 1.2.3 Organizational structure of SCOR 9 to 11 6.2 List of issuer’s significant subsidiaries 1.2.3 Organizational structure of SCOR 9 to 11 7 OPERATING AND FINANCIAL REVIEW
7.1 Financial position 1.3.6 Financial position, liquidity and capital resources 34 to 35 7.2 Operating results 1.3.5 Revenues & earnings summary 23 to 33 8 CAPITAL RESOURCES
Restrictions on the use of capital resources that have materially affected or could materially affect, directly or indirectly, the issuer’s operations 1.3.6
Financial position, liquidity and capital resources 34 to 35 9 REGULATORY ENVIRONMENT 5.3.1.5 APPLICABLE LAWS AND REGULATIONS 268 TO 269 10 TREND INFORMATION
Information on SCOR’s competitive position & Revenues and earnings summary 23 to 33 11 PROFIT FORECASTS OR ESTIMATES N/A N/A N/A
14.1 Date of expiration of the current term of office 2.1.3 Board of Directors 43 to 71
Information on shareholdings and stock options or Company stock purchases by members of administrative and management bodies 2.2.3 Stock options and performance shares 102 to 116 15.3 Employee profit sharing plans 2.2.3 Stock options and performance shares 102 to 116 16 PRINCIPAL SHAREHOLDERS
Statement as to the absence of differences between the voting rights of various shareholders 267 16.3 Direct or indirect control by a shareholder 5.2.8.2 Direct or indirect control by a shareholder 267
Agreement which could result in a subsequent change in control 5.2.8.3
18.3 Auditing of historical annual financial information 4.9 Auditing of historical consolidated financial information 245 to 252 18.4 Pro forma financial information N/A N/A N/A
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 AMF.
(Articles L. 22-10-34 and L. 225-100-2 of the French Commercial Code)
Information about items that could affect a public offer, as required by Article L. 22-10-11 of the French Commercial Code
Information about share buybacks (Article L. 225211, paragraph 2, of the French Commercial Code)
Article L. 225-211 of the French Commercial Code 5.2 255 to 267
Statutory Auditors’ fees Article 222-3 of the General Regulation of the AMF
Article L. 225-37, last paragraph of the French Commercial Code, Article L.451-1-2 of the French Monetary and Financial Code and Article 222-3 of the General Regulation of the AMF
Statutory Auditors’ report on the report on the corporate governance prepared in accordance with Article L. 225-37 of the French Commercial Code
Article L.451-1-2 of the French Monetary and Financial Code and Article 222-3 of the General
Items of the relevant appendix Document in which the information is included Parts incorporated by reference (1)
Universal registration document filed with the AMF on March 13, 2020 under number D.20-0127
• The corporate financial statements for the financial year ended December 31, 2019 (see Appendix C – Unconsolidated corporate financial statements of SCOR SE)
• SCOR's consolidated financial statements for the financial year ended December 31, 2019 (see Section 4)
• The corporate financial statements for the financial year ended December 31, 2018 (see Appendix C – Unconsolidated corporate financial statements of SCOR SE)
(1) Parts of these documents which are not expressly included in the universal registration document are of no concern to the investor.