On the date of the Shareholder’s Meeting called to approve the financial statements of the financial year ended 31 December 2013 2.2 Resignation or non-renewal of Auditors
(7) Liquidity is defined as cash and cash equivalents and short term investments comprised primarily of government bonds maturing less than 12 months from date of purchase
All of these risks, could materially affect its business, present and future revenues, net income, cash flows, financial position, and potentially, the price of its securities.
These emerging or latent risks may adversely affect SCOR’s business due to either an interpretation of the contracts leading to an extension of coverage beyond its underwriting anticipation (e.g. through inapplicability of treaty clauses) or by increasing the frequency and /or severity of claims. This would have an adverse effect on business, present and future revenues, net income, cash flows, financial position, and potentially, on the price of securities.
Life divisions where it operates may depend on external factors such as economic risks and political risks.
The insured losses may be covered under various different lines of business within the Property business such as fire, engineering, aviation, space, transport and agricultural.
Minimum Death Benefit (GMDB)” for further information on risk mitigation actions.
As a consequence of the difficulties described above regarding the reserving of risks and their annual revision in Life and Non-Life, there can be no assurance that SCOR will not have to increase its reserves in the future, or that the reserves it constituted will be sufficient to meet all its future liabilities, which could materially negatively impact its business, present and future revenues, net income, cash flows, financial position, and potentially, the price of its securities.
SCOR is exposed to credit risk through its Credit & Surety portfolio. By reinsuring the liabilities of its clients, which are insurers providing surety bonds and/or credit insurance policies, the Group must indemnify its ceding companies, for the portion that it reinsures, in the event of the default of companies on which its ceding companies are exposed.
AEGON insolvency might lead to premiums from clients no longer being passed on to SCOR, and thus potentially impair the value of business acquired (“VOBA”). Secondly, a reduction in the value of future profits could arise from a massive unexpected lapsation of policies following a deterioration of the cedant’s financial rating or standing or an event which has a negative effect on the cedant’s reputation.
Some capacities SCOR offers are not achievable solely with its current available capital. These capacities (mainly catastrophic and large industrial risks) rely on retrocession whereby it purchases, mainly on a one-year basis, additional resources that allows the Group to provide capacity to its clients. SCOR tries to reduce its dependence vis-à-vis the traditional reinsurance market by entering into alternative risk transfer solutions (e.g. the multi-year securitization of catastrophic and pandemic risk in the form of Insurance-Linked Securities ("ILS"), mortality swaps and the issuance of contingent capital facilities). For more information on SCOR’s securitization of catastrophic risk and issuance of contingent capital facilities, see “Section 6.1.4 Capital shield policy”. Nevertheless, SCOR is exposed to the risk that it may not be able to retrocede liabilities on economically viable terms and conditions.
SCOR’s assets are exposed to increased inflation or inflationary expectations, which would be accompanied by a rise in the yield curve with a consequent reduction in the market value of the fixed income portfolios. A further impact of increased inflation could be on the solvency of bond issuers; a widening of credit spreads would lead to a loss of value for the issuers’ bonds. Finally, depending on the macroeconomic environment, an increase in inflation could also reduce the value of its equities portfolio. Any negative fluctuations in equity values would lead to a similar decrease in the shareholders’ equity.
Disposals; Note 4 – Intangible Assets; and Note 19 – Income Tax.”
The Group undertakes specific reviews of its liquidity risk and considers it is able to face forthcoming settlement dates.
On 21 July 2010, the Dodd-Frank Act was enacted and signed into law. The Dodd-Frank Act effects sweeping changes to financial services regulation in the US. The Dodd-Frank Act establishes the Financial Services Oversight Council
Council regarding insurers to be designated for more stringent regulation. The Dodd-Frank Act also authorizes the federal preemption of certain state insurance laws in limited instances. The FSOC and FIO are authorized to study, monitor and report to Congress on the US insurance industry and the significance of global reinsurance to the
On 14 September 2012, SCOR announced its inclusion in the ASPI (Advanced Sustainable Performance Indices)
On 9 August 2011, SCOR has finalized the acquisition of the mortality portfolio of Transamerica Re, a part of AEGON
Global Life Americas in the US and its network of entities and representative offices in North and South America, SCOR
In connection with the October 2007 acquisition of Converium, SCOR Global Life inherited certain retrocession liabilities with regard to Guaranteed Minimum Death Benefit "GMDB" rider options attached to variable annuity policies written in the US Business of this type is not within the usual scope of the SCOR Global Life underwriting policy. These treaties are all in run-off and, as at 31 December 2013, cover in total approximately 0.5 million policies written by two cedants.
Pricing guidelines and parameters are set to provide consistency and continuity across the organization but also to take into account differences between markets and lines of business as well as the geographical location of the client and the risks insured. Parameters are revised at least once a year to consider, as the case may be, the changing market conditions and environment. Contracts that meet certain risk thresholds are subject to mandatory peer reviews that have to be performed and documented before the pricing is completed. SCOR Global P&C employs a data system which allows management to monitor and review the results from the pricing tools.
The Group seeks to reduce its dependence on traditional retrocession and diversify its strategy in light of a potentially continued volatile retrocession market by using alternative risk transfer solutions, which includes the securitization of catastrophic risk in the form of catastrophe bonds. Accordingly, on 19 February 2009, three multi-year property catastrophe agreements were concluded between SCOR and Atlas V Capital Limited (“Atlas V") and provided the Group with additional protection of USD 200 million for exposures to earthquakes and hurricanes in the US. and Puerto Rico.
6.4 Dependency of the issuer with respect to patents or licenses, industrial, commercial or financial contracts and new manufacturing processes
On 1st August 2013, SCOR announced that the dynamic management of SGPC’s portfolios led to robust June-July renewals, with premium volume growth of around 8.5% to EUR 436 million for renewals involving around 10% of renewable Treaty premiums. This growth mainly came from the US, in regional and E&S business lines (excluding natural catastrophe coverage), and from emerging countries in Latin America and Africa.
BBVA Seguros, a Spanish leading insurance company, to reinsure a whole block of life risk insurance policies written by
North American activities of SCOR Global Life, regrouped in New York (NY) and in Dallas (Texas). During December 2013, the legal entity in Texas was redomiciled to Delaware.
The 2013 results and balance sheet strength demonstrate the effectiveness of SCOR’s strategy which relies on high business and geographical diversification, focusing on traditional reinsurance activity with very limited exposure to reinsurance liabilities with economic activity risks and no material off balance sheet exposure.
The Group cost ratio (1) calculated as the total of all management expenses less certain non-controllable expenses (e.g. bad debts), legal settlements, brokerage commissions and amortizations, divided by gross written premium, was 5.1% for the year ended 31 December 2013 down from 5.3% in 2012 and 5.5% in 2011. The total expense base for the years ended 31 December 2013, 2012 and 2011 was EUR 599 million, EUR 588 million and EUR 468 million respectively, on a comparative basis.
SCOR generated a net income of EUR 549 million in 2013, compared to EUR 418 million and EUR 329 (2) million respectively for the years ended 31 December 2012 and 2011.
In 2013, SCOR's net income benefited from a strong underlying performance, a gain from bargain purchase net of transaction costs (and the latter net of taxes) related to the acquisition of the business of Generali U.S. of EUR 183 million and a prudent asset management policy of SCOR Global Investments which safeguarded shareholders’ interests whilst delivering solid returns. In 2013, the effective tax rate was 14.2%, mainly impacted by the geographical mix and the recognition of tax-exempt gains from bargain purchase for the acquisitions of Generali U.S. and MRM S.A.
Lyttleton Earthquake in New Zealand February 2011 110 (1) 113 123
(1) Resulting from best apportionment recoveries from Annual Aggregate cover based on expected payment patterns and subject to further adjustment depending upon actual payment patterns (2) Late information received from cedents in 2011
Furthermore, a substantial increase in written premiums for the protection business area was achieved in the United States of America, Germany and UK/Ireland. This growth was partially offset by a decrease in premiums in the Middle East, Latin
On 20 December 2013, SCOR put in place a new contingent capital facility with UBS, providing the Group with EUR 200 million coverage in case of extreme natural catastrophe or life events. In addition, subject to no drawdown having already been conducted under the facility, if the price of SCOR shares fall below EUR 10 an individual tranche of EUR 100 million will be drawn down out of the EUR 200 million facility. This equity line facility will replace, as at 1 January 2014, the current
Refer to Section 20.1.6 – Notes to the consolidated financial statements, Note 8 – Derivative instruments.
Whilst maintaining strict respect of the criteria defined by its strategic plan, SCOR will continue to consider any available and appropriate sources of financing to ensure continued achievement of its strategy.
“Omega.” Omega was designed to allow the tracking of clients and policyholders within the Group, grant online underwriting authorization throughout the world, track premium and claims, analyze the technical profitability of contracts, and perform quarterly closings based on the latest estimated results. The Omega database reflects the current organization of SCOR
Some segments have benefited from relatively better market conditions, leading to a 6% premium increase in Marine &
SCOR Global Life reinsurance portfolios. Only in selected markets like in Spain, and Italy and the Middle East for certain products such as Health and Group Life reinsurance, the life reinsurance industry follows the practice of annual renewals.
14.1 Information on the members of the Board of Directors and Senior Management 119 14.2 Administrative, management, and supervisory bodies and Senior Management conflicts of interest 133
The Board of Directors consists of 13 voting members (including one elected employee representative, known as the
Permanent Representative: - of Malakoff Médéric Prévoyance to the Board of
Chairman of the management board of the AXA Group until November 2001. During this same period, he was also
IBM France as a large corporate accounts manager from 1977 to 1979. From 1979 to 2005, he has been a company leader in the textile industry. Until June 2006, Guillaume Sarkozy exercised a number of responsibilities at the head of professional associations, in particular, the French Textile Industries’ Union (1993-2006), the Industrial Federations Group (2004-2006),
The Chief Executive Officer (Président-Directeur Général) has full executive authority to manage the business, subject to the prior authorization of the Board of Directors or the shareholders for certain decisions as required by law. The Chief
Benjamin Gentsch 53 Deputy Chief Executive Officer of SCOR Global P&C SE
Director: SCOR Perestrakhovaniye (Russia) SCOR (UK) Group Ltd (UK) SCOR Lime Street Limited (UK)
Director: SCOR Financial Services Limited (Ireland) SCOR Global Life SE (France) SCOR Global P&C SE (France)
Financial Officer of GE Frankona Group before becoming Chief Financial Officer of Converium Holding AG in July 2006. In
Marine, prior to joining SCOR US as Senior Vice President & Chief Financial Officer in May 2006. He was appointed SCOR
Officer of SCOR Global Life SE in September 2007. In February 2008, he was appointed Chief Executive Officer of SCOR
4,000 as special fees for his function. The payment of the directors fees is made at the end of each quarter. Moreover, the individual independent members of the Board received in 2013, the single sum of EUR 10,000 in Company’s shares, that the Director commits to keep until the end of his/her appointment. The paid amounts have been properly used to that effect.
Reminder of the specific award conditions applicable to the Corporate Officer in respect of the principles AFEP/MEDEF: The
Complementary information on the corporate governance regime are disclosed in the report of the Chairman of the Board of
The conditions of this plan are similar to those SCOR usually decides (notably with regards to the presence condition), with a vesting period of two years for the tax residents in France (and an obligation to retain shares for a period of two years after the end of the vesting period), and of four years for the beneficiaries not tax residents in France.
Requirement of presence at the company as at conditions Treasury shares
From 2 October 2013 to 2 October 2017 included No holding period 84 2,000
The amount of annual benefit is paid at Normal Retirement Date in monthly installments for life is 46% of Average Monthly Compensation, multiplied by a fraction, not exceed 1 and based on seniority upon retirement. The SCOR U.S. Group Pension Plan was frozen on 10/01/2006.
Facility Agreement signed between SCOR SE and BNP Paribas on 23 December 2008 and amended on 24 June 2010, 5 September 2011, 14 November 2011 and 20 December 2012, in order to modify the financial covenants contained in the Convention. Amendment #5 principaly aims at extending the matury date of the Convention to 31
b) Nature and purpose of the 2nd agreement Authorization to sign a short term Facility Agreement between SCOR SE, BNP Paribas and Deutsche Bank.
L. 225-38 of the French Commercial Code, of a Short term Facility Agreement signed between SCOR SE, BNP
July 2012, and in accordance with the decision of the Board of Directors dated 3 May 2012 and the subsequent commitments made by the Chairman and Chief Executive Officer during the Mixed Shareholder's Meeting of 3 May 2012, the adoption of an amendment to the regulated agreement relating to the commitments made for the benefit of the Chairman and Chief Executive Officer, the terms of which are outlined below, with respect notably to the compensation elements taken into account for the indemnity to be granted to Mr. Denis Kessler in case of his forced departure from the SCOR Group, as well as the performance conditions which this indemnity is subject to.
The first demand guarantee was signed on 10 June 2010 and was not used up to this date. It gave rise to no payment during the 2011 financial year, during the 2012 financial year and during the 2013 financial year.
At its meeting of 7 November 2006, the Board of Directors authorized, pursuant to Article L. 225-38 of the French
SCOR SE to BNP Paribas of non-material amounts during the 2011, 2012 and 2013 financial year.
On 9 November 2011, the Company’s Board of Directors authorized the signature by SCOR SE of the amendment #3
The first demand guarantee was signed on 9 November 2011. It gave rise to no payment during the financial year 9. Additional Retirement Plan
Only SCOR Global Life Reinsurance Company of America’s payment obligations, pursuant to the insurance and/or
Net income for year ended 31 December 2011 - - - - - 329 - - 329
The consolidated financial statements as at and for the year ended 31 December 2013 will be presented for approval at the
Intangible assets with indefinite useful lives are tested for impairment annually. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assumption continues to be appropriate. If not, the change in the useful life assessment from indefinite to finite is made on a prospective basis.
Participations in syndicates operating at Lloyd’s of London are accounted for on an annual accounting basis with a delay due to the transmission of information from syndicates that the Group does not control. The Group recognizes its proportionate share of the syndicates insurance and reinsurance premiums as revenue over the policy term, and claims, including an estimate of claims incurred but not reported. On the closure of an underwriting year, typically three years after its inception, syndicates reinsure all remaining unsettled liabilities into the following underwriting year, a mechanism known as Re-Insurance To Close (“RITC”). If the Group participates on both the accepting and ceding years of account and has increased its participation, RITC paid is eliminated, as a result of this offset, leaving an element of the RITC receivable. This
For management purposes the Group is organized into two operating segments and one corporate cost center: Group
Change in gross unearned premiums (4) (71) - - (75) 3 (150) - - (147) (7) (180) - - (187)
Assets and liabilities by geographic region are based on the location of the subsidiary.
The total consideration amounted to EUR 573 million (USD 774 million) (1).
GENERALI U.S.: STATEMENT OF INCOME FROM ACQUISITION DATE TO 31 DECEMBER 2013 In EUR million (1)
The consideration paid by SCOR amounted to EUR 573 million. The cash and cash equivalents of Generali U.S. purchased in the transaction amounted to EUR 583 million.
Fair values have been determined by independent appraisers, having recent experience in the location and category of investment property assessed and approved by the domestic regulators (l’Autorité de Contrôle Prudentiel et de Résolution in
EUR (12) million in 2011 after tax for consideration of USD 57 million (EUR 41 million) received.
Carrying value as at 31 December 2012 788 1,031 122 1,941
Payments for operating leases relate primarily to rent payments for offices and business premises of the Group. They include extension options as well as restrictions regarding subleases. In the period under review, minimum lease payments of EUR 18 million (2012: EUR 29 million; 2011: EUR 26 million) were recognized as an expense, net of sublease payments of EUR (3) million (2012: EUR (6) million; 2011: EUR (4) million). The main lease contracts are for the US and Zurich offices.
The minimum payments are as follows: In EUR million Minimum payments Minimum payments
Available for sale investments included approximately EUR 76 million of investments which are measured at cost (2012: EUR 72 million). These investments include primarily equities and funds which are not listed.
Total cash and cash equivalents include short term deposits and investments, which mature less than three months from the date of the initial investment and earn interest based on the daily rates for short term deposits. Money market funds meeting certain criteria are also classified as cash equivalents.
Share capital increase – exercise of stock options – 30 April 2011 - - 1,000
Share capital increase – exercise of stock options – 31 January 2012 - 17,486 -
Share capital increase – exercise of stock options – 30 November 2012 - 5,566 -
Share capital increase – exercise of stock options – 31 December 2012 - 51,757 -
The shares issued in 2013, 2012 and 2011 were issued at a nominal price of EUR 7.8769723 per share.
The Group’s capital management policy is to optimize the utilization of its capital and debt structure in order to maximize the short term and long term profitability to shareholders while at the same time providing its customers with an adequate level of security as measured by internal capital allocation models, rating agencies and national regulators.
SCOR has entered into a cross-currency swap which exchanges CHF 250 million of the principal into EUR and exchanges the CHF coupon on the notes to EUR 6.2855% and matures on 8 June 2018. SCOR has entered into a second crosscurrency swap which exchanges CHF 65 million of the principal into EUR and exchanges the CHF coupon on the notes to
In EUR million 2003 2004 2005 2006 2007(1) 2008(1) 2009(1) 2010(1) 2011(1) 2012(1) 2013(1) Gross claims reserves & estimates – end of year (2) 7,045 6,135 6,310 5,791 9,325 9,127 9,156 9,696
Ceded claims reserves and claims estimates as at 31 December (629) (690)
In connection with its October 2007 acquisition of Converium Holdings AG (“Converium”), SCOR Global Life inherited certain retrocession liabilities with regard to Guaranteed Minimum Death Benefit (GMDB) rider options attached to variable annuity policies written in the US.
SCOR Global Life is exposed to losses, through higher death claims, if these funds experience a decline in value. These funds are not held by SCOR Global Life. The assets remain with the originating ceding companies.
The main defined benefit pension plans and other long term benefits relate mainly to Switzerland, North America, France and Germany. These locations represent 38%, 27%, 17% and 13% respectively, as at 31 December 2013, (44%, 20%, 17%
The actual returns on plan assets were EUR 10 million for the year ended 31 December 2013 (2012: EUR 12 million and 2011: EUR 3 million).
Fair value of assets as at 31 December 179 25 97 57 145 23 89 33 125 16 78 31
Government Bonds 11 10% - 28% Corporate Bonds 57 2% 56% 20% Property 15 - 17% - Insurance Contracts 13 54% - -
The share-based payment plans are described below. There have been no cancellations or modifications to any of the plans during 2013.
(1) The historical volatility used to determine the fair value of stock options is based on the historical volatility over periods corresponding to the expected average maturity of the options granted, which is partially adjusted to eliminate extreme deviations and to better reflect long term trends.
Theoretical income tax at 38.00% (for 2013) and 36.10% (for 2012 and 2011) (243) (190) (119)
Other operating and administrative expenses include expenses incurred by the Group, excluding gross commissions, as follows: Taxes other than income taxes 16 18 12
The total gross cash compensation of key management personnel for 2013, 2012, and 2011 financial years is presented below: (b) Post-employment benefits
In the event of a change in the structure of the share capital of the Company, if a member of the Executive Committee is dismissed (except for reason of serious or gross misconduct) or if he decides to resign, he will benefit from (i) a cash payment equal to the amount of fixed and variable compensations paid to him by the Group for the one financial year prior to his departure, (ii) a cash payment compensating him for his inability to exercise stock options granted prior to his departure date and which he would otherwise be unable to exercise due to the vesting period conditions set forth in the applicable stock option plan, in an amount to be determined by an independent expert using the “Black-Scholes” pricing model, and (iii) a cash payment compensating him for his inability to definitively acquire Ordinary Shares granted to him for free prior to his departure and which he would otherwise be unable to acquire due to the terms and conditions of the applicable free share allocation plan. The amount of this cash payment is equal to the product of the number of shares concerned by the average value of the opening prices of the Ordinary Shares of SCOR SE in the Paris Stock exchange during the twenty trading days preceding the date of the change in the structure.
SCOR Global Life USA Reinsurance Company United States 100.00 100.00 - - Full
SCOR UK Company Limited United Kingdom 100.00 100.00 100.00 100.00 Full
Minimum payments under operating lease commitments, estimated minimum rental income amounts received by SCOR as part of its real estate investment activities and commitments to purchase properties are included within Note 5 – Tangible assets and property related commitments and Note 6 - Insurance business investments.
Non-Life insurance and reinsurance businesses are cyclical. Historically, reinsurers have experienced significant fluctuations in operating income due to volatile and unpredictable developments, many of which are beyond the control of the reinsurer including primarily, frequency or severity of catastrophic events, levels of capacity offered by the market, general economic conditions and to the competition level.
Department and by the Risk Management Department and, where applicable, the Finance Department. These departments are located in Cologne and Paris. Cases which may have a significant impact on the balance sheet of the Group are additionally reviewed by the Group Risk Management function. Thresholds or conditions for a referral to Group Risk
In order to reduce risks linked to potential behavior of insured persons, SCOR Global Life carries out a thorough assessment of the client, the client’s target clientele, the market and the design of the insurance product.
SCOR’s retrocession departments regularly monitor its exposure to retrocessionaires by taking into account all relevant accounting balances (estimated and actual claims, premiums, reserves and deposits, pledges and security deposits).
The analysis of the balance sheet reserve movements, including net paid losses is included in Note 16 - Contract Liabilities.
 For the business written in the UK, Scandinavia, US (traditional, non-savings products), and France (excluding
The market sensitivities of the Group are estimated as follows: In EUR million Income (2) (3) Equity (2) (3) Income (2) (3) Equity (2) (3) Income (2) (3) Equit
Litigation matters give rise to an accrual when they meet the recognition requirements of a provision under IAS 37 provision, contingent liabilities and contingent assets. See note 15 – Contingency reserves for the detail of accruals booked. In certain instances, in accordance with IAS 37.92, some required information, in particular the amount of accruals, are not disclosed as they are expected to prejudice seriously the position of SCOR in a dispute with other parties.
Delegation of powers granted by the Extraordinary Shareholders' Meeting of 25 April 2013 13th resolution (Delegation of powers to the Board of Directors for the purpose of deciding upon the incorporation of profits, reserves or premiums into the share capital)
French corporate law and the Company’s bylaws provide for prior approval and control of transactions entered into between, directly or indirectly, the Company and one of its Directors, Chief Executive Officer (Directeur Général), Chief Operating
(Directeur Général) and Chief Operating Officers (Directeurs Généraux Délégués) may not borrow money or obtain a guarantee from the Company. Any such loan or guarantee would be void and may not be relied upon by third parties.
dividend or interim dividend in the form of Ordinary Shares. The determination of the portion, if any, of the annual dividend that each shareholder will have the option to receive in Ordinary Shares is also made at the ordinary general meeting of shareholders following a recommendation by the Board of Directors.
We maintain a share account with Euroclear France in respect of all Ordinary Shares in registered form (the “Company
(computed on the basis of a formula related to capitalization which on the basis of the outstanding share capital as at 30
The Board of Directors of the Company may also determine that shareholders may participate in and vote at any
Directors - II. Internal control and risk management procedures;  Flaspöhler study quoted in Section 6.5.2 – Life Reinsurance.
1.1 Significant events of the year 336 1.4 Off-balance sheet commitments 342 1.5 Notes to the corporate financial 1.6 Certification of audit of historical financial information 364 1.7 Reconciliation of French GAAP to IFRS 366
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 assets, excluding bonds and other fixed income securities (investments valued according to article R. 332-19 of the French Insurance Code), exceeds their fair value. The fair value corresponds to the market price for listed shares, the net asset value for unlisted shares and the net realizable value for investments in subsidiaries as described in Note 2.1.
In Opinion 2008-17 dated 6 November 2008 relating to the accounting of stock option and share purchase and underwriting plans and free share allotment plans, the CNC 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 the delivery of existing shares, the expense should be recognized over the vesting period if the attribution of shares is based on the employee remaining with the company over the vesting period. As such, at each period end, a provision for risk is recorded for the pro rata of the estimated cost (calculated as the difference between the cost to acquire the shares and nil value) to which the pro rata of the expired period, from date of attribution, to the entire vesting period is applied.
Shares in and advances to land and real estate companies 151 - 56 - 207
As at 31 December 2013, loans and advances granted by SCOR SE to its subsidiaries totaled EUR 1,122 million (including
Guarantees and pledges given (2) Turn over (1) Net income (1) Dividends received
 The reinsurance estimates ─ assumed ─ Non-Life (EUR 1,267 million net) includes premiums for EUR 771 million, commissions payable of EUR (193) million and claims to repay for EUR 688 million.
 The issuance of shares relating to the exercise of options through 31 December 2013 for a total of
SCOR Global P&C SE, SCOR Global Life SE, SCOR SOUTH AFRICA and SCOR PERESTRAKHOVANIYE as well as the Chinese branch's activity.
SCOR SE has signed agreements with different financial institutions concerning the granting of letters of credit for EUR 580 million.
(see Registration Document 2011 for more information) and at the expiration of the deadlines for opposition by the parties, these agreements have become final and will allow for stipulated distributions by the parties, withdrawn from a sequestered bank account in place at the time of the signing of the settlement agreements. The matter is therefore concluded for SCOR and has no further supplementary financial impact for SCOR.
Directors in 2014, based on the proposal of the Compensation and Nomination Committee, with regard to the criteria stated above: Denis Kessler No No No Yes Yes Yes Yes Yes No
(1) This does not include the Board Members whose appointments ended on 25 April 2013
The Risk Committee meetings lasted approximately 2 to 3 hours in 2013.
EUR 10,000 in Company’s shares, that the Director commits to keep until the end of his appointment. The paid amounts have been properly used to that effect.
Department. It was presented to the Audit Committee on 3 March 2014 and approved by the Board of Directors of SCOR
Board of Directors, the underwriting plan, the financial policy, the investment policy, the risk management policy, and the allocation and management of the resources. In addition, the COMEX supervises the functioning of the Group and the Hubs through a quarterly monitoring of the bodies contributing to the sound administration of the Group. It meets on a weekly basis and all the COMEX members report to the Chairman and Chief Executive Officer of SCOR SE.
Department assesses the internal control system effectiveness. Any level of effectiveness assessed as insufficient leads to management remediation actions followed up by the Group Internal Audit.
As mentioned, the COMEX defines the procedures for implementing the strategy and reviews the consistency of the operational plans or policies (e.g. underwriting, finance, retrocession, information technology) with the strategic plan. The
 A quarterly review of technical results is performed by business area (Property and Casualty Treaties,
Investment Principles defines the Group’s governance in terms of asset management and the Manual of Group
 SCOR Global Investments provides SCOR with a regular reporting used for the monitoring of the assets portfolios, in particular, assets portfolios managed by external asset managers. Within the framework of its mission, SCOR Global Investments controls the consistency and the completeness of the data used for the valuation of the assets.
At the end of 2009, SCOR decided to fully review all its Finance applications by launching a Group wide “one ledger” Program. The main objective of this Program is to simplify, through an innovative approach based around SAP, and vastly improve the Finance function for all SCOR entities. This program includes:  one single chart of accounts (with minimum local specificities, aligned with existing source systems);  one system for one IT solution;  streamlined, integrated and standardized processes across the Group;  limited mappings between systems;  extended capabilities for Reporting (including drilldown from Financial to source system data);  enhanced audit trail.
All political or administrative events, actions or decisions that could lead to losses for companies contracting or investing abroad.
This appendix is prepared in accordance with the regulations referred to in the Article 225 of the law on the national commitment to the environment. The presentation also takes into account Recommendation No. 2010-13 of the Autorité
(4) For 2013, the Lloyd's Channel Syndicate (49 employees at 31 December 2013) is 100% subsidiaries of SCOR Global P&C SE, managed independently of the Group in terms of human resources and not aggregated in the division.
(1) The Corporate Officer is not included. The total compensation is calculated on the basis of 2,314 employees as at 31 December 2013. (2) The average fixed remuneration is based on the annual base salary paid to the employee, prorated to actual hours worked. (3) Amount calculated by multiplying the number of shares granted by the fair value of each plan which is calculated in accordance with the IFRS rules.
One defined-benefits pension scheme (the pension is equal to 1/60 th of the final pensionable salary for each year of membership of the scheme up to normal retirement date) and 3 defined contribution pension schemes (individual funds accumulate from contributions and investment returns.
- United Health Care: medical fees, eye care and pharmacy fees including preventative, wellcare visits and emergency care.
France on July 16th, 2013 “Accord salarial (NAO)”, on July 17th, 2013 “Accord de prorogation des mandats du CHSCT”, on July 19th, 2013 “Accord relatif au déblocage de la participation”, on September 26th, 2013 “Accord relatif au télétravail ” and on November 29th, 2013 “Accord relatif au contrat de génération”; 2 agreements were signed in Italy on April 30th “Contratto
Integrativo Aziendale” and on July 1st, 2013 “Contratto Nazionale normativo ed economico per i dirigenti”, 1 agreement was signed in Germany on July 2013 “Pilot Project Mobile Office”).
The concept will be structured around 3 pillars: Business, Management & Leadership, and
Given the significant variations in scope from one year to the next, the data presented in the "environmental indicator"
This information is complemented by regular communications via internal corporate media such as SCORLinks, and by themed events such as SCORLunches. In 2012, this information has been extended to the employee representative bodies, both in France and on a Europe-wide basis through the Common European
Any employee who deals with a supplier must, before concluding a contractual partnership, ensure that such supplier gives an undertaking to comply with the requirements of the Code of Conduct established by the SCOR Group (or a commitment from the company that it respects equivalent requirements). The framework agreement developed by the