 SCOR SE’s corporate and consolidated financial statements for the financial year ended 31 December 2010 and the report of the statutory auditors regarding said financial statements as presented in SCOR SE’s registration document filed with the AMF on 8 March 2011 under number D.11-0103.
SCOR SE, and its consolidated subsidiaries (“SCOR” or the “Group”), is the world’s 5th largest reinsurer (1) serving more than 4,000 clients from its organizational Hubs located in Paris, Zurich, Cologne and London for Europe, Singapore for
The 2012 year end results and balance sheet strength demonstrate the effectiveness of SCOR’s strategy which is based on high business and geographical diversification and focuses on traditional reinsurance activity.
(2) Operating income (before impact of acquisitions) is defined as result before gain from bargain purchase, acquisition related expenses, financing expenses, share in results of associates, and taxes
(3) Investment income net of investment management expenses better reflects the performance of assets invested by SCOR and therefore has replaced the investment income disclosed in the 2011 Registration Document and previous financial reporting. Refer to section 9.2.6 – Calculation of financial ratios, for detailed reconciliation to IFRS net investment income
(5) Refer to section 9.2.6 – Calculation of financial ratios, for detailed calculation
Firstly, a deterioration in the financial situation of an issuer (sovereign, public or private) may result in an increase in the relative cost of refinancing and a reduction in the liquidity of the securities issued leading to a reduction in the value of such securitiets. Secondly, the borrower’s financial situation can cause it to become insolvent and lead to the partial or total loss of coupons and of the principal the Group invested.
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 an event which has a negative effect on SCOR’s image.
4.4.4 IN 2010, THE U.S. CONGRESS ENACTED THE DODD FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT (“DODD-FRANK ACT”), WHICH COULD HAVE AN ADVERSE IMPACT ON SCOR’S BUSINESS
The requirements of the regulations ultimately adopted under the Dodd-Frank Act, the effect such regulations will have on the U.S. insurance market and the additional costs of compliance with such regulations is not clear. However,
Failure to manage tax risks could lead to an additional tax charge. It could also lead to a financial penalty for failure to comply with required tax procedures or other aspects of tax law. If, as a result of a particular tax risk materializing, the tax costs associated with particular transactions are greater than anticipated, it could affect the profitability of those transactions.
Nevertheless, these insurance covers could prove to be insufficient. In case of a loss, the insurance companies could also possibly contest their liability towards SCOR. This could have a material adverse impact on SCOR’s business, present and future revenues, net income, cash flows, financial position, and potentially, on the price of its securities.
Following the reorganization of Euronext indices on January 3, 2005, the Ordinary Shares are now included in the following indices: SBF 80, SBF 120, SBF 250, CAC All-Shares, CAC LARGE 60, CAC Next 20, CAC Financials and
Eurozone® index when the composition of the index changes after the closing hour on Friday 21 September 2012.
(Switzerland), the SWX Swiss Exchange (which later became the SIX Swiss Exchange), by order dated 14 November 2007, delisted SCOR Holding (Switzerland)’s shares as from 30 May 2008.
On 30 June 2011, the Group acquired company 5 avenue Kléber SAS, whose primary asset is an office building in Paris as described in Section 20.1.6.5 – Notes to the Consolidated Financial Statements – Note 5: Tangible assets and real estate investments. See also Section 8 - Property, plant and equipment.
Between 2002 and 2010, SCOR developed and implemented four three-year strategic plans to strengthen its balance sheet and achieve its profitability goals through an underwriting policy focused on profitability, including by optimum allocation of capital throughout the business cycle, and by maintaining its strong customer base and franchise in its three geographical areas, Europe, Middle East and Africa (“EMEA”), Asia-Pacific, North America and particularly in developing countries. The Group's acquisitions of Revios (in 2006) and Converium (in 2007) contributed to its diversification strategy by balancing the proportion of its consolidated premiums written, respectively, in its Non-Life division and in its Life division.
 The Group experiences double-digit growth, supported by robust January, April and July 2012 P&C renewals and a deepening global franchise.
 SCOR Global Investments maintains a prudent strategy with high investment flexibility.
 SCOR's cost ratio trends towards the "Strong Momentum V1.1" assumption, while actively investing for the future, with more than 25 on-going projects.
In addition, reinsurers may also provide advisory services to ceding companies by:  defining their reinsurance needs and devising the most effective reinsurance program to better plan their capital needs and solvency margin;  supplying a wide array of support services, particularly in terms of the sharing of know-how, best practices and risk assessment, modeling and management tools;  providing expertise in certain highly specialized areas such as the analysis of complex risks and risk pricing; and
(also referred to in this Registration Document as “Non-Life” or the “Non-Life division”); and the SCOR Global Life division, with responsibility for the life reinsurance (also referred to in this Registration Document as “Life” or the “Life division”). These two divisions represent SCOR's two “operating segments” for purposes of IFRS 8 and are presented as
Risk Transfer); Business Solutions (large corporate accounts underwritten essentially on a facultative reinsurance basis and occasionally as direct insurance for industrial groups and services companies); and Joint Ventures and
Austria, the Netherlands, Canada and in Asia, representative office in Belgium, as well as through SCOR Global Life
To cope with the broader needs of reinsurance buyers in transferring risk, and to benefit from these changes by broadening its services to clients, the Group has developed a dedicated competency center that analyses and studies specific risk transfer solutions.
More than 50% of the SCOR Global Life portfolio of reinsurance risks is a traditional portfolio of mortality reinsurance business, based on gross written premiums as at 31 December 2012.
The relative amount of brokered and direct business written by the Group’s subsidiaries varies according to local market practices.
The Group's Life claims department, located in Paris, is tasked with implementing the general claims handling policy for
A table showing historical changes in reserves for Non-Life claims is provided in Paragraph 20.1.6 - Notes to the consolidated financial statements, Note 16 – Net Contract liabilities.
SE and its main subsidiaries from “A-” to “A”(Excellent) and “a-” to “a” respectively. According to the rating agency, this decision reflected “the continuing resilience of SCOR’s risk-adjusted capitalization, its consistent operating performance and the quality of its enterprise risk management”.
Re, General Re and Everest Re). Also Lloyd’s of London is recognized as a major competitor.
On 24 July 2012, SCOR announced that during the June-July renewals, SCOR Global P&C (SGP&C) delivered a strong 24% premium increase at constant exchange rates to EUR 462 million. Prices were up 3% compared to 2011 and conditions met expectations, thereby helping to improve year-to-date expected technical profitability, which was in line with the objectives of Strong Momentum V1.1.
On 29 October 2008, SCOR announced the creation of SCOR Global Investments SE, which is contemplated to manage, directly or indirectly, the global investment portfolio of all the Group’s legal entities. SCOR Global Investments SE has been approved by the AMF as a portfolio management company as from 15 May 2009. On 8 July 2011, the newly incorporated subsidiary, SCOR Alternative Investments SA, was registered by the Commission de Surveillance du Secteur Financier
(suburbs adjacent to Paris) SCOR reinforced its real estate structure by creating SCOR Properties, an investment vehicle primarily devoted to real estate with a variable capital and registered with the AMF since 27 May 2011 managed by SCOR
Managers of the issuer;  Section 7.1 – Brief description of the Group and of the position of the issuer as concerns the economic organization of the Group;  Section 19.3 – Special report of the Auditors on related party agreements with regards to the financial flows between the issuer and its subsidiaries and their nature; and
Transamerica Re of EUR 127 million. In 2010, the Group benefited from the favorable tax law change in France regarding the taxation of the statutory capitalization reserve resulting in a positive impact of EUR 42 million as well as from the reactivation of deferred tax assets of the Non-Life entities in the US.
On 17 December 2010, SCOR entered into a Contingent Capital arrangement with UBS, as described in Section 20.1.6 –
The Group has been granted a credit facility in order to finance SCOR SE’s general corporate purposes, consisting into an overdraft credit facility in a maximum principal amount of EUR 150 million. The Group has also been granted credit facilities from several companies of the banking sector to guarantee the reinsurance activities of various subsidiaries for a global issued amount of USD 3.293 billion as at 31 December 2012. These last credit facilities are stand-by letters of credit that the banking counterparty agree to issue in the form acceptable to the American National Association of Insurance
Biometric risks such as mortality, longevity, disability and long term care are at the heart of underwriting in life reinsurance.
SCOR is also a member of conventions with the following partners:  Risk Foundation, in collaboration with the universities of Toulouse and Paris Dauphine, is dedicated to risks market and value creation. For SCOR, it implies costs of EUR 1.5 million allocated over 5 years.
During these renewals, SCOR Global P&C continued to improve the expected technical performance of its business thanks to the active management of its portfolio. Its position as one of the leaders on a number of segments, along with the longterm relationships it has established with cedants, enabled it to negotiate satisfactory pricing conditions that were higher than those recorded by the rest of the market. Price increases in the Americas notably reached 5.1 %, with P&C prices increasing overall by 1.5% and 3.0% respectively for proportional and non-proportional contracts.
SCOR Global Life continues to offer traditional life and health reinsurance products in all markets based on proportional risk sharing models applying SCOR’s pricing assumptions to meet the company’s capital and margin targets.
Voting Members (only one Non-Voting Member has been appointed to date). The Non-Voting Member is entitled to attend meetings of the Board of Directors, is eligible to receive the Director's fee as approved at the Shareholders’ Meeting, but not to vote on any decision of the Board of Directors. He has a consultative role.
Her first professional experiences were in publishing, first with the Fabbri group, then with Hachette, where she became
Victor Peignet 55 Chief Executive Officer of SCOR Global P&C SE
Director: SCOR International Reinsurance Ireland Plc (Ireland) Quantitative Data Solutions, LLC (US)
SCOR Auber SAS (France) DB Caravelle SAS (France) 5 avenue Kléber SAS (France)
September 2007, Paolo De Martin was appointed Group Chief Financial Officer of SCOR SE.
It should be noted that the figures stated above do not represent paid compensation but correspond to actuarial estimates in line with AFEP/MEDEF governance code for listed companies. These grants are subject to presence conditions and, for some grants, to performance conditions. Please refer to the sections 17.3 of this Registration Document and the registration documents of SCOR filed with the Autorité des marchés financiers on 8 March 2012 and 8 March 2011 under number n. D.12-0140 and D.11-0103 for the details of the performance conditions applicable to the shares and stock-options granted to the Executive and Corporate Office
Requirement of presence at the company as at 30 April 2010
(1) The compensation is paid in CHF, the exchange rate used is: 1 EUR = 1.2045 CHF (2) Frieder Knüpling is member of the COMEX since 1 July 2010. He is Deputy Group Chief Risk Officer since 1 October 2012 (3) Philippe Trainar is member of the COMEX since 1 April 2010 as Group Chief Risk Officer (4) Paul Rutledge is member of the COMEX since 10 August 2011 as CEO of SCOR Global Life America and Deputy CEO for SCOR Global Life. The compensation is paid in USD, the exchange rate used is: 1 EUR = 1.2843 USD. Amounts are calculated and paid since 10 August 2011 (5) Including the Chairman and Chief Executive Officer for whose remuneration details are available in Section 15.1.2.1 (6) The compensation is paid in CHF from 1 October 2011. The compensation is paid in CHF, the exchange rate used is: 1 EUR = 1.2045 CHF.
Benjamin Gentsch (Paid in CHF (1)) 498,132 358,655 34,570(2) 891,357 479,037 302,943
Paul Rutledge (Paid in USD (3)) 380,932 288,873 12,937 682,742 155,547 108,740
Mrs. Monica Mondardini Acquisition of shares for a total amount of EUR 10,000
Following the authorization by the Shareholders' Meeting on 4 May 2011, the Company's Board of Directors of 19 March 2012, on the proposal of the Compensation and Nominations Committee of 19 March 2012, decided on 23 March 2012, to allocate stock options to the Chairman and Chief Executive Officer , to members of the Executive Committee and to the highest levels of Partners (Executive Global Partners and Senior Global Partners).
The stock options can be exercised on one or more occasions from 24 March 2016 to 23 March 2022 inclusive. From this date, the purchase right shall expire.
Board of Directors to make, on one or more occasions, to the staff members or to the corporate officer of the Company and of companies or groups affiliated with it pursuant to Article L. 225-197-2 of the French Commercial Code, free allotments of existing or yet-to-be-issued shares of the Company and resolved that the Company's Board of Directors of the Company would determine the identity of the beneficiaries of the allotment and the conditions and criteria for the allotment of the shares.
From 3 May 2012 to 3 May 2014 included 2 years
Requirement of presence at the company as at 7 March 2013 Performance conditions
April 2011, it declared that it had exceeded the thresholds of 5% of the capital and voting rights in SCOR and that it held 9,396,353 shares representing 5.01% of the capital in SCOR.
In accordance with article L. 225-40 of the French commercial code (Code de Commerce), we have been advised of certain related party agreements and commitments which received prior authorization from your Board. New agreements and commitments were not signed during the year. However, certain agreements which were authorized in a prior year and which were continued during the year were amended during 2012.
Nature and purpose Commitments for the benefit of Mr. Denis Kessler.
(IAS) and International Financial Reporting Standards (IFRS) and to Interpretations of the Interpretations Committees
will address impairment and hedge accounting. The European Union has not decided yet whether to adopt IFRS 9 or not. The adoption of IFRS 9 will affect the classification and measurement of the Group’s financial assets.
When the Group has not designated the derivative as a hedging instrument, gains and losses resulting from the change in the fair value of the instrument are recorded in the statement of income in the period in which they occur. The Group uses the following derivative instruments to reduce its exposure to various risks: swaps based on interest rates, mortality indices and real estate indices, foreign currency forward purchase and sale contracts, caps and floors, and puts and calls.
Treasury shares and any directly related costs are recorded as a deduction from shareholders’ equity. When treasury shares are subsequently sold or reissued any consideration received is included in consolidated shareholders equity net of any directly related costs and tax effects. Accordingly there is no related income, gain or loss recognized in the statement of income.
Provisions, contingent assets and contingent liabilities have also been assessed at the acquisition date for the entities acquired. Such positions are subject to revision as at the acquisition date while the initial accounting is not final. Any revision after the initial accounting is final is recognized in the statement of income in accordance with IFRS 3 – Business
Asia Pacific / Rest of world 686 541 462 1,150 976 837
Deferred tax has been recognized on the timing differences arising from the purchase price allocation. These balances represent payable and recoverable amounts which the SCOR Group expects to realize.
Share of Transamerica Re income included in the 2011 SCOR Group’s consolidated income
Other intangible assets also include indefinite life intangible assets associated with Lloyd’s syndicate participations acqu ired through the Converium business combination. The Lloyd’s intangibles of EUR 15 million are deemed to have an indefinite life due to the ability to realize cash for these contractual rights through the Lloyd’s auction process. Other intangible assets having an indefinite useful life at 31 December 2012 were EUR 15 million compared with EUR 15 million at
From one to five years - - - 4 (1) 3
Commitments relating to the financing of acquisitions of investment properties through financial leases and other bank loans are presented within Note 14 – Financial debt.
An analysis of the credit ratings of fixed income securities classified as available-for-sale and fair value through income is as follows: In EUR million AAA AA A BBB < BBB Not rated Total
(2011: EUR 56 million) relate to the equity portfolio and EUR (9) million (2011: EUR (5) million) to fixed-income securities.
Duration of decline in months Magnitude of decline <12 12-18 >18 Total
January 2012. The termination had no material P&L impact in 2012.
(1) Based on 2012, 2011 and 2010 provisional financial information, respectively (2) Investment in COGEDIM Office Partner additionally includes a loan to the entity, presented in loans and receivable for respectively EUR 13 million as at 31 December 2012 and EUR 11 million as at 31 December 2011
Estimated premiums receivable from cedants, net of commission 1,865 1,777 3,642 1,974 1,595 3,569
EUR 7.8769723 each compared with authorized share capital of 192,021,303 shares with a nominal value of
Share capital increase – exercise of warrants – 5 July 2011 - 4,250,962 -
SCOR believes that its working capital is sufficient for the present requirements of its consolidated companies. The Group reconciles its strategic objectives with the protection of its capital via the Group’s “Capital Shield” policy, which articulates the Group’s risk appetite. This policy is based on an economic approach and aims to protect the Group against potential shock losses, some of which are not immediately recognized from a pure accounting view. The policy builds on the following two concepts: (a) Active hedging of peak exposures through retrocession
On 2 February 2011, SCOR issued CHF 400 million perpetual subordinated notes, redeemable by SCOR each quarter as at payment of interest dates from 2 August 2016. The coupon has been set to 5.375% (until 2 August 2016) and 3-month CHF
An aging analysis of the reinsurance asset is also included in Note 26 – Insurance and financial risk.
Gross claims reserves and claims estimates as at 1 January 10,602 9,696
The main defined benefit pension plans relate mainly to Switzerland, North America and France. These locations represent 44%, 20% and 17%, respectively, as at 31 December 2012, (47%, 19% and 16%, respectively, at 31 December 2011), of the Group’s obligation under defined benefit plans.
(2011: EUR 8 million) with the offsetting impact recorded in other comprehensive income.
The following schedule reconciles the movements in the balance sheet amounts for the year ended 31 December 2012 and 2011: In EUR million Total 2012 Europe
Fair value at grant date (EUR) 3.10 2.39 2.61 2.40 3.10
The collective plan of 26 July 2012 (except LTIP) is neither subject to performance conditions nor subject to presence conditions. The final acquisition of these shares is effective, with no condition, within 2 years for beneficiaries tax resident in
French residents 6 years 2 years 2 years 2 years 2 years 2 years
Bill 2013 for two more years and therefore will be applicable for all fiscal years between 31 December 2012 and 31 December 2015. As a result, the income tax rate will remain at 36.10% for these fiscal years (against 34.43% for 2010)
Life Reinsurance Company of Texas ; SCOR Global Life Americas Reinsurance Company ; SCOR Life
For SCOR’s casualty business, the frequency and severity of claims and the related indemnification payment amounts can be affected by several factors. The most significant factors are the changing legal and regulatory environment, including changes in civil liability law and jurisprudence. Additionally, due to the length of amicable, arbitral and court claims settlement procedures, the casualty business is exposed to inflation risks regarding the assessment of claim amounts.
The probabilistic catastrophe modeling approach captures the uncertainty related to the likelihood of a given event occurring
Lapses refer to either non-payment of premium by the policyholder or to policies which are terminated by the policyholder before the maturity date of the policy. Depending on the product design, higher or lower policyholder lapses than assumed in the pricing may reduce SCOR Global Life’s expected future income. Policyholder lapses may differ from expectations due to a changing economic environment or other reasons, such as changes in tax incentives for the insurance policies, tarnished reputation of the cedant or from the introduction of more attractive insurance products in the market. SCOR
Non-Life activities of the Group. In addition, such events could cause multiple deaths and serious injuries which could potentially seriously impact the Life activities of SCOR, particularly under contracts covering groups of employees working at the same location.
 Because term life insurance is a particularly price-sensitive product, any increase in insurance premiums charged on these products by life insurance companies, in order to compensate them for the increased statutory reserve requirements or higher costs of insurance they face, may result in a significant loss of volume in their life insurance operations, which could, in turn, adversely affect life reinsurance operations.
and the Chief Executive Officer of SCOR Global Life, the Chief Executive Officer of SCOR Global Investments SE and other representatives of SCOR Global Investments.
Thus, the inability of its cedants to fulfill their financial obligations could affect SCOR’s current and future revenues, ne t income, cash flow, financial position, and potentially the price of its securities.
(1) This amount excludes subordinated perpetual debt which has been swapped from variable interest rate to fixed interest rate
The State Attorney (Abogado del Estado) representing the NCC has appealed the NA judgment to the Supreme Court
(2) This figure corresponds to the share capital and to the number of shares as acknowledged by the Board of Directors on 27 July 2011, and stated in the by-laws of the Company as at 31 December 2011. It does not take into account the shares that could have been issued between 7 March and 31 December 2011 due to the exercise of stock-options. The figures that take these shares into account are referred to in Section 20.1.6 – Notes to the consolidated financial statements, Note 13 – Information on share capital, capital management, regulatory framework and shareholders 'equity
According to the decision of the Extraordinary Shareholders General Meeting of the Company dated (i) 18 May 2004, in its fourth resolution, (ii) 31 May 2005 in its sixth resolution and (iii) 16 May 2006 in its fifth resolution to authorize the Board to grant to officers and employees options to subscribe for or purchase of shares and to acknowledge, if necessary, at its first meeting following the year end of the Company, the number and amount of new shares issued during that period following the exercise of options, the Board of Directors of SCOR SE acknowledged, on 7 March 2011, the capital increase of EUR
SCOR issued 4,250,962 new ordinary shares on 11 July 2011 at an issuance price of EUR 17.643 per share (the exercise price of the warrants). These shares have been subscribed in full by UBS.
Voting by mail is also allowed under French company law. Forms for voting by mail or proxy forms must be addressed to the
In addition to the above statutory requirements, the Company’s bylaws (“statuts”) provide that any natural person or legal entity, acting alone or in concert, which comes to hold or ceases to hold, either directly or indirectly, a fraction of the share capital or of the voting rights of the Company equal to or greater than 2.5%, or 5%, or 10%, or 15%, must inform us by registered letter, return receipt requested, addressed to the registered office, within five trading days of the date of the crossing of such threshold, of the total number of shares and/or of securities giving access to share capital held either directly or indirectly or in concert by such natural person or legal entity. The failure to comply with this requirement is sanctioned, upon request of one or more shareholders holding at least 2.5% of our share capital, noted in the minutes of the
22 October 2012 Number of voting rights as at 30 September 2012 (Correction)- Declaration pursuant to Article L. 233-8 II of the French Commercial Code and Article 223-16 of the General Regulation of the Autorité des Marchés Financiers 2 October 2012 Disclosure of trading in own shares (out of the liquidity agreement) made from 1 September to 30 September 2012 2 October 2012 Number of voting rights as at 30 September 2012 - Declaration pursuant to Article L. 233-8 II of the French Commercial Code and Article 223-16 of the General Regulation of the Autorité des Marchés Financiers 2 October 2012 SCOR reinforces its central functions - Press release 24 September 2012 SCOR successfully increases its recently placed perpetual subordinated notes by CHF 65 million to a cumulated issuance of CHF 315 million, following strong market demand - Press release 20 September 2012 SCOR receives two "Global Awards" - Press release 14 September 2012 SCOR is included in the ASPI Eurozone® index - Press release 10 September 2012 SCOR successfully places CHF 250 million perpetual subordinated notes - Press release 7 September 2012 SCOR and its management receive two prestigious prizes, awarded by insurance and reinsurance professionals - Press release 6 September 2012 SCOR Investors' Day 2012: "Strong Momentum" season 3 - Press release 2 September 2012 Disclosure of trading in own shares (out of the liquidity agreement) made from 1 August to 31 August 2012 2 September 2012 Number of voting rights as at 31 August 2012 - Declaration pursuant to Article L. 233-8 II of the French Commercial Code and Article 223-16 of the General Regulation of the Autorité des Marchés Financiers 2 August 2012 Disclosure of trading in own shares (out of the liquidity agreement) made from 1 July to 31 July 2012 2 August 2012 Number of voting rights as at 31 July 2012 - Declaration pursuant to Article L. 233-8 II of the French Commercial Code and Article 223-16 of the General Regulation of the Autorité des
Intangible assets consist of:  software acquired or created by the Company which is capitalized and amortized over a period ranging from 1 to 5 years;  non-depreciable goodwill.
The costs associated with the acquisition of new contracts, essentially commissions, are recorded as assets within the limits of contract profitability. They are amortized over the acquisition period of the premiums. The acquisition costs of Life reinsurance operations are usually not deferred.
 Analysis performed for other equity investments did not result in impairment provisions.
On 16 May 2002, SCOR SE issued 2,248,448 additional warrants to UBS, each warrant committing UBS to subscribe for two new shares (maximum amount of EUR 75 million). As a result of the extension of the existing EUR 75 million facility, the aggregate amount available under the combined facility upon the occurrence of natural catastrophe related trigger event will be EUR 150 million.
Global P&C EUR 87 million, SCOR Auber EUR 14 million, SCOR Global Investments EUR 4 million and SCOR Holding
In 2011, 121,603 rights of options were exercised: 22,671 rights of options exercised under the stock option plan of 25 August 2004, vested on 26 August 2008, 48,587 options exercised under the stock option plan of 16 September 2005, vested on 16 September 2009, 42,345 options exercised under the stock option plan of 14 September 2006, vested on 14 September 2010 and 8,000 options exercised under the stock option plan of 13 September 2007, vested
Commitments given and received on rate swaps for an amount of EUR 60 million were related to real estate and exchanged the performance of the French property market with the performance of the German market.
 established in 2011, the Group Risk Committee meets quarterly and is a dedicated body of the COMEX in charge of the monitoring of the internal control system and risk management framework. The Group Risk
Auditors and the Institute’s Code of Ethics. the SCOR Internal Audit Charter, approved by the Audit
Concerning SCOR Global P&C: The calculation of technical reserves (including IBNR - Incurred But Not Reported) having a significant impact on the balance sheet and income statement, is largely based on contractual and accounting data, the relevance of which is verified upstream. This calculation of technical reserves inventories is subject to the following successive controls:  by the actuaries in charge of reserving through control reports for which the proper implementation is verified by the Group Actuarial Department;  by the Chief Actuary, particularly for methods, tools and results; Concerning SCOR Global Life: The recognition and measurement of technical reserves (in particular mathematical reserves) and related intangible assets and related deferred acquisition costs are largely based on contractual and settlement data and subject to the following controls:  the reinsurance treaties are either reviewed individually or are pooled within an affiliation treaty based on certain criteria defined in advance;  the treaties are then subject to reserving estimates, which are reviewed at each quarterly closing either by the actuaries or at meetings attended by underwriters, technical assistants and actuaries.
Group entities improves substantially the investment accounting model. These accounting tools have been substantially deployed throughout the Group’s principal subsidiaries. The completion of this project in early 2011 improved the investment accounting organization, definition of roles, responsibilities and processes.
Amount of capital relative to a financial institution's loans and other assets. Insurance regulators require that insurers hold a certain minimum of equity capital against their risk-weighted assets.
The GMDB guarantees investors in a variable annuity that if the owner passes away while the market value is down, they would never get back less than their original principal.
The volume of business measured in gross written premiums net of acquisition costs underwritten by the group through its managed syndicates.
The total of financial assets of SCOR SE is EUR 4,938,055,101.
II. - Global Profit and loss of effectives transactions ( EUR millions): b) Net Profit before taxes, depreciations and reserves 188 56 184 (258) (62)
(1) Definition of the Partner: see “Section 8 – Total Compensation: Elements relating to the remuneration policy." The Corporate Officer is included in this population.
(2) The “Group Functions and Support” division includes the Group’s Finance, Risk and Operations departments as well as the departments directly managed by the Chairman and Chief Executive Officer.
Scheme France All employees benefit from the basic scheme. In addition, there are supplementary schemes managed by AGIRC
that work on a points accrued basis, with different brackets depending on the employee’s status and date of birth.
Private Medical benefits for employees and their dependants : around 100 employees concerned.
Organisation of employee/management dialogue 53 meetings were held with staff representatives in Europe (16 meetings in France, 4 meetings in Italy, 4 in Switzerland, 25 meetings in Germany, 4 in Sweden).
- In France, certain measures are implemented. These include an annual analysis of the professional risk prevention professional program, the launch in 2010 of the personal support managed by Rehalto (social rehabilitation, management of psychosocial risks) in 2010, which is still underway in 2012, the creation of a “Relocation Committee” for the move to Kléber (decisions taken on ergonomic issues etc.), sport club proposed at Kléber.
 In 2012, in coordination with the European Committee, a comprehensive study of local
Global Life SE and managed independently from the Group in terms of human resources.
Pacific, Singapore and in the Americas, Americas Hub) and monitored at Group level by the GREENSCOR manager who, besides its responsibility with regards to compliance with environmental information disclosure requirements under the law on the national commitment in favour of the environment, encourages, coordinates and mandates locally implemented environmental initiatives.
Employees are informed about the Group’s environmental actions through various different channels. The Group’s Code of Conduct is the primary source in terms of information and raising awareness.
Another social programme consists of a partnership with the Walter G. Byers state school, which has a very high proportion of homeless children. Other charity organisations such as United Way are also supported by SCOR Global
 for providing information to, advising and making recommendations to those responsible for data processing
STATEMENTS DEALING WITH THE MANAGEMENT OF SCOR SE IN 2012:  Company’s securities - Amount of issued capital, capital increase and additional information Section 21.1.1 and Appendix A
 We verified the implementation within the Group of a process for collecting, compiling, processing and controlling the Information of a nature to ensure its completeness and consistency. We obtained an understanding of the internal control and risk management procedures applicable to the preparation of the
Information about items that could affect a public offer, as required by Article L.225-100-3 of the French Commercial Code 190