The main categories of risks for the life reinsurance underwritten by SCOR’s life division, which is referred to in this
Netherlands (NHT) and Belgium (TRIP), which allows the Group to have limited and known commitments. In the U.S., the Terrorism Risk Insurance Act passed in November 2002 for a period of three years, which was extended to 31
Group is still dependent upon such companies’ risk evaluations in establishing its reserves.
The failure to attract or retain the necessary personnel could have a material adverse effect on SCOR’s results and/or financial condition. As a global financial services organization with a multi-centric management structure, the Group relies, to a considerable extent, on the quality of local management in the regions and countries in which it operates. The success of its operations is dependent, among other things, on its ability to attract and retain highly qualified professional
The risk of losing all or part of securities the Group owns could have a material adverse impact on its business, present and future revenues, net income, cash flows, financial position, and potentially, on the price of its securities.
Although it is of course not possible to quantify the impact of these requirements, nor their scope, it is very likely that risk management and control measures will be reinforced for reinsurers in the near future, which may in turn result in an increase in regulatory capital requirements (or a reduction in the underwriting capacity) and increase its operating costs.
The conversion in itself did not have any impact on the value of the SCOR SE shares. The number of shares issued by the Company was not changed as a result of the conversion and the shares of the Company, remain listed on the
Stock Exchange since 11 October 1996 were delisted on 14 June 2007 and the Company’s securities were deregistered with the Securities and Exchange Commission (SEC) on 4 September 2007.
were validated by virtue of the decision of the President of the Comité des Entreprises d'Assurances
April 2007, called to approve the contributions and to vote on issuance of new shares as compensation for the contributions (the “Contributed Shares”).
CHF 511,331,441.50 as payment of CHF 5.50 per Converium share contributed, and a total amount of EUR
Swiss francs on the basis of the Euro/Swiss franc exchange in effect on the date the Offer was executed.
continuously seeks to “optimize” its risk profile and has further decided to gradually and moderately increase its risk appetite in the belly (rather than in the tail) of its target profit/loss probability distribution. See “Appendix B — Internal control and risk management procedures.”
SCOR’s risk appetite framework encompasses three concepts: risk appetite, risk preferences and risk tolerances: Risk appetite
and Group Chief Risk Officer expenses. The segment financial information included in this Registration Document and in the consolidated financial statements, included in Section 20.1.6, was revised to reallocate expenses to Group Functions.
France, SCOR Global Life SE, which has branches in Germany, the U.K., Italy, Spain, Switzerland, Austria, The
To cope with the broader needs of reinsurance buyers in transferring risk, and to benefit from these changes by broadening its field of activity, SCOR has developed a dedicated competency center that analyzes and studies this kind of risk within any part of SCOR Global P&C worldwide.
Reinsurance for individuals and groups of individuals, commonly known as Life reinsurance, includes life, health and personal insurance, for events such as accidents, disability and illness.
With regard to its casualty business, the Group allocates proportionately less capacity to business of this type than to property. Furthermore, SCOR's underwriting guidelines restrict its shares of casualty reinsurance programs and are more restrictive regarding certain areas that may have higher exposure to catastrophe risk (Florida, California, etc.).
Group Risk Management function. Thresholds or conditions for a referral to Group Risk Management are defined in specific guidelines.
The main objectives of the Group Large Claims Committee are to review the consolidated impact of large and strategic claims, monitor the management of such claims across lines of business and countries and communicate the lessons learned to management for potential changes in strategy and policies.
London, Singapore and Cologne, which initially process and monitor reported claims. The Life Claims Department supports and controls the day-to-day activity and takes over the direct management of large, litigious, serial and latent claims. Additionally, periodic audits are conducted on specific claims and lines of business. Claims processing and procedures are examined at the ceding companies’ offices with the aim of evaluating their claims adjusting process, valuation of reserves and overall performance. Technical and legal assistance is provided to underwriters before and after accepting certain risks. When needed, recommendations are given to underwriters and local management.
Life and Non-Life, there can be no assurance that the Group will not have to increase its reserves in the future, or that the reserves constituted by the Group will be sufficient to meet all its future liabilities, which could materially impact its current and future revenues, net income, cash flow, financial position, and potentially, the SCOR share price.
On 26 April 2011, A.M. Best Europe affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of "a" of SCOR SE and its subsidiaries. Concurrently, A.M. Best affirmed the subordinated debt ratings. The outlook for all ratings remained stable.
On 4 September 2009, A.M. Best raised SCOR SE’s and its rated subsidiaries rating outlook from “stable" to “positive".
Transamerica Re, a division of AEGON. SCOR obtained all the necessary approvals from the relevant regulators, notably the Texas Department of Insurance, the Delaware Insurance Department and the Central Bank of Ireland. This acquisition amounted to a total consideration of USD 919 million, including a statutory equity of USD 497 million for the
The Group company which stock is listed on the Euronext Paris regulated market is SCOR SE, the group parent company.
Chief Operating Officer. Each Hub typically includes the following functions: a Legal and Compliance Officer, a Head of
Cologne Hub head office from early 2012. See section 20.1.6.5 Tangible assets for the detail of the transaction.
SCOR maintained its conservative asset management policy whilst executing a prudent inflection program directed to improve the return of its invested assets whilst keeping a strong focus on liquidity management. As indicated in
Transamerica Re. This more than offset the negative FX impact in 2011, and reduction in premium from the US Equity
P&C low attritional loss level of 57.6 % in 2011 compared to 61.1 % in 2010.
 The impact of other natural catastrophes (less than EUR 10 million) which occurred in 2009 amounted to EUR
acquired remaining shares of SOLAREH SA, a provider of life and health and property and liability insurance services, including post-traumatic support and crisis management and risk prevention, from Solareh International Inc. On 15
SCOR's decision to keep major parts of the assets to cover reserves acquired in the Transamerica transaction in cash, the investment income deteriorated and the life investment margin reached 4.2 % compared to 6.6 % in 2010 and 5.5 %
Insurance Commissioners (NAIC) or other appropriate regulatory body. A portion of those credit facilities is collateralised.
12.1 Most significant trends in production, sales, inventory, costs, and selling prices since the end of the last financial year 107 12.2 Known trends, uncertainties, demands, commitments and events reasonably likely to have a material effect on the issuer’s prospects 109
On its European markets, SCOR Global Life has maintained its positions thanks to its range of services and its strong presence and commercial activity.
Once appointed by the Shareholders’ Meeting, the Employee Director has the same rights and obligations as the other members of the Board of Directors (including the right to vote on any decision of the Board of Directors). Pursuant to
The Directors are elected for either a two-year, four-year or six-year term. The Employee Director is currently elected for a two-year term. The Non-Voting Member is elected for a two-year term. Under SCOR’s bylaws (statuts), Directors may hold office until the age of 77. A Director reaching the age of 77 while in office has to retire at the expiration of the term of his or her office, as determined at the Shareholders’ Meeting. Non-employee Directors and the Non-Voting Member are elected by the shareholders and serve until the expiration of their respective term, or until their resignation, death or removal, with or without cause, by the shareholders. Vacancies on the Board of Directors may, under certain conditions, be filled by the Board of Directors, pending the next Shareholders’ Meeting.
Member of the Board: - Economie Suisse (Switzerland) - Fondation "Avenir Suisse" (Switzerland)
Professional Address: Gruppo Editoriale L’espresso Via Cristoforo Colombo, 98 00147 Rome Italy 26 Sept. 1960 Principal Position: Deputy Director and Chief Executive Officer of Gruppo Editoriale L’Espresso S.p.A. (Italy)
- SCOR Switzerland AG (Switzerland) - SCOR Holding Switzerland AG (Switzerland)
Gérard Andreck, a French citizen, is the Chairman of the MACIF Group since June 2006. Mr. Andreck has a deep interest in the mutual company and insurance sector, and he served as President of CJDES (Centre des Jeunes
Employeurs et Groupements de l’Economie Sociale (CEGES) on 12 May 2009. In October 2010, he was appointed to the Conseil Economique et Social et Environnemental (CESE).
Charles Gave, a French citizen, has been researching tactical asset allocation for over forty years. In 1974, after three years as a financial analyst with a French investment bank, he created CECOGEST, an independent research firm through which he serviced a wide portfolio of clients across the world for 12 years. In 1986, Charles Gave stepped away from pure research to move into money management: he co-founded Cursitor-Eaton Asset Management where he was in charge of investment policy and managed over 10 billion U.S. dollars of institutional money on a global asset allocation mandate. Cursitor was sold in 1995 to Alliance Capital which Charles finally left in 1998 to create GaveKal where he currently serves as Chairman. Today, he is a member of the board of directors of Marshall-Wace, Endoma,
Guillaume Sarkozy, a French citizen, is an engineer by training and a graduate of the Ecole Spéciale des Travaux
2006 Chairman of the Board of Directors: SOLAREH S.A. (France), becoming REHALTO Prévoyance Ré (France) Sweden Reinsurance Company Ltd Vice Chairman of the Supervisory Board: SCOR Global Investments SE (France) Permanent Representative: - SCOR Global Life SE at MUTRE S.A.’s Board (France)
Executive Officer will benefit from any policy that may replace the existing one.
Summary table of the gross compensation paid to the Executive and Corporate Officer
Members of the Executive Committee 6,632,178 6,544,537 6,082,812 5,467,737 4,432,856 4,214,445
Following its relocation from France to Switzerland as of 1 October 2011, Gilles Meyer was paid EUR 147,112 for his final settlement of all accounts. (*******) This amount includes a specific bonus of CHF 120,000 for the Transamerica Re acquisition. (********) This amount includes an expatriation premium related to fiscal year 2011.
Benjamin Gentsch (Paid in CHF*) 469,564 296,952 33,887** 800,403 469,564 347,477
Paolo de Martin (Paid in CHF*) 659,977 502,575 30,103** 1,192,655 659,977 502,575
(10) For 2011, SCOR Global Life includes provisonaly all the former Transamerica Re employees. (11) SCOR Global Investments (100 % subsidiary of SCOR SE) was created in February 2009 with the transfer of the employees dedicated to asset management.
Mr. André Lévy Lang Sale of shares for a total amount of EUR
Mrs. Monica Mondardini Acquisition of shares for a total amount of
The options granted during financial year ended 31 December 2003 and after are options to subscribe stocks. The options granted during financial year ended 31 December, 2001 are options to purchase stocks.
The exercise of all of the stock options allocated in 2011 is subject to performance conditions.
French Commercial Code, free allotments of existing or yet-to-be-issued shares of the Company and resolved that the
Directors of 27 July 2011, decided on 1 September 2011 to award performance shares to new appointed Partners who joined SCOR after the acquisition of Transamerica Re and to certain employees hired after 7 March 2011 and before 1
Requirement of presence at the company as of 1 September 2013
Executive Committee members benefit from the collective pension schemes in place in their entity and do not have any specific plan except for members with Swiss contracts who have been awarded a similar advantage than the one granted to the other Executive Committee members hired before 30 June 2008.
18.1 Significant shareholders known to SCOR 169 18.2 Negative statement as to the absence of differences between the voting rights of various shareholders 173 18.3 Direct or indirect control by one 18.4 Agreement which could result in a subsequent change in control 173
On 6 April 2009, BNP Paribas declared that, on April 6, 2009, it had exceeded the registered thresholds of 2.5% of the capital and voting rights in SCOR and that it held, on behalf of its clients, 8,154,783 shares representing 8,154,783 voting rights, or 4.43% of the capital and 4.56% of voting rights in SCOR.
On 1 June 2011, Amundi Asset Management declared that the three portfolio management companies of group Amundi, i.e. Amundi, Société Générale Gestion and Etoile Gestion SNC, had fallen below the registered thresholds of 2.5% of the capital and voting rights in SCOR and that they held in their OPCVM 4,689,713 shares.
Switzerland AG and SIRI. The other companies within the Group could equally accede this agreement.
At its meeting of 4 May 2011, the Company’s Board of Directors authorized, pursuant to Article L. 225-38 of the French
On 9 November 2011, the Company’s Board of Directors authorized the signature by SCOR SE of the amendment #3 to the Facility Agreement concluded on 23 December 2008 with BNP Paribas in order to extend the original agreement for a period of three years beginning 1 January 2012 and ending 31 December 2014, reassess the financial conditions under the Facility Agreement.
Committee, renewed commitments for the benefit of the Chairman and Chief Executive Officer, which had been decided by the Board of Directors on 21 March 2006 and amended on 12 December 2008, which are described in Appendix B-
Agreement of financial cover of U.S. regulations “Triple X” with CALYON.
USD 250 million or (b) the sum equal to the difference between (i) the so-called Triple X reserves and (ii) 150% of the amount of the reserves required in the accounting plan (net of DAC).
It gave rise to no payment during the 2011 financial year.
The retrocession agreement, as amended, gave rise to the payment by SCOR SE to SCOR Global Life SE of
Pursuant to the terms and conditions of this amendment, executed on 30 November 2010, the amount of the credit facility was increased to USD 575 million.
The following entities of the Group have been authorized to participate in the cash-pooling scheme during a first phase:  SCOR SE,
This engagement letter was signed on 28 January 2011 and gave rise to the payment of CHF 1.345 million during the 2011 financial year.
Revaluation – Assets available for sale - - 480 - - - - - 480
Effect of changes in foreign exchange rates - - - (21) - - - - (21)
After initial recognition, goodwill is measured at cost less any accumulated impairment. At least annually, Goodwill is tested for impairment.
investment income less deductions for future administration expenses. The present value calculations are based on assumptions and risk discount factors relevant at the date of acquisition. The VOBA is amortized over the lifetime of the underlying reinsurance portfolio and is subject to impairment testing. The amortization pattern of VOBA is reviewed annually.
Financial liabilities, with the exception of liabilities arising from reinsurance transactions, are classified as financial debts, financial instruments and other liabilities.
For units in unit linked-trusts, shares in open-ended investment companies and derivative financial instruments
assumptions relating to mortality, disability, lapses and the expected future interest rates. Actuarial principles used allow an adequate safety margin for the risks of change, error and random fluctuation. They correspond to those used in the premium calculation and are adjusted if the original safety margins are no longer considered sufficient.
This acquisition will significantly enlarge the global footprint of SCOR’s Life reinsurance business. SCOR will benefit from Transamerica Re’s leading market position in the US, with its strong biometrics focus and very limited franchise overlap. Following this transaction, it is expected SCOR will rank number two in the US Life reinsurance market, and strengthen its positions in Asia and Latin America.
Deferred tax has been recognized on the tax base and timing differences arising from the provisional purchase price allocation. These balances represent payable and recoverable amounts which the SCOR Group expects to realize.
The pro forma statement of income presented below has been prepared in accordance with SCOR Group’s accounting principles and corresponds to the following:  The 2011 statement of income of the SCOR Group excluding Transamerica Re (first column in the pro forma statement of income presented below);  The 2011 statement of income of Transamerica Re before pro forma adjustments, presented in accordance with IFRS (second column in the pro forma statement of income presented below);  The pro forma adjustments to adjust the standalone statement of income of SCOR Group and Transamerica
Total other current operating income and expense (7,018) (1,637) 18 (8,637)
Global Life has been presented within Note 2 – Segment Information.
The additions during the year ended 31 December 2011 of EUR 24 million comprise mainly software development cost capitalized relating to the Group’s general ledger, technical accounting system and internal model of the Group.
Analysis of insurance business investments and financial liabilities carried at fair value by valuation method: The level in which an investment is categorized within the fair value method hierarchy is determined on the basis of the lowest level of input that is significant to the fair value measurement of that instrument. The significance of an input is therefore assessed against the fair value measurement in its entirety. Assessing the significance of particular inputs into the fair value measurement requires judgment, considering factors specific to the instrument.
There have been no material transfers between Level 1 and Level 2 in 2011 and 2010 respectively. There were also no changes in the purpose of any financial asset that subsequently resulted in a different classification of that asset.
Change in unrealized gains and losses (including investments purchased during the period) (1) (215) (56) 189
Total unrealized losses on available-for-sale equity securities analyzed on a line-by-line basis (4) - - (4)
Earthquakes and EUR 50 million of protection against European windstorms, for a risk period extending from 13
Fair value of the swaps is EUR 14.5 million, the counterpart of which was result for EUR 14.3 million and other comprehensive income for EUR 0.2 million.
amount received, amortized over the life of the instrument. These assets are disclosed as level 3 investments within insurance business investments (see Note 6 – Insurance business investments).
Share capital increase – exercise of stock options – 31 January 2011 38,617 - -
 On 5 July 2011, in the context of the contingent capital equity line, UBS exercised the number of warrants required for the issuance and subscription of 4,250,962 new SCOR shares for a global amount of EUR 75 million.
The shares issued in 2011, 2010 and 2009 were issued at a nominal price of EUR 7.8769723 per share.
A 30-year subordinated note totaling USD 100 million was issued on 7 June 1999. These notes are redeemable by
per annum then a floating rate indexed on the 3-month EURIBOR plus a margin of 2.90%, payable quarterly. There is no fixed redemption date but SCOR reserves the right to redeem, in part or in whole, the bonds as from 28 July 2016.
Other financial debt relates to deposit and guarantees of EUR 14 million (EUR 12 million as at 31 December 2010).
Net claim reserves and claims estimates as at 1 January 9,284 8,683
Life's agreements grant an annual accumulation percentage between 3% and 7%. In many products, especially for higher rollup percentages, an upper limit applies (e.g. 200% of the paid policyholder premium adjusted for later deposits and partial withdrawals).
An analysis of the share of retrocessionaires in the Group’s contract liabilities by rating of the retrocessionaires and collateral from retrocessionaires in favor of SCOR at 31 December 2011 and 2010 is as follows: In EUR million AAA AA A BBB < BBB Not rated
Fair value of plan assets as at 31 December 125 16 77 32 114 15 68 31
The exercise of all of the stock options allocated are, in addition to the presence condition, subject to fulfillment of three out of four of the performance conditions outlined below:  The S&P financial strength rating must be at least “A” in 2011 and 2012;  The P&C business combined ratio must be less than or equal to 102% on average in 2011 and 2012;  The Life business operating margin must be higher than or equal to 3% on average in 2011 and 2012;  The SCOR Group’s ROE for the financial years ending 31 December 2011 and 31 December 2012 must exceed the risk-free rate in 2011 and 2012 by at least 300 points on average.
The average remaining life of the options and the average exercise price for 2011 and 2010 are presented below.
The fair value of options is estimated by using the binomial method which takes into account the terms and conditions under which the options were granted. The following table lists the characteristics used at the end of 2011, 2010 and 2009: Fair value at grant date (EUR) 2.39 2.61 2.40 3.10 3.16 3.74
Expected life 2 years for French 4 years for Non-French residents 2 years for French residents 2 years for French residents 4 years for
Other operating and administrative expenses include expenses incurred by the Group, excluding gross commissions, as follows: Taxes other than income taxes 12 17 17
SCOR Global Life Reinsurance Ireland Ltd Ireland 100.00 100.00 100.00 100.00 Full
SCOR Global Life Australia Pty Ltd Australia 100.00 100.00 - - Full
Underwriting guidelines in place within SCOR Global P&C specify (i) the underwriting rules and principles to be complied with, (ii) underwriting capacities delegated to the underwriters and pricing actuaries in each of the markets and lines of business in which the Group operates, as well as (iii) the relevant maximum acceptable commitments per risk and per event. They are reviewed and updated annually by the Underwriting Management function and approved by the Chief
The retrocessionaires’ part in the reserves split by retrocessionaires’ financial rating is included in Note 16 — Contract liabilities.
The cash flows of the life business have been prepared on a best estimates basis. The amounts below represent the estimated timing of the gross cash flows resulting from recognized insurance liabilities. For long term life reinsurance, benefit payments are typically settled net of premiums (for treaties with periodic premium payments). Where reserves are deposited with the client, the settlement normally also includes certain other account items, primarily the release of the deposits. For contracts where funds held are used to offset the amounts settled between SCOR and its cedants, funds held to cover the life insurance liabilities in the table below mature at the same date as the respective Life insurance liabilities.
In EUR million Interest rate ranges Less than 1 year Between 1 to 5 years Greater than 5 years(1) TOTAL
Fluctuations in exchange rates can have consequences on the Group’s reported net income because of the conversion results of transactions expressed in foreign currencies, the settlement of balances denominated in foreign currencies and the lack of perfect matching between monetary assets and liabilities in foreign currencies.
As a result, changes in the exchange rates used to convert foreign currencies into euros, particularly the fluctuation of the U.S. dollar against the euro, have had and may have in the future, an adverse effect on SCOR’s consolidated shareholders’ equity. SCOR does not fully hedge its exposure to this risk. The impact of the fluctuation in the exchange rates used to translate foreign currencies into Euros on its consolidated shareholders’ equity is described in consolidated statements of changes in shareholders’ equity.
There is no requirement for a material change in reserves for life products with guaranteed minimum death benefit
The premiums on the Guaranteed Minimum Death Benefit (GMDB) business underwritten by the SCOR Group in the
Competition (the “Competition Act”) (which prohibits agreements and concerted practices that may have as an object or effect the restriction of competition in the market).
December 2011 is reproduced below: Report of Statutory Auditors on the consolidated financial statements
 Notes 1 - “(O) pension obligations and related benefits” and 15 to the consolidated financial statements specify the valuation methods applied to pension obligations and other related obligations.
Directors of SCOR SE decided on 28 July 2010 the share capital reduction of EUR 540,699.01 by cancellation of 68,643 new treasury shares with a nominal value of EUR 7.8769723 each.
) The estimated ultimate net losses are defined as the aggregation of the individual estimated ultimate net losses of all natural catastrophe events in a given calendar year. The individual estimated ultimate net loss is the estimated pre-tax impact of any qualifying natural catastrophe event, net of all recoveries (reinsurance and derivatives) and additional expenses as recorded in the Group books.
Prior to any transfer of Ordinary Shares held in registered form on Euronext, such shares must be inscribed in an account maintained by an accredited intermediary. Dealings in Ordinary Shares are initiated by the owner giving instructions (through an agent, if appropriate) to the relevant accredited intermediary.
of our voting power) or by any interested party, including the Workers’ Council (“Comité d’entreprise”) in cases of urgency.
The Company certifies that all the following information stated in this Registration Document and received from third parties has been accurately reproduced and that as far as the Company is aware and is able to ascertain from information published by such third party, no facts have been omitted, which would render the reproduced information inaccurate or misleading:  Data issued from the Standard & Poor’s Global Reinsurance Highlights (2011 Edition) and relating to the ranking on reinsurance market participants quoted in sections 3.1 – Group key figures, 5.1.5 – Important events in the development of the issuer’s business and 6.5 – Information on SCOR’s competitive position;  Ratings issued by the Standard & Poor’s, Fitch Ratings, AM Best and Moody’s rating agencies quoted in
of the consolidated net assets or generate at least 10% of the consolidated net profit or loss.
28.1 Information published on the Autorité des Marchés Financiers (AMF) website (www.amf-france.org) 323 28.2 Information published in the Bulletin des Annonces Légales Obligatoires (BALO) [Bulletin of required legal notices publications] (www.journalofficiel. gouv.fr/balo/index.php) 323 28.3 Information published on SCOR’s company website (www.scor.com) 324 28.4 Information published on NYSE-
EUR and exchanges the coupon on the notes to 6.98% and matures on 2 August 2016. It entered into another cross-currency swap on the second placement which exchanges the principal into EUR and exchanges the coupon on the notes to 6.925% and matures on 2 August 2016.
Internal and external investment management expenses and interest expenses (13) - (13) (12)
Bonds and other fixed-income securities are recorded at cost, excluding accrued interest. In compliance with article
SCOR determines the amount of loss reserves at the end of the year at a level which covers the estimated amount of its commitments as well as estimated claims management costs for both reported and unreported claims (net of estimated recovery and subrogation). These reserves, which pertain to all claims, reported or unreported, are evaluated on the basis of their undiscounted “ultimate” cost. Ultimate claims expense for a contract is estimated based on statistical experience for similar policies.
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 of premiums. The acquisition costs of Life reinsurance operations are usually not deferred.
Loans granted to SCOR SE by its subsidiaries totaled EUR 613 million (including EUR 361 million from SCOR Global
As at 31 December 2011, the number of shares held as treasury shares amounted to 7,262,600 shares (i.e., 3.78% of capital) for a total value of EUR 120,118,237. These shares were acquired in the context of anticipated awards to
 SCOR Holdings Switzerland (SHS) repurchased part of the subordinated perpetual debt (350 million) for EUR
 In the context of a contingent capital arrangement program, SCOR issued 9,521,424 warrants on 17
December 2010 to UBS, each warrant committing UBS to subscribe for two new SCOR shares (maximum amount of EUR 150 million - including issuance premium available per tranche of EUR 75 million each including issuance premium) when the aggregated amount of the estimated ultimate net losses resulting from eligible natural catastrophes incurred by the Group (in its capacity as an insurer/reinsurer) reaches certain contractual thresholds in any given calendar year between 1 January 2011 and 31 December 2013 or if no drawdown already took place in the context of the agreement and SCOR’s share price drops below EUR 10.
 EUR 19 million in reserves for post-employment benefits: retirement provisions (EUR 2 million), supplementary retirement (EUR 14 million), long-term service awards (EUR 2 million), employee litigation
benefits from the tax loss carry-forwards of its subsidiaries, and tax benefits are transferred back to the individual subsidiary concerned, if the entity becomes profitable in the future.
Commitments given and received on rate swaps for an amount of EUR 60 million are related to real estate and exchange the performance of the French property market with the performance of the German market.
Cross-currency swaps are used to hedge foreign exchange and rate risks of perpetual notes in CHF newly issued in 2011: the instruments exchange the principal of both placements for a total of CHF 650 million into EUR and exchange the coupon on the first placement to 6.98% and on the second placement to 6.925%. Both instruments mature on 2
Currency forward purchases and sales generated an unrealized gain of EUR 12 million.
Reversal of French GAAP accrual for share award plans 16 36
The average attendance rate of the members of the Board was 86 %.
The Committee is responsible for reviewing the Group’s financial situation, its compliance with internal policies, in addition to audits and reviews carried out by the auditors and by the internal control unit.
The average attendance rate of the Committee Members was 81 %. The following chart states the attendance of the members of the Risk Committee in 2011: Board members Attendance rate (%)
Charles Gave (2) 100 Daniel Havis (1) 67 Daniel Lebègue 100 André Lévy-Lang (1) 67 Guillaume Sarkozy (3) 0 Guylaine Saucier (2) 100 Jean-Claude Seys 100 Daniel Valot 100
Officer of SCOR SE. The COMEX is currently made up of: - The Financial Department with his Chief Financial Officer (CFO), - The Group Risk Control Department with his Chief Risk Officer (CRO), - The Chief Operating Officer (COO) and his department, - The management of SCOR Global P&C (SGP&C) with his Chief Executive Officer and his deputy, - The management of SCOR Global Life (SGL) with his Chief Executive Officer and his two deputies, - The management of SCOR Global Investments with his Chief Executive Officer;  established in 2011, the Group Risk Committee is a dedicated body of the COMEX in charge of the monitoring of the internal control system and risk management framework. The Group Risk Committee is made up of the
Chief Economist. Other assurance functions such as the risk and control functions of the divisions, the Director of the Group Internal Audit are regularly convened to the Group Risk Committee meetings. Role and responsibilities of the Group Risk Committee are set out in its internal charter.
Code of Conduct and its engagement in the United Nation Global Compact Initiative and due to latest regulatory requirements further guidance was issued on a Group level by means of a Group Policy on Anti-
Policy. In this respect, the latter is approved and monitored by the Group Risk Committee of the COMEX and the Board Risk Committee of the Company.
In addition, and without calling into question the implementation of internal control rules by SCOR and its managers,
The Group’s environmental policy is decentralised at “hub” level (in Europe, Cologne, London, Paris and Zurich, in Asia
 Two approaches have been developed with regards to computers and laptop management in order to reduce their energy intensity: the Group’s fleet rationalisation (e.g. lifespan of the IT equipment, centralisation of the copiers) and acquisition of highly energy-efficient equipment (EPEAT Gold for laptop and computers on a Group-wide basis).
France and abroad. Activity data have been collected between the 15 December 2011 and the 20 January 2012 on a target perimeter embracing all the Group’s locations where more than 30 employees were in activity at the end of the year (i.e. 31/12/2011), excluding the premises located in Charlotte (United-States, Delaware), Madrid (Spain) and Milan
Group 3- Resources dedicated to prevent environmental risk and pollution Data not itemized in our budget and control monitoring system N/A
An insurance company that issues insurance contracts to the public generally or to certain non-insurance entities.
Registration Document 2011 which will be submitted as such to the Shareholders’ Meeting convened to approve the financial statements of the financial year ended on 31 December 2011.
(1) Number of shares of the Company, with a nominal par value of EUR 7.8769723, existing at the moment of distribution of the related dividend, including treasury shares (actions auto-détenues). (2) For natural persons only : the dividend paid in 2009, 2010 and 2011 for the fiscal years 2008, 2009 and 2010 gave entitlement to a 40% deduction (except for dividends received after 1 January 2008, if the beneficiary has opted for fixed-rate taxation on dividends (prélèvement libératoire forfaitaire).
This chapter consists of two sections. The first section presents a series of consistent social indicators covering the whole Group. The second section offers a set of additional information and specifically outlines the actions and programs implemented in this area within the Group.
This new compensation scheme, the Long Term Incentive Plan (LTIP), thus reflects the orientation of the Group to implement compensation schemes in accordance with best market practices enabling us to involve even more our key employees in long term development of the Group.
(US), 2 days in Australia, 15 days in China, 70 days in Hong-Kong, 21 days in Malaysia, 11 days in South Korea, 594 days in Singapore, 3 days in Japan, 5 days in Taiwan.
(*) Sick leave, accident, maternity/paternity leave, sabbatical vacation, exceptional leave are included.
European Committee meetings were held in 2011 (3 meetings in Paris on 15/03/2011, 29/09/2011 and 16/12/2011 and one meeting in Cologne on 31/05/2011).
Germany on January 2011 and titled "Biometric Authentication at the desktop" and "Information and communication technology".
667 777) were offered in the hub of Zurich, 7,025 training hours (EUR 265,484) were offered in the hub of Cologne, 1,338 training hours (USD 61 940) were offered in the hub of New York