SCOR, featuring among major players: 2007-2013, the boom

In 2007, the French group introduced its new «Dynamic Lift» roadmap. One of the major objectives is to achieve a level of safety equivalent to “A+” rating by S&P in 2010.

«Dynamic Lift» 2007-2010

At the start of «Dynamic Lift», SCOR was completely reorganized, having two operational structures: life (SCOR Global Life) and non-life (SCOR Global P&C) and a Standard & Poor's rating of “A-”.

Following Revios acquisition, the group began another major operation in early 2007, the takeover of the Germano—Swiss reinsurer Converium, a move that earned SCOR 2 billion USD of revenues, primarily in non-life insurance. The Group then started to balance its life and non-life activities. Henceforth, the portfolio comprised 50% of non-life business and 50% of life, boosting SCOR to become the fifth market reinsurer.

To maintain close relationships with customers, the company was organized into six hubs: Cologne, London, New York, Paris, Singapore and Zurich, with forty four outlets scattered throughout the world.

Despite the global financial crisis in 2008, SCOR displayed positive quarterly results. In 2009, S&P upgraded the Group’s rating from “A-” to “A” with a stable outlook. Early September 2010, AM Best acted likewise.

«Strong Momentum» 2010-2013

In September 2010, investors discovered the new development plan «Strong Momentum». Optimizing the Group’s risk profile, obtaining a safety level equivalent to an “AA” rating and 1000 point profitability, above the quarterly risk-free rate were the main objectives.

This plan was revised on September 7^th , 2011 after the acquisition in August 2011 of the mortality risk portfolio of Transamerica Re. On September 6, 2012, the group made an assessment of its situation.

The so-called «Strong Momentum Season 3» document, supported by figures, showed that SCOR achieved its objectives, and is ready to seize new opportunities.

Between March 15, 2012 and June 5, 2012 that is in three months’ time, the four most important rating agencies upgraded SCOR’s rating to A+ for Fitch and Standard & Poor’s, to A for A.M. Best and to A1 for Moody’s.

The successive acquisitions in the United States, of Transamerica Re’s mortality portfolio in 2011 and of Generali’s life insurance in 2013, boosted SCOR as the number one overseas life reinsurer.

Positioning of SCOR Global P&C in 2012

Regions	Country	Market position	Market share 1
Europe	France	3	9%
	Italy	3	11%
	Germany	5	5%
	Benelux	5	8%
	Nordic countries 2	3	14%
	Central and Eastern Europe	3	8%
	Spain	4	7%
America	United States	5	4%
	Canada	5	8%
	Latin America and the Caribbean	5	4%
Rest of the world	China	3	6%
	Japan	3	4%
	India	3	9%
	Middle East	2	13%
	French - speaking Africa	2	9%
	English - speaking Africa	2	5%

¹ Estimated figures
² Denmark, Norway, Switzerland, Finland and Iceland Source: SCOR’s new strategic plan, «Optimal Dynamics»

The 2013-2016 forecasts: the «Optimal Dynamics» plan

In September 2013, the reinsurer has released its fifth triennial «Optimal Dynamics» plan, with priority to profitability and solvency.

The new objectives are to achieve a 1000-point ROE above the risk-free rate over the period and a solvency ratio between 185% and 220%. Optimal Dynamics rests on the assumption of an annual organic growth of 7%. Gross premiums collected by the group should therefore attain 13.3 billion EUR (17.5 billion USD) in 2016.

Evolution of the 2002-2006 strategic plan

in millions USD

Indicators	By the end of 2002	By the end of «Back on Track» 2004	By the end of «Moving Forward» 2007	By the end of «Dynamic Lift» 2010	By the end of «Strong Momentum» 2012	Objectives of «Optimal Dynamics» 2016
ROE	NA	5.8%	14.1%	10.2%	9.1%	1
Solvency ratio 2	NA	NA	NA	NA	221%	185%-220%
Turnover	5 258	3 449	7 014	8 871	12 576	17 500
Turnover’s growth from one plan to another	NA	-34%	103%	26.4%	41.7%	39.1%
Net result	-477	102	599	554	553	NA
The group’s staff	1 256	1 038	1 840	1 822	2 184	NA
Loss ratio	NA	91.63%	90.6%	71.2%	65.40%	NA
Non life combined ratio	NA	100.1%	97.3%	100%	94.40%	93%-94%
Life technical margin	NA	NA	7.6%	7%	7.4%	7%

¹ For «Optimal Dynamics», ROE is expressed in points. The goal is a 1000-point basis above the quarterly risk-free rate. ² For the years prior to 2012, SCOR calculates its solvency according to a model which allows it to assess the required capital to cover the risks to which the group is exposed. NA: not available

Appendices

Appendix 1: SCOR’s figures	Appendix 2: SCOR versus its competitors 2008-2012
1-1: Evolution of gross written premiums per geographic area: 2002-2012	2-1: Gross written premiums
1-2: Evolution of net result: 2000-2012	2-2: Loss ratio
1-3: Evolution of ROE : 2004- 2012	2-3: Management expenses ratio
1-4: Evolution of staff: 2000-2012	2-4: Combined ratio
1-5: List of SCOR’s shareholders in 2012	2-5: Net result
1-6: Evolution of ratings :2003-2012	2-6: Net result /gross written premiums
1-7: List of acquisitions	2-7: Return on equity

Appendix 1: SCOR’s figures

Evolution of gross written premiums per geographic area: 2002-2012

in millions USD

Years	Pacific Asia and rest of the world	Europe	America	Total
2002	368	2 576	2 314	5 258
2003	417	2 966	1 251	4 634
2004	345	2 552	552	3 449
2005	456	1 597	798	2 851
2006	620	2 247	1008	3 875
2007	912	4 349	1 753	7 014
2008	1 310	4 911	1 965	8 186
2009	1 532	5 089	2 522	9 143
2010	1 721	4 734	2 416	8 871
2011	1 969	4 824	3 052	9 845
2012	2 389	5 283	4 904	12 576

in millions USD

Evolution of net result: 2000-2012

in millions USD

Evolution of ROE : 2004-2012

Evolution of staff: 2000-2012

List of shareholders in 2012

Shareholders	Number of shares	% of the capital
Patinex AG	15 000 000	7.80%
Alecta Kapitalförvaltning AB	8 690 000	4.52%
Generali Investments France S.A	5 903 700	3.07%
Groupe Malakoff	5 875 500	3.05%
BNP Paribas Asset Management (France)	4 049 000	2.10%
Covéa Finance	4 034 300	2.10%
BNP Paribas Investment Partners Belgium SA	3 691 300	1.92%
OFI Asset Management	3 594 900	1.87%
Treasury shares	8 930 686	4.64%
Employees	6 189 679	3.22%
Others	126 425 154	65.71%
Total	192384 219	100%

Source: Scor

Evolution of ratings: 2003-2012

Years	Standard & Poor’s	A.M. Best	Fitch Ratings	Moody’s
2003	BBB+	B++	BBB	Baa2
2005	A-	B++	BB+	Baa2
2008	A-	A-	A-	A3
2010	A	A/a	A	A2
2013	A+	A/a+	A+	A1

List of acquisitions

Years	Acquisitions
1988	La Vittoria Riassicurazioni (Italy)
1989	The Deutsche Kontinentale Rück (Germany) Merger of  SCOR and UAP Re  portfolios
1996	Allstate Re (United States)
2000	PartnerRe Life (United States)
2001	Sorema (France)
2006	Revios (Germany)
2007	Converium (Switzerland-Germany)
2008	Prévoyance Re (France)
2009	XL Re Life America (United States )
2011	Transamerica Re (United States)
2013	Generali USA (United States)

Appendix 2: SCOR versus its competitors: 2008-2012

Gross written premiums

in billions USD

	2008	2009	2008/2009 Evolution	2010	2009/2010 Evolution	2011	2010/2011 Evolution	2012	2011/2012 Evolution
Munich Re	30.873	34.233	10.88%	31.28	-8.63%	33.719	7.80%	37.251	10.47%
Swiss Re	23.226	27.647	19.03%	24.756	-10.46%	28.664	15.79%	31.273	9.10%
Hannover Re	11.448	14.728	28.65%	15.147	2.84%	15.664	3.41%	18.208	16.24%
Berkshire Hathaway	NA	NA	-	14.374	-	15	4.36%	15.059	0.39%
SCOR	8.186	9.143	11.69%	8.871	-2.97%	9.845	10.98%	12.576	27.74%

Loss ratio ¹

	2008	2009	2010	2011	2012
Munich Re	69.60%	66.10%	69.80%	83.90%	61.20%
Swiss Re	68.90%	60.50%	66.20%	73.50%	53.10%
Hannover Re	NA	72.80%	71.80%	78.90%	70.70%
Berkshire Hathaway	NA	NA	NA	NA	NA
SCOR	70.50%	70%	71.20%	76.60%	65.40%

Management expenses ratio ¹

	2008	2009	2010	2011	2012
Munich Re	29.90%	29.70%	31.30%	30.40%	30%
Swiss Re	29%	27.80%	28%	28.10%	30%
Hannover Re	NA	24%	26.70%	25.60%	25.40%
Berkshire Hathaway	NA	NA	NA	NA	NA
SCOR	28.10%	28.80%	27.30%	27.90%	29%

Combined ratio

	2008	2009	2010	2011	2012
Munich Re	99.50%	95.80%	101%	114.20%	91.20%
Swiss Re	97.90%	88.30%	94.20%	101.60%	83.10%
Hannover Re	95.40%	96.80%	98.50%	104.50%	96%
Berkshire Hathaway	NA	78.40%	92.40%	99.90%	99.90%
SCOR	98.60%	98.80%	98.50%	104.50%	94.30%

¹ Berkshire Hathaway does not have figures according to IFRS standards
NA : not available

Net result ¹

in billions USD

	2008	2009	2010	2011	2012
Munich Re	2.226	3.675	3.221	0.922	4.244
Swiss Re	-0.663	0.496	0.863	2.626	4.201
Hannover Re	-0.179	1.052	0.993	0.785	1.135
Berkshire Hathaway	NA	NA	NA	NA	NA
SCOR	0.444	0.53	0.554	0.427	0.553

Net result/gross written premiums ¹

	2008	2009	2010	2011	2012
Munich Re	7.21%	10.74%	10.30%	2.73%	11.39%
Swiss Re	-2.85%	1.79%	3.49%	9.16%	13.43%
Hannover Re	-1.56%	7.14%	6.56%	5.01%	6.23%
Berkshire Hathaway	NA	NA	NA	NA	NA
SCOR	5.42%	5.80%	6.25%	4.34%	4.40%

Return on equity

	2008	2009	2010	2011	2012
Munich Re	7%	11.80%	10.40%	3.30%	12.60%
Swiss Re	-3.40%	2.30%	3.60%	9.60%	13.40%
Hannover Re	-4.10%	22.40%	18.20%	12.80%	15.60%
Berkshire Hathaway	4.25%	6.90%	8.91%	6.37%	8.32%
SCOR	9%	10.20%	10.20%	7.70%	9.10%

¹ Berkshire Hathaway does not have figures according to IFRS standards
NA : not available Exchange rate EUR/USD as at 31/12

2001: 0.886	2007: 1.47285
2002: 1.0483	2008: 1.40974
2003: 1.2557	2009: 1.4333
2004: 1.3644	2010: 1.3253
2005: 1.18445	2011: 1.29501
2006: 1.32027	2012: 1.3218