Obligation SCORA 3.25% ( FR0012770063 ) en EUR

SCORA

99.56 % ▼

France

FR0012770063 ( en EUR )

3.25% par an ( paiement annuel )

04/06/2047

Prospectus brochure de l'obligation SCOR FR0012770063 en EUR 3.25%, échéance 04/06/2047

05/06/2026 ( Dans 62 jours )

SCOR est un groupe mondial de réassurance, proposant des solutions de réassurance, d'assurance et de gestion des risques à ses clients.

L'Obligation émise par SCORA ( France ) , en EUR, avec le code ISIN FR0012770063, paye un coupon de 3.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 04/06/2047

PROSPECTUS DATED 3 JUNE 2015

SCOR SE
250,000,000 Fixed to Reset Rate Subordinated Notes due 2047
Issue Price: 99.375 per cent.
This prospectus constitutes a prospectus (the Prospectus) for the purposes of Article 5.3 of the Directive 2003/71/EC of the European Parliament and
of the Council dated 4 November 2003, as amended, which includes the amendments made by Directive 2010/73/EU of the European Parliament and
of the Council dated 24 November 2010 and by Directive 2013/50/EU of the European Parliament and of the Council dated 22 October 2013 (the
Prospectus Directive) and the relevant implementing measures in the Grand-Duchy of Luxembourg.
The 250,000,000 fixed to reset rate subordinated notes due 2047 (the Notes) of SCOR SE (the Issuer or SCOR) will be issued outside France on 5
June 2015 (the Issue Date) in the denomination of 100,000 each.
The Issuer shall have the right (subject, in particular, to the Prior Approval of the Relevant Supervisory Authority) to redeem the Notes, in whole but
not in part, on the First Call Date and on any Interest Payment Date thereafter as further specified in "Terms and Conditions of the Notes --
Redemption and Purchase". In addition, the Issuer may (subject, in particular, to the Prior Approval of the Relevant Supervisory Authority) redeem
the Notes at any time for tax reasons or following a Rating Event, a Capital Disqualification Event, an Accounting Event or if the conditions for a
Clean-up Call are satisfied, as set out in "Terms and Conditions of the Notes -- Redemption and Purchase".
Each Note will bear interest on its principal amount (i) from (and including) the Issue Date to (but excluding) 5 June 2027 (the First Call Date), at a
fixed rate of 3.25 per cent. per annum payable annually in arrear on 5 June in each year, commencing on 5 June 2016 and (ii) from (and including) the
First Call Date to (but excluding) the Redemption Date, at the relevant Reset Rate of Interest payable annually in arrear on 5 June in each year,
commencing on 5 June 2028, as further specified in "Terms and Conditions of the Notes -- Interest". Payment of interest on the Notes may at the
option of the Issuer, or shall, be deferred under certain circumstances, as set out in "Terms and Conditions of the Notes - Interest - Interest Deferral".
The Luxembourg Commission de Surveillance du Secteur Financier (the CSSF) is the competent authority in Luxembourg, pursuant to the
Prospectus Directive and the Luxembourg law on prospectuses for securities of 10 July 2005 as amended by law dated 3 July 2012, for the purpose of
approving this Prospectus. Application has been made to the Luxembourg Stock Exchange for the Notes to be listed on the Official List and admitted
to trading on the Regulated Market (within the meaning of Directive 2004/39/EC of the European Parliament and of the Council dated 21 April 2004)
of the Luxembourg Stock Exchange. By approving this Prospectus, the CSSF gives no undertaking as to the economic and financial soundness of the
transaction or the solvency of the Issuer in line with the provisions of article 7 (7) of the Luxembourg law on prospectuses for securities.
The Notes will be issued in dematerialised bearer form (au porteur). Title to the Notes will be evidenced in accordance with Article L.211-4 et seq.
of the French Code monétaire et financier by book-entries (inscription en compte) in the books of Account Holders. No physical document of title
(including certificats représentatifs pursuant to Article R.211-7 of the French Code monétaire et financier) will be issued in respect of the Notes. The
Notes will, upon issue, be inscribed in the books of Euroclear France, which shall credit the accounts of the Account Holders, as set out in "Terms and
Conditions of the Notes Denomination, Form and Title of the Notes".
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act) or under any securities law
of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to U.S. persons (as defined in
Regulation S under the Securities Act) except in transactions exempt from or not subject to the registration requirements of the Securities Act and in
compliance with any applicable state securities laws. Accordingly, the Issuer is offering the Notes only to non-U.S. persons outside the United States
in offshore transactions within the meaning of and in reliance upon Regulation S under the Securities Act (Regulation S).
The Notes are expected to be rated A- by Standard & Poor's Credit Market Services France, a division of The McGraw-Hill Companies, Inc (S&P)
and A- by Fitch Ratings (Fitch). As at the date of this Prospectus, S&P and Fitch are established in the European Union and are registered under the
Regulation (EC) No. 1060/2009 of the European Parliament and of the Council dated 16 September 2009, on credit rating agencies, as amended by
Regulation (EU) No. 513/2011 (the CRA Regulation). As such, S&P and Fitch are included in the list of credit rating agencies published by the
European Securities and Markets Authority (ESMA) on its website (at http://esma.europa.eu/page/list-registered-and-certified-CRAs) in accordance
with the CRA Regulation. A credit rating is not a recommendation to buy, sell or hold securities and may be suspended, revised or withdrawn by the
rating agency at any time without notice.
Copies of this Prospectus are available on the websites of the Luxembourg Stock Exchange (www.bourse.lu) and of the Issuer (www.scor.com) and
may be obtained, without charge on request, at the principal office of the Issuer during normal business hours. Copies of all documents incorporated
by reference in this Prospectus are available (i) on the website of the Luxembourg Stock Exchange (www.bourse.lu).and (ii) on the website of the
Issuer (www.scor.com) and may be obtained, without charge on request, at the principal office of the Issuer during normal business hours.
An investment in the Notes involves certain risks. Potential investors should review all the information contained or incorporated by
reference in this document and, in particular, the information set out in the section entitled "Risk Factors" before making a decision to invest
in the Notes.
Structuring Advisor

BNP Paribas

Joint Bookrunners and Joint Lead Managers
BNP Paribas
Citigroup
Crédit Agricole CIB
Deutsche Bank
Co-Lead Managers
Commerzbank
Natixis

0010155-0002316 PA:14713495.14
1

Certain information contained in this Prospectus and/or documents incorporated herein by reference has
been extracted from sources specified in the sections where such information appears. The Issuer confirms
that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain
from information published by the above sources, no facts have been omitted which would render the
information reproduced inaccurate or misleading. The Issuer has also identified the source(s) of such
information.
References to the Group are to the Issuer, together with its consolidated subsidiaries.
This Prospectus is to be read in conjunction with any supplement, that may be published between the date of
this Prospectus and the date of listing of the Notes on the Official List and admission to trading of the Notes
on the Regulated Market of the Luxembourg Stock Exchange, and all documents which are incorporated
herein by reference (see the section entitled "Documents Incorporated by Reference"). This Prospectus shall
be read and construed on the basis that such documents are incorporated in, and form part of, this
Prospectus.
The Joint Bookrunners and Joint Lead Managers and the Co-Lead Managers (both as defined in the section
entitled "Subscription and Sale" and together the Managers) have not independently verified the information
contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and
no responsibility or liability is accepted by the Managers as to the accuracy or completeness of any of the
information contained or incorporated by reference in this Prospectus or any other information provided by
the Issuer in connection with the issue and sale of the Notes.
This Prospectus constitutes a prospectus for the purpose of Article 5.3 of the Prospectus Directive and the
relevant implementing measures in the Grand Duchy of Luxembourg, in respect of, and for the purposes of
giving information with regard to, the Issuer, the Group and the Notes which, according to the particular
nature of the Issuer and the Notes, is necessary to enable investors to make an informed assessment of the
assets and liabilities, financial position, profit and losses and prospects of the Issuer and the Group.
In connection with the issue and sale of the Notes, no person is or has been authorised by the Issuer or the
Managers to give any information or to make any representation not contained in or not consistent with this
Prospectus and if given or made, such information or representation must not be relied upon as having been
authorised by the Issuer or the Managers.
Neither the delivery of this Prospectus nor the offering, sale or delivery of any Notes shall in any
circumstances imply that the information contained herein concerning the Issuer is correct at any time
subsequent to the date hereof or that there has been no change in the affairs of the Issuer or those of the
Group since the date hereof or the date upon which this Prospectus has been most recently supplemented or
that there has been no adverse change in the financial position of the Issuer or that of the Group since the
date hereof or the date upon which this Prospectus has been most recently supplemented or that any other
information supplied in connection with the issue and sale of the Notes is correct as of any time subsequent
to the date indicated in the document containing the same. The Managers do not undertake to review the
financial condition or affairs of the Issuer during the life of the Notes or to advise any investor in the Notes
of any information coming to its attention. Investors should review, inter alia, the documents incorporated
by reference into this Prospectus when deciding whether or not to subscribe for or to purchase any Notes.
Neither this Prospectus nor any other information supplied in connection with the issue and sale of the Notes
(a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a
recommendation by the Issuer or the Managers that any recipient of this Prospectus or any other
information supplied in connection with the issue and sale of the Notes should purchase any Notes. Neither
this Prospectus nor any other information supplied in connection with the issue and sale of the Notes
constitutes an offer or invitation by or on behalf of the Issuer or the Managers to any person to subscribe for
or to purchase any Notes.
In making an investment decision regarding the Notes, prospective investors should rely on their own
independent investigation and appraisal of (a) the Issuer, the Group, their business, their financial condition

0010155-0002316 PA:14713495.14
2

and affairs and (b) the terms of the offering, including the merits and risks involved. The content of this
Prospectus is not to be construed as legal, business or tax advice. Each prospective investor should consult
its own advisers as to legal, tax, financial, credit and related aspects of an investment in the Notes and the
suitability of investing in the Notes in light of its particular circumstances. None of the Managers
undertakes to review the financial condition or affairs of the Issuer or the Group after the date of this
Prospectus nor to advise any investor or potential investor in the Notes of any information coming to the
attention of any of the Managers. Potential investors should, in particular, read carefully the section entitled
"Risk Factors" set out below before making a decision to invest in the Notes.
This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes in any
jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The
distribution of this Prospectus and the offer or sale of Notes may be restricted by law in certain jurisdictions.
The Issuer and the Managers do not represent that this Prospectus may be lawfully distributed, or that any
Notes may be lawfully offered, in compliance with any applicable registration or other requirements in any
such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for
facilitating any such distribution or offering. In particular, no action has been taken by the Issuer or the
Managers which would permit a public offering of any Notes or distribution of this Prospectus in any
jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold,
directly or indirectly, and neither this Prospectus nor any advertisement or other offering material may be
distributed or published in any jurisdiction, except under circumstances that will result in compliance with
any applicable laws and regulations. Persons into whose possession this Prospectus or any Notes may come
must inform themselves about, and observe, any such restrictions on the distribution of this Prospectus and
the offering and sale of Notes. In particular, there are restrictions on the distribution of this Prospectus and
the offer or sale of Notes in the United States, the United Kingdom and France, see the section entitled
"Subscription and Sale".
This Prospectus is being provided for informational use solely in connection with the consideration of a
purchase of the Notes to qualified purchasers in offshore transactions complying with Rule 903 or Rule 904
of Regulation S under the U.S. Securities Act. Its use for any other purpose is not authorised. This
Prospectus may not be copied or reproduced in whole or in part, nor may it be distributed or any of its
contents be disclosed to anyone other than the prospective investors to whom it is being provided.
In this Prospectus, unless otherwise specified or the context requires, references to euro, EUR and are to
the single currency of the participating member states of the European Economic and Monetary Union
which was introduced on 1 January 1999.
In connection with the issue of the Notes BNP Paribas (herein referred to as the Stabilising Manager, (or
persons acting on behalf of the Stabilising Manager), may over-allot or effect transactions with a view to
supporting the market price of the Notes at a level higher than that which might otherwise prevail but in
doing so the Stabilising Manager shall act as principal and not as agent of the Issuer. However, there is no
assurance that the Stabilising Manager (or persons acting on behalf of the Stabilising Managers) will
undertake stabilisation action. Any stabilisation action may begin on or after the date on which adequate
public disclosure of the final terms of the offer of the Notes is made and, if begun, may be ended at any time,
but it must end no later than the earlier of thirty (30) calendar days after the issue date of the Notes and sixty
(60) calendar days after the date of the allotment of the Notes. Any stabilisation action or over-allotment
must be conducted by the Stabilising Manager (or person(s) acting on its behalf) in accordance with all
applicable laws and rules. As between the Issuer and the Stabilising Manager, any loss resulting from over-
allotment and stabilisation shall be borne, and any profit arising therefrom shall be retained, by the
Stabilising Manager.

0010155-0002316 PA:14713495.14
3

FORWARD-LOOKING STATEMENTS
Certain statements contained herein are forward-looking statements including, but not limited to, statements
that are predictions of or indicate future events, trends, business strategies, expansion and growth of
operations plans or objectives, competitive advantage and regulatory changes, based on certain assumptions
and include any statement that does not directly relate to a historical fact or current fact. The Issuer and the
Group may also make forward-looking statements in its audited annual financial statements, in its interim
financial statements, in its prospectuses, in press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties. Forward-looking statements are typically
identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue",
"estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by
future or conditional verbs such as, without limitation, "will", "should", "would" and "could." Undue reliance
should not be placed on such statements, because, by their nature, they are subject to known and unknown
risks, uncertainties, and other factors and actual results may differ materially from any future results,
performance or achievements expressed or implied by such forward-looking statements. Please refer to the
section entitled "Risk Factors" below.
SCOR SE operates in a continually changing environment and new risks emerge continually. Forward-
looking statements speak only as of the date they are made and SCOR SE does not undertake any obligation
to update or revise any of these forward-looking statements, to reflect new information, future events or
circumstances or otherwise.

0010155-0002316 PA:14713495.14
4

TABLE OF CONTENTS
Section
Page
Persons Responsible for the Information Given in the Prospectus ..................................................................... 6
Risk Factors ........................................................................................................................................................ 7
General Description of the Notes ..................................................................................................................... 50
Documents Incorporated by Reference ............................................................................................................ 62
Cross-Reference List ........................................................................................................................................ 63
Terms and Conditions of the Notes .................................................................................................................. 66
Use of Proceeds ................................................................................................................................................ 86
Description of the Issuer ................................................................................................................................... 87
Recent Developments ....................................................................................................................................... 88
Taxation ............................................................................................................................................................ 96
Subscription and Sale ..................................................................................................................................... 101
General Information ....................................................................................................................................... 103

0010155-0002316 PA:14713495.14
5

PERSONS RESPONSIBLE FOR THE INFORMATION GIVEN IN THE PROSPECTUS
To the best knowledge of the Issuer (having taken all reasonable care to ensure that such is the case), the
information contained in this Prospectus is in accordance with the facts and contains no omission likely to
affect its import. The opinions and intentions expressed in this Prospectus with regard to the Issuer are
honestly held. The Issuer accepts responsibility for the information contained in this Prospectus.
SCOR SE
5, avenue Kléber
75016 Paris
France

Duly represented by:
Denis Kessler
Président du Conseil d'administration et Directeur Général

0010155-0002316 PA:14713495.14
6

RISK FACTORS
Prior to making an investment decision, prospective investors in the Notes offered hereby should consider
carefully, among other things and in light of their financial circumstances and investment objectives, all the
information of this Prospectus and, in particular, the risks factors set forth below. Each of the risks
highlighted below could have a material adverse effect on the business, operations, financial conditions or
prospects of the Issuer, which in turn could have a material adverse effect on the amount of principal and
interest which investors will receive in respect of the Notes. In addition, each of the risks highlighted below
could adversely affect the trading price of the Notes or the rights of investors under the Notes and, as a
result, investors could lose some or all of their investment.
The Issuer believes that the factors described below represent the principal risks inherent in investing in the
Notes, but this section is not intended to be exhaustive and the inability of the Issuer to pay interest, principal
or other amounts on or in connection with any Notes may be caused by events the occurrence of which, in
the view of the Issuer, is so unlikely that they should not be considered significant risks based on information
currently available to the Issuer or which it may not currently be able to anticipate.
Prospective investors should make their own independent evaluation of all risk factors contained in this
section.
Words and expressions defined in the section entitled "Terms and Conditions of the Notes" herein shall have
the same meanings in this section.
The order in which the following risks factors are presented is not an indication of the likelihood of their
occurrence.
RISK FACTORS RELATING TO THE ISSUER
The risk factors relating to the Issuer described below must be considered together with the following
information contained in the 2014 DDR which is incorporated by reference in this Prospectus:

Appendix B - Report of the Chairman of the Board of Directors - Part II, which describes the internal
control and risk management procedures set up by the Group to address the risks to which the Group is
exposed on pages 384 to 397 of the 2014 DDR;

The consolidated financial statements of the Group presented in Section 20.1 Historical financial
information: consolidated financial statements on pages 198 to 288 of the 2014 DDR and, in
particular, in Section 20.1.6 Notes to the consolidated financial statements, Note 26 Insurance and
financial risk on pages 276 to 287 of the 2014 DDR; and

Section 6 Business overview on pages 57 to 79 of the 2014 DDR.
These above sections describe the risk management measures, processes and hedging positions planned or
implemented by the Group in order to identify, assess and mitigate the risks to which it is exposed.
The information included herein referring to the nature and extent of risks arising from financial instruments
as required by IFRS 7 Financial Instruments Disclosures, is an integral part of the consolidated financial
statements of the Issuer as at 31 December 2014. As such the information is audited.
Introduction
All risks described herein are managed through a variety of mechanisms in the Group's enterprise risk
management framework.

0010155-0002316 PA:14713495.14
7

Difficult conditions in the global capital markets and the economy generally may materially adversely
affect the Group's business and results of operations
The Group's results of operations could be materially affected by the global capital markets conditions and
the economy, in France, other countries in continental Europe, the United Kingdom (the UK), the United
States of America (the US) and elsewhere around the world. Many economies around the world may
experience negative macroeconomic trends, including job losses and, consequently, higher unemployment,
lower consumer spending and investment, lower credit availability, the failure of a significant number of
financial and non-financial companies and the payment default of sovereign states. Any continued
deterioration in macroeconomic trends could have an adverse effect on the Group's business and results of
operations, even more so as the global economy is still in convalescence since the 2008 financial crisis and
remains very vulnerable to negative economic, financial and geo-political shocks. In particular, the growing
debt of governments in advanced economies and of private companies in emerging countries could generate
significant adjustments if the main central banks were to raise interest rates. As a result, financial markets
could enter a period of high volatility which could lead to adverse consequences such as waves of company
defaults, or a major liquidity crisis. Although pressure on the most fragile sovereign issuers in Europe seems
to have decreased since the summer of 2012, notably due to announcements from the European Central
Bank, the financial situation in many countries of the Eurozone remains unstable and downgrades of some
states' financial ratings have occurred. While the Group does not currently own any securities issued by the
governments of Greece, Italy, Spain, Ireland, Hungary or Portugal, it cannot predict whether any of the other
government securities that it holds in its investment portfolio will be adversely affected in the future by
ratings downgrades, the continuing debt crisis or other developments. For further information on
investments, refer to Section 6.1.5 Investments on pages 72 to 73 of the 2014 DDR and Section 20.1.6
Notes to the consolidated financial statements, Note 6 Insurance Business Investments on pages 233 to 241
of the 2014 DDR.
In addition, the fixed-income markets can experience a period of extreme volatility that has negatively
impacted market liquidity conditions. These volatile conditions have affected a broad range of mortgage and
asset-backed and other fixed-income securities, including those rated investment grade, the US and
international credit and interbank money markets generally, and a wide range of financial institutions and
markets, asset classes and sectors. As a result, the market for fixed-income securities has experienced
decreased liquidity, increased price volatility, credit downgrade events, increased probability of default and
lower than expected recovery rates. Securities that are less liquid are more difficult to value and may be
challenging to dispose of.
Recently, advanced economies, with the exception of the Eurozone, have experienced an improvement in
their economic situation. While these developments may eventually unfold into a noticeable expansion, the
risk of a relapse of all or part of these economies remains important. The global economy may suffer from a
sharp turn in American monetary policy, which could spur a rise in interest rates all along the yield curve.
Financing conditions could thus deteriorate across sectors and economies. In particular, the emerging and
developing countries may suffer from capital outflows in the wake of such a US monetary normalization.
This difficult environment and the continuing market upheavals may have an adverse effect on the Group, in
part because it has a large investment portfolio and also because it is dependent upon customer behaviour.
The Group's premiums are likely to decline in such circumstances and its profit margins could erode. In the
event of extreme prolonged market events, such as the global credit crisis, the Group could incur significant
losses in its investment portfolio. Refer to Section 20.1.6 Notes to the consolidated financial statements,
Note 6 Insurance Business Investments on pages 233 to 241 of the 2014 DDR, which includes analyses of
unrealised and realised investment losses. See also Section 2.2 - The Group faces risks related to its equity-
based portfolio on page 29 of this Prospectus. Even in the absence of a market downturn, the Group is
exposed to a substantial risk of loss due to market volatility. See Section 2.3 - The Group is exposed to other
risks arising from the investments it owns on pages 30 to 31 of this Prospectus.
Factors such as government and consumer spending, business investment, the volatility and strength of both
debt and equity markets, and inflation, all affect the business and economic environment and ultimately, the
size and profitability of the Group's business. In an economic downturn characterised by higher

0010155-0002316 PA:14713495.14
8

unemployment, lower household income, lower corporate earnings, lower business investment and lower
consumer spending, the demand for the Group's and its clients' products could be adversely affected. In
addition, the Group may experience an elevated incidence of claims or be impacted by a decrease in demand
for reinsurance and increased surrenders of policies by cedents (see paragraph on Lapsation in Section 1.1.B
Life Reinsurance on page 12 of this Prospectus) that could affect the current and future profitability of its
business. Although written premiums have seen steady growth in prior years, a prolonged economic crisis
could result in lower written premiums in the future. These adverse changes in the economy could affect
earnings negatively and could have a material adverse effect on the Group's business, present and future
revenues, net income, cash flows, financial position, and potentially, on its share price.
See Appendix B - Report of the Chairman of the Board of Directors II. Internal control and risk
management procedures, B. Identification and assessment of risks on pages 389 to 390 of the 2014 DDR for
information on risk mitigation actions.
Governmental initiatives intended to alleviate the financial crisis that have been adopted may not be
effective and, in any event, are expected to be accompanied by other initiatives, including new capital
requirements, fiscal or other regulations, that could materially affect the Group's results of operations,
financial condition and liquidity in ways that it cannot predict
In a number of countries in which the Group operates, legislation has been passed in an attempt to stabilize
the financial markets, including bank stabilization programs by the Government and Bank of England in the
UK and similar programs under the Emergency Economic Stabilization Act of 2008 in the US, as well as the
Financial and Banking Regulation Act of 2010 in France and the Basel III agreements reached by the Basel
Committee on Banking Supervision. Additionally, the EU has established the European Stability Mechanism
(ESM) to assist European governments with their budgetary deficits and to stabilize the sovereign debt
markets in the Eurozone. Such legislation or similar proposals, as well as accompanying actions, such as
monetary or fiscal actions, of comparable authorities in the US, UK, Eurozone and other countries, may fail
to stabilize durably the financial markets. Although the European sovereign debt crisis has receded, public
finances are far from equilibrium and public debt in some Eurozone countries is following an unsustainable
path. Thus, tensions on some sovereign issuers are likely to reappear, in particular when long-term interest
rates are on the rise again.
This legislation and other proposals or actions may then have other consequences, including material effects
on interest rates and foreign exchange rates, and, in particular, the future viability of the European currency
or the European Monetary Union, which could materially affect the Group's investments, results of
operations and liquidity in ways that it cannot predict. The failure to effectively implement this legislation
and related proposals or actions could also result in a material adverse effect, notably increased constraints
on the liquidity available in the banking system and financial markets and increased pressure on stock prices,
any of which could materially and adversely affect the Group's results of operations, financial condition and
liquidity. In the event of future material deterioration in business conditions, it may need to raise additional
capital or consider other transactions to manage its capital position or liquidity.
In addition, the Group is subject to extensive laws and regulations that are administered and enforced by a
number of different governmental authorities and non-governmental self-regulatory agencies, including the
French Prudential Supervision and Resolution Authority (Autorité de Contrôle Prudentiel et de Résolution,
or ACPR) which regulates among other categories of entities the insurance and reinsurance companies, and
other regulators. Some of these authorities are considering or may in the future consider enhanced or new
regulatory requirements intended to prevent future crises or otherwise assure the stability of institutions
under their supervision and submit them to reinforced measures of control and higher capital requirements.
All of these risks, could materially affect its business, present and future revenues, net income, cash flows,
financial position, and potentially, its share price.

0010155-0002316 PA:14713495.14
9

The Group is exposed to uncertainty of the effects of emerging claim and coverage issues
The Group takes into consideration the numerous changes to the environment in which the Group operates,
examples being : professional practices, legal, jurisdictional, regulatory, social, political, economic, financial
and environmental conditions. These emerging or latent risks may adversely affect the Group's business due
to either an interpretation of the contracts leading to an extension of coverage beyond its underwriting
anticipation (e.g. through inapplicability or interpretation 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.
See Appendix B - Report of the Chairman of the Board of Directors II. Internal control and risk
management procedures, B. Identification and assessment of risks on pages 389 to 390 of the 2014 DDR for
information on risk mitigation actions.
1.
RISK RELATED TO THE BUSINESS ENVIRONMENT
1.1
The Group is exposed to diverse risk factors in the non-life and life reinsurance businesses
For further details on the terminology used to describe the Group activity, refer to Section 6 Business
overview on pages 57 to 79 of the 2014 DDR.
The principal risk the Group faces under insurance and reinsurance contracts is that the actual amounts of
claims and benefit payments, or the timing thereof, differ from expectations. The frequency of claims, their
severity, actual benefits paid, the development of long-tail claims as well as external factors all beyond the
Group's control, especially inflation, legal and regulatory developments, and others, have an influence on the
principal risk faced by the Group. Additionally, the Group is subject to the underwriting of cedents for
certain reinsurance treaties, and to claims management by these companies and the data provided by them. In
spite of these uncertainties, the Group seeks to ensure that sufficient reserves are available to cover its
liabilities (refer to Section 6.1.3.5 Reserves on pages 68 to 70 of the 2014 DDR).
In addition, the Group could also be exposed to so-called emerging risks, which are risks considered to be
new or subject to constant evolution, and thus particularly uncertain in their impact. Examples of such risks
are electromagnetic fields, nanotechnology, cyber-risks, climate change, solar storms and anti-microbial
resistance.
Generally, the Group's ability to increase or maintain its portfolios of insurance and reinsurance risks in the
Non-Life and Life divisions where it operates may depend on external factors such as economic risks and
political risks.

A. Non-Life reinsurance
(a) Property
The Group's property business underwritten by its property and casualty division, which it refers to as SCOR
Global P&C, Non-Life or its Non-Life division, is exposed to multiple insured losses arising from a single or
multiple events, which can be catastrophic, being either caused by nature (e.g. hurricane, typhoon,
windstorm, flood, hail, severe winter storm, earthquake, etc.) or by the intervention of a man-made cause
(e.g. explosion, fire at a major industrial facility, act of terrorism, etc.). Any such catastrophic event can
generate insured losses in one or several of the Group's lines of business.
The insured losses may be covered under various lines of business within the property business such as fire,
engineering, aviation, space, transport and agriculture.

0010155-0002316 PA:14713495.14
10