FORM 6-K

0000950123-06-013922.txt : 20061113 0000950123-06-013922.hdr.sgml : 20061110 20061113064411 ACCESSION NUMBER: 0000950123-06-013922 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20061113 FILED AS OF DATE: 20061113 DATE AS OF CHANGE: 20061113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCOR CENTRAL INDEX KEY: 0001023027 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14518 FILM NUMBER: 061204981 BUSINESS ADDRESS: STREET 1: 1 AVENUE DU PRESIDENT WILSON STREET 2: LA DEFENSE CEDEX CITY: PARIS FRANCE STATE: I0 ZIP: 92074 6-K 1 y01559e6vk.htm FORM 6-K FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

November 13th, 2006

SCOR

(Exact name of Registrant as specified in its chapter)

1, Avenue du Général de Gaulle
92074 Paris - La Défense Cedex, France
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F þ Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not Applicable.

TABLE OF CONTENTS


Signature
EX-99.1:
EX-99.2:
EX-99.3:
EX-99.4:
EX-99.5:
EX-99.6:
EX-99.7:

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated November 13th, 2006



		SCOR
		(Registrant)

		By:		/s/ MARCEL KAHN

				Marcel Kahn,
				Chief Financial Officer

EX-99.1 2 y01559exv99w1.htm EX-99.1: EX-99.1

Exhibit 99.1

07 september 2006

The European Commission gives its green light to the combination of

SCOR and Revios

The completion of the combination of Revios (Revios Rückversicherung AG) and SCOR remains subject to receipt of regulatory authorizations from the insurance supervisory commissions (or the equivalent bodies) in 7 jurisdictions where the Group operates and also to the approval of the anti-trust authorities in 4 jurisdictions, particularly the European Union.

SCOR is pleased to announce that the European Commission decided on 6 September 2006 not to oppose to the acquisition of Revios by the SCOR Group. The Commission declares this combination compatible with the common market and with the EEA Agreement.

This decision marks an important step in the combining of SCOR and Revios, whose merger to form SCOR Global Life will facilitate the creation of a Group ranked amongst the leading players on the European Life reinsurance market.

2006 communications timetable


		2006 Third Quarter Results		8 November 2006

Certain statements contained herein are forward-looking. These statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Forward-looking statements typically are identified by words or phrases such as “anticipate”, “assume”, “believe”, “continue”, “estimate”, “expect”, “foresee”, “intend”, “may increase” and “may fluctuate” and similar expressions or by future or conditional verbs such as “will”, “should”, “would” and “could.” These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause SCOR’s actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed or implied by such statements. Such factors include, among others: the impact of future investments, acquisitions or dispositions, and any delays, unexpected costs or other issues experienced in connection with any such transaction; cyclicality of the reinsurance industry; changes in general economic conditions, particularly in our core markets; uncertainties in estimating reserves; the performance of financial markets; expected changes in our investment results as a result of the changed composition of our investment assets or changes in our investment policy; the frequency, severity and development of insured claim events; acts of terrorism and acts of war; mortality and morbidity experience; policy renewal and lapse rates; changes in rating agency policies or practices; the lowering or withdrawal of one or more of the financial strength or credit ratings of one or more of our subsidiaries; changes in levels of interest rates; political risks in the countries in which we operate or in which we insure risks; extraordinary events affecting our clients, such as bankruptcies and liquidations; risks associated with implementing our business strategies; changes in currency exchange rates; changes in laws and regulations, including changes in accounting standards and taxation requirements; and changes in competitive pressures.

These factors are not exhaustive. Additional information regarding risks and uncertainties is set forth in the current annual report of the company. We operate in a continually changing environment and new risks emerge continually. Readers are cautioned not to place undue reliance on forward-looking statements. We undertake no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

EX-99.2 3 y01559exv99w2.htm EX-99.2: EX-99.2

Exhibit 99.2

08 September, 2006

AM BEST raises the SCOR Group rating to « A-, stable outlook »

SCOR is pleased with the decision by AM BEST to raise the rating of the Group and its subsidiaries from « B++, positive outlook» to « A-, stable outlook ». The rating of Revios, which had been placed under review with negative implications upon the announcement following its combination with SCOR, has been affirmed « A-, stable outlook ». The return of SCOR to an « A » level rating, announced by AM Best as « excellent », completes the Moving Forward plan and confirms the solidity of its financial base and its high degree of solvency.

This improvement in the SCOR Group rating to « A-, stable outlook» by AM Best will notably spur the US underwriting of SCOR Global Life, the Life reinsurance subsidiary of SCOR which will result from the combination of SCOR Vie and Revios.

This upgrading will favour the implementation of the rigorous and focused underwriting plan which SCOR Global P&C intends to follow in Property and Casualty reinsurance in the United States. The objective of SCOR Global P&C in the United States is to grow its business with the same approach as that used in the other markets where the Group operates. Within the framework of the strict underwriting criteria put in place since 2003, SCOR Global P&C aims to regain treaty shares in market segments which the Group knows well. SCOR will not write those lines of business which the Group discontinued underwriting in 2002.

In the rest of the Americas (i.e. Canada and Latin America), the upgrading of the SCOR Group’s rating to « A-, stable outlook» by AM Best will be beneficial to the pursuit of growth in the Group’s business. In particular, SCOR is strengthening its underwriting teams in the Latin American and the Caribbean zones, capitalizing on its longstanding and extensive presence in these markets. Based in Miami, Messrs. J. Grieve, H. Barbanell, L. de Segonzac and R. Blanco, previously with another global reinsurer, are joining the SCOR underwriters operating currently in the markets of the Caribbean and Latin America.

In order to promote the re-energizing of its business in the Americas, SCOR will modify the structure of its American Non-Life business. This modification is twofold : (i) SCOR RE is acquiring General Security Indemnity Company of Arizona (“GSINDA”), an on-going US surplus line operation, from General Security National Insurance Company (“GSNIC”);

(ii) SCOR is acquiring GSNIC, an entity entirely dedicated to run-off, from SCOR RE. In the context of this reorganization, SCOR is contributing USD 80 million to SCOR RE. These transactions are subject to the necessary regulatory approvals.

Conditions are now met for the SCOR Group to benefit from the opportunities offered by the US Life and Non Life reinsurance markets.

2006 communications timetable


		2006 Third Quarter Results		8 November 2006

EX-99.3 4 y01559exv99w3.htm EX-99.3: EX-99.3

Exhibit 99.3

25 September, 2006

SCOR group Appointment

Claude Perret is appointed Human Resources Director of the SCOR group.

Claude Perret, 54, holds a Masters degree in Private Law and a DEA (Postgraduate Diploma) in Labour Law. Claude Perret began his career as a consultant at Metra Proudfoot International, before working at the Groupe Banque Populaire from 1985 to 1995 as a consultant and subsequently Group Labour Affairs Manager. From 1995 to 2001, Claude Perret was Deputy Human Resources Director at Télévision de France (TDF). Since 2002 he has been Human Resources Director at the French press agency Agence France Presse (AFP).

2006 Communications Timetable


		2006 Third Quarter Results		8 November 2006

EX-99.4 5 y01559exv99w4.htm EX-99.4: EX-99.4

Exhibit 99.4

13 October, 2006

Moody’s upgrades the SCOR group’s rating to “A3, stable outlook”

SCOR is pleased with Moody’s decision to upgrade the rating of the Group and its subsidiaries from “Baa1” to “A3, stable outlook”. The Group’s debt ratings have also been raised by one notch.

With this decision, Moody’s has noted the Group’s financial profile, particularly its profitability and solvency. This decision also demonstrates the strategic importance of the combination with Revios, which will enable SCOR to create a group that ranks among the top five life reinsurers in the world, to strengthen its financial foundations, to increase diversification and to reduce the volatility of its results.

The major rating agencies now class the SCOR group in the “A” category, which was one of the main objectives of the “Moving Forward” plan.

2006 communications timetable


		2006 Third Quarter Results		8 November 2006

EX-99.5 6 y01559exv99w5.htm EX-99.5: EX-99.5

Exhibit 99.5

16 October, 2006

SCOR group Appointment

Philippe Trainar is appointed Chief Economist of the SCOR group.

Philippe Trainar, 53, a former student at the French Ecole Nationale d’Administration (ENA), held several government posts between 1981 and 1999, notably as Financial Attaché to the German embassy (1985-1987), Economist in the Prime Minister’s office (1993-1995) and Deputy Director of the Ministry of Finance’s Forecast Department. Since 2000, Philippe Trainar has been Director of Economic, Financial and International Affairs at the French Federation of Insurance Companies (FFSA).

Philippe Trainar is a member of the Prime Minister’s Economic Analysis Board, the Tax and Social Security Contributions Board, the Pensions Board and the French Economic Commission. He is also Chief Editor of the French Economic Review.

2006 Communications Timetable


2006		Third Quarter Results		8 November 2006

EX-99.6 7 y01559exv99w6.htm EX-99.6: EX-99.6

Exhibit 99.6

30 October, 2006

The SCOR group obtains a licence in China

The SCOR group is pleased to have received the approval of the China Insurance Regulatory Commission (CIRC) for a reinsurance licence in China that will enable it to open a branch in Beijing with a view to conducting property & casualty reinsurance transactions.

The SCOR group opened a representative office in China in 2000 and submitted a request for a licence to the CIRC in March 2004. This licence will enable the Group to develop its activities in China in property & casualty reinsurance. SCOR believes that property & casualty reinsurance in China is going to see a major, recurring increase in demand, carried by expanding economic development and the rapid growth of insurable assets.

This licence in China will enable the Group to speed up its development in the Asia-Pacific region, which is a priority region for SCOR. SCOR has operating entities in Japan, Korea, Hong Kong, Thailand, Malaysia, Singapore and Australia. Premium income for property & casualty reinsurance in the region should reach EUR 160 million in 2006. Premium income for Life reinsurance in the region should reach EUR 55 million in 2006.

2006 communications timetable


		2006 Third Quarter Results		8 November 2006

EX-99.7 8 y01559exv99w7.htm EX-99.7: EX-99.7

Exhibit 99.7

08 November, 2006

First Nine Months of 2006 SCOR records a net income of

EUR 155 million, up 87%

Results for the first nine months of 2006

•		Gross written premiums: EUR 2,091 million (+ 18%), of which Non-Life business amounts to EUR 1,285 million (+28%) and Life business amounts to EUR 806 million (+ 5.5%*)

•		Operating income: EUR 286 million (+ 54%*)

•		Net income: EUR 155 million (+ 87%*)

•		Net income per share: EUR 0.16 (+ 60%*)

•		Shareholders’ equity at 30 September 2006: EUR 1,760 million (compared to EUR 1,719 million at 31 December 2005)

•		Combined ratio for Non-Life reinsurance: 97.1 % at 30 September 2006 compared to 106.0 % at 30 September 2005

•		Margin on net earned premiums for Life reinsurance: 7.4% compared to 7.8%*

•		Gross investment income: EUR 346 million (quasi-stable*)

Significant Events

•		Accelerated growth in property & casualty reinsurance and renewed growth in Life insurance

•		The Revios acquisition/integration is proceeding in accordance with the market plan set at the beginning of July

•		Upgrade of the Group’s rating to “A-, stable outlook” by AM Best on 8 September 2006

•		Upgrade of the Group’s rating to “A3, stable outlook” by Moody’s on 13 October 2006

* compared to the first nine months of 2005

The SCOR Board of Director’s meeting of 7 November 2006, chaired by Denis Kessler, approved SCOR’s accounts for the first nine months of 2006. These results do not incorporate the Revios accounts, which will be integrated into those of SCOR as of the closing date of the acquisition transaction.

1. The Group’s business and profitability are experiencing rapid growth

For the first nine months of 2006, the Group’s premium income (Life and Non-Life), expressed in terms of gross written premiums, stands at EUR 2,091 million, up 18% compared to the first nine months of 2005. This increase is due both to a sharp increase in Treaty business (+27.4%) and Large Corporate Accounts business (+28.3%) in Non-Life reinsurance, and to renewed growth in Life reinsurance business (+5.5%).

Operating income for the first nine months of 2006 stands at EUR 286 million, up 54 % compared to the first nine months of 2005. This is distributed as follows: Non-Life operating income of EUR 230 million and Life operating income of EUR 56 million.

Net income before tax stands at EUR 242 million. After tax, net income for the first nine months of 2006 stands at EUR 155 million, up 87% compared to the first nine months of 2005.

Group equity at 30 September 2006 stands at EUR 1,760 million, up 5.3% compared to 30 June 2006, and 2.4% compared to 31 December 2005.

Permanent capital, which includes equity capital and the Group’s long-term debts, stands at EUR 2,597 million. This figure includes the EUR 350 million subordinated debt issue of 19 July 2006, which was part of the Revios acquisition. The EUR 204 million senior debt, which is due on 21 June 2007, is now classed as a short-term debt.

The Group’s global cash-flow is positive for the first nine months of 2006 at EUR 547 million, which includes the cash flow resulting from the EUR 350 million subordinated debt issue of 19 July 2006.

Net liabilities relating to contracts, which include technical reserves for insurance contracts as well as liabilities linked to financial contracts net of retrocessions, reaches EUR 8,681 million at 30 September 2006, compared to EUR 8,758 million at 31 December 2005. This slight decrease reflects a translation differential.

Group overheads amount to EUR 151 million for the first nine months of 2006, compared to EUR 150 million for the first nine months of 2005. Relative to premiums, the Group’s cost ratio has improved at 7.2% for the first nine months of 2006, which shows an improvement compared to the first nine months of 2005 (8.5%).

Results by line of business demonstrate accelerated growth in Non-Life reinsurance and renewed growth in Life reinsurance

2.1. In Non-Life reinsurance, premium income reaches EUR 1,285 million for the first nine months of 2006, up 28% compared to the first nine months of 2005. This is due to sustained business activity and to our teams’ high degree of mobilisation throughout the world.

In total, Non-Life business in Europe is up by 31% for the first nine months of 2006 compared to the first nine months of 2005, with a gross written premium amount of EUR 760 million. In the rest of the world (Asia-Pacific and the Middle East), gross written premiums reach EUR 354 million (+21%). In North America, gross written premiums amount to EUR 171 million (+29%).

The combined ratio for Non-Life reinsurance business stands at 97.1% (including CRP) for the first nine months of 2006, compared to 106.0% (including CRP) for the first nine months of 2005. Excluding CRP, a run-off subsidiary, the combined ratio amounts to 96.6% for the first nine months of 2006, compared to 103.8% for the first nine months of 2005.

2.2. Gross written premiums in Life reinsurance reach EUR 806 million for the first nine months of 2006, up 5.5% compared to the first nine months of 2005. Life reinsurance business is has expanded by 12% in Europe and by 16% in Asia compared to the first nine months of 2005. The market shares gained bear witness to both the matching of products to demand and the commercial dynamism of our teams. In the United States, underwriting is down by 6% for the same period. SCOR Life Re’s business, which is particularly sensitive to ratings, should benefit progressively from the upgrades of the Group’s rating.

Operating income for Life reinsurance business reaches EUR 56 million for the first nine months of 2006, compared to EUR 58 million for the first nine months of 2005.

3. Investment management makes a significant contribution to the results

Gross investment income for the first nine months of 2006 amounts to EUR 346 million, quasi-stable compared to the first nine months of 2005. The gross annual yield of invested assets reaches 4.9%, up 10 basis points compared to the same period last year.

Gross investment income in the first nine months of 2006 is distributed as follows: EUR 266 million in current yield (compared to EUR 243 million for the first nine months of 2005), EUR 27 million in changes in fair value by income (compared to EUR 34 million for the first nine months of 2005) and EUR 64 million in capital gains on asset sales net of writedowns (compared to EUR 53 million for the first nine months of 2005). This gross investment income includes foreign exchange losses of EUR -10 million, notably due to the cost of hedging arrangements.

At 30 September 2006, investments reach EUR 9,842 million compared to EUR 9,635 million at 31 December 2005. Investments at 30 September 2006 are distributed as follows: 51.6% in bonds, 22.5% in cash and equivalents, 14.6% in loans and receivables, 8.4% in shares and 2.9% in real estate.

4. The Revios acquisition process continues

At the present time, SCOR has obtained nine of the ten authorisations requested from the supervisory authorities and all three authorisations requested from the competition authorities.

The most suitable courses of action for the incorporate of Revios into SCOR have been identified and the means to implement this as soon as possible with a minimum of risk have been put into place.

The closing of the transaction should take place over the coming weeks.

***

Denis Kessler, Chairman and Chief Executive Officer, said:

“The Group’s business has grown significantly since the beginning of the year. Gross written premiums are up by 28% in property & casualty reinsurance. They have increased by an average of 5.5% in life reinsurance, with sharp rises in Asia (+16%) and Europe (+12%). This growth in business is proceeding in accordance with the underwriting plan and its profitability criteria, working with traditional clients on markets viewed as high-priority. The Group’s profitability has increased sharply. Operating income is up by 54% and net income by 87%. All of the Group’s business has contributed to this performance.

Thanks to its level of solvency and the solidity of its financial foundations, borne out by the successive rating upgrades, the Group is confidently preparing for the end of year renewals. It has also made extensive preparations for the integration of Revios, which will take place on the closing of the transaction, expected by the end of November. This merger will strengthen the Group’s development in life reinsurance throughout the world”.

Consolidated key figures under IFRS


In EUR millions	30 September		30 September
(at current exchange rates)	2005		2006		Variation

Gross written premiums		1,767		2,091		+ 18	%
Net earned premiums		1,671		1,835		+ 10	%
Operating income		186		286		+ 54	%
Net income		83		155		+ 87	%


In EUR millions	31 December		30 September
(at current exchange rates)	2005		2006		Variation

Net liabilities relating to contracts		8,758		8,681		- 0.9	%
Investments		9,635		9,842		+ 2.1	%
Group equity		1,719		1,760		+2.4	%


	30 September		30 September
En EUR	2005		2006		Variation

Net income per share		0.10		0.16		+ 60	%
Net book value per share		1.74		1.85		+ 6.3	%

2007 Communications timetable


		2006 Annual Turnover		14 February 2007
		2007 Renewals (excluding Asia)		28 February 2007

Table of Contents

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