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

For the six months ended June 30, 2002

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.

SCOR

TABLE OF CONTENTS

Table of Contents

		Page
Item 1. Financial Statements (Unaudited)
	Report of Independent Accountants		2
	Consolidated Balance Sheets as of June 30, 2002 and 2001		3 - 4
	Consolidated Statements of Income for the Six Months Ended June 30, 2002 and 2001		5
	Consolidated Statements of Comprehensive Income for the Six Months Ended June 30, 2002 and 2001		6
	Consolidated Statements of Changes in Shareholders’ Equity for the Six Months Ended June 30, 2002 and 2001		7
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2002 and 2001		8
	Notes to Consolidated Financial Statements		9 - 24
Signature

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REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors and Shareholders of SCOR

We have reviewed the accompanying consolidated balance sheets of SCOR and subsidiaries, as of June 30, 2002 and 2001, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for the six months then ended. These financial statements are the responsibility of the management of SCOR and subsidiaries.

We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial statements consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in the United States and France, which will be performed for the full year with the objective of expressing an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews and the review reports of other accountants, we are not aware of any material modifications that should be made to the accompanying consolidated financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States.

Ernst & Young Audit

Represented by Alain Vincent
Paris, France

September 27, 2002,

-2-

SCOR

UNAUDITED CONSOLIDATED BALANCE SHEETS

			As of June 30,
			2001		2002
			(EUR, in millions)
		ASSETS
Investments
	Fixed maturities, available for sale, at fair value
	(amortized cost: EUR 5,849 in 2001 and EUR 5,690 in 2002)			5,929		6,047
	Equity securities, available for sale, at fair value
	(cost: EUR 898 in 2001 and EUR 477 in 2002)			784		449
	Trading equity securities, at fair value
	(cost: EUR 107 in 2001 and EUR 111 in 2002)			89		28
	Short-term investments, at cost			440		147
	Other long-term investments			360		358
		Total investments		7,602		7,029
Cash and cash equivalents				396		1,562
Accrued interest income				116		116
Reinsurance balances receivable
	Property-casualty			552		770
	Life			92		508
	Total reinsurance balances receivable			644		1,278
Accrued premiums receivable, net of commissions
	Property-casualty			1,145		1,116
	Life			217		150
	Total accrued premiums receivable, net of commissions			1,362		1,265
Property-casualty
	Reinsurance recoverable on unpaid losses and LAE			521		1,311
	Prepaid reinsurance premium reserves			184		163
	Total			705		1,474
Life
	Reinsurance recoverable on reserves for future policy benefits			709		584
Deferred policy acquisition costs, net				342		412
Credits for deposits with ceding companies				937		1,053
Derivative financial instruments				34		3
Deferred income tax benefits				245		511
Fixed assets, net				19		22
	Advances to and investments in affiliates			250		240
Goodwill and intangible assets				338		362
Other assets				188		446
		Total assets		13,887		16,357

See accompanying Notes to Unaudited Consolidated Financial Statements

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SCOR
UNAUDITED CONSOLIDATED BALANCE SHEETS

			As of June 30,
			2001			2002
			(EUR, in millions)
	LIABILITIES AND SHAREHOLDERS’ EQUITY
Property-casualty
	Losses and loss adjustment expenses reserves, gross			6,012			8,082
	Unearned premium reserves, gross			1,478			1,494
		Total		7,490			9,576
Life
	Reserve for future policy benefits			2,684			2,384
Funds held under reinsurance treaties				870			821
Reinsurance balances payable
	Property-casualty			177			223
	Life			70			394
		Total reinsurance balances payable		247			617
Convertible subordinated debentures				244			249
Long-term debt				267			252
Notes payable				54			82
Debt due within one year				6			33
Commercial paper				50			163
Derivative financial instruments				37			14
Accrued expenses				326			591
Deferred taxes				179			190
Minority interest				16			180
		Total liabilities		12,470			15,152
Shareholders’ Equity
	Common stock, no par value, 34,838,096 shares in 2001
		and 41,256,874 shares in 2002 authorized, issued and outstanding		133			157
	Paid-in capital			656			977
	Catastrophe reserve, net of tax			11			12
	Accumulated other comprehensive income			175			109
	Retained earnings			606			122
	Treasury stock, at cost (3,403,916 shares in 2001
		and 3,630,417 shares in 2002)		(164	)		(172	)
		Total shareholders’ equity		1,417			1,205
		Total liabilities and shareholders’ equity		13,887			16,357

See accompanying Notes to Unaudited Consolidated Financial Statements

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SCOR
UNAUDITED CONSOLIDATED BALANCE SHEETS

				Six months
				ended June 30,
				2001			2002
				(EUR, in millions)
Revenues
	Life premiums earned, net of premiums ceded totaling EUR 54
		in 2001 and EUR 53 in 2002			269			253
	Property-casualty premiums earned, net of premiums ceded
		totaling EUR 187 in 2001 and EUR 248 in 2002			1,383			1,837
	Net investment income				159			111
	Cumulative effect of change in accounting							—
	Net realized gains on investments				40			(51	)
			Total revenues		1,851			2,150
Expenses
	Life claims, net of reinsurance recoveries totaling EUR 44 in
		2001 and EUR 33 in 2002			241			188
	Property-casualty claims and loss adjustment expenses, net of reinsurance
		recoveries totaling EUR 82 in 2001 and EUR 75 in 2002			1,105			1,548
	Policy acquisition costs and commissions				374			467
	Underwriting and administration expenses				89			102
	Foreign exchange loss, net				7			(60	)
	Amortization of goodwill				8			0
	Other income and expenses, net				2			(1	)
			Total expenses		1,826			2,244
	Income before taxes, minority interests and income from investments accounted
		for under the equity method			25			(94	)
Income tax					(5	)		19
	Income before minority interests and income from investments accounted for
		under the equity method			20			(75	)
Minority interests					(1	)		(7	)
	Income before income from investments accounted for under the equity method				19			(82	)
Income from investments accounted for under the equity method					12			5
Income before change in accounting principle					31			(77	)
Cumulative effect of change in accounting principle, net of tax EUR 1					1
			Net income		32			(77	)
				(EUR, except
				number of shares
				in thousands)
Earnings per share data
	Basic				1.02			(2.05	)
	Diluted				0.97			(1.78	)
	Weighted average number of shares outstanding, basic				31,412			37,620
	diluted				35,941			41,806

See accompanying Notes to Unaudited Consolidated Financial Statements

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SCOR

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

			Six months ended
			June 30,
			2001			2002
			(EUR, in millions)
Net income				32			(77	)
Other comprehensive income, net of tax
	Foreign currency translation adjustment			60			(67	)
	Unrealized appreciation (depreciation) on investments during period
		Fixed maturities		14			10
		Equity securities		(13	)		30
		Investments accounted for by the equity method		(11	)		—
		Less: reclassification adjustment for prior periods
		appreciation included in net income		(7	)		14
	Other comprehensive income			43			(13	)
	Comprehensive income			75			(90	)

See accompanying Notes to Unaudited Consolidated Financial Statements

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SCOR

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS’ EQUITY

			As of June 30,
			2001			2002
			(EUR, in millions)
Ordinary Shares
		Balance at beginning of period		133			157
		Balance at end of period		133			157
Paid-in capital
	Balance at beginning of period			656			977
	Issuance of Ordinary Shares — exercise of stock options			—
		Balance at end of period		656			977
Accumulated other comprehensive income
		Balance at beginning of period		132			121
		Unrealized appreciation (depreciation) on investments, net of reclassification adjustment		(17	)		54
		Currency translation adjustments		60			(67	)
		Balance at end of period		175			108
Catastrophe reserve
	Balance at beginning of period			12			11
	Allocation during period			(1	)		1
		Balance at end of period		11			12
Retained earnings
	Balance at beginning of period			626			214
	Net income			32			(77	)
	Allocation to catastrophe reserve			1			(1	)
	Dividends			(53	)		(11	)
	Others						(3	)
		Balance at end of period		606			122
Treasury stock
	Balance at beginning of period			(164	)		(171	)
	Purchase of treasury shares			—			—
		Balance at end of period		(164	)		(171	)
		Total Shareholders’ equity		1,417			1,205
Ordinary Shares
	Balance at beginning of period			34,793,846			41,244,216
	Exercise of stock options			44,250			12,658
		Balance at end of period		34,838,096			41,256,874

See accompanying Notes to Unaudited Consolidated Financial Statements

-7-

SCOR

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

			Six months ended June 30,
			2001			2002
			(EUR, in millions)
Cash flows from operating activities
	Net income			31			(70	)
	Adjustments to reconcile net income to net cash provided by operating activities
		Change in reinsurance recoverable on unpaid losses		14			13
		Change in prepaid insurance premiums		(44	)		(18	)
		Change in losses and LAE reserves, gross		143			300
		Change in life reserves for future policy benefits		78			(27	)
		Change in unearned premium reserves, gross		171			46
		Change in deferred policy acquisition costs		(15	)		(77	)
		Realized investment gains and losses		(40	)		81
		Other amortization and change in other provisions		42			62
		Change in deferred tax		3			(30	)
		Unrealized foreign exchange gains or losses		(1	)		(75	)
		Affiliated income accounted for by the equity method		(14	)		(4	)
	Cash dividends received from affiliates accounted for under the equity method			8			—
	Changes in assets and liabilities
		Premium and loss balances, net		89			(200	)
		Change in accrued reinsurance balance payable		(180	)		165
		Change in deposits with ceding companies		(133	)		(70	)
		Funds held under reinsurance treaties		(6	)		(16	)
		Change in sundry debtors and creditors		—			(39	)
		Net cash provided by operating activities		146			41
Cash flows from investing activities
	Sales, maturities or redemptions of fixed maturities available for sale			1,334			2,504
	Sales of equity securities			1,074			1,783
	Net sales (purchases) of short-term investments			(108	)		256
	Investments in fixed maturities available for sale			(1,283	)		(3,363	)
	Investments in equity securities			(1,017	)		(1,640	)
	Acquisitions of fixed assets			(11	)		6
	Disposals of fixed assets			14			(3	)
	Investment in affiliates			11			—
	Investment in reinsurance companies			—			(4	)
	Long term loans			24			12
		Net cash used in investing activities		38			(449	)
Cash flows from financing activities
	Dividends paid			(53	)		(11	)
	Repayment of borrowings			(61	)		(1,510	)
	Proceeds from borrowings			54			1,689
	Issuance of shares			1			—
	Increase (decrease) on minority interests			—			(18	)
	Purchase of treasury stocks			—			—
		Net cash provided by (used in) financing activities		(59	)		150
Effect of exchange rate changes on cash				11			(16	)
		Net increase in cash and cash equivalents		136			(274	)
		Cash and cash equivalents at beginning of year		247			1,927
		Effect of changes in exchange rates on cash beginning		13			(91	)
		Cash and cash equivalents at end of year		396			1,562

See accompanying Notes to Unaudited Consolidated Financial Statements

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SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1.   The Company and Significant Accounting Policies

SCOR (the “Company”) is organized as a société anonyme, or stock company, under the laws of the Republic of France. SCOR and its subsidiaries (together, the “Group”) provide property-casualty and life reinsurance. Property-casualty operations include reinsuring to primary insurers of property, casualty, marine, space and transportation, construction and credit and surety risks. Life operations include providing a full range of life and health reinsurance products and related services to primary life insurers throughout the world.

1.1.   Significant events

The dynamic growth of business that took place during the first quarter of 2002 continued over the second quarter, especially in Property & Casualty and Large Corporate Accounts and confirms the positive outlook of technical profitability. In spite of a very unstable and unfavorable stock market environment, the Group operating result progresses quite noticeably over the second quarter, compared to the first quarter 2002.

SCOR Group created at the end of December 2001, Irish Reinsurance Partners with private investors. This company is dedicated to reinsuring part of SCOR’s new or renewed non-life business for the 2002-underwriting year. SCOR increased its non-life underwriting capacity by more than 25%. IRP has a total shareholders’ equity of EUR 400 million held by SCOR Group for 41,7% and is consolidated into the Group consolidated financial statements at the end of December, 2001 because the Group controls this company.

SCOR Group has reached a definitive agreement to sell its renewal rights of the Fulcrum business unit, based in Scottsdale, Arizona, to the Argonaut Group, Inc. of San Antonio, Texas. SCOR Group acquired Fulcrum Insurance Company as part of its purchase of Sorema in July of 2001. The business unit had recorded gross written premiums for 2001 of USD 45.6 million and Fulcrum’s capital and surplus as of December 31, 2001, was USD 24.6 million. This transaction will free up capital for SCOR’s reinsurance operations in the US market, allowing it to take further advantage of the strong market recovery. The closing will take place as soon as possible, following applicable regulatory and other approvals.

At the end of March, SCOR Group realized a placement on the capital markets of HORIZON, a USD 112 million index-linked securitization of credit risk designed to lower its risk profile in Credit Reinsurance. This securitization is fully backed by Aaa-rated assets, providing first-rate financial security. This structurally innovative cover is linked to Moody’s A and Baa ratings indices, which comprise weighted credit risk populations rated between A1 and Baa3. The indices were picked for their match with SCOR’s credit exposures in terms of quality, geographic diversity and range of sectors. This entity is fully consolidated in the consolidated financial statements at the end of the first half-year of 2002.

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SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SCOR officially sold its stake of 35.26% in Coface to NATEXIS on March 29^th, 2002. This transaction that is under suspensive conditions obtained on July 2^nd, 2002, will be registered on the third quarter 2002 and will provide an additional € 275 million in liquidity and a net consolidated increase after tax in Group shareholders’ equity of € 65 million (€ 82 million before tax). The Group’s consolidated financial statements at the end of June 2002 including the impact of the sale of Coface would have been as follows:

Statement of income (EUR, in millions):
Net income after tax at the end of June 2002	(77	)
Impact of the sale of Coface	65
Net income after tax at the end of June 2002 after the operation	(12	)
Shareholders’ equity (EUR, in millions):
Group Shareholders’ equity at the end of June 2002	1,205
Impact of the sale of Coface	65
Group Shareholders’ equity at the end of June 2002 after the operation	1,270

Earnings per share (EUR):

	Basic			Diluted
Earnings per share at the end of June 2002		(2.05	)		(1.78	)
Impact of the sale of Coface		1.73			1.55
Earnings per share at the end of June 2002 after the operation		(0.32	)		(0.23	)

On September, 4^th 2002, SCOR confirms that, in accordance with its strategy, it is engaged in exclusive discussions with the GERLING Group with a view to a possible acquisition of the Group’s Life and certain of its Non-Life reinsurance activities. In a press release of September 20, 2002, SCOR said that SCOR Group had informed Gerling Group (GKB) that, due to current capital market conditions, the exclusive negotiations announced on September 4, 2002 regarding the possible acquisition of Gerling Group’s Life and certain of its Non-Life Reinsurance activities had been terminated.

In 2002, A.M. Best Co. (“A.M. Best”), the Fitch International Bank Credit Analyst (“Fitch IBCA”) and Standard & Poor’s (“S&P”) lowered their respective Group ratings, which are currently as follows:

A.M. Best	Rating of the Group		A	Excellent
Fitch IBCA	Financial strength rating	AA–		Very strong
	Long-term debt		A+	High credit quality
	Short-term debt		F1	High credit quality
S&P	Financial strength rating		A+	Strong
	Group’s commercial paper		A-1	Strong
	Group’s senior unsecured debt		A+	Strong

In a press release issued on September 26, 2002, A.M. Best affirmed the ‘‘A (Excellent)’’ financial strength rating of SCOR Group, and that the outlook was stable.

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SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.2.   Basis of presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company and its domestic subsidiaries maintain their books in conformity with French generally accepted accounting principles, and its foreign subsidiaries in conformity with those of the countries of their domicile. The financial statements of those consolidated entities have been restated to conform with U.S. GAAP. In the opinion of management, the financial statements prepared in accordance with U.S. GAAP reflect all adjustments and accruals (reflecting management estimates and assumptions) necessary for a fair presentation of results for the six-month period. The results of operations for the six-month period ended June 30, 2002 are not necessarily indicative of the operating results for the full year.

Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2001.

The accompanying financial statements include the accounts of SCOR and its majority-owned and controlled domestic and foreign subsidiaries. Investment in 20% to 50% owned affiliates are accounted for by the equity method. All significant intercompany transactions and balances have been eliminated.

1.3.   Recent Accounting Developments

Effective January 1, 2001, the Group adopted FASB Statement No. 133 (“SFAS 133”), “Accounting for Derivative Instruments and Hedging Activities” as amended by SFAS 137 and SFAS 138. Amended SFAS 133 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. It requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value.

On July 1, 2001, the Group adopted SFAS No.141 “Business Combinations” which requires usage of the purchase method for all business combinations initialed after June 30, 2001. On effective January 1, 2002 the Group adopted SFAS No.142 “Goodwill and Other Intangible Assets” which changes the accounting for goodwill from an amortization method to a perform impairment valuations. Amortization of goodwill, including goodwill recorded in past business combinations, ceases upon adoption of that statement. The Group will do impairments valuations annually or more frequently if certain indicators are encountered.

The adoption of SFAS 141 and SFAS 142 did not have a significant impact on the Group’s financial statements. This has resulted in the elimination of an half-yearly amortization expense related to goodwill in the amount of EUR 8 million, in the first half-year of 2002. On a pro-forma basis, diluted net income before cumulative effect of new accounting standard for the first half-year of 2001 would have been EUR (1.20) per share rather than EUR (0.97) as reported. The next statement shows the impact of non-amortization on net result after taxes.

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SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

After being reviewed by SCOR, the application of SFAS 142 does not lead to any depreciation of goodwill at this date.

	Six months ended June 30,
	2001		2002
	(EUR, in millions except for earnings-per-share amounts)
Disclosure
Reported net income		32		(77	)
Add back: goodwill amortization		8		0
Adjusted net income		40		(77	)
Basic earnings-per-share
Reported net income		1.02		(2.05	)
Add back: goodwill amortization		0.25		0.00
Adjusted net income		1.27		(2.05	)
Diluted earnings-per-share
Reported net income		0.97		(1.78	)
Add back: goodwill amortization		0.23		0.00
Adjusted net income		1.20		(1.78	)

In October 2001, the FASB issued the statement of Accounting Standard No.144 (“SFAS 144”), “Accounting for the Impairment or Disposal of Long-Lived Assets”. This statement recognizes an impairment loss only if the carrying amount of a long-lived asset to be held and used is not recoverable from its undiscounted cash flows and measures an impairment loss as the difference between the carrying amount and fair value of the assets. The adoption of SFAS 144 did not have an impact on the Group’s financial statements.

-13-

SCOR

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 2.   Investments

The Group’s net investment income, comprised primarily of interest and dividends, was derived from the following sources:

		Six months ended June 30,
		2001			2002
		(EUR, in millions)
Investment income
	Fixed maturities		189			180
	Equity securities, dividends		11			1
	Trading equity securities, net unrealized gains		(18	)		(30	)
	Short term investments and other (1)		36			54
	Total investment income		218			205
Investment expense
	Swap interest		12			7
	Commercial paper		—			6
	Administration expenses		5			5
	Other (including convertible debentures interest and impairment of securities)		42			76
	Total investment expense		59			94
	Net investment income		159			111

(1) includes swap income of EUR 4 million in 2001 and EUR (2) million in 2002. Other swap-related net income is included in realized and unrealized capital gains and losses.

The followings presents gross unrealized gains and losses and the related deferred taxes on equity securities and fixed maturities available for sale carried at fair value:

		Six months ended June 30,
		2001			2002
		(EUR, in millions)
Equity securities
	Gross unrealized gains		35			19
	Gross unrealized losses		(149	)		(91	)
	Net unrealized gains (losses)		(114	)		(72	)
Fixed maturities, at fair value
	Gross unrealized gains		118			162
	Gross unrealized losses		(38	)		(30	)
	Net unrealized gains (losses)		80			132
	Total net unrealized gains (losses)		(34	)		60
	Policyholder-related amounts (1)		(43	)		(57	)
	Deferred tax (liability) asset		33			7
	Shareholders’ net unrealized appreciation (depreciation)		(44	)		10

(1) amortization of value of business acquired due to the revaluation to the fair value of available for sale securities in application of SFAS 115 (“shadow DAC”).

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SCOR

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note  3.   Reinsurance

The Group utilizes a variety of retrocession agreements with non-affiliated retrocessionaires to control its exposure to large losses. Although ceded reinsurance permits recovery of all or a portion of losses from the retrocessional reinsurer, it does not discharge the Group as the primary reinsurer.

Premiums written, premiums earned and loss and LAE incurred for the periods ended June 30, 2001 and 2002 are as follows:

					Six months ended June 30, 2001
		Premiums written			Premiums earned			Loss and LAE incurred
					(EUR, in millions)
Property-casualty
	Assumed		1,742			1,571			(1,187	)
	Ceded		(231	)		(188	)		82
Life
	Assumed		323			323			(285	)
	Ceded		(54	)		(54	)		44
	Net		1,780			1,652			(1,346	)

					Six months ended June 30, 2002
		Premiums written			Premiums earned			Loss and LAE incurred
					(EUR, in millions)
Property-casualty
	Assumed		2,133			2,086			(1,630	)
	Ceded		(266	)		(248	)		82
Life
	Assumed		306			306			(221	)
	Ceded		(53	)		(53	)		33
	Net		2,120			2,091			(1,736	)

The premium retention rate is 87% for the six months ended June 30, 2002 and 86% for the six months ended June 30, 2001.

Certain reinsurance contracts do not, despite their form, provide for the indemnification of the ceding company by the reinsurer against loss or liability. Such contracts primarily consist of non-proportional excess-of-loss treaties covering catastrophic events, which include profit and loss sharing clauses upon termination or cancellation. In these cases, the premium paid has been accounted for as a deposit rather than as premium expense in accordance with SFAS 113. Amounts recorded as deposits, and classified as other assets, under such contracts totaled EUR 20 million and EUR 17 million as of June 30, 2002 and 2001, respectively. Amounts received and recorded as funds held under reinsurance treaties under such contracts at such dates were EUR 147 million and EUR 367 million as of June 30, 2002 and 2001, respectively.

-15-

SCOR

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note  4.   Debt

Debt and designated interest rate swap agreements consists of the following:

				As of June 30,
	2001						2002
	Book			Fair			Book		Fair
	Value			Value			Value		Value
				(EUR, in millions)
Commercial paper – fixed rate		50			50			163		163
Notes payable — fixed rate		55			55			81		81
Convertible subordinated debentures — 1%		244			253			249		232
EUR 50 million perpetual subordinated debt — EURIBOR + 0.75%		50			50			50		50
USD 100 million 30-year subordinated debt — LIBOR + 0.80%		117			117			102		102
EUR 100 million 20-year subordinated debt — EURIBOR + 1.15%		100			100			100		100
Total obligations		616			625			745		728
Fair value of interest rate swap agreements		(1	)		(1	)		1		1
Total debt		615			624			746		729

The notional amount of swap agreements designated as fair value interest risk hedges outstanding as of June 30, 2002 is EUR 57 million. Fair value is based on the discounted amount of future cash flows using the Group’s current estimated borrowing rates for a similar liability. To the extend that borrowings carry a variable rate of interest, face value approximates fair value. Fair value of convertible subordinated debt is based on quoted market price as of June 30, 2001 and 2002.

Note 5. Derivatives and Hedging Activities

SCOR is exposed to market risk from changes in foreign currency exchange rates, interest rates and equity security prices that have an adverse effect on the fair value of financial instruments and derivative financial instruments. SCOR manages its market risks, as well as risk exposure relating to non-financial assets, liabilities and transactions by defining centralized investment policy guidelines, using derivatives to protect its investment portfolio or rebalancing its existing asset and liability portfolio.

The Group takes advantage of a variety of derivative instruments to reduce this exposure to market risk and in conjunction with its foreign currency asset/liability management. Derivatives used by the Group include interest rate swaps, interest rate floors, indexed options, warrants, equity options, currency swaps, currency forward purchases and sales. Weather derivatives and credit derivatives, used or issued by the Group are not considered derivative instruments under the definition of SFAS 133 “Accounting for derivative instruments and hedging activities”.

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SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Subsequent to the adoption of SFAS 133, the Group’s derivative instruments are accounted for on a fair value basis, and reported as investments, derivative assets or derivative liabilities.

When certain conditions are met, a derivative may be specifically designated as a hedge and accounted for as fair value, cash flow or foreign currency hedge, for all or a specific portion of the identified hedged risk. The Group did not designate any cash flow hedge. The related transition adjustment resulted in a gain of EUR 2 million reported for June 2001 in Cumulative effect of change in accounting principle (EUR 1 million net of taxes).

Fair Value Hedges:

SCOR actively draws on its fixed rates available lines of commercial paper and medium-term negotiable notes in order to maintain the adequate level of cash needed in its regular reinsurance and investing transactions. Most of the time amounts drawn significantly exceed those requirements and the bulk of available funds is then invested in short-term investments. Group’s fixed-rate commercial paper and notes payable are generally swapped to floating rates under terms that match those of the debt instruments. Existing spread in the debt pay fixed and the swap receive fixed results in a pay floating rate that is generally lower than EONIA (Euro Overnight Index Average) rates earned on the pool of available funds.

Several pay variable — receive fixed interest rate swaps were designated as fair value hedges to interest rate risk of fixed-rate notes payable and commercial paper debt. Conditions that allowed these designations are met therefore those hedged items are accounted for at fair value. The change of fair value in those derivatives together with the change in fair value of the hedged items is reported in the statement of income.

The loss of the hedges’ ineffectiveness of EUR 233,965 and EUR 250,968 was recognized in net investment income respectively in June 2002 and in June 2001.

Foreign Currency Hedges:

The Group attempts to match its assets and liabilities on a currency-by-currency basis in each currency for which an organized financial or foreign exchange market is available, primarily by investing in assets that are denominated in the currency of the Group’s corresponding reinsurance liabilities. Management adjusts open positions in specific currencies, generally on a quarterly basis, to manage any excess or deficit of assets compared to liabilities in a particular currency. Total currency exposure (other than with respect to the euro) is limited to the excess (or deficiency) of assets over liabilities in each currency.

The U.S. dollar represents the most significant portion of those reserves. In addition, the Group entered into acquisitions in 2000 and 2001 denominated in U.S. dollar. SCOR arranged two foreign exchange hedges in the first half of 2001. The first concerned the forward purchase of USD 315 million to cover excess book liabilities in this currency. The second involved a matching forward sale of US dollars for the same amount, in order to hedge the value of equity investments in that currency. The two hedging transactions were repeated on January 3, 2002 for a total of USD 450 million and these hedges were closed at the end of June, 2002.

For June 2001, those derivatives are carried at fair value and classified as derivative assets and derivative liabilities.

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SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Non-hedge instruments:

• Derivatives used in conjunction with the Group’s investment strategy:

To a lesser extend, the Group uses indexed options as well as pay variable - receive variable structured on different maturities interest rate swaps to manage volatility on the bond portfolio.

The Group also uses a limited volume of warrants, equity options, equity index instruments in accordance with its selective equity investment policy to provide higher returns on selected equity lines. Sales of call options are used by the Group to mitigate the effect of possible decline in value of identified equities. Those derivatives are carried at fair value and classified as investments.

• Other derivatives used by the Group:

The Group entered into specific interest rate floor agreements in conjunction with Property-Casualty or Life reinsurance transactions, in order to mitigate the effect of change in interest rates on the return of specific contracts. Some particular alternative reinsurance transactions were also based on indexed options.

Certain life reinsurance annuity-based contracts underwritten by SCOR Life Re include specified market index return. Matching investments are structured on similar index put and call options that replicate the fluctuation of those indexes.

Note 6.   Comprehensive Income

Related tax effects allocated to each component of other comprehensive income for the periods ended June 30, 2001 and 2002 are as follows:

		Six months ended June 30, 2001
		Before-			Tax			Net-of-
		Tax			(Expense)			Tax
		Amount			or Benefit			Amount
		(EUR, in millions)
Foreign currency translation adjustment			60			—			60
Unrealized appreciation (depreciation) on investments during period
	Fixed maturities		19			(5	)		14
	Equity securities		(21	)		8			(13	)
	Investments accounted for by the equity method		(17	)		6			(11	)
	Less: reclassification adjustment for prior periods appreciation included in net income		(11	)		4			(7	)
	Other comprehensive income		30			13			43

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SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

				Six months ended June 30, 2002
				Before-				Tax			Net-of-
				Tax				(Expense)			Tax
				Amount				or Benefit			Amount
							(EUR, in millions)
Foreign currency translation adjustment					(67	)						(67	)
Unrealized appreciation (depreciation) on investments
	during period
	Fixed maturities				15				(5	)		10
	Equity securities				45				(15	)		30
	Investments accounted for by the equity method				—				—			—
	Less: reclassification adjustment for prior periods
		appreciation included in net income			21				(7	)		14
			Other comprehensive income		14				(27	)		(13	)

Net of tax balances of each classification within accumulated other comprehensive income as of June 30, 2001 and 2002 are as follows:

								Unrealized
					Unrealized			Appreciation
		Foreign Currency			Appreciation			(Depreciation) of			Accumulated Other
		Translation			(Depreciation) of			Equity Method			Comprehensive
		Adjustment			Investments			Investments			Income
		(EUR, in millions)
Period ended June 30, 2001
	Balance at beginning of period		158			(38	)		12			132
	Current-period change		60			(6	)		(11	)		43
	Balance at end of period		218			(44	)		1			175
Period ended June 30, 2002
	Balance at beginning of period		165			(43	)		(1	)		121
	Current-period change		(67	)		54						(13	)
	Balance at end of period		98			11			(1	)		108

Note 7.   Income Taxes

Income tax expense for the Group includes the change, in France, of the tax rate of the income tax surcharge of 6% for 2002 and 10% for 2001.

Income tax for the Group represented an income tax profit of EUR 19 million as of June 30, 2002. It included EUR 11 million tax profit resulting from loss carry back.

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SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 8.   Earnings Per Share

Basic earnings per share is calculated using the weighted average number of Ordinary Shares outstanding during the period. Diluted earnings per share is based on the additional assumed dilution of all dilutive potential Ordinary Shares outstanding which are issuable under stock option plans (using the treasury stock method), and on the additional assumption that the convertible bonds are converted into Ordinary Shares (using the if-converted method).

The following is the reconciliation of the numerator and denominator of the basic earnings per share computation to the numerator and denominator of the diluted earnings per share computation for the six months ended June 30, 2001 and 2002, respectively:

		Six months ended June 30, 2001
		Income		Shares		Per-Share
		(Numerator)		(Denominator)		Amount
		(EUR, in millions)		(Thousands)		(EUR)
Net Income			32
Basic Earnings Per Share
	Income available to Ordinary Shareholders		32		31,412		1.02
Effect of dilutive securities
	Stock options		—		504
	Convertible bonds		3		4,025
Diluted Earnings Per Share
	Income available to Ordinary Shareholders + assumed conversions		35		35,941		0.97

Options to purchase 464,000 Ordinary Shares at EUR 56.25 per share were granted in 1998. 439,000 such options at June 30, 2001 were outstanding but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the Ordinary Shares.

		Six months ended June 30, 2002
		Income			Shares		Per-Share
		(Numerator)			(Denominator)		Amount
		(EUR, in millions)			(Thousands)		(EUR)
Net Income			(77	)
Basic Earnings Per Share
	Income available to Ordinary Shareholders		(77	)		37,620		(2.05	)
Effect of dilutive securities
	Stock options		—			161
	Convertible bonds		3			4,025
Diluted Earnings Per Share
	Income available to Ordinary Shareholders + assumed conversions		(74	)		41,806		(1.78	)

Options to purchase Ordinary Shares at EUR 37.20, EUR 56.25, EUR 46.00, EUR 48.00, EUR 45.00, EUR 48.00, and EUR 34.00 per share were granted in 1997, in 1998, in 1999, in 2000 and in 2001. 2,553,400 such options at June 30, 2002 were outstanding but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the Ordinary Shares.

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SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 9.   Lines of Business and Geographic Information

SCOR Group is composed of 12 subsidiaries, including 8 reinsurance company subsidiaries, 3 operating divisions, and 18 representative offices which operate in defined geographic areas.

The Group organized its operations in three segments. In addition to the three operating segments, the Group includes under “Other” investment revenue allocated to shareholders’ equity, amortization of goodwill and investments accounted for by equity method.

Property-Casualty reinsurance

The Property-Casualty (“P&C”) segment includes the proportional (pro rata) and non-proportional (excess of loss and stop loss) treaty and facultative supporting treaty transactions for classes of property, casualty, marine, transportation and construction. Property-casualty also includes direct or allocated operating expenses and net income from property-casualty-related investing activities.

Life, Accident & health

Life, Accident & health reinsurance (“Life, A&H”) includes life reinsurance products as well as the personal segments of casualty reinsurance that are accident, disability, health, unemployment and long-term care. Life, Accident & health reinsurance is conducted worldwide through SCOR Vie and its branch offices, Madrid, Toronto and Singapore, and, for the German and Italian markets, jointly between SCOR Vie and the local Group subsidiaries. Life, Accident & health also includes direct or allocated operating expenses and net income from Life, Accident & health-related investing activities.

“Specialty” reinsurance

“Specialty” reinsurance includes alternative reinsurance, credit surety and political risks, and the “SCOR Business Solutions” division, which covers large property-casualty facultative business. “Specialty” reinsurance also includes direct or allocated operating expenses and net income from “Specialty” property-casualty reinsurance-related investing activities.

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SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following is a summary of the activity split:

		Six months ended June 30, 2001
				Life,
		P&C		A & H			Specialty		Other		Consolidated
		(EUR, in millions)
Net premiums written			767		459			554				1,780
Net premiums earned			690		425			537				1,652
Net investment income			50		45			47		18		159
Net realized gains on investments			12		11			12		4		40
	Total revenues		752		481			596		22		1,851
Claim and claim expenses			528		355			463				1,346
Acquisition costs			135		156			83				374
Underwriting and administration expenses			40		23			26				89
Other income and expenses, net										17		17
	Total expenses		703		534			572		17		1,826
	Income before taxes, minority interest and equity method income		49		(53	)		24		5		25
Income from investments accounted for by the equity method										12		12
Total assets as of June 30			5,641		4,179			4,067				13,887

		Six months ended June 30, 2002
					Life,
		P&C			A & H			Specialty			Other			Consolidated
		(EUR, in millions)
Net premiums written			1,122			443			555						2,120
Net premiums earned			1,020			430			640						2,090
Net investment income			15			48			15			33			111
Net realized gains on investments			(7	)		(22	)		(7	)		(15	)		(51	)
	Total revenues		1,028			456			648			18			2,150
Claim and claim expenses			755			318			663						1,736
Acquisition costs			237			131			99						467
Underwriting and administration expenses			50			23			29						102
Other income and expenses, net												(61	)		(61	)
	Total expenses		1,042			472			791			(61	)		2,244
	Income before taxes, minority interest and equity method income		(14	)		(16	)		(143	)		79			(94	)
	Income from investments accounted for by the equity method											5			5
Total assets as of June 30			7,522			4,057			4,778						16,357

-22-

SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following is a summary of the Group’s business by geographic area (allocations by geographic area have been made based on the location of the related subsidiary).

		France			Europe			North America			Asia		Consolidated
							(EUR, in millions)
Six months ended June 30, 2001
	Revenues		546			255			973			77		1,851
	Income before taxes		6			26			(4	)		10		38
	Identifiable assets as of June 30		5,561			1,572			6,388			366		13,887
Six months ended June 30, 2002
	Revenues		573			357			1,080			140		2,150
	Income before taxes		(188	)		48			23			28		(89	)
	Identifiable assets as of June 30		7,485			1,958			6,485			429		16,357

-23-

SCOR
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note  10.   Subsequent events

As part of its ongoing strategy to optimize its short and medium term debt, SCOR finalized on May 31, 2002 the placement of a 5-year, 5.25%, Senior notes issue. Taking advantage of favorable market conditions, the Group successfully placed EUR 200 million, due on June 21st, 2007, at a yield to maturity of 5.395%.

This operation completes SCOR’s program to strengthen the Group capital base. This program began in December 2001 with the formation of Irish Reinsurance Partners. It continued first in January 2002 with the issuance of the Atlas Re II Cat Bond, in March of this year with the placement of Horizon, a USD 112 million index–linked securitization of credit risk, in March of this year as well, with SCOR’s commitment to sell its stake of 35.26% in Coface to Natexis and finally with the sale of its Fulcrum business.

At the beginning of June, SCOR signed a partnership for the distribution and management of annuity insurance products with the Legacy Marketing Group, in California. Insurance policies will be written by Investors Insurance Corporation (IIC), a US direct insurance company acquired by the Group when it took over PartnerRe Life in August 2000, and reinsured by SCOR.

As described in significant events, SCOR announces on September 4th, 2002 that it is engaged in exclusive discussions with the GERLING Group with a view to a possible acquisition of a part of its reinsurance activities. In a press release of September 20, 2002, SCOR said that SCOR Group had informed Gerling Group (GKB) that, due to current capital market conditions, the exclusive negotiations announced on September 4, 2002 regarding the possible acquisition of Gerling Group’s Life and certain of its Non-Life Reinsurance activities had been terminated.

It was announced, on September 30, 2002, that the Board of Directors of SCOR Group, which met on 27th September 2002, had decided to call an Extraordinary General Meeting on Tuesday 5th November 2002, with the aim of carrying out a capital increase of around EUR 400 million, which will allow it to embark, in excellent conditions, upon a new stage in its development.

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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: September 27, 2002

SCOR (Registrant)
By:	/s/ Maurice Tolédano Maurice Tolédano, Principal Financial Officer

-25-