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o		REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
		OR
x		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2005
		OR
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from           to Commission file number: 001-14518

N/A		The Republic of France

(Translation of registrant’s name into English)		(Jurisdiction of incorporation or organization)

Title of each class		Name of each exchange on which registered
American Depositary Shares (as evidenced by American Depositary Receipts), each representing one Ordinary Share		New York Stock Exchange, Inc.
Ordinary Shares, no par value *		New York Stock Exchange, Inc.

*	Listed, not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.

	968,769,070 Ordinary Shares, including 25,340,999 American Depositary Shares (as evidenced by American Depositary Receipts), each representing one Ordinary Share.

	Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligation under those Sections.

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	•	the implementation of the “SCOR Moving Forward” plan described under “Item 4. – Information on the Company”;
	•	the implementation of strategic initiatives, including the update of information systems;
	•	changes in premium revenues;
	•	changes in the balance of lines and classes of business;
	•	the development of revenues overall and within specific business areas;
	•	the development of expenses;
	•	the direction of insurance and reinsurance rates and the demand for reinsurance products and services;
	•	the market risks associated with interest and exchange rates and equity markets; and
	•	other statements relating to SCOR’s future business development and economic performance.

	•	cyclical trends in the insurance and reinsurance sectors;
	•	the outcome of U.S. legal proceedings after the conclusion of all appeals and the allocation of liability, amount of damages and amount of indemnification ultimately allocated to SCOR and its affiliates related to the World Trade Center litigation at the conclusion of such proceedings;
	•	the frequency and severity of insured loss events, including natural and man made catastrophes, terrorist attacks and environmental and asbestos claims, as well as mortality and morbidity levels and trends and persistency levels;
	•	the underwriting results of primary insurers and the accuracy and overall quality of information provided to SCOR by primary insurance companies with which SCOR transacts business, particularly regarding their reserve levels;
	•	the availability of and terms under which SCOR is able to enter into retrocessional arrangements;
	•	the ability of reinsurers and members of pools in which SCOR participates to meet their obligations;
	•	increasing levels of competition in France, Europe, North America and other international reinsurance markets;
	•	interest rate levels;
	•	the performance of global debt and equity markets;
	•	ratings downgrades;

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	•	SCOR’s financial strength;
	•	SCOR’s ability to meet its liquidity requirements;
	•	currency exchange rates, including the euro – U.S. dollar exchange rate;
	•	economic trends in general;
	•	changes in laws, regulations and case law;
	•	political, regulatory and industry initiatives;
	•	the run-off of certain of its U.S. business lines, including CRP and SCOR U.S.;
	•	the value of SCOR’s intangible assets;
	•	the ability of SCOR to improve its internal control over financial reporting and resolve material weaknesses in its internal control over financial reporting;
	•	the impact of operational risks, including human or systems failures;
	•	the risks identified in “Item 3.D – Risk Factors” of this Annual Report on Form 20-F filed with the U.S. Securities Exchange Commission (the “SEC”) and SCOR’s other filings with, or documents furnished to, the SEC; and
	•	other matters not yet known to SCOR or not currently considered material by SCOR.

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				Page
PART I					5
Item 1.		Identity of Directors, Senior Management and Advisers			5
Item 2.		Offer Statistics and Expected Timetable			5
Item 3.		Key Information			5
Item 4.		Information on the Company			19
Item 4A.		Unresolved Staff Comments			49
Item 5.		Operating and Financial Review and Prospects			49
Item 6.		Directors, Senior Management and Employees			74
Item 7.		Major Shareholders and Related Party Transactions			108
Item 8.		Financial Information			116
Item 9.		The Offer and Listing			121
Item 10.		Additional Information			127
Item 11.		Quantitative and Qualitative Disclosures About Market Risk			144
Item 12.		Description of Securities Other than Equity Securities			146
PART II					147
Item 13.		Defaults, Dividend Arrearages and Delinquencies			147
Item 14.		Material Modifications to the Rights of Security Holders and Use of Proceeds			147
Item 15.		Controls and Procedures			147
Item 16.		A.   Audit Committee Financial Expert			157
Item 16.		B.   Code of Ethics			158
Item 16.		C.   Principal Accountant Fees and Services			158
Item 16.		D.   Exemptions From The Listings Standards for Audit Committees			159
Item 16.		E.   Purchases Of Equity Securities by the Issuer and Affiliated Purchasers			159
PART III					164
Item 17.		Financial Statements			164
Item 18.		Financial Statements			164
Item 19.		Exhibits			164
EX-1.1
EX-4.5
EX-4.6
EX-4.7
EX-8
EX-12.1
EX-12.2
EX-13.1
EX-13.2
EX-15

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											Average				End of
Year Ended December 31,			High				Low				Rate(1)				Period(2)
2001				0.95				0.83				0.89				0.89
2002				1.05				0.86				0.95				1.04
2003				1.26				1.04				1.14				1.26
2004				1.36				1.18				1.25				1.35
2005				1.35				1.17				1.24				1.18
2006 (through June 23)				1.30				1.19				1.23				1.25
	January 2006			1.23				1.20				1.21				1.22
	February 2006			1.21				1.19				1.19				1.19
	March 2006			1.22				1.19				1.20				1.21
	April 2006			1.26				1.21				1.23				1.26
	May 2006			1.29				1.26				1.28				1.28
	June 2006 (through June 23, 2006)			1.30				1.25				1.27				1.25

(1)	The average of the Noon Buying Rates on the last business day of each month during the relevant period.
(2)	The end of period Noon Buying Rate is the Noon Buying Rate on the last business day of the relevant period.

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		As of and for the years ended December 31,
		2001				2002				2003				2004				2005				2005
																						(Translated)
																						(unaudited)
		(EUR)				(EUR)				(EUR)				(EUR)				(EUR)				(USD)
		(millions, except share and per share amounts)
Income statement
Operating revenues			4,000				4,520				3,650				2,509				2,387				2,823
Total revenues			4,010				4,562				3,767				2,551				2,486				2,940
Income (loss) before cumulative effect of change in accounting			(434	)			(493	)			(512	)			243				165				195
Cumulative effect of change in accounting principles, net of income taxes(1),(2)			42				–				–				4				–				–
Net income (loss)			(392	)			(493	)			(512	)			247				165				195
Net income (loss) per Ordinary Share, basic			(11.54	)			(13.03	)			(3.76	)			0.31				0.18				0.21
Net income (loss) per Ordinary Share, diluted			(11.54	)			(13.03	)			(3.76	)			0.30				0.17				0.20
Balance sheet data (as at end of year)
Total assets			16,917				16,002				13,605				13,400				13,829				16,354
Shareholders’ equity			1,267				1,078				356				1,211				1,702				2,013
Convertible debentures, long-term debt and capital leases			510				902				1,039				961				955				1,129
Dividend declared per Ordinary Share			0.30				–				–				–				0.03				0.04
Number of Ordinary Shares, in thousands			41,244				136,545				136,545				819,269				968,769				–

(1)	A change in accounting principles due to the discount of reserves occurred in 2001. The effect of the change in 2001 was to increase the Property Casualty net income by EUR 62 million before tax and EUR 41 million after tax. If the accounting change was never made, the impact in 2002, 2003, 2004 and 2005 would have been to increase Property Casualty net income by EUR 17 million before tax and EUR 11 million after tax, EUR 3 million before tax and EUR 2 million after tax, EUR 12 million before tax and EUR 8 million after tax, and EUR 9 million before tax and EUR 6 million after tax, respectively.
(2)	In 2004, the Group adopted Statement of Position, “Accounting and Reporting by Insurance Enterprise for Certain Non-Traditional Long-Duration Contracts and for Separate Accounts”. See Note 3.9 to the consolidated financial statements included in “Item 18. Financial Statements”.

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	•	In 2002, we issued EUR 200 million of unsubordinated notes repayable on June 21, 2007.
	•	In June 2004, we issued EUR 200 million of OCEANE bonds at par value, which are bonds convertible or exchangeable for new or existing shares. The OCEANE bonds will be fully redeemed in 2010. We used the proceeds from the OCEANE bond issuance, together with available cash, to repay our 1999 OCEANE bonds that matured on January 1, 2005 for an aggregate amount of approximately EUR 235 million.

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	•	the U.S. dollar equivalent of the euro trading prices of SCOR Ordinary Shares on Euronext, which may consequently cause the trading price of SCOR’s ADSs in the United States to also decline;
	•	the U.S. dollar equivalent of the proceeds that a holder of SCOR’s ADSs would receive upon the sale in France of any SCOR Ordinary Share withdrawn from the Depositary; and

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	•	the U.S. dollar equivalent of cash dividends paid in euros on the SCOR Ordinary Shares represented by SCOR’s ADSs.

	•	a downgrade or rumored downgrade of SCOR’s credit or financial strength ratings, including placement on credit watch;
	•	potential litigation involving SCOR or the insurance industry generally;
	•	changes in financial estimates and recommendations by securities research analysts;
	•	fluctuations in foreign exchange rates and interest rates;
	•	the performance of other companies in the insurance sector;
	•	regulatory and legal developments in the principal markets in which SCOR operates;
	•	international political and economic conditions, including the effects of terrorism attacks, military operations and other developments stemming from such events and the uncertainty related to these developments;
	•	investor perception of SCOR, including actual or anticipated variations in its revenues or operating results;
	•	announcements by SCOR of acquisitions, disposals or financings or speculation about such acquisitions, disposals or financings;
	•	changes in SCOR’s dividend policy, which could result from changes in its cash flow and capital position;
	•	sales of blocks of SCOR’s shares by shareholders; and
	•	general economic and market conditions.

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	•	“short-tail” business, which allows a clearer view of prospective business and which does not carry the same level of risk for future results and the inherent difficulties in calculating necessary reserves that are associated with “long tail” business as a result of the long term nature of the litigation and inflation of claims; and
	•	non-proportional business, where SCOR underwriters and actuaries are able to establish prices that are less susceptible to the adverse effects of the ceding companies’ underwriting and pricing.

	•	strengthening the Group’s reserves;
	•	replenishing the Group’s capital base through two capital increases;
	•	right-sizing the Group by reducing premium underwriting and implementing the Group’s new underwriting policy focused on “short tail”, non-proportional treaties and large business underwriting in Non Life, either primary or through large facultatives, when capacity and pricing are adequate; and
	•	restructuring the Group, particularly by putting in place a new board of directors, new management and new procedures.

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	•	In connection with Project New SCOR announced in June 2005, SCOR has transferred its Non-Life reinsurance activities in Europe, comprising Treaty underwriting and management business, Large Corporate Accounts, Credit & Surety and Construction reinsurance, to a wholly-owned subsidiary of SCOR registered in France called SCOR Global P&C (formerly Société Putéolienne de Participations). Such transfer was approved by the shareholders’ meeting held on May 16, 2006 and is effective as of January 1, 2006.
	•	This reorganization represents an important step in the strategy of SCOR and has been carried out with a view to simplifying the legal structure of the Group by streamlining the Group into two subsidiaries dedicated to Life and Non-Life business, respectively. SCOR SA will remain the holding company and owner of the US, Canadian and Asian Non-Life subsidiaries (although these entities will report to SCOR Global P&C for their operational activity). SCOR SA will benefit from the retrocession of its Life and Non-Life reinsurance subsidiaries, and will be responsible for the allocation of capital and resources within the Group, based on the underwriting needs and the determined capacities of each entity.
	•	The Group is continuing its efforts to improve the control of its business.

	•	The Chief Risk Officer has developed and updated the underwriting rules and allocated the capacity defined as part of the recently instituted “Catastrophe Committee”, in accordance with the annual underwriting policy.
	•	The Group is continuing to conform its internal procedures to the provisions of the new Rating Agency requirements for Enterprise Risk Management, as well as the new obligations following the application in France and Europe of the Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance (OJ L 323, 12.9.2005, p. 1) on Reinsurance Monitoring.
	•	In order to meet the restrictions resulting from this Directive, as well as from the European Union Commission’s “Solvency II” project, SCOR has acquired one of the best solvency modeling tools on the market (Dynamic Financial Analysis).
	•	The annual underwriting plan is now monitored in the quarterly reporting structures, which should enable the Group to improve the underwriting control management charts over the next few months.
	•	The Group is implementing the “Matrix” pricing project, which constitutes a major element in the unification and monitoring of the underwriting, risk selection and pricing policy.

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	•	The Group has decided to invest in the upgrade of the accounting tool used to consolidate its accounts, and has begun a project to this effect.
	•	Finally, in view of the development of structures in Europe, SCOR is developing an electronic document management system for all of its Non-Life business.

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	•	First, reinsurance helps to stabilize direct insurers’ earnings when unusual and major events occur, by assuming the high layers of these risks or relieving them of accumulated individual exposures.
	•	Reinsurance allows insurers to increase the maximum amount they can insure for a given loss or category of losses, by enabling them to underwrite a greater number of risks, or larger risks, without burdening their need to cover their solvency margin, and hence their capital base.
	•	Reinsurance makes substantial quantities of liquidity available to insurers in the event of major loss events.

	•	help ceding companies define their reinsurance needs and devise the most effective reinsurance program, to better plan for their capital adequacy and solvency margins;
	•	supply a wide array of support services, particularly in terms of technical training, organization, accounting and information technology;
	•	provide expertise in certain highly specialized areas such as the analysis of complex risks and risk pricing;
	•	enable ceding companies to build up their business even if they are undercapitalized, particularly in order to launch new products requiring heavy investment.

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				Year ended December 31,
				2003								2004								2005
				EUR				%				EUR				%				EUR				%
				(EUR, in millions, except percentages)
By segment of business
Property-Casualty					2,323				70				1,365				61				1,383				61
Life/Accident & Health					983				30				880				39				875				39
	Total				3,306				100				2,245				100				2,258				100
By class of business
Property-Casualty
Property-Casualty Treaty
	Property				972				58				608				57				549				55
	Casualty				609				36				326				31				272				27
	Marine, Aviation and Transportation				63				4				19				2				31				3
	Construction				46				2				111				10				144				15
		Total Property-Casualty Treaty			1,690				100				1,064				100				996				100
Facultatives and Large Corporate
Accounts (SBS)
	Property				329				58				161				62				185				55
	Casualty				85				15				30				11				35				11
	Marine, Aviation and Transportation				36				6				41				16				60				18
	Construction				119				21				29				11				55				16
		Total Facultatives and Large Corporate Accounts			569				100				261				100				335				100
Credit, Surety & Political Risks					65								38								52
Alternative Reinsurance					(1	)							2								0
	Total Property-Casualty				2,323								1,365								1,383

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			Year ended December 31,
			2003								2004								2005
			EUR				%				EUR				%				EUR				%
			(EUR, in millions, except percentages)
Life/Accident & Health
Annuity-based				198				18				33				4				81				9
Individual & group life				384				46				511				58				462				53
Accident				132				12				97				11				82				9
Disability				50				4				39				5				94				11
Health				105				9				74				8				42				5
Unemployment				28				3				28				3				13				1
Long-term care				86				8				98				11				101				12
	Total Life/Accident & Health			983				100				880				100				875				100

	•	Property & Casualty Treaty; and
	•	Facultatives and Large Corporate Accounts.

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	•	the European component in its portfolio is the most intense;
	•	the North American component is the lowest;
	•	the proportion of P&C premiums is the highest and, in contrast, the proportion of Third-Party Liability premiums is the lowest;
	•	the proportion of Special Risk premium is relatively high, which reflects SCOR’s leadership in the Ten-Year Liability business;
	•	the proportion of Credit-Surety premiums is in line with the competition.

			Year ended December 31,
			2003								2004								2005
			EUR				%				EUR				%				EUR				%
			(EUR figures in millions)
Total Europe				1,925				58%				1,355				60%				1,341				59%
	France			720				22%				480				21%				521				23%
	Europe (Outside of France)			1,205				36%				875				39%				820				36%
North America				822				25%				430				19%				440				20%
Asia-Pacific and Other International				559				17%				460				21%				477				21%
Total				3,306				100%				2,245				100%				2,258				100%

(1)	Premiums are allocated by geographic area based on information received by the Group from its cedents concerning the primary location of the cedents’ underlying insured risks.

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		Insurer Financial Strength		Senior Debt		Subordinated Debt
Standard & Poor’s August 1, 2005		A- (stable outlook)		A-		BBB
A.M. Best November 8, 2005		B++ (positive outlook)		bbb (positive outlook)		bbb- (positive outlook)
Moody’s October 7, 2005		Baa1 (positive outlook)		Baa1 (positive outlook)		Baa3 (positive outlook)

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Range of Potential Catastrophe Exposure(1)		Subject countries as of December 2005
(EUR, in millions)
100 to 200		Canada, United States, Mexico, Israel, Italy, Turkey
200 to 300		Chile, Portugal, Taiwan
300 and over		Japan, Europe

(1)	Calculated on a potential maximum loss basis for a given return period before retrocession.

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		Year ended December 31,
		2003				2004				2005
		(EUR, in millions)
Number of catastrophes(1)			4				2				5
Incurred losses and LAE from catastrophes, gross			78	(2)			40	(3)			215	(4)
Incurred losses and LAE from catastrophes, net of Retrocession			72	(2)			40	(3)			168	(4)
Group loss ratio(5)			99	%			69	%			74	%
Group loss ratio excluding catastrophes			96	%			67	%			60	%

(1)	A catastrophe is defined by SCOR as an event involving multiple insured risks causing pre-tax losses, net of retrocession, of EUR 10 million or more.
(2)	Floods in Italy and Southwestern France, storms in the Midwestern United States and Typhoon Maemi in South Korea.
(3)	Typhoon Sondga plus Hurricane Ivan.
(4)	Hurricanes Katrina, Wilma, Rita, storm Gudrun and floods in Eastern Europe.
(5)	Loss incurred prior to discount on workers compensation reserves on North American operations expressed as a percentage of premiums earned.

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	•	information from ceding companies;
	•	historical trends, such as reserving patterns, loss payments, pending levels of unpaid claims and product mix;
	•	internal methodologies that analyze the Group’s experience with similar cases;
	•	current legal interpretations of coverage and liability; and
	•	economic conditions.

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			1995				1996				1997				1998				1999				2000				2001				2002				2003				2004				2005
Initial gross reserves for unpaid loss (4) and LAE				2,600				3,361				3,723				3,942				4,774				5,575				8,365				7,966				7,004				6,119				6,030
Initial retroceded reserves				234				316				306				337				421				507				1,448				1,033				673				536				566
Initial net reserves				2,366				3,045				3,417				3,605				4,353				5,068				6,917				6,933				6,331				5,583				5,464
Paid (Cumulative) as of:(2)
	One year later			420				654				874				1,040				1,399				1,807				2,514				2,627				1,426				896
	Two years later			901				1,136				1,440				1,570				2,294				3,163				3,614				3,736				2,119
	Three years later			1,188				1,405				1,778				1,946				3,046				4,390				3,575				4,557
	Four years later			1,368				1,599				2,015				2,356				3,606				5,027				6,309
	Five years later			1,505				1,731				2,306				2,626				4,028				5,536
	Six years later			1,590				1,953				2,488				2,874				3,474
	Seven years later			1,779				2,073				2,646				2,069
	Eight years later			1,871				2,176				2,790
	Nine years later			1,948				2,274
	Ten years later			2,023
	Eleven years later
Reserve re-estimated as of:(3)
	One year later			2,630				3,458				3,690				4,057				4,996				5,938				8,030				8,344				6,466				5,916
	Two years later			2,733				3,411				3,772				4,082				5,278				6,358				8,699				7,984				6,756
	Three years later			2,702				3,401				3,810				4,117				5,446				7,385				8,794				8,404
	Four years later			2,692				3,404				3,807				4,209				5,952				7,412				9,104
	Five years later			2,675				3,379				3,887				4,479				5,962				7,530
	Six years later			2,653				3,429				4,002				4,454				6,032
	Seven years later			2,711				3,522				3,990				4,522
	Eight years later			2,792				3,507				4,070
	Nine years later			2,780				3,448
	Ten years later			2,571
	Eleven years later
Cumulative redundancy/ (deficiency) before premium development				(205)				(403)				(652)				(917)				(1,679)				(2,462)				(2,187)				(1,471)				(426)				(333)
% before premium development				(9)	%			(13)	%			(19)	%			(25)	%			(39)	%			(49)	%			(32)	%			(21)	%			(7)	%			(6)	%
Premium development				231				363				344				395				476				957				1,238				701				358				337
Cumulative redundancy/(deficiency) after premiums development				26				(40)				(308)				(522)				(1,203)				(1,505)				(949)				(770)				(68)				4
Percentage				1	%			(1)	%			(9)	%			(14)	%			(28)	%			(30)	%			(14)	%			(11)	%			(1)	%			–
Gross re-estimated liability at December 31, 2005				3,057				3,945				4,761				5,239				7,213				8,774				11,240				10,162				7,513				6,604
Re-estimated receivable at December 31, 2005				486				497				691				717				1,181				1,244				2,136				1,758				757				688
Net re-estimated liability at December 31, 2005				2,571				3,448				4,070				4,522				6,032				7,530				9,104				8,404				6,756				5,916
Gross cumulative redundancy/(deficiency) before premium development				(457)				(585)				(1,038)				(1,297)				(2,439)				(3,199)				(2,875)				(2,196)				(510)				(485)
Gross premium adjustments				283				412				368				365				467				805				1,168				770				522				401
Gross Cumulative redundancy/(deficiency) after premiums development				(174)				(173)				(670)				(932)				(1,972)				(2,394)				(1,707)				(1,426)				12				(84)
Percentage				-6.71	%			-5.15	%			-18.00	%			-23.66	%			-41.30	%			-42.95	%			-20.41				-18.00	%			0.17	%			-1.37	%

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(1)	Initial gross, initial retroceded and initial net reserves are shown on a U.S. GAAP basis. Paid (cumulative) amounts and reserves re- estimated amounts are shown on an underwriting year basis, consistent with the reporting practices of the Company and its cedents, particularly in the European market.
(2)	Cash commutation payments (i) received in 1993 of EUR 60 million and in 1994 of EUR 129 million and (ii) paid in 1994 of EUR 48 million have been excluded from the paid (cumulative) amounts presented. The EUR 260 million North American portfolio acquired in 1996 has been excluded from the paid (cumulative) amount presented for the years concerned.
(3)	Re-estimated gross claims reserves for a given underwriting year are reduced by the amount of any premiums earned subsequent, but related, to that underwriting year, including experience-rated premiums received and accrued from the ceding insurers as assumed losses were incurred.
(4)	Gross underwriting reserves for 2003, 2004 and 2005 differ by EUR 302 million, EUR 351 million and EUR 409 million, respectively, from the amounts presented on the financial statements due to the exclusion in this table of the reserves for increasing risks.

				Year ended December 31,
				2003				2004				2005
				(EUR, in millions)
Reserves for losses and LAE at beginning of year, net					6,933				6,633				5,934
Effect of changes in foreign currency exchange rates					(656	)			(203	)			359
Effect of claims portfolio transfer and other reclassifications					333				58				3
Incurred related to:
	Current year				1,661				1,002				1,134
	Prior years				1,078				174				34
		Total incurred losses and LAE(1)			2,739				1,176				1,168
Paid related to:
	Current year				316				116				695
	Prior years				2,400				1,614				896
		Total paid losses and LAE(1)			2,716				1,730				1,591
Reserves for losses and loss expenses at end of year – net					6,633				5,934				5,873
Reinsurance recoverable on unpaid losses					673				536				566
Reserves for losses and loss expenses at end of year – gross					7,306				6,470				6,439

(1)	Initial gross, initial retroceded and initial net reserves are shown on a U.S. GAAP basis. Paid (cumulative) amounts and reserve re-estimated amounts are shown on a calendar year basis.

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		Year ended December 31,
		Asbestos(1)												Environmental(1)
		2003				2004				2005				2003				2004				2005
		(EUR, in millions)
Gross Non Life claims reserves, including IBNR reserves			109				98				111				59				54				39
% of total loss and LAE reserves			1.5	%			1.6	%			1.7	%			0.8	%			0.9	%			0.6	%
Non Life claims and LAE paid			15				15				12				13				5				7
% of the Group’s total net Non Life claims and LAE paid			0.6	%			0.9	%			0.7	%			0.5	%			0.3	%			0.4	%

(1)	Asbestos and environmental (A&E) reserve data includes SCOR’s estimated A&E exposures in respect of its participation in the Anglo French Reinsurance Pool, for which A&E exposures for the years shown were as follows:

	•	The 2003 reserves were EUR 19 million and EUR 18 million for asbestos and environmental, respectively. The 2003 paid claims and LAE were EUR 0.6 million and EUR 0.9 million for asbestos and environmental, respectively.
	•	The 2004 reserves were EUR 18 million and EUR 16 million for asbestos and environmental, respectively. The 2004 paid claims and LAE were EUR 0.3 million and EUR 0.3 million for asbestos and environmental, respectively.
	•	The 2005 reserves were EUR 15 million and EUR 8 million for asbestos and environmental, respectively. The 2005 paid claims were EUR 1.7 million and EUR 1 million for asbestos and environmental, respectively.

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		Year ended December 31, 2005
		Asbestos				Environmental
Number of claims notifications with respect to non-proportional treaties and facultative contracts			7,961				7,219
Average cost per claim(1)			EUR 14,689				EUR 4,338

(1)	Not including claims that were settled at no cost, and claims of a precautionary nature not quantified in amount.

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				Year ended December 31,
				2003												2004												2005
												Realized												Realized												Realized
								Pre-tax				Gains								Pre-tax				Gains								Pre-tax				Gains
				Income				Yield(1)				(Losses)				Income				Yield(1)				(Losses)				Income				Yield(1)				(Losses)
				(EUR in millions)
Fixed maturity securities					265				4.8%				93				244				4.4%				27				221				4.2%				48
Equity securities					3				1.1%				14				6				1.4%				17				7				1.4%				45
Trading equity securities					47												3				–				–				49
Short term and other(2)					100				4.7%				10				112				4.4%				(2	)			95				3.2%				6
Less investment expense
	Swap interest				(8	)											(7	)											(5	)
	Administration expense				(29	)											(33	)											(33	)
	Other				(52	)											(43	)											(33	)
		Total			326								117				282								42				301								99

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(1)	Pre-tax yield is calculated as investment income (including dividends in the case of equities) divided by the average of the beginning and end of year investment balances. Investment balances were at fair value, except for equities for which cost was used. Investment balances were converted into euro from local currencies at year-end exchange rates.
(2)	Includes swap income of EUR 3 million in 2003, EUR 8 million in 2004 and EUR 2 million in 2005. Other swap-related net income is included in realized and unrealized capital gains (and losses).

			2003
											2004
			Net carrying value as of December 31,
																			2005
			)
			(EUR in millions
Fixed maturities available for sale, at fair value				5,130				64	%			5,272				63	%			5,237				63	%
Equity securities, available for sale				109				1	%			265				3	%			769				9	%
Trading Investments				740				9	%			778				9	%			335				4	%
Short term investments				–				–				–				–				–				–
Other long-term investments				316				4	%			322				4	%			317				4	%
Cash and cash equivalents				1,824				22	%			1,798				21	%			1,666				20	%
	Total			8,119				100	%			8,435				100	%			8,324				100	%

			As of December 31, 2005
			Net carrying				% of total net
Rating			value				book value
			(EUR, in millions)
AAA				3,824				71	%
AA				573				11	%
A				621				11	%
BBB				310				6	%
Below BBB				22				0	%
Unrated				45				1	%
	Total			5,395				100	%

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	•	the institution of a prior authorization procedure for French companies whose exclusive business is reinsurance, prior to being permitted to engage in this business. However, as the application texts were not adopted, this procedure has not yet come into effect;
	•	the possibility for the French Insurance regulator (A.C.A.M.) to send warnings when a company violates applicable legislative or regulatory provisions;
	•	the introduction of new sanctions to be imposed by the A.C.A.M. on reinsurance companies for violations of applicable legislative or regulatory provisions; and
	•	the possibility of withdrawing approvals in the event of prolonged inactivity, failure to maintain a balance between the company’s financial situation and its business or, if the general interest requires, substantial modification in the company’s stock ownership or governing bodies.

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C.	ORGANIZATIONAL STRUCTURE

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D.	PROPERTY, PLANTS AND EQUIPMENT

Item 4A.	Unresolved Staff Comments

Item 5.	Operating and Financial Review and Prospects

A.	OPERATING RESULTS

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		Value of one euro in each currency
		Year-end exchange rates												Average annual exchange rates for
		as of December 31,												the year ended December 31,
		2003				2004				2005				2003				2004				2005
U.S. Dollar			1.263				1.3604				1.182				1.141				1.244				1.240
Canadian Dollar			1.623				1.648				1.380				1.587				1.619				1.502
British Pound			0.705				0.709				0.688				0.693				0.679				0.682
Singapore Dollar			2.145				2.228				1.968				1.986				2.010				2.061

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					Year ended December 31,
					2003				2004				2005
					(EUR, in millions)
Gross premiums written
	Property-Casualty
		Treaty Property-Casualty				1,690				1,064				996
		Credit, Surety & Political Risks				65				38				52
		Large Corporate accounts				569				261				335
		Alternative Reinsurance				(1	)			2				0
			Total Property-Casualty			2,323				1,365				1,383
	Life/Accident & Health					983				880				875
		Total				3,306				2,245				2,258

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	•	“short-tail” business, which allows a clearer view of prospective business and which does not carry the same level of risk for future results and the inherent difficulties in calculating necessary reserves that are associated with “long-tail” business as a result of the long term nature of the litigation and inflation of claims; and
	•	non-proportional business, where SCOR underwriters and actuaries are better able to establish prices that are less susceptible to the adverse effects of the ceding companies’ underwriting and pricing.

	•	strengthening the Group’s reserves;
	•	replenishing the Group’s capital base through two capital increases;
	•	right-sizing the Group by reducing premium underwriting and implementing the Group’s new underwriting policy, focusing on “short tail”, non-proportional treaties and large business underwriting in Property-Casualty, either primary or through large facultatives, when capacity and pricing are adequate; and
	•	restructuring the Group, particularly by putting in place a new board of directors, new management and new procedures.

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					Year ended December 31,
					2003				2004				2005
					(EUR, in millions)
Net premiums written
	Property-Casualty
		Treaty Property-Casualty				1,580				1,014				942
		Credit, Surety & Political Risks				63				38				51
		Large Corporate accounts				461				227				287
		Alternative Reinsurance				(1	)			3				0
			Total Property-Casualty			2,103				1,282				1,280
	Life/Accident & Health					885				844				841
		Total				2,988				2,126				2,121

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					Year ended December 31,
					2003				2004				2005
					(EUR, in millions)
Net premiums earned
	Property-Casualty
		Treaty Property-Casualty				1,670				1,120				937
		Credit, Surety & Political Risks				122				51				51
		Large Corporate accounts				504				253				240
		Alternative Reinsurance				159				3				0
			Total Property-Casualty			2,455				1,427				1.227
	Life/Accident & Health					869				800				859
		Total				3,324				2,227				2,086

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		Year ended December 31,
		2003				2004				2005
		(EUR, in millions)
Gross premiums written			2,323				1,365				1,383
Net premiums written			2,103				1,282				1,280
Net premiums earned			2,455				1,427				1,227
Net loss and LAE			2,507				999				916
Net commissions and expenses(1)			613				461				393
Underwriting (loss)			(673	)			(17	)			(82	)
Loss ratio			102	%			70	%			75	%
Expense ratio(1)			25	%			32	%			32	%
Combined ratio			127	%			102	%			107	%

(1)	Expenses include direct charges of each business segment and indirect charges allocated by business segment pro rata according to direct expenses.

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		Year ended December 31,
		2003				2004				2005
		(EUR, in millions)
Gross premiums written			983				880				875
Net premiums written			885				844				841
Net premiums earned			869				800				859
Net loss and LAE			653				628				666
Net commissions and expenses(1)			319				266				269
Underwriting (loss)			(104	)			(94	)			(76	)
Loss ratio			75	%			79	%			78	%
Expense ratio(1)			37	%			33	%			31	%
Combined ratio			112	%			112	%			109	%

(1)	Expenses include direct charges of each business segment and indirect charges allocated by business segment pro rata according to direct expenses.

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B.	LIQUIDITY AND CAPITAL RESOURCES

		Year ended December 31,
		2003				2004				2005
		(EUR, in millions)
Net cash flows provided by (used in) operating activities			(98	)			(229	)			(742	)
Net cash flows provided by (used in) investing activities			258				(450	)			584
Net cash flows provided by (used in) financing activities			50				846				(242	)
Effect of exchange rate changes on cash			21				(135	)			171
Cash and cash equivalents at beginning of year			1,788				1,824				1,798
Effect of changes in exchange rates on cash beginning			(195	)			(58	)			97
Cash and cash equivalents at end of year			1,824				1,798				1,666

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Principal Amount

Term

Interest Rate

Interest Payment

Redeemable

EUR 200 million

2007

From June, 2002 to June, 2007: Fixed Rate 5.25% and complementary 2.5%

Annual

The notes will be redeemed at their principal amount on June 21, 2007.

Principal Amount

Term

Interest Rate

Interest

Redeemable

Payment

EUR 50 million

Perpetual

From March, 1999 to March, 2014: EURIBOR for six-month deposits + 0.75%

March 2014 and thereafter: EURIBOR for six-month deposits + 1.75%

Semi-annual

In whole and not in part, at the option of the Company on or about March 24, 2009, or on any interest payment date falling on or about each fifth anniversary thereafter.

USD 100 million

2029

From June, 1999 to June, 2009: LIBOR for three months deposits in USD + 0.80%

From June, 2009 to June, 2029: LIBOR for three months deposits in USD + 1.80%

Quarterly

In whole or in part, at the option of the Company on or about June 25, 2009, or on any interest payment date falling thereafter.

EUR 100 million

2020

From July, 2000 to July, 2010: EURIBOR for three month deposits + 1.15%

From July, 2010 to July, 2020: EURIBOR for three months deposits in USD + 2.15%

Quarterly

In whole but not in part, at the option of the Company on or about July 6, 2010, or on any interest payment date falling thereafter.

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			Year ended December 31,
			2003				2004				2005
			(EUR, in millions)
Commitments received
	Unused credit lines			50				44				99
	Endorsements and sureties			68				47				12
	Letters of Credit			1,285				867				1,090
	Other commitments			–				13				–
Total				1,403				971				1,201
Commitments given
	Endorsements and sureties			90				47				25
	Leases			17				10				7
	Letters of Credit			594				656				645
	Collateralized securities			3,226				1,885				2,080
	Other commitments			139				99				162
Total				4,066				2,697				2,919

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Year			Payment
			(EUR, in millions)
2006				36
2007				230
2008				5
2009				15
2010				206
Thereafter				414
	Total long-term debt			906	(1)

(1)	Excluding EUR 144 million related to the sale of the SCOR building.

			Payment due by period
							Less than												More than
Contractual obligations			Total				1 year				1-3 years				3-5 years				5 years
Long term debt (principal)				813				31				225				210				347
Long term debt and capital lease (interest) (1)				223				21				52				35				115
Losses and loss adjustment expenses(2)				6,439				1,888				1,628				1,244				1,679
Future policy benefits(2)				2,719				557				140				155				1,867
Capital lease				93				5				10				11				67
Operating lease				–				–				–				–				–
Purchase				–				–				–				–				–
Other long term liabilities				–				–				–				–				–
	Total(3)			10,287				2,502				2,055				1,655				4,075

(1)	Some of SCOR’s long term debt bears interest at floating rates and is denominated in U.S. dollars. The calculation of interest payments on long term debt is based on interest rates and exchange rates as of December 31, 2005.
(2)	Given that loss reserves and future policy benefits are estimates, the payment of these estimates are generally not fixed as to amount or timing. The projected amounts included in the table are estimates based on past experience and our judgment. The projected settlement of loss reserves and future policy benefits will differ, perhaps significantly, from future payments. Deviations from these estimates are normal and are to be expected. These estimates can not be extrapolated to future underwriting years payment patterns as underwriting policy has changed and the commutation policy pursued by SCOR in the past might significantly change in the future. Additionally, estimated losses as of the financial statement date do not take into account the impact of estimated losses from future business. For further information regarding the uncertainty associated with loss reserves and future policy benefits see “Item 4.A. History and Development of the Company – Reserves” and “Item 5.G. Critical Accounting Policies”.
(3)	Excluding EUR 144 million related to the sale of the SCOR building.

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	•	a reserve component that SCOR has identified as an item missing in the information received from the cedent; or
	•	a Loss Recognition Reserve, when SCOR’s actuarial analysis of the reinsured risks reveals that overall losses are expected until termination of the contracts.

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Other current principal position at SCOR

Initially

Expiration

Name

Date of Birth

and principal business activities outside SCOR

appointed

of term

Denis Kessler(1) Chairman and CEO

March 25, 1952

Chairman and Chief Executive Officer: SCOR VIE. Chairman: SCOR Italia Riassicurazioni S.p.A (Italy), SCOR Life U.S. Re Insurance Company (U.S.), SCOR Reinsurance Company (U.S.), SCOR U.S. Corporation (U.S.). Director: BNP Paribas SA, BOLLORE Investissement SA, COGEDIM S.A.S., DASSAULT Aviation, SCOR Canada Reinsurance Company, AMVESCAP Plc (UK), Dexia S.A. (Belgium). Member of the Supervisory Board: SCOR Deutschland (Allemagne). Non-voting director: FDC S.A., GIMAR Finance & Cie S.C.A. Permanent representative of FERGASCOR in S.A. Communication et Participation.

11/4/02

2007

Carlo Acutis(2)

October 17, 1938

Vice-Chairman: Vittoria Assicurazioni S.p.A., Banca Passadore S.p.A., Presidential Council of the European Committee of National Insurance Companies, Fondazione Piemontese per la ricerca sul cancro. Chairman: BPC INVESTIMENTI SGR S.p.A.;

5/15/03

2009

Director: SCOR VIE (6), Yura International Holding B.V., Yura S.A., Camfin S.p.A., Pirelli & C. S.p.A., Ergo Italia S.p.A., Ergo Assicurazioni S.p.A., Ergo Previdenza S.p.A., Vittoria Capital N.V.;

Member of the Supervisory Board: COGEDIM S.A.S., Yam Invest N.V.

Member of council: European Committee of Insurance Companies, Geneva Association. Member of the executive committee: ANIA Associazione Italiana fra le Imprese di Assicurazione.

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Other current principal position at SCOR

Initially

Expiration

Name

Date of Birth

and principal business activities outside SCOR

appointed

of term

Michèle Aronvald(7)

August 15, 1958

Employee Director.

8/30/01

2006

Antonio Borges(2)(3)

November 18, 1949

Vice-Chairman: Goldman Sachs International (London). Supervisory board: CNP Assurances. Director: SCOR VIE (6), Jérónimo Martins, SONEAcom, Caixa Seguros, Heidrick & Struggles.

5/15/03

2007

Allan Chapin, Esq.(1)(4)

August 28, 1941

Partner: Compass Advisers LLP (New York, U.S.A.). Director: Pinault Printemps Redoute, SCOR VIE (6), In Bev (Belgium), SCOR Reinsurance Company (US), General Security National Insurance Company (US), French-American Foundation; Chairman of American Friends of the Pompidou Foundation.

5/12/97

2011

Daniel Havis(2)

December 31, 1955

Chairman and Chief Executive Officer: MATMUT (Mutuelle Assurance des Travailleurs Mutualistes). Chairman: GEMA, SMAC (Mutuelle Accidents Corporels), IMADIES. Vice-Chairman: CEGES.

11/18/96

2011

Director: Mutualité Française de la Seine Maritime (MFSM), La Fédération Nationale de la Mutualité Française (FNMF).

Member of the bureau: Fédération Nationale de la Mutualité Interprofessionnelle (FNMI).

Chairman of the Supervisory Board: OFI Asset Management (formerly OFIVALMO Gestion).

Vice-Chairman of the Supervisory Board: IMA, OFIVALMO.

Chairman of the Board of Directors: Matmut Protection Juridique formerly PMA (Protection Mutualiste en Assurance), MUTRE S.A.; MDA.

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Other current principal position at SCOR

Initially

Expiration

Name

Date of Birth

and principal business activities outside SCOR

appointed

of term

Director: Matmut Vie, OFIMALLIANCE, SCOR VIE (6). Vice-chairman of the Board of Directors: Groupe des Mutuelles Associées. Permanent representative of OFI Asset Management in OFIVALMO Net Epargne, OFI Mandats; of MATMUT in the supervisory board of OFI Palmarès; of SMAC in the board of directors of OFIMA Trésor, OFIMA Convertibles and OFI SMIDCAP.

Chairman of the Comité National des Réalisations Sanitaires et Sociales, Member of commissions in the Conseil Supérieur de la Mutualité (Commission Agréments and Commission Affaires Générales). Member of the Haut Conseil pour l’Avenir de l’Assurance Maladie. Representative Imadiès in Conseil des Mutuelles Santé.

Yvon Lamontagne*(2)

June 14, 1940

Director: AXA Insurance Canada (Toronto, Canada), SCOR VIE (6); SCOR Canada Reinsurance Company (Toronto, Canada), Hydro-Québec (Montreal, Canada), Anglo-Canada General Insurance Company (Toronto, Canada), AXA Pacific Insurance Company (Vancouver, Canada). Member of the consultative board: Bureau of Superintendent of Financial Institutions (Ottawa, Canada). Fiduciary: Fiducie Henri-Paul Rousseau (Montréal, Canada) (Chairman of the treasury).

5/15/03

2007

Daniel Lebègue(1)(2)(3)

May 4, 1943

Chairman: IFA (French Society of Directors – Institut Français des Administrateurs). Director: SCOR VIE (6), Crédit Agricole S.A., Alcatel, Technip, SCOR Reinsurance Company (U.S.), General Security National Insurance Company (U.S.).

5/15/03

2009

Member of the Supervisory Board: Areva.

Chairman of the Board of Directors: Institut d’Études Politiques de Lyon;

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Other current principal position at SCOR

Initially

Expiration

Name

Date of Birth

and principal business activities outside SCOR

appointed

of term

Chairman: Institute of Sustainable Development and International Relations (Institut du Développement Durable et des Relations Internationales, IDDRI), Transparence-International France, Ecoda (European Confederation of Associations of Directors – Confédération Européenne des Associations d’Administrateurs). Co-Chairman: Eurofi (association).

Helman le Pas de Sécheval(1)(2)(3)(5)

January 21, 1966

Group Chief Financial Officer: GROUPAMA S.A.. Chairman of the Board of Directors: Groupama Immobilier, Groupama Asset Management, Finama Private Equity, Compagnie Financière Parisienne.

11/3/04

2009

Vice-Chairman of the Supervisory Board: Banque Finama.

Director: SCOR VIE (6), GAN Italia Vita (Italy), GAN Italia S.p.A (Italy).

Non-Voting member of the Supervisory Board: GIMAR Finance & Compagnie. Permanent representative of GROUPAMA S.A. on the supervisory board of Lagardère S.C.A. and at the Board of Directors of Silic; of GAN Assurances Vie on the Supervisory Board of Locindus.

André Lévy-Lang(1)(3)(4)

November 26, 1937

Associate Professor (Emeritus) at the Paris University of Dauphine. Director: AGF, SCOR VIE (6), Dexia (Brussels), Schlumberger (U.S.). Member of Supervisory Board: Paris-Orléans.

5/15/03

2009

Herbert Schimetschek(2)

January 5, 1938

Chairman: Oesterreichische Nationalbank. Director: SCOR VIE (6). Chairman of the Management Board: Austria Versicherungsverein auf Gegenseitigkeit Privatstiftung (Holding), UNIQA Immobilien- Projekterrichtungs GmbH.

5/15/03

2007

Chairman of the Supervisory Board: Austria Österreichische Hotelbetriebs Aktiengesellschaft.

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Other current principal position at SCOR

Initially

Expiration

Name

Date of Birth

and principal business activities outside SCOR

appointed

of term

Vice-Chairman of the Supervisory Board: Bank Gutmann S.A. Vice-Chairman: Automobile Club of Austria, Franco-Austrian Chamber of Commerce. Member of the Board of Directors: Diplomatic Academy of Vienna.

Jean-Claude Seys(1)

November 13, 1938

Chairman and Chief Executive Officer: COVEA (SGAM). Chairman of the Board of Directors: MMA IARD, MMA Vie (SAM), MAAF Santé (Mutuelle 45), Force et Santé (Union Mutualiste), COSEM (Association), Aide Médicale (Association), Fondation MAAF Assurances, OCEAM Ré (SRM).

5/15/03

2009

Director: MAAF Assurances (SAM), MAAF Assurances (SA), Défense Automobile et Sportive (DAS) (SAM), AGMAA S.A. – Azur GMF Mutuelles Assurances Associés, SCOR VIE (6), OFIMALLIANCE S.A., Fidelia S.A. (subsidiary of Azur GMF), COVEA Ré (Luxembourg), EURAPCO.

Chairman of the Supervisory Board: Savour Club S.A. (MAAF S.A. subsidiary), OFIVALMO S.A.;

Member of the Supervisory Board: OFI Asset Management (subsidiary of OFIVALMO S.A.).

Vice-Chairman of the Board of Directors: ACMA (Association for the Cooperation Among Mutual Insurance Companies for Agriculture and Craft Industry – Association pour la Coopération entre Mutuelles Assurances pour l’Agriculture et l’Artisanat:), SC Holding S.A.S. (Santéclair). Permanent representative: of COVEA (SGAM) in Covéa Technologie (S.A.S.) and of OCEAM Ré (SRM) in COVEA Group S.A.S.

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Other current principal position at SCOR

Initially

Expiration

Name

Date of Birth

and principal business activities outside SCOR

appointed

of term

Jean Simonnet(2)

August 5, 1936

Chairman: MACIF (Mutual Insurance Company) **, SOCRAM (Credit Company)**, SMIP (Mutual Insurance Company). Director: FORINTER S.A.**, SICAV OFIMA EURO Moyen Terme, Union Mutualiste des Deux Sèvres (Mutual Insurance Company), SCOR VIE (6), IMA IBERICA.

3/2/99

2011

Non-Voting Director: MACIFILIA**, OFIMA MIDCAP SICAV, OFIMA TRESOR SICAV.

Managing director (gérant): Gironde et Gascogne S.A.R.L., Château de Belcier S.C.E.A., Château Ramage La Batisse S.C.I.

Permanent representative of MACIF: on the supervisory board of I.M.A. S.A.**, MUTAVIE S.A.**, OFIVALMO S.A.** and on the board of directors of Compagnie Immobilière MACIF S.A.**, Foncière de Lutèce S.A.**, MACIF Mutualité**, EURESA.

Member of the councils or committees: GPIM S.A.S., MACIF Participations S.A.S.**, Compagnie Foncière de la MACIF S.A.S.**, SIEM S.A., MACIFIMO S.A.S.   ** Companies consolidated in the MACIF Group

Claude Tendil(1)(2)

July 25, 1945

Chairman and Chief Executive Officer: Generali France, Generali France Assurances Vie. Chairman of the Board of Directors: Assurance France Generali, Generali Assurances-IARD, GPA IARD, GPA VIE, La Fédération Continentale, Europ Assistance Holding.

5/15/03

2007

Director: Unibail, SCOR VIE (6).

Chairman of the Board of Directors: Europ Assistance Italy. Permanent representative of Europ Assistance Holding on the board of directors of Europ Assistance Spain.

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Other current principal position at SCOR

Initially

Expiration

Name

Date of Birth

and principal business activities outside SCOR

appointed

of term

Daniel Valot(1)

August 24, 1944

Chairman and Chief Executive Officer: Technip. Director: Compagnie Générale de Géophysique, Institut Français du Pétrole, SCOR VIE (6), Technip Far East (Malaysia). Permanent representative of Technip in Technip France. Chairman: Technip Italy (Italy).

5/15/03

2007

(1)	Member of the Strategic Committee.
(2)	Member of the Risks Committee.
(3)	Member of the Accounts and Audit Committee.
(4)	Member of the Compensation and Nominations Committee.
(5)	Mr. Helman le Pas de Secheval is a non-voting member of the Accounts and Audit Committee. He was appointed as a board member in replacement of Mr. Jean Baligand on November 3, 2004, and his appointment was ratified by the general shareholders’ meeting of May 31, 2005.
(6)	During the meeting of SCOR VIE Board of Directors held on May 16, 2006, these Directors resigned from their position as Directors of SCOR VIE and have been replaced by Patrick Thourot, Jean-Luc Besson, Marcel Kahn and Christian Mounis.
(7)	The bylaws were amended at the May 16, 2006 shareholders’ meeting. The amended bylaws no longer contain a provision requiring one Board member to be an employee director.
*	Mr. Yvon Lamontagne passed away on March 20, 2006.

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								Executive
Name		Age				Current Position		Officer Since
Denis Kessler			53			Chairman and Chief Executive Officer			2002
Patrick Thourot(1)			57			Chief Operating Officer (Directeur Général Délégué)			2003
Yvan Besnard			51			Deputy Chief Operating Officer (Adjoint du Directeur Général Délégué) of SCOR Global P&C			2004
Jean-Luc Besson			59			Chief Risk Officer			2003
Romain Durand(2)			48			Chief Executive Officer and Director of SCOR VIE			1997
Marcel Kahn			49			Chief Financial Officer			2004
Henry Klecan Jr.			54			President and CEO of SCOR U.S. and SCOR Canada			2003
Victor Peignet			48			Chief Operating Officer of SCOR Global P&C			2004

(1)	Mr. Thourot was appointed by the Board of Directors on January 22, 2003 as Chief Operating Officer for the length of the term of the Chairman and Chief Executive Officer.
(2)	Romain Durand resigned as Chief Executive Officer and director of SCOR VIE on December 28, 2005. The Board of Directors of SCOR VIE confirmed his resignation on January 11, 2006. Upon a proposal of the Compensation and Nominations Committee, the Board of Directors of SCOR VIE unanimously appointed its Chairman, Denis Kessler, as Chief Executive Officer of SCOR VIE.

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Name		Age				Current position		Other offices
Denis Kessler			53			Chairman and Chief Executive Officer		See above under “Item 6.A. Directors and Senior Management – Board of Directors”.

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Name		Age				Current position		Other offices
Patrick Thourot(1)			57			Chief Operating Officer		Chairman and Chief Executive Officer: EUROFINIMO; FINIMOFRANCE; FERGASCOR; SCOR AUBER. Director: MUTRE S.A. Permanent Representative of FERGASCOR on the Board of Directors of the Société Putéolienne de Participations Chairman: SCOR UK Group Limited; SCOR UK Company Limited; IRP Holdings Limited (Ireland); Irish Reinsurance Partners Ltd (Ireland); SCOR Reinsurance Asia-Pacific (Singapore); SCOR Deutschland (Germany); Commercial Risk Re-Insurance Company (U.S.); Commercial Risk Partners Ltd (Bermuda); Commercial Risk Reinsurance Company Ltd (Bermuda); Director: SCOR Reinsurance Company U.S.; SCOR U.S. Corporation; General Security National Insurance Company (U.S.); ASEFA (Spain).
Yvan Besnard			51			Deputy Chief Operating Officer of SCOR Global P&C		Member of the Supervisory Board: FCPE Actions SCOR; FCPE Valeurs Mobilières Obligations. Director: Groupement de Services d’Assurance et Réassurance; Euroscor/ Actiscor (Luxembourg); SCOR UK Group Ltd; SCOR UK Company Ltd; SCOR Europe Mid Cap (Luxembourg); SCOR Italia; SCOR Picking (Luxembourg). Permanent Representative of SCOR in: Assuratome (G.I.E.); Assurpol (G.I.E.); Tricast S.A. Member of the Supervisory Board and Deputy Chairman of SCOR Deutschland.
Jean-Luc Besson			59			Chief Risk Officer		Director of the Institut des Actuaires.
Romain Durand(2)			48			CEO of SCOR VIE		Chairman: SOLAREH S.A.* Permanent Representative of SCOR VIE on the Supervisory Board of MUTRE*. Director: SGF*; Investors Insurance Corporation (U.S.)*; Investors Marketing Group (U.S.)*; SCOR Financial Services Limited (Ireland)*; SCOR Life U.S. Reinsurance Company (U.S.)*; SCOR Italia Riassicurazioni S.p.A. (Italy)*. Member of the Supervisory Board REMARK B.V. (Netherlands)*.   * Romain Durand resigned from his positions within these companies on December 31, 2005.

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Name		Age				Current position		Other offices
Marcel Kahn			49			Group Chief Financial Officer		Member of the Supervisory Board: FCPE Actions SCOR; FCPE Valeurs Mobilières Obligations. Chairman: Euroscor/ Actiscor (Luxembourg); SCOR Europe Mid Cap (Luxembourg); SCOR Picking (Luxembourg). Permanent Representative of SCOR in SGF, SCOR Auber and in the Supervisory Board of Locindus SA.
Henry Klecan, Jr.			54			President and CEO of SCOR U.S. and SCOR Canada		Chief Executive Officer of SCOR Reinsurance Company (U.S.); SCOR U.S. Corporation; General Security Indemnity Company of Arizona (U.S.); General Security National Insurance Company (U.S.); SCOR Canada Reinsurance Company; Cal Re Management, Inc (U.S.); SOREMA N.A. Holding Corporation.
Victor Peignet			48			Chief Operating Officer of SCOR Global P&C		Chairman of SCORLUX (Luxembourg; company in the process of liquidation). Director of SCOR UK Co. Ltd. (London); SCOR Channel Ltd. (Guernsey); Arisis Ltd. (Guernsey); General Security Indemnity Company of Arizona (U.S.); General Security National Insurance Company (U.S.); SCOR Reinsurance Company (U.S.).

(1)	Mr. Thourot was appointed by the Board of Directors on January 22, 2003 as Chief Operating Officer for the length of the term of the Chairman and Chief Executive Officer.
(2)	Romain Durand resigned as Chief Executive Officer and director of SCOR VIE on December 28, 2005. The Board of Directors of SCOR VIE confirmed his resignation on January 11, 2006. Upon a proposal of the Compensation and Nominations Committee, the Board of Directors of SCOR VIE unanimously appointed its Chairman, Denis Kessler, as Chief Executive Officer of SCOR VIE.

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		2005				2004
Mr. Denis Kessler(1)			0				0
Mr. Carlo Acutis(2)			18,825				20,100
Ms. Michèle Aronvald(3)			31,900				28,500
Mr. Antonio Borges(4)			30,300				27,750
Mr. Allan Chapin(5)			31,575				26,475
Mr. Georges Chodron de Courcel			35,300				31,900
Mr. Daniel Havis			31,900				28,500
Mr. Yvon Lamontagne(6)			23,925				21,375
Mr. Helman le Pas de Sécheval			37,000				35,300
Mr. Daniel Lebègue			43,800				43,800
Mr. André Lévy Lang			45,500				47,200
Mr. Herbert Schimetschek(7)			18,825				17,550
Mr. Jean-Claude Seys			30,200				31,900
Mr. Jean Simonnet			30,200				26,800
Mr. Claude Tendil			31,900				30,200
Mr. Daniel Valot			33,600				28,500

(1)	In accordance with the decision taken by the Board of Directors on March 21, 2006, in the future the Chairman and Chief Executive Officer will receive directors’ attendance fees to the same extent as the other members of the Board of Directors of the Company and according to the same breakdown.
(2)	The amount allocated to Mr. Carlo Acutis was initially EUR 25,100 which takes into account an initial tax of 25%, (i.e. EUR 6,275), pursuant to Articles 117 bis, 119 bis 2, and 187 of the French Tax Code.
(3)	Employee director.
(4)	The amount allocated to Mr. Antonio Borgès was initially EUR 40,400 which takes into account an initial tax of 25%, (i.e. EUR 10,100), pursuant to Articles 117 bis, 119 bis 2, and 187 of the French Tax Code.
(5)	The amount allocated to Mr. Allan Chapin was initially EUR 42,100 which takes into account an initial tax of 25%, (i.e. EUR 10,525), pursuant to Articles 117 bis, 119 bis 2, and 187 of the French Tax Code.
(6)	The amount allocated to Mr. Yvon Lamontagne was initially EUR 31,900 which takes into account an initial tax of 25% (i.e. EUR 7,975), pursuant to Articles 117 bis, 119 bis 2, and 187 of the French Tax Code.
(7)	The amount allocated to Mr. Herbert Schimetschek was initially EUR 25,100 which takes into account an initial tax of 25%, (i.e. EUR 6,275), pursuant to Articles 117 bis, 119 bis 2, and 187 of the French Tax Code.

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	•	a fixed sum of EUR 500,000,
	•	a variable portion for a maximum amount of EUR 900,000, including a portion of 3 per thousand of the consolidated net result for SCOR, provided such result exceeds EUR 30,000,000, up to EUR 360,000, and an amount up to EUR 540,000 determined by the Board of Directors linked to the achievement of objectives decided for each year by the Board of Directors.

	•	a fixed amount of EUR 410,000,
	•	a variable portion for a maximum amount of EUR 410,000, including a portion of 1.50 per thousand of the consolidated net result for SCOR, up to EUR 287,000, and an amount up to EUR 123,000 determined by the Board of Directors linked to the achievement of objectives decided for each year by the Chairman and Chief Executive Officer.

Variable

Fixed

compensation

Total

Fixed

Variable

Total

compensation

paid and/or to be

compensation

compensation

compensation

compensation

paid for 2005

paid for 2005

paid for 2005

paid for 2004

paid for 2004

paid for 2004

In euros

In euros

In euros

In euros

In euros

In euros

Mr. Denis Kessler

500,000

846,000

1,346,000

500,000

328,791

828,791

Mr. Patrick Thourot

410,000

289,450

699,450

410,000

164,477

574,477

Variable

Fixed

Variable

Total

Fixed

compensation

Total

compensation

compensation

compensation

compensation

variable

compensation

paid in 2005

paid in 2005

paid in 2005

paid in 2004

paid in 2004

paid in 2004

In euros

In euros

In euros

In euros

In euros

In euros

Mr. Denis Kessler

500,000

495,364

995,364

500,000

150,000

650,000

Mr. Patrick Thourot

410,000

164,477

574,477

410,000

123,000

533,000

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						Variable
		Fixed				compensation				Profit				Total				Fixed				Variable				Profit				Total
		compensation				paid and/or to be				sharing				compensation				compensation				compensation				sharing				compensation
		paid for 2005				paid for 2005				for 2005				paid for 2005				paid for 2004				paid for 2004				paid for 2004				paid for 2004
		In euros				In euros				In euros				In euros				In euros				In euros				In euros				In euros
Marcel Kahn			280,000				138,390				25,130				443,520				195,152				142,240				11,342				348,734
Romain Durand(1)			280,000				–				251				280,251				255,000				142,240				–				397,240
Jean-Luc Besson			280,000				171,990				25,130				477,120				209,000				167,740				15,753				392,493
Victor Peignet			280,000				160,790				25,130				465,920				203,000				159,676				15,753				378,429
Henry Klecan Jr(2)			253,700				111,112				–				364,812				226,743				126,850				–				353,593
Yvan Besnard			197,000				97,798				25,130				319,928				157,000				90,226				12,397				259,623

		Fixed				Variable				Profit				Total				Fixed				Variable				Profit				Total
		compensation				compensation				sharing				compensation				compensation				compensation				sharing				compensation
		paid in 2005				paid in 2005				paid in 2005				paid in 2005				paid in 2004				paid in 2004				paid in 2004				paid in 2004
		In euros				In euros				In euros				In euros				In euros				In euros				In euros				In euros
Marcel Kahn			280,000				142,240				11,342				433,582				195,152				–				–				195,152
Romain Durand(1)			280,000				148,774				–				428,774				255,000				79,635				–				334,635
Jean-Luc Besson			280,000				133,840				15,753				429,593				209,000				50,460				–				259,460
Victor Peignet			280,000				181,842				15,753				477,595				203,000				109,078				–				312,078
Henry Klecan, Jr.(2)			253,700				126,850				–				380,550				226,743				25,481				–				252,224
Yvan Besnard			197,000				90,226				12,397				299,623				157,000				11,700				–				168,700

(1)	Romain Durand resigned from his functions as Chief Executive Officer and director of SCOR VIE on December 28, 2005. The Board of Directors of SCOR VIE accepted his resignation on January 11, 2006. Effective December 28, 2005, Romain Durand lost all his rights under the Company’s stock option plans and stock compensation plans.
(2)	Exchange rate at December 31, 2005 of 1 USD = 0.8456 EUR and 1 CAD = 0.7448 EUR.

	(a)	a health insurance policy under the terms of a contract dated September 16, 1998;
	(b)	an “all causes” death or permanent disability insurance underwritten for the senior management of the Company on June 30, 1993.

	The Company is currently re-negotiating this contract, and it should be noted that the Chairman and Chief Executive Officer and the Chief Operating Officer will benefit from any contract replacing the existing contract; and

(c)	an insurance for death or permanent disability caused by an accident, underwritten on January 1, 2006. The Company is currently re-negotiating this contract and it should be noted that the Chairman and Chief Executive Officer and the Chief Operating Officer will benefit from any contract replacing the existing contract.

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	–	will continue to receive a fixed annual gross amount of EUR 500,000, payable in twelve monthly payments; and
	–	will receive, as of the 2006 financial year, a variable annual gross amount capped at EUR 1,000,000, consisting of:

	–	an annual variable gross amount capped at EUR 500,000, which will be determined in accordance with the achievement of personal objectives, defined at the beginning of each financial year by the Board of Directors following a proposal by the Compensation and Nominations Committee; and

	–	an annual variable gross amount capped at EUR 500,000, which will be determined in accordance with the achievement of financial objectives, defined at the beginning of each financial year by the Board of Directors following a proposal of the Compensation and Nominations Committee.

	–	personal criteria: completion of strategic transactions, return to an A- rating (A.M.Best) and maintenance of the A- rating (S&P), restructuring of the SCOR Group around the three companies currently being created, general management of the firm; and
	–	financial criteria: level of Return on Equity (ROE) achieved by SCOR, provided that the amount of the variable compensation will be progressive and proportional to the amount of ROE between 0% and 10%, an ROE exceeding or equal to 10% awards the maximum variable amount.

	–	the entire variable amount of his compensation for the “N-1” financial year will be payable during the “N” financial year when the Company financial statements for the financial year “N-1” are approved by the shareholders’ meeting;
	–	furthermore, in the event of dismissal, the variable amount of his compensation for the “N” financial year will be (i) determined based on the variable amount for the “N-1” financial year and in proportion to his departure date during the “N” financial year in course, and (ii) paid when the Company financial statements for the “N-1” financial year are approved by the shareholders’ meeting.

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	–	will continue to receive a fixed annual gross amount of EUR 410,000, payable in twelve monthly payments; and
	–	will receive, as of the 2006 financial year, a variable annual gross amount capped at EUR 410,000, consisting of:

	–	an annual variable gross amount capped at EUR 205,000, which will be determined in accordance with the achievement of personal objectives, defined at the beginning of each financial year by the Board of Directors following a proposal by the Compensation and Nominations Committee; and
	–	an annual variable gross amount capped at EUR 205,000, which will be determined in accordance with the achievement of financial objectives, defined at the beginning of each financial year by the Board of Directors following a proposal of the Compensation and Nominations Committee.

	–	personal criteria: completion of strategic transactions, return to an A- rating (A.M. Best) and maintenance of the A- rating (S&P), restructuring of the SCOR Group around the three companies currently being created, contribution to the general management of the firm; and
	–	financial criteria: level of Return on Equity (ROE) achieved by SCOR, provided that the amount of the variable compensation will be progressive and proportional to the figure achieved by this ROE between 0% and 10%, an ROE exceeding or equal to 10% awards the maximum variable amount.

	–	the entire variable amount of his compensation for the “N-1” financial year will be payable during the “N” financial year when the Company financial statements for the financial year “N-1” are approved by the shareholders’ meeting;
	–	furthermore, in the event of dismissal, the variable amount of his compensation for the “N” financial year will be (i) determined based on the variable amount for the “N-1” financial year and in proportion to his departure date during the “N” financial year in course, and (ii) paid when the Company financial statements for the “N-1” financial year are approved by the shareholders’ meeting.

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	•	A majority of independent directors, pursuant to criteria adopted by the Board of Directors based on those set forth in the 2003 AFEP-MEDEF Report in France. The board considers eleven of its fifteen members to be independent, namely Messrs. Acutis, Borges, Chapin, Havis, Lamontagne, Lebègue, Lévy-Lang, Schimetschek, Simonnet, Tendil and Valot.;
	•	A greater diversity of expertise. In addition to experts drawn from the insurance and reinsurance sectors, the Board of Directors has more members representing the world of finance and industry;
	•	A more international perspective, with directors from Italy, Portugal, Austria, Canada and the United States, and directors with extensive international experience;
	•	An improved flow of information with the Board of Directors of the Company’s subsidiaries;
	•	A reorganization of the Board of Directors’ committees; and
	•	An in-depth evaluation, every three years, of the functioning of the Board of Directors and an update in each intervening year.

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	–	receive a salary or hold an executive position within SCOR and must not have done so during the previous five years;
	–	have received from SCOR compensation greater than EUR 100,000 during the five previous years, except for directors’ fees,
	–	be an officer in a company in which SCOR directly or indirectly is a director or in which an employee has been designated as such or in which an officer of SCOR (currently or within the last five years) is a director;
	–	be a significant client, supplier, investment banker, commercial banker of the Company or of the Group or for which the Company or the Group represents a significant share of the business. A significant share is a contribution to the business equal to the lesser of the following two amounts: more than 2% of the Company’s consolidated premium income, or an amount greater than EUR 100 million,
	–	have a close family relationship with an officer of the Company;
	–	have been an auditor of the company during the previous five years;
	–	have been a Director of SCOR for more than twelve years,
	–	represent a shareholder of the Company owning more than 5% of the share capital or voting rights.

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	–	first, it is forbidden to trade in SCOR securities while in possession of information which, when made public, is likely to have an impact on the share price. This restriction remains in effect two days after this information has been made public by a press release;
	–	in addition, it is forbidden to directly or indirectly conduct any transaction with regard to the Company’s securities during certain sensitive periods as notified to the Directors by the Company or during any period preceding an important event affecting the Company and likely to influence its market price.

	•	The Strategic Committee is comprised of Denis Kessler, Chairman; Allan Chapin(1); Daniel Lebègue(1); Helman le Pas de Sécheval(2); André Lévy-Lang(1); Jean-Claude Seys; Claude Tendil(1) and Daniel Valot(1). Pursuant to the internal regulations, this Committee is comprised of six to ten members appointed by the Board of Directors and chosen among the Directors and Non-voting Directors. The duration of their term corresponds to the their term as Director or Non-voting Director.

(1)	Independent director.
(2)	Appointed as member of the Strategic Committee on November 3, 2004 in replacement of Jean Baligand who resigned on August 18, 2004.

	Its mission is to scrutinize the Group’s development strategies and to make recommendations on major Group acquisition and disposal plans in excess of EUR 100 million.
	The Chairman of the Committee may call any individual to attend who is likely to shed relevant light on the clear understanding of a given point, this person’s presence and the information shall be limited to an agenda item concerning him. The Chairman of the Committee must exclude the non-independent members of the Committee from its deliberations on matters likely to pose an ethical problem or conflict of interest.
	The Strategic Committee convened twice in 2005.

	•	The Accounts and Audit Committee is comprised of Daniel Lebègue(1), Chairman; André Lévy-Lang(1); Antonio Borges(1) and Helman le Pas de Sécheval(2). Pursuant to the bylaws, this Committee is comprised of three to five members appointed by the Board of Directors and chosen among the Directors and non-voting Directors. The duration of their term corresponds to their term as Director or non-voting Director.

(1)	Independent Director.

(2)	Mr. le Pas de Sécheval is a non-voting member of the Accounts and Audit Committee.

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	Its mission is to scrutinize the fairness of the Group’s financial statements and compliance with internal procedures, and the controls and inspections carried out by the statutory auditors and by the internal audit division.
	The Accounts and Audit Committee met six times in 2005 and discussed the following matters:

	–	the disengagement from IRP,
	–	update and principal issues relative to IFRS standards;
	–	Sarbanes-Oxley developments and compliance requirements;
	–	2005 budget of the external auditors and pre-approval of the missions of the external auditors;
	–	verification of the French GAAP Company and consolidated financial statements at December 31, 2004;
	–	approval of the U.S. GAAP accounts at December 31, 2004 and at September 30, 2004;
	–	the Group’s 2005 budget;
	–	agreement for the SCOR – SCOR VIE pooling of resources;
	–	financial consequences of the exit of minority shareholders from IRP;
	–	the organization of the management of SCOR’s assets;
	–	IFRS financial statements at March 31, 2005;
	–	consolidated results of the first quarter of 2005;
	–	2005 Audit Plan;
	–	Auditors’ Report;
	–	consolidated results at September 30, 2005;
	–	the Group’s exposure to and protection from natural catastrophes in 2005 and forecast for 2006; and
	–	Certification of the CRP accounts in 2004.

	The Accounts and Audit Committee has established standing rules that emphasize two essential missions:

	–	accounting missions, notably comprising scrutiny of periodic financial documents, review of the appropriateness of choices and proper application of accounting methods, review of the accounting treatment of all significant transactions, review of off-balance sheet liabilities, management of the selection, remuneration, independence and scope of the engagement of the statutory auditors, control of all accounting and financial disclosure documents and related press releases prior to their release to the public; and
	–	ethical and internal control missions. The Accounts and Audit Committee has a duty to ensure that internal procedures for the gathering and verification of data guarantee the quality and reliability of SCOR’s financial statements. Further, it is the duty of the Accounts and Audit Committee to review related-party transactions, to analyze and reply to employees’ questions with respect to internal controls, preparation of the financial statements, and the treatment of accounting entries.

	The Chairman of the Committee may call any individual to attend an Accounts and Audit Committee meeting who is likely to assist in achieving a clear understanding of a given point. This person’s presence and the information shall be limited to an agenda item concerning him. The Chairman of the Committee must exclude the non-independent members of the Committee from its discussions to examine points likely to pose an ethical problem or conflict of interest.
	The Sarbanes-Oxley Act of 2002 requires, among other things, that the audit committees of listed companies in the United States, such as SCOR, be entirely composed of independent board members (as

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	such notion is defined in the Sarbanes-Oxley Act of 2002), subject to certain exemptions, and that they be exclusively responsible for supervising the selection of external auditors. The internal rules of SCOR’s Accounts and Audit Committee provide that all members of the Accounts and Audit Committee will be chosen among the independent Directors, subject to exceptions provided by applicable regulations. See “Item 16D – Exemptions from the Listing Standards For Audit Committees”.
	The rules of the Accounts and Audit Committee were approved by the Accounts and Audit Committee on March 18, 2005.

	•	The Compensation and Nominations Committee is comprised of Allan Chapin(1), Chairman; André Lévy-Lang(1) and Georges Chodron de Courcel(2). Pursuant to internal rules, it is composed of three to five members appointed by the Board of Directors and non-voting Directors. The majority of the members must be chosen among the independent Directors. The duration of their term corresponds to their term as Director or non-voting Director.

	Its missions are to make recommendations on the compensation of Group Directors, officers and of senior executives, on pension plans and stock options, and to make proposals regarding the membership and organization of the Board of Directors and its committees.
	The Compensation and Nominations Committee met four times in 2005 and has made recommendations on the implementation of a stock award plan, a stock option plan and on the bonus to be allocated to the senior executives of SCOR.

	•	The Risks Committee is comprised of Carlo Acutis(1); Antonio Borges(1); Daniel Havis(1); Daniel Lebègue(1); Herbert Schimetschek(1); Jean Simonnet(1); Claude Tendil(1); Georges Chodron de Courcel(2); and Helman le Pas de Sécheval.

Its mission is to identify the major risks to which the Group is exposed on both the assets and liabilities sides, and to ensure that means are in place to monitor and manage these risks. It scrutinizes the main technical and financial risks to which the Group is exposed. The Risks Committee did not meet in 2004 because all of the matters it would have acted upon were acted upon by the full board or the Audit and Accounts Committee. As a result, on March 23, 2005, the Board decided to dissolve the Risks Committee going forward, and to transfer its tasks to other relevant Group Committees. On May 16, 2006 the Board of Directors decided to re-instate the Risks Committee following its dissolution on March 23, 2005 with the same mission as it previously had.

(1)	Independent director.

(2)	Non-voting director.

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	•	Accounting: review of periodic financial reports, review of the appropriateness of choices and proper application of accounting methods, review of the accounting treatment of all significant transactions, review of the consolidation scope, review of off-balance sheet liabilities, management of the selection and remuneration of the statutory auditors, control of all accounting and financial disclosure documents prior to their release to the public; and
	•	Ethical and internal controls: ensure that internal procedures for the gathering and verification of data ensure the quality and reliability of SCOR’s financial statements, review related-party transactions, analyze and reply to employees’ questions with respect to internal control, preparation of the financial statements, and the treatment of accounting entries.

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		As of December 31,
		2003				2004				2005
Number of employees			1,187				1,052				994
Breakdown by geographic location
France			639				587				565
Asia-Pacific region			70				63				62
Other European countries			167				150				141
North America			293				233				208
Other regions			18				19				18
			1,187				1,052				994
Breakdown by main category of activity
Global Property and Casualty			553				455				416
Life reinsurance			238				224				215
Staff and financial sectors			396				373				363
			1,187				1,052				994

(1)	The calculation of the total workforce is based on the registered workforce as of December 31, 2005 with expatriates being counted in their country of expatriation. The figures published last year, 1,038 in 2004 and 1,162 in 2003, were based on the workforce present on December 31 of each financial year, with expatriates being counted in their country of origin.

Directors
Mr. Carlo Acutis			60,000
Ms. Michèle Aronvald			948
Mr. Antonio Borges			1
Mr. Allan Chapin			1,000
Mr. Daniel Havis			7,602
Mr. Denis Kessler			319,920
Mr. Yvon Lamontagne			4,460
Mr. Helman le Pas de Sécheval			500
Mr. Daniel Lebègue			100
Mr. André Lévy Lang			150,000
Mr. Herbert Schimetschek			6
Mr. Jean-Claude Seys			21,050
Mr. Jean Simonnet			2,736
Mr. Claude Tendil			1,506
Mr. Daniel Valot			100
Non-Voting Directors
Mr. Georges Chodron de Courcel			17,836
Chief Operating Officer
Mr. Patrick Thourot			91,530
Total			679,295

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																										Number
																										granted to
																		Total				Number				top ten
				Date of Board				Date options										Number				granted to				beneficiaries
				of Directors’				become						Number of				of shares				the Group’s				employed
OPTION PLAN				Resolution				exercisable		Expiration date				beneficiaries				granted				executives				by SCOR
	1992				September 28			Expired			Expired				76				318,800				42,000				54,000
	1994				May 9			Expired			Expired				104				429,000				59,000				64,000
	1995				May 15			Expired			Expired				99				430,000				82,000				68,000
	1996				September 5			Sept. 5, 1997 (30%) Sept. 5, 1998 (30%) Sept. 5, 1999 (40%)			Sept. 4, 2006				122				480,000				83,000				70,000
	1997				September 4			September 4, 2002			Sept. 3, 2007				113				481,500				112,000				72,000
	1998				September 3			September 4, 2003			Sept. 3, 2008				134				498,000				130,000				71,500
	1999				September 2			September 3, 2004			Sept. 2, 2009				145				498,500				130,000				71,000
	2000				May 4			May 5, 2004			May 3, 2010				1,116				111,600				600				1,000
	2000				August 31			September 1, 2005			Aug. 30, 2010				137				406,500				110,000				63,000
	2001				September 4			September 4, 2005			Sept. 3, 2011				162				560,000				150,000				77,000
	2001				October 3			October 4, 2005			Oct. 2, 2011				1,330				262,000				1,200				2,000
	TOTAL																		4,475,900				899,800				613,500
Readjusted total after the capital increase, at December 31,
	2002																		11,088,489				2,229,143				1,519,870
	2003				February 28			February 28, 2007			Feb. 27, 2013				65				1,435,688				655,233				247,532
	2003	(1)			June 3			June 3, 2007			June 2, 2013				1,161				2,266,927				420,441				177,787
	2003							Condition of benefit not achieved (cancelled)											2,266,929				420,441				177,787
Readjusted total after the capital increase, at December 31,
	2003																		17,058,033				3,725,258				2,122,976
Readjusted total after the capital increase, at January 7,
	2004
	2004				August 25			August 26, 2008			Aug. 25, 2014				171				5,990,000				1,335,000				920,000
	2005				August 31			September 16, 2009			Sept. 16, 2015				219				7,260,000				1,650,000				1,420,000
								TOTAL at December 31, 2005											30,308,033				6,710,258				4,462,976

(1)	Some of the options granted in June 2003 depended on the Group’s profitability being more than 10% and 12% greater than the Group’s average shareholders’ equity for 2003 and 2004, respectively. Since these conditions were unrealized, the options were cancelled.

		Previous offer price × value of preferential subscription right (average listed opening price during the subscription period)
		Value of share after cancellation of preferential subscription right (average listed opening price during the subscription period) + value of preferential subscription right

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		Initial number of options × previous offer price
		New offer price as defined below

Status at December 31, 2005
				Exercise Price				Options outstanding				Number of				Options
				after readjusting for				after the capital				options cancelled				outstanding at				Options
				capital increases				increase of				at the end of				the end of				granted in
Option Plan				(in EUR)				January 7, 2004				2005				2005				2005
	1995				6.59				192,782				192,782				—				—
	1996				11.70				703,785				42,096				661,689				—
	1997				15.03				865,443				59,429				806,014				—
	1998				22.72				937,260				76,764				860,496				—
	1999				18.58				903,835				86,667				817,168				—
	2000				19.39				187,248				25,647				161,601				—
	2000				18.17				761,469				86,420				675,049				—
	2001				19.39				1,137,848				137,430				1,000,418				—
	2001				13.73				445,312				60,137				385,175				—
	2003				2.86				1,275,553				104,840				1,170,713				—
	2003				3.94				3,655,163				2,026,386				1,628,777				—
	2004				1.14				5,990,000				450,000				5,540,000				—
	2005	(1)			1.66				—				255,000				7,005,000				7,260,000
	Total								17,055,698				3,603,598				20,712,100				7,260,000

(1)	out of the 7,260,000 options granted in 2005, 255,000 were cancelled due to the departure of certain beneficiaries.

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																		Potential
		Options				Options to								Price				transaction
		exercised				be exercised				Plan dates				(EUR)				volume (EUR)				Exercise period
Denis Kessler(1)			None				364,019				Feb. 28, 2003				2.86				1,041,094				Feb. 28, 2007 to Feb. 28, 2013
			None				160,169				June 03, 2003				3.94				631,065				June 03, 2007 to June 03, 2013
			None				375,000				Aug. 25, 2004				1.14				427,500				Aug. 26, 2008 to Aug. 25, 2014
			None				450,000				Sept. 16, 2005				1.66				747,000				Sept. 16, 2009 to Sept. 15, 2015
TOTAL							1,349,188
Patrick Thourot(1)			None				72,804				Feb. 28, 2003				2.86				208,219				Feb. 28, 2007 to Feb. 28, 2013
			None				60,064				June 03, 2003				3.94				236,652				June 03, 2007 to June 03, 2013
			None				180,000				Aug. 25, 2004				1.14				205,200				Aug. 26 2008 to Aug. 25, 2014
			None				200,000				Sept. 16, 2005				1.66				332,000				Sept. 16, 2009 to Sept. 15, 2015
TOTAL							512,868
Romain Durand(2)			None				19,809				Sept. 04, 1997				15.03				297,729				Sept. 04, 2002, to Sept. 03, 2007
			None				29,713				Sept. 03, 1998				22.72				675,079				Sept. 04, 2003 to Sept. 03, 2008
			None				32,188				Sept. 02, 1999				18.58				598,053				Sept. 03, 2004 to 02 Sep. 2009
			None				249				May 04, 2000				19.39				4,828				May 05, 2004 to May 03, 2010
			None				37,141				Aug. 31, 2000				18.17				674,852				Sept. 01, 2005 to Aug. 30, 2010
			None				49,520				Sept. 04, 2001				19.39				960,193				Sept. 04, 2005 to Sept. 03, 2011
			None				497				Oct. 03, 2001				13.73				6,824				Oct. 04, 2005 to Oct. 02, 2011
			None				43,683				Feb. 28, 2003				2.86				124,933				Feb. 28, 2007 to Feb. 25, 2013
			None				40,043				June 03, 2003				3.94				157,770				June 03, 2007 to June 03, 2013
			None				180,000				Aug. 25, 2004				1.14				205,200				Aug. 26, 2008 to Aug. 25, 2014
			None				200,000				Sept. 16, 2005				1.66				332,000				Sept. 16, 2009 to Sept. 15, 2015
TOTAL							632,843
Jean-Luc Besson			None				43,683				Feb. 28, 2003				2.86				124,933				Feb. 28, 2007 to Feb. 28, 2013
			None				40,043				June 03, 2003				3.94				157,770				June 03, 2007 to June 03, 2013
			None				120,000				Aug. 25, 2004				1.14				136,800				Aug. 26, 2008 to Aug. 25, 2014
			None				180,000				Sept. 16, 2005				1.66				298,800				Sept. 16, 2009 to Sept. 15, 2015
TOTAL							383,726
Marcel Kahn			None				120,000				Aug. 25, 2004				1.14				136,800				Aug. 26, 2008 to Aug. 25, 2014
			None				150,000				Sept. 16, 2005				1.66				249,000				Sept. 16, 2009 to Sept. 15, 2015
TOTAL							270,000
Victor Peignet			None				9,905				Sept. 05, 1996				11.7				115,889			Sept. 05, 1997 to Sept. 04, 2006 (30%) Sept. 05, 1998 to Sept. 04, 2006 (30%) Sept. 05, 1999 to Sept. 04, 2006 (40%)
			None				12,381				Sept. 04, 1997				15.03				186,086				Sept. 04, 2002 to Sept. 03, 2007
			None				9,905				Sept. 03, 1998				22.72				225,042				Sept. 04, 2003 to Sept. 03, 2008
			None				12,381				Sept. 02, 1999				18.58				230,039				Sept. 03, 2004 to Sept. 02, 2009
			None				249				May 04, 2000				19.39				4,828				May 05, 2004 to May 03, 2010
			None				14,857				Aug. 31, 2000				18.17				269,952				Sept. 01, 2005 to Aug. 30, 2010

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																		Potential
		Options				Options to								Price				transaction
		exercised				be exercised				Plan dates				(EUR)				volume (EUR)				Exercise period
			None				19,809				Sept. 04, 2001				19.39				384,097				Sept. 04, 2005 to Sept. 03, 2011
			None				497				Oct. 03, 2001				13.73				6,824				Oct. 04, 2005 to Oct. 02, 2011
			None				26,210				Feb. 28, 2003				2.86				74,961				Feb. 28, 2007 to Feb. 28, 2013
			None				28,030				June 03, 2003				3.94				110,438				June 03, 2007 to June 03, 2013
			None				120,000				Aug. 25, 2004				1.14				136,800				Aug. 26, 2008 to Aug. 25, 2014
			None				200,000				Sept. 16, 2005				1.66				332,000				Sept. 16, 2009 to Sept. 15, 2015
TOTAL							454,224
Henry Klecan			None				14,857				Sept. 04, 2001				19.39				288,077				Sept. 04, 2005 to Sept. 03, 2011
			None				497				Oct. 03, 2001				13.73				6,824				Oct. 04, 2005 to Oct. 02, 2011
			None				11,649				Feb. 28, 2003				2.86				33,316				Feb. 28, 2007 to Feb. 28, 2013
			None				16,017				June 03, 2003				3.94				63,107				June 03, 2007 to June 03, 2013
			None				120,000				Aug. 25, 2004				1.14				136,800				Aug. 26, 2008 to Aug. 26, 2014
			None				150,000				Sept. 16, 2005				1.66				249,000				Sept. 16, 2009 to Sept. 15, 2015
TOTAL							313,020
Yvan Besnard			None				17,334				Sept. 04, 1997				15.03				260,530				Sept. 04, 2002 to Sept. 03, 2007
			None				17,334				Sept. 03, 1998				22.72				393,828				Sept. 04, 2003 to Sept. 03, 2008
			None				17,334				Sept. 02, 1999				18.58				322,066				Sept. 03, 2004 to Sept. 02, 2009
			None				249				May 04, 2000				19.39				4,828				May 05, 2004 to Mar. 05, 2010
			None				14,857				Aug. 31, 2000				18.17				269,952				Sept. 01, 2005 to Aug. 30, 2010
			None				17,334				Sept. 04, 2001				19.39				336,106				Sept. 04, 2005 to Sept. 03, 2011
			None				497				Oct. 03, 2001				13.73				6,824				Oct. 04, 2005 to Oct. 02, 2011
			None				26,210				Feb. 28, 2003				2.86				74,961				Feb. 28, 2007 to Feb. 28, 2013
			None				14,416				June 03, 2003				3,94				56,799				June 03, 2007 to June 03, 2013
			None				120,000				Aug. 25, 2004				1.14				136,800				Aug. 26, 2008 to Aug. 25, 2014
			None				120,000				Sept. 16,  2005				1.66				199,200				Sept. 16, 2009 to Sept. 15, 2015
TOTAL							365,565
GRAND TOTAL							4,281,434												13,886,268

(1)	In the event of dismissal or a significant change in the share capital of the Company that substantially affects their respective responsibilities and makes it difficult for them to pursue their respective activities and the normal exercise of their duties, and if their professional relationship is terminated at their request, the Chairman and Chief Executive Officer and/or the Chief Operating Officer shall retain the right to exercise the options allotted to them that have been fully vested within the periods defined by the stock option plan, and shall be entitled to an indemnity, for the options they would be unable to exercise under this plan, to compensate for the loss of the right to exercise the options under the terms of the plan. The amount of this indemnity will be determined by an independent expert using the “Black & Scholes“ option valuation method on the date of their respective departures.
(2)	For a description of the treatment of the stock options granted to Romain Durand following his resignation on December 28, 2005, please see “Item 6.B. Compensation – 2005 Compensation for Members of the Executive Committee”.

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Stock options awarded to top ten non-officer

Number of

Exercise

Expiration

employee recipients and exercised options

options

Price

date

Plan

Options awarded during the financial year, by the issuer and by any company included in the option distribution scope, to the top ten recipient employees of the issuer and of any company included in this scope and which were granted the most options (aggregate information)

1,420,000

1.66

Sept. 16, 2009

Sept. 16, 2005

Options exercised during the financial year by the ten employees of the issuer or the companies included in the scope who exercised the most options (aggregate information)

N/A

N/A

N/A

N/A

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Price

Transaction

Plan

Shares

(in euros)

(in euros)

Date of transfer

Denis Kessler(1)

2004 Plan – Tranche A

187,500

1.44

270,000

January 10, 2005

Plan 2004 – Forfeiture – redistribution

262,500

–

September 01, 2007

2005 Plan

450,000

–

September 01, 2007

TOTAL

900,000

Patrick Thourot(1)

2004 Plan – Tranche A

90,000

1.44

129,600

January 10, 2005

2004 Plan – Forfeiture – redistribution

126,000

–

September 01, 2007

2005 Plan

200,000

–

September 01, 2007

TOTAL

416,000

Romain Durand(2)

2004 Plan – Tranche A

90,000

1.44

129,600

January 10, 2005

2004 Plan – Tranche B

90,000

1.69

152,100

November 10, 2005

2005 Plan

200,000

September 01, 2007

TOTAL

380,000

Jean-Luc Besson

2004 Plan – Tranche A

75,000

1.44

108,000

January 10, 2005

2004 Plan – Tranche B

75,000

1.69

126,750

November 10, 2005

2005 Plan

180,000

–

September 01, 2007

TOTAL

330,000

Marcel Kahn

2004 Plan – Tranche A

75,000

1.44

108,000

January 10, 2005

2004 Plan – Forfeiture – redistribution

105,000

–

September 01, 2007

2005 Plan

150,000

–

September 01, 2007

TOTAL

330,000

Victor Peignet

2004 Plan – Tranche A

75,000

1.44

108,000

January 10, 2005

2004 Plan – Forfeiture – redistribution

105,000

–

September 01, 2007

2005 Plan

200,000

–

September 01, 2007

TOTAL

380,000

Henry Klecan

2004 Plan – Tranche A

65,576

1.44

94,429

January 10, 2005

2004 Plan – Tranche B

65,576

1.69

110,823

November 10, 2005

2005 Plan

150,000

–

September 01, 2007

TOTAL

281,152

Yvan Besnard

2004 Plan – Tranche A

51,842

1.44

74,652

January 10, 2005

2004 Plan – Forfeiture – redistribution

72,579

–

September 01, 2007

2005 Plan

120,000

–

September 01, 2007

TOTAL

244,421

GRAND TOTAL

3,261,573

(1)	In the event of dismissal or a significant change in the share capital of the Company that substantially affects their respective responsibilities and makes it difficult for them to pursue their activities and the normal exercise of their responsibilities, and if their professional relationship is terminated at their request, the Chairman and Chief Executive Officer and/or the Chief Operating Officer shall be entitled to an indemnity, for the bonus shares that would have been allotted to them and which they could not receive, to compensate for the loss of the right to the shares. The amount of this loss shall be calculated as the number of shares in question multiplied by the average price of the SCOR shares on the date of their respective departures.
(2)	For a description of the treatment of the rights of Romain Durand under the share award plan following his resignation on December 28, 2005, please see “Item 6.B. Compensation – 2005 Compensation for Members of the Executive Committee”.

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		December 31, 2003(1)												December 31, 2004												December 31, 2005												January 31, 2006
										% of												% of												% of												% of
		Number				% of				voting				Number				% of				voting				Number				% of				voting				Number				% of				voting
		of shares				capital				rights(2)				of shares				capital				rights(2)				of shares				capital				rights(2)				of shares				capital				rights(2)
Groupama/Gan Groupe			25,656,535				18.79%				18.86%				155,260,343	(3)			18.95%				19.17%				155,246,370	(12)			16.03%				16.18%				155,246,370	(15)			16.03%				16.18%
Silchester(4)			11,729,332				8.59%				8.62%				70,375,992				8.59%				8.69%				81,375,992				8.40%				8.48%				76,771,648				7.92%				8.00%
Marathon AM(4)			9,145,757				6.70%				6.72%				58,549,828				7.15%				7.23%				57,295,188				5.91%				5.97%				56,566,688				5.84%				5.89%
Groupe MAAF-MMA(5)			6,707,235				4.91%				4.93%				31,505,874				3.85%				3.89%				33,725,874				3.48%				3.51%				33,725,874				3.48%				3.51%
MACIF			3,966,628	(6)			2.91%				2.92%				26,941,535	(7)			3.29%				3.33%				29,908,937				3.09%				3.12%				29,908,937				3.09%				3.12%
Generali(8)			2,365,660				1.73%				1.74%				15,100,507				1.84%				1.86%				15,100,507				1.56%				1.57%				15,100,507				1.56%				1.57%
MATMUT(9)			2,750,000				2.01%				2.02%				14,250,000				1.74%				1.76%				15,505,983	(13)			1.60%				1.62%				14,130,983	(16)			1.46%				1.47%
Employees			861,220	(10)			0.63%				0.63%				1,278,720	(11)			0.16%				0.16%				3,396,922	(14)			0.35%				0.35%				3,350,517	(17)			0.35%				0.35%
Owned by SCOR			489,500				0.36%				–				9,298,085				1.13%				–				9,110,915				0.94%				–				9,110,915				0.94%				–
Others			72,872,978				53.37%				53.56%				436,708,186				53.30%				53.92%				568,102,382				58.64%				59.20%				574,856,631				59.34%				59.90%
Total			136,544,845				100%				100%				819,269,070				100%				100%				968,769,070				100.00%				100.00%				968,769,070				100.00%				100.00%

(1)	Information is as of the closest date to December 31, 2003 as possible.
(2)	The percentage of voting rights is determined on the basis of the number of shares outstanding after deducting the number of shares owned by the Company.
(3)	Source: Groupama. This figure includes 139,439,070 shares owned directly by Groupama S.A. and 15,821,273 shares owned by subsidiairies and “Caisses-Regionales” of Groupama.
(4)	Source: Silchester, Marathon. These companies are shareholders through mutual funds.
(5)	Source: MAAF-MMA.
(6)	Source: MACIF.
(7)	Source: MACIF. This figure includes 26,908,937 shares owned directly and 32,598 shares owned through funds managed by MACIF Gestion.
(8)	Source: Generali.
(9)	Source: MATMUT.
(10)	This figure includes 295,220 shares owned directly and 566,000 shares owned through a company-sponsored mutual fund.
(11)	This figure includes 295,220 shares owned directly and 983,500 shares owned through a company-sponsored mutual fund.
(12)	Source: Groupama. This figure includes 139,439,071 shares owned directly by Groupama S.A. and 15,807,299 shares owned by subsidiaries and the “Caisses-Regionales” of Groupama.
(13)	Source: MATMUT. This figure includes 14,250,000 shares owned directly and 1,255,983 shares owned through their mutual funds.
(14)	This figure includes 1,764,622 shares owned directly and 1,632,300 shares owned through a company-sponsored mutual fund.
(15)	Source: Groupama. This figure includes 139,439,071 shares owned by Groupama S.A. and 15,807,299 shares held by subsidiaries and by Regional Mutuals.
(16)	Source: Matmut. This figure includes 12,875,000 shares owned directly and 1,255,983 shares held through mutual funds.
(17)	This figure includes 1,695,417 shares owned directly and 1,655,100 shares owned through a company-sponsored mutual fund.

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	•	On February 7, 2005, SCOR and its U.S. and Bermudian subsidiaries, SCOR U.S. and CRP, signed a large commutation agreement for the SCOR Group which reduced the overall reserves of SCOR U.S. and, to a lesser extent, CRP, by approximately USD 300 million and has been accounted for in the first quarter of 2005.
	•	The Board of Directors, at its meeting of May 9, 2005, authorized the entering into of an agreement to open a revolving credit facility with a banking syndicate represented by BNP Paribas as Agent and Lead Manager (the “Credit Facility Agreement”) in order to make available to the Company a short-term credit facility to finance its general cash needs. The Credit Facility Agreement was entered into on May 18, 2005 for a term of 12 months. The credit facility is available by drawing down a maximum

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		amount of EUR 75,000,000 over a period ending one month before the facility’s final payment date. This agreement expired on May 18, 2006.

						Commitment
Lender		Credit				in %
BNP Paribas			EUR 24,750,000				33%
CALYON			EUR 18,750,000				25%
Natexis Banques Populaires			EUR 15,000,000				20%
Crédit Industriel et Commercial			EUR 7,500,000				10%
Ixis Corporate & Investment Bank			EUR 5,250,000				7%
Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile-de-France			EUR 3,750,000				5%
Total Commitments			EUR 75,000,000				100%

	As a security of its obligations under the Credit Facility Agreement, the Company must grant a first rank pledge over its securities account for the benefit of the Lenders and BNP Paribas as Agent pursuant to the terms of the related pledge agreement and must pledge as security, as a condition precedent to each draw down under the credit facility and at the option of the Company, either (i) French treasury bonds (Obligations Assimilables du Trésor, or “OAT”) for an amount equal to at least 105% of the draw down amount, (ii) shares for an amount equal to at least 125% of the draw down amount, or (iii) bonds for an amount equal to at least 110% of the draw down amount.
	The Board authorized as may be necessary, the execution of an amendment to the Credit Facility Agreement providing for the pledge of shares of Luxembourg SICAV mutual funds as well as a pledge agreement subject to Luxembourg law between the Company, the Lenders and BNP Paribas as Agent, relative to the pledge of such shares of Luxembourg SICAV mutual funds (hereinafter, with the securities pledge described above, the “Security”).
	The applicable margin for each draw down is a function of the type of securities pledged as collateral prior to the draw down. In the event of a pledge of shares (including shares of a Luxembourg SICAV mutual fund), the applicable margin is set at a rate of 0.45% per year; in the event of a pledge of bonds, the applicable margin was fixed at a rate of 0.25% per year; and, in the event of a pledge of OAT French treasury bonds, the applicable margin is set at the greater of (i) the rate of 0.15% per year and (ii) fees for non-use of the draw down applicable on the date of the applicable draw down.
	The interest period is set, at the Company’s discretion and for each draw down, at 1, 2, 3 or 6 months. The applicable interest rate for the drawn amount is equal to the sum of (i) EURIBOR for the applicable interest period, (ii) the margin applicable to the applicable draw down and, as the case may be, (iii) mandatory costs applicable under the terms of the agreement.

	Non-use fees: payable quarterly in arrears on the basis of a rate applied at the time of the opening of the credit facility and which varies as a function of the Counterparty Credit Rating attributed to the Company by Standard & Poor’s:

	BBB or less:			0.28% per year
	BBB+:			0.20% per year
	A-:			0.15% per year
	A or better:			0.12% per year

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	If on the calculation date, Standard & Poor’s no longer attributed such a rating to the Company, the rate is to be determined as a function of the Counterparty Credit Rating attributed by Moody’s, in the following manner:

	Baa2 or less:			0.28% per year
	Baa1:			0.20% per year
	A3:			0.15% per year
	A2 or better:			0.12% per year

	In the event Standard & Poor’s and Moody’s no longer attributed to the Company the credit ratings referred to above, and assuming an event of default (as defined in the Credit Facility Agreement) were to occur, the applicable rate would be set at the maximum applicable rate, i.e. 0.28% per year.
	Participation fee: 0.20% of the amount of commitments of each Lender, payable on the day of execution of the Credit Facility Agreement.

	•	Agent’s commission: EUR 10,000 (not including VAT) payable in one installment.
	•	Lead Manager’s commission: 0.10% flat rate (not including VAT), calculated on the basis of the credit line of EUR 75,000,000 and payable in one installment.

	The representations and warranties of the Company pursuant to the Credit Facility Agreement and events of default are similar in all material respects to those shown in the letter of credit facility agreement, as amended, entered into on December 26, 2002.

	•	The Board of Directors at its meeting of May 31, 2005 authorized, pursuant to Article L. 225-38 of the French Commercial Code, and in connection with the capital increase dated June 30, 2005, the execution of a mandate letter and an underwriting agreement between SCOR and BNP Paribas relative to the offer and to the placement of shares to be issued.

	•	The Board of Directors at its meeting of August 31, 2005 authorized, pursuant to Article L. 225-38 of the French Commercial Code, the execution of a Global Novation Agreement among SCOR, Irish Reinsurance Partners Limited (IRP), and SCOR, SCOR Italia Riassicurazioni, SCOR UK Company Ltd, SCOR Deutschland, SCOR Asia Pacific, SCOR Re Co (Asia) Ltd, SCOR Asia Pacific Australian Branch, SCOR Asia Pacific Labuan Branch and SCOR Re Asia Pacific PTE Ltd Korea Branch, (referred to as the “Subsidiaries”), pursuant to which SCOR shall be assigned all IRP rights and obligations resulting from the quota share retrocession agreements.

	•	The Board of Directors at its meeting of August 31, 2005 authorized, pursuant to Article L. 225-38 of the French Commercial Code, the execution of the SCOR Re Novation Agreement between SCOR, Irish Reinsurance Partners Limited (IRP) and SCOR Reinsurance Company, pursuant to which SCOR shall be assigned all IRP rights and obligations resulting from the quota share retrocession agreement, as defined by such agreement.

	•	The Board of Directors at its meeting of August 31, 2005 authorized, pursuant to Article L. 225-38 of the French Commercial Code, the execution of the Canada Novation Agreement between SCOR, Irish Reinsurance Partners Limited (IRP) and SCOR Canada Reinsurance Company, pursuant to which SCOR shall be assigned all IRP rights and obligations resulting from the quota share retrocession agreement, as defined by such agreement.

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	•	The Board of Directors at its meeting of August 31, 2005 authorized, pursuant to Article L. 225-38 of the French Commercial Code, the execution of an indemnity agreement requested of SCOR by the Board of Directors of IRP in order to indemnify any liability to Irish Reinsurance Partners Limited resulting from the execution of the renewal agreements described above.

	•	The Board of Directors at its meeting dated August 31, 2005 authorized, pursuant to Articles L. 225-38 and L. 225-35 of the French Commercial Code, the renewal of certain parent company guarantees granted by SCOR in order to allow the Group’s reinsurance subsidiaries to benefit from a financial rating equivalent to SCOR’s. SCOR guarantees the obligations of such subsidiaries under their insurance and reinsurance agreements, especially in connection with a parent company letter of guarantee which the Board authorized on December 19, 2002.

	During the 2004/2005 period, the subsidiary General Security Indemnity Company of Arizona was required to produce the letter of guarantee once for the attention of a certain intermediary.
	Furthermore, the Board of Directors also authorized a new parent company guarantee granted by SCOR to Commercial Risk Reinsurance Company and Commercial Risk Re-Insurance Limited.
	The Chairman of the Board also indicated that pursuant to Article L. 225-38 of the French Commercial Code and given the functions that they occupy on the Board of Directors of certain of the Company’s subsidiaries, Messrs. Chapin, Lamontagne, Lebègue and Kessler did not take part in the vote. For the same reasons, with respect to the parent company guarantee granted to SCOR VIE, only Ms. Aronvald was authorized to vote.
	The benefit of such parent company guarantee is granted to the following subsidiaries of the SCOR Group, pursuant to the insurance and/or reinsurance agreements entered into by such subsidiaries:

	–	SCOR Reinsurance Co. Ltd (US)
	–	General Security Indemnity Co. of Arizona
	–	General Security National Insurance Co.
	–	Commercial Risk Reinsurance Company
	–	Commercial Risk Re-Insurance Limited
	–	Investors Insurance Corp.
	–	SCOR Life Insurance Company (ex. Republic-Vanguard Life Insurance Co)
	–	SCOR Asia-Pacific Pte Ltd
	–	SCOR Canada Reinsurance Co.
	–	SCOR Channel
	–	SCOR Deutschland
	–	SCOR Financial Services Ltd
	–	SCOR Italia Riassicurazioni SpA
	–	SCOR Life U.S. Re Insurance Co
	–	SCOR Reinsurance Co. (Asia) Ltd
	–	SCOR U.K. Co. Ltd
	–	SCOR VIE

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	The directors and officers concerned are Messrs. Chapin, Lamontagne, Lebègue, Thourot and Kessler. Concerning the parent company guarantee granted to SCOR VIE, the directors and officers concerned are Messrs. Kessler, Havis, Chapin, Simonnet, Seys, Levy-Lang, Borges, Schimetschek, Tendil, Acutis, Lamontagne, Valot, Lebègue and le Pas de Sécheval.

	•	The Board of Directors in its meeting of November 2, 2005 authorized, pursuant to Article L. 225-38 of the French Commercial Code, the issuance of a parent company letter of guarantee to cover the financial obligations of SCOR VIE pursuant to an agreement for the issuance of letters of credit to be entered into among SCOR VIE, SCOR Financial Services Limited (SFS) and CALYON.

	This agreement to issue letters of credit and the parent company guarantee are part of a transaction intended to make available to SCOR Life U.S. Reinsurance Company (SLR) additional financial resources in order for it to satisfy the financial coverage requirements provided by so-called “Triple X” U.S. regulations.
	Pursuant to the agreement referred to above, CALYON undertook to issue or to cause the issuance to the benefit of SLR of one or more letters of credit for a term of five years and up to a total commitment corresponding to the smaller of the two following amounts: (a) USD 250 million and (b) the difference between the (i) Triple X reserves and (ii) 150% of the amount of the reserves required pursuant to accounting requirements (net of deferred acquisition costs).
	The transaction was submitted to the Texas Department of Insurance as it required a number of modifications to the Automatic Coinsurance Retrocession Treaty entered into on December 31, 2003 among SLR and SFS. The Texas Department of Insurance indicated, in a letter dated September 30, 2005, that it had no comments to the modifications made to this agreement. The Irish regulatory authority (IFSRA) was also informed of the transaction and indicated they had no objection.
	The transaction was finalized at the end of December 2005.
	The board members concerned are Messrs. Kessler, Havis, Chapin, Simonnet, Seys, Levy-Lang, Lebègue, Borges, Schimetschek, Tendil, Acutis, Lamontagne, Valot and le Pas de Sécheval.
	In December 2002, SCOR entered into a credit agreement with a banking syndicate led by BNP Paribas providing for a credit facility of USD 900 million. The maximum amount of the credit line was successively reduced to: (i) USD 842 million under Amendment No. 2; (ii) USD 822 million following the Company’s contribution of its personal reinsurance activities to SCOR VIE; (iii) USD 732 million following the final discharge of the letters of credit relating to the reinsurance activities contributed; (iv) USD 582 million and finally to USD 292 million following partial waivers of the credit executed by SCOR and delivered to BNP Paribas in its capacity as issuing bank, under correspondence dated March 29, 2004 and September 8, 2004, respectively.
	On August 25, 2004, an Amendment No. 3 to the credit agreement was authorized by the Company’s Board of Directors in order to (i) eliminate some provisions that had become irrelevant following the discharge of pledges SCOR had made on certain of its subsidiaries on March 31, 2004 under the agreement; and (ii) to modify the obligations with respect to purchases of shares and capital reductions in order to specify an exception for the capital reduction and share buyback plan approved at the May 18, 2004 shareholders’ meeting.
	In addition, in November 2004 the Board of Directors authorized Amendment No. 4 to the credit agreement which extended the maturity date of the credit agreement to December 31, 2005 and reduced the credit lien to USD 115 million effective January 1, 2005. Amendment No. 4 also provided for the following lender fees payable under the credit agreement: (i) a use commission of 0.15% per year as of November 1, 2004, reduced from 0.30% per year under the original agreement; (ii) a non-use commission of 0.06% per year as of January 1, 2005, reduced from 0.20% for the previous year, calculated on the basis of the amount of credit not used and not cancelled and payable quarterly, commencing with the quarterly payment due as of the execution date of Amendment No. 4 calculated on the basis of the average rate determined and prorated from the previously applicable rate of 0.20% per year and the new 0.06% per year rate applicable from and after the execution date; (iii) an extension commission of 0.045%, reduced from of 0.20%, calculated on the

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	basis of the new USD 115 million amount of the credit facility as of January 1, 2005 and payable on January 3, 2005; (iv) an issuance commission of USD 400 for every issuance of a letter of credit; (v) a fronting commission payable to BNP Paribas of 0.10%, reduced from of 0.24%, calculated on the basis of the outstanding amount payable quarterly; and (vi) a commission for establishing Amendment No. 4 due to BNP Paribas of 0.04% of the new USD 115 million amount of the credit facility as of January 1, 2005 payable on January 3, 2005.
	In addition to the changes in the financial terms, Amendment No. 4 also: (i) expanded the real and personal sureties that SCOR may grant under the terms of the credit agreement; (ii) cancelled the requirement that SCOR obtain prior approval from the banking syndicate to dispose of assets, other than the equity interests held in SCOR VIE; (iii) raised the cross-default threshold to EUR 50 million; and (iv) substituted the concept of “Principal Subsidiaries” in lieu of the notion of consolidated “Member of the SCOR Group”.
	Amendment No. 4 included a partial and definitive reduction of the amount of the credit facility by SCOR in the amount of USD 177 million. As a result of this amendment, the total amount of credit available under the facility was USD 115 million as of January 1, 2005. The participating banks and their respective commitment amounts were as follows: BNP Paribas (USD 37.95 million, or 33%); CALYON (USD 26.45 million, or 23%); Natexis Banques Populaires (USD 19.55 million, or 17%); CIC (USD 17.25 million, or 15%); Ixis Corporate & Investment Bank (USD 8.05 million, or 7%); and CRCAM (USD 5.75 million, or 5%).
	The Company terminated this credit facility agreement, as amended, with effect as of December 31, 2005. The Company’s objective is to favor bilateral relations with one or more banking partners with respect to the coverage by letters of credit of its reinsurance obligations. The Company asked BNP Paribas not to terminate certain of its stand-by letters of credit issued in connection with such credit agreement and to retain responsibility for certain banking commitments in connection therewith (so that such letters of credit renew automatically for a year as from December 31, 2005) and requested BNP Paribas, subject to the decision of its Board, to issue new letters of credit in connection with a new agreement.
	The Board of Directors at its meeting of November 2, 2005 authorized, pursuant to Article L. 225-38 of the French Commercial Code, the execution of a new stand-by letter of credit facility agreement with the BNP Paribas to guarantee the performance of the Company’s obligations under its reinsurance operations. The agreement was executed on November 25, 2005. The credit facility is available by issuing letters of credit and/or revolving stand-by letters of credit (SBLC) up to a maximum of USD 85,000,000 (eighty-five million USD) and over a period running from January 4, 2006 to December 31, 2008.
	In order to guarantee its obligations under the above credit facility agreement, SCOR offered a first-rank pledge of securities account to the benefit of the BNP Paribas pursuant to a pledge agreement (and the related pledge declaration) and pledged as collateral, (i) on the date of execution of the pledge agreement, a number of OAT French treasury bonds in a minimum amount equal to EUR 5,000 (five thousand euros), (ii) on December 30, 2005, an additional number of OAT French treasury bonds in an amount equal to the value in EUR of 105% of the Initial SBLCs (corresponding to the letters of credit issued in connection with the former credit facility agreement and assumed and extended by the BNP Paribas), and (iii) before each new draw down, is required to pledge additional OAT French treasury bonds in an amount equal to the value in EUR of 105% of the amount of the new draw down.

	•	Non-use fee: 0.05% per year as from January 1, 2006, calculated on the non-utilized and uncancelled amount of the credit facility and payable per semester in arrears.
	•	Use fee: 0.10% per year as from January 1, 2006, calculated on the basis of the outstanding credit facility and payable monthly in advance.
	•	Other BNP Paribas commissions:

	–	fixed commission of USD 400 for each issuance of SBLC;

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	–	fixed commission of USD 100 for each modification of SBLC;
	–	fixed commission of USD 100 for each annual extension of SBLC.

	The Board member concerned is Mr. Kessler.

	•	As part of the transaction for the acquisition of Sorema S.A. and Sorema N.A. in May 2001, Groupama, as the seller of both companies provided two guarantees for a period of six years, pursuant to which Groupama may be required to indemnify SCOR in the event of negative developments concerning material social security and income tax liabilities and liabilities in respect of technical reserves for the 2000 and previous subscription years as assessed at December 31, 2006. As of December 31, 2005, the amount of such obligations was estimated by SCOR at EUR 250 million. This amount may be adjusted at the end of the guaranty period which expires on June 30, 2007. Mr. Baligand, a former director of the Company, is a director of Groupama, and Mr. Le Pas de Sécheval, the Chief Financial Officer of Groupama S.A., is currently a director of the Company.
	•	On June 24, 2004, SCOR entered into an underwriting agreement with BNP Paribas, Goldman Sachs International and HSBC CCF for the placement and subscription of the bonds convertible and/or exchangeable for new or existing shares (OCEANE) with a par value of EUR 2 due January 1, 2010 authorized by the Board of Director of June 21, 2004 and approved by the Autorité des marchés financiers on June 24, 2004 under No. 04-627. The agreement provided for a placement fee, a success fee and guaranty fee aggregating EUR 4,175,000. The directors concerned by this agreement are Mr. Kessler, the Chairman and Chief Executive Officer and a director of the Company who also serves on the Board of Directors of BNP Paribas, and Mr. Borges, a director of the Company who is Vice Chairman and a Director of Goldman Sachs International.
	•	In June 2004, the Company’s Board of Directors approved a loan agreement dated June 21, 2004, in favor of SCOR Auber, a Company subsidiary, in the amount of EUR 23,570,000, the proceeds of which were used to fund the acquisition by SCOR Auber of a logistics platform on June 30, 2004. Interest on the loan was calculated at market rates. EUR 10 million of the loan was capitalized following a share capital increase. The officer concerned by this agreement was Mr. Thourot, Chief Operating Officer of the Company, who also serves on the board of SCOR Auber.
	•	In November 2004, the Company’s Board of Directors approved a joint and several guarantee granted by the Company to SCOR VIE with respect to a stand-by letter of credit facility agreement dated November 14, 2003 for a maximum amount of EUR 110 million between SCOR VIE and a bank pool including BNP Paribas, CIC, CAI, Natexis Banques Populaires, WestLB, CDC-Finance – CDC Ixis, Crédit Agricole d’Ile de France and Crédit Lyonnais. This credit facility agreement was terminated with effect from December 31, 2005.

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	•	In December 2002, a petition was filed by Dock Resins Corporation and Landec Corporation before a U.S. Federal District Court in New Jersey against SCOR’s subsidiary, Sorema North America Reinsurance Company, now known as GSNIC, for an alleged bad faith denial of coverage by GSNIC concerning business interruption suffered by the plaintiffs. GSNIC filed a cross claim for fraud and misrepresentation seeking to void the policy and preserve GSNIC’s right to recover the costs incurred in litigating the case. The plaintiffs claim an unspecified amount of damages in excess of policy limits for the contents and business interruption coverage, which are capped under the insurance policy at an aggregate total of USD 15 million. The policy has been retroceded at 80% outside of the SCOR Group. GSNIC has paid the undisputed portions of the claim. On January 27, 2006, motions for partial summary judgment and cross-motions filed by the various parties were argued, with the decisions being very favorable for the defendants. The Court granted GSNIC’s Motion for partial summary judgment dismissing all claims against it for alleged bad-faith denial as well as dismissing the claim that GSNIC conspired with its consultants to wrongfully deny the insurance claim. Additionally, claims for other punitive or extra-contractual damages as well as counsel fees were also dismissed. Plaintiff’s cross-motion for partial summary judgment on GSNIC’s affirmative defense of insurance fraud was denied. As a result of these rulings, plaintiff is left with a contract cause of action against GSNIC on the insurance policy. Discovery is likely to be completed in the spring of 2006. A date for trial is tentatively listed for June 2006.
	•	In March 2004, certain funds of Highfields Capital (Highfields Capital LTD, Highfields Capital I LP and Highfields Capital II LP, together referred to as the “Highfields Funds”), as minority shareholders of IRP Holdings Limited, filed a complaint against SCOR in the US District Court of Massachusetts. The complaint alleges fraud and violations of Massachusetts law with regard to the acquisition by the Highfields Funds of a stake in IRP Holdings Limited in December 2001. On April 19, 2006, after a question arose regarding the U.S. District Court’s jurisdiction over the case, Highfields filed a Motion to Affirm Subject Matter Jurisdiction or, in the Alternative, to Refer Case to State Court, which asks the federal court to clarify jurisdictional questions. The parties have filed briefs on that motion but, as of June 22, 2006, the court has neither heard oral argument nor issued a ruling on Highfields’ motion. If the U.S. District Court determines it has the proper jurisdiction over the case, damages (including punitive damages) owed, if any, would only be determined by the court at the end of the trial which is scheduled to begin in May 2007. If the U.S. District Court determines it lacks jurisdiction over the law suit, Highfields may be permitted to file a similar complaint in Massachusetts state court.
	•	Beginning in October 2001, various lawsuits were brought and counterclaims made in U.S. Federal Court in New York concerning the question of whether the terrorist attack on the World Trade Center (WTC) on September 11, 2001 constituted one or two occurrences under the terms of the applicable property insurance coverage issued to the lessees of the WTC and other parties. While SCOR as a reinsurer is not a party to such lawsuits, its ceding company, Allianz Global Risks U.S. Insurance Company (Allianz), which insured a portion of the WTC and which is reinsured by SCOR, is a party to the legal action.

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	•	The Group is also involved in various arbitration proceedings relating to the subscription of business, currently in run off, primarily relating to coverage for certain bond losses. The total amount of the related claims is approximately USD 10.3 million.
	•	In January 2005, Continental Casualty Company (CCC), a CNA subsidiary, initiated an arbitration proceeding to obtain a declaration that six contracts signed with Commercial Risk Re-Insurance Company (CRRC) should contain the so called “insolvency” clause. CRRC issued a counter demand for arbitration proceedings to obtain access to all relevant books and records from CCC.

	•	In August 2005, certain American subsidiaries of Royal & Sun Alliance (RSA) initiated four arbitration proceedings against Commercial Risk Re-Insurance Company and Commercial Risk Reinsurance Company Ltd (Commercial Risk) relating to seven reinsurance treaties signed by RSA and Commercial Risk. RSA is alleging breach of the contracts and is seeking full payment of balances due under these contracts, plus interest and expenses, for a total of approximately USD 23 million. Commercial Risk denies these balances asserting that the losses are outside the scope of coverage and the terms and conditions of the treaties.

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	•	At the end of February 2006, Security Insurance Company of Hartford, Orion Insurance Company and other subsidiaries of Royal & Sun Alliance (RSA) instituted litigation against SCOR Reinsurance Company (SCOR Re) in the Supreme Court of the State of New York alleging breach of contract and seeking recovery of claimed loss balances of approximately USD 48.9 million allegedly due as losses under two quota share treaties between the parties (the “Treaties”).

	•	In February 2006, SCOR received an arbitration notice from the “captive” of a pharmaceutical laboratory concerning the settlement of a claim under civil liability for a laboratory product. SCOR denied owing this amount and claims that the captive was not required to indemnify the pharmaceutical laboratory. The maximum potential commitment of SCOR is USD 17.5 million.

	•	SCOR VIE, as the reinsurer of an insurance company, is involved in a lawsuit in connection with a life insurance policy in the amount of approximately EUR 4.5 million. The beneficiary of the policy was killed in 1992. In June 2001, a Spanish court ordered the ceding company to pay approximately EUR 16 million under the policy, which amount included accumulated interest since 1992 as well as damages. Following this decision, SCOR VIE booked a technical provision of EUR 17.7 million in its accounts for the 2001 fiscal year. In May 2002, the Barcelona Court of Appeals found in favor of the ceding company. The representatives of the deceased have now appealed the case to the Spanish Supreme Court. The provision was maintained at December 31, 2005.
	•	The French Autorité des Marchés Financiers (AMF) initiated an investigation on October 21, 2004 in connection with the financial information and trading activity surrounding the issue of the SCOR OCEANE bonds in July 2004. The Company has no additional information on this matter at this time.
	•	The AMF also initiated an investigation on October 5, 2005 concerning the market for the SCOR shares as of June 1, 2005.
	•	Since February 2005, the Company has been subject to a tax audit for the period from January 1, 2002 to December 31, 2003. On December 21, 2005, this audit resulted in an initial adjustment proposal, excluding late penalties, for an additional assessment for the corporate income tax base for 2002 of EUR 26,870,073.77, an assessment for the withholding stipulated by Article 119 bis 2 of the French General Tax Code of EUR 5,788,871 and an additional assessment for the employer’s payroll tax of EUR 27,891.

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		The Company has challenged this adjustment proposal. This proposal, which stays the statute of limitations, will be followed in 2006 with a definitive proposal also covering fiscal year 2003.
	•	The Autorité de Contrôle des Assurances et des Mutuelles (A.C.A.M.) launched an audit of SCOR VIE in January 2006.

		Number of								Dividend per
		Ordinary				Dividend per				Ordinary								Dividend per
		Shares				Ordinary				Share including				Dividend per				ADS including
		outstanding				Share				Avoir Fiscal(1)				ADS(2)				Avoir Fiscal(1)(2)
		(Thousands)				(EUR)				(EUR)				(USD)				(USD)
2001			41,244				0.30				0.45				0.27				0.40
2002			136,545				0.00				0.00				0.00				0.00
2003			136,545				0.00				0.00				0.00				0.00
2004			819,269				0.03				0.03				0.04				0.04
2005			968,769				0.05				0.05				0.06				0.06

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(1)	Avoir Fiscal for individuals and corporations which own at least 5% of the Company’s share capital at a rate of 50%. The dividend per Ordinary Share including Avoir Fiscal for other corporations was EUR 0.35 in 2001, and the dividend per ADS including Avoir Fiscal for other corporations was USD 0.31 in 2001. The Avoir Fiscal was repealed and therefore will not be applicable with respect to dividends distributed in the future. See “Item 10.E. Taxation.”
(2)	Solely for your convenience, the dividend per Ordinary Share and Avoir Fiscal have been translated from the euro amounts actually paid into the corresponding U.S. dollar amounts at the Noon Buying Rates. The Noon Buying Rate may differ from the rate that may be used by the Depositary to convert euros to U.S. dollars for purposes of making payments to holders of ADSs.

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Euronext

New York Stock Exchange

Average Monthly

Price Per American

Average Monthly

Price Per Ordinary Share

Trading Volume

Depositary Share

Trading Volume

High

Low

Shares

High

Low

ADSs

2001

EUR 58.20

EUR 24.47

1,679,000

USD 53.75

USD 27.89

89,000

2002

EUR 29.09

EUR  3.42

10,812,000

USD 40.80

USD  5.28

158,000

2003

EUR  6.48

EUR  1.14

26,130,668

USD  7.80

USD  1.62

1,327,835

2004

EUR  1.74

EUR  1.00

119,620,704

USD  2.37

USD  1.23

12,707,650

First Quarter

EUR  1.74

EUR  1.20

224,202,079

USD  2.37

USD  1.52

34,569,666

Second Quarter

EUR  1.53

EUR  1.15

76,870,659

USD  1.91

USD  1.34

6,029,833

Third Quarter

EUR  1.39

EUR  1.00

88,322,260

USD  1.69

USD  1.23

4,088,767

Fourth Quarter

EUR  1.53

EUR  1.19

89,087,816

USD  2.11

USD  1.46

6,142,333

2005

EUR  1.89

EUR  1.38

118,532,069

USD  2.29

USD  1.83

3,444,917

First Quarter

EUR  1.70

EUR  1.38

77,690,765

USD  2.29

USD  1.83

5,010,133

Second Quarter

EUR  1.71

EUR  1.46

116,936,278

USD  2.12

USD  1.86

4,370,100

Third Quarter

EUR  1.84

EUR  1.57

173,557,847

USD  2.20

USD  1.92

2,522,500

Fourth Quarter

EUR  1.89

EUR  1.61

105,943,387

USD  2.21

USD  1.91

1,876,933

November 2005

EUR  1.75

EUR  1.62

98,436,676

USD  2.03

USD  1.91

1,811,800

December 2005

EUR  1.89

EUR  1.71

108,573,398

USD  2.21

USD  2.03

2,627,300

2006 (through June 23rd)

2.25

1.60

129,878,569

USD  2.61

USD  2.02

2,176,917

January 2006

EUR  2.11

EUR  1.81

194,052,142

USD  2.56

USD  2.21

3,161,900

February 2006

EUR  2.19

EUR  1.97

144,931,333

USD  2.54

USD  2.34

1,225,300

March 2006

EUR  2.25

EUR  1.99

131,440,902

USD  2.65

USD  2.35

2,039,000

April 2006

EUR  2.17

EUR  2.01

82,341,287

USD  2.61

USD  2.41

1,773,600

May 2006

EUR  2.08

EUR  1.75

131,746,279

USD  2.60

USD  2.27

3,425,300

June 2006 (through June 23rd)

EUR  1.91

EUR  1.60

94,759,472

USD  2.39

USD  2.02

1,436,400

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	•	at any time, for all or a portion of the bonds, by means of repurchases on the market or over-the-counter or by public tender offer;
	•	at any time, for all bonds outstanding, from January 1, 2008 to December 31, 2009, subject to a minimum notice period of at least 30 calendar days by redemption at par, plus interest accrued from the last interest payment date preceding the early redemption date until the date set for redemption and if the product of (i) the applicable conversion/ exchange ratio and (ii) the average opening price of the Company’s shares on Euronext Paris calculated over a period of 20 consecutive trading days during which the shares are listed on such stock exchange, as selected by the Company from among the 40 consecutive trading days preceding the date of publication of a notice relating to such early redemption, exceeds 130% of the principal amount of the bonds; and
	•	at any time, for all bonds outstanding, if less than 10% of the bonds issued remain outstanding, by redemption at par, plus interest accrued from the last interest payment date preceding the early redemption date until the date set for redemption.

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				Volume of
Year		Month		transactions				High				Low
								(EUR)				(EUR)
2004		July			93,365				2.12				2.05
		August			1,055,067				2.1				2.03
		September			675,868				2.17				2.1
		October			16,090				2.17				2.12
		November			653,151				2.23				2.05
		December			16,120				2.3				2.15
2005		January			592,469				2.32				2.13
		February			567,257				2.36				2.16
		March			123,599				2.35				2.25
		April			660				2.35				2.27
		May			3,506				2.35				2.15
		June			225,024				2.32				2.13
		July			1,512,206				2.45				2.20
		August			1,380,156				2.40				2.30
		September			19,077				2.35				2.25
		October			66,000				2.55				2.34
		November			546,815				2.55				2.11
		December			627,689				2.43				2.22
2006		January			52,621				2.39				2.34
		February			8,080				2.57				2.45
		March			327,850				2.58				2.53
		April			10,715				2.55				2.47
		May			85,810				2.42				2.36
		June (through June 23)			1,200				2.40				2.40

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	•	to settle the trade no later than on the last trading day of such month, or
	•	upon payment of an additional fee, to extend to the determination date of the following month the option either to settle no later than the last trading day of such month or to postpone further the selection of a settlement date until the next determination date (a procedure known as a report). Such purchaser may decide to renew its option on each subsequent determination date upon payment of an additional fee.

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	a.	insurance, reinsurance, cession or retrocession of business of any nature in all classes and in all countries, transfer in any form of reinsurance contracts or liabilities of any French or foreign company, organization, entity or association, and creation, acquisition, rental, lease, installation and operation of any undertaking for the purpose of carrying on such business;
	b.	construction, rental, operation or purchase of any buildings;
	c.	acquisition and management of all securities and other equity rights by any means including but not limited to subscription for, transfer or acquisition of shares, bonds, interests in private companies or partnerships and other equity rights;
	d.	acquisition of equity investments or interests in any industrial, commercial, agricultural, financial, securities or realty companies or other undertakings, formation of any company, the participation in any share capital increase, mergers, spin-off and partial contributions;
	e.	administration, management and control of any company or other undertaking, direct or indirect participation in all transactions carried out by such companies or undertakings by any means and including but not limited to direct or indirect participation in any company or equity investment.

	And, generally, all industrial, commercial, financial, securities and real property transactions as may pertain to the above stated purposes or as may facilitate the implementation or pursuit of such purposes.

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	•	through the issuance of securities giving access to the share capital with preservation of preferential subscription rights or by incorporation of reserves, profits or share premiums. The maximum total number of shares that may be issued for this purpose amounts to six hundred million, whereas the total principal amount of debt securities that may be issued by the Company shall not exceed an upper limit of EUR four hundred million.
	•	through the issuance of securities giving access to the capital without preservation of preferential subscription rights. In this case the limits described in the previous paragraph are two hundred million shares and EUR two hundred million, respectively.

	•	delegated its authority to the Board of Directors to decide, solely for the purposes of the financing or the refinancing by the Company of the repurchase of minority interests in IRP Holdings and the improvement of the Company’s capital resources, to increase the share capital by issuing, without preferential subscription rights, ordinary shares and/or securities granting access to the Company’s share capital. The share capital increase(s) which could be carried out pursuant to this delegation may not lead to the issue of more than 150,000,000 shares, or a maximum nominal share capital increase of EUR 118,154,584.50, included in the aggregate maximum amount of share capital increases in a nominal amount of EUR 148,480,927.85, or a maximum of 188,500,000 shares in a nominal amount of EUR 0.78769723 per share. Lastly, the total aggregate nominal amount of securities granting access to the Company’s share capital issued pursuant to this delegation may not exceed EUR 250,000,000;
	•	authorized the Board of Directors to increase the number of shares and/or securities to be issued in the event of a share capital increase with or without preferential subscription rights, within a 30-day period following the closing of the subscription of the initial issue and within a limit of 15% of the initial issue and at the same price as such initial issue.

By means of such authorizations, the Board of Directors decided on May 31, 2005 to delegate to its Chairman and Chief Executive Officer the authority to decide on the completion of a share capital increase, without preferential subscription rights and, as the case may be, to increase the number of shares to be issued. Pursuant to such authorization, Mr. Kessler decided on June 21, 2005 to increase the share capital by a nominal amount of EUR 102,400,640 through the issuance of 130,000,000 shares with a nominal value of EUR 0.78769723 per share, without shareholders’ preferential subscription rights and without a priority subscription period. On June 22, 2005, Mr. Kessler decided to set the subscription price of the new shares at EUR 1.56 per share to be issued, for a total share capital increase (including issue premiums) of

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	EUR 202,800,000. On June 22, 2005, Mr. Kessler decided to complete a supplementary issue of 19,500,000 new shares at a price corresponding to the initial issue price, or EUR 1.56 per share to be issued, with the total amount of the share capital increase in connection with such supplementary issue (including issue premiums) set at EUR 30,420,000.

	•	delegated its authority to the board of directors to decide to increase the share capital by the issuance, on one or several occasions, on the French market or foreign markets, in euro, or in any other legal currency or monetary unit determined by reference to a basket of currencies, of ordinary shares of the Company;
	•	resolved that the capital increase(s) that may be decided and carried out by the board of directors, immediately and/or at a future date, may not give rise to the issuance of a number of shares (of a par value of EUR 0.78769723 each) greater than 300,000,000 (three hundred million) shares, not taking into account the number of ordinary shares to be issued, as the case may be, under adjustments made in accordance with the law and applicable contractual provisions, to protect the rights of holders of securities granting access to the Company’s capital, it being specified that the nominal amount of any capital increase carried out pursuant to this delegation of authority shall be deducted from the aggregate ceiling of EUR 267,029,360.97;
	•	resolved that the shareholders may exercise, under conditions provided by law, their preferential subscription right for the subscription on a non-reducible basis of new ordinary shares which issuance shall be decided by the board of directors pursuant to this delegation of authority; the board of directors may institute to the benefit of shareholders a right for the subscription on a reducible basis of excess ordinary shares which shall be exercised in proportion to their rights and within the limit of their request; if the subscriptions for new shares on a non-reducible basis or, as the case may be, for excess shares on a reducible basis have not absorbed all of the ordinary shares issued, the board of directors shall have the option, in the order that it shall determine, either to limit, pursuant to the law, the issuance to the amount of subscriptions received, on the condition that such amount reaches at least three-fourths of the issuance that will have been decided, or to freely allocate all or part of the shares not subscribed, or to offer such shares in the same manner to the public;
	•	resolved that the board of directors may, as necessary, deduct the expenses, costs and fees brought about by the issuances, from the amount of the issuance premiums related thereto and deduct from such amount the sums necessary to establish the legal reserve.

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	•	Our credit agreements with certain banks concerning credit lines and letters of credit described in “Item 5. B. Liquidity and Capital Resources”;
	•	Our agreements with certain related parties described in “Item 7. B. Related Party Transactions”;
	•	The lease agreement on the Group’s headquarters described in “Item 4.C Property, Plants and Equipment”.

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	•	a citizen or resident of the United States;
	•	a corporation organized under the laws of the United States or any State or other entity treated as a United States domestic corporation for United States federal income tax purposes;
	•	an estate the income of which is subject to United States federal income tax without regard to its source; or
	•	a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust.

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	•	an individual or other non-corporate holder that is a resident of the United States for Treaty purposes (15% withholding tax rate);
	•	a United States corporation, other than a regulated investment company, that owns, directly or indirectly, 10% or more of the capital of the Company (5% withholding tax rate); or
	•	a United States corporation that does not own, directly or indirectly, 10% or more of the capital of the Company (15% withholding tax rate).

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	•	at least 75% of the gross income of the Company for the taxable year is passive income, or
	•	at least 50% of the value (determined on the basis of a quarterly average) of the Company’s assets is attributable to assets that produce or are held for the production of passive income.

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	•	any gain realized on the sale or other disposition of Ordinary Shares or ADSs, and
	•	any “excess distribution” by the Company to the U.S. Holder (generally, any distributions to the U.S. Holder with respect to the Ordinary Shares or ADSs during a single taxable year that are greater than 125% of the average annual distributions received by the U.S. Holder with respect to the Ordinary Shares or ADSs during the three preceding taxable years or, if shorter, the U.S. Holder’s holding period for the Ordinary Shares or ADSs).

	•	the gain or excess distribution would be allocated ratably over the U.S. Holder’s holding period for the Ordinary Shares or ADSs, beginning in the year the Company became a PFIC,
	•	the amount allocated to the taxable year in which the gain or excess distribution was realized would be taxable as ordinary income,
	•	the amount allocated to each prior year, with certain exceptions, would be subject to tax at the highest tax rate in effect for that year, and
	•	the interest charge generally applicable to underpayments of tax would be imposed with respect to the tax attributable to each such year.

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			December 31, 2005
							Currency Risk				Interest Rate Risk
															Equity Risk
							10% change in				100 basis point
							foreign currency				change in				10% change in
			Market Value				exchange rates				interest rate				Indexes
			(EUR, in millions)
Increase
Fixed maturities				5,237				392				(201	)
Equity securities				769				20								77
Trading equity securities				335				13				(3	)			34
Cash and cash equivalents				1,666				105
	Total			8,007				530	(1)			(204	)			111
Decrease
Fixed maturities				5,237				(392	)			201
Equity securities				769				(20	)							(77	)
Trading equity securities				335				(13	)			3				(34	)
Cash and cash equivalents				1,666				(105	)
	Total			8,007				(530	)(1)			204				(111	)

			December 31, 2004
							Currency Risk				Interest Rate Risk
															Equity Risk
							10% change in				100 basis point
							foreign currency				change in				10% change in
			Market Value				exchange rates				interest rate				Indexes
			(EUR, in millions)
Increase
Fixed maturities				5,272				439				(210	)
Equity securities				265				10								26
Trading equity securities				778				8				(16	)			26
Cash and cash equivalents				1,798				113
	Total			8,113				570	(1)			(226	)			52
Decrease
Fixed maturities				5,272				(439	)			210
Equity securities				265				(10	)							(26	)
Trading equity securities				778				(8	)			16				(26	)
Cash and cash equivalents				1,798				(113	)
	Total			8,113				(570	)(1)			226				(52	)

(1)	The effect of changes of currency exchange rates on investments was offset by the technical reserves and debts expressed in USD.

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	–	first, to ensure that management actions, or the conduct of transactions, as well as the conduct of employees are consistent with the policies of the Company’s as established by management, with applicable laws and regulations, and with the Company’s internal values, standards, and rules;
	–	second, to verify that accounting, financial, and management information provided to SCOR’s corporate governance bodies accurately reflects the conduct of the Company’s operations and its financial condition.

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	–	holding company;
	–	operating company for financial management and various reinsurance operations, the business of which is located in Paris; and
	–	functional responsibilities.

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	•	Operating companies located in Paris and subsidiaries provide an initial level of control of all operations under their organizational responsibility;
	•	The Reinsurance Business Segments, the Treasury and Asset Management department and the Group functional departments provide a second level of control in their respective areas over transactions and operations conducted by the operating entities;
	•	The Internal Audit Department provides a third level of control by checking the effectiveness and relevance of the internal control mechanisms of the first two levels in all areas and for all of the Group’s French and non-French companies.

	•	The Board of Directors relies on various Board Committees, in particular the Accounts and Audit Committee, to exercise its control responsibility over the policies it has set for the Company.

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	•	The Group’s functional Departments or areas having control responsibility define and oversee the implementation of rules for which they are responsible that apply to all of the Group’s entities. Thus:

	–	the Chief Actuary (Group Actuarial Department), reports directly to the Chief Risk Officer, who, in turn, reports to the Chairman and Chief Executive Officer, conducts centralized control of the methods, tools, and results of calculations of claims reserves funding for all non-life operations. His task is to implement standardized methods for funding claims reserves for the entire Group, except for life insurance operations, and to ensure the consistency of the Group’s reserve policies, working with internal actuaries and, when appropriate, external actuaries. The Chief Risk Officer, assisted by the Chief Actuary, supervises the establishment of reserves for all subsidiaries and branches and reports to the Accounts and Audit Committee of the Board of Directors;
	–	the Group Retrocession and the Catastrophic Risk Control Department, reporting to the Chief Risk Officer, prepares and implements the plan of internal and external retrocession for non-life businesses. This Department is responsible for proper application of this plan and monitoring the solvency of retrocessionnaires;
	–	control of the Group’s information systems is provided by the Group Management Information Systems Department, which has a “Security” manager. This Department reports to the Chief Operating Officer;
	–	the Planning, Budget, and Results Department (PBR), reporting to the Chief Financial Officer, is responsible for financial and accounting reporting and for verification and supervision of aggregate monthly and consolidated quarterly results of operations and the preparation of financial statements for the French companies and the consolidated financial statements under IFRS and U.S. GAAP; and
	–	the control of all financial information intended for the market, investors, financial analysts, Security Committees of brokers and rating agencies falls under the responsibility of the Financial Communication, Capital Adequacy & Ratings Department, reporting to the Chief Financial Officer.

	•	The general management of the two reinsurance business segments, reporting to the Chairman and Chief Executive Officer and to the Chief Operating Officer, jointly with the Group Risk Control Department, reporting to the Chairman and Chief Executive Officer, are responsible for drafting common guidelines for underwriting policies throughout the world within their areas of responsibility and overseeing their proper application. The reinsurance business segments are also responsible for defining claim management policy.
	•	The Treasury and Asset Management Department, within the Finance and Accounting Department, manages the assets of SCOR and of its European and Asian subsidiaries. It supervises the application of the investment strategy decided by the Group’s General Management and Chief Financial Officer, and is responsible for reporting on investments for the entire Group, as well as reviewing all off-balance sheet commitments.
	•	The subsidiaries, as well as the Paris underwriting departments and their branches or offices, must implement rules defined by the reinsurance business segments, the Treasury and Asset Management Department, and the functional departments. The subsidiaries implement all first-level controls relating to business management and ensure compliance with local regulatory, tax, and accounting requirements.
	•	The Internal Audit Department, reporting to the Chairman and Chief Executive Officer, has the primary responsibilities below:

	–	inform General Management and the operating units and functional departments of operating irregularities through the implementation of an annual audit plan adopted by the Accounts and Audit Committee;
	–	advise managers of the operating companies on the preparation of their internal control plans and work with them on implementation of the procedures and tools necessary for effective risk control; and

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	–	supervise relevance and compliance by the operating units and functional departments with internal control procedures.

	•	issuance and management of reinsurance policies and claim management;
	•	accounting management (see c) below);
	•	asset management; and
	•	“support” functions.

	•	The management and control procedures relating to the underwriting and management of reinsurance policies and claim management are defined by each business segment and apply to all underwriting departments, regardless of their location. The following steps strengthen internal controls in this area:

	–	SCOR uses a model for determining financial capital managed by the Group Risk Control Department, which is necessary to implement its underwriting policy. Financial capital is allocated to each reinsurance business segment and constitutes the reference for deciding and verifying the profitability expected for each of them;
	–	underwriting plans, by business segment, are approved annually by the Group’s General Management;
	–	operating budgets are prepared annually;
	–	a quarterly review of technical results by market/ subsidiary is carried out and provides for technical results by underwriting period. The formalization of this review was reinforced in 2005 through meetings referred to as FAO (Finance, Actuary and Operationals) and QBR (Quarterly Business Review) meetings;
	–	underwriting guidelines, defined by the Group Risk Control Department, or reinsurance business segments, specify the underwriting capabilities delegated to each entity, as well as the underwriting rules to be followed. Cases that go beyond this scope are subject to special authorization procedures. These cases are examined by the Group Technical Department and/or the Technical Department of SCOR Global P&C for the Non-Life Reinsurance business segment, by the Underwriting Committee or the market manager for the SCOR VIE business segment. The Group Risk Control Department or the reinsurance business segments update the underwriting guidelines concerning pricing methods and tools;

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	–	the definition of a global claim management policy for all of the cases falls under the responsibility of the SCOR Global P&C business segment, and a major claim management policy is provided by SCOR Global P&C’s Claims and Commutations Department. A SCOR Global P&C Major Claim Committee makes it possible to be informed quickly of major claims. In addition, audits of client claim departments are conducted by claim experts (adjusters) of the major SCOR companies. With regard to the SCOR VIE business segment, management of claims presenting a risk of disputed claims was overseen by this business segment’s Strategy Department until December 2005. Since that date, it has been handled by the Market Departments in question and overseen by SCOR VIE’s Underwriting Department;
	–	aggregation of catastrophic risks is monitored by each of the reinsurance business segments and verified by the Group Retrocession and the Catastrophic Risk Control Department within the Group Risk Control Department using various methods and tools. The principal earthquakes risks are managed by a specific tool based on the Group’s reinsurance management information system. As for storm risks, they are managed with a commercial tool (Eqecat) in the areas considered to be the most exposed;
	–	the risks specific to the management of reinsurance contracts are subject to audits and verifications at the level of the subsidiaries and branches based on the use of a system common to the Group and including multiple automatic controls. Formalized and systematic review systems have been implemented since 2005 and numerous control tools have been developed by the Management Information Systems Department; and
	–	furthermore, a procedure specific to Life reinsurance has been installed for the purpose of combating money laundering. It falls under the responsibility of the Fraud Prevention and Security Department, which reports to SCOR VIE’s General Management.

	•	Relating to asset management:

	–	investment guidelines are established and verified annually by SCOR’s General Management or the general management of each of its subsidiaries for the financial assets recorded on the balance sheet of the company in question. These guidelines are applied to both the asset management teams based in Paris and the management delegated to an external service provider for our North American companies;
	–	investment decisions are made during monthly Investment Committee meetings. Such meetings decide on the options to be followed regarding the type of investments and to manage market risks (interest rates, exchange rate fluctuations, consideration) and options regarding asset/ liability management;
	–	monthly reporting of operations allows tracking of changes in assets under management;
	–	regular tracking of financial flows and the Group’s cash flow situation is centralized by the Treasury and Asset Management Department; and
	–	the systems used allow oversight of transactions in publicly traded securities (audit trail, valuation of securities).

	•	the “support” functions include both budgeting-forecasting activities and those relating to disclosure of non-financial information, plus management information systems, human resources, general services, and legal matters. Among these areas:

	–	the area of information systems is crucially important for SCOR, which, since 1995, has instituted and updated a worldwide information system including underwriting operations, accounting (technical, general, consolidated), financial administration and marketing (creation of a data base of SCOR clients). A Group manager is specifically responsible for all management information security matters. Periodic audits of computer and management information security procedures are conducted. An IT contingency plan has been established, including an emergency and back-up center

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		located outside of SCOR’s headquarters. In 2005, SCOR improved its control procedures by basing them on the COBIT reference documents (“Control objectives for information and technology”) to cover risks, listed in the 12 major processes of COBIT, relating to the development of programs, changes in programs, and operation and access to data programs;
	–	the budget control system is organized as follows: an orientation letter is sent by General Management to each unit setting forth the general guidelines to be followed under the strategy adopted for the Group. Forecast validation meetings then take place involving the managers of the Group companies, General Management and the PBR Department, which is in charge of drafting a validation report. This Department is also responsible for verifying the consistency of the assumptions used, accounting items monitored, the proper use of budget worksheets, and the application of the selected schedule;
	–	regarding SCOR’s offices, very demanding regulations applicable to high-rise buildings require periodic verifications and audits, conducted either internally or by outside service providers; and
	–	the Group’s Office of the Company Secretary – Legal Department provides a control function at various levels. It is especially responsible for ensuring compliance, both with applicable laws and regulations, and with internal rules, decisions, commitments, practices and policies of SCOR. This task particularly affects the legal organization of the Group’s companies, the entering into of agreements, and supervision of major litigation.

	In addition, SCOR has adopted:

	–	since 1996, a Code of Ethics sent to all employees. This Code sets forth the Group’s fundamental values and principles and is a guide for resolving issues of ethics and law with which an employee may be confronted. It covers, among other things, business confidentiality, use of confidential and privileged information, financial disclosure, relations with our clients and our competitors, and conflicts of interest;
	–	since April 2003, an Audit Charter, setting forth the role, scope, principles and methods of operation of the Internal Audit Department and stating the responsibilities of the Group’s operating and functional units in controlling and supervising their operations; and
	–	since July 2004, a Data Management Charter that sets forth the importance of computer data for SCOR and establishes the basis for using information technology resources. It especially sets forth the applicable security measures and the legal considerations involved in using information technology resources. The other purposes of this Charter are to avoid misuse of professional and personal information and guarantee compliance with the confidentiality of such information.

	These documents are available on SCOR’s Intranet.

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	–	technical reinsurance accounting: premiums, claims, commissions, technical reserves;
	–	accounting for securities assets: securities, bank accounts, financial revenues and charges;
	–	auxiliary cash flow accounting;
	–	accounting for real estate assets; and
	–	accounting for general and administrative expenses.

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	•	Regarding reinsurance accounting services, several regular controls are conducted (automatic and systematic, or for consistency, or by testing) by the technical accounting groups that are located in Paris and in the subsidiaries by using both Group techniques and control formats developed either at the Group level or specifically. Quarterly inventories are also specifically verified. At the time of an inventory, the calculation of technical reserves (including IBNRs), largely based on contractual and accounting information, the relevance of which is verified at the source, has a significant impact on the balance sheet and income statement.

	–	It is subject to the following successive controls for SCOR Global P&C’s business:

	–	by the reserving actuaries, through control statements whose proper application is verified by the Group Actuarial Department; and
	–	by the Chief Actuary, in particular, in respect of methods, tools, and results.

	–	With regard to the SCOR VIE business segment:

	–	Reinsurance treaties are subject to either individual review or pooling within an affiliation treaty according to certain criteria defined in advance;
	–	The treaties are then subject to appraisals; and
	–	These appraisals are reviewed systematically at each quarterly closing during meetings to which underwriters, managers and possibly the Technical Department members are invited.

	•	Monitoring of current assets and cash flow is provided through various operating methods making it possible to limit risks. The computer systems used provide an audit path for completed transactions and have automatic alert systems. In the North American companies, accounting activities are performed by external service providers. Controls implemented by these companies make it possible to verify the proper consolidation of accounting data and compatibility of the figures. In addition, these service providers can transmit an external evaluation of the internal control systems on the delegated activities. This evaluation is commonly called “SAS 70 type II.”

	•	by using general accounting and consolidation software common to all companies of the Group;
	•	by defining the financial statement plan decided upon and verified by the PBR Department, which also establishes and updates the financial statement closing schedule and the tax schedule; and
	•	by defining responsibilities for controlling the inclusion and consolidation of auxiliary accounts.

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	–	use of a tool common to the Group making it possible to limit the number of entries and the risk of errors;
	–	automated and formalized controls applicable to all Group companies (with regard to these first two points, see the comments below relating to the tool’s limitations);
	–	at least two levels of control of consistency and exhaustiveness of consolidation forms, one by the company or unit involved, the other by the PBR Department;
	–	an exact schedule for, and definition of, the responsibilities of each party involved in the process;
	–	controls and verification of the consolidation process at various stages;
	–	documentation of restatements;
	–	final verification of entries affecting income and consolidated reserves; and
	–	internal monitoring of changes in the law and in accounting standards, together with the Group’s outside counsel and statutory auditors.

	•	Finalization of drafting procedures in the companies considered to be significant;
	•	Deployment and implementation in Paris and in the significant subsidiaries of “standardized” control procedures reflecting the best internal control practices used within the Group;
	•	Definition of the evaluation system and the internal testing plans that make it possible to verify the proper application of control procedures and their effectiveness; and

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	•	Evaluation of financial internal control, of processes retained in a first coverage scope, based on a testing plans and consolidation of the results in a tool for monitoring risk control.

	•	an error in the accounting for leases that were originated during the fiscal year ended December 31, 2002, and that were not properly accounted for as capital leases under U.S. GAAP; and
	•	an error in accounting for derivatives at December 31, 2003.

	•	Strengthening of the teams with individuals familiar with U.S. GAAP and training of staff in U.S. accounting issues;
	•	Strengthening of existing controls relating to the process of preparing consolidation forms;
	•	Improvement in the standard reconciliation formats between French GAAP, IFRS and U.S. GAAP; and
	•	Review and obligatory approval by certain managers of transactions that have an impact on SCOR’s financial position or on the consolidated operating results above certain thresholds.

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Ernst & Young		2005				2004
Audit Fees			4,331,500				3,591,759
Audit-Related Fees(1)			624,520				383,173
Tax Fees(2)			346,000				515,618
All Other Fees(3)			0				43,715
Total			5,302,020				4,534,265

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(1)	Audit-Related Fees are fees generally related to due diligence investigations, audits of combined financial statements prepared for purposes of the contemplated disposal of certain of our activities or of combined financial statements of companies that we acquired, review of prospectuses issued by us, and to other assignments relating to internal control functions and procedures.
(2)	Tax Fees are fees for professional services rendered by our auditors for tax compliance, tax advice on actual or contemplated transactions, tax consulting associated with international transfer prices and employee tax services.
(3)	All Other Fees mainly relate to internal control and process reviews.

	1.	to reduce its share capital if this reduction is not motivated by losses with the approval of the shareholders at an extraordinary general meeting;
	2.	to provide shares for distribution to employees under a profit-sharing plan managed by a Company sponsored mutual fund, a stock option plan or a share award plan after obtaining approval of the shareholders at an extraordinary general meeting; and
	3.	to implement a share repurchase program for specific purposes approved by the shareholders at an ordinary general meeting, such shareholders’ authorization being given for a period to be decided by the shareholders’ resolution and which may not exceed 18 months. The Board of Directors may delegate to the Chief Executive Officer, or with the approval of the Chief Executive Officer, to one or several Chief Operating Officers (directeur général délégué) powers to carry out such a repurchase program.

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	•	debt financial instruments exchangeable into equity instruments; or
	•	employee share option programs or other allocations of shares to employees of the issuer or of an affiliate of the issuer;

	•	The issuer must not, when executing trades under a repurchase program, purchase shares at a price higher than the higher of the price of the last independent trade and the highest current independent bid on the trading markets where the purchase is carried out;
	•	When SCOR carries out the purchase of own shares through derivative financial instruments, the exercise price of those derivative financial instruments may not be above the higher of the price of the last independent trade and the highest current independent bid;

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	•	SCOR must not purchase more than 25% of the average daily trading volume of the shares in any one day on the regulated market on which the purchase is carried out.

	•	authorized the Board of Directors, which may delegate this authority under the conditions provided by law, to purchase and sell the Company’s shares under applicable legal provisions;
	•	decided that purchases and sales could be carried out for all allowed purposes as authorized pursuant to applicable laws and regulations, and notably in view of the following objectives:

	–	trading on the secondary market or ensuring the liquidity of the market of the Company’s shares by entering into a liquidity agreement with an investment services provider;
	–	implementation of any of the Company’s stock option plans;
	–	implementation of the share award plan to employees and/or officers;
	–	distribution of shares to employees and, as the case may be, to corporate officers pursuant to a profit sharing scheme or a company sponsored mutual fund;
	–	purchase of shares to be used as consideration in potential mergers and/or acquisitions;
	–	payment of shares in connection with the exercise of rights attached to securities granting access to share capital;
	–	cancellation of shares, within the limits provided by law as authorized under the seventeenth resolution of the extraordinary shareholders’ meeting;

	•	decided that the acquisition, sale or transfer of such shares could be done by any means, on a regulated market or over the counter, including block purchases or sales (without limiting the part of the purchase plan that may be completed through this means), or by using derivative financial instruments, traded on a regulated market or by OTC transactions, or the development of option strategies under the conditions authorized by the market regulators. These transactions may be carried out at any time, including during the public offering period, in compliance with applicable regulations;
	•	set the maximum purchase price at EUR 2.20 per share (excluding acquisition costs), provided that, in the event of a share capital increase through the capitalization of reserves and the share award to shareholders, as well as in the event of a share-split or reverse share-split, such maximum purchase price shall be adjusted by a multiplier coefficient equal to the ratio between the number of securities comprising the share capital before the transaction and the number of shares after the transaction;
	•	decided that the maximum number of shares to be purchased under this authorization is set at 10% of the share capital, provided that such limit applies to a number of shares, which will, if applicable, be adjusted in order to take into account the transactions affecting the share capital after the shareholders’ meeting and that the amount of shares purchased by the Company may in no case result in it holding, directly or indirectly, more than 10% of the share capital, provided that the overall amount that the

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		Company may use to purchase its own shares may not exceed (i) the total amount of the share capital in addition to the amount of mandatory reserves and (ii) the amount of the overall reserves, excluding the mandatory legal reserve, of the Company;
	•	duly noted that shareholders will be informed at the next annual shareholders’ meeting of the precise allocation of the purchased shares to the different objectives pursued under the share repurchase program, and of the procedures for the repurchases completed during the financial year;
	•	with regard to the shares acquired before October 13, 2004, granted all necessary powers to the Board of Directors to:

	–	either allocate such shares to an objective entitling the Company to benefit from the exemption set forth by Regulation (EC) No. 2273/2003 of December 22, 2003 as described below; or
	–	allocate such shares to one of the two market practices accepted by the Autorité des Marchés Financiers (liquidity agreement with an investment service provider acting under the conditions determined for that practice, holding, and for exchange or payment in connection with possible merger and acquisition transactions);

	•	conferred all powers to the Board of Directors, which may delegate this authority, to place all stock market orders, enter into all agreements, particularly with a view to keeping share purchase and sale registers, to prepare all documents, including but not limited to information reports, carry out all disclosures and formalities with the Autorités des Marchés Financiers and any other regulator and, in general, to complete all necessary actions to implement such share repurchase program;
	•	decided that this authorization is granted for a period that will end at the 2006 annual shareholders’ meeting approving the 2005 financial statements, provided that such period shall not exceed a maximum of eighteen months as from May 30, 2005; and
	•	decided that this authorization supersedes the authorization granted by the fourteenth resolution of the combined shareholders’ meeting of May 18, 2004.

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														Average price per
														share transferred				(c) Total number of
						(b) Average								(excluding				shares purchased as				(d) Maximum number of
		(a) Total number				price paid per								allocation of				part of publicly				shares that might still be
		of shares				share				Total number of				bonus shares)				announced share				acquired under the
MONTH		purchased				(in EUR)				shares sold				(in EUR)				repurchase plans				program(1)(2)(3)(6)
Jan-05			783,396				1.46				5,914,001				1.50				783,396				28,513,498
Febr-05			875,000				1.56				700,000				1.59				875,000				28,338,498
March-05			1,287,498				1.59				750,000				1.65				1,287,498				27,801,000
Apr-05			1,537,000				1.60				1,019,947				1.62				1,537,000				27,283,947
May-05			485,000				1.57				1,359,757				1.61				485,000				28,158,704	(4)
June-05			900,000				1.60				685,000				1.62				900,000				92,139,633	(5)
July-05			3,073,686				1.64				813,482				1.70				3,073,686				89,879,429
Aug-05			600,000				1.69				280,500				1.73				600,000				89,559,929
Sept-05			2,373,933				1.67				575,000				1.68				2,373,933				87,760,996
Oct-05			1,775,000				1.74				225,000				1.75				1,775,000				86,210,996
Nov-05			0				0				1,515,795				0				0				87,726,791
Dec-05			0				0				39,201				0				0				87,765,992

(1)	2004 share repurchase program. The 2004 share repurchase program was publicly announced on April 28, 2004 and was subject only to the approval of the shareholders at the 2004 annual shareholders’ meeting approving the financial statements for 2003. Such approval was granted by the shareholders. In May 2004, the shareholders of the Company authorized, within the limits of French law relating to the level of reserves and shares held by the Company at the time, the purchase of a maximum of 28,755,773 shares. As the repurchase of shares was authorized until the Annual Shareholders’ Meeting to approve the financial statements for 2004, which was held on May 31, 2005, the authorization for the repurchase of shares expired on that date.
(2)	2005 share repurchase program. In May 2005, the shareholders of the Company authorized, within the limits of French law relating to the level of reserves and number of treasury shares, the repurchase of a maximum of 76,722,376 shares. This amount has been adjusted in June 2005 to take into account the share capital increase of 149,500,000 shares.
(3)	Under the terms of the 2004 and 2005 share repurchase programs, the shares could be purchased in open market transactions or privately negotiated transactions. Repurchases were made by the Company in one-off transactions, prior to the expiration of the plan, based on the Company’s evaluation of market conditions and other factors. The Company has used and continues to use existing cash to fund the repurchase of shares. All of the shares repurchased during the months identified above were purchased in open market transactions through this program.
(4)	These repurchases were made under the 2004 share repurchase program. The program expired at the date of the shareholders’ meeting approving the financial statements for 2004. At that time, although there were still 28,158,704 shares remaining that could be repurchased under the terms of the 2004 share repurchase program, the authorization was cancelled. However, the annual shareholders’ meeting approving the financial statements for 2004 has authorized the repurchase of 76,722,376 shares, as referenced in footnote (2) above.
(5)	These repurchases were made under the 2005 share repurchase plan.
(6)	During 2005, the Company repurchased 13,690,513 shares (including 7,466,580 under the liquidity agreement), and resold 13,877,683 shares (including 7,936,686 under the liquidity agreement).

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		Pages
Financial Statements
Report of Independent Registered Public Accounting Firm			F-1
Consolidated Balance Sheets as of December 31, 2005 and 2004			F-2 – F-3
Consolidated Statements of Operations for the Years Ended December 31, 2005, 2004 and 2003			F-4
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2005, 2004, and 2003			F-5
Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2005, 2004, and 2003			F-6
Consolidated Statements of Cash Flows for the Years Ended December 31, 2005, 2004, and 2003			F-7
Notes to Consolidated Financial Statements			F-8 – F-57
Schedules
Schedule I – Summary of Investments – Other than Investments in Related Parties			S-1
Schedule III – Supplementary Insurance Information			S-2
Schedule IV – Reinsurance			S-3
Schedule V – Valuation and Qualifying Accounts			S-4
Schedule VI – Supplemental Information Concerning Property-Casualty Insurance Operations			S-5

Exhibit
Number				Description
	1.1			Translation from French into English of the Company’s statuts, or bylaws, as last amended on May 16, 2006
	2.1			Form of Deposit Agreement dated as of October 8, 1996, as amended and restated as of December 1, 2003, among the Company, The Bank of New York, as Depositary, and all Owners and Beneficial Owners from time to time of American Depositary Receipts issued thereunder, including the form of American Depositary Receipt (Incorporated by reference to Exhibit 1 to the Registration Statement on Form F-6 of the Company, as filed with the Securities and Exchange Commission on February 19, 2004 (File No. 333-112953)) (1)

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Exhibit
Number				Description
	4.1			Summary in the English Language of Amendment no. 3 to the credit line agreement, dated December 26, 2002, as amended on November 13, 2003 entered into by and among SCOR, a syndicate of banks and BNP Paribas as agent and as Issuing Bank (Incorporated by reference to Exhibit 4.4 to the Registration Statement on Form 20-F of the Company, as filed with the Securities and Exchange Commission on May 4, 2005 (File No. 001-14518))(1)
	4.2			Summary in the English Language of Amendment no. 4 to the credit line agreement, dated December 26, 2002 as amended on November 13, 2003 entered into by and among SCOR, a syndicate of banks and BNP Paribas as Agent and as Issuing Bank (Incorporated by reference to Exhibit 4.5 to the Registration Statement on Form 20-F of the Company, as filed with the Securities and Exchange Commission on May 4, 2005 (File No. 001-14518))(1)
	4.3			Stand-By Letter of Credit Facility, dated October 11, 2004, entered into by SCOR VIE and Deutsche Bank AG, Paris Branch (Incorporated by reference to Exhibit 4.6 to the Registration Statement on Form 20-F of the Company, as filed with the Securities and Exchange Commission on May 4, 2005 (File No. 001-14518))(1)
	4.4			Stand-By Letter of Credit Facility, dated October 11, 2004, entered into by SCOR and Deutsche Bank AG, Paris Branch (Incorporated by reference to Exhibit 4.7 to the Registration Statement on Form 20-F of the Company, as filed with the Securities and Exchange Commission on May 4, 2005 (File No. 001-14518))(1)
	4.5			Amendment dated November 16, 2005 to Stand-By Letter of Credit Facility, dated October 11, 2004, entered into by SCOR VIE and Deutsche Bank AG, Paris Branch
	4.6			Amendment dated November 16, 2005 to Stand-By Letter of Credit Facility, dated October 11, 2004, entered into by SCOR and Deutsche Bank AG, Paris Branch
	4.7			Term-sheet of the Stand-By Letter of Credit Facility, dated December 14, 2005, entered into by SCOR, CALYON and Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile-de-France
	8			Subsidiaries
	12.1			Certification of chief executive officer pursuant to 17 CFR 240.13a-14(a), promulgated under Section 302 of the Sarbanes-Oxley Act of 2002
	12.2			Certification of chief financial officer pursuant to 17 CFR 240.13a-14(a), promulgated under Section 302 of the Sarbanes-Oxley Act of 2002
	13.1			Certification of chief executive officer furnished pursuant to Rule 13a-14(b) (17 CFR 240.13a-14(b)) or Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350), promulgated under Section 906 of the Sarbanes-Oxley Act of 2002
	13.2			Certification of chief financial officer furnished pursuant to Rule 13a-14(b) (17 CFR 240.13a-14(b)) or Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350), promulgated under Section 906 of the Sarbanes-Oxley Act of 2002
	15			Consent of Ernst & Young relating to incorporation by reference of auditor’s report

(1)	Incorporated by reference.

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	SCOR

	By:	/s/ Denis Kessler

	Name: Denis Kessler
	Title:  Chairman and Chief Executive Officer

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	ERNST & YOUNG
	/s/ Pierre Planchon
	Represented by Pierre Planchon

F-1

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							As of December 31,
			Notes				2004				2005
							(EUR, in millions)
ASSETS
Investments
	Fixed maturities, available for sale, at fair value (amortized cost: EUR 5,207 in 2004 and EUR 5,231 2005)			3,4,14				5,272				5,237
	Equity securities, available for sale, at fair value (cost EUR 220 in 2004 and EUR 746 in 2005)			3,4,14				265				769
	Trading investments, at fair value			3,4,14				778				335
	Other long-term investments			3,4				322				317
	Total investments							6,637				6,658
Cash and cash equivalents				3,14				1,798				1,666
Accrued interest income								184				179
Reinsurance balances receivable
	Non Life			3				282				544
	Life			3				42				170
	Total reinsurance balances receivable							324				714
Accrued premiums receivable, net of commissions
	Non Life			3,5				588				620
	Life			3,5				218				208
	Total accrued premiums receivable, net of commissions							806				828
Non-Life
	Reinsurance recoverable on unpaid losses and LAE			3,5				536				566
	Prepaid reinsurance premium			3,5				40				29
	Total Non Life							576				595
Life
	Reinsurance recoverable on reserves for future policy benefits			3,5				331				375
Deferred policy acquisition costs, net				3				518				549
Credits for deposits with ceding companies				3				1,387				1,199
Deferred income tax assets				3,10				150				242
Derivative financial instruments				3,15				29				33
Fixed assets, net				3				86				82
Intangible assets				3				9				34
Advances to and investments in affiliates				3,4				39				39
Goodwill				3				209				228
Other assets								317				408
	Total assets							13,400				13,829

F-2

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							As of December 31,
			Notes				2004				2005
							(EUR, in millions)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Non Life
	Losses and loss adjustment expenses reserves			3,18				6,470				6,439
	Unearned premium reserves			3				627				693
	Total							7,097				7,132
Life
	Reserve for future policy benefits			3,17				2,677				2,719
Funds held under reinsurance treaties				3,5				427				379
Reinsurance balances payable
	Non Life			3				78				239
	Life			3				93				174
	Total reinsurance balances payable							171				413
Convertible subordinated debentures				9,14				200				200
Other long term debt including obligations under capital Leases				9				761				755
Notes payable				9,14,15				34				34
Debt due within one year								244				61
Derivative financial instruments				15				6				6
Other liabilities								317				344
Deferred income tax liabilities				3,10				72				84
Minority interest				2				183				–
	Total liabilities							12,189				12,127
Contingencies
Shareholders’ Equity
	Common stock, 819,269,070 shares in 2004 and 968,769,070 shares in 2005 authorized and issued			3,12				645				763
	Additional paid-in capital							1,402				1,523
	Retained deficit							(673	)			(545	)
	Accumulated other comprehensive loss			3,8				(151	)			(24	)
	Treasury stock, at cost (9,298,085 shares in 2004 and 9,110,915 shares in 2005)							(12	)			(15	)
	Total shareholders’ equity							1,211				1,702
Total liabilities and shareholders’ equity								13,400				13,829

F-3

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							Year ended December 31,
			Notes				2003				2004				2005
							(EUR, in millions)
Revenues
	Life premiums earned, net of premiums ceded totaling EUR 66 in 2003, EUR 20 in 2004 and EUR 28 in 2005			3,5,17				517				524				520
	Non Life premiums earned, net of premiums ceded totaling EUR 292 in 2003, EUR 165 in 2004 and EUR 125 in 2005			3,5,17				2,807				1,703				1,566
	Net investment income			3,4,17				326				282				301
	Net realized gains on investments			3,4,17				117				42				99
Total revenues								3,767				2,551				2,486
Expenses
	Life claims, net of reinsurance recoveries totaling EUR 88 in 2003, EUR 3 in 2004 and EUR 31 in 2005			3,5,17				421				451				414
	Non Life claims and loss adjustment expenses, net of reinsurance recoveries totaling EUR 99 in 2003, EUR 65 in 2004 and EUR 87 in 2005			3,5,17				2,739				1,176				1,168
	Policy acquisition costs and commissions			3,17				742				568				521
	Underwriting and administration expenses			3,17				160				135				141
	Foreign exchange (gain) loss, net							(147	)			(37	)			81
	Impairment of goodwill							–				–				3
	Interest expense							33				49				48
	Other operating expenses, net							19				14				17
Total expenses								3,967				2,356				2,393
	Income (loss) before income taxes, minority interests, income (loss) from investments accounted for by the equity method and cumulative effect of change in accounting principle							(200	)			195				93
Income tax (expense) benefit				3,10				(287	)			73				72
	Income (loss) before minority interests, income (loss) from investments accounted for by the equity method and cumulative effect of change in accounting principle							(487	)			268				165
Minority interests								(26	)			(24	)			–
	Income (loss) before income (loss) from investments accounted for by the equity method and cumulative effect of change in accounting principle			3,4				(513	)			244				165
Income (loss) from investments accounted for by the equity method								1				(1	)			–
	Income (loss) before cumulative effect of change in accounting principle							(512	)			243				165
Cumulative effect of change in accounting principle, net of tax				3				–				4				–
	Net income (loss)							(512	)			247				165

							(EUR, except number of
							shares in thousands)
Basic earnings per share
	Income (loss) before cumulative effect of change in accounting principle							(3.76	)			0.30				0.18
	Cumulative effect of a change in accounting principle, net of tax							–				0.01				–
	Basic earnings per share available to common stockholders			3,12				(3.76	)			0.31				0.18
Diluted earnings per share
	Income (loss) before cumulative effect of change in accounting principle							(3.76	)			0.29				0.17
	Cumulative effect of a change in accounting principle, net of tax							–				0.01				–
	Diluted earnings per share available to common stockholders			3,12				(3.76	)			0.30				0.17
Weighted average number of shares outstanding, in thousands
	Basic			3,12				136,300				803,152				887,626
	Diluted			3,12				136,300				857,189				989,325

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								Year ended December 31,
				Notes				2003				2004				2005
								(EUR, in millions)
Net income (loss)									(512	)			247				165
Other comprehensive income (loss), net of tax
	Foreign currency translation adjustment				3,8				(127	)			(101	)			107
	Minimum Pension Liability Adjustment				3,8				1				(1	)			(6	)
	Unrealized appreciation (depreciation) on investments during period
		Fixed maturities			3,8				(45	)			14				(22	)
		Equity securities			3,8				5				3				23
		Less: reclassification adjustment for appreciation included in net income (loss)			3,8				(41	)			(9	)			25
		Other comprehensive income (loss)							(207	)			(94	)			127
		Comprehensive income (loss)							(719	)			153				292

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				As of December 31,
				2003				2004				2005
				(EUR, in millions)
Ordinary Shares
	Balance at beginning of year				520				136				645
	Issuance of Ordinary Shares – Public issue				–				683				118
	Change in Ordinary Shares Par Value(1)				(384	)			(174	)			–
	Cancellation of Ordinary Shares				–				–				–
		Balance at end of year			136				645				763
Additional paid-in capital
	Balance at beginning of year				811				1,195				1,398
	Issuance of Ordinary Shares – Public issue				–				68				115
	Stock Award Plan				–				4				19
	Other				–				(39	)			(9	)
	Change in Ordinary Shares Value				384				174				–
		Balance at end of year			1,195				1,402				1,523
Accumulated other comprehensive income (loss)
	Balance at beginning of period				150				(57	)			(151	)
	Unrealized appreciation (depreciation) on investments, net of reclassification adjustment				(81	)			8				26
	Currency translation adjustments				(127	)			(101	)			107
	Minimum pension liability adjustment				1				(1	)			(6	)
		Balance at end of period			(57	)			(151	)			(24	)
Catastrophe reserve
	Balance at beginning of year				6				–				–
	Allocation during year				(6	)			–				–
		Balance at end of year			–				–				–
Retained deficit
	Balance at beginning of year				(410	)			(916	)			(669	)
	Net (loss) income				(512	)			247				165
	Allocation to catastrophe reserve				6				–				–
	Dividends				–				–				(24	)
	Treasury stock sales				–				–				(4	)
	Deferred compensation expense				–				(4	)			(13	)
		Balance at end of year			(916	)			(673	)			(545	)
Treasury stock
	Balance at beginning of year				–				(2	)			(12	)
	Purchase of treasury shares				(2	)			(10	)			(3	)
		Balance at end of year			(2	)			(12	)			(15	)
Total Shareholders’ equity					356				1,211				1,702
Ordinary Shares
	Balance at beginning of year				136,544,845				136,544,845				819,269,070
	Issuance of Ordinary Shares				–				682,724,225				149,500,000
		Balance at end of year			136,544,845				819,269,070				968,769,070

(1)	In 2003 the Company reduced the par value of the ordinary share from EUR 3.85 per share to EUR 1 per share. In 2004 the Company reduced the par value of the ordinary shares from EUR 1 per share to EUR 0.79 per share.

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					Year ended December 31,
					2003				2004				2005
					(EUR, in millions)
Cash flows from operating activities
	Net income (loss) before minority interests					(486	)			271				165
	Adjustments to reconcile net income (loss) before minority interest to net cash used in operating activities
		Change in reinsurance recoverable on unpaid losses				287				111				27
		Change in prepaid insurance premiums				40				66				15
		Change in losses and LAE reserves, gross				(230	)			(662	)			(447	)
		Change in Life reserves for future policy benefits, net				533				336				(223	)
		Change in unearned premium reserves, gross				(375	)			(167	)			19
		Deferred policy acquisition costs				(66	)			(23	)			(27	)
		Net realized gains on investments				(117	)			(42	)			(99	)
		Other amortization and change in other provisions				60				56				48
		Change in deferred tax				233				(116	)			(107	)
		Unrealized foreign exchange gains or losses				(102	)			13				(47	)
		Premium and loss balances, net				(35	)			312				(133	)
		Change in reinsurance balances payable / receivable				232				(107	)			(50	)
		Change in deposits with ceding companies				13				(194	)			206
		Change in funds held under reinsurance treaties				(53	)			(72	)			(99	)
		Change in sundry debtors and creditors				(7	)			30				19
		Other				(25	)			(41	)			(9	)
			Net cash used in operating activities			(98	)			(229	)			(742	)
Cash flows from investing activities
	Sales, maturities or redemptions of fixed maturities available for sale					6,145				2,788				3,067
	Sales of equity securities					159				575				680
	Net sales (purchases) of short-term investments					169				–				–
	Investments in fixed maturities available for sale					(6,112	)			(3,045	)			(2,146	)
	Investments in equity securities					(165	)			(778	)			(1,031	)
	Acquisitions of fixed assets, including capital lease					(15	)			(4	)
	Disposals of fixed assets					46				–				18
	Investment in consolidated affiliates					5				14				(2	)
	Investment in reinsurance companies					–				(3	)			(3	)
	Long term loans					26				3				1
			Net cash provided by (used in) investing activities			258				(450	)			584
Cash flows from financing activities
	Dividends paid					–				–				(24	)
	Repayment of borrowings					(114	)			(39	)			(258	)
	Proceeds from borrowings, including capital lease					209				200				9
	Issuance of shares					(3	)			708				224
	Decrease on minority interests					(40	)			(13	)			(183	)
	Purchase of treasury stock					(2	)			(10	)			(10	)
			Net cash provided by (used in) financing activities			50				846				(242	)
Effect of exchange rate changes on cash						21				(135	)			171
		Net increase (decrease) in cash and cash equivalents				231				32				(229	)
		Cash and cash equivalents at beginning of year				1,788				1,824				1,798
		Effect of changes in exchange rates on beginning cash				(195	)			(58	)			97
		Cash and cash equivalents at end of year				1,824				1,798				1,666

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				31/12/03				31/12/04				31/12/05
				In Eur Millions
				(except per share data)
Net Income (loss) as reported					(512	)			247				165
Total compensation determined under the intrinsic value method					–				3				4
Less: Total employee stock option compensation expense determined under the fair value based method for all awards					(5	)			(8	)			(8	)
Pro forma Net Income (loss) – basic					(517	)			242				161
Interest on convertible bonds					–				6				5
Pro Forma Net Income (loss) – diluted					(517	)			248				166
Earnings Per Share(a):
	Basic earnings per share – As reported				(3.76	)			0.31				0.18
	Basic earnings per share – Pro forma				(3.79	)			0.30				0.18
		Diluted earnings per share – As reported			(3.76	)			0.30				0.17
		Diluted earnings per share – Pro forma			(3.79	)			0.29				0.17

(a)

The weighted average number of shares used to calculate basic EPS (expressed in thousands) were 136,300, 803,152 and 887,626 for 2003, 2004, and 2005, respectively. The weighted average number of shares used to calculate diluted EPS (expressed in thousands) were 136,300, 857,189 and 989,325 for 2003, 2004, and 2005, respectively. The effects of applying FAS 123 for pro forma disclosures are not likely to be representative of the effects on reported net income in future years.

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			As of December 31, 2004
			Amortized				Unrealized				Unrealized				Estimated
			cost				gains				losses				fair value
			(EUR, in millions)
Fixed maturities available for sale
	Debt securities issued or guaranteed by the French government or its agencies			766				10				–				776
	Debt securities issued or guaranteed by the U.S. government or its agencies			1,396				3				(17	)			1,382
	Obligations of U.S. states and political subdivisions			119				4				–				123
	Debt securities issued or guaranteed by the European Union			452				4				(3	)			453
	Debt securities issued or guaranteed by other national, state or local governments or their agencies			299				15				–				314
	Corporate debt securities			1,295				21				(4	)			1,312
	Mortgage-backed securities			836				36				(4	)			868
	Other debt securities			44				–				–				44
	Total fixed maturities available for sale			5,207				93				(28	)			5,272
Equity securities available for sale
	Equity securities, available for sale			220				45				–				265

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			As of December 31, 2005
			Amortized				Unrealized				Unrealized				Estimated
			cost				gains				losses				fair value
			(EUR, in millions)
Fixed maturities, available for sale
	Debt securities issued or guaranteed by the French government or its agencies			544				8				(2	)			550
	Debt securities issued or guaranteed by the U.S. government or its agencies			1,394				2				(35	)			1,361
	Obligations of U.S. states and political Subdivisions			100				2				–				102
	Debt securities issued or guaranteed by the European Union			452				3				(2	)			453
	Debt securities issued or guaranteed by other national, state or local governments or their agencies			326				14				–				340
	Corporate debt securities			1,478				31				(11	)			1,498
	Mortgage-backed securities			875				11				(8	)			878
	Other debt securities			62				–				(7	)			55
	Total fixed maturities available for sale			5,231				71				(65	)			5,237
Equity securities available for sale
	Equity securities, available for sale			746				33				(10	)			769

			As of December 31, 2005
			Amortized				Estimated
			cost				fair value
			(EUR, in millions)
Available for sale
	Due within one year or less			535				538
	Due after one year through five years			2,445				2,426
	Due after five years through ten years			980				994
	Due after ten years			1,271				1,279
	Total			5,231				5,237

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				Year ended December 31
				2003				2004				2005
				(EUR, in millions)
Investment income
	Fixed maturities				265				244				221
	Equity securities, dividends				3				6				7
	Trading securities				47				3				49
	Short term investments and other(1)				100				112				95
		Total investment income			415				365				372
Investment expense
	Swap interest				8				7				5
	Administration expenses				29				33				33
	Other				52				43				33
		Total investment expense			89				83				71
		Net investment income			326				282				301

(1)	Includes swap income of EUR 3 million in 2003, EUR 8 million in 2004 and EUR 2 million in 2005.

				Year ended December 31,
				2003				2004				2005
				(EUR, in millions)
Net realized investment gains (losses)
	Fixed maturities				93				27				48
	Equity securities				14				17				45
	Short term investments and other				10				(2	)			6
		Net realized investment gain			117				42				99

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		Year ended				Year ended
		December 31,				December 31,
		2004				2005
		(EUR, in millions)
Increase (decrease) during period in difference between fair value and cost of investments in equity securities			34				(22	)
Deferred income tax benefit (expense)			(11	)			8
Increase (decrease) in net unrealized gains (losses) on equity securities			23				(14	)
Increase (decrease) during period in difference between fair value and cost of investments in fixed maturities			(5	)			(59	)
Deferred income tax benefit (expense)			2				1
Increase (decrease) in net unrealized gains (losses) on fixed maturities			(3	)			(58	)
Minority interest			1				–
Total increase (decrease) in net unrealized gains (losses) on equity securities and fixed maturities			21				(72	)

		Unrealized Losses at December 31, 2004
		Less than								More than
		12 months								12 months								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		value				Losses				value				Losses				value				Losses
Fixed maturities available for sale
Debt securities issued or guaranteed by the French Government or its agencies			–				–				–				–				–				–
Debt securities issued or guaranteed by the U.S. government or its agencies			864				(10	)			347				(7	)			1,211				(17	)
Obligations of U.S. states and political subdivisions			–				–				–				–				–				–
Debt securities issued or guaranteed by the European Union			–				–				158				(3	)			158				(3	)
Debt securities issued or guaranteed by other national, state or local governments or their agencies			–				–				–				–				–				–
Corporate debt securities			163				(3	)			119				(1	)			282				(4	)
Mortgage-backed securities			97				(1	)			87				(3	)			184				(4	)
Other debt securities			–				–				–				–				–				–
Total fixed maturities available for sale			1,124				(14	)			711				(14	)			1,835				(28	)

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		Unrealized Losses at December 31, 2005
		Less than								More than
		12 months								12 months								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
		value				Losses				value				Losses				value				Losses
Fixed maturities available for sale
Debt securities issued or guaranteed by the French Government or its agencies			51				(2	)			63				0				114				(2	)
Debt securities issued or guaranteed by the U.S. government or its agencies			639				(19	)			542				(16	)			1,181				(35	)
Obligations of U.S. states and political Subdivisions
Debt securities issued or guaranteed by the European Union			85				(1	)			148				(1	)			233				(2	)
Debt securities issued or guaranteed by other national, state or local governments or their agencies			34				0				4				0				38				0
Corporate debt securities			664				(10	)			48				(1	)			712				(11	)
Mortgage-backed securities			425				(8	)											425				(8	)
Other debt securities			61				(7	)											61				(7	)
Total fixed maturities available for sale			1,958				(47	)			805				(18	)			2,763				(65	)

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			Year ended December 31,
			2003				2004				2005
			(EUR, in millions)
Equity securities, available for sale
	Gross unrealized gains			11				45				33
	Gross unrealized losses			–				–				(10	)
	Net unrealized gains			11				45				23
Fixed maturities, available for sale
	Gross unrealized gains			101				93				71
	Gross unrealized losses			(31	)			(28	)			(65	)
	Net unrealized gains			70				65				6
	Total net unrealized gains (losses)			81				110				29
	Policyholder-related amounts(1)			(37	)			(40	)			(4	)
	Deferred tax liability			(2	)			(14	)			(5	)
	Minority interest			(4	)			0				0
	Shareholders’ net unrealized appreciation(2)			38				56				20

(1)	amortization of deferred policy acquisition costs and PVFP due to the revaluation to the fair value of available for sale securities in application of SFAS 115 (“shadow DAC”).
(2)	The unrealized appreciation component of accumulated other comprehensive income, as presented in Note 8, includes the foreign currency movements on available for sale securities.

		Year ended
		December 31,
		2004				2005
		(EUR, in millions)
Land			53				89
Buildings			264				226
Furniture and equipment			5				2
			–				–
Total			322				317

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			Year ended December 31, 2003
			Premiums				Premiums				Loss and LAE
			written				earned				incurred
			(EUR, in millions)
Non Life
	Assumed			2,723				3,099				(2,838	)
	Ceded			(252	)			(292	)			99
Life
	Assumed			583				583				(509	)
	Ceded			(66	)			(66	)			88
	Net			2,988				3,324				(3,160	)

			Year ended December 31, 2004
			Premiums				Premiums				Loss and LAE
			written				earned				incurred
			(EUR, in millions)
Non Life
	Assumed			1,700				1,868				(1,241	)
	Ceded			(98	)			(165	)			65
Life
	Assumed			544				544				(454	)
	Ceded			(20	)			(20	)			3
	Net			2,126				2,227				(1,627	)

			Year ended December 31, 2005
			Premiums				Premiums				Loss and LAE
			written				earned				incurred
			(EUR, in millions)
Non Life
	Assumed			1,710				1,691				(1,255	)
	Ceded			(109	)			(125	)			87
Life
	Assumed			548				548				(445	)
	Ceded			(28	)			(28	)			31
	Net			2,121				2,086				1,582

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			Year ended December 31, 2003
			Before-Tax				Tax (Expense)				Net-of-Tax
			Amount				or Benefit				Amount
			(EUR, in millions)
Foreign currency translation adjustment				(122	)			(5	)			(127	)
Minimum pension liability adjustment				1				–				1
Unrealized appreciation (depreciation) on investments during period
	Fixed maturities			(50	)			5				(45	)
	Equity securities			9				(4	)			5
	Less: reclassification adjustment for depreciation (appreciation) included in net loss			(63	)			22				(41	)
Other comprehensive loss				(225	)			18				(207	)

			Year ended December 31, 2004
			Before-Tax				Tax (Expense)				Net-of-Tax
			Amount				or Benefit				Amount
			(EUR, in millions)
Foreign currency translation adjustment				(123	)			22				(101	)
Minimum pension liability adjustment				(1	)			–				(1	)
Unrealized appreciation (depreciation) on investments during period
	Fixed maturities			16				(2	)			14
	Equity securities			3				0				3
	Less: reclassification adjustment for depreciation (appreciation) included in net loss			(14	)			5				(9	)
Other comprehensive loss				(119	)			25				(94	)

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			Year ended December 31, 2005
			Before-Tax				Tax (Expense)				Net-of-Tax
			Amount				or Benefit				Amount
			(EUR, in millions)
Foreign currency translation adjustment				107				–				107
Minimum pension liability adjustment				(6	)			–				(6	)
Unrealized appreciation (depreciation) on investments during period
	Fixed maturities			(34	)			12				(22	)
	Equity securities			48				(25	)			23
	Less: reclassification adjustment for depreciation (appreciation) included in net income			40				(15	)			25
Other comprehensive loss				155				(28	)			127

												Unrealized
												Appreciation
				Foreign				Unrealized				(Depreciation)				Minimum				Accumulated
				Currency				Appreciation				Pertaining to				Pension				Other
				Translation				(Depreciation)				Equity Method				Liability				Comprehensive
				Adjustment				of Investments(1)				Investments				Adjustment				Income (Loss)
				(EUR, in millions)
Year ended December 31, 2003
	Balance at beginning of Period				30				124				–				(4	)			150
	Current-period change				(127	)			(81	)			–				1				(207	)
		Balance at end of period			(97	)			43				–				(3	)			(57	)
Year ended December 31, 2004
	Current-period change				(101	)			8				–				(1	)			(94	)
		Balance at end of period			(198	)			51				–				(4	)			(151	)
Year ended December 31, 2005
	Current-period change				107				26				–				(6	)			127
		Balance at end of period			(91	)			77				–				(10	)			(24	)

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(1)	Includes impact of changes in exchange rates which are not apparent in the information provided in Note 4.

			As of December 31,
			2004								2005
			Book				Fair				Book				Fair
			Value				Value				Value				Value
			(EUR, in millions)
Bank, short-term loans, and debt due within one year				244				284				61				61
	Total short-term debt			244				284				61				61
	Notes payable – fixed rate			34				34				34				34
Convertible subordinated debentures – 4.125%				200				224				200				242
EUR 200 million debentures – 7.75%				199				220				200				200
EUR 50 million perpetual subordinated debt – EURIBOR + 0.75%				50				50				50				50
USD 100 million 30-year subordinated debt – LIBOR + 0.80%				74				74				85				85
EUR 100 million 20-year subordinated debt – EURIBOR + 1.15%				100				100				100				100
Horizon				94				94				83				83
Capital Lease				97				97				93				93
Lease Back SCOR Building – Note 7				147				147				144				144
	Total long-term debt			961				1,006				955				997
	Total debt			1,239				1,324				1,050				1,092

			As of December 31,
			2004				2005
			(EUR, in millions)
Euro				1,111				881
U.S. Dollar				129				169
	Total debt			1,239				1,050

			As of December 31,
			2004				2005
			(EUR, in millions)
Below 4%				227				54
4 to 5.5%				253				217
5.5 to 6.5%(1)				244				237
6.5 to 7.75%				208				208
Variable rates based on LIBOR or Euribor				307				334
	Total debt			1,239				1,050

(1)	Including capital lease obligations of EUR 97 million and EUR 93 million in 2004 and 2005, respectively as well as debt relating to the SCOR building of EUR 147 million and EUR 144 million in 2004 and 2005, respectively.

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Principal Amount

Term

Interest Rate

Interest Payment

Redeemable

EUR 50 million

Perpetual

From March, 1999 to March, 2014: EURIBOR for six-month deposits + 0.75%

March 2014 and Thereafter: EURIBOR for six-month deposits + 1.75%

Semi-annual

In whole and not in part, at the option of the Company on or about March 24, 2009, or on any interest payment date falling on or about each fifth anniversary thereafter

USD 100 million

2029

From June, 1999 to June, 2009: LIBOR for three months deposits in USD + 0.80%

From June, 2009 to June, 2029: LIBOR for three months deposits in USD + 1.80%

Quarterly

In whole or in part, at the option of the Company on or about June 25, 2009, or on any interest payment date falling thereafter

EUR 100 million

2020

From July, 2000 to July, 2010: EURIBOR for three months deposits + 1.15%

From July, 2010 to July, 2020: EURIBOR for three months deposits in USD + 2.15%

Quarterly

In whole but not in part, at the option of the Company on or about July 6, 2010, or on any interest payment date falling thereafter

Principal Amount

Term

Interest Rate

Interest Payment

Redeemable

EUR 200 million

2007

From June, 2002 to June, 2007: Fix Rate 5.25% and complementary 2.5%

Annual

The notes will be redeemed at their principal amount on June 21, 2007

	(1)	at any time by means of repurchases on the market or over-the-counter or by public tender offer for all or a portion of the bonds;
	(2)	at any time from January 1, 2008 to December 31, 2009, for all bonds outstanding, subject to a minimum notice period of at least 30 calendar days as follows:

	•	by redemption at par, plus interest accrued from the last interest payment date preceding the early redemption date until the date set for redemption if the product of (i) the applicable conversion/ exchange ratio and (ii) the average opening price of the Company’s shares on Euronext Paris calculated over a period of 20 consecutive trading days during which the shares are listed on such stock exchange, as selected by the Company from among the 40 consecutive trading days preceding the date of publication of a notice relating to such early redemption, exceeds 130% of the principal amount of the bonds;

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	(3)	at any time for all bonds outstanding, if less than 10% of the bonds issued remain outstanding, by redemption at par, plus interest accrued from the last interest payment date preceding the early redemption date until the date set for redemption.

Year		Debt				Capital Lease				Total
		(EUR, in millions)
2006			31				5				36
2007			225				5				230
2008			—				5				5
2009			10				5				15
2010			200				6				206
Thereafter			347				67				414
Total debt(1)			813				93				906

(1)	Excluding EUR 144 million related to the sale of the SCOR building.

			Year ended December 31,
			2003				2004				2005
			(EUR, in millions)
Current tax expense (benefit)
	French			2				12				9
	Foreign			32				31				27
				34				43				36
Deferred tax expense (benefit)
	French			147				(110	)			(120	)
	Foreign			106				(6	)			12
				253				(116	)			(108	)
	Total provision for income taxes			287				(73	)			(72	)

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			As of December 31,
			2004				2005
			(EUR, in millions)
Deferred tax liability
	Deferred policy acquisition costs			139				132
	Unrealized appreciation and timing differences on Investments			8				14
	Equalization reserves			25				26
	Ceding commission acquisition Allstate			17				20
	Financial instruments			–				–
	Capitalisation reserve			42				44
	Other temporary differences			5				5
	Total deferred tax liability			236				241
Deferred tax asset
	Unrealized depreciation and timing differences of Investments			–				–
	Retirement plan			–				–
	Loss carryforward			725				730
	Loss reserves			50				42
	Unearned premium			2				3
	Cancellation of internal realized gains on sale of assets			9				10
	Realized gain (loss) on real estate			26				26
	Other temporary differences			26				56
	Total deferred tax asset			838				867
	Valuation allowance			(525	)			(468	)
	Net deferred tax asset (liability)			77				158

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			Year ended December 31,
			2003				2004				2005
			(EUR, in millions)
Computed tax expense (benefit) at statutory rate				(71	)			69				32
Net impact of the valuation allowance on deferred tax assets				353				(118	)			(103	)
Tax exempt revenues and expenses				(9	)			(14	)			4
Changes from statutory tax rate				4				(12	)			(5	)
Capitalization reserve				11				2				0
Others, net				(1	)			–				–
	Total income tax (benefit) expense			287				(73	)			(72	)

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		2003				2004				2005
		(EUR, in millions)
Change in Projected Benefit Obligation
Projected Benefit Obligation at Beginning of Year			60				62				50
Service Cost			4				4				2
Interest Cost			3				3				3
Actuarial (Gain) Loss			3				(10	)			11
Benefit Payments			(3	)			(2	)			(1	)
Settlement							(4	)			(5	)
Currency Changes			(5	)			(3	)			5
Projected Benefit Obligation at End of Year			62				50				65
Change in Fair Value of Plan Assets
Fair Value of Assets at Beginning of Year			17				20				22
Actual Return on Plan Assets			2				1				1
Benefit Payments			(3	)			(2	)			(1	)
Employer Contributions			6				4				4
Currency Changes			(2	)			(1	)			3
Fair Value of Plan Assets at End of Year			20				22				29
Projected Benefit Obligation in Excess of Fair Value of Plan Assets			(42	)			(28	)			(36	)
Unrecognized Net Actuarial Loss (Gain)			8				(3	)			10
Net Accrued Benefit Cost at End of Year			(34	)			(31	)			(26	)

		2003				2004				2005
Accrued Benefit Liability			(38	)			(36	)			(36	)
Accumulated Other Comprehensive Income (before tax)			4				5				10
Net Amount Recognized			(34	)			(31	)			(26	)

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		2003				2004				2005
		(EUR, in millions)
Service Cost			4				4				2
Interest Cost			3				3				3
Expected Return on Plan Assets			(1	)			(1	)			(2	)
Amortization of unrecognized elements			–				–				(1	)
Impact of curtailment/ settlement			–				(4	)			(4	)
Net periodic benefit cost			6				2				(2	)

		2003				2004				2005
Additional information
Increase (decrease) in minimum liability before tax included in other comprehensive income excluding tax			(1	)			1				5

		2003		2004		2005
Discount rate		5.4%		5.2%		4.8%
		Graded		Graded		Graded
Rate of compensation increase		from 7.5%		from 7.5%		from 7.5%
		to 3.5%		to 2.0%		to 2.0%

		2003		2004		2005
Discount rate		5.8%		5.4%		5.2%
Expected long-term return on plan assets		8.0%		7.6%		7.1%
		Graded		Graded		Graded
Rate of compensation increase		from 7.5%		from 7.5%		from 7.5%
		to 3.5%		to 3.5%		to 2.0%

						OTHER
		SCOR U.S.				COUNTRIES
Asset Category
Equity securities			60%				–
Debt securities			40%				100%
Total			100%				100%

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		Plan Assets at
		December 31
		2004				2005
Asset Category
Equity securities			38	%			46	%
Debt securities			52	%			53	%
Other			10	%			1	%
Total			100	%			100	%

		2005
		(EUR, in millions)
2006			5
2007			2
2008			2
2009			2
2010			2
Years 2011-2015			14

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		As of December 31
		2003				2004				2005
		(EUR, in millions)
Assets held in short-term investments and fixed maturities			9				8				8
Assets held in French stocks			3				2				3
Assets held in Ordinary Shares of SCOR			1				2				3
Total			13				12				14

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Year ended December 31, 2003

Income

Shares(1)

Per-Share

(Numerator)

(Denominator)

Amount

(EUR, in millions)

(Thousands)

(EUR)

Net Loss

(512

)

Basic Earnings Per Share

Loss available to Ordinary Shareholders

(512

)

136,300

(3.76

)

Effect of dilutive securities

Stock options

–

–

Convertible bonds

–

–

Diluted Earnings Per Share

Loss available to Ordinary Shareholders + assumed conversions

(512

)

136,300

(3.76

)

(1)	Weighted average number of shares outstanding excluding treasury stock.

Year ended December 31, 2004

Income

Shares(1)

Per-Share

(Numerator)

(Denominator)

Amount

(EUR, in millions)

(Thousands)

(EUR)

Net Income

247

Basic Earnings Per Share

Income available to Ordinary Shareholders

247

803,152

0.31

Effect of dilutive securities

Stock options

–

300

–

Convertible bonds

6

53,737

0.01

Diluted Earnings Per Share

Income available to Ordinary Shareholders + assumed conversions

253

857,189

0.30

(1)	Weighted average number of shares outstanding excluding treasury stock.

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Year ended December 31, 2005

Income

Shares(1)

Per-Share

(Numerator)

(Denominator)

Amount

(EUR, in millions)

(Thousands)

(EUR)

Net Income

165

Basic Earnings Per Share

Income available to Ordinary Shareholders

165

887,626

0.18

Effect of dilutive securities

Stock options

–

1,699

Convertible bonds

5

100,000

(0.01

)

Diluted Earnings Per Share

Income available to Ordinary Shareholders + assumed conversions

170

989,325

0.17

(1)	Weighted average number of shares outstanding excluding treasury stock.

			2003				2004				2005
Outstanding at beginning of year				4,915,746				12,342,962	(1)			17,055,698
	Options granted			4,099,754				5,990,000				7,260,000
	Options exercised			–				–				–
	Options expired			–				(113,809	)			(192,782	)
	Options forfeited			(539,588	)			(1,163,455	)			(3,410,816	)
Outstanding at end of year				8,475,912				17,055,698				20,712,100

(1)	Following the capital increase on January 7, 2004, the Company adjusted the number of shares eligible to subscription to 12,342,962.

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		Previous offer price × value of preferential subscription right (average listed opening price during the subscription period)
		Value of share after removal of preferential subscription right (average listed opening price during the subscription period) + value of preferential subscription right

		Initial number of options × previous offer price
		New offer price as defined below

				Before issuance of ordinary shares –								After issuance of ordinary shares –
				public issue								public issue
								Options								Options
								outstanding at								outstanding at
PLAN				Exercise price				the end of 2004				Exercise price				the end of 2004
				(in EUR)								(in EUR)
	1995				9.59				152,795				6.59				222,498
	1996				17.04				510,525				11.70				743,406
	1997				21.88				619,847				15.03				902,587
	1998				33.08				672,567				22.72				979,358
	1999				27.05				653,015				18.58				950,886
	2000				28.23				142,956				19.39				208,164
	2000				26.46				568,845				18.17				828,330
	2001				28.23				845,181				19.39				1,230,713
	2001				19.99				347,138				13.73				505,946
	2003				4.16				956,000				2.86				1,392,042
	2003				5.74				2,928,887				3.94				4,265,223
									8,475,912								12,342,962

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				Options outstanding												Options exercisable
								Weighted-
								average				Weighted-								Weighted-
				Number				remaining				average				Number				average
Range of Exercise Prices				Outstanding				contractual life				exercise price				exercisable				exercise price
(EUR)												(EUR)								(EUR)
	1.14-3.94				15,344,490				8.91 years				1.81				2,799,490				3.49
	11.70-15.03				1,852,878				2.17 years				13.57				1,852,878				13.57
	18.17-22.72				3,514,732				4.72 years				19.78				3,514,732				19,78
	1.14-22.72				20,712,100				7.51 years				5.91				8,167,100				12.79

Number of shares

Fair value of shares

Grant date

Vesting date

initially granted

at the grant date

September 22, 2004

January 10, 2005

1,962,555

EUR 1.2

December 7, 2004

January 10, 2005

2,434,453

EUR 1.41

December 7, 2004

November 10, 2005

2,418,404

EUR 1.41

November 7, 2005

August 15, 2007

8,471,998

EUR 1.58

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			As of								As of
			December 31, 2004								December 31, 2005
			Carrying								Carrying
			amount				Fair value				amount				Fair value
			(EUR, in millions)
Assets
	Fixed maturities at fair value			5,272				5,272				5,237				5,237
	Equity securities, available for sale			265				265				769				769
	Trading investments			778				778				335				335
	Cash and cash equivalents			1,798				1,798				1,666				1,666
	Derivative instruments			29				29				33				33
Liabilities
	Convertible subordinated debentures			200				244				200				242
	Other long term debt including obligations under capital leases			761				782				755				755
	Notes payable			34				34				34				34
	Derivative instruments			6				6				–				–

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			Year ended December 31,
			2003				2004				2005
			(EUR, in millions)
Commitments received
	Unused credit lines			50				44				99
	Endorsements and sureties			68				47				12
	Letters of Credit			1,285				867				1,090
	Other commitments			–				13				–
	Total			1,403				971				1,201
Commitments given
	Endorsements and sureties			90				47				25
	Leases			17				10				20
	Letters of Credit			594				656				645
	Pledged securities			3,226				1,885				2,080
	Other commitments			139				99				162
	Total			4,066				2,697				2,932

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	–	Property-Casualty treaty: The Property-Casualty treaty sub-segment includes the proportional (pro rata) and non- proportional (excess of loss and stop loss) treaty classes of property, casualty, marine, space and transportation, and construction. Property-Casualty also includes direct or allocated operating expenses and net income from Property-Casualty-related investing activities.
	–	Large corporate accounts: Large corporate accounts reinsurance includes large facultative business for large, complex industrial or technical risks, such as automotive assembly lines, semiconductor manufacturing plants, oil and gas or chemical facilities, oil and gas exploration and production sites, energy facilities, or boiler and machinery installations. Large corporate accounts reinsurance also includes direct or allocated operating expenses and net income from Large corporate accounts reinsurance-related investing activities.

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			Year ended December 31, 2003
							Life/
			Property-Casualty				Accident & Health				Others				Consolidated
			(EUR, in millions)
Net premiums written				2,103				885				–				2,988
Net premiums earned				2,455				869				–				3,324
Net investment income				279				54				(7	)			326
Net realized gains on investments				101				20				(4	)			117
Total revenues				2,835				943				(11	)			3,767
Claim and claim expenses				2,507				653				–				3,160
Acquisition costs				490				252				–				742
Underwriting and administration expenses				123				67				(30	)			160
Interest expense				33				–				–				33
Other income and expenses				–				–				(128	)			(128	)
Total expenses				3,153				972				(158	)			3,967
Income accounted for by the equity method				–				–				1				1
	Income before taxes and minority interests			(318	)			(29	)			148				(199	)
Total assets as of December 31				10,443				3,162				–				13,605

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			Year ended December 31, 2004
							Life/
			Property-Casualty				Accident & Health				Others				Consolidated
			(EUR, in millions)
Net premiums written				1,282				844				–				2,126
Net premiums earned				1,427				800				–				2,227
Net investment income				141				102				39				282
Net realized gains on investments				13				22				7				42
Total revenues				1,581				924				46				2,551
Claim and claim expenses				999				628				–				1,627
Acquisition costs				349				219				–				568
Underwriting and administration expenses				112				47				(24	)			135
Interest expense				49				–				–				49
Other income and expenses				0				0				(23	)			(23	)
Total expenses				1,509				894				(47	)			2,356
Income accounted for by the equity method				–				–				(1	)			(1	)
	Income before taxes, minority interests and cumulative effect of change in accounting principle			72				30				92				194
Total assets as of December 31				9,927				3,473				–				13,400

			Year ended December 31, 2005
			Property-				Life/
			Casualty				Accident & Health				Others				Consolidated
			(EUR, in millions)
Net premiums written				1,280				841				–				2,121
Net premiums earned				1,227				859				–				2,086
Net investment income				154				141				6				301
Net realized gains on investments				72				27								99
Total revenues				1,453				1,027				6				2,486
Claim and claim expenses				916				666				–				1,582
Acquisition costs				289				232				–				521
Underwriting and administration expenses				104				37				–				141
Interest expense				48				–				–				48
Other income and expenses				74				27				–				101
Total expenses				1,431				962				–				2,393
Income accounted for by the equity method								–				–				–
	Income before taxes, minority interests and cumulative effect of change in accounting principle			22				65				6				93
Total assets as of December 31				9,336				4,433				60				13,829

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											North
			France				Europe				America				Asia				Consolidated
			(EUR, in millions)
Year ended December 31, 2003
	Revenues			1,615				713				1,217				222				3,767
	Income before taxes and minority interests			(120	)			112				(249	)			58				(199	)
	Identifiable assets as of December 31			6,975				1,742				4,519				369				13,605
Year ended December 31, 2004
	Revenues			1,386				417				582				166				2,551
	Income before taxes, minority interests and cumulative effect of change in accounting principle			115				108				(42	)			13				194
	Identifiable assets as of December 31			8,474				1,254				3,379				332				13,439
Year ended December 31, 2005
	Revenues			1,492				338				513				143				2,486
	Income before taxes			79				78				(77	)			13				93
	Identifiable assets as of December 31			9,055				1,037				3,384				353				13,829

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			Year ended December 31,
			2003				2004				2005
			(EUR, in millions)
Reserves for losses and LAE at beginning of year, net				6,933				6,633				5,934
Effect of changes in foreign currency exchange rates				(656	)			(203	)			359
Effect of claims portfolio transfer and other reclassifications				333				58				3
Incurred related to:
	Current year			1,661				1,002				1,134
	Prior years			1,078				174				34
	Total incurred losses and LAE(1)			2,739				1,176				1,168
Paid related to:
	Current year			316				116				695
	Prior years			2,400				1,614				896
	Total paid losses and LAE(1)			2,716				1,730				1,591
Reserves for losses and loss expenses at end of year – net				6,633				5,934				5,873
Reinsurance recoverable on unpaid losses				673				536				566
Reserves for losses and loss expenses at end of year – gross				7,306				6,470				6,439

(1)	Initial gross, initial retroceded and initial net reserves are shown on a U.S. GAAP basis. Paid (cumulative) amounts and reserve re- estimated amounts are shown on a calendar year basis.

	•	Additional reserve of EUR 227 million applied to all the underwriting years, in particular 1998-2001, and to Program Business activities (in which underwriting was ceased at end-2001).
	•	Additional reserve of EUR 45 million on Commercial Risk Partners relating mainly to prospective finite risk contracts for Workers’ Compensation in 1999 and 2000.

	•	The additional reserves relate mainly to SCOR US, CRP, and also EUR 20 million for the World Trade Center tragedy of 9/11

	•	The additional reserves relate mainly to SCOR US and CRP.

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		Year ended December 31,
		Asbestos(1)												Environmental(1)
		2003				2004				2005				2003				2004				2005
		(EUR, in millions)
Gross Non Life claims reserves, including IBNR reserves			109				98				111				59				54				39
% of total loss and LAE reserves			1.5	%			1.6	%			1.7	%			0.8	%			0.9	%			0.6	%
Non Life claims and LAE paid			15				15				12				13				5				7
% of the Group’s total net property-casualty claims and LAE paid			0.6	%			0.9	%			0.7	%			0.5	%			0.3	%			0.4	%

(1)	Asbestos and environmental (A&E) reserve data includes SCOR’s estimated A&E exposures in respect of its participation in the Anglo French Reinsurance Pool, for which A&E exposures for the years shown were as follows:

•	The 2003 reserves are respectively EUR 19 million and EUR 18 million for asbestos and environmental. The 2003 paid claims and LAE are respectively EUR 0.6 million and EUR 0.9 million for asbestos and environmental, respectively.
•	The 2004 reserves are respectively EUR 18 million and EUR 16 million for asbestos and environmental. The 2004 paid claims and LAE are respectively EUR 0.3 million and EUR 0.3 million for asbestos and environmental, respectively.
•	The 2005 reserves are respectively EUR 15 million and EUR 8 million for asbestos and environmental. The 2005 paid claims and LAE are respectively EUR 1.7 million and EUR 1.0 million for asbestos and environmental, respectively.

	•	As part of the transaction for the acquisition of Sorema S.A. and Sorema N.A. in May 2001, Groupama, a significant shareholder of SCOR, as the seller of both companies provided two guarantees for a period of six years, pursuant to which it may be required to indemnify SCOR for negative developments concerning material social and tax liabilities and liabilities in respect of technical reserves for the 2000 and previous underwriting years as assessed at June 30, 2007. As of December 31, 2005 and 2004, the

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		consolidated balance sheets included EUR 250 million and EUR 234 million, respectively, related to the guaranty provided.
	•	In June 2004, SCOR entered into an agreement with several banks in connection with the placement of subscriptions for the OCEANE bonds. The agreement provided for a placement fee, a success fee and guaranty fee aggregating EUR 4,175,000. Two directors of the Company are affiliated with two of the banks.
	•	On May 18, 2005 SCOR entered into a Credit Facility Agreement for a term of twelve months from the date of signature with a banking syndicate represented by BNP Paribas as Agent and Lead Manager, the purpose of which is to provide the Company with short-term cash facilities to finance its general cash needs for a maximum of EUR 75 million. The agreement provides for non-use commissions, participation commission, agent commission and a lead manager commission. The Chairman and Chief Executive Officer of SCOR is a director of BNP Paribas.
	•	On May 31, 2005 authorized the signature by SCOR and BNP Paribas of an agency letter and underwriting agreement for the offering and placement of the shares issued in June 30, 2005. The Chairman and Chief Executive Officer of SCOR is a director the BNP Paribas.
	•	On December 31, 2005 the Company terminated the credit facility agreement as amended that was signed on December 26, 2002 with a banking syndicate represented by BNP Paribas.
	•	On November 2, 2005 meeting the Board of Directors authorized the signature of a new credit facility for stand-by letters of credit with BNP Paribas up to a maximum of USD 85 million over a utilization period from January 4, 2006 to December 31, 2008. The agreement requires securities to be pledged at 105% of amounts used as well as for the payment of non-use and utilization commissions and other bank fees. The Chairman and Chief Executive Officer of SCOR is a director the BNP Paribas.

	•	In December 2002, a petition was filed by Dock Resins Corporation and Landec Corporation before a U.S. Federal District Court in New Jersey against SCOR’s subsidiary, Sorema North America Reinsurance Company, now known as GSNIC, for an alleged bad faith denial of coverage by GSNIC concerning business interruption suffered by the plaintiffs. GSNIC filed a cross claim for fraud and misrepresentation seeking to void the policy and preserve GSNIC’s right to recover the costs incurred in litigating the case. The plaintiffs claim an unspecified amount of damages in excess of policy limits for the contents and business interruption coverage, which are capped under the insurance policy at an aggregate total of USD 15 million. The policy has been retroceded at 80% outside of the SCOR Group. GSNIC has paid the undisputed portions of the claim. On January 27, 2006, motions for partial summary judgment and cross-motions filed by the various parties were argued, with the decisions being very favorable for the defendants. The Court granted GSNIC’s Motion for partial summary judgment dismissing all claims against it for alleged bad-faith denial as well as dismissing the claim that GSNIC conspired with its consultants to wrongfully deny the insurance claim. Additionally, claims for other punitive or extra-contractual damages as well as counsel fees were also dismissed. Plaintiff’s cross-motion for partial summary judgment on GSNIC’s affirmative defense of insurance fraud was denied. As a result of these rulings, plaintiff is left with a contract cause of action against GSNIC on the insurance

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		policy. Discovery is likely to be completed in the spring of 2006. A date for trial is tentatively listed for June 2006.
	•	In March 2004, certain funds of Highfields Capital (Highfields Capital LTD, Highfields Capital I LP and Highfields Capital II LP, together referred to as the “Highfields Funds”), as minority shareholders of IRP Holdings Limited, filed a complaint against SCOR in the US District Court of Massachusetts. The complaint alleges fraud and violations of Massachusetts law with regard to the acquisition by the Highfields Funds of a stake in IRP Holdings Limited in December 2001. On April 19, 2006, after a question arose regarding the U.S. District Court’s jurisdiction over the case, Highfields filed a Motion to Affirm Subject Matter Jurisdiction or, in the Alternative, to Refer Case to State Court, which asks the federal court to clarify jurisdictional questions. The parties have filed briefs on that motion but, as of June 22, 2006, the court has neither heard oral argument nor issued a ruling on Highfields’ motion. If the U.S. District Court determines it has the proper jurisdiction over the case, damages (including punitive damages) owed, if any, would only be determined by the court at the end of the trial which is scheduled to begin in May 2007. If the U.S. District Court determines it lacks jurisdiction over the law suit, Highfields may be permitted to file a similar complaint in Massachusetts state court.
	•	Beginning in October 2001, various lawsuits were brought and counterclaims made in U.S. Federal Court in New York concerning the question of whether the terrorist attack on the World Trade Center (WTC) on September 11, 2001 constituted one or two occurrences under the terms of the applicable property insurance coverage issued to the lessees of the WTC and other parties. While SCOR as a reinsurer is not a party to such lawsuits, its ceding company, Allianz Global Risks U.S. Insurance Company (Allianz), which insured a portion of the WTC and which is reinsured by SCOR, is a party to the legal action.

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	•	The Group is also involved in various arbitration proceedings relating to the subscription of business, currently in run off, primarily relating to coverage for certain Credit & Surety bond losses. The total amount of the related claims is approximately USD 10.3 million.
	•	In January 2005, Continental Casualty Company (CCC), a CNA subsidiary, initiated an arbitration proceeding to obtain a declaration that six contracts signed with Commercial Risk Re-Insurance Company (CRRC) should contain the so called “insolvency” clause. CRRC issued a counter demand for arbitration proceedings to obtain access to all relevant books and records from CCC.

	•	In August 2005, certain American subsidiaries of Royal & Sun Alliance (RSA) initiated four arbitration proceedings against Commercial Risk Re-Insurance Company and Commercial Risk Reinsurance Company Ltd (Commercial Risk) relating to seven reinsurance treaties signed by RSA and Commercial Risk. RSA is alleging breach of the contracts and is seeking full payment of balances due under these contracts, plus interest and expenses, for a total of approximately USD 23 million. Commercial Risk denies these balances asserting that the losses are outside the scope of coverage and the terms and conditions of the treaties.

	•	SCOR VIE, as the reinsurer of an insurance company, is involved in a lawsuit in connection with a life insurance policy in the amount of approximately EUR 4.5 million. The beneficiary of the policy was killed in 1992. In June 2001, a Spanish court ordered the ceding company to pay approximately EUR 16 million under the policy, which amount included accumulated interest since 1992 as well as damages. Following this decision, SCOR VIE booked a technical provision of EUR 17.7 million in its accounts for the 2001 fiscal year. In May 2002, the Barcelona Court of Appeals found in favor of the ceding company. The representatives of the deceased have now appealed the case to the Spanish Supreme Court. The provision was maintained at December 31, 2005.
	•	The French Autorité des Marchés Financiers (AMF) initiated an investigation on October 21, 2004 in connection with the financial information and trading activity surrounding the issue of the SCOR OCEANE bonds in July 2004. The Company has no additional information on this matter at this time.
	•	The AMF also initiated an investigation on October 5, 2005 concerning the market for the SCOR shares as of June 1, 2005.
	•	Since February 2005, the Company has been subject to a tax audit for the period from January 1, 2002 to December 31, 2003. On December 21, 2005, this audit resulted in an initial adjustment proposal,

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		excluding late penalties, for an additional assessment for the corporate income tax base for 2002 of EUR 26,870,073.77, an assessment for the withholding stipulated by Article 119 bis 2 of the French General Tax Code of EUR 5,788,871 and an additional assessment for the employer’s payroll tax of EUR 27,891. The Company has challenged this adjustment proposal. This proposal, which stays the statute of limitations, will be followed in 2006 with a definitive proposal also covering fiscal year 2003.
	•	The Autorité de Contrôle des Assurances et des Mutuelles (A.C.A.M.) launched an audit of SCOR VIE in January 2006.

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Col. A			Col. B				Col. C				Col. D
											Amount at which
							Fair				shown in the
Type of investment			Cost				Value				balance sheet
			(EUR, in millions)
Fixed maturities:
Available for sale:
	Debt securities issued or guaranteed by the French government or its agencies			544				550				550
	Debt securities issued or guaranteed by the U.S. government or its agencies			1,394				1,361				1,361
	Obligations of U.S. states and political subdivisions			100				102				102
	Debt securities issued or guaranteed by the European Union			452				453				453
	Debt securities issued or guaranteed by other national, state or local governments or their agencies			326				340				340
	Corporate debt securities			1,478				1,498				1,498
	Mortgage-backed securities			875				878				878
	Other debt securities			62				55				55
Total fixed maturities available for sale				5,231				5,237				5,237
Trading				155				158				158
	Total fixed maturities			5,386				5,395				5,395
Equity securities:
Available for sale				746				769				769
	Trading			138				177				177
Total equity securities				884				946				946
Other long-term investments				317								317
Total investments				6,587								6,658
Cash and cash equivalents				1,666								1,666

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Col. A

Col. B

Col. C

Col. D

Col. E

Future Policy

Benefits, Losses,

Other Policy

Deferred Policy

Claims, and Loss

Unearned

Claims and

Acquisition Costs

Expenses

Premiums

benefits Payable

(EUR, in millions)

December 31, 2005:

Life

300

2,719

–

–

Non Life

249

6,439

693

–

Total

549

9,158

693

–

December 31, 2004:

Life

264

2,677

–

–

Non Life

254

6,470

627

–

Total

518

9,147

627

–

December 31, 2003:

Life

232

2,562

–

–

Non Life

251

7,306

822

–

Total

483

9,868

822

–

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Col. A				Col. B				Col. C				Col. D				Col. E				Col. F
																				% of
								Ceded to				Assumed								Amount
				Gross				Other				from Other				Net				Assumed to
				(EUR, in millions)
Year Ended December 31, 2005
	Life insurance in force				–				–				–				–				–
	Insurance premiums and other considerations:
		Life insurance and annuities			–				28				548				520				105	%
		Property-casualty insurance			–				125				1,691				1,566				108	%
		Total			–				153				2,239				2,086				107	%
Year Ended December 31, 2004:
	Life insurance in force				–				–				–				–				–
	Insurance premiums and other considerations:
		Life insurance and annuities			–				20				544				524				104	%
		Property-casualty insurance			–				165				1,868				1,703				110	%
		Total			–				185				2,412				2,227				108	%
Year Ended December 31, 2003:
	restated
	Life insurance in force				–				–				–				–				–
	Insurance premiums and other considerations:
		Life insurance and annuities			–				66				583				517				113	%
		Property-casualty insurance			–				292				3,099				2,807				110	%
		Total			–				358				3,682				3,324				111	%

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Col. A			Col. B				Col. C								Col. D				Col. E
							Additions
			Balance at				1) – Charged				2) – Charged
			beginning of				to costs and				to other								Balance at
Description			year				expenses				accounts				Deductions				end of year
			(EUR, in millions)
December 31, 2005:
Reserves deducted from assets to which they apply:
Reinsurance balance receivable				11				2				—				—				13
Advances to and investments in affiliates				17				—				—				8				9
Other assets				—				—				—				—				—
	Total			28				2				—				8				22
December 31, 2004:
Reserves deducted from assets to which they apply:
Reinsurance balance receivable				8				3				—				—				11
Advances to and investments in affiliates				16				1				—				—				17
Other assets				1				—				(1	)			—				—
	Total			25				4				(1	)			—				28
December 31, 2003:
Reserves deducted from assets to which they apply:
Reinsurance balance receivable				9				—				(1	)			—				8
Advances to and investments in affiliates				16				—				—				—				16
Other assets				1				—				—				—				1
	Total			26				—				(1	)			—				25

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Col. A		Col. B				Col. C				Col. D				Col. E
						Reserves for Unpaid
						Claims, and Claim				Discount if any,
		Deferred Policy				Adjustment				Deducted in				Unearned
Affiliation with Registrant		Acquisition Costs				Expenses				Column C				Premiums
		(EUR, in millions)
Registrant and consolidated subsidiaries
2005			249				6,439				83				693
2004			254				6,470				92				627
2003			251				7,306				104				822

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