Scor SE

Earnings Release • May 15, 2013

N° 13 – 2013

SCOR Global Life Embedded Value reaches EUR 3.5 billion in 2012 (EUR 18.8 per share), continuing to provide the Group with significant earnings and strong capital repatriation

SCOR Global Life (SGL) presents strong Market Consistent Embedded Value (MCEV) figures for 2012, once again demonstrating the profitable growth of its franchise and its long-term capacity for value creation.

Key items for SGL's 2012 MCEV:

• MCEV earnings reach EUR 372 million, representing a return on MCEV of 11.2% per annum, comprised of strong MCEV operating profits of EUR 285 million and positive economic variances of EUR 87 million
• The Value of New Business amounts to EUR 122 million, with a new business margin of 3.6%
• The free cash produced by the in-force portfolio comfortably meets the financing needs of new business and provides a return of EUR 260 million to the Group
• After capital repatriation of EUR 260 million, the MCEV grows by 4.1% to EUR 3.5 billion or EUR 18.8 per share in 2012, from EUR 3.3 billion or EUR 18.0 per share in 2011
• The strength of SCOR Global Life's business model is confirmed, with biometric focus providing low MCEV sensitivity to interest rates and financial markets compared to most primary life insurers

Gilles Meyer, Chief Executive Officer of SCOR Global Life, comments: "SGL's 2012 Embedded Value results confirm the depth of the division's franchise and its capacity for value creation. SGL proves once again that it is a strong shareholder value contributor for the Group. These results further demonstrate SGL's leading position as a top-tier Life reinsurer throughout the world."

SCOR SE 5, avenue Kléber 75795 Paris Cedex 16 France Tél + 33 (0) 1 58 44 70 00 Fax + 33 (0) 1 58 44 85 00 www.scor.com RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital de 1 512 224 741.93 euros

For more information, please contact: Jean-Charles Simon / Géraldine Fontaine +33 (0) 1 58 44 75 58 Communications and Public Affairs

Antonio Moretti +33 (0) 1 58 44 77 15 Investor Relations Director

Strong MCEV development in 2012 continues SCOR Global Life's solid track-record of value creation

SGL's 2012 MCEV increases by 4.1% to EUR 3.5 billion (EUR 18.8 per share) compared to EUR 3.3 billion in the previous year (EUR 18.0 per share), mainly supported by a significant MCEV operating profit of EUR 285 million.

The 2012 MCEV operating profit reaches EUR 285 million, compared to EUR 347 million in 2011, driven by Value of New Business of EUR 122 million (similar to the Value of New Business of EUR 124 million in 2011) and other operating variances, and despite negative experience variances of EUR 56 million.

Total MCEV earnings increase to EUR 372 million from EUR 233 million in 2011, supported by strong operating profits and favourable economic and other variances of EUR 87 million. SGL's biometric focus provides low MCEV sensitivity to interest rates and financial markets.

The Free Surplus generated by in-force business has increased from EUR 412 million in 2011 to EUR 476 million in 2012. Thanks to the optimisation of internal business flows, the Free Surplus consumption of new business has decreased from EUR 230 million to EUR 191 million. As a consequence, SGL has been able to repatriate EUR 260 million of capital to the Group (EUR 100 million of which in the form of a dividend to SCOR SE) and at the same time to increase its stock of Free Surplus by EUR 25 million to EUR 625 million at the end of 2012. This cash-generating capacity of SGL once again demonstrates the relevance of SCOR's "twin engine" strategy.

The MCEV value not recognised under IFRS increases from EUR 1,020 million in 2011 to EUR 1,124 million in 2012. The increase is mainly driven by the Value of New Business, which is only partially recognised under IFRS.

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Details of the Embedded Value approach used by SCOR Global Life, including an analysis of movements of Embedded Value from 2011 to 2012, along with details of the methodology used, an analysis of sensitivities to certain key parameters and a reconciliation of the Embedded Value to SCOR's IFRS equity, can be found in the document entitled "SCOR Global Life Market Consistent Embedded Value 2012 – Supplementary Information" and the "SCOR Global Life – Embedded Value 2012 results" slide-show presentation, both of which are available at www.scor.com.

The Embedded Value has been calculated in accordance with the European Insurance CFO Forum Market Consistent Embedded Value Principles (Copyright© Stichting CFO Forum Foundation 2008) published in June 2008 and October 2009 by the CFO Forum.

Towers Watson have been commissioned to review the methodology and assumptions used as well as the results of the calculations made by SCOR to determine the Embedded Values. The scope of their review and opinion is presented in "2012 Market Consistent Embedded Value – Supplementary Information". This MCEV disclosure should not be viewed as a substitute for SCOR's primary financial statements.

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SCOR SE 5, avenue Kléber 75795 Paris Cedex 16 France Tél + 33 (0) 1 58 44 70 00 Fax + 33 (0) 1 58 44 85 00 www.scor.com RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital de 1 512 224 741.93 euros

Press release (p.3/3) 15 May 2013 N° 13 – 2013

Forward-looking statements

SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission. Thus, any forward-looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could." Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.

Please refer to SCOR's Document de référence filed with the AMF on 6 March 2013 under number D.13-0106 (the "Document de référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.

SCOR SE 5, avenue Kléber 75795 Paris Cedex 16 France Tél + 33 (0) 1 58 44 70 00 Fax + 33 (0) 1 58 44 85 00 www.scor.com RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital de 1 512 224 741.93 euros