Scor SE

Earnings Release • May 6, 2015

Press Release

6 May 2015 - N° 16

SCOR Global Life Embedded Value increases 6.2% to EUR 4.7 billion in 2014 (EUR 25.5 per share), continuing to provide the Group with significant earnings and strong capital repatriation

SCOR Global Life presents excellent Market Consistent Embedded Value (MCEV) figures for 2014, continuing to enhance the strength of its franchise through its major position in many markets.

SCOR Global Life 2014 MCEV – Key items:

• MCEV reaches EUR 4.7 billion, representing a return on MCEV of 7.2% per annum, thanks to total MCEV earnings of EUR 321 million.
• The Value of New Business amounts to EUR 325 million, compared to EUR 340 million in 2013, with a new business margin ¹ of 4.3% compared to 5.4% in 2013. Allowing for the impact of an exceptionally strong volume of financial solution transactions in 2013, the value generated by new business in 2014 has progressed favourably, driven by the development of the franchise as per the "Optimal Dynamics" plan.
• SCOR Global Life returns EUR 326 million of cash to the Group, of which approximately EUR 160 million consists of cash distributions from capital optimization following the the acquisition of Generali USA.
• The MCEV not recognised under IFRS increases from EUR 1,571 million in 2013 to EUR 1,834 million in 2014. This increase is mainly driven by new business written in 2014 and foreign exchange developments.
• After capital repatriation, the MCEV increases by 6.2% to EUR 4.7 billion or EUR 25.5 per share in 2014, from EUR 4.5 billion or EUR 24.1 per share in 2013.
• 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.

Contact details

Marie-Laurence Bouchon Group Head of Communications +33 (0)1 58 44 76 10 mbouchon@scor.com

Bertrand Bougon Head of Investor Relations & Rating Agencies +33 (0)1 58 44 71 68 bbougon@scor.com

¹ The ratio of the value of new business and the present value of new business premiums.

Press Release

6 May 2015 - N° 16

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 20 March 2015 under number D.15-0181 (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.

The Group's financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting".

SCOR SE 5, Avenue Kléber 75795 Paris Cedex 16, France Tél + 33 (0) 1 58 44 70 00 RCS Paris B 562 033 357 Siret 562 033 357 00046 Société Européenne au capital de 1 512 224 741,93 euros