2013-03-04 07:18:16 -

Press Release
04 March 2013



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



                           SCOR Global Life completes
                          a major transaction in Spain



With  effective date January  1(st) 2013, SCOR has entered  into a VIF (Value of
In-Force)   monetization  transaction  with  BBVA  Seguros,  a    Spanish  leading
insurance  company, to  reinsure a  whole block  of life risk insurance policies
written by BBVA Seguros until December 31(st) 2012.

Under  the  contemplated  reinsurance  structure,  SCOR  Global Life Reinsurance
Ireland  plc (Irish subsidiary of SCOR Global  Life SE) assumes a quota share of
90% of the majority of BBVA Seguros' single premium and regular premium business
which  covers traditional benefits  of mortality and  permanent disability under
mortgage and consumer loan protection policies.

SCOR  Global Life Reinsurance Ireland pays  circa EUR 630 million of reinsurance
commission  to  write  this  business  and  receives the current reserves of the
acquired block at inception of the treaty, leading to a very limited initial net
cash transfer.

This  block transaction will generate in the future a total gross premium volume
of  around EUR 1 billion for  SCOR with gross premium  of approximately EUR 120
million attributable to the 2013 financial year.



Gilles  Meyer,  CEO  of  SCOR  Global  Life,  comments:  "This  VIF monetization
transaction  on a traditional mortality portfolio  is fully consistent with SCOR
Global  Life's strategy and  SCOR's risk appetite.  It fully satisfies our Group
profitability  criteria and  will substantially  contribute to the 2013 embedded
value  figures. It will further strengthen our already strong market position in
the Spanish Life market".




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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 8 March 2012
under number D.12-0140 (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 Press Release: 
 hugin.info/143549/R/1682633/550460.pdf



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