SCOR reaffirms its independence and acknowledges Covéa's decision to withdraw its proposal on a potential combination

Press Release
September 4, 2018 - N° 17

SCOR reaffirms its independence and acknowledges Covéa's decision to withdraw its proposal on a potential combination

SCOR confirms that on August 24, 2018, Covéa sent a letter to SCOR proposing to initiate discussions relating to a project of Covéa to acquire a majority stake in SCOR's share capital and voting rights.

The conditions for the implementation of this project set forth in Covéa's letter included notably the favorable recommendation by the Board of Directors of SCOR and the execution of a business combination agreement with SCOR.

On August 30, 2018, SCOR's Board of Directors reviewed the terms and conditions of this unsolicited proposal in detail and determined that it is fundamentally incompatible with SCOR's strategy of independence, which is a key factor of its development, that it would jeopardize the Group's strong value-creating strategy and that it reflects neither the intrinsic value nor the strategic value of SCOR. This project was met with unanimous opposition from SCOR's Executive Committee. In view of this, any public bid would be deemed hostile.

The Board of Directors of SCOR unanimously decided to refuse to initiate discussions with Covéa. It has reaffirmed its complete trust in SCOR's management to continue to create value.

SCOR acknowledges Covéa's decision to withdraw its proposal on a potential combination.

This publication is an ad hoc disclosure pursuant to article 17 of the Regulation (EU) n°596/2014 of 16 April 2014.

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Contact details

Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 75 43
mbouchon@scor.com

Ian Kelly
Head of Investor Relations
+44 (0)203 207 8561
ikelly@scor.com

http://www.scor.com/

Twitter: @SCOR_SE

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 the 2017 reference document filed on February 23, 2018, under number D.18-0072 with the French Autorité des marchés financiers (AMF) posted on SCOR's website www.scor.com (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".