SCOR is committed to an open and transparent relationship with our regulators and the governments in the countries in which we operate and conduct our business.  

In 2023, the following details were submitted to the Commissioner of Taxation respect of SCOR Australia’s income tax return (“ITR”) for the year ended 31 December 2022 (in lieu of the year ended 30 June 2023):

Total Income 

Total Income is the amount shown at income Label 6S of the ITR and represents gross income for accounting purposes (ie. income before any expenses is taken into account).  In Reinsurance terminology, Total Income refers to the gross amount of income collected before any payment for claims or any other expense.  Total income is not an indicator of the real, economic or taxable profits of an organization.  To illustrate this, set out below is a reconciliation of SCOR Australia’s Total Income and accounting profit to Taxable Income and Income Tax Payable:

The adjustments made were: 
¹ Added back the general expenses accruals, accounting depreciation and other non-deductible expenses; and 
² Subtraction of the Outstanding Claims Reserve (“OCL”) of A$3.1m and other non-assessable income of A$0.6m. OCL is a provision made in the balance sheet of an insurance company for all claims that have been made and for which the insurer is liable, but which had not been settled at the balance sheet date).

Division 321 of the Income Tax Assessment Act 1997 (“1997 Act”) provides that an increase in an insurance company’s OCL for tax purposes are deductible and decreases in an insurance company’s OCL for tax purposes are assessable.  Besides, ITAA 1997 requires OCL to be calculated on a discounted basis and exclude the direct and indirect settlement costs ie. the Actuarial basis.

However, SCOR Australia has not adopted the Actuarial basis for accounting purposes and compared with the Actuarial basis, there is a reduction of A$3.1m of the OCL movement which has been treated as an income through the profit and loss.  As such, for income tax purpose, A$3.1m is subtract as non-assessable income.

SCOR Australia paid income tax of A$2.3m in 2022.  In addition, SCOR Australia Branch contributes in many ways to the Australian economy.  In 2023, we:

• Paid fringe benefits tax of A$0.01m;
• We collected and remitted to the ATO, GST of A$13.7m, A$2.8m & A$0.09m in withholding tax on our reinsurance premiums & interest on ceded fund withheld to our reinsurers outside of Australia. 

We recognize that our sustainable tax contributions are important to public finances and the funding of the social programs.
 

SCOR is committed to an open and transparent relationship with our regulators and the governments in the countries in which we operate and conduct our business.  

Total Income is the amount shown at income Label 6S of the ITR represents gross income for accounting purposes ie. income before any expenses are taken into account.  Total income is not an indicator of the real, economic or taxable profits of an organization.  To illustrate this, set out below is a reconciliation of SCOR Australia’s total income to accounting profit for the year ended 31 December 2015:

Reconciliation of Profit to Taxable Income

A reconciliation of SCOR Australia’s accounting profit to taxable income for the year ended 31 December 2015, as reported in the ITR is set out below:

As such, the effective tax rate for SCOR Australia for the year ended 31 December 2015 is 5% (being tax divided by accounting profit).

• Paid fringe benefits tax of A$0.04m ;
• We collected and remitted to the ATO, GST of A$4.4m, A$1.3m in withholding tax on our reinsurance premiums to our reinsurers outside of Australia. 

SCOR is committed to an open and transparent relationship with our regulators and the governments in the countries in which we operate and conduct our business.  

In respect of SCOR Australia’s income tax return (“ITR”) for the year ended 31 December 2014 (in lieu of the year ended 30 June 2015), the following details will be disclosed:

Total Income is the amount shown at income Label 6S of the ITR represents gross income for accounting purposes ie. income before any expenses are taken into account.  Total income is not an indicator of the real, economic or taxable profits of an organization.  To illustrate this, set out below is a reconciliation of SCOR Australia’s total income to accounting profit for the year ended 31 December 2014:

Reconciliation of Profit to Taxable Income

A reconciliation of SCOR Australia’s accounting profit to taxable income for the year ended 31 December 2014, as reported in the ITR is set out below:

As such, the effective tax rate for SCOR Australia for the year ended 31 December 2014 is 0% (being tax divided by accounting profit).

As the adjustment of OCL movement is a timing difference, in 2013, SCOR Australia’s effective tax rate in 2013 was 70.2%.  On average, it will be 32% which is slightly higher than the statutory rate of 30%.

• Fringe benefits tax of A$0.1m ;
• We collected and remitted to the ATO, GST of A$4.9m, A$1.5m in withholding tax on our reinsurance premiums to our reinsurers outside of Australia. 

The SCOR Group is committed to human rights and is a member of the United Nations Global Compact with its Ten Principles relating to human rights, labour, environment and anti-corruption. SCOR supports the Australian Government’s introduction of the Modern Slavery Act 2018, and its Modern Slavery Statement reports on how the risks of modern slavery is being addressed.

SCOR is committed to an open and transparent relationship with our regulators and the governments in the countries in which we operate and conduct our business.  

In 2023, the following details were submitted to the Commissioner of Taxation respect of SGLA’s income tax return (“ITR”) for the year ended 31 December 2022:

^* ‘Other income not included in assessable income’ relates to unrealised gains on the revaluation of assets to fair value.
^# ‘Unutilized carried forward tax loss’ from 31 December 2021 was $28.9 million and $19.2 million was offset with the 2022 taxable income.  The unutilized tax loss was reduced to $9.7 million to be carried forward to offset future years’ taxable profits.

As above, the tax payable for the 2022 income tax year is zero.

SCOR in Australia

SGLA has been operating in Australia since 2011 and continues to develop the necessary scale in the Australian market.  In the start-up years of a life reinsurance business, acquisition costs, staff expenses and other operating expenses are higher than income, which will likely result in losses until such time as premium and investment incomes reach a critical mass sufficient to cover costs.  Besides, to build its local franchise, a start-up reinsurer must underwrite and price at margins that are competitive against existing market participants.

Whilst the 2022 tax year has NIL tax loss or profit, SGLA contributed in other ways to the Australian economy. For the 2022 tax year, SGLA paid withholding tax of $3.6 million and payroll tax of $0.6 million.  SGLA is also registered for GST and FBT. 

We recognize that our sustainable tax contributions are important to public finances and the funding of the social programs.
 

SCOR is committed to an open and transparent relationship with our regulators and the governments in the countries in which we operate and conduct our business.  

In 2022, the following details were submitted to the Commissioner of Taxation respect of SGLA’s income tax return (“ITR”) for the year ended 31 December 2021: 

^* ‘Other income not included in assessable income’ relates to unrealised gains on the revaluation of assets to fair value.
^# ‘Unutilized carried forward tax loss’ from 31 December 2020 was $32.7 million and $3.7 million was offset with the 2021 taxable income.  The unutilized tax loss was reduced to $28.9m to be carried forward to offset future years’ taxable profits.

As above, the tax payable for the 2021 income tax year is zero.

SCOR in Australia

SGLA has been operating in Australia since 2011 and continues to develop the necessary scale in the Australian market.  In the start-up years of a life reinsurance business, acquisition costs, staff expenses and other operating expenses are higher than income, which will likely result in losses until such time as premium and investment incomes reach a critical mass sufficient to cover costs.  Besides, to build its local franchise, a start-up reinsurer must underwrite and price at margins that are competitive against existing market participants.

Whilst the 2021 tax year has NIL tax profit or loss, SGLA contributed in other ways to the Australian economy. For the 2021 tax year, SGLA paid withholding tax of $4.7 million and payroll tax of $0.5 million.  SGLA is also registered for GST and FBT. 

We recognize that our sustainable tax contributions are important to public finances and the funding of the social programs.
 

Total Income

Total Income is the amount shown at income Label 6S of the ITR and represents gross income for accounting purposes (ie. income before any expenses are taken into account). In Reinsurance terminology, Total Income refers to the gross amount of income collected before any payment for claims or any other expense. Total income is not an indicator of the real, economic or taxable profits of an organization. To illustrate this, set out below is a reconciliation of SGLA’s Total Income and accounting profit to Taxable Income and Income Tax Payable:

* ‘Other income not included in assessable income’ relates to unrealised gains on the revaluation of assets to fair value.

As above, the tax payable for the 2019 income tax year is zero and tax losses generated of $21,220,385 will be carried forward to offset future years’ taxable profits.

SCOR in Australia

Total Income

Total Income is the amount shown at income Label 6S of the ITR and represents gross income for accounting purposes (ie. income before any expenses are taken into account).  In Reinsurance terminology, Total Income refers to the gross amount of income collected before any payment for claims or any other expense.  Total income is not an indicator of the real, economic or taxable profits of an organization.  To illustrate this, set out below is a reconciliation of SGLA’s Total Income and accounting profit to Taxable Income and Income Tax Payable:

* ‘Other income not included in assessable income’ relates to unrealised gains on the revaluation of assets to fair value.

As above, the tax payable for the 2018 income tax year is zero and tax losses generated of $1,819,975 will be carried forward to offset future years’ taxable profits.

SCOR in Australia

Total Income

Total Income is the amount shown at income Label 6S of the ITR and represents gross income for accounting purposes (ie. income before any expenses are taken into account).  In Reinsurance terminology, Total Income refers to the gross amount of income collected before any payment for claims or any other expense.  Total income is not an indicator of the real, economic or taxable profits of an organization.  To illustrate this, set out below is a reconciliation of SGLA’s Total Income and accounting profit to Taxable Income and Income Tax Payable:

* 'Other income not included in assessable income' relates to unrealised gains on the revaluation of assets to fair value.

Effective tax rate

SCOR in Australia

SGLA has been operating in Australia since 2011, and continues to develop the necessary scale in the Australian market. In the start-up years of a life reinsurance business, acquisition costs, staff expenses and other operating expenses are higher than income, which will likely result in losses until such time as premium and investment incomes reach a critical mass sufficient to cover costs. Besides, to build its local franchise, a start-up reinsurer must underwrite and price at margins that are competitive against existing market participants.

Reconciliation of Profit to Taxable Income 

A reconciliation of SGLA’s accounting profit to taxable income for the year ended 31 December 2015, as reported in the ITR is set out below:

As such, the tax payable for the 2015 income tax year is zero and tax losses generated of $2,952,631 will be carried forward to offset with future year taxable profits.

We recognize that our sustainable tax contributions are important to public finances and the funding of the social programs.

SGLA has been operating in Australia since 2011, and continues to develop the necessary scale in the Australian market.  In the start-up years of a life reinsurance business, acquisition costs, staff expenses and other operating expenses are higher than income, which will likely result in losses until such time as premium and investment incomes reach a critical mass sufficient to cover costs.  Besides, to build its local franchise, a start-up reinsurer must underwrite and price at margins that are competitive against existing market participants.

Reconciliation of Profit to Taxable Income 

A reconciliation of SGLA’s accounting profit to taxable income for the year ended 31 December 2014, as reported in the ITR is set out below:

As such, the tax payable for the 2014 income tax year is zero and tax losses generated of $2,238,494 will be carried forward to offset with future year taxable profits.

Although SGLA does not pay any income tax, SGLA contributes in other ways to the Australian economy.  In 2014, we paid withholding tax of $0.8 million and payroll tax of $0.1m. SGLA is registered for GST and FBT.

We recognize that our sustainable tax contributions are important to public finances and the funding of the social programs.

SCOR is committed to protecting the personal information that we collect from insurers to assess their customers’ insurance.

Our policy setting out how we do this is available here

The SCOR Group is committed to human rights and is a member of the United Nations Global Compact with its Ten Principles relating to human rights, labour, environment and anti-corruption. SCOR supports the Australian Government’s introduction of the Modern Slavery Act 2018, and its Modern Slavery Statement reports on how the risks of modern slavery is being addressed.

• Solvency Note 2024

• Solvency Note 2023

• Solvency Note 2022