The leading provider of reinsurance in Australia
About us
As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
The Group generated premiums of EUR 19.7 billion in 2022 and serves clients in more than 160 countries from its 35 offices worldwide.
About Reinsurance
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.
| FY 2015 | ||
| Total Income | A$ | 106,113,540 |
| Taxable Income | A$ | 2,363,638 |
| Income Tax Payable | A$ | 709,091.40 |
Total Income
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:
| FY 2015 | ||
| Total Income | A$ | 106,113,540 |
| Less: Total Expenses | A$ | (92,895,762) |
| Profit/(Loss) | A$ | 13,217,778 |
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:
| FY 2014 | ||
| Book Profit/(Loss) | A$'m | 13.2 |
| Add: | ||
| Non-deductible Expenses | A$'m | 0.52 |
| Substract: | ||
| Income - Capital in Nature | A$'m | |
| Non-assessable Income | A$'m | (11.4) |
| Taxable Income | A$'m | 2.4 |
| Tax @ 30% | A$'m | 0.71 |
| Effective tax rate | 5% |
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$1.3m in withholding tax on our reinsurance premiums to our reinsurers outside of Australia.
SCOR is committed to an open and transparent relationship with our regulators and the governments in the countries in which we operate and conduct our business.
In respect of SCOR Australia’s income tax return (“ITR”) for the year ended 31 December 2014 (in lieu of the year ended 30 June 2015), the following details will be disclosed:
| FY 2014 | ||
| Total Income | A$ | 121,200,332 |
| Taxable Income | A$ | 0 |
| Income Tax Payable | A$ | 0 |
Total Income
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:
| FY 2014 | ||
| Total Income | A$ | 121,200,332 |
| Less: Total Expenses | A$ | (103,666,497) |
| Profit/(Loss) | A$ | 17,533,835 |
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:
| FY 2014 | ||
| Book Profit/(Loss) | A$'m | 17.5 |
| Add: | ||
| Non-deductible Expenses | A$'m | 0.0 |
| Substract: | ||
| Income - Capital in Nature | A$'m | |
| Non-assessable Income | A$'m | (17.9) |
| Taxable Income | A$'m | - |
| Tax @ 30% | A$'m | 0 |
| Effective tax rate | 0.0% |
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%.
| FY 2013 | FY 2014 | ||
| Book Profit/(Loss) | A$'m | 14.7 | 17.5 |
| Add: | |||
| Non-deductible Expenses | A$'m | 23.8 | 0.0 |
| Substract: | |||
| Income - Capital in Nature | A$'m | (4.1) | |
| Non-assessable Income | A$'m | (17.9) | |
| Taxable Income | A$'m | 34.4 | - |
| Tax @ 30% | A$'m | 10.3 | 0 |
| Effective tax rate | 70.2% | 0.0% |
- Fringe benefits tax of A$0.1m ;
- We collected and remitted to the ATO, GST of A$4.9m, A$1.5m in withholding tax on our reinsurance premiums to our reinsurers outside of Australia.
| FY 2013 | ||
| Total Income | A$ | 149,361,127 |
| Taxable Income | A$ | 34,446,335 |
| Income Tax Payable | A$ | 10,333,900 |
| FY 2013 | ||
| Total Income | A$ | 149,361,127 |
| Less : Total Expenses | A$ | (134,639,618) |
| Profit / (Loss) | A$ | 14,721,509 |
| FY 2013 | ||
| Book Profit/(Loss) | A$'m | 14.7 |
| Add: | ||
| Non-deductible Expenses | A$'m | 23.8 |
| Substract: | ||
| Income - Capital in Nature | A$'m | (4.1) |
| Non-assessable Income | A$'m | |
| Taxable Income | A$'m | 34.4 |
| Tax @ 30% | A$'m | 10.3 |
- Paid cash taxes of A$10.3m on our profits, and fringe benefits tax of A$0.1m;
- We collected and remitted to the ATO, GST of A$5m and A$2m in withholding tax on our reinsurance premiums to our reinsurers outside of Australia.
The SCOR Group is committed to human rights and is a member of the United Nations Global Compact with its Ten Principles relating to human rights, labour, environment and anti-corruption. SCOR supports the Australian Government’s introduction of the Modern Slavery Act 2018, and its Modern Slavery Statement for 2019-2020 reports on how the risks of modern slavery is being addressed.
SCOR is committed to an open and transparent relationship with our regulators and the governments in the countries in which we operate and conduct our business.
In 2020, the following details were submitted to the Commissioner of Taxation respect of SGLA’s income tax return (“ITR”) for the year ended 31 December 2019 (in lieu of the year ended 30 June 2019):
| Full Year 2019 | ||
|---|---|---|
| Total Income | A$ | 166,538,000 |
| Taxable Income | A$ | (21,220,385) |
| Income Tax Payable | A$ | 0 |
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:
| Full Year 2019 | ||
|---|---|---|
| Total Income | A$ | 166,538,000 |
| Total Expenses | A$ | (178,145,048) |
| Net Profit / (Loss) | A$ | 11,607,048 |
| Other income not included in assessable income* | A$ | (9,904,880) |
| Non-deductible expenses | A$ | 291,543 |
| Taxable Income / (Loss) | A$ | (21,220,385) |
| Tax payable at 30% | A$ | 0 |
* ‘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
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 2019 tax year has a tax loss, SGLA contributed in other ways to the Australian economy. For the 2019 tax year, SGLA paid withholding tax of $2.6 million and payroll tax of $0.4m. SGLA is also registered for GST and FBT.
We recognize that our sustainable tax contributions are important to public finances and the funding of the social programs.
SCOR is committed to an open and transparent relationship with our regulators and the governments in the countries in which we operate and conduct our business.
In 2019, the following details were submitted to the Commissioner of Taxation respect of SGLA’s income tax return (“ITR”) for the year ended 31 December 2018 (in lieu of the year ended 30 June 2018):
| Full Year 2018 | ||
|---|---|---|
| Total Income | A$ | 153,640,890 |
| Taxable Income | A$ | (1,819,944) |
| Income Tax Payable | A$ | 0 |
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:
| Full Year 2018 | ||
|---|---|---|
| Total Income | A$ | 155,640,944 |
| Total Expenses | A$ | (155,002,262) |
| Net Profit / (Loss) | A$ | 638,682 |
| Other income not included in assessable income* | A$ | (4,222,643) |
| Non-deductible expenses | A$ | 1,763,986 |
| Taxable Income / (Loss) | A$ | (1,819,975) |
| Tax payable at 30% | A$ | 0 |
* ‘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
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 2018 tax year has a tax loss, SGLA contributed in other ways to the Australian economy. For the 2018 tax year, SGLA paid withholding tax of $2.2 million and payroll tax of $0.3m. SGLA is also registered for GST and FBT.
We recognize that our sustainable tax contributions are important to public finances and the funding of the social programs.
| Full Year 2017 | ||
|---|---|---|
| Total Income | A$ | 153,487,890 |
| Taxable Income | A$ | 2,121,593 |
| Income Tax Payable | A$ | 636,478 |
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:
| Full Year 2017 | ||
|---|---|---|
| Total Income | A$ | 153,487,890 |
| Total Expenses | A$ | (147,402,568) |
| Net Profit / (Loss) | A$ | 6,085,322 |
| Other income not included in assessable income* | A$ | (1,266,764) |
| Non-deductible expenses | A$ | 245,100 |
| Tax losses deducted | A$ | (2,942,065) |
| Taxable Income | A$ | 2,121,593 |
| Tax payable at 30% | A$ | 636,478 |
* '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
| FY 2015 | ||
| Total Income | A$ | 333,575,840 |
| Taxable Income | A$ | 0 |
| Income Tax Payable | A$ | 0 |
Total Income
| FY 2014 | ||
| Total Income | A$ | 333,575,840 |
| Taxable Expenses | A$ | -336,909,728 |
| Net Loss | A$ | -3,333,888 |
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:
| FY 2014 | ||
| Net Income/(Loss) | A$ | (3,333,888) |
| Non-deductible expenses | A$ | 381,257 |
| Tax losses carried forward to future years | A$ | 2,952,631 |
| Net tax payable | A$ | - |
As such, the tax payable for the 2015 income tax year is zero and tax losses generated of $2,952,631 will be carried forward to offset with future year taxable profits.
We recognize that our sustainable tax contributions are important to public finances and the funding of the social programs.
| FY 2014 | ||
| Total Income | A$ | 147,711,471.00 |
| Taxable Income | A$ | 0.00 |
| Income Tax Payable | A$ | 0.00 |
Total Income
| FY 2014 | ||
| Total Income | A$ | 147,711,471 |
| Taxable Expenses | A$ | (151,350,571) |
| Net Loss | A$ | (3,639,100) |
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:
| FY 2014 | ||
| Net Income/(Loss) | A$ | (3,639,100) |
| Non-deductible expenses | A$ | 1,400,606 |
| Tax losses carried forward to future years | A$ | 2,238,494 |
| Net tax payable | A$ | - |
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.
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 for 2019-2020 reports on how the risks of modern slavery is being addressed.
