For the first nine months of 2014, SCOR records a net income of EUR 377 million, up 25% from 2013
SCOR's results of November of 2014.
- Gross written premiums stand at EUR 8,382 million, up 13.6% at constant exchange rates (+11.2% at current exchange rates) in the first nine months, driven by the growth of SCOR Global Life’s financial solutions in Asian and Latin American countries, by the Generali US contribution and by SCOR Global P&C’s increased top line, despite unfavourable exchange rates:
- SCOR Global P&C records gross written premium growth of 3.4% at constant exchange rates to EUR 3,679 million (+0.9% at current exchange rates), in line with the assumption of EUR 5 billion in annual gross written premiums stated at the January 2014 renewals;
- SCOR Global Life gross written premium increase of +5.6% on a pro-forma basis at constant exchange rates (+23.1% at constant exchange rates, on a published basis) to EUR 4,703 million, notably supported by a strong focus on financial solutions in Asian and Latin American countries and a positive impact from the Generali US acquisition.
- SCOR Global P&C’s net combined ratio stands at 91.6% for the first nine months of 2014, compared to 94.1% for the first nine months of 2013. This ratio reflects very strong technical results, driven by the year-on-year improvement of the attritional ratio and the low level of natural catastrophes in the first nine months of 2014.
- SCOR Global Life’s technical margin reaches 7.2% in the first nine months of 2014, compared to 7.4%1 on a pro-forma basis in the first nine months of 2013.
- SCOR Global Investments achieves a 2.9% return on invested assets over the period thanks to its active portfolio management, and continues the rebalancing of its investment portfolio in line with “Optimal Dynamics” orientations.
- For Q3 standalone, SCOR records strong operating cash flow, up 16.1% to EUR 468 million.
- SCOR’s net income reaches EUR 377 million for the first nine months of 2014, up 24.8% compared to the first nine months of 2013, thanks to strong technical results from both Life and P&C. On an annualised basis, the return on equity (ROE) reaches 9.8% for the first nine months of 2014.
- SCOR books a record shareholders’ equity position of EUR 5.5 billion, with book value per share at EUR 29.36 at 30 September 2014 (versus EUR 26.64 at 31 December 2013), after distribution of EUR 243 million in cash dividends.
- SCOR’s financial leverage stands at 20.0% at 30 September 2014, decreasing by 1.2 pts compared to 31 December 2013 and below the 25% ceiling defined in “Optimal Dynamics”. The Group successfully issued EUR 250 million and CHF 125 million perpetual subordinated debt, which will be settled and accounted for in Q4 2014.
- The Group continues its cost control policy and optimizes its resources with a cost ratio of 4.9% for the first nine months, in line with “Optimal Dynamics” assumptions.
1 The technical result calculation method was adjusted to include revenues from Life reinsurance contracts that do not meet the risk transfer criteria (presented in the investment income line of the Interim condensed consolidated statements of income). The ratio previously reported was 7.3%.
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