Return to profitability, results in line with the Moving Forward Plan, group net income: EUR 68.7 million, proposed dividend of EUR 0.03 per share
2004 annual results.
- Gross written premiums: EUR 2,528 million
- Operating income: EUR 106 million (compared to EUR –252 million in 2003)
- Group net income: EUR 68.7 million (compared to EUR –314 million in 2003)
- Adequate Group reserves confirmed by internal and external actuarial review
- Group Net Asset Value: EUR 1,424 million at the end of 2004 (+102% compared to the end of 2003)
- Overall investment income of EUR 305 million (compared to EUR 592 million in 2003)
Non-Life Reinsurance in 2004:
- Gross written premiums: EUR 1,321 million
- Operating income: EUR 88 million (compared to EUR –211 million in 2003)
- Combined ratio for Non-Life business: 100.1% (compared to 121.3% in 2003)
- Exceptional climatic events in 2004 amounted to EUR 76 million
- Additional reserves of EUR 20 million established net of retrocession on the WTC, following the verdict rendered on 6 December 2004.
Life & Accident Reinsurance in 2004:
- Gross written premiums: EUR 1,207 million
- Operating income: EUR 47 million (compared to EUR 50 million in 2003)
- Margin on net premiums: 4.2% (compared to 3.7% in 2003)
- Net EPS: EUR 0.08 at 31 December 2004
- Book value per share (before dividend): EUR 1.63
- Proposed dividend of EUR 0.03 per share, pending approval by the General Shareholders’ Meeting
The SCOR Board meeting of 23 March 2005, chaired by Denis Kessler, closed the accounts at 31 December 2004. Following the meeting, Denis Kessler, Chairman and Chief Executive Officer, said:
“SCOR was back in profit in 2004. This return to profitability was achieved despite a year marked by the exceptionally high number of natural events and claims in North America and Asia. These satisfactory results include additional reserves following the unfavourable legal decision that we are disputing on the World Trade Center claim.
We are pleased that the Group’s results are based on a significant gross and net technical surplus in Non-Life reinsurance and on a very positive operating income in Life & Accident reinsurance. This regained technical profitability demonstrates the quality of the Group’s underwriting over the past financial years, and translates into a satisfactory level of reserves on previous years.
The Group’s results have been achieved along with a significant contraction in investment income, primarily resulting from the policy of currency hedging now in place and the absence of significant capital gains.
SCOR has restored its credibility with its clients. SCOR has restored its solvency thanks to the support of its shareholders. SCOR has restored its profitability thanks to the quality of its underwriting.
We are resolutely continuing to implement the Moving Forward Plan.”
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