SCOR confirms its strong momentum in the third quarter with growth of 17% and net income up by 18% to EUR 111 million, thanks to its technical performance in Life and Non-Life reinsurance
SCOR's 2010 third quarter results.
- The third quarter results confirm the Group’s strong momentum with a net income of EUR 111 million, up 18.2% compared to the third quarter 2009 (EUR 94 million).
- This performance is notably due to very strong technical results, with a combined Non-Life ratio of 94.9% and a Life operating margin of 7.9% in the third quarter 2010.
- Excluding equity-indexed annuity business in the US, the reduction of which has been planned and deliberate, the Group has expanded by 16.9% in the third quarter 2010 (9.0% at constant exchange rates).
- With these performances in the third quarter, net income for the first nine months stands at EUR 267 million, which is close to the level achieved for the same period in 2009 (EUR 278 million) despite the exceptional losses of the first quarter 2010.
In the first nine months of the year, the Group has recorded:
- premium income of EUR 5,020 million. Excluding equity-indexed annuity business in the US, gross written premiums are up by 9.2% in the first nine months of 2010 (4.6% at constant exchange rates), to EUR 4,984 million;
- combined ratio of 99.9% for SCOR Global P&C, down sharply since the first quarter, which was impacted by the exceptional level of natural catastrophe costs;
- operating margin of 6.6% for SCOR Global Life;
- net annualised return on invested assets (excluding funds held by cedants) of 3.7%;
- annualised ROE of 8.8%;
- shareholders’ equity of EUR 4.3 billion at 30 September 2010, up 9.0% compared to 31 December 2009, i.e. EUR 23.41 book value per share;
- operating cash flow of EUR 467 million.
Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: “SCOR has continued its sustained growth in the third quarter 2010, combining profitability and solvency. The Group has thus achieved excellent operating results over the past quarter, with a combined Non-Life reinsurance ratio of less than 95% and an operating margin of around 8% in Life reinsurance. These results show that SCOR is already fully mobilised to achieve the objectives set out in its new strategic plan, “Strong Momentum”. This performance and the positive decisions made by the four rating agencies over the past few weeks bode very well for the end-of-year renewal period”.
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