SCOR continues to combine growth with profitability in 2010: net income of EUR 418 million (up 13% from 2009) and premium income of EUR 6.7 billion (up 5% from 2009)
SCOR's 2010 results.
- gross written premiums in 2010 total EUR 6,694 million, up 4.9% compared with 2009 (stable at constant exchange rates). Excluding the US annuity business, the reduction of which was planned and deliberate (SCOR announced the disposal of this business on 16 February 2011), gross written premiums total EUR 6,662 million, up 11.2% compared with 2009 (5.9% at constant exchange rates);
- net income of EUR 418 million (up 13% compared to 2009), representing earnings per share of EUR 2.32 (up 12.6 % compared to 2009) and generating return on equity (ROE) of 10.2%;
- shareholders’ equity reaches EUR 4,352 million at the end of 2010, after the payment of EUR 179 million in dividends on 2009 earnings, up 11.6% compared to the previous year; net book value per share stands at EUR 23.96 (up 9.9% compared with 2009). SCOR has also strengthened its capital protection mechanisms during the year, particularly with its innovative contingent capital solution. All of the rating agencies improved their assessment of SCOR’s financial strength in 2010 by upgrading either their rating or their outlook.
- Non-Life reinsurance net combined ratio of 98.9% in 2010, in spite of major loss events during the year such as storm Xynthia in Europe, earthquakes in Chile, Haiti and New Zealand, and floods in Australia. The net combined ratio would have been 95.3% if losses due to natural catastrophes were at the 6% level budgeted for the year;
- Life reinsurance operating margin of 7.0% in 2010 (up 1.2 points compared with 2009);
- 2010 operating cash flow of EUR 656 million.
- net income of EUR 151 million (up 64% compared to Q4 2009);
- gross written premiums of EUR 1,674 million (up 11.9% compared to Q4 2009, up 5% at constant exchange rates); excluding the US annuity business, the increase is 17.5% compared to Q4 2009 (up 10.2% at constant exchange rates);
- Non-Life net combined ratio of 95.8% (down 7.5 points compared with Q4 2009);
- Life operating margin of 8.2% (up 0.4 points compared with Q4 2009);
- net return on invested assets of 4.1% (excl. funds withheld by cedants).
After the conclusion of our plan “Dynamic Lift V2”, last September we launched a new strategic plan, “Strong Momentum”, for the period from 2010-2013. We will achieve the ambitious profitability and solvency objectives set out in this plan through the mobilisation of all our teams, the support of our clients and the confidence of our shareholders.”
1 Proposal submitted to the Shareholders’ Annual General Meeting on 4 May 2011 for approval.
Group Head of Communications
+33 (0)1 58 44 75 43
Head of Investor Relations
+44 203 207 8561