SCOR delivers a strong performance in the 3rd quarter of 2011, with net income up 70% to EUR 188 million and premiums up 15% to over EUR 2 billion
SCOR's 2011 third quarter results.
- Gross written premiums stand at EUR 2,021 million, for the first time above EUR 2 billion in a quarter, up 14.7% compared to the 3rd quarter 2010 (+20.0% at constant exchange rates).
- SCOR Global P&C records gross written premiums of EUR 1,037 million (+2.9% compared to the 3rd quarter 2010, +7.4% at constant exchange rates). The net combined ratio stands at 94.8% (-0.1 point versus the 3rd quarter 2010), including 5.9 points from new natural catastrophes (notably the floods in Denmark and hurricane Irene) but with no deterioration of the net losses of Q1 and Q2 2011 events thanks to SCOR’s strong capital shield program.
- SCOR Global Life gross written premiums reach EUR 984 million, up 30.5% compared to the 3rd quarter 2010 (+36.9% at constant exchange rates), with the Transamerica Re business contributing EUR 256 million since 9 August 2011. The Life reinsurance operating margin stands at 6.4%,supported by improved technical profitability and despite lower financial results due to a deliberately high level of liquid assets.
- Operating cash-flow amounts to EUR 90 million, influenced by the payout of significant amounts following the exceptional cat events that occurred in the 1st quarter of 2011.
- Net income reaches EUR 188 million, up 70.1% compared to the 3rd quarter 2010 (+80.1% at constant exchange rates), with solid performances from all divisions and a contribution of EUR 108 million related to Transamerica Re. This contribution is composed of a gain on purchase of EUR 101 million and an operating performance net of tax for the period from 9 August to 30 September 2011 of EUR 7 million.
- SCOR Global Investments delivers an investment income of EUR 82 million on invested assets and a return on invested assets (excluding funds withheld by cedants) of 2.7% (3.8% in the 3rd quarter 2010). Anticipating the market turmoil, SCOR significantly and deliberately reduced its exposure to equities in mid-June 2011 and adopted a significant cash and short-term investments position (21% of the invested assets at the end of September 2011).
- Shareholders’ equity stands at EUR 4,224 million at 30 September 2011, compared to EUR 4,009 million at 30 June 2011. Book value per share stands at EUR 22.77 per share.
- Premium income stands at EUR 5,421 million, up 8.0% compared to the first nine months of 2010 (+11.4% at constant exchange rates). On a pro-forma basis, premium income stands at EUR 6,405 million.
- Gross written premiums for SCOR Global P&C stand at EUR 2,981 million, up 7.5% compared to the same period in 2010 (+11.0% at constant exchange rates). The net combined ratio is 106.6% (+6.9 points compared to the first nine months of 2010), down from 135.2% in Q1 2011 and 113.1% in H1 2011. 18.7 points are related to natural catastrophes (10.5 points in the first nine months of 2010).
- SCOR Global Life records gross written premiums of EUR 2,440 million (+8.5% compared to the same period in 2010, +11.9% at constant exchange rates). Pro-forma premium income is EUR 3,424 million. The Life operating margin reaches 6.9%, compared to 7.1% in the first nine months of 2010.
- Operating cash-flow stands at EUR 474 million (+1.5% compared to the same period in 2010).
- Net income reaches EUR 228 million (compared to EUR 267 million in the same period of 2010), with a total net pre-tax cost of EUR 476 million for natural catastrophes occurring in the first nine months of the year. Net income stands at EUR 266 million on a pro-forma basis.
- Return on invested assets (excluding funds withheld by cedants) stands at 3.8%, compared to 4.0% for the same period in 2010.
1 Detailed information on definitions and methodology are provided in the last page of this press release and in the Q3 2011 results presentation available at www.scor.com.
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