SCOR delivers a strong performance for the first half of 2015 with a net income of EUR 327 million, up 28% from H1 2014
Half year 2015 results.
- SCOR Global P&C gross written premiums increase by 19.1% at current exchange rates (+5.9% at constant exchange rates) to EUR 2,859 million;
- SCOR Global Life gross written premiums reach EUR 3,634 million, up by 20.1% at current exchange rates (+4.9% at constant exchange rates).
- SCOR Global P&C delivers excellent H1 2015 technical profitability with a net combined ratio of 90.9%, stable compared to H1 2014, in an environment of low natural catastrophe losses but with an unusually high number of major industrial losses.
- SCOR Global Life’s technical margin stands at 7.2% for the first six months of 2015, stable compared to the same period in 2014.
- SCOR Global Investments achieves a 3.4% return on invested assets thanks to its active portfolio management.
- Group net income reaches EUR 327 million in the first half of 2015, an increase of 27.7% compared to H1 2014. The annualized return on equity (ROE) stands at 11.1%1 or 1,112 bps above the risk-free rate2.
- Shareholders’ equity increases by 5.2% in the first six months of 2015 to reach EUR 6,026 million at 30 June 2015, compared to EUR 5,729 million at 31 December 2014, after the payment of EUR 260 million of dividends for the year 2014. This translates into a book value per share of EUR 32.29 at 30 June 2015, compared to EUR 30.60 at 31 December 2014. This increase is driven by a high net income contribution and strong foreign exchange impact of EUR 280 million.
- SCOR’s financial leverage stands at 24.1% at 30 June 2015, up from 23.1% at 31 December 2014 following the successful placement of EUR 250 million dated subordinated debt issued with a coupon set at 3.25%. In addition, SCOR has called two debts due in 2029 and 2020 respectively for EUR 10 million and EUR 93 million. The latter will be accounted for in Q3 20153.
1 The ROE calculation method was adjusted to take into account material foreign exchange rate movements that did not occur evenly through the reporting period. A daily weighted average is applied for the currency or currencies that experienced such movements and a simple weighted average is applied for the other currencies. The ratio previously reported was 10.3% for H1 2014.
2 Three-month risk-free rates.
3 The financial leverage would be 23.2% if the EUR 93 million debt was called and accounted for in Q2 rather than in Q3.
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