SCOR delivers a strong performance for the first nine months of 2013, recording net income of EUR 302 million
SCOR's results for the first nine months of 2013.
- Gross written premiums stand at EUR 7,539 million, up 4.5% (+7.7% at constant exchange rates), driven by the combined impact of healthy SCOR Global P&C renewals and major contracts signed by SCOR Global Life:
- SCOR Global P&C records gross written premium growth of 7.1% at constant exchange rates to EUR 3,647 million, in line with the full-year expected growth rate of 6%;
- SCOR Global Life records gross written premium growth of 8.3% at constant exchange rates to EUR 3,892 million, notably supported by new contracts signed in Asia, the UK and the Iberian Peninsula.
- SCOR Global P&C’s net combined ratio stands at 94.1%, in line with 2013 expectations.
- SCOR Global Life’s technical margin reaches 7.3%, in line with 2013 expectations.
- Thanks to its active portfolio management, SCOR Global Investments records an ongoing return on invested assets of 3.3% (excluding equity impairments). SCOR Global Investments pursues its prudent asset management policy, whilst starting to slightly increase the duration of its fixed income portfolio. At current market levels, SCOR does not expect further impairments on the equity portfolio.
- Operating cash flow is up sharply toEUR 722 million (+30%), with contributions from both business engines.
- The Group continues its cost control policy with a cost ratio of 5.0%. This is an improvement versus the 5.1% recorded in the first nine months of 2012 and it puts the Group on track to achieve the 4.8% assumed in the “Optimal Dynamics” plan. SCOR continues to invest in accordance with its strategic plan, currently pursuing more than 15 projects.
- SCOR’s net income reaches EUR 302 million in the first nine months of 2013. Despite the high level of natural catastrophes, the Group records a high level of profitability, with a ROE of 8.5% (9.8% excluding equity impairments).
- Shareholders’ equity reaches EUR 4,813 million, or EUR 25.6 per share, as at 30 September 2013. This compares to EUR 4,807 million as at 31 December 20121 and is after distribution of dividends amounting to EUR 223 million.
- SCOR’s financial leverage stands at 21.6% at 30 September 2013, below the 25% ceiling indicated in the “Optimal Dynamics” plan. Moreover, SCOR has actively managed its liabilities in 2013, providing liquidity to its outstanding debts by acquiring a total face value of USD 46 million at an average price below 90% of par and by issuing CHF 250 million of perpetual subordinated debt.
1 Shown Shareholders’ Equity is adjusted due to the retrospective application of IAS 19 “revised”: Q4 2012 published Shareholders’ Equity amounted to EUR 4,810 million.
2 See SCOR press release n° 30 of 10 September 2013.
3 See SCOR press release n° 29 of 6 September 2013.
4 See SCOR press release n° 28 of 4 September 2013.
5 This is the ratio of available capital over SCR (Solvency Capital Requirements).
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