14Nov07

Press release

Group

SCOR displays strong nine-month results of € 299 million, testifying to the strength of the new Group

SCOR's nine-month results of 2007.

In line with its strategic plan “Dynamic Lift V2”, SCOR SE (“SCOR”) delivers on its promise of reaching new and higher levels in terms of profitability, capital strength and business volume:
 
  • Strong top-line performance supported by acquisitions with year-to-date 2007 gross written premiums at € 3,381 million, up 62% compared to the first nine months of 2006. SCOR’s pre-acquisition platform has grown by 8% at constant exchange rates compared to the first nine months of 2006. Recent acquisitions (Converium & Revios) show a healthy underlying growth;
  • Robust underlying operating performance with a Non-Life combined ratio of 96.4% and a Life operating margin of 7.2% on a year-to-date basis;
  • Prudent asset management policy delivers a consistent investment return on net invested assets of 4.5% year-to-date;
  • Net income year-to-date stands at € 299 million, up 93% compared to the first nine months of 2006, supported by net operating cash flows of € 519 million. Earnings per Share stands at € 2.22. SCOR’s pre-acquisition platform shows a strong net income of € 190 million, up 23% compared to the first nine months of 2006 at constant exchange rates;
  • The Converium acquisition contributes € 52 million to the year-to-date Group net income, of which an amount of € 40 million applies to the full consolidation period (8 August – 30 September 2007);
  • Shareholder equity reaches € 3,646 million as of 30 September 2007 including minorities. Book value per share stands at € 20.05;
  • Year-to-date return on average equity (ROE) reaches 15.1%;
  • On a pro-forma basis, consolidating Converium since 1 January 2007, the Group would record a net income of € 344 million; 
  • Swift Converium integration with underwriting teams and plans in place;
  • Cancellation procedure of remaining Converium minority shareholders initiated.
Denis Kessler, Chairman and Chief Executive Officer of SCOR, commented: “SCOR’s performance during the first nine months of 2007 is very satisfactory. The figures confirm the Group’s earning power, along with its successful integration efforts and twin-engine strategy supported by the pillars of SCOR Global P&C and SCOR Global Life. The Group is well on its way to reaching its “Dynamic Lift V2” targets. Today SCOR is clearly recognized as a top-tier reinsurer. We are confident that the 2008 renewals will confirm the ambitions that we have set for ourselves.
 

Contact

Marie-Laurence Bouchon

Group Head of Communications

+33 (0)1 58 44 75 43

mbouchon@scor.com

 

Ian Kelly

Head of Investor Relations

+44 203 207 8561

ikelly@scor.com