30Aug06

Press release

Group

SCOR records a net income of EUR 102 million, up 42%

2006 First Half Results.

2006 First Half Results
 

  • Gross written premiums: EUR 1,372 million (+ 16% compared to the first half of 2005), of which Non-Life business amounts to EUR 844 million (+28%)
  • Operating income: EUR 188 million (+ 34% compared to the first half of 2005)
  • Net income: EUR 102 million (+ 42% compared to the first half of 2005)
  • Net income per share: EUR 0.11 (+ 22% compared to the first half of 2005)
  • Shareholders’ equity at 30 June 2006: EUR 1,672 million (compared to EUR 1,719 million at 31 December 2005)
  • Combined ratio for Non-Life reinsurance: 98.2% at 30 June 2006 compared to 99.7% at 30 June 2005
  • Margin on net earned premiums in Life reinsurance: 7.2% compared to 5.8% in the first half of 2005
  • Operating income for Life reinsurance increases by 25%.
  • Gross investment income: EUR 239 million (+12 % compared to the first half of 2005)

Significant events
 

  • Confirmation of commercial dynamism in a satisfactory pricing environment. Renewal of Non-Life treaties on 1 July: +21%
  • Net cost of retrocession up by 3.7 combined ratio points compared to the first half of 2005
  • Planned acquisition of Revios announced on 5 July 2006
  • Successful EUR 350 million subordinated debt issue as part of the associated financing


 

Denis Kessler, Chairman and Chief Executive Officer, said:
 
"The First Half Results confirm the pertinence of the strategy that we have been following for the past four years: solvency and profitability have been fully restored.  The return to controlled business expansion has been confirmed by the renewals and the increase in premium income.  All of the Group's centres of activity - life and non-life reinsurance and investment activity - have contributed to the results.  
The emphasis within the SCOR Group is now on the deepening and widening of risk management in all areas.  Whether in underwriting policy, retrocession, investment management, capital allocation and capital structure, or the monitoring of major natural, technological, social and medical risks, the SCOR Group is doing everything in its power to control its exposures, optimise the diversification of its portfolio and fine tune its hedging in order to strengthen its solvency."

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