SCOR records net income of EUR 104 million in the 1st quarter 2012, confirming the dynamism of its franchise - SCOR Global Life Embedded Value grows by 50% to EUR 3.3 billion
SCOR's first quarter of 2012 results.
- Gross written premiums at EUR 2,327 million, up 13.2% on a pro forma basis (+39.8% on a published basis) under the combined impact of very good SCOR Global P&C renewals and a strong commercial momentum at SCOR Global Life
- SCOR Global P&C: very sharp increase in premiums (+20.8%, to EUR 1,151 million);
- SCOR Global Life: growth of 6.6% on a pro forma basis (to EUR 1,176 million). Very smooth progression of the Transamerica Re integration.
- Net income of EUR 104 million, which has more than doubled compared to the 1st quarter 2011 on a pro forma basis. ROE of 9.7% essentially in line with the Group’s objectives
- Solid technical results for SCOR Global P&C (net combined ratio of 92.5%) and SCOR Global Life (technical margin of 7.4%
- Return on assets of 2.9%, despite an unfavourable economic and financial environment. Start of a prudent re-risking of invested assets
- Shareholders’ equity at EUR 4,519 million, up 2.6% compared to 31 December 2011. Book value per share at EUR 24.46
- 2011 SCOR Global Life (SGL) embedded value (MCEV) of EUR 3.3 billion (+50% compared to 2010), demonstrating the strength of the portfolio and the benefits gained from the acquisition of Transamerica Re, and pointing to SGL’s capacity to repatriate capital to the Group1
The strict application of its strategic cornerstones, combined with the continued implementation of its three-year strategic plan “Strong Momentum V1.1”, have enabled SCOR to record very solid results over the 1st quarter 2012, despite an economic and financial environment that remains difficult. The excellent technical performances recorded by the Group’s two engines point once again to the validity of SCOR’s business model, reinforced in SCOR Global Life by the successful integration of Transamerica Re and in SCOR Global P&C by the continuation of its selective underwriting policy.
Denis Kessler, Chairman & CEO of SCOR, comments: “The first quarter 2012 once again confirms SCOR’s ability to generate solid results, even in a disrupted economic and financial environment. The excellent renewals achieved by SCOR Global P&C in April, and the sharp increase in SCOR Global Life’s Embedded Value, bear witness to the quality of the Group’s strong technical fundamentals. These results, along with the Group’s recent rating upgrade by Fitch (A+) and AM Best (ICR to “a+”), strengthen SCOR’s position among the global leaders of the reinsurance industry even further. The Group is actively continuing to implement the strategic objectives set out in its plan Strong Momentum V1.1”.
1 For more information, please refer to press release n°11 published on 3 May 2012 and available at www.scor.com
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