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
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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