15May13

Press release

Group

SCOR records net income of EUR 111 million in the first quarter 2013

Results First Quarter 2013.

In an economic environment that remains uncertain, the Group records very good results over this first quarter 2013, which was marked by a low level of natural catastrophes, whilst actively continuing to achieve its strategic objectives.
 
  • Gross written premiums stand at EUR 2,388 million, up by 3.9% at constant exchange rates due to the combined impact of very good SCOR Global P&C renewals and the signing of major new contracts by SCOR Global Life:
  • SCOR Global P&C gross written premiums increase by 5.3% at constant exchange rates to EUR 1,197 million;
  • SCOR Global Life gross written premiums increase by 2.6% at constant exchange rates to EUR 1,191 million.

SCOR anticipates premium income in excess of EUR 10 billion for 2013.
 

  • SCOR Global P&C’s net combined ratio stands at 90.4%, with technical profitability significantly exceeding the strategic plan objectives.
  • SCOR Global Life’s technical margin reaches 7.5%, in line with the Group’s objectives.
  • SCOR Global Investments continues its prudent investment policy and records an on-going return on invested assets of 3.0% (excluding equity impairments).
  • Operating cash flow stands at EUR 140 million, with strong contributions from the two business engines.
  • Shareholders’ equity stands at EUR 5,002 million, up by 4.1% compared to 31 December 2012, with a book value per share of EUR 27.02 (EUR 26.16 at 31 December 2012)1.
  • SCOR’s net income reaches EUR 111 million, compared to EUR 104 million in the first quarter 2012, i.e. an increase of around 7%. ROE stands at 9.4% (10.7% excluding equity impairments).
  • SCOR Global Life 2012 Embedded Value (MCEV) is up by 4% to EUR 3.5 billion, i.e. reaching EUR 18.8 per share.
Over this first quarter, SCOR has pursued the implementation of its strategic plan “Strong Momentum V1.1” with the completion of major operations, notably the purchase in Spain of a portfolio covering mortality and disability risks, in accordance with the Group’s strategic decision to focus its Life business on biometric risks, and an agreement to acquire a controlling stake in MRM, a listed real estate investment company, which has enabled the Group to both strengthen and diversify its real estate portfolio.
 
                                      
Denis Kessler, Chairman & CEO of SCOR, comments: “SCOR records a very good first quarter in 2013, with excellent technical results and growth throughout the Group’s entities. SCOR also continues to develop the initiatives set out in its strategic plan and is conducting the investments and organisational developments announced, in order to achieve a constantly improving combination of profitability, solvency and growth. 2013 marks the end of the “Strong Momentum V1.1” plan, the successful implementation of which attests to the robustness of SCOR’s business model and its new global dimensions as a major player in the global reinsurance sector. SCOR is actively preparing its new strategic plan, which will define the Group’s roadmap for the period mid 2013 - mid 2016 in an economic and financial environment that remains highly uncertain.
 
 
 

 

1 2012 shareholders’ equity is restated due to the retrospective application of IAS 19 “revised”: (i) Q4 2012 published shareholders’ equity amounted to EUR 4 810 million; (ii) shown book value per share has been recalculated – published figure for book value per share was EUR 26.18 at 31 December 2012.

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