SCOR records net income of EUR 111 million in the first quarter 2013
Results First Quarter 2013.
- 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.
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.
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