SCOR records net income of EUR 189 million in the first half 2013, despite high Nat Cat activity, a continued low yield environment and equity impairments
SCOR's first half of 2013 results.
- Gross written premiums stand at EUR 4,984 million, up 7.5% at current exchange rates, driven by very healthy SCOR Global P&C renewals and business growth in Asia and Latin America, and by the signing of major new contracts by SCOR Global Life, particularly with BBVA in Spain and Longevity contracts concluded in the UK:
- SCOR Global P&C records gross written premium growth of 5.5% at current exchange rates to EUR 2,378 million;
- SCOR Global Life records gross written premium growth of 9.5% at current exchange rates to EUR 2,606 million.
- SCOR Global P&C’s net combined ratio stands at 94.3% in the first half 2013, i.e. at a better level than the assumptions set out in the Strong Momentum V1.1 strategic plan.
- SCOR Global Life’s technical margin stands at 7.3%, in line with the assumptions of the Strong Momentum V1.1 strategic plan.
- SCOR Global Investments maintains its prudent asset management policy and records an on-going return on invested assets of 3.4% (excluding equity impairments). This quarter should mark the last significant round of equity impairments impacting the Profit & Loss statement (under current market conditions).
- Operating cash flow is up sharply to EUR 319 million (+33.5%) with robust contributions from both business engines, once again highlighting the relevance of the Group’s strategy.
- The cost ratio of 5.0% is in line with the assumptions of the Strong Momentum V1.1 strategic plan.
- Shareholders’ equity reaches EUR 4,737 million at 30 June 2013, with a net book value per share of EUR 25.21 (compared to EUR 26.16 at 31 December 2012)1 after distribution of EUR 1.2 of dividends per share.
- SCOR’s net income stands at EUR 189 million, compared to EUR 206 million in the first half 2012. ROE stands at 8.1% (9.9% excluding equity impairments).
1 2012 shareholders’ equity has been adjusted 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.
2 In terms of new business and in-force, source Preliminary 2012 SOA Munich Re Life reinsurance survey.
3 FX rate as of 31/05/2013: 1 EUR = 1.2960 USD.
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