16May06

Press release

Group

SCOR records a net income of EUR 53 million, up 61%

First Quarter 2006.

  • Gross written premiums: EUR 734 million (+ 18% compared to the first quarter 2005)
  • Operating income: EUR 99.8 million (+ 64% compared to the first quarter 2005)
  • Net income: EUR 53 million (+ 61% compared to the first quarter 2005)
  • Net income per share: EUR 0.05 (+ 25% compared to the first quarter 2005)
  • Shareholders’ equity at 31 March 2006: EUR 1,763 million (+ 2.6% compared to 31 December 2005)
     
  • Combined ratio for Non-Life reinsurance: 97.0% excluding CRP (97.3% including CRP)
  • Margin on net earned premiums in Life reinsurance: 7.6%
  • Investment income: EUR 124 million (+ 31% compared to the first quarter 2005)

 

Denis Kessler, Chairman and Chief Executive Officer, said:
 
The 1st Quarter 2006 is characterized by a series of positive developments from the SCOR Group.  Non-Life January 1 renewals in Europe and those of April 1 in Asia are very satisfactory.  Non-Life written premiums are up 31%.  The combined ratio is 97.3%.  Life reinsurance is developing throughout the world, outside of the U.S.  Operating cash-flow is positive.  The increased contribution from investments is a result of dynamic asset management.  operating income, at EUR 99.8 million, is up 64%  Net income, at EUR 53 million, is up 61% compared to the same period of last year.  The streamlining of the Group into two subsidiaries dedicated to Life and Non-Life business, respectively, is complete.  The Group is on the move.  It benefits from larger degrees of freedom so as to take advantage of the positive current environment, in both the reinsurance as well as the financial markets."

 

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