SCOR records a net income of EUR 76 million, up 43%
SCOR's 2007 first quarter results.
- Gross written premiums: EUR 1,040 million (+ 42%*)
- Non-Life gross written premiums: EUR 474 million (+ 1%*)
- Life gross written premiums: EUR 566 million (+ 114%*)
- Operating income: EUR 127 million (+ 27%*)
- Net income after tax: EUR 76 million (+ 43%*)
- Shareholders’ equity at 31 March 2007: EUR 2,314 million (+ 3% compared to 31 December 2006)
- Annualized return on weighted average equity (RoE): 14.0% (12.7%*)
- Net income per share: EUR 0.66 (+ 35%*)
- Net book value per share: EUR 20.03 (+ 9%*)
- Net combined ratio for Non-Life reinsurance: 97.7% (97.3%*)
- Margin on net earned premiums for Life reinsurance: 7.8% (7.6%*)
- Investment income: EUR 168 million (+ 35%*)
- Annualized net return on invested assets (RoI): 4.6% (4.8% in 2006)
Significant Events in the First Quarter of 2007:
- The SCOR share consolidation was conducted through the exchange of 10 old shares for 1 new share. To date, 97% of SCOR shares have been consolidated.
- The SCOR group estimates the pre-tax technical cost of storm "Kyrill" at EUR 28 million for all of the Group’s branches and the markets concerned.
- The SCOR group acquired 32.9% of Converium on 19 February 2007 in order to create a Top 5 global multi-line reinsurer.
- On 26 February 2007, the SCOR group launched a voluntary public tender offer for Converium shares.
- “Dynamic Lift” v1, the new strategic plan covering the period from mid 2007 to mid 2010, was published on 4 April 2007. This plan lays out the growth and profitability prospects of the combined Group that will result from the combination of SCOR and Converium, on the basis of realistic market assumptions, an optimal level of diversification and the implementation of a rigorous underwriting policy focused on profitability.
- SCOR records an increase of 8.5% in Non-Life Treaty premium income on the Asian and Indian markets.
SCOR has demonstrated the pertinence of its strategic choices in terms of underwriting and acquisition, as well as its ability to create value for its shareholders.”
(*) : the 2007 first quarter results take account of the acquisition of Revios on 21 November 2006. The 2006 first quarter results did not include Revios. See table on page 6 for information on a like-for-like basis and at constant exchange rates. All comparisons in parentheses are to the first quarter of 2006, except when mentioned differently.
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