Very strong second quarter performance drives first half 2010 net income to EUR 156 million
Thanks to a second quarter which illustrated the Group's capacity to deliver a high level of recurring profitability with a net income of EUR 120 million compared to EUR 91 million in the second quarter 2009 (i.e. +32%), SCOR records a net half-year income of EUR 156 million, compared to EUR 184 million in 2009.
- premium income of EUR 3,258 million. This corresponds to a rise of 8% compared to the first half 2009 (+5% at constant exchange rates) excluding equity-indexed annuity business in the USA and after normalising the level of Non-Life business in the first half of 2009 to the annual growth rate of 2009;
- net income of EUR 156 million;
- half-year net combined ratio of 102.8% for SCOR Global P&C thanks to a combined ratio of 97.0% in the second quarter of 2010;
- operating margin of 6.0% for SCOR Global Life;
- return on invested assets (excluding funds withheld by cedants) of 4.0%;
- annualised ROE of 7.7%;
- shareholders’ equity of EUR 4.2 billion, up 8.1% compared to 31 December 2009, i.e. EUR 23.2 book value per share;
- operating cash flow of EUR 208 million.
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