First quarter 2017 results: SCOR delivers strong results and records net income of EUR 140 million SCOR Group

27 April 2017 N° 11 - 2017

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PRESS RELEASE | 27 April 2017 N° 11 – 2017

 

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Q1 2017 Highlights

 

  • Excellent profitable growth of +12.1% at constant exchange rates compared to the same period in 2016 (+13.9% at current exchange rates) coming from both divisions: Life (+12.0% at constant exchange rates) across all product lines, particularly in the Americas and Asia-Pacific, and P&C (+12.3% at constant exchange rates), leveraging on successful January and April renewals;
  • Strong technical results, as demonstrated by the strong 7.2% Life technical margin, the robust 94.5% P&C combined ratio and the 2.6% return on invested assets;
  • Absorption of the external shock of EUR 116 million pre-tax caused by the UK Ministry of Justice’s recent decision to reduce the discount rate used to calculate lump sum awards in UK bodily injury cases (the Ogden Rate), thanks to the low level of natural catastrophes in Q1 and reserve releases of EUR 45 million pre-tax;
  • Net income of EUR 140 million recorded in Q1 2017 with a return on equity of 8.6%. Excluding the Ogden rate and reserve release impacts, the net income would stand at EUR 197 million (+15.9% compared to Q1 2016) and the ROE would stand at 12.2%, demonstrating the strong core earnings of the Group;
  • Robust estimated solvency ratio of 224% at 31 March 2017, above the optimal range of 185% - 220% as defined in the “Vision in Action” plan. SCOR reaffirms its ambition for share buybacks, as disclosed in the full-year 2016 results(1).

 

Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “In the first quarter of 2017, our teams have continued to implement successfully the strategic plan “Vision in Action”. SCOR’s core earnings level bears witness to the quality of the Group’s technical fundamentals. At the same time, the Group is gaining market shares in targeted territories and business lines, as demonstrated by the successful P&C January and April renewals and the strong expansion of the Life footprint”.

 

(1) Press release distributed on 22 February 2017.  

 

 

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

 

For the second consecutive year, SCOR is named “North American Reinsurer of the Year” at the Reactions Magazine North America awards.

This award confirms SCOR’s reinforced leadership in the US individual Life market. SCOR has a very strong franchise in the US, offering a full range of solutions to support insurers, from managing their mortality risk exposures to optimizing their balance sheet and capital position. SCOR also helps its American clients to grow their business with its market-leading Velogica© automated underwriting system.

Paolo De Martin, CEO of SCOR Global Life, comments: “We are very proud to be granted this prestigious award for the second year in a row. We embarked on a challenging journey five years ago, acquiring Transamerica Re and then Generali USA’s life reinsurance activities; we managed to take the best of both structures and combine it with our existing business to build a leading franchise. I am delighted that the industry recognized that we are consistently delivering the highest level of service to our clients. Going forward, bringing differentiating solutions to the market remains at the core of SCOR’s “Vision in Action” new strategic plan”. 

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