SCOR displays strong nine-month results of € 299 million, testifying to the strength of the new Group

SCOR's nine-month results of 2007.

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In line with its strategic plan “Dynamic Lift V2”, SCOR SE (“SCOR”) delivers on its promise of reaching new and higher levels in terms of profitability, capital strength and business volume:
 
  • Strong top-line performance supported by acquisitions with year-to-date 2007 gross written premiums at € 3,381 million, up 62% compared to the first nine months of 2006. SCOR’s pre-acquisition platform has grown by 8% at constant exchange rates compared to the first nine months of 2006. Recent acquisitions (Converium & Revios) show a healthy underlying growth;
  • Robust underlying operating performance with a Non-Life combined ratio of 96.4% and a Life operating margin of 7.2% on a year-to-date basis;
  • Prudent asset management policy delivers a consistent investment return on net invested assets of 4.5% year-to-date;
  • Net income year-to-date stands at € 299 million, up 93% compared to the first nine months of 2006, supported by net operating cash flows of € 519 million. Earnings per Share stands at € 2.22. SCOR’s pre-acquisition platform shows a strong net income of € 190 million, up 23% compared to the first nine months of 2006 at constant exchange rates;
  • The Converium acquisition contributes € 52 million to the year-to-date Group net income, of which an amount of € 40 million applies to the full consolidation period (8 August – 30 September 2007);
  • Shareholder equity reaches € 3,646 million as of 30 September 2007 including minorities. Book value per share stands at € 20.05;
  • Year-to-date return on average equity (ROE) reaches 15.1%;
  • On a pro-forma basis, consolidating Converium since 1 January 2007, the Group would record a net income of € 344 million; 
  • Swift Converium integration with underwriting teams and plans in place;
  • Cancellation procedure of remaining Converium minority shareholders initiated.
Denis Kessler, Chairman and Chief Executive Officer of SCOR, commented: “SCOR’s performance during the first nine months of 2007 is very satisfactory. The figures confirm the Group’s earning power, along with its successful integration efforts and twin-engine strategy supported by the pillars of SCOR Global P&C and SCOR Global Life. The Group is well on its way to reaching its “Dynamic Lift V2” targets. Today SCOR is clearly recognized as a top-tier reinsurer. We are confident that the 2008 renewals will confirm the ambitions that we have set for ourselves.
 
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