The SCOR Group is launching a share buy-back program on the basis of robust underlying fundamentals:
- the strong and profitable growth, driven by the successful start to the “Vision in Action” plan, remains in line with the capital plan of the Group;
- solvency exceeds the upper end of the optimal range;
- the Group has demonstrated its ability to self-finance its growth, in addition to providing an attractive dividend to shareholders, which in 2017 increased by 10% versus the previous year.
SCOR will start buying back its own shares with effect from July 27 2017, with an amount up to EUR 200 million over the next 24 months, subject to market conditions. SCOR intends to cancel all repurchased shares. The buy-back will be conducted within the framework approved by the annual general meeting held on April 27th, 2017, which authorizes a share buy-back program capped at 10% of the Group’s share capital, and if necessary, in the event of renewal, of the authorizations expected to be given by the 2018 annual combined general meeting.
To carry out the program, SCOR may grant partial or full mandates to an independent investment services provider.
Denis Kessler, Chairman and CEO of SCOR, comments: “This share buy-back program reflects the Group’s confidence in the strength of its underlying fundamentals, excellent ratings and optimal debt leverage. This is another example of SCOR’s value proposition for shareholder remuneration.”