- SCOR’s growing franchise provides underlying profitability levels in the first half 2012 in line with its operational assumptions:
- Strong gross written premium growth to EUR 4,635 million, up by 10.2% on a pro forma basis (+36.3% on a published basis ), from both business engines:
- growth of 16.0% for SCOR Global P&C gross written premiums, to EUR 2,255 million;
- growth of 5.3% on a pro forma basis for SCOR Global Life gross written premiums, to EUR 2,380 million.
- Net combined ratio of 93.8%, SCOR Global P&C having exceeded Strong Momentum V1.1 profitability assumptions;
- Life technical margin of 7.4%, as SCOR Global Life continues to deliver a technical performance consistent with Strong Momentum V1.1 assumptions;
- SCOR Global Investments achieves a return on invested assets before impairments of 3.4%, in line with prior indications. The return on invested assets after impairments stands at 3.0%;
- Continued focus on cost control, with a group cost ratio of 5.3%, while actively investing in the future, with more than 20 ongoing projects.
- SCOR delivers a strong net income of EUR 206 million, compared to EUR 40 million in the first half 2011 on a published basis, and a return on equity of 9.3%. Excluding impairments , the net income is EUR 226 million and the return on equity reaches 10.2%.
- Operating cash flow stands at EUR 239 million.
- Shareholders’ equity increases to EUR 4,588 million at 30 June 2012, compared to EUR 4,009 million at 30 June 2011, after the distribution of EUR 203 million in dividends for 2011 (EUR 1.10 per share).
- Book value per share of EUR 25.01 at the end of the first half 2012, compared to EUR 21,97 at the end of the first half 2011.
Denis Kessler, Chairman & CEO of SCOR, comments: "Throughout the first half 2012, SCOR has further enlarged its footprint, with a solid 10% increase in its topline, combined with robust underlying technical profitability. This has been achieved through the strong mobilisation of all underwriters in the Life and Non-Life teams. All the Group’s engines have delivered a solid performance, in line with the assumptions set out in our strategic plan Strong Momentum V1.1. As a result, book value per share is now over EUR 25. The upgrades delivered over the past few months by all the rating agencies bear witness to the effectiveness of our business model, which has managed to meet the challenges of a very difficult economic and financial environment ".
1 For more information on pro forma data (related to the acquisition of Transamerica Re), please refer to page 4 of this press release and page 3 of the financial presentation, available at www.scor.com.
2 The H1 2012 net income and return on equity excluding impairments exclude EUR 25 million of impairments, taxed at the year to date effective tax rate of 20.8%.