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SCOR demonstrates its capacity to deliver positive results in a quarter marred by high natural catastrophe losses, confirming the Group’s shock-absorbing capacity. The increased returns on invested assets managed by SCOR Global Investments (SGI) reflect the active management of the portfolio announced during the July 2009 Investors’ Day.
Key items for the first quarter of 2010:
Key items for the first quarter of 2010:
- Total gross written premiums for Q1’10 reach EUR 1 613 million, +3.3% compared to Q1’09 (+3.8% at constant exchange rates);
- Net income for the first quarter of 2010 amounts to EUR 36 million, impacted by a high level of natural catastrophe losses. Earnings per share (EPS) for the first quarter of 2010 stand at EUR 0.20, with an Annualized Return On Equity (ROE) of 3.7%;
- Shareholders’ equity increases by 5.1% compared to year-end 2009, reaching EUR 4.1 billion, with book value per share reaching EUR 22.89, compared to EUR 21.80 at 31 December 2009;
- SCOR Global P&C delivers a Q1’10 combined ratio of 108.6%, including 20.2 points of natural catastrophe claims. Thanks to SCOR’s improved standing in the industry and its continued momentum, SCOR Global P&C delivers strong April renewals growth (+14%), with an improvement in expected profitability in a market that remains fragmented by business segment and geographical area;
- SCOR Global Life’s operating margin improves to 6.0% compared to 4.5% in the first quarter of 2009;
- The 2009 European Embedded Value of EUR 1.9 billion (or € 10.8 per share) is 13.7% higher than in 2008, demonstrating the resilience of SCOR Global Life’s business model and its longterm value creation capacity;
- SCOR Global Investments (SGI) maintains its “rollover” investment strategy and further reduces the Group’s liquidity position to EUR 1.5 billion at 31 March 2010, down from EUR 1.7 billion at the end of December 2009. Net Return on Invested Assets (excluding funds withhelds) reaches 3.9% in the first quarter 2010, compared to 2.7% in full year 2009.
Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: "The first quarter of 2010 confirms the Group’s ability to deliver positive results thanks to its twin-engine strategy and its capacity to absorb large shocks. With an unusually high concentration of large natural catastrophes in a single quarter, the Group’s positive results are supported by a strong contribution from its SCOR Global Life engine and by solid active asset management results from SCOR Global Investments. The strong SCOR Global P&C April renewals and the growth in SCOR Global Life Embedded value further confirm the strength and depth of SCOR’s franchise”.
