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SCOR Global Life (SGL) presents strong Market Consistent Embedded Value (MCEV) figures for 2012, once again demonstrating the profitable growth of its franchise and its long-term capacity for value creation.
Key items for SGL’s 2012 MCEV:
- MCEV earnings reach EUR 372 million, representing a return on MCEV of 11.2% per annum, comprised of strong MCEV operating profits of EUR 285 million and positive economic variances of EUR 87 million
- The Value of New Business amounts to EUR 122 million, with a new business margin of 3.6%
- The free cash produced by the in-force portfolio comfortably meets the financing needs of new business and provides a return of EUR 260 million to the Group
- After capital repatriation of EUR 260 million, the MCEV grows by 4.1% to EUR 3.5 billion or EUR 18.8 per share in 2012, from EUR 3.3 billion or EUR 18.0 per share in 2011
- The strength of SCOR Global Life’s business model is confirmed, with biometric focus providing low MCEV sensitivity to interest rates and financial markets compared to most primary life insurers
Gilles Meyer, Chief Executive Officer of SCOR Global Life, comments: “SGL’s 2012 Embedded Value results confirm the depth of the division’s franchise and its capacity for value creation. SGL proves once again that it is a strong shareholder value contributor for the Group. These results further demonstrate SGL’s leading position as a top-tier Life reinsurer throughout the world.”
