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- Gross written premiums: EUR 2,407 million (-6% compared to 2004)
- Operating result: EUR 242 million (+22% compared to 2004)
- Net income after tax: EUR 131 million (+75% compared to 2004)
- Shareholders’ equity at 31 December 2005: EUR 1,719 million (+29% compared to 31 December 2004)
- Return on Weighted Average Equity (RoE) for 2005: 8.6%
- Proposed dividend of 0.05 EUR per share, subject to approval by the General Shareholders’ Meeting
- Proposed regrouping of shares to exchange 1 new share for 10 old shares, subject to approval by the General Shareholders’ Meeting
- Net income per share: EUR 0.148 (+59% compared to 2004)
- Book value per share: EUR 1.792 (+9% compared to 2004)
Significant events in the financial year
- Combined ratio for Non-Life business of 102.8% excluding CRP (106.5 % including CRP). Impact of major natural catastrophes on the combined ratio for Non-Life business in 2005: 12 points.
- Technical costs net of retrocessions (including reconstitution premium) as regards the major natural catastrophes that occurred in 2005: EUR 168 million before tax; impact on net income after tax: EUR 116 million
- Margin on net earned premiums for Life reinsurance: 8.2% (compared to 4.2% in 2004)
- Investment income: EUR 460 million (+33% compared to 2004)
- RoI: 4.3% in 2005 compared to 3.3% in 2004
Denis Kessler, Chairman and Chief Executive Officer, said:
“Despite an environment marked by historic natural catastrophes, SCOR has seen its profitability level increase significantly. Net income at EUR 131 million is up 75%, and net income per share has increased by 59%. A dividend of 5 Euro centimes per share will be proposed at the General Meeting.
These results confirm the pertinence of the strategic choices made three years ago, notably the decision to follow a prudent and diverse underwriting policy centred on the markets and lines of business which the Group knows well. 2005 demonstrated the balance achieved between Life and Non-Life reinsurance, as well as the reorientation of our business towards Europe and Asia.
The SCOR group is progressively achieving the objectives it set as part of the Moving Forward Plan, and is proving that its equity capital is fully commensurate with its underwritings, as its reserves are to its commitments. It is demonstrating its capacity to create value in a context of heightened competitiveness and increased loss occurrence."
