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Thanks to a second quarter which illustrated the Group's capacity to deliver a high level of recurring profitability with a net income of EUR 120 million compared to EUR 91 million in the second quarter 2009 (i.e. +32%), SCOR records a net half-year income of EUR 156 million, compared to EUR 184 million in 2009.
In the first half 2010, SCOR combined growth, profitability and solvency:
- premium income of EUR 3,258 million. This corresponds to a rise of 8% compared to the first half 2009 (+5% at constant exchange rates) excluding equity-indexed annuity business in the USA and after normalising the level of Non-Life business in the first half of 2009 to the annual growth rate of 2009;
- net income of EUR 156 million;
- half-year net combined ratio of 102.8% for SCOR Global P&C thanks to a combined ratio of 97.0% in the second quarter of 2010;
- operating margin of 6.0% for SCOR Global Life;
- return on invested assets (excluding funds withheld by cedants) of 4.0%;
- annualised ROE of 7.7%;
- shareholders’ equity of EUR 4.2 billion, up 8.1% compared to 31 December 2009, i.e. EUR 23.2 book value per share;
- operating cash flow of EUR 208 million.
In addition, the first quarter demonstrated the Group's ability to absorb an abnormally high concentration of natural catastrophes (Chile, Haiti, Xynthia, etc.).
Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: "The first half 2010 results once again illustrate the Group's capacity to combine growth, profitability and solvency, whilst maintaining a medium risk appetite. SGPC's renewals reflect the Group's favourable positioning, the first half results confirm our continued profitability and the increase in our shareholders' equity further strengthens the Group's financial situation and solvency."
