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Investor Day 2015: SCOR consistently delivers

Press Release

9 September 2015 - N° 25
Contact details

Marie-Laurence Bouchon

Group Head of Communications
+33 (0)1 58 44 76 10


Bertrand Bougon

Head of Investor Relations
&Rating Agencies
+33 (0)1 58 44 71 68


twitter: @SCOR_SE
Investor Day 2015:

SCOR consistently delivers

During its annual Investor Day being held today in Paris, SCOR's Executive
Management team, led by Denis Kessler, will present an overview of the
successful implementation of the strategic plan "Optimal Dynamics" in its
first two years. The team will explain how the Group is enforcing a
consistent and optimal strategy via flexible ways and means such as its
global management of human resources, its sophisticated "home-grown" internal
model, its financial strength and flexibility and the various tools and
processes that have been put into place.

Two years after its launch mid-2013, SCOR is consistently executing its
"Optimal Dynamics" strategic plan, combining profitability, solvency and
growth. The Group is firmly on track in terms of its strategic targets, with
an ROE exceeding 1,000 basis points above the three-month risk-free rate in
the first half of 2015, an estimated 2015 solvency ratio of ~204% after
changes made for the purposes of Solvency II, and a robust 2014 dividend,
paid in May 2015, representing a payout ratio of 51%.

SCOR is ready to enter the Solvency II framework and to seize the new business
opportunities that will emerge from the new regulatory system.

On the basis of an in-depth analysis of reinsurance market developments in
both Life and P&C, and of the financial environment, SCOR confirms that its
two strategic targets as defined in the "Optimal Dynamics" plan are within
reach, namely:

* a profitability target defined as an ROE of 1,000 basis points above the
three-month risk-free rate over the cycle;
* a solvency target characterised as a solvency ratio in the 185-220% range
(percentage of Solvency Capital Requirements, according to the Group
Internal Model).

The Group also reaffirms its consistent shareholder remuneration policy.

SCOR Global P&C

In the current reinsurance market environment, impacted by the temporary lack
of sufficient growth in the insurance industry, SCOR Global P&C's value
proposition relies on its capacity to address its clients' specific
requirements by adapting its offer to global and local needs.

SCOR Global P&C is well equipped to manage the current market cycle, to
actively participate in the development and marketing of adapted
risk-transfer and financing products and solutions, in all markets worldwide,
and to leverage openings and new business opportunities.
In this context, SCOR Global P&C applies a consistent and disciplined
underwriting approach and actively manages its portfolio in order to meet the
profitability and solvency targets.

SCOR Global P&C expects to reach gross written premiums of approximately EUR 6
billion in 2016, which would translate into a compound annual growth rate of
7% between 2013 and 2016E. At the same time, the entity expects to deliver a
normalized net combined ratio of ~94% for 2015E and 2016E.

SCOR Global Life

SCOR Global Life is successfully delivering on the "Optimal Dynamics" plan
thanks to a clear execution framework. The Life arm benefits from a healthy
in-force book, returning significant cash flow to the Group and
self-financing future growth. In addition, SCOR Global Life is an established
Tier 1 franchise in an attractive industry, with opportunities for profitable
growth through footprint and offering expansion. SCOR Global Life also relies
on a strong global team.

In this context, SCOR Global Life is on track to reach gross written premiums
of approximately
EUR 7.9 billion in 2016, which would translate into compound annual gross
written premium growth of 9% between 2013 and 2016E (6% at constant exchange
rates). SCOR Global Life also confirms that its technical margin assumption
of 7% is within reach.

SCOR Global Investments

Despite the current economic environment affected by a surge in risk aversion
and volatility, SCOR Global Investments sticks to its risk appetite and
follows the "Optimal Dynamics" roadmap, taking advantage of its unique
currency mix. SCOR Global Investments is ideally positioned to deliver on
"Optimal Dynamics", with a return on invested assets estimated at above 3% by
2016. In addition, SCOR Global Investments accelerates its positioning as a
niche third-party asset manager and expects to have EUR 1.5 billion assets
under management by 2016.

Denis Kessler, Chairman&Chief Executive Officer of SCOR
, comments:"After two years of executing the "Optimal Dynamics" strategic
plan, SCOR is
consistently delivering on its strategy. The Group has also achieved major
milestones, having been upgraded very recently to AA- both by Fitch and S&P,
and having filed its application model for Solvency II with the regulators in
May 2015. The Group is well positioned to meet the current challenges of the
reinsurance market, on both the P&C and Life sides."


* *

The SCOR Investor Day 2015 webcast starts at 09:00 today:

click here to watch it live

Forward-looking statements

SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC)
Regulation n°809/2004 of the European Commission. Thus, any forward-.looking
statements contained in this communication should not be held as
corresponding to such profit forecasts. Information in this communication may
include "forward-looking statements", including but not limited to statements
that are predictions of or indicate future events, trends, plans or
objectives, based on certain assumptions and include any statement which does
not directly relate to a historical fact or current fact. Forward-looking
statements are typically identified by words or phrases such as, without
limitation, "anticipate", "assume", "believe", "continue", "estimate",
"expect", "foresee", "intend", "may increase" and "may fluctuate" and similar
expressions or by future or conditional verbs such as, without limitations,
"will", "should", "would" and "could." Undue reliance should not be placed on
such statements, because, by their nature, they are subject to known and
unknown risks, uncertainties and other factors, which may cause actual
results, on the one hand, to differ from any results expressed or implied by
the present communication, on the other hand.
Please refer to SCOR's Document de référence filed with the AMF on 20 March
2015 under number D.15-0181 (the "Document de référence"), for a description
of certain important factors, risks and uncertainties that may affect the
business of the SCOR Group. As a result of the extreme and unprecedented
volatility and disruption of the current global financial crisis, SCOR is
exposed to significant financial, capital market and other risks, including
movements in interest rates, credit spreads, equity prices, and currency
movements, changes in rating agency policies or practices, and the lowering
or loss of financial strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and
interpretations issued and approved by the European Union. This financial
information does not constitute a set of financial statements for an interim
period as defined by IAS 34 "Interim Financial Reporting". The Group's
financial information is prepared on the basis of IFRS and interpretations
issued and approved by the European Union. This financial information does
not constitute a set of financial statements for an interim period as defined
by IAS 34 "Interim Financial Reporting".

SCOR Press Release


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Scor via Globenewswire


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