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SCOR: 2015 April Renewals: SCOR Global P&C increases premiums by 5.8% while limiting the price decrease to -1.2%

Press Release

29 April 2015 - N°13

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

2015 April Renewals:
SCOR Global P&C increases premiums by 5.8% while limiting the price decrease
to -1.2%

During the 1 April 2015 renewals, SCOR Global P&C's gross written premiums
increase from EUR 374 million to EUR 396 million, i.e. an increase of 5.8% at
constant exchange rates at 31 December 2014. Using current exchange rates at
31 December 2013 and at 31 March 2015 respectively, premiums increase from
EUR 361 million to EUR 451 million, representing growth of 25%.
The premiums up for renewal at 1 April represent around 10% of the total
annual volume of P&C and Specialty Treaty premiums, the main markets
concerned being Japan, the United States and India.
The April renewals confirm the market trends witnessed in January in terms of
competitive environment, cedants' reinsurance purchase drivers, price changes
and terms&conditions.
In this context, SCOR Global P&C has made good use of its positioning and
growth strategy in emerging markets such as India, of its client-focused
initiative in the United States and of its close relationships with global
insurers, as part of its strategic initiative.
The price decrease observed at 1 April 2015 remains contained at -1.2%, 75% of
the renewed portfolio being composed of proportional treaties, which still
benefit from increasing prices on the primary insurance market (although
these increases are slowing down in the United States). From January to April
2015, the overall price decrease remains limited to the level reported in
January, i.e.
-0.7%, thanks to the relatively low weight of the April renewals in the SCOR
Global P&C book. This satisfying performance is due to the diversification of
the SCOR Global P&C portfolio and to the quality of its client relationships,
which facilitates active portfolio management.
In view of the 1 April 2015 renewals, which take into account the cancellation
of contracts by one of the three major Japanese insurance groups, and despite
the lower expected profitability of the relatively limited volume of business
renewed in April, SCOR Global P&C confirms its 94% normalised net combined
ratio assumption for 2015.
The premiums up for renewal at 1 April are distributed between P&C Treaties
(71%) and Specialty Treaties (29%) in the three geographical areas: Asia
(55%), Americas (30%) and EMEA (15%).
The main developments at the 1 April 2015 renewals are as follows:
* ForP&C Treaties : gross premiums are up by 5% at constant exchange rates to
EUR 278 million. The strengthening of SCOR Global P&C's positions on
several emerging markets, and the signing of a major contract with a global
insurer based in the United States, more than offset the non-renewal of
contracts by a group representing two clients in Japan.

* ForSpecialty Treaties : gross premiums are up by 8% at constant exchange
rates to EUR 117 million, thanks in particular to the development of the
Agriculture portfolio on the Indian market, and to the growth of the
Engineering specialty in Asia.

Victor Peignet, CEO of SCOR Global P&C
, comments:"The April renewals confirm the strength of SCOR Global P&C's
business model
and the progress recorded in the implementation of the initiatives set out in
the strategic plan "Optimal Dynamics", whether in terms of growth in emerging
markets, the strengthening of its relations with global insurers or the roll
out of a global approach to clients in certain target segments in the United
States. SCOR Global P&C reaffirms its commitment to long-term relationships
with its clients and to maintaining the quality of its underwriting, and
confirms its 2015 normalised net combined ratio assumption of 94%."

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|******** |
| Forward-looking statements |
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| |
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| |
| |
|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". |

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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