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2016-02-24

SCOR : SCOR delivers excellent results with a net income of EUR 642 million, up 25%, and proposes a dividend of EUR 1.50 per share

Press Release

24 February 2016 - N°04

2015 Annual Results

SCOR delivers excellent results with a net income of
EUR 642 million, up 25%, and proposes
a dividend of EUR 1.50 per share

SCOR delivers excellent 2015 results, leveraging on the Group's Tier 1 status,
and continues to actively implement the "Optimal Dynamics" strategic plan.

* Gross written premiums reach EUR 13,421 million, up 18.6% at current
exchange rates compared to 2014 (+6.4% at constant exchange rates). This
significant growth is driven by the contribution of the two business
divisions: * SCOR Global P&C gross written premiums increase by 16.0% at
current exchange rates (+4.9% at constant exchange rates) to EUR 5,723
million; * SCOR Global Life gross written premiums reach EUR 7,698 million,
up by 20.6% at current exchange rates (+7.5% at constant exchange rates).
* SCOR Global P&C records very strong technical profitability with a net
combined ratio of 91.1% in 2015, in an environment of low natural
catastrophe losses but with an unusually high frequency of large man-made
losses.
* SCOR Global Life records a strong technical margin of 7.2% in 2015,
consistently delivering above the "Optimal Dynamics" assumption of 7.0%.
* SCOR Global Investments achieves a solid 3.1% return on invested assets,
while maintaining its prudent portfolio management.
* The Group cost ratio remains stable in 2015 at 5.0% of premiums.
* Group net income reaches EUR 642 million in 2015, an increase of 25.4%
compared to 2014. The annualizedreturn on equity (ROE) stands at 10.6% or
1,055 bps above the risk-free rate[1].
* Shareholders' equity increases by 11.1% in 2015 to reach EUR 6,363 million
at 31 December 2015, compared to EUR 5,729 million at 31 December 2014,
after the payment of EUR 260 million of dividends in May 2015. This
translates into a book value per share of EUR 34.03 at 31 December 2015,
compared to EUR 30.60 at 31 December 2014. This increase is driven by the
high net income contribution and a favourable currency translation
adjustment of EUR 316 million.

* SCOR'ssolvency ratio, adjusted for the intended calls of the two debts
callable in Q3 2016, stands at 211%[2], within the optimal solvency range
of 185%-220% as defined in the "Optimal Dynamics" plan. This ratio stood at
202% at 31 December 2014.

* SCOR's financial leverage stands at 27.5% as at 31 December 2015,
temporarily above the range indicated in "Optimal Dynamics". This is the
result of the successful placement of EUR 250 million dated subordinated
debt, issued with a coupon set at 3.25% in June 2015, and the placement of
the dated subordinated debt of EUR 600 million[3]to refinance the undated
subordinated debt of CHF 650 million callable in August 2016. In addition,
SCOR called two debts in 2015, due in 2029 and 2020, for EUR 10 million and
EUR 93 million both at par-value. The financial leverage adjusted for the
intended calls of the two debts callable in Q3 2016, would stand at
20.6%[4]within the optimal range indicated in "Optimal Dynamics".

* During 2015, the Group's strategy and financial strength continued to be
recognized by the rating agencies, with the upgrades to AA- by Fitch and
S&P respectively in July and September, and the outlook raised to positive
on the respective ratings of A.M. Best (A positive outlook in September
2015) and Moody's (A1 positive outlook in December 2015).

* SCOR will propose to the Annual General Meeting anincreased dividend of EUR
1.50 per share for 2015, up from EUR 1.40 for 2014, representing a payout
ratio of 43%. The proposed ex-dividend for 2015 will be set at EUR 1.50 on
28 April 2016 and the dividend will be paid on 2 May 2016.

SCOR Group 2015 and Q4 2015 key financial details:

----------------------------------------------------------------------------------------------------------------
| In EUR millions (rounded, at current exchange rates) YTD QTD |
| 2015 2014 Variation Q4 2015 Q4 2014 Variation |
| Gross written premiums 13,421 11,316 18.6% 3,425 2,934 16.7% |
| Group Cost Ratio 5.0% 5.0% 0.0 pts 5.0% 5.2% -0.2 pts |
| Return on invested assets 3.1% 2.9% 0.2 pts 2.9% 3.0% -0.1 pts |
| Annualized ROE 10.6% 9.9% 0.7 pts 10.0% 10.1% -0.1 pts |
| Net income* 642 512 25.4% 150 135 11.1% |
| Shareholders' equity 6,363 5,729 11.1% 6,363 5,729 11.1% |
| |
|(at 31/12) |
| P&C Combined ratio 91.1% 91.4% -0.3 pts 92.2% 91.1% 1.1 pts |
| Life technical margin 7.2% 7.1% 0.1 pts 7.2% 7.0% 0.2 pts |
----------------------------------------------------------------------------------------------------------------
(*)
Consolidated net income, Group share.

Denis Kessler, Chairman&CEO of SCOR,
comments:"The 2015 SCOR results may be qualified as excellent. The
Group continued to develop in line with its strategic plan "Optimal Dynamics".
It recorded solid technical and financial profitability and achieved an
optimal level of solvency, as demonstrated by its internal model, which was
approved by the supervisory authorities. SCOR thus reconfirms its status as a
Tier One Reinsurer, as evidenced by the upgrade of its financial rating. The
Group is pursuing innovative initiatives, developing new tools to improve its
underwriting and management. SCOR is well positioned to meet the challenges
posed by the economic, financial, industrial and social changes that will
mark 2016."

SCOR Global P&C maintains significant growth and records excellent technical
profitability, with a net combined ratio of 91.1%

SCOR Global P&C key figures
:

--------------------------------------------------------------------------------------------------------------
| In EUR millions (rounded, at current exchange rates) YTD QTD |
| 2015 2014 Variation Q4 2015 Q4 2014 Variation |
| Gross written premiums 5,723 4,935 16.0% 1,367 1,256 8.9% |
| Combined ratio 91.1% 91.4% -0.3 pts 92.2% 91.1% 1.1 pts |
--------------------------------------------------------------------------------------------------------------
SCOR Global P&C posts gross written premium growth of +16.0% at current
exchange rates (+4.9% at constant exchange rates) to EUR 5,723 million in
2015. This increase is due to:

* Stronger growth in the USA and on casualty lines, which slightly increases
the weight of the Americas in the portfolio;
* The continued expansion of Lloyd's business with the Channel 2015
syndicate;
* The increased weight of proportional business (which is more attractive in
the current market).

For the full year 2016, SCOR Global P&C expects to achieve approximately EUR
6.0 billion in gross written premiums, as stated in the January 2016 renewals
disclosure.

In 2015, SCOR Global P&C records excellent technical results with a net
combined ratio of 91.1%[5], driven by:

* The low level of nat cat losses, which comes out at 2.2%;
* Net attritional and commission ratios adding up to 82.1%, 1.1 percentage
points above the 81% assumed at the 2015 Investor Day, with 2.0 percentage
points of cumulative impact from two large man-made losses (an offshore
energy claim in Q2 2015 and the Tianjin explosion in Q3 2015).

SCOR Global Life delivers strong profitability in 2015 across its three
product lines, expanding its footprint in Asia-Pacific

SCOR Global Life key figures:

--------------------------------------------------------------------------------------------------------------
| In EUR millions (rounded, at current exchange rates) YTD QTD |
| 2015 2014 Variation Q4 2015 Q4 2014 Variation |
| Gross written premiums 7,698 6,381 20.6% 2,057 1,678 22.6% |
| Life technical margin 7.2% 7.1% 0.1 pts 7.2% 7.0% 0.2 pts |
--------------------------------------------------------------------------------------------------------------
SCOR Global Life gross written premiums stand at EUR 7,698 million in 2015, up
20.6% at current exchange rates compared to 2014 (+7.5% at constant exchange
rates), due to:

* TheProtection business successfully growing in all key markets, with strong
business flow in Asia-Pacific;
* TheLongevity business exceeding "Optimal Dynamics" assumptions, in line
with SCOR's risk appetite thanks to new contracts underwritten in the UK
and Canada, thereby demonstrating SCOR Global Life's ability to leverage
its success in the UK longevity market;
* Financial Solutions continuing to increase in new business volume, notably
in Asia, despite an evolving regulatory environment.

SCOR Global Life consistently delivers above the "Optimal Dynamics" assumption
of 7.0%, with a robust technical margin of 7.2% in 2015, benefitting from:

* Profitable new business with a product mix that ensures the technical IFRS
profitability of SCOR Global Life;
* The performance of the in-force portfolio is in line with expectations.

SCOR Global Investments delivers a solid return on invested assets of 3.1% in
2015, in a particularly low yield environment

SCOR Global Investments key figures:

------------------------------------------------------------------------------------------------------
| In EUR millions YTD QTD |
| |
| |
|(rounded, at current exchange rates) |
| 2015 2014 Variation Q4 2015 Q4 2014 Variation |
| Total investments 27,552 24,854 10.9% 27,552 24,854 10.9% |
| * of which total invest...

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