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Scor: SCOR delivers a strong performance for the first quarter 2014 with a net income of EUR 135 million, up 21.6%

Press Release
06 May 2014

For more information, please contact:
Géraldine Fontaine +33 (0) 1 58 44 75

Antonio Moretti +33 (0) 1 58 44
77 15
Investor Relations Director

SCOR delivers a strong performance
for the first quarter 2014 with a net income
of EUR 135 million, up 21.6%

SCOR delivers strong results during the first quarter of 2014, confirming the
dynamism of its franchise.

* Gross written premiums stand at EUR 2,669 million, up 14.8% at constant
exchange rates (+11.8% at current exchange rates), driven by healthy SCOR
Global P&C renewals, major new contracts signed by SCOR Global Life and the
Generali US contribution: * SCOR Global P&C gross written premiums increase
by 3.6% at constant exchange rates to EUR 1,202 million; * SCOR Global Life
gross written premiums increase by 26.0% at constant exchange rates to EUR
1,467 million, notably supported by the Generali US acquisition. Pro-forma
constant currency growth is 6.9%, with underlying growth driven by new
contracts signed in Asia, the UK and the Iberian Peninsula.

* SCOR Global P&C's Q1 2014 net combined ratio stands at 88.9%, compared to
90.4% in Q1 2013. This excellent ratio reflects the further improved
attritional ratio. It also benefits from the low level of natural
catastrophes, which have only contributed 2.1 points compared to the cat
budget of 7 points indicated in "Optimal Dynamics".

* SCOR Global Life's Q1 2014 technical margin reaches 7.3%, compared to 7.4%
on a pro-forma basis in Q1 2013. This strong performance trends towards the
"Optimal Dynamics" assumptions and reflects the ongoing change in the
portfolio mix.

* SCOR's integration of the ex-Generali US is finalised and the Group has
repaid in advance the USD 228 million (EUR 166 million) bridge loan used to
finance the acquisition.

* As announced today, SCOR Global Life's 2013 embedded value reaches EUR 4.5
billion, +29% compared to 2012.

* SCOR Global Investments maintains its prudent asset management, whilst
continuing to progressively increase the duration of the portfolio. SCOR
Global Investments records a return on invested assets of 2.6% for the
first quarter 2014.

* Shareholders' equity stands at EUR 5,162 million at 31 March 2014, up 4%
versus EUR 4,980 million at 31 December 2013. Book value per share
increases to EUR 27.49 at 31 March 2014 (versus EUR 26.64 at 31 December

* SCOR's net income reaches EUR 135 million in the first quarter 2014,
compared to EUR 111 million in the first quarter of 2013, up 21.6%. On an
annualised basis, the return on equity (ROE) reaches 11.2% (9.4% in Q1
2013), well in excess of the "Optimal Dynamics" target of 1,000 basis
points above risk-free rate.

* SCOR continues to provide its shareholders with a consistent dividend
policy: proposed 2013 dividend of EUR 1.3 per share[1], +8% compared to

* SCOR estimates its solvency ratio to be in the upper end of the optimal
range of 185-220% defined in "Optimal Dynamics".

* SCOR's financial leverage stands at 20.8% at 31 March 2014, below the 25%
ceiling defined in "Optimal Dynamics" .

SCOR Group Q1 2014 key financial details:

| YTD |
|In EUR millions (rounded, at current exchange rates) Q1 2014 Q1 2013 Variation |
| |
| |
| (unaudited) (unaudited / published) |
|Gross written premiums 2,669 2,388 11.8% |
|Group cost ratio 4.98% 5.33% (0.35) pts |
|Net return on invested assets 2.6% 2.4% 0.2 pts |
|Annualized ROE 11.2% 9.4% 1.8 pts |
|Net income 135 111 21.6% |
|Shareholders' equity 5,162 5,002 3.2% |
|P&C Combined ratio 88.9% 90.4% (1.5) pts |
|Life technical margin 7.3% 7.5% (0.2) pts |

With successful new initiatives over the first quarter, SCOR continues to
strengthen its footprint and position among global leaders of the reinsurance
industry, and pursues the implementation of "Optimal Dynamics":

* Launch of a new fully collateralized sidecar, Atlas X Reinsurance Limited,
a special purpose reinsurance vehicle in line with SCOR's policy of pooling
in its capital shield all the available capital protection tools;
* Launch of a Lloyd's Managing Agency, providing structure and key management
services to manage the affairs of SCOR's syndicate, Channel 2015;
* Completion of key transactions in the longevity and financial solutions

The consistency and effectiveness of SCOR's strategy and management have been
widely recognized by industry professionals, who have elected SCOR's
Chairman&CEO, Denis Kessler, to join the International Insurance Society's
Insurance Hall of Fame.

Denis Kessler, Chairman&Chief Executive Officer of SCOR, comments:
"The results recorded by SCOR over the first quarter in terms of growth,
profitability and solvency once again demonstrate the pertinence and strength
of its strategic decisions. In the first quarter, the Group records
significant progress in a number of areas, including solid growth in SCOR
Global Life, strong January and April P&C renewals and the reinforcement of
our platforms in the US and the London market. SCOR is firmly on track to
achieve the profitability and solvency targets defined in "Optimal


* *

In the first quarter 2014, SCOR Global P&C delivers excellent technical
profitability, with a Net Combined Ratio of 88.9%

SCOR Global P&C key figures:

| YTD |
|In EUR millions (rounded, at current exchange rates) Q1 2014 Q1 2013 Variation |
| |
| |
| (unaudited) (unaudited / published) |
|Gross written premiums 1,202 1,197 0.4% |
|Combined ratio 88.9% 90.4% (1.5) pts |
SCOR Global P&C records gross written premium growth of +3.6% at constant
exchange rates to EUR 1,202 million. This growth is negatively impacted by
foreign exchange rates and seasonality. Seasonality effects should lessen as
the year goes on, and the assumption stated at the January 2014 renewals of
approximately EUR 5.0 billion in gross written premiums for 2014 is

SCOR Global P&C's excellent net combined ratio of 88.9% is the result of:

* A net attritional loss ratio of 57.1%, with a year-on-year improvement of
3.1 pts (60.2% in Q1 2013), in line with the strategic plan assumption;
* An exceptionally low nat cat loss ratio corresponding to 2.1 points of the
net combined ratio;
* A 0.8 point increase in commissions to 23.1%, due to the growth of the
Lloyd's business.

The recent publication of its solid April renewals, combined with strong
January renewals and its expanding footprint on the London market following
the launch of a Lloyd's Managing Agency, strengthens its global market

In the 1 April renewals[2], which represent around 10% of the total annual
volume of treaty and speciality premiums and are centred on Asian and US
markets, SCOR Global P&C recorded strong premium growth of 8.5% at constant
exchange rates to EUR 345 million and maintained expected profitability well
within targets.

SCOR Global Life delivers healthy growth and a strong technical performance in
the first quarter 2014

SCOR Global Life key figures:

| YTD |
|In EUR millions (rounded, at current exhange rates) Q1 2014 Q1 2013 Variation |
| |
| |
| (unaudited) (unaudited / published) |
|Gross written premiums 1,467 1,191 23.2% |
|Life technical margin 7.3% 7.5% (0.2) pts |
SCOR Global Life gross written premiums of EUR 1,467 million in the first
quarter of 2014 represent very strong growth of 23.2% compared to Q1 2013.
The Generali US acquisition, completed in October 2013, contributes EUR 204
million in gross written premiums in the first quarter of 2014. On a proforma
basis (excluding Generali US), SCOR Global Life grows by 4.5% at current
exchange rates and 6.9% at constant exchange rates.

The growth of the business follows the "Optimal Dynamics" plan focusing on
longevity, financial solutions and growth in emerging markets. The key
commercial highlights of the quarter are:

* The landmark longevity contract signed with Aviva in March[3];
* VIF Monetization transaction concluded with Mediterráneo Vida[4];
* The satisfactory renewals of short-term business in Southern Europe and the
Middle East;
* Double-digit growth in Asia, driven by the financial solutions business.

SCOR Global...

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