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Scor: SCOR Global Life Embedded Value increases 29% to EUR 4.5 billion in 2013 (EUR 24.10 per share), continuing to provide the Group with significant earnin

Press release

06 May 2014

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


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

Investor Relations

SCOR Global Life Embedded Value increases 29% to
EUR 4.5 billion in 2013 (EUR 24.10 per share),
continuing to provide the Group with significant earnings and strong capital

SCOR Global Life (SGL) presents excellent Market Consistent Embedded Value
(MCEV) figures for 2013, continuing to enhance the strength of its franchise
through its major position in many markets.

SGL 2013 MCEV - key items:

· MCEV earnings reach EUR 568 million, representing a return on MCEV
of 16.4% per annum, comprising operating earnings of EUR 402 million together
with positive economic and other variances of EUR 166 million.

· The Value of New Business amounts to EUR 340 million, compared to
EUR 122 million in 2012, with a new business margin[1]of 5.4% (vs. 3.6% in
2012), positively impacted by an exceptionally strong volume of financial
solution deals.

· SCOR Global Life achieves a strong gain on purchase for the
acquisition of the ex- Generali US of EUR 438 million.

· The free cash produced by the in-force portfolio meets the financing
needs of new business and returns EUR 183 million to the Group.

· After capital repatriation, the MCEV increases by 29% to EUR 4.5
billion or EUR 24.10 per share in 2013, from EUR 3.5 billion or EUR 18.80 per
share in 2012.

· The strength of SCOR Global Life's business model is confirmed, with
biometric focus providing low MCEV sensitivity to interest rates and
financial markets compared to most primary life insurers.

Paolo De Martin, Chief Executive Officer of SCOR Global Life
, comments: "SCOR Global Life has achieved another excellent Embedded Value
performance in
2013. Overall Embedded Value growth of 29% is driven by a very strong new
business contribution and a significant gain on the ex-Generali US
acquisition. These results reflect well the operating and strategic progress
made over the past year and reinforce the SCOR Global Life's leading
worldwide market standing.

Strong MCEV development in 2013 continues SCOR Global Life's solid
track-record of value creation

SCOR Global Life's 2013 MCEV increases by 29% to EUR 4.5 billion (EUR 24.10
per share) compared to EUR 3.3 billion in the previous year (EUR 18.80 per

This strong growth is mainly supported by a significant MCEV operating profit
of EUR 402 million, compared to EUR 285 million in 2012, driven by Value of
New Business and positive experience variances. The EUR 340 million Value of
New Business for 2013 has increased significantly versus the 2012 figure of
EUR 122 million, supported by organic growth, the development of longevity
deals and an exceptionally strong volume of financial solutions deals.

Total MCEV earnings increase to EUR 568 million from EUR 372 million in 2012,
driven by strong operating profits and favourable economic and other
variances of EUR 166 million. SGL's positive economic variances include
investment profits on a market value basis in a year of rising interest
rates, vindicating SCOR's prudently active investment strategy.

SGL's Free Surplus has increased by EUR 88 million in 2013. This
cash-generating capacity of SCOR Global Life once again demonstrates the
strength and maturity of the franchise.

The MCEV value not recognised under IFRS increases from EUR 1,124 million in
2012 to
EUR 1,571 million in 2013. The increase is mainly driven by the ex-Generali US
gain on purchase, which is EUR 183 million under IFRS and EUR 438 million
under MCEV methodology, and by new business written in 2013.

* *

Details of the Embedded Value approach used by SCOR Global Life, including an
analysis of movements of Embedded Value from 2012 to 2013, along with details
of the methodology used, an analysis of sensitivities to certain key
parameters and a reconciliation of the Embedded Value to SCOR's IFRS equity,
can be found in the document entitled "SCOR Global Life Market Consistent
Embedded Value 2013 - Supplementary Information" and the "SCOR Global Life -
Embedded Value 2013 results" slide-show presentation, both of which are
available atwww.scor.com.

The Embedded Value has been calculated in accordance with the European
Insurance CFO Forum Market Consistent Embedded Value Principles (Copyright©
Stichting CFO Forum Foundation 2008) published in June 2008 and October 2009
by the CFO Forum.

Towers Watson have been commissioned to review the methodology and assumptions
used as well as the results of the calculations made by SCOR to determine the
Embedded Values. The scope of their review and opinion is presented in "2013
Market Consistent Embedded Value - Supplementary Information". This MCEV
disclosure should not be viewed as a substitute for SCOR's primary financial

* *

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 5 March
2014 under number D. 14-0117 (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".
---------------------------------------[1]The ratio of the value of new business and the present value of new
business premiums.

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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