Annual Report - Scor

SCOR’s performance with regard to its strategic Dynamic Lift plan
will be assessed over the whole period from mid 2007 to mid
2010, but we can already measure the extent to which it has
achieved its principal scenarios and objectives.
The 2009 results are in line with the plan’s objectives:
■ the ROE objective, for which the plan targeted 900 basis points
above the risk-free rate, has been exceeded;
■ the capital has increased solidly without having turned to the
markets;
■ the level of security offered to clients, for which the plan
targeted a level equivalent to an A+ rating, has been achieved:
our rating by the rating agencies has taken a positive turn;
■ the Group’s results have enabled us to practice an active
dividend policy.
8
Annual Report SCOR 2009
The objectives of the Dynamic Lift plan
have now largely been achieved
Real
results
NL Comb. ratio
The financial crisis and its consequences on the insurance and
reinsurance markets have not, however, enabled the Group to
achieve all of the plan’s objectives. This is at once because the
conditions for achieving the scenarios on which the objectives are
based have not all been present, and because the Group wanted
to be highly flexible in order to reduce its exposure to economic
and financial risks and to minimise the risks and costs associated
with the financial crisis:
■ in terms of premium growth, the results are satisfactory on the
Life side, but prudence on the Non-Life side has been
appropriate due to the unfavourable price trend in 2009
■ the scenario of diversification benefits on the use of capital has
been achieved to a very large extent
■ the scenario of a return on assets of 5.5% has been exceeded
in real terms
■ however, the Non-Life operating margin and the cost ratio
remain below expectations, partly due to contrasting premium
developments in the Group’s two business segments.
Nominal
results
ROE
Diversification
-6% ROI
+6%
Life op. margin Cost ratio
Non life GWP growth
6%
4%
2%
0%
-2%
-4%
-6%
Life GWP growth
Level of security, Dividend pay out