Annual Report - Scor

Annual Report SCOR 2009
january february march april may june july august september october november december
1 November
SCOR sponsors FIDES 32 nd conference
FIDES, the Inter-American Federation of Insurance Companies,
organised its 32 nd Hemispheric Insurance Conference from 1 to 4
November 2009 in Las Vegas. More than 800 representatives from
insurance companies, mainly from Latin America, attended this
conference, where the latest trends in the industry were discussed.
SCOR was represented by Treaty, Specialty Lines and Facultative
teams from Miami, Bogota, Rio de Janeiro and Zurich. The Group
was thus able to take advantage of the business synergies between
its establishments. Discussions held with clients formed the
starting point for some promising and in-depth conversations that
will provide support for the next renewals.
4 November
SCOR combines growth and profitability to generate
a net income of EUR 278 million in the first nine
months of 2009, with shareholders’ equity increasing
to EUR 3.8 billion (EUR 20.84 per share)
SCOR generates a robust net income for the first nine months of
2009 with gross written premiums of EUR 4,883 million, up 12.9%
against the same period in 2008 (+11.4% at constant exchange
rates), net income for the first nine months stands at EUR 278
million, stable compared to the same period in 2008, annualized
return on equity (ROE) reaches 10.5%, exceeding SCOR’s target
of 900 bps above the risk-free rate, and net income for the third
quarter 2009 stands at EUR 94 million, representing an increase of
147.4% compared to the third quarter 2008.
These results benefit from the solid performance of both Life and
P&C, with SCOR Global P&C recording a combined ratio of 97.4%
and natural catastrophe claims accounting for 5.3 points, primarily
driven by Q1’09 losses related to European climate events. SCOR
Global Life records an operating margin of 5.2% (or 5.7%
excluding net investment losses). SCOR Global Investments
continues its investment programme by reducing the Group’s
liquidity position to EUR 1.8 billion at 30 September 2009 (from
EUR 3.8 billion at the end of the second quarter) and by investing
in high-quality bonds, producing a Net Return on Investments of
3.5% in the third quarter 2009, compared to 3.0% in the second
quarter 2009. Shareholders’ equity continues to grow by 9.8%
(EUR 335 million) compared to year-end 2008. It has now reached
EUR 3.8 billion. Book value per share stands at EUR 20.84.
18
13 November
WTC matter is closed
The arbitration panel for the World Trade Center (WTC)
indemnification dispute between Allianz and SCOR has decided
that Allianz did not exceed its rights and obligations. SCOR and its
retrocessionaires will assume, to the extent of their respective
commitments, their share in the indemnification obligations
relating to the World Trade Center claim.
The additional costs resulting from the full coverage of two distinct
events are estimated at 39 million Euros after tax and retrocession.
These additional costs will neither modify the ROE objectives of the
Group, nor its dividend distribution policy, and will not affect its
financial position.
15 November
SCOR Global Life shares its analysis of the links between
disability and the economic environment through
its publication Economic crisis and the risk of disability
The global financial crisis has affected the whole planet. Business
and industrial production have fallen and unemployment is rising.
It is therefore not surprising that the consequences for disability
insurance in the short and long term are being discussed
throughout the world. SCOR Global Life's disability R&D centre has
conducted international analyses on the European and North
American markets in order to improve understanding of disability
risk during an economic crisis.
17 November
SCOR has decided to appeal against the ruling
by the Spanish National Competition Commission
The Spanish National Competition Commission has reached a final
ruling in the case of the alleged agreement between several
insurance and reinsurance companies operating in Spain in the
field of inherent defects insurance (decennial insurance). A fine of
EUR 18,599,000 has been levied against SCOR.
SCOR contests the justification for this ruling as well as the
principle and amount of the fine. SCOR has decided to appeal
against the ruling to the appropriate Spanish court, along with the
other companies involved.