SCOR: 2015 April Renewals: SCOR Global P&C increases premiums by 5.8% while limiting the price decrease to -1.2%
(Thomson Reuters ONE) -
Press Release
29 April 2015 - N°13
Contact details:
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 76 10
mbouchon(at)scor.com
Bertrand Bougon
Head of Investor Relations
& Rating Agencies
+33 (0)1 58 44 71 68
bbougon(at)scor.com
www.scor.com
Twitter: (at)SCOR_SE
2015 April Renewals:
SCOR Global P&C increases premiums by 5.8% while limiting the price decrease to
-1.2%
During the 1 April 2015 renewals, SCOR Global P&C's gross written premiums
increase from EUR 374 million to EUR 396 million, i.e. an increase of 5.8% at
constant exchange rates at 31 December 2014. Using current exchange rates at 31
December 2013 and at 31 March 2015 respectively, premiums increase from EUR 361
million to EUR 451 million, representing growth of 25%.
The premiums up for renewal at 1 April represent around 10% of the total annual
volume of P&C and Specialty Treaty premiums, the main markets concerned being
Japan, the United States and India.
The April renewals confirm the market trends witnessed in January in terms of
competitive environment, cedants' reinsurance purchase drivers, price changes
and terms & conditions.
In this context, SCOR Global P&C has made good use of its positioning and growth
strategy in emerging markets such as India, of its client-focused initiative in
the United States and of its close relationships with global insurers, as part
of its strategic initiative.
The price decrease observed at 1 April 2015 remains contained at -1.2%, 75% of
the renewed portfolio being composed of proportional treaties, which still
benefit from increasing prices on the primary insurance market (although these
increases are slowing down in the United States). From January to April 2015,
the overall price decrease remains limited to the level reported in January,
i.e.
-0.7%, thanks to the relatively low weight of the April renewals in the SCOR
Global P&C book. This satisfying performance is due to the diversification of
the SCOR Global P&C portfolio and to the quality of its client relationships,
which facilitates active portfolio management.
In view of the 1 April 2015 renewals, which take into account the cancellation
of contracts by one of the three major Japanese insurance groups, and despite
the lower expected profitability of the relatively limited volume of business
renewed in April, SCOR Global P&C confirms its 94% normalised net combined ratio
assumption for 2015.
The premiums up for renewal at 1 April are distributed between P&C Treaties
(71%) and Specialty Treaties (29%) in the three geographical areas: Asia (55%),
Americas (30%) and EMEA (15%).
The main developments at the 1 April 2015 renewals are as follows:
* For P&C Treaties: gross premiums are up by 5% at constant exchange rates to
EUR 278 million. The strengthening of SCOR Global P&C's positions on several
emerging markets, and the signing of a major contract with a global insurer
based in the United States, more than offset the non-renewal of contracts by
a group representing two clients in Japan.
* For Specialty Treaties: gross premiums are up by 8% at constant exchange
rates to
EUR 117 million, thanks in particular to the development of the Agriculture
portfolio on the Indian market, and to the growth of the Engineering
specialty in Asia.
Victor Peignet, CEO of SCOR Global P&C, comments: "The April renewals confirm
the strength of SCOR Global P&C's business model and the progress recorded in
the implementation of the initiatives set out in the strategic plan "Optimal
Dynamics", whether in terms of growth in emerging markets, the strengthening of
its relations with global insurers or the roll out of a global approach to
clients in certain target segments in the United States. SCOR Global P&C
reaffirms its commitment to long-term relationships with its clients and to
maintaining the quality of its underwriting, and confirms its 2015 normalised
net combined ratio assumption of 94%."
*
********
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 20 March
2015 under number D.15-0181 (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".
SCOR Press Release:
http://hugin.info/143549/R/1916114/685076.pdf
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originality of the information contained therein.
Source: Scor via GlobeNewswire
[HUG#1916114]
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Datum: 29.04.2015 - 07:27 Uhr
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News-ID 389277
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