SCOR demonstrates its shock-absorbing capacity - Third Quarter and First Nine Months 2017 Results
(Thomson Reuters ONE) -
Press Release
26 October 2017 - N° 29
Third Quarter and First Nine Months 2017 Results
SCOR demonstrates its shock-absorbing capacity
Key highlights
* The third quarter of 2017 is marked by an exceptional series of large
natural catastrophes, with hurricanes Harvey, Irma and Maria and earthquakes
in Mexico leading to a cost of
EUR 430 million net of retrocession and tax for the third quarter (EUR 598
million net of retrocession and pre-tax), as announced on 9 October 2017.
Consequently, SCOR registers a net loss of EUR 267 million in the third
quarter of 2017 and a net income of EUR 25 million for the first nine months
of 2017.
* The estimated solvency ratio stands at approximately 213% as at 30 September
2017, in the upper half of the optimal range of 185% - 220% as defined in
the "Vision in Action" plan. This validates SCOR's strategy and business
model, which is notably based on underwriting discipline, a controlled risk
appetite, balanced development between Life and P&C reinsurance, significant
geographic and business line diversifications, a robust capital shield
policy and prudent asset management. This strategy demonstrates once again
the Group's ability to absorb major shocks.
* The in-force retrocession programs have responded as expected, bearing
witness to the Group's efficient capital shield policy. After these events,
SCOR still benefits from most of its retrocession capacities. The likelihood
of the Contingent Capital facility being triggered in 2017 is extremely
remote.
* SCOR confirms the "Vision in Action" targets. At this stage, the Group is
pursuing its dividend policy and its share buyback program, which expires
mid-2019, as planned.
* SCOR continues to execute its strategic plan "Vision in Action", achieving
strong gross written premium growth of 9.3% at constant exchange rates in
the first nine months of 2017, compared to the same period in 2016 (+8.9% at
current exchange rates). This profitable growth comes from both divisions:
Life (+8.7% at constant exchange rates) across all product lines,
particularly in the Americas and Asia-Pacific, and P&C (+10.0% at constant
exchange rates), leveraging on successful January, April and June renewals,
notably in the US.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: "SCOR once
again demonstrates its capacity to absorb shocks. The natural catastrophe events
that occurred in the third quarter of 2017 are a serious wake-up call for the
reinsurance industry and the Group is in a very good position to benefit from
the new market environment. SCOR's teams will ensure smooth and swift claims
payment, while continuing to stand alongside SCOR's clients to support and
assist them with future risks. SCOR confirms the consistency of its strategy and
continues to execute its strategic plan "Vision in Action" combining growth,
profitability and solvency, with no change in risk appetite, underwriting
policy, capital shield policy or capital management policy."
SCOR confirms the relevance of its business model
Nine months and Q3 2017 key financial details:
+---------------------------------+-------------------------+
| YTD | QTD |
+-----------+-----------+---------+-------+-------+---------+
In EUR millions | | | | | | |
(rounded, at | 9 months | 9 months |Variation|Q3 2017|Q3 2016|Variation|
current exchange | 2017 | 2016 | | | | |
rates) | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Gross written | 11,122 | 10,216 | +8.9% | 3,600 | 3,481 | +3.4% |
|premiums | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Group cost ratio | 4.9% | 5.0% |-0.1 pts | 5.0% | 4.8% |+0.2 pts |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Annualized ROE | 0.5% | 9.3% |-8.8 pts |-16.2% | 10.7% |-26.9 pts|
+------------------+-----------+-----------+---------+-------+-------+---------+
|Net income(* ) | 25 | 438 | -94.3% | -267 | 163 | -263.8% |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Normalized[1] | 8.3% | 9.3% |-1.0 pts | 8.2% | 10.7% |-2.5 pts |
|annualized ROE | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Normalized(1 )net | 403 | 438 | -8.8% | 127 | 163 | -27.7% |
|income(*) | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Shareholders' | 6,025 | 6,436 | -6.4% | 6,025 | 6,436 | -6.4% |
|equity | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
* Consolidated net income, Group share.
In the first nine months of 2017, gross written premiums reach EUR 11,122
million, up 9.3% at constant exchange rates compared to the same period last
year (+8.9% at current exchange rates). This growth comes from both Life (+8.7%
at constant exchange rates) across all product lines, particularly in the
Americas and Asia-Pacific, and from P&C (+10.0% at constant exchange rates),
leveraging on successful January, April and June renewals.
The Group cost ratio decreases to 4.9% of premiums in the first nine months of
2017, compared to 5.0% in the same period in 2016.
Group net income reaches a positive EUR 25 million in the first nine months of
2017, despite the large nat cat events in the third quarter. In the third
quarter alone, the net Group loss stands at
EUR 267 million. The annualized return on equity (ROE) for the first nine months
stands at 0.5% or
15 bps below the risk-free rate[2] (-16.2% for Q3 2017 standalone). The
normalized(1) annualized return on equity stands at 8.3% in the first nine
months of 2017.
The business model delivers operating cash flow of EUR 671 million in the first
nine months of 2017. SCOR Global P&C continues to provide strong cash flow in
line with expectations and SCOR Global Life has shown some catch up since the
first quarter of 2017 and is starting to normalize as expected.
Shareholders' equity stands at EUR 6.03 billion at 30 September 2017 after the
net income contribution of EUR 25 million, payment of EUR 308 million in
dividends for 2016 and a EUR 447 million negative impact from currency
translation adjustments, mainly due to the weakening of the US dollar recorded
in the first half. This results in a book value per share of EUR 31.97 at 30
September 2017, compared to EUR 35.94 at 31 December 2016.
SCOR's financial leverage stands at 26.3% at 30 September 2017, reflecting the
impact on shareholders' equity from the dividend payment and currency
translation adjustments.
SCOR Global P&C's results are impacted by the exceptional series of large
natural catastrophes that occurred in the third quarter of 2017
In the first nine months of 2017, SCOR Global P&C gross written premiums stand
at EUR 4,622 million, solidly growing by 10.0% at constant exchange rates
compared to the same period last year (+9.2% at current exchange rates). Premium
growth for 2017 is trending towards the full-year 2017 assumption of 7%-8% at
constant exchange rates communicated during the 2017 Investor Day.
SCOR Global P&C key figures:
+-----------------------------------+-------------------------+
| YTD | QTD |
+------------+------------+---------+-------+-------+---------+
In EUR millions | | | | | | |
(rounded, at | 9 months | 9 months |Variation|Q3 2017|Q3 2016|Variation|
current exchange| 2017 | 2016 | | | | |
rates) | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|Gross written | 4,622 | 4,234 | +9.2% | 1,502 | 1,433 | +4.8% |
|premiums | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|Net combined | 107.5% | 93.0% |+14.5 pts|136.7% | 91.4% |+45.3 pts|
|ratio* | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
(*) The net combined ratio calculation has been refined to exclude some
immaterial non-technical items that were previously included. Considering their
potential growth, these items have been excluded to ensure they do not distort
the combined ratio in the future. The impact on the previously reported ratios
for Q3 2016 YTD and QTD is +0.24% pts.
After five consecutive years of lower-than-expected cat losses, the third
quarter of 2017 is impacted by an exceptional ~1/25-year series of large natural
catastrophe events. This leads to a cat ratio of 16.8% for the first nine months
of 2017, 15 percentage points of which come from the Harvey, Irma and Maria
Hurricanes and the Mexican earthquakes, which represent a combined impact of EUR
598 million net of retrocession and pre-tax (EUR 430 million net of retrocession
and post-tax). Consequently, the year-to-date combined ratio stands at 107.5%.
In a scenario of "normalized" natural catastrophe costs at 6 net combined ratio
points, and excluding the impact of the change in the Ogden rate (which was
fully taken into account in the first quarter of 2017[3]), and Q1 reserve
releases[4], the normalized net combined ratio stands at 95.0%[5] and is fully
in line with the "Vision in Action" plan.
The in-force retrocession programs have responded as expected, demonstrating
SCOR's efficient capital shield policy. SCOR's retention amounted to
approximately 60% of the total gross losses from the five events. If SCOR had
had to face the same series of events with Irma being a USD 125 billion industry
event, there would only have been a marginal net impact on the Group.
SCOR's P&C underwriting capacity remains unaffected by this series of large
events.
SCOR Global Life records profitable growth in the first nine months of 2017 and
continues to expand its franchise in Asia-Pacific
SCOR Global Life records strong growth in the first nine months of 2017, with
gross written premiums standing at EUR 6,500 million, up 8.7% at constant and
current exchange rates compared to the same period last year. This is driven by:
* the development of the franchise in Asia-Pacific, with the underwriting of a
new Financial Solutions deal;
* the continued healthy pipeline of new business in EMEA and the Americas,
across all product lines.
SCOR Global Life key figures:
+-----------------------------------+-------------------------+
| YTD | QTD |
+------------+------------+---------+-------+-------+---------+
In EUR millions | | | | | | |
(rounded, at | 9 months | 9 months |Variation|Q3 2017|Q3 2016|Variation|
current exchange| 2017 | 2016 | | | | |
rates) | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|Gross written | 6,500 | 5,982 | +8.7% | 2,098 | 2,048 | +2.4% |
|premiums | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|Life technical | 7.1% | 7.1% |+0.0 pts | 7.0% | 7.1% |-0.1 pts |
|margin | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
Full-year 2017 premium growth is expected to stand at 6.5%-7.5% at constant
exchange rates, slightly above the "Vision in Action" annual premium growth
assumption[6].
SCOR Global Life records a robust technical margin of 7.1%, slightly above the
"Vision in Action" assumption. The profitability of new business continues to
meet the Group's ROE target. During the first nine months of 2017, the
underlying US mortality claim experience has been higher than expected. The
overall technical result of the division is not impacted, as it continues to
benefit from both the active in-force management conducted since the
Transamerica Re and Generali US acquisitions, as well as from the strong reserve
position set up at the time.
SCOR Global Investments delivers a return on invested assets of 2.6% in the
first nine months of 2017
After the pause in portfolio rebalancing in Q2 2017, progressive reinvestment
towards "Vision in Action" asset allocation was resumed in Q3 2017:
* liquidity has been decreased to 8% vs. 9% in Q2 2017;
* the share of corporate bonds in the asset portfolio has been increased (+3
pts vs. Q2 2017);
* the duration of the fixed income portfolio has been slightly increased to
4.6 years[7], compared to 4.5 years in Q2 2017.
The fixed income portfolio is of very high quality, with an average rating of
A+.
SCOR Global Investments key figures:
+--------------------------------+-------------------------+
| YTD | QTD |
+-----------+----------+---------+-------+-------+---------+
In EUR millions | | | | | | |
(rounded, at | 9 months | 9 months |Variation|Q3 2017|Q3 2016|Variation|
current exchange | 2017 | 2016 | | | | |
rates) | | | | | | |
+-------------------+-----------+----------+---------+-------+-------+---------+
|Total investments | 26,620 | 27,568 | -3.4% |26,620 |27,568 | -3.4% |
+-------------------+-----------+----------+---------+-------+-------+---------+
| * of which total | 18,405 | 19,154 | -3.9% |18,405 |19,154 | -3.9% |
| invested assets| | | | | | |
+-------------------+-----------+----------+---------+-------+-------+---------+
| * of which total | | | | | | |
| funds withheld | 8,215 | 8,414 | -2.4% | 8,215 | 8,414 | -2.4% |
| by cedants and | | | | | | |
| other deposits | | | | | | |
+-------------------+-----------+----------+---------+-------+-------+---------+
|Return on | 2.3% | 2.5% |-0.2 pts | 2.1% | 2.3% |-0.2 pts |
|investments(*) | | | | | | |
+-------------------+-----------+----------+---------+-------+-------+---------+
|Return on invested | 2.6% | 2.9% |-0.3 pts | 2.3% | 2.6% |-0.3 pts |
|assets(**) | | | | | | |
+-------------------+-----------+----------+---------+-------+-------+---------+
((*)) Annualized, including interest on deposits (i.e. interest on funds
withheld).
((**)) Annualized, excluding interest on deposits (i.e. interest on funds
withheld).
SCOR Global Investments is benefiting from its highly liquid portfolio. As at
30 September 2017, the expected financial cash flows over the next 24 months
stand at EUR 5.6 billion (including cash, coupons and redemptions).
In the first nine months of 2017, invested assets generate a financial
contribution of EUR 364 million. The active asset management policy executed by
SCOR Global Investments has enabled the Group to generate capital gains of EUR
78 million over the period, coming mainly from the fixed income portfolio.
The return on invested assets stands at 2.6% for the first nine months of 2017
(2.7% excluding Q3 natural catastrophe impact on ILS funds). Taking account of
funds withheld by cedants and other deposits, the net rate of return on
investments stands at 2.3% in the first nine months of 2017. The reinvestment
yield stands at 2.6%[8] as at 30 September 2017. Under current market
conditions, the FY 2017 return on invested assets is estimated at between 2.7%
and 3.2%.
Invested assets (excluding funds withheld by cedants and other deposits) stand
at EUR 18,405 million as at 30 September 2017, and are composed as follows: 7%
cash, 77% fixed income (of which 1% are short-term investments), 4% loans, 3%
equities, 5% real estate and 4% other investments. Total investments, including
EUR 8,215 million of funds withheld and other deposits, stand at EUR 26,620
million at 30 September 2017, compared to EUR 27,731 million at 31 December
2016. This reflects in particular the weakening of the US Dollar vs. the Euro.
APPENDIX
1 - P&L key figures 2017 YTD and Q3 2017 standalone
+-----------------------------------+-------------------------+
| YTD | QTD |
+------------+------------+---------+-------+-------+---------+
In EUR millions | | | | | | |
(rounded, at | 9 months | 9 months |Variation|Q3 2017|Q3 2016|Variation|
current exchange| 2017 | 2016 | | | | |
rates) | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|Gross written | 11,122 | 10,216 | +8.9% | 3,600 | 3,481 | +3.4% |
|premiums | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|P&C gross | 4,622 | 4,234 | +9.2% | 1,502 | 1,433 | +4.8% |
|written premiums| | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|Life gross | 6,500 | 5,982 | +8.7% | 2,098 | 2,048 | +2.4% |
|written premiums| | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|Investment | 448 | 501 | -10.5% | 136 | 156 | -12.8% |
|income | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|Operating | 97 | 710 | -86.3% | -365 | 244 | -249.6% |
|results | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|Net income(1) | 25 | 438 | -94.3% | -267 | 163 | -263.8% |
+----------------+------------+------------+---------+-------+-------+---------+
|Earnings per | 0.14 | 2.37 | -94.3% | -1.43 | 0.88 | -262.3% |
|share (EUR) | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
|Operating cash | 671 | 1 304 | -48.5% | 343 | 854 | -59.8% |
|flow | | | | | | |
+----------------+------------+------------+---------+-------+-------+---------+
1: Consolidated net income, Group share.
2 - P&L key ratios for 2017 YTD and Q3 2017 standalone
+---------------------------------+-------------------------+
| YTD | QTD |
+-----------+-----------+---------+-------+-------+---------+
| 9 months | 9 months |Variation|Q3 2017|Q3 2016|Variation|
| 2017 | 2016 | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Return on | 2.3% | 2.5% |-0.2 pts | 2.1% | 2.3% |-0.2 pts |
|investments( 1) | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Return on invested| 2.6% | 2.9% |-0.3 pts | 2.3% | 2.6% |-0.3 pts |
|assets (1,2) | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
|P&C net combined | 107.5% | 93.0% |+14.5 pts|136.7% | 91.4% |+45.3 pts|
|ratio( 3) | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Life technical | 7.1% | 7.1% |+0.0 pts | 7.0% | 7.1% |-0.1 pts |
|margin( 4) | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Group cost ratio( | 4.9% | 5.0% |-0.1 pts | 5.0% | 4.8% |+0.2 pts |
|5) | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
|Return on equity | 0.5% | 9.3% |-8.8 pts |-16.2% | 10.7% |-26.9 pts|
|(ROE) | | | | | | |
+------------------+-----------+-----------+---------+-------+-------+---------+
1: Annualized; 2: Excluding funds withheld by cedants; 3: The net combined ratio
is the sum of the total claims, the total commissions and the total P&C
management expenses, divided by the net earned premiums of SCOR Global P&C; 4:
The technical margin for SCOR Global Life is the technical result divided by the
net earned premiums of SCOR Global Life; 5: The cost ratio is the total
management expenses divided by the gross written premiums.
3 - Balance sheet key figures as at 30 September 2017 (in EUR millions, at
current exchange rates)
+---------------------+--------------------+---------+
| As at 30 September | As at 31 December |Variation|
| 2017 | 2016 | |
+-------------------------+---------------------+--------------------+---------+
|Total investments( 1,2) | 26,620 | 27,731 | -4.0% |
+-------------------------+---------------------+--------------------+---------+
|Technical reserves | 28,681 | 28,715 | -0.1% |
|(gross) | | | |
+-------------------------+---------------------+--------------------+---------+
|Shareholders' equity | 6,025 | 6,695 | -10.0% |
+-------------------------+---------------------+--------------------+---------+
|Book value per share | 31.97 | 35.94 | -11.0% |
|(EUR) | | | |
+-------------------------+---------------------+--------------------+---------+
|Financial leverage ratio | 26.3% | 24.4% |+1.9 pts |
+-------------------------+---------------------+--------------------+---------+
|Total liquidity(3) | 1,620 | 2,282 | -29.0% |
+-------------------------+---------------------+--------------------+---------+
1: Total investment portfolio includes both invested assets and funds withheld
by cedants and other deposits, accrued interest, cat bonds, mortality bonds and
FX derivatives; 2: Excluding 3rd party net insurance business investments; 3:
Includes cash and cash equivalents.
4 - "Vision in Action" targets
+----------------------------------------------------------------+
| Targets |
+-------------+----------------------------------------------------------------+
|Profitability|ROE greater than or equal to 800 bps above 5-year risk-free |
| |rate(1), over the cycle |
+-------------+----------------------------------------------------------------+
|Solvency |Solvency ratio in the optimal 185% - 220% range |
+-------------+----------------------------------------------------------------+
1: Based on a 5-year rolling average of 5-year risk-free rates.
5 - "Vision in Action" assumptions
+--------------------+
| Assumptions |
+-------------+------------------------------+--------------------+
| | Gross written premium growth | 3% p.a. - 8% p.a. |
| P&C | | |
| | Combined ratio | ~95% - 96% |
+-------------+------------------------------+--------------------+
| | Gross written premium growth | 5% p.a. - 6% p.a. |
| Life | | |
| | Technical margin | 6.8% - 7.0% |
+-------------+------------------------------+--------------------+
| Investments | Return on invested assets | 2.5% - 3.2% |
+-------------+------------------------------+--------------------+
| | Gross written premium growth | ~4% p.a. - 7% p.a. |
| | | |
| Group | Cost ratio | 4.9% - 5.1% |
| | | |
| | Tax rate | 22% - 24% |
+-------------+------------------------------+--------------------+
Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 75 43
mbouchon(at)scor.com
Ian Kelly
Head of Investor Relations
+44 203 207 8561
ikelly(at)scor.com
http://www.scor.com/
Twitter: (at)SCOR_SE
General:
Numbers presented throughout this report may not add up precisely to the totals
in the tables and text. Percentages and percent changes are calculated on
complete figures (including decimals); therefore the presentation might contain
immaterial differences in sums and percentages due to rounding.
Unless otherwise specified, the sources for the business ranking and market
positions are internal.
Forward-looking statements:
This report includes forward-looking statements and information about the
objectives of SCOR, in particular, relating to its current or future projects.
These statements are sometimes identified by the use of the future tense or
conditional mode, as well as terms such as "estimate", "believe", "have the
objective of", "intend to", "expect", "result in", "should" and other similar
expressions. It should be noted that the achievement of these objectives and
forward-looking statements is dependent on the circumstances and facts that
arise in the future. Forward-looking statements and information about objectives
may be affected by known and unknown risks, uncertainties and other factors that
may significantly alter the future results, performance and accomplishments
planned or expected by SCOR. Information regarding risks and uncertainties that
may affect SCOR's business is set forth in the 2016 reference document filed on
3 March 2017 under number D.17-0123 with the French Autorité des marchés
financiers (AMF) and posted on SCOR's website www.scor.com.
In addition, such forward-looking statements are not "profit forecasts" in the
sense of Article 2 of Regulation (EC) 809/2004.
Financial information:
The Group's financial information contained in this report is prepared on the
basis of IFRS and interpretations issued and approved by the European Union.
Unless otherwise specified, prior-year balance sheet, income statement items and
ratios have not been reclassified.
The calculation of financial ratios (such as book value per share, return on
investments, return on invested assets, Group cost ratio, return on equity, net
combined ratio and Life technical margin) are detailed in the Appendices of the
Investor Relations presentation released on 26 October 2017 (see slide 20 of the
presentation).
The financial information included in this report is unaudited. Unless otherwise
specified, all figures are presented in Euros. Any figures for a period
subsequent to 30 September 2017 should not be taken as a forecast of the
expected financials for these periods.
--------------------------------------------------------------------------------
[1]Excluding the EUR 116 million pre-tax negative one-off linked to the change
in the Ogden discount rate, EUR 45 million pre-tax positive effect related to Q1
reserve releases and EUR 10 million post-tax Q3 cat impact on ILS funds, and
including a budgeted P&C cat ratio of 6%.
[2] Based on a 5-year rolling average of 5-year risk-free rates.
[3] A EUR 116 million (pre-tax) negative one-off.
[4] A EUR 45 million (pre-tax) positive effect from reserve releases in long-
tail lines of business.
[5] Please refer to page 34 of the IR presentation, for detailed calculation of
the combined ratio.
[6] See appendix p.7 for more information on targets and assumptions set in the
"Vision in Action" plan.
[7] 4.9-year duration on invested assets (vs. 4.5 years in Q2 2017, adjusted for
methodological change - refer to p.135 of 2017 IR Day presentation).
[8] Corresponds to marginal reinvestment yields based on first nine months 2017
asset allocation of yielding asset classes (i.e. fixed income, loans and real
estate), according to current reinvestment duration assumptions and spreads.
Yield curves as at 30/09/2017.
SCOR Press Release:
http://hugin.info/143549/R/2144814/822061.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Unternehmensinformation / Kurzprofil:
Datum: 26.10.2017 - 07:09 Uhr
Sprache: Deutsch
News-ID 565319
Anzahl Zeichen: 34650
contact information:
Town:
Paris
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 235 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SCOR demonstrates its shock-absorbing capacity - Third Quarter and First Nine Months 2017 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
SCOR (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
