Gross written premiums for the six months ended June 30, 2019 amounted to EUR 8,010 million (+6.3%), growth sustained by the positive underwriting performance of SCOR Global P&C (+13.9%), especially in P&C of U.S. market.
Net earned premiums reached EUR 7,026 million (+3.4%). The overall increase is due to an increase registered by SCOR Global P&C and SCOR Global Life, limited increase largely driven by the renewal of certain Financial Solutions deals recorded as fee business rather than as premiums in the first semester of 2019.
Denis KESSLER, Chairman & Chief Executive Officer of SCOR, commented on the results:
"SCOR delivers a strong performance in the first six months of 2019, achieving the solvency target and outperforming the profitability target set out in "Vision in Action". The Group continues to expand its franchise, recording controlled growth in target geographical areas and lines of business, while delivering excellent technical profitability in both P&C and Life reinsurance. We are actively preparing our new strategic plan, which will be presented at the beginning of September. This plan - SCOR's seventh since 2002 - will be an opportunity for the Group to affirm its ambitions, set its objectives and detail the ways and means used to pursue its strong value-creating strategy over the coming years."
1H2019 financial highlights (compared to 1H2018)
- Gross written premiums (GWP): EUR 8,010 million (+6.3%), of which:
- P&C GWP: EUR 3,446 million (+13.9%)
- Life GWP: EUR 4,564 million (-2.6%)
- Net earned premiums: EUR 7,026 million (+3.4%)
- Net income: EUR 286 million (+9.2%)
- Net investment income: EUR 309 million (+10.6%)
- P&C combined ratio: 93.7% (+2.3 pp.)
- Life technical margin: 7.2% (+0.3 pp.)
- Solvency ratio (estimated): 212%
SCOR Global P&C
For the first half of 2019, SCOR Property and Casualty (P&C) gross written premiums reached EUR 3,446 million (+13.9% y-o-y), growth driven by the 2019 renewals and a large extent from H2 2018 renewals, in particular in the U.S. The 1H2019 P&C combined ratio was 93.7%, increasing slightly (+2.3 pp.) when compared to 1H2018 value.
SCOR Global Life
SCOR Global Life's GWP stood at EUR 4,564 million (-2.6%) at the end of 1H2019, largely driven by the renewal of certain Financial Solutions deals as fee business (rather than as premiums) in H1 2019. The technical margin of 7.2% in H1 2019 was sustained by the Financial Solutions deals that renewed in H1 2019 as fee business, solid technical result from in-force business and profitability of the new business.
SCOR Global Investments
SCOR's total investments reached EUR 27.5 billion, with total invested assets of EUR 19.5 billion and funds withheld) of EUR 8.0 billion. Investment income on invested assets stands at EUR 309 million in H1 2019, generating a return on invested assets of 2.8%.
More financial information about SCOR in the first half-year of 2019 can be found here.