PARIS, Feb. 7, 2002 (PRIMEZONE) -- In line with its estimates and strategy, SCOR (NYSE:SCO) registered significant growth in premium income over the 2001 financial year, with gross written premiums totaling EUR 4,890 million.
The breakdown of premium income by business sector at December 31 was as follows:
EUR million Premium income Change on a
31/12/2001 comparable basis
Property & Casualty 1,876 + 39%
Life, A & H 1,503 + 37%
Speciality Reinsurance 1,511 + 26%
Consolidated premium income 4,890 + 34%
The Property & Casualty and Life, A & H sectors recorded the strongest growth in gross written premiums, due to increased market shares.
In the Speciality Reinsurance business, development by segment was in line with targets: sustained growth in Large Corporate Accounts; consolidation in ART business and reduction in the Credit & Surety, mainly due to the Group's withdrawal from Surety activities in the United States.
The Group is pleased with this strong growth in premium income in advance of the price rises of 2002, and with the continued structural development of its business mix.
At its information meeting on February 15, 2002, SCOR will provide a detailed summary of the improvements registered in technical and pricing conditions seen at the time of policy renewals on January 1, 2002.
The Group's consolidated financial statements will be published on March 7, 2002.
Furthermore, pursuant to a decision taken at the last meeting of the Board of Directors, SCOR and Groupama have decided to end the restriction on Groupama, which prevented it from holding more than 18% of the Group's capital.
With 30 offices around the world, serving clients in over 150 countries, SCOR is France's largest reinsurer and one of the industry world leaders. Thanks to its ability to provide innovative technical and service support, the SCOR Group has built up a well balanced portfolio of Property and Casualty, Life, Accident & Health and Specialty reinsurance products and services. The Group's ratings, which include AA from Fitch, A (Excellent) from AM Best and A+ from Standard & Poor's, reflect its financial strength and underwriting expertise. SCOR shares, which belong to the SBF 120, Bloomberg European Insurance, NEXT 150 and Dow Jones STOXX indexes, are listed in Paris and New York. SCOR has a widely diversified international shareholder base, with more than 20,000 shareholders in 64 countries.
Certain statements contained in this press release are forward-looking statements that are based on risks and uncertainties that could cause actual results, performance or events to differ materially from those in such statements. Additional information regarding risks and uncertainties is set forth in the current annual report of the company.