PARIS, Nov. 19, 2001 (PRIMEZONE) -- SCOR Group (NYSE:SCO) premium income totaled EUR 3,477 million at the end of September 2001, up 25% relative to the corresponding period last year on a like-for-like basis.
This sharp increase occurred across all business sectors, confirming the positive trends already noted in the first half of 2001.
On a non-comparable consolidation basis (i.e. after consolidation of SCOR LIFE RE from July 2000 and Sorema from July 2001), premium income was up 45%.
Breakdown of premium income by business sector at September 30:
-- Property & Casualty reinsurance registered strong growth,
especially following first-time consolidation of Sorema's premium
income in the third quarter, reporting a total premium income of
EUR 1,364 million, representing 39% of the Group total;
-- Life and Accident & Health reinsurance continued to expand, with
EUR 1,119 million in premium income, representing 32% of the Group
total;
-- Speciality reinsurance, which represents 28% of total Group
premiums, advanced sharply to EUR 994 million.
The improvement in rating conditions, already observed in the first half of 2001 and confirmed on the third quarter, gathered pace in all classes and markets.
Despite the consequences of the tragic events of September 11, 2001, for which the initial cost estimate for the Group remains unchanged (USD 150 to 200 million), the increase of a EUR 344 million in shareholders' equity following the acquisition of Sorema will enable SCOR to maintain its underwriting capacity for the year 2002 and to take full advantage of sharply improved market conditions.
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+ (Superior) from AM Best and AA- 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, Frankfurt and New York. SCOR has a widely diversified international shareholder base, with more than 30,000 shareholders in 55 countries.