The margin in life reinsurance should reach 6

"Growth, profitability, solvency": for SCOR, all the ingredients of success appear to have been at the meeting in 2009, in a context for the less complicated. The reinsurer led by Denis Kessler succeeded in advance last year its premiums by 10, to 6,379 billion, the net result of 17, to EUR 370 million (doped by exceptionals EUR 199 million and 177 million of realized capital gains), and its equity of 14 to 3.9 billion. The Group focuses on its ability to identify the "cash flow" operational (851 million in 2009).

A nice martingale hailed by analysts, and led to an increase in the title of 1.12 yesterday to 18,45 EUR. The proposal to raise the dividend by 25, to 1 euro per title - is a distribution of 48-a rate also constituted a pleasant surprise. Small novelty, shareholders can choose to receive the dividend in shares SCOR, and enjoy a discount of 10 on the price of issue of new shares. CEO, Denis Kessler, absolutely denied the idea that it could hide a solvency problem.

After having accumulated liquidity during the crisis, SCOR has begun to ease its positions (1.7 billion euros end of 2009, against 3.7 billion end of 2008) to pick up performance, but also to prepare for a scenario of recovery rates and inflation. Still marked by impairment losses (EUR 247 million on the year), the average return on assets reached 2.4 in 2009, compared with 2.3 in 2008. For 2010, SCOR anticipates on the basis of the rate term than "3.2 ", excluding write-downs.

At this close indication, the world 5eréassureur refuses to give any forecast encrypted for 2010. Denis Kessler said that "entrusting", in the light of the "very positive dynamics" SCOR, which recalled, has not experienced a quarter in the Red since 2004. The impact of the Xynthia storm should not be "major" SCOR. The earthquake in the Chile - which damage are evaluated between 2 and 8 billion by modeling AIR company - is however considered "serious".

Actually, it wasn't until July 7, for the ambitions of the group, summarized in the new strategic plan 2010-2013. SCOR seems close enough to the objectives of its plan 2007-2010, after the merger with Revios and Converium.

No discussion with Coface

The ratio of combined in reinsurance-damage (claims and costs management reported premiums), must be less than 97,5: it is 96.8 in 2009, excluding the 39 million euros related to the arbitration on the World Trade Center (98.8 with). The margin in life reinsurance should reach 6.8: 5.8 in 2009. But "it amounts to 6.9, excluding annuities products indexed on actions in the United States", the margin is lower but which are undemanding in own funds, and therefore consistent with the objectives of profitability House. In this respect, the performance of the own funds, to 10.2, exceeding the goal of 900 points above the rate risk-free base. There are more than to get an A rating, and the round will be played. The group, who said not to have discussion with Coface, says not to seek "external growth for growth".