Scor SE · EURONEXT:SCR
Scor — Cheuvreux conference 2012
21 slides from Scor's conference presentation, Sep 19, 2012
Slide 1: Cheuvreux conference
Cheuvreux conference Denis Kessler, CEO and Chairman Paris 19/09/2012
Slide 2: Cheuvreux conference – 19/09/2012
Cheuvreux conference – 19/09/2012 SCOR successfully combines growth, profitability and solvency with an attractive shareholders’ 1 remuneration policy 2 SCOR’s success story continues, thanks to its capacity to anticipate the challenges ahead… 3 …and its relentless focus on technical profitability 2
Slide 3: SCOR has achieved significant growth over the past few years
SCOR combines growth, profitability and solvency | SCOR’s success story continues| Focus on technical profitability SCOR has achieved significant growth over the past few years… SCOR has reached a top-tier position within the industry Gross written premiums, in € billions (rounded) ~9.4 2) 8.6 6.4 6
Slide 4: …while increasing its solvency and profitability
SCOR combines growth, profitability and solvency | SCOR’s success story continues| Focus on technical profitability …while increasing its solvency and profitability SCOR has strongly increased its solvency with robust net income production Shareholders’ equity + subordinated debts, in € billions (ro
Slide 5: Operating cashflow supports an attractive shareholder remuneration policy
SCOR combines growth, profitability and solvency | SCOR’s success story continues| Focus on technical profitability SCOR’s focus on operating cashflow has contributed to its capacity to pursue an attractive shareholder remuneration policy Since 2005, SCOR’s twin engines have generated more than € 3.
Slide 6: Cheuvreux conference – 19/09/2012
Cheuvreux conference – 19/09/2012 SCOR successfully combines growth, profitability and solvency with an attractive shareholders’ 1 remuneration policy 2 SCOR’s success story continues, thanks to its capacity to anticipate the challenges ahead… 3 …and its relentless focus on technical profitability 6
Slide 7: SCOR's success story continues, thanks to its capacity to anticipate the challenges ahead
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability SCOR’s success story continues, thanks to its capacity to anticipate the challenges ahead Key industry challenges SCOR’s position How to face a low yield SCOR’s prudent asset mana
Slide 8: Yields have reached record lows, but current monetary policies are not sustainable
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability 1 Yields have reached record lows, but current monetary policies are not sustainable in the long run Central Banks have driven interest rates to record lows... Policy interest rates i
Slide 9: SCOR's prudent AM strategy maximizes potential upsides when interest rates rise
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability 1 SCOR’s prudent AM strategy maximizes potential upsides when interest rates rise Relative impact for SCOR: Relative impact for SCOR: Bond crash +++ Bear steepening + 1) 1) Actual rat
Slide 10: Twin-engine model provides solid, low volatile returns and low market correlation
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability 2 SCOR’s twin-engine model consistently provides investors with solid and low volatile returns, and low market correlation Diversified reinsurers offer better risk-adjusted returns th
Slide 11: Capital shield policy and diversification minimize capital needs
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability 2 Capital shield policy for P&C and high diversification both contribute to SCOR’s relentless efforts to minimize its capital needs SCOR P&C’s economic capital needs have been Diversi
Slide 12: SCOR invests in the future of the Group, improving its competitive edge
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability 3 SCOR invests in the future of the Group, while actively improving its competitive edge SCOR actively prepares the ground for generating further productivity and efficiency gains Mor
Slide 13: SCOR's best-in-class governance allows timely and efficient decision making
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability 3 SCOR’s best-in-class governance allows for timely and efficient decision making Identification of sovereign debt crisis as early as 11/ 2008 Capital shield operational in 2011 t
Slide 14: SCOR continues to anticipate potential risks ahead
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability 4 SCOR continues to anticipate potential risks ahead in order to immunize itself from macroeconomic turmoil SCOR anticipates the risks of: Leverage ratio at 20.4% following the issu
Slide 15: Reinsurance industry performance is largely de-correlated from the economy
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability 4 The reinsurance industry offers a performance largely de-correlated from the wider economic situation P&C reinsurance cycles differ from GDP growth cycles 300 3 2 250 1 US output ga
Slide 16: Cheuvreux conference – 19/09/2012
Cheuvreux conference – 19/09/2012 SCOR successfully combines growth, profitability and solvency with an attractive shareholders’ 1 remuneration policy 2 SCOR’s success story continues, thanks to its capacity to anticipate the challenges ahead… 3 …and its relentless focus on technical profitability 1
Slide 17: SCOR Global P&C continues focusing on improving technical profitability
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability SCOR Global P&C continues focusing on improving technical profitability with active management of its portfolio and fragmented reinsurance cycles P&C Industry More fragmentation tha
Slide 18: SCOR Global Life biometric-only portfolio provides stable technical profitability
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability SCOR Global Life biometric-only portfolio provides stable technical profitability Life Industry Primary cedants affected by worldwide economic downturns, impacting solvency margin of
Slide 19: SCOR's positive trend continues, in line with assumptions and targets
SCOR combines growth, profitability and solvency | SCOR’s success story continues | Focus on technical profitability SCOR’s positive trend continues, with underlying profitability levels in line with its operational assumptions and targets SCOR’s operational performance is consistent with its “Stron
Slide 20: Appendix
Appendix SOOR 20
Slide 21: Disclaimer Page
Disclaimer Page Certain statements contained in this presentation may relate to forward-looking statements and objectives of SCOR SE, specifically statements announcing or relating to future events, trends, plans, or objectives, based on certain assumptions. These statements are typically identified