SCOR delivers a strong performance for the first nine months of 2013, recording net income of EUR 302 million

Press Release
06 November 2013



For more information, please contact:
Géraldine Fontaine                                        [phone]
Communications and Public Affairs

Antonio Moretti                                        [phone]
Investor Relations Director




In  the first nine months of 2013, SCOR records strong results and good progress
towards  achieving  the  ambitious  goals  of  its  new  strategic plan "Optimal
Dynamics".

  * Gross written premiums stand at EUR 7,539 million, up 4.5% (+7.7% at
    constant exchange rates), driven by the combined impact of healthy SCOR
    Global P&C renewals and major contracts signed by SCOR Global Life:

      * SCOR Global P&C records gross written premium growth of 7.1% at
        constant  exchange rates to EUR 3,647 million, in line with the full-
        year expected growth rate of 6%;
      * SCOR Global Life records gross written premium growth of 8.3% at
        constant exchange rates to EUR 3,892 million, notably supported by new
        contracts signed in Asia, the UK and the Iberian Peninsula.


  * SCOR Global P&C's net combined ratio stands at 94.1%, in line with 2013
    expectations.

  * SCOR Global Life's technical margin reaches 7.3%, in line with 2013
    expectations.

  * Thanks to its active portfolio management, SCOR Global Investments records
    an ongoing return on invested assets of 3.3% (excluding equity impairments).
    SCOR Global Investments pursues its prudent asset management policy, whilst
    starting to slightly increase the duration of its fixed income portfolio. At
    current market levels, SCOR does not expect further impairments on the
    equity portfolio.

  * Operating cash flow is up sharply to EUR 722 million (+30%), with
    contributions from both business engines.
  * The Group continues its cost control policy with a cost ratio of 5.0%. This
    is an improvement versus the 5.1% recorded in the first nine months of 2012
    and it puts the Group on track to achieve the 4.8% assumed in the "Optimal
    Dynamics" plan. SCOR continues to invest in accordance with its strategic
    plan, currently pursuing more than 15 projects.
  * SCOR's net income reaches EUR 302 million in the first nine months of 2013.
    Despite the high level of natural catastrophes, the Group records a high
    level of profitability, with a ROE of 8.5% (9.8% excluding equity
    impairments).

  * Shareholders' equity reaches EUR 4,813 million, or EUR 25.6 per share, as at
    30 September 2013. This compares to EUR 4,807 million as at 31 December
    2012[1] and is after distribution of dividends amounting to EUR 223 million.

  * SCOR's financial leverage stands at 21.6% at 30 September 2013, below the
    25% ceiling indicated in the "Optimal Dynamics" plan. Moreover, SCOR has
    actively managed its liabilities in 2013, providing liquidity to its
    outstanding debts by acquiring a total face value of
    USD 46 million at an average price below 90% of par and by issuing CHF 250
    million of perpetual subordinated debt.



As well as the notable financial performance, Q3 was marked by a series of major
developments for the Group.

Most  notably, SCOR finalised the acquisition  of Generali U.S., which closed on
1 October.  SCOR is  now the  market leader  in the  US life reinsurance market.
Integration  is proceeding smoothly and the new management team for the combined
activities  of Generali U.S.  / SCOR is  in place. This  acquisition is fully in
line  with  the  Group's  strategic  cornerstones  and  also  meets  the Group's
financial objectives. Badwill generated by the deal is likely to exceed EUR 150
million (an upward revision to SCOR's original estimate of in excess of EUR 100
million), and will be disclosed with the Q4 results.


Also  in the quarter, SCOR issued two  capital market instruments which were met
with  strong demand.  A  CHF 250 million perpetual  subordinated debt was issued
for  the financing of the Generali  U.S. acquisition[2]. The Group also launched
an  innovative  mortality  risk  transfer  contract  (Atlas  IX), which provides
protection against pandemic risk[3].

On  4 September 2013, SCOR published  its new three-year  strategic plan, called
"Optimal  Dynamics", which aims to strengthen the Group's position on the global
reinsurance  market[4]. This plan combines profitability, solvency, and a strong
shareholder  remuneration policy, through two main  targets: (1) a ROE of 1,000
basis points above the three-month risk-free rate over the cycle; (2) a solvency
ratio in the 185-220% range (percentage of Solvency Capital Requirements or SCR,
according to the Group Internal Model)[5].


Denis  Kessler,  Chairman  &  Chief  Executive  Officer of SCOR, comments: "I am
pleased  with the strong results we  have achieved year-to-date, particularly in
light of the heavy burden of nat cat losses. These results are a promising first
step of our new "Optimal Dynamics" plan. Moreover, the successful acquisition of
Generali  U.S. and the launch of its integration further strengthen our presence
in the important US life reinsurance market."



                                       *

                                  *         *



SCOR  Global P&C delivers healthy growth and robust technical profitability on a
year-to-date  basis, as well as a quarterly performance already in line with the
"Optimal Dynamics" plan targets

SCOR  Global  P&C  records  gross  written  premium growth of 3.7% YTD (+7.1% at
constant exchange rates) to EUR 3,647 million.

In  view of the impact  of exchange rate headwinds,  this growth rate favourably
compares with the full-year expectation of around +6%.

At  the end  of the  third quarter,  the Group's  non-life operations  record an
excellent  combined ratio of 94.1%, with a further improved net attritional loss
ratio of 57.7%. The latter:
  * is in line with the 2013 assumption set out in the "Optimal Dynamics" plan
    of 59% on a normalized basis, i.e. after reintegration of the 1 point impact
    of the EUR 31 million reserve releases effected in the second quarter of
    2013;
  * includes two movements of precautionary reserves that broadly offset each
    other. These two movements correspond respectively to a negative impact from
    surety bonds for cooperative-based housing developments in Spain and to a
    positive impact from the case reserves accounted for the World Trade Center-
    related recourses against aviation insurers reinsured by SCOR.


SCOR  Global  P&C  records  a  combined  ratio  of  93.7% for  the third quarter
standalone,  in line with the "Optimal Dynamics" target of 93-94% over 2013-16.
In  the third  quarter, nat  cat losses  contributed 6.6% to the combined ratio.
They  include EUR 53 million of losses from German hailstorms and EUR 14 million
for Toronto flooding.


SCOR  Global Life couples a healthy  technical margin with solid growth, thereby
confirming the dynamism of its franchise

In  the first  nine months  of 2013, SCOR  Global Life  has taken advantage of a
number of opportunities in the market, enabling it to record solid gross written
premium growth of 5.3% (+8.3% at constant exchange rates) to EUR 3,892 million.

This  is thanks notably to double-digit  life reinsurance business growth in the
UK  and Ireland, in Spain and in Asia.  Similar growth has also been recorded in
longevity, life financing reinsurance and health.

This  growth offsets  the negative  impact of  exchange rate developments and of
selective portfolio decreases in the Middle East, France and Northern Europe, as
well as in disability and personal accident lines.

SCOR  Global Life has also achieved robust new business production of around EUR
704 million,  with significant  increases in  the UK,  Spain, North  America and
Asia-Pacific,  especially in  the "financial  solutions" strategic segment. This
will generate strong future cash flow in the long run.

SCOR  Global Life estimates premium income of around EUR 6 billion[6] for 2013.
This once again confirms the dynamism of its franchise.

SCOR  Global Life records  a strong technical  margin of 7.3%, including a 0.2%
non-recurring   positive  item.  This  performance  is  in  line  with  "Optimal
Dynamics".

SCOR  Global Investments delivers an ongoing  return on invested assets of 3.3%
(excluding equity impairments) for the first nine months of 2013

In  an environment  still marked  by historically  and persistently low interest
rates  in the major currency zones,  SCOR Global Investments maintains a prudent
investment  strategy,  whilst  generating  recurring  financial  cash  flows and
actively  managing the invested assets portfolio. At 30 September 2013, expected
cash  flow on the fixed  income portfolio over the  next 24 months stands at EUR
5.6 billion (including cash and short-term investments).

The  quality of the  fixed income portfolio  has been maintained,  with a stable
average  rating of AA- and no exposure to the sovereign debt of Greece, Ireland,
Italy, Portugal or Spain, or to any debts issued by US States or municipalities.
In  accordance with the  orientations of the  strategic "Optimal Dynamics" plan,
the  duration of the fixed income  portfolio has increased slightly to 3.2 years
(excluding cash), compared to 2.9 years at 30 June 2013.

For  the first  nine months  of 2013, the  invested assets portfolio generates a
financial contribution of
EUR   277 million.  The  active  management  policy  practised  by  SCOR  Global
Investments  has enabled  the Group  to record  capital gains of EUR 107 million
YTD.  The Group has rigorously applied its amortization and impairment policy to
its investment portfolio. Impairments stand at
EUR  87 million YTD,  of which  EUR 64 million  apply to  equities which are net
asset  value neutral.  This quarter  marks the  last round of equity impairments
impacting the profit & loss statement (these impairments are marginal in Q3). At
current  market levels, SCOR  does not expect  further impairments on the equity
portfolio.  Excluding equity impairments, the  ongoing return on invested assets
reaches   3.3% for   the  first  nine  months  of  2013 (2.7%  including  equity
impairments).  Taking  account  of  funds  withheld  by cedants, the net rate of
return on investments is 2.4% over the period.

Invested  assets (excluding funds withheld by cedants) stand at EUR 14.2 billion
at 30 September 2013, composed as follows: 13% cash (up slightly compared to 30
June  2013, taking account  of the  finalisation of  the acquisition of Generali
U.S.  that  took  place  on  1 October  2013), 73% fixed income (of which 5% are
short-term  investments),  2% loans,  4% equities,  6% real  estate and 2% other
investments.  Total investments,  including EUR  8.1 billion of  funds withheld,
stand  at EUR 22.3 billion at 30 September 2013, compared to EUR 22.2 billion at
31 December 2012.



                                       *

                                  *         *




P&L Key figures Q3 2013 YTD (in EUR millions)

                                Q3 2013 YTD   Q3 2012 YTD   Variation
                                (unaudited)   (unaudited)   (%)
--------------------------------------------------------------------------
  Gross written premiums           7,539         7,214        4.5%
-----------------------------------------------------------------------
  P&C gross written premiums       3,647         3,517        3.7%
-----------------------------------------------------------------------
  Life gross written premiums      3,892         3,697        5.3%
-----------------------------------------------------------------------
  Net investment income             385           411         -6.3%
-----------------------------------------------------------------------
  Operating results                 454           475         -4.4%
-----------------------------------------------------------------------
  Net income                        302           318         -5.0%
-----------------------------------------------------------------------
  Earnings per share (EUR)         1.63          1.73         -5.8%
-----------------------------------------------------------------------


P&L Key ratios Q3 2013 YTD
                                                      Q3 2013 YTD Q3 2012 YTD
                                                      (unaudited) (unaudited)
-------------------------------------------------------------------------------
 Net return on investments( 1)                           2.4%        2.6%
------------------------------------------------------------------------------
 Return on invested assets( 1,2)                         2.7%        2.8%
------------------------------------------------------------------------------
 Return  on invested  assets w/o  equity impairments(
 1,2)                                                    3.3%        3.4%
------------------------------------------------------------------------------
 P&C net combined ratio( 3)                              94.1%       93.7%
------------------------------------------------------------------------------
 Life operating margin( 4)                               4.5%        4.9%
------------------------------------------------------------------------------
 Life technical margin( 5)                               7.3%        7.3%
------------------------------------------------------------------------------
 Group cost ratio( 6)                                    5.0%        5.1%
------------------------------------------------------------------------------
 Return on equity (ROE)                                  8.5%        9.4%
------------------------------------------------------------------------------
 Return on equity (ROE) w/o equity impairments           9.8%        10.6%
------------------------------------------------------------------------------
1: Annualised;  2: Excluding funds withheld by cedants; 3: The combined ratio is
the  sum of the total claims, the total commissions and the total P&C management
expenses,  divided by the  net earned premiums  of SCOR Global  P&C; 4: The life
operating  margin  is  the  sum  of  the technical results, the total investment
income from SCOR Global Life and the total SCOR Global Life expenses, divided by
the  net earned premium  of SCOR Global  Life; 5: The technical  margin for SCOR
Global  Life is the technical result divided  by the net earned premiums of SCOR
Global  Life; 6: The cost ratio is the  total management expenses divided by the
gross written premiums.


Balance sheet Key figures Q3 2013 (in EUR millions)

                                   Q3 2013       Q3 2012       Variation
                                   (unaudited)   (unaudited)   (%)
-------------------------------------------------------------------------
  Total investments(1)               22,648        22,338        1.4%
-------------------------------------------------------------------------
  Technical reserves (gross)         23,618        23,846        -1.0%
-------------------------------------------------------------------------
  Shareholders' equity (2)            4,813         4,731        1.7%
-------------------------------------------------------------------------
  Book value per share (EUR) (2)      25.62         25.71        -0.4%
-------------------------------------------------------------------------
  Financial leverage ratio            21.6%         16.3%        5.3%
-------------------------------------------------------------------------
  Total liquidity                     2,441         2,560        -4.6%
-------------------------------------------------------------------------
1: Total investment portfolio includes both invested assets and funds withheld
by cedants, accrued interest, cat bonds, mortality bonds and FX derivatives; 2:
Shown shareholders' equity is restated due to the retrospective application of
IAS 19 "revised". Q3 2012 published shareholders' equity amounted to EUR 4,734
million and Q3 2012 published BVPS amounted to EUR 25.73.



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                                  *         *



Forward-looking statements
SCOR's  condensed consolidated financial statements as at 30 September 2013 were
approved  by the  Board of  Directors' meeting  of 5 November 2013 and have been
subjected to a limited review by the Statutory Auditors.
SCOR  does not communicate "profit forecasts" in  the sense of Article 2 of (EC)
Regulation  n°809/2004 of  the European  Commission. Thus,  any forward-.looking
statements  contained in this communication should  not be held as corresponding
to  such  profit  forecasts.  Information  in  this  communication  may  include
"forward-looking  statements", including but not  limited to statements that are
predictions  of or indicate future events, trends, plans or objectives, based on
certain  assumptions and include any statement which does not directly relate to
a  historical  fact  or  current  fact. Forward-looking statements are typically
identified  by  words  or  phrases  such  as,  without limitation, "anticipate",
"assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may
increase"   and  "may  fluctuate"  and  similar  expressions  or  by  future  or
conditional  verbs such as,  without limitations, "will",  "should", "would" and
"could."  Undue reliance  should not  be placed  on such statements, because, by
their  nature, they  are subject  to known  and unknown risks, uncertainties and
other  factors, which may cause actual results,  on the one hand, to differ from
any  results expressed  or implied  by the  present communication,  on the other
hand.
Please refer to SCOR's Document de référence filed with the AMF on 6 March 2013
under  number  D.13-0106 (the  "Document  de  référence"),  for a description of
certain  important factors, risks and uncertainties that may affect the business
of  the SCOR Group. As a result  of the extreme and unprecedented volatility and
disruption   of  the  current  global  financial  crisis,  SCOR  is  exposed  to
significant  financial, capital market  and other risks,  including movements in
interest  rates, credit spreads, equity  prices, and currency movements, changes
in  rating agency policies or  practices, and the lowering  or loss of financial
strength  or  other  ratings.  SCOR's  interim  report  as  at  H1 2013, and the
reference  document as at 31 December 2012, are available on the Group's website
(www.scor.com).
The  Group's  financial  information  is  prepared  on  the  basis  of  IFRS and
interpretations  issued  and  approved  by  the  European  Union. This financial
information  does not  constitute a  set of  financial statements for an interim
period as defined by IAS 34 "Interim Financial Reporting".


--------------------------------------------------------------------------------

[1]  Shown Shareholders' Equity is adjusted due to the retrospective application
of  IAS  19 "revised":  Q4  2012 published  Shareholders' Equity amounted to EUR
4,810 million.
[2] See SCOR press release n° 30 of 10 September 2013.
[3] See SCOR press release n° 29 of 6 September 2013.
[4]See SCOR press release n° 28 of 4 September 2013.
[5] This is the ratio of available capital over SCR (Solvency Capital
Requirements).
[6] Pro forma including Generali U.S.



SCOR Press Release: http://hugin.info/143549/R/1740779/584721.pdf

[HUG#1740779]