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SCOR delivers robust results for the first nine months of 2015, combining growth, profitability and solvency, and pursues the active implementation of the 'Optimal Dynamics' strategic plan.

- Gross written premiums reach EUR 9,996 million in the first nine months, up 19.3% at current exchange rates compared to the same period in 2014 (+5.8% at constant exchange rates). This significant growth is driven by the contribution of the two business engines:
o SCOR Global P&C gross written premiums increase by 18.4% at current exchange rates (+5.9% at constant exchange rates) to EUR 4,356 million;
o SCOR Global Life gross written premiums reach EUR 5,641 million, up by 19.9% at current exchange rates (+5.8% at constant exchange rates).

- SCOR Global P&C records excellent technical profitability with a net combined ratio of 90.8% in the first nine months, in an environment of low natural catastrophe losses but with an unusually high frequency of large man-made losses.

- SCOR Global Life records a technical margin of 7.2% for the first nine months of 2015, consistently delivering above the 'Optimal Dynamics' assumption of 7.0%.

- SCOR Global Investments achieves a 3.1% return on invested assets thanks to its active portfolio management.

- Group net income reaches EUR 492 million in the first nine months of 2015, an increase of 30.5% compared to 2014. The annualized return on equity (ROE) stands at 11.1% or
1,104 bps above the risk-free rate(1).

- Shareholders' equity increases by 6.5% in the first nine months of 2015 to reach
EUR 6,104 million at 30 September 2015, compared to EUR 5,729 million at 31 December 2014, after the payment of EUR 260 million of dividends in May 2015 for the year 2014. This translates into a book value per share of EUR 32.65 at 30 September 2015, compared to
EUR 30.60 at 31 December 2014. This increase is driven by a high net income contribution and a favourable currency translation adjustment of EUR 215 million.

- SCOR's financial leverage stands at 23.0% at 30 September 2015, in line with 23.1% at
31 December 2014 following the successful placement of EUR 250 million dated subordinated debt, issued with a coupon set at 3.25% in June 2015. In addition, in the first nine months of 2015, SCOR has called two debts, due in 2029 and 2020 respectively, for EUR 10 million and
EUR 93 million. The Group's financial leverage remains below the 25% ceiling indicated in the 'Optimal Dynamics' plan.

- The ACPR (Autorité de contrôle prudentiel et de résolution) has notified SCOR of its intention to approve the Group's internal model(2). The solvency ratio at the end of the first half of 2015 is estimated at 214% of the Solvency Capital Requirement (SCR) and at 208% at the end of the third quarter 2015, up from 202% at the end of 2014(3).

SCOR Group 2015 YTD and Q3 2015 standalone key financial details:

(*) Consolidated net income, Group share.


Over the period, the Group's strategy and financial strength were recognized by the rating agencies:


- On 27 July 2015, Fitch Ratings upgraded SCOR's Insurer Financial Strength (IFS) rating to 'AA- stable outlook' from 'A+ positive outlook';
- On 7 September 2015, Standard & Poor's upgraded SCOR's Insurer Financial Strength rating to 'AA- stable outlook' from 'A+ positive outlook';
- On 11 September 2015, A.M. Best revised the outlook of SCOR and its main subsidiaries to 'positive' from 'stable', as well as affirming the financial strength rating (FSR) of 'A' (Excellent) and the issuer credit ratings (ICR) of 'a+'.

The Group's ratings reflect its high level of solvency, its technical performance and the quality and resilience of its earnings, confirming SCOR as a Tier 1 reinsurer.

Finally, SCOR accomplishes a major achievement with the ACPR's intention to approve the use of its internal model to calculate its solvency capital requirements, in view of the implementation of
Solvency II on 1 January 2016. SCOR's internal capital model is an original, holistic, stochastic model, created by the Group itself, which draws on the skills, expertise and experience of the Group's employees.

Denis Kessler, Chairman & CEO of SCOR, comments: 'The Group has delivered excellent results over the period in terms of growth, profitability and solvency, putting SCOR firmly on track to achieve the targets set out in the 'Optimal Dynamics' plan. Major milestones have been achieved with the recent upgrades of its rating to AA- and the intention of the ACPR to approve the Group's internal model. All of this confirms SCOR's status as a Tier 1 global reinsurer.'

(1) Three-month risk-free rate.
(2) See the Press Release n° 27 published on 4 November 2015.
(3) Solvency ratio at the end of 2014 stands at 202%, vs 204% disclosed during the 2015 Investor Day, following the last adjustments requested by the ACPR on the operational risk model.

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