Press Release 26 September 2017 - N° 25
SCOR continues to pursue "Vision in Action" following the recent natural catastrophes
The third quarter of 2017 has so far registered a high frequency of severe natural catastrophe events. It is one of the core activities of SCOR to provide protection for such losses.
Hurricanes Harvey and Irma are expected to represent an earnings event rather than a capital event for SCOR in the third quarter of 2017. At this stage the Group's solvency position remains strong and within its optimal solvency range, the dividend policy remains unchanged and the share buyback program is maintained; moreover, SCOR does not expect its financial ratings to be affected.
The impact of hurricane Maria is currently under assessment, but is not expected to change these perspectives.
The capital shield strategy put in place by the Group as one of its four cornerstones will protect the Group as expected, with ample unused capacity and no breach of the upper limits. It will remain effective to protect the Group from the occurrence of further events in 2017.
The likelihood of the Contingent Capital facility being triggered in 2017 is extremely remote.
Following these events, SCOR stands ready to support its clients and will continue to implement its strategic plan "Vision in Action", in view of combining profitable growth and attractive capital returns.
Victor Peignet, Chief Executive Officer of SCOR Global P&C, comments: "SCOR is supportive of all those who have suffered as a result of these hurricanes. The associated economic disruption and protection gap raise important sustainability issues and challenges to societies throughout the world. SCOR is actively engaged in all actions to bridge the protection gap, to the benefit of all populations exposed to natural catastrophes."
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Contact details
Marie-Laurence Bouchon Group Head of Communications +33 (0)1 58 44 75 43 mbouchon@scor.com
Ian Kelly Head of Investor Relations +44 203 207 8561 ikelly@scor.com
Twitter: @SCOR_SE
This publication is an ad hoc disclosure pursuant to article 17 of the Regulation (EU) n°596/2014 of 16 April 2014.
Forward-looking statements
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 the 2016 reference document filed on 3 March 2017 under number D.17-0123 with the French Autorité des marchés financiers (AMF) posted on SCOR's website www.scor.com (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. 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".
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