SCOR Announces 1996 Full Year Results; Return On Equity Stood At 10.7%.PARIS--(BUSINESS WIRE)--March 6, 1997--SCOR (NYSE NYSE See: New York Stock Exchange - SCO (The SCO Group, Lindon, UT, www.sco.com) A leading vendor of Unix operating systems for the x86 platform. SCO had also offered Linux, but abandoned the line in the spring of 2003. The SCO Group is the combination of two companies: Utah-based Caldera, Inc. ), one of the world's largest reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. groups, announced today financial results for the year ended December December: see month. 31, 1996. The financial results reported herein have been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and are presented in French Francs. All discussions in the text of this release reflect U.S. GAAP. The accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. financial tables have been prepared in accordance with U.S. GAAP and French GAAP, respectively. Net premiums written in 1996 were FRF FRF The ISO 4217 currency code for the French Franc. 11,807 million, representing a 13.1% increase from FRF 10,436 million written in 1995. SCOR's net premiums earned increased 9.5% to FRF 10,349 million from FRF 9,455 million. Figures for 1996 include the impact on the last quarter of the purchase of Allstate This article is about the American insurance company. For the line of automobiles, see Allstate (automobile). The Allstate Corporation NYSE: ALL is the largest publicly held personal lines insurer in the United States. Insurance's U.S. -based reinsurance business in September September: see month. 1996. After the effect of a change in accounting methods that resulted in a FRF 29 million (after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. ) reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of gain on sale of treasury stock from earnings to shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. , net income increased to FRF 705 million for the year, up 2.2% from FRF 690 million in 1995. Net income per Ordinary Share of FRF 26.02 shows consistency with 1995's FRF 26.66. Weighted average shares outstanding were 27,080,900 and 25,886,125 for the years ended December 31, 1996 and 1995, respectively. Fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per Ordinary Share was FRF 21.27, compared to FRF 21.56 in 1995. The Board of Directors will recommend at the Annual Meeting of Shareholders to distribute a global dividend of FRF 15, including a tax credit (avoir fiscal), which is twice the level of the previous year s dividend. "It has been another good year for SCOR SCOR Scientific Committee on Oceanic Research SCOR Supply Chain Operations Reference model SCOR Small Corporate Offering Registration SCOR Specialized Center of Research (White Plains, NY) SCOR Second Cousin Once Removed ," commented Jacques Jacques [ʒɑk] (French for Jacob and James) can refer to: People with the surname of Jacques:
adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. with the industry average, was reduced by 70 basis points resulting from a change in accounting methods and foreign exchange translations." This return on equity of 10.7% in 1996 compares to 12.8% in 1995 and reflects the 19.3% increase in shareholders' equity to FRF 7,211 million, from FRF 6,043 million at December 31, 1995. In addition to retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. , shareholders' equity increased by FRF 282 million net of tax, due to unrealized capital gains, and by FRF 220 million due to exchange rate variations on the translation of non-French subsidiaries' financial statements into French Francs. Also, the FRF 29 million gain on the sale of treasury stock, net of tax, was reclassified from June June: see month. 30, 1996 interim financial statements and recorded into shareholders' equity at December 31, 1996, in conformity with U.S. GAAP. Book value per Ordinary Share was FRF 266.31, representing an increase of 14% compared to FRF 233.45 at December 31, 1995. SCOR continued to broaden its business on a global geographic basis. Approximately 30% of the Company's 1996 gross written premiums were generated from North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , up from 22% in 1995. Overall, in 1996 France represented 19%, other European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries 37%, North America 30%, and Asia and rest of the world, 14% of gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. . Of the FRF 11,807 million total net premiums written in 1996, property- casualty (non-life In the physical sciences, non-life is an umbrella term set to distinguish or characterize those inanimate chemical precursors found in the primeval soup of the early years of planetary evolution from which life, theoretically, evolved or came into existence. ) reinsurance premiums written represented 80% of the total, and life reinsurance premiums written represented 20%. SCOR's overall premium retention rate remained at 88% in 1996 from 1995. The life reinsurance premium retention rate was also stable at 95% and the property-casualty premium retention rate was 88% and 85% in 1996 and 1995, respectively. Property and casualty represented 82% of the FRF 10,349 million total net premiums earned in 1996. Life reinsurance accounted for 18% in 1996, consistent with 1995. SCOR technical reserves increased during the year to FRF 29,817 million at December 31, 1996, an increase of 25%, from FRF 24,003 million at December 31, 1995. The ratio of technical reserves over net written premiums for property-casualty increased to 253% (excluding the effect of Allstate's U.S. reinsurance business: 252%) from 236% at December 31, 1995. 1996 has been an excellent financial year with gross investment income increasing 15.2% to FRF 1,379 million in 1996, compared to FRF 1,197 million in 1995. Realized capital gains were FRF 255 million and FRF 186 million, of which FRF 221 million and FRF 155 million were on fixed-income securities Fixed-income securities Investments that have specific interest rates, such as bonds. , for the years ended December 31, 1996 and 1995, respectively. Only one quarter of financial revenues has been earned on the assets purchased through the acquisition of Allstate Insurance's U.S. based business. 1996 strong cash flows from operations of FRF 2,661 million (against FRF 1,388 million in 1995) and a reduction in cash and cash equivalents of FRF 1,028 million has been used to reduce borrowings by FRF 557 million and increase investments in fixed maturities by FRF 3,678 million. SCOR, headquartered in France and operating globally through nine subsidiaries and their 14 branches and representative offices, is one of the world's largest providers of treaty and facultative facultative /fac·ul·ta·tive/ (fak´ul-ta?tiv) not obligatory; pertaining to the ability to adjust to particular circumstances or to assume a particular role. fac·ul·ta·tive adj. 1. reinsurance to property-casualty and life insurers. SCOR has operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon in the U.S., Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , UK, Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. , Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). , Japan, and other major countries, providing reinsurance to primary insurers of property, casualty, marine, space and transportation, construction, and credit and surety An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act. surety n. risks, as well as a full range of life and health reinsurance products and related services throughout the world. In 1995, S&P awarded SCOR an A+ rating on its claims-paying ability. The rating was confirmed, and extended to all of the Group's subsidiaries by S&P on July July: see month. 4, 1996. On September 3, 1996, the Group was awarded an A+ rating by A.M. Best. SCOR's American Depositary Receipts American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. began trading in the U.S. on October October: see month. 11, 1996. SCOR publications, financial information, recent news and press releases are located on the World Wide Web at http://www.scor.fr. -0-
SCOR GROUP
KEY CONSOLIDATED FIGURES
(FRF millions) US GAAP French GAAP
1995 1996 1995 1996
Net earned premiums 9,455 10,349 9,297 10,404
Underwriting result 702 253 505 129
Operating expenses (804) (859) (807) (870)
Investment income 1,197 1,379 1,162 1,380
Realized capital gains 187 255 186 304
Group net income 690 705 522 624
Cash and investment 27,113 33,530 26,818 31,957
Net technical reserves 24,003 29,817 21,711 27,319
Group shareholders equity 6,043 7,211 5,106 5,869
ROE 12.8% 10.7% 10.3% 11.3%
KEY FIGURES PER SHARE
(FRF millions) US GAAP French GAAP
1995 1996 1995 1996
Net income 26.7 26.0 19.3 23.0
Net income fully diluted 21.6 21.3 16.3 18.8
Shareholders equity 233 266 193 216
NAV 233 266 203 239
NAV fully diluted 219 244 198 205
SCOR GROUP
US GAAP CONSOLIDATED STATEMENT OF INCOME
(amounts in millions, except share amounts)
1995 1996
FRF FRF
Gross premiums written 11,895 13,382
Net premiums written 10,436 11,807
REVENUES
Net premiums earned
Life insurance 1,715 1,887
Property casualty 7,740 8,462
Net investment income 1,047 1,282
Net realized capital gains 186 255
Total revenues 10,688 11,886
EXPENSES
Claims and claim expenses:
Life insurance (1,395) (1,517)
Property-casualty (5,165) (6,052)
Policy acquisition costs and (2,194) (2,527)
commissions
Underwriting and administration (803) (859)
expenses
Foreign exchange gain (loss), net (76) 93
Goodwill amortization (55) (75)
Other operating income (expenses) 7 ---
Total expenses (9,681) (10,937)
Income before taxes, minority
interests and income of investments
accounted for by the equity method 1,007 949
Income taxes (355) (263)
Income before minority interests and
income of investments
accounted for by the equity method 652 686
Minority interests (30) (34)
Net income before income from
investments accounted for by
the equity method 622 652
Income from investments accounted for 68 53
by the equity method
Net income 690 705
Net income per Ordinary Share 26.7 26.0
Net income per fully diluted share 21.6 21.3
PER SHARE DATA:
Average share outstanding (000 s) 25,886 27,081
Book value per share 233.45 266.31
Return on equity 12.8% 10.7%
FINANCIAL RATIOS:
Property-casualty loss ratio 67.00% 72.00%
Expense ratio 35.00% 34.00%
Combined ratio 102.00% 106.00%
SCOR GROUP
US GAAP CONSOLIDATED BALANCE SHEETS
(amounts in millions of French Francs)
1995 1996
FRF FRF
ASSETS
INVESTMENTS
Fixed maturities:
Available for sale, at fair 15,712 20,841
value
(amortized cost: FRF 15,211
and FRF 20,120)
Equity securities, at fair value 1,873 2,351
(cost: FRF 1,766 and FRF 1,992)
Short-term investments, at cost 2,446 1,052
Other long-term investments 1,344 1,306
Cash 1,873 902
23,248 26,452
Accrued interest income 310 414
Reinsurance balances receivable
Property-casualty 1,358 2,070
Life 80 93
1,438 2,163
Accrued premiums receivable, net of
commissions
Property-casualty 1,286 2,067
Property-casualty, UAP 184 ---
Life 1,746 790
Life, UAP 640 ---
3,856 2,857
Property-casualty
Reinsurance recoverable on 1,535 2,068
unpaid losses and LAE
Prepaid reinsurance premium 525 748
reserves
2,060 2,816
Life
Reinsurance recoverable on 467 357
reserves for future policy benefits
Deferred policy acquisition costs, net 785 1,075
Credits for deposits with ceding 3,370 6,045
companies
Credits for deposits with ceding 364 ---
companies, UAP
Deferred income tax benefits 296 590
Fixed assets 128 131
Advances to and investments in 843 865
affiliates
Goodwill 626 1,196
Other assets 1,786 2,049
Total assets 39,577 47,010
SCOR GROUP
US GAAP CONSOLIDATED BALANCE SHEETS
(amounts in millions of French Francs)
1995 1996
FRF FRF
LIABILITIES AND SHAREHOLDERS EQUITY
Property-casualty
Losses and LAE reserves, gross 17,054 22,044
Unearned premium reserves, gross 3,171 4,369
20,225 26,413
Life
Reserve for future policy 6,304 6,577
benefits
Funds held under reinsurance treaties 712 787
Reinsurance balances payable
Property-casualty 748 711
Life 42 49
790 760
Convertible subordinated debentures 2,279 1,907
Notes payable 253 450
Debt due within one year 268 90
Commercial Paper 736 297
Accrued expenses 920 883
Deferred taxes 708 1,296
Minority interest 339 339
Total liabilities 33,534 39,799
SHAREHOLDERS EQUITY
Common stock, FRF 25 par value,
27,238,615 shares authorized
and issued (27,015,413 in 1995) 675 681
Additional paid-in capital 3,459 3,507
Unrealized appreciation of 376 658
investments, net of tax
Unrealized appreciation of investments
accounted by equity
method, net of tax 71 43
Catastrophe reserve, net of tax 384 427
Retained earnings 1,551 2,086
Currency translation adjustments (371) (151)
Treasury stock, at cost (804,494 and (102)
217,782 shares) (40)
Total shareholders equity 6,043 7,211
Total liabilities and shareholders 39,577 47,010
equity
SCOR GROUP
FRENCH GAAP CONSOLIDATED STATEMENT OF INCOME
(amounts in millions)
1995 1996
FRF FRF
PROPERTY AND CASUALTY ACCOUNT
Net written premiums 7,467 9,378
Change in premium reserve 128 (870)
Net earned premiums 7,595 8,508
Claims and LAE expenses, net (5,248) (6,236)
Acquisition costs and administrative (2,235) (2,585)
expenses
Operating expenses (290) (263)
Net investment income 664 1,050
Operating result of property and 486 474
casualty activities
LIFE ACCOUNT
Net written premiums 2,718 2,756
Changes in mathematical reserves (1,016) (860)
Claims incurred (1,419) (1,525)
Acquisition costs and administrative (357) (479)
expenses
Operating expenses (12) (13)
Net investment income 191 267
Operating results of life activities 105 146
Operating result of life and 591 620
property and casualty activities
OTHER INCOME AND (EXPENSES)
Net investment income 236 316
Amortization of goodwill (56) (75)
Income from investments accounted 41 47
for by the equity method
Income tax (259) (252)
Net income before minority interests 553 656
Minority interests 31 32
GROUP NET INCOME 522 624
SCOR GROUP
FRENCH GAAP CONSOLIDATED BALANCE SHEETS
(amounts in millions of French Francs)
ASSETS 1995 1996
Intangible assets 5 2
Goodwill 612 1,183
617 1,185
Real estate 1,374 1,335
Subsidiaries and affiliates, net 292 293
Investment accounted for by the 420 455
equity method
Marketable securities 17,034 21,992
Loans and other long-term 282 237
receivables
Credits for deposits with ceding 3,073 5,670
companies
Cash and cash equivalents 4,343 1,975
26,818 31,957
Equipment, furniture and fixtures 126 131
Deferred acquisition costs 789 1,075
Deferred tax 180 113
Receivables from retrocessionnaires 1,796 2,139
Other receivables debtor 278 557
Accruals 2,837 1,248
4,911 3,944
Total assets 33,441 38,405
LIABILITIES
Common stock 675 681
Reserves 4,346 4,757
Currency translation adjustment (397) (193)
Net income for the year 522 624
Group shareholders equity 5,146 5,869
Minority interests 329 331
Total shareholders equity 5,475 6,200
Net technical reserves 21,711 27,319
Financial liabilities 3,311 2,775
Other liabilities 164 186
Reinsurance balances payable 989 675
Other payables 638 386
Accruals 1,153 864
2,780 1,925
TOTAL LIABILITIES AND SHAREHOLDERS 33,441 38,405
EQUITY
CONTACT: SCOR Claudie Bernheim Bernheim is a surname and may refer to:
Senior Vice President External Affairs and Communication 33 1 46 98 73 73 or Morgen-Walke Associates Michele Michele murders wife’s lover; hides body under cloak. [Ital. Opera: Puccini, The Cloak, Westerman, 362–363] See : Murder Katz Katz , Bernard 1911-2003. German-born British physiologist. He shared a 1970 Nobel Prize for the study of nerve impulse transmission. , Geoffrey Geoffrey (jĕf`rē), 1158–86, duke of Brittany (1171–86); fourth son of Henry II of England. Betrothed (1166) to Constance, heiress of Brittany, he was recognized as heir to the duchy in 1169 and succeeded to it on the death of her Buscher Press: Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Maddox
George Ouzounian,[1] better known by his screen name Maddox , Estelle Estelle - A Pascal extension for formal specification of computer network protocols. Protocols are described by modules which are communicating NFAs. Modules are arranged in a dynamic hierarchy and communicate at named interaction points. EstPC Compiles Estelle into C. Bieber Bieber may refer to:
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