Reinsurer unveils 2010-2013 business plan
French reinsurer SCOR is aiming to increase its organic growth by 5% a year and launch new non-life and life initiatives, according to its new business plan for 2010-2013.
Under the new plan, dubbed ‘Strong Momentum’, Scor aims to launch six non-life initiatives and four life initiatives, which will include, for example, offering longevity cover and expanding the group’s facultative reinsurance services.
Other plans include continued growth in existing markets and business lines and increase the contribution to results from its asset management business.
SCOR said its ability to absorb shocks, along with its current competitive position, will allow it to moderately increase its risk appetite for 2010-2013.
The plan also contains three main objectives: optimisation of the group’s risk profile, maintaining a level of financial security equivalent to an AA financial strength rating, and achieving profitability of 1,000 basis points above the risk-free rate over the cycle.
Denis Kessler, chairman and CEO of SCOR, said: “With the ‘Strong Momentum’ plan, SCOR aims to strengthen its competitive position along with its already very solid financial situation.”
Other objectives in the plan include pursuance of its development model balanced between life and non-life reinsurance business and expanding its franchises; whilst continuing growth in markets it already operates in, with its current products and services.
SCOR’s 2007-2010 business plan, ‘Dynamic Lift V2’, reached its desired targets including increasing the group’s premium income by an annual average of 4.4% and its rating from A- to A. The firm’s debt ratio has also fallen from 18% to 11% since 2007.