SCOR seeks solid P/C growth in new three-year strategic plan
SCOR has drawn up a new three-year strategic plan, which it said focuses on enhancing its profitability and solvency. It also targets a solid period of growth for the company, partly driven by the US expansion of its property/casualty business.
'Vision in Action' has two targets: a high return on equity at or above 800 basis points over the 5-year risk-free rate over the cycle; and an optimal solvency ratio in the 185-220 percent range (percentage of solvency capital requirement).
It plans to achieve a group-wide annual gross written premium growth rate of between 4 and 7 percent within the three years.
According to SCOR, its property/casualty division is well position to pursue sustainable annual growth in the 3 to 8 percentage range (of gross written premiums) over the plan, by developing its US franchise towards Tier 1 reinsurer status, while consolidating its position in international markets.
Its life division pursues the strengthening of its market position, building on its leadership position in the US market, enhancing its EMEA position and expanding in fast-growing Asia-Pacific markets.
Denis Kessler, chairman & chief executive of SCOR, said: "In an attractive industry with positive long-term perspectives, SCOR unveils its new 3-year strategic plan ‘Vision in Action’, designed to strengthen the Group's position amongst the Tier 1 players of the reinsurance industry.
“The group will leverage the success of the five previous strategic plans, which have established a consistent and resilient global strategy. Over the next three years, SCOR will pursue its dynamic combination of growth, profitability and solvency with ambition and determination, serving its clients and benefitting its shareholders."
