SCOR : Statement following Sompo's announcement on 11 December 2015

Press Release
11 December 2015 - N° 33

Contact details

Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 76 10
mbouchon@scor.com

Bertrand Bougon
Head of Investor Relations
& Rating Agencies
+33 (0)1 58 44 71 68
bbougon@scor.com

www.scor.com
twitter: @SCOR_SE



Statement following Sompo's announcement on 11 December 2015

SCOR acknowledges the decision taken by Sompo today not to execute its plan announced on 6 March 2015. This plan included the acquisition of 8.1% of voting rights in SCOR, and an intention to increase its holding to 15% and apply the equity accounting method to its SCOR holding.  

SCOR fully respects Sompo's decision. To SCOR's knowledge, this decision is not the result of a reassessment by Sompo of SCOR's financial outlook, business and prospects.

SCOR values Sompo as an important client and also values the longstanding business relationship between the two companies.

When notified of Sompo's investment in March 2015, SCOR affirmed that this investment would have no impact on its strategic development or its corporate governance and management. SCOR's strategy remains unchanged, and the Group is on track to deliver on the two strategic targets of its "Optimal Dynamics" plan, profitability and solvency.

As an independent company, reinforced this year by the upgrades of its ratings and the approval of its internal model, SCOR remains focused on providing best-in-class services to its clients, in Japan and throughout the world.

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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 SCOR's Document de référence filed with the AMF on 20 March 2015 under number D.15-0181 (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".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".