PARIS, March 3, 2015 (GLOBE NEWSWIRE) -- Press Release
3 March 2015 - N°04
| SCOR Global Life supports Sun Life in the first longevity insurance transaction in Canada |
| SCOR Global Life has entered into a longevity insurance transaction with Sun Life Assurance Company of Canada (Sun Life). The transaction, which is a first in the Canadian market, covers benefits in payment for pensioners who are members of the Bell Canada (BCE Inc.) pension plan. The risk of these members living longer is transferred from BCE Inc's pension scheme to Sun Life and two reinsurers. The associated liabilities are approximately $ 5 billion CAD, which makes this transaction one of the largest pension scheme longevity insurance transactions completed globally. SCOR Global Life is assuming a significant portion of this risk. The effective date of the transaction is 1 January 2015. |
Following SCOR Global Life's numerous successes in the UK market and the pioneering longevity transaction in the Netherlands in December 2013, this transaction is the first longevity insurance transaction SCOR Global Life has underwritten in North-America.
SCOR Global Life aims to double its longevity business over the course of the three-year "Optimal Dynamics" plan. Today's transaction marks an important step in this direction.
Paolo De Martin, CEO of SCOR Global Life, comments: "This transaction is significant due to its size and the fact that it is the first longevity insurance transaction in the Canadian market. Fully consistent with SCOR's "Optimal Dynamics" strategic plan, this transaction demonstrates our ability to leverage our successes in the UK longevity market in order to customize a solution for a Canadian client. It also further illustrates the ability of SCOR Global Life's newly created Global Longevity team to offer its clients best-in-class solutions, leveraging its global reach."
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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 05 March 2014 under number D. 14-0117 (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.
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SCOR Press Release http://hugin.info/143549/R/1899134/674684.pdf