Revios group continues on successful track - Profit before tax increased by more than 40%
Cologne, August 30th 2006
Revios Reinsurance Group (headquarters Cologne, Germany), the largest specialised provider of life reinsurance products in Europe, announces its financial results for the year. Consolidated profit before tax (IFRS) increased by 41.4% to 78.2 m Euro compared to the previous year. Profit after tax rose by 25.6% to 53.5 m Euro.
Revios Group recorded gross written premiums of 1.24 bn Euro worldwide, a 3.1% increase against the previous year. Client relationships developed well, with the number of clients increasing by 11%. This overall successful course of the group follows the positive financial results presented by the parent company Revios Rückversicherung AG in June 2006.
Volker D. Weisbrodt, Chief Executive Officer, cites the roll out of corporate strategy as the main driver for this success. This includes improved product and service offerings, the proven client focus, highly qualified employees and optimisation of financial strategy and corporate structure within the Revios Group. "Our company has become more efficient and more valuable for clients, employees and shareholders in 2005 and during the current year", states Weisbrodt.
On July 5th 2006 it was announced that French Reinsurance Group SCOR would acquire all shares of Revios Group. The combination of Revios and SCOR Vie will create SCOR Global Life, a top-tier life reinsurer with European roots and global reach.
About Revios: Revios Rueckversicherung AG, based in Cologne, Germany, evolved out of Gerling Global Re and is Europe�'s largest specialised life re-insurer, present in 18 countries. Revios writes life re-insurance business in more than 40 countries world-wide. Core markets are Continental Europe, the UK, North America but also the emerging markets in Asia and Latin America. With over 1.24 bn Euro gross written premium in 2005 Revios is one of the biggest life re-insurance companies in the world. Standard & Poor�'s, A.M. Best and Fitch are rating Revios with A-".
For further information, please contact:
Revios Rückversicherung AG
Tel: ++49 (221) 589 00 212
Fax: ++49 (221) 589 00 5212