SCOR net income down 8% for 1H2013

8 August 2013 — Vlad BOLDIJAR
scorThe French reinsurer SCOR posted net income of EUR 189 million during the January-June 2013, as compared with EUR 206 million in the first half 2012, while the reinsurance group's gross premium written increased 7.5% to EUR 4.98 billion.

For property & casualty operations (SCOR Global P&C), the Group reported a volume of gross written premiums of EUR 2,378 million, up by 5.5% y-o-y, while the net combined ratio stands at 94.3%. At the same time, SCOR Global Life gross written premiums reached EUR 2,606 million compared to EUR 2,380 million in the first half 2012, up by 9.5% y-o-y.

As the group noted in the press release, these results were helped by a "very healthy SCOR Global P&C renewals and business growth in Asia and Latin America, and by the signing of major new contracts by SCOR Global Life, particularly with BBVA in Spain and Longevity contracts concluded in the UK".

"SCOR's positive results in the first half 2013 and its ability to absorb major natural catastrophes demonstrate, once again, the relevance and robustness of its business model based on four strategic pillars, namely a strong and diversified franchise, a mid-level risk appetite combined with a very comprehensive and solid Enterprise Risk Management policy, high diversification between Life and Non-Life business and an effective capital shield policy", commented Denis KESSLER, Chairman and Chief Executive Officer of SCOR.

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