SCOR's Q1 net profit decreased to EUR 131 million

French reinsurer SCOR annunced its Q1 Group net income amounted to EUR 131 million vs. EUR 166 million in Q1 2018.

At the same time, the value of gross written premiums stand at EUR 3.98 billion, up 5.7% y-o-y. In P&C, gross written premiums are up 16.1% at current exchange rates, reflecting "the very positive January renewals and is driven by the growth of the portfolio, particularly in the U.S., in the second half of 2018".

In Life, gross written premiums were down 1.1% at current exchange rates due "driven by the renewal of certain Financial Solutions deals recorded as fee business rather than as premiums in Q1 2019. Excluding these deals, gross written premiums would have grown by 2.5% at constant exchange rates".

It is worth to mention that SCOR Global P&C net combined ratio of 94.6% - a value that is "better than the "Vision in Action" assumption, despite the impact of the significant upward market revisions during Q1 2019 of the estimated cost of Typhoons Jebi and Trami, which took place in Q3 2018 (+ EUR 53 million before tax / + EUR 38 million after tax)".

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