SCOR's Q1 premiums up 14.8% due the healthy P&C renewals and the GENERALI US contribution

8 May 2014 — Vlad BOLDIJAR
scorThe French reinsurer SCOR posted a net income of EUR 135 million during 1Q2014, 21.6% up y-o-y, while the reinsurance group's GWP stood at EUR 2,669 million, 14.8% up at constant exchange rates (+11.8% at current exchange rates). These results were "driven by healthy SCOR Global P&C renewals, major new contracts signed by SCOR Global Life and the GENERALI US contribution", the company stated in a press release.

"The results recorded by SCOR over the first quarter in terms of growth, profitability and solvency once again demonstrate the pertinence and strength of its strategic decisions. In the first quarter, the Group records significant progress in a number of areas, including solid growth in SCOR Global Life, strong January and April P&C renewals and the reinforcement of our platforms in the US and the London market", commented Denis KESSLER, Chairman and Chief Executive Officer of SCOR.

For property & casualty operations (SCOR Global P&C), the Group reported a volume of gross written premiums of EUR 1,202 million, up by 9.6% y-o-y at constant exchange rates, while the net combined ratio improved to 88.9%.

At the same time, SCOR Global Life gross written premiums reached EUR 1,467 million in Q1 2014, representing a growth of 23.2% compared to Q1 2013. "The GENERALI US acquisition, completed in October 2013, contributed with EUR 204 million in gross written premiums in the first quarter of 2014. On a proforma basis (excluding GENERALI US), SCOR Global Life grew by 4.5% at current exchange rates and 6.9% at constant exchange rates", the group noted in the press release.

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