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Daily Insurance Industry News
Friday 19th of January 2018
August 28, 2008

French reinsurer Scor profits up 24%

by David Masters

Story link: French reinsurer Scor profits up 24%

France-based Scor, the fifth largest reinsurer in the world, has posted a net profit of €225 million for the first half of 2008 having steered a safe course through the global credit crisis.

This is an increase in profit of 24.3% compared to the €181 million net profit for the first half of 2007.

Gross written premiums for the period increased 29.4% on year to €2.75 billion. Combined ratio on non-life insurance was 98.7%, whilst the company’s life business had an operating margin of 7.3%.

Last year Scor bought out Swiss rival Converium, an acquisition that has helped to boost profits.

Scor said its exposure to the US subprime mortgage crisis was €42 million, but added that its ‘diversified and prudent’ investment portfolio limited the impact of the credit crisis upon profits.

The company’s performance outshone European rivals Munich Re and Swiss Re, both of whom suffered large writedowns caused by the credit crunch.

Chairman and CEO Denis Kessler commented in a press release: “SCOR’s strong First Half 2008 results confirm our profitability track record, supported by the solid business performance of our “twin-engines”, Life and Non-Life.”

Shareholders will be paid an interim dividend of €0.8 per share.

 

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