Scor posts 30% drop in profits
by David Masters
Story link: Scor posts 30% drop in profits
Paris-based reinsurer Scor this week posted a 30% fall in first quarter profits.
Net income for the world’s fifth largest reinsurer dropped to €93 million, down from €133 million in the year ago period.
Scor blamed the decrease on the global economic crisis and the impact of natural catastrophe losses.
Investments lost €4 million during the quarter, compared to a profit of €161 million during the first three months of 2008.
Gross written premiums increased 15.4% during the quarter to €1.56 billion, whilst its non-life combined ration worsened from 98.4% to 99.4%.
Despite the fall in profit, the company remained upbeat and said it is well-placed to take advantage of improving prospects in the sector.
Denis Kessler, chairman and CEO, said the results reflect ‘Scor’s very solid and proven strategy’.
He added: “The Group has been able to consistently create shareholder value during the financial market crisis.
“We will keep Scor in a state of ‘full alert’, encompassing conservative asset management along with a strong focus on cash management and especially on traditional, well diversified reinsurance underwriting.”