Scor posts net income of EUR512 mn

Scor S.E.’s net income for the third quarter of 2014 rose 7.1 percent over the same period in 2013 to EUR121 million (USD151.5 million), the Paris-based reinsurer announced recently.

Gross written premiums for the quarter grew 15.7 percent to EUR2.96 billion (USD3.71 billion), while Scor’s property/casualty operations posted a 92.8 percent combined ration compared to 93.7 percent during the third quarter of 2013.

For the first nine months of the year, Scor’s net income grew 24.8 percent to EUR377 million (USD472.1 million), with gross written premiums growing 13.6 percent at constant exchange rates — or 11.2 percent at current exchange rates — to EUR8.39 billion (USD10.51 billion). Scor said in its earnings release that the growth was “driven by the growth of Scor Global Life’s financial solutions in Asian and Latin American countries, by the Generali US contribution and by Scor Global P&C’s increased top line, despite unfavorable exchange rates.

Property/casualty operations posted a 91.6 percent combined ratio compared with 94.1 percent during the same period a year earlier.