SCOR’s profit dips despite growth

Global reinsurance firm SCOR has posted a slight decrease in its net income for the first quarter of 2016 – down to EUR170 million, compared with EUR175 million at the same time in the previous year.

Despite this fall, the firm’s gross written premiums (GWP) grew to EUR3.3 billion in the first quarter of the year, compared to EUR3.1 billion in the first quarter of 2015. This included a 10.5 percent increase in its Global Life business, partially offset by a 1.6 percent decrease in GWP in the firm’s property and casualty (P&C) business.

However, SCOR’s return on invested assets was down to 3.3 percent in Q1 2016, compared with 3.5 percent at the same time period in 2015 and its combined ratio grew to 89.7 percent, compared with 89.1 percent in the first quarter of 2015.

Denis Kessler, chairman and chief executive officer of SCOR said: “In the first quarter of 2016, SCOR continues to post excellent results, along the same lines as those recorded by the Group in 2015, benefitting from the full deployment of the initiatives launched under the ‘Optimal Dynamics’ plan SCOR’s footprint continues to expand in the first quarter, and both the life and P&C divisions deliver strong technical profitability.