Scor profit up 7% in third quarter
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Scor S.E.’s net income for the third quarter of 2014 rose 7.1% over the same period in 2013 to €121 million ($151.5 million), the Paris-based reinsurer announced Thursday.
Gross written premiums for the quarter grew 15.7% to €2.96 billion ($3.71 billion), while Scor’s property/casualty operations posted a 92.8% combined ration compared to 93.7% during the third quarter of 2013.
For the first nine months of the year, Scor’s net income grew 24.8% to €377 million ($472.1 million), with gross written premiums growing 13.6% at constant exchange rates — or 11.2% at current exchange rates — to €8.39 billion ($10.51 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% combined ratio compared with 94.1% during the same period a year earlier.
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