Continuity contributes to improved Scor resultsReprints
Continuity is the key word in describing Scor S.E.'s property/casualty results, according to the head of its property/casualty operations.
Victor Peignet, CEO of Scor Global P&C, said whether looking at top line growth or other factors, this term best describes the company's results. He spoke during an analysts call following the reinsurer's announcement of its first-quarter net income of €175 million ($187.9 million), a 29.6% increase over the comparable period a year ago.
The company posted €3.12 billion ($3.35 billion) in gross written premiums, a 17% increase from the comparable quarter a year ago, according to its earnings statement.
Scor reported that its property/casualty operation posted an 89.1% combined ratio for the quarter vs. an 88.9% combined for 2014's first quarter.
Mr. Peignet said during the conference call that the property/casualty results reflects continuity of the company's underlying profitable growth, the quality of its technical results, and the successful deployment of its business initiatives as part of its strategic and underwriting plans.
This was achieved despite softening market trends, and thanks to the strength of its franchise and the “persistence and resilience of our business model,” Mr. Peignet said.
Mr. Peginet Peignet also said that while rates continue to decline, there has not been a free fall, and there continues to be business that is well-priced.