Reinsurer Scor posts fourth-quarter profit
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French reinsurer Scor S.E. on Thursday reported net income of €261.0 million ($321.9 million) in the fourth quarter of 2017, up 58.2% from the fourth quarter of 2016.
Gross written premiums totaled €3.67 billion, up 1.6% from the year-ago period.
Investment income for the fourth quarter was €316.0 million, up 87.0% over the prior-year quarter as the company benefited from a €190 million capital gain on a real estate sale.
The property/casualty combined ratio for the fourth quarter improved to 91.6% from 93.3% in the same period last year
For full year 2017, net income totaled €286 million, off 52.6% from 2016.
Gross written premiums for the year totaled €14.79 billion, up 7.0% from 2016. The company said in its earnings release that growth was balanced between its property/casualty and life divisions.
Investment income for the year was €764.0 million, up 14.0% from 2016.
The property/casualty combined ratio for full year 2017 deteriorated to 103.7% from 93.1% in 2016. Scor noted in its earnings release that the full-year combined ratio included 14.9 points from natural catastrophes including hurricanes and wildfires in the U.S.
Scor said the U.S. Tax Cuts and Jobs Act “resulted in a one-time noncash loss for Scor as its U.S. deferred taxes previously measured at 35% were re-measured at 21%.”
Scor added that it is “is currently reviewing the TCJA to assess its potential future implications” and is “currently exploring alternate business structures to adapt to the new environment.”
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Hit by catastrophes, Scor S.E. on Thursday reported a €267 million ($314.6 million) loss for the third quarter of 2017 compared with €163 million in net income for the comparable period in 2016.
