French reinsurer Scor’s profit hit by US tax reform in second quarter
(Reuters) — French reinsurer Scor S.E. said Thursday that its net income in the second quarter of 2018 fell 37% to €96 million ($112.58 million) because of an accounting charge related to tax reforms in the United States.
Excluding the €62 million charge linked to the U.S. tax reforms, Scor’s net profit in the second quarter was €158 million, 3.3% higher than during the same period last year.
The company said return on equity during the first half of the year was 8.8% and 10.9% excluding the impact of the U.S. tax reform.
Scor’s estimated solvency ratio was 221% as of June 30, the company said.
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Reinsurer Scor posts fourth-quarter profit
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.
