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Member, Beacon International Group, Ltd.
French reinsurer Scor S.E. said Wednesday that it had net income of €418 million ($544.2 million) in 2012, a 26.7% gain over fiscal 2011.
Paris-based Scor's global property/casualty operation's gross written premiums grew 16.8% in 2012 to €4.65 billion ($6.05 billion), while its combined ratio improved to 94.1% for the year from the 104.5% for 2011.
“SCOR achieved solid performances in 2012, despite an economic and financial environment that remains challenging and natural catastrophe costs that are still elevated,” Scor Chairman and CEO Dennis Kessler said in a statement. “The group continues to grow, particularly with further very strong increases during the (property/casualty) renewals and the successful integration of the Transamerica Re business, and now conducts around 60% of its activities in Asia-Pacific and the Americas.”
Mr. Kessler said the reinsurer plans to present a three-year strategic plan in September.
“The whole group is fully engaged in this project, with a renewed ambition to achieve the best performances for our shareholders and to anticipate and manage the risks of our clients,” Mr. Kessler said.