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Scor profit up 30.5% in first nine months of 2015

Scor profit up 30.5% in first nine months of 2015

Scor S.E. posted net income of €492 million ($550 million) for the first nine months of 2015, a 30.5% increase over the same period last year, the Paris-based reinsurer announced Wednesday.

Scor said that gross written premiums for the period were €10 billion ($11.18 billion), an increase of 19.3% compared with the first nine months of 2014.

Scor said its combined net investment income for the first nine months was €505 million ($564.5 million), up 20.0% from the first nine months of 2014.

The company's combined ratio for property and casualty business was 90.8% for the first nine months of 2015, compared with 91.6% for the first nine months of 2014.

It said that the low level of natural catastrophe losses in the first nine months of 2015 had been “slightly counter-balanced” by an unusually high number of man-made losses in the second and third quarters of the year.

“The group has delivered excellent results over the period in terms of growth, profitability and solvency,” said Denis Kessler, chairman and CEO of Scor, in a statement.

Scor also announced Wednesday that it had received notification from the French regulator, Autorite de controle prudentiel et de resolution, to approve Scor's internal model for risk and solvency.

“Scor had set itself the objective of creating its own full internal model, based on the skills, expertise and experience of its employees,” Mr. Kessler said in a statement.

“The internal model covers all risks on both the asset and liability sides, as well as operational risks,” he said.

Under Solvency II, the Europewide risk-based capital regulatory regime that will be implemented in phases beginning in January, insurers and reinsurers may seek to have their internal model approved by regulators or can be subject to a standard model.

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