Scor reports profit uptick

Paris-based reinsurer Scor S.E. on Wednesday reported 2016 fourth-quarter net income of €165 million ($173.4 million), up 10% from the same quarter a year ago.

Gross written premiums for the quarter rose 5.4% to €3.61 billion ($3.79 billion), while its property/casualty combined ratio was 93.3% compared with 92.2%.

Net income for full year 2016 totaled €603 million ($633.75 million), off 6.1% from the previous year. However, the company said net income would have been €660 million ($693.65 million) without a one-time tax charge.

Gross written premiums for the year increased 3% to €13.83 billion ($14.54 billion), while the P/C combined ratio increased to 93.1% from 91.1%.

“Scor has also enhanced its franchise, notably with the expansion of its Life footprint in Asia and the gain of additional market shares on the P&C side in the United States,” Scor Chairman and CEO Denis Kessler said in a statement. “In the meantime, the Group is pursuing innovative initiatives and developing new tools to improve its underwriting and management.”