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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.”
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.