Scor reports jump in first-quarter profit

French reinsurer Scor S.E. on Thursday reported a €166 million ($201.1 million) profit for the first quarter of 2018, an 18.6% increase compared with the same period in 2017, as its property/casualty combined ratio fell and its life reinsurance business grew.

The Paris-based reinsurer’s gross written premium increased slightly less than 1% compared with last year’s first quarter to €3.77 billion.

Scor’s property/casualty business saw gross written premium fall 5% to €1.48 billion. Excluding foreign exchange fluctuations, property/casualty premium increased 3.9%, a Scor statement said.

The combined ratio for the property/casualty business improved to 91.8% compared with 94.5% in the prior-year quarter. About 4.1% of the combined ratio was driven by natural catastrophe losses, mainly due to European windstorm Friederike and an earthquake in Papua New Guinea, the statement said.

Scor reported improved pricing at April 1. According to the statement, its property/casualty business “grew gross written premiums by 13.5% at constant exchange rates to €505 million, while improving risk adjusted pricing by 2.9% and maintaining stable terms and conditions.”

Scor’s life reinsurance gross written premium increased 5% to €2.29 billion.