French reinsurer Scor’s profit hit by US tax reform in second quarter

(Reuters) — French reinsurer Scor S.E. said Thursday that its net income in the second quarter of 2018 fell 37% to €96 million ($112.58 million) because of an accounting charge related to tax reforms in the United States.

Excluding the €62 million charge linked to the U.S. tax reforms, Scor’s net profit in the second quarter was €158 million, 3.3% higher than during the same period last year.

The company said return on equity during the first half of the year was 8.8% and 10.9% excluding the impact of the U.S. tax reform.

Scor’s estimated solvency ratio was 221% as of June 30, the company said.