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(Reuters) — French reinsurer Scor, whose CEO faced a vote on his demotion during a shareholders meeting on Friday, said its net income in the first quarter fell 21% as a result of the impact of 2018 typhoons in Japan.
Scor booked a net profit of €131 million ($145.89 million) in the first quarter of this year, down from €166 million in the same period last year.
The company’s gross written premiums rose 5.7% to €3.99 billion. Overall, Scor’s annualized return on equity fell 2.2 percentage points to 9%, the company said.
Meanwhile, activist fund CIAM failed in its bid to oust Scor CEO Denis Kessler from the board. Scor shareholders rejected a request by CIAM to remove Mr. Kessler, although his pay deal was only approved by a slim majority.
About 54% of shareholders present at the company’s annual meeting approved Mr. Kessler’s pay package for 2018 and 2019.
Mr. Kessler was granted a €6.5 million ($7.24 million) pay package for 2018.
CIAM’s attempt to oust Mr. Kessler came after months of tension over French cooperative insurer Covea Mutual Insurance Group Co.’s failed €8.2 billion takeover bid for Scor last year, which was opposed by Mr. Kessler and had earned him criticism from CIAM.
Scor SE said Wednesday it has promoted Michel Blanc to CEO of reinsurance for its global property/casualty division amid several new appointments following the retirement of Victor Peignet, the French reinsurer’s former CEO of global property/casualty.