SCOR’s premiums jumped by 25% in 2012
The French reinsurer SCOR reported a net income of EUR 418 million during the FY2012, up by 26.7% y-o-y, while the gross written premiums increased by 25.2% to EUR 9.51 billion over 2011, helped by a strong property & casualty reinsurance business and by the successful integration of the TRANSAMERICA Re business.
“SCOR achieved a solid performance in 2012, despite an economic and financial environment that remains challenging, and natural catastrophe costs, which are still elevated. The Group continues to grow, particularly with further very strong increases during the P&C renewals and the successful integration of the TRANSAMERICA Re business, and is now running around 60% of its activities in Asia-Pacific and the Americas,” commented Denis KESSLER, Chairman and CEO of SCOR.
For property & casualty operations (SCOR Global P&C), the company reported a 16.8% rise to EUR 4.65 billion “fuelled by very good July 2011 and January, April and July 2012 renewals,” while the combined ratio is standing at 94.1%.
At the same time, SCOR Global Life gross written premiums reached EUR 4.86 billion, compared with EUR 4.60 billion in 2011, representing an increase of 5.6%, “supported by significant new business production from France, the US and Asia-Pacific, partially offsetting the reduction of in-force business, mainly on the German and Middle East markets. SCOR Global Life also records a double-digit growth in the Critical Illness, Disability, Longevity and Personal Accident lines,” according to the group’s press release.