Low nat cat losses drive SCOR profits in Q2
Re/insurer SCOR had a profitable second quarter in 2017, which it attributes to a low amount of natural catastrophe losses.
The group's net income in Q2 was €153 million, up 45.7 percent year-on-year.
SCOR reported gross written premiums of €3.78 billion in the second quarter of 2017, up from €3.45 billion for the same period last year.
The property/casualty division's gross written premiums were €1.43 billion, up 9.6 percent from Q2 2016.
The P&C division's combined ratio improved in Q2, down 4.9 percentage points to 92.6 percent.
SCOR suggested profitability has been driven by low natural catastrophe losses.
Catastrophe events totalled 2.1 pts of net combined ratio on a year-to-date basis including storm & fire in South Africa (€15 million), tropical cyclone Debbie (€20 million) and an earthquake in Australia (€9 million) as the main events.
It also attributes profitability to roughly flat net attritional losses and commissions net of Ogden.
Commenting on SCOR's wider H1 results, Denis Kessler, chairman and CEO of SCOR, said: “SCOR delivers strong results in the first six months of 2017, outperforming both its profitability and solvency targets from the “Vision in Action” plan.
“At the same time, the Group continues to expand its footprint in targeted territories and business lines. In addition, by launching this share buy-back program, the Group reaffirms its confidence in the strength of its underlying fundamentals, excellent ratings and optimal debt leverage.”
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