SCOR 2015 profits soar by 25 percent
Global reinsurance company Scor has posted a huge jump in its 2015 profits, which increased by 25.4 percent last year to €642 million, compared with €512 million in 2014.
The firm’s gross written premiums were also up by an impressive 18.6 percent last year to €13.4 million, compared with €11.31 million in 2014.
SCOR’s property and casualty combined ratio also saw a slight improved, at 91.1 percent last year, compared to 91.4 percent in the previous year.
The firm fared well in all of its sectors, with SCOR Global property and casualty (P&C) recording very strong technical profitability with a net combined ratio of 91.1 percent in 2015, in an environment of low natural catastrophe losses but with an unusually high frequency of large man-made losses.
SCOR Global Life posted a strong technical margin of 7.2 percent in 2015, consistently delivering above the "Optimal Dynamics" assumption of 7 percent, and SCOR Global Investments achieved a solid 3.1 percent return on invested assets, while maintaining its prudent portfolio management.
Denis Kessler, chairman and chief executive officer of SCOR, said: "The 2015 SCOR results may be qualified as excellent. The group continued to develop in line with its strategic plan "Optimal Dynamics".
"SCOR thus reconfirms its status as a Tier One Reinsurer, as evidenced by the upgrade of its financial rating. The group is pursuing innovative initiatives, developing new tools to improve its underwriting and management.
He added: "SCOR is well positioned to meet the challenges posed by the economic, financial, industrial and social changes that will mark 2016."
