SCOR enjoys strong growth in Q3
French reinsurer SCOR enjoyed a strong third quarter and first nine months of 2014, as its profits grew and its combined ratio improved.
The reinsurer’s profits hit €121 million in the third quarter of 2014, an increase of 7.1 percent compared with €113 million in the third quarter of 2013. In the first nine months of 2014, profits jumped 24.8 percent to €377 million, compared with €302 million for the first nine months of 2013.
Its global property/casualty business’s combined ratio improved to 92.8 percent in the third quarter of 2014, compared with 93.7 percent in the third quarter of 2013. For the first nine months of 2014, its combined ratio improved to 91.6 percent, compared with 94.1 percent in the same period of the prior year.
SCOR said the ratio reflects very strong technical results, driven by the year-on-year improvement of its attritional ratio and the low level of natural catastrophes in the first nine months of 2014.
The reinsurer’s growth as gross written premiums (GWP) hit €3 billion in the quarter, compared with €2.6 billion in the third quarter of 2013. For the first nine months of 2014, GWP grew 13.6 percent to €8.4 billion. This was driven by the growth of SCOR Global Life's financial solutions in Asian and Latin American countries, by the Generali US contribution and by SCOR Global P&C's increased top line, despite unfavourable exchange rates.
As part of the implementation of SCOR’s ‘Optimal Dynamics’ plan, Simon Pearson has been promoted to the role of deputy chief executive officer (CEO) of SCOR Global Life reporting to Paolo De Martin, CEO of SCOR Global Life.
In his new role Pearson succeeds Gilles Meyer and joins the SCOR group executive committee with effect from November 10, 2014. Pearson retains his current responsibility as head of SCOR Global Life EMEAA.
Denis Kessler, chairman & CEO of SCOR, said: "As stated at the Investors' Day in September, SCOR's business model fits with today's competitive environment, enabling the Group to deliver a strong financial performance.
“SCOR's leading position as a Tier 1 reinsurer has been recognised by both the industry and the rating agencies, which have acknowledged the pertinence of our strategy and the robustness of our financial profile. SCOR is now actively preparing its renewal campaign in January, whilst fully respecting its technical profitability target."
