SCOR posts steady growth in first nine months but cat events hit profits
Profits at SCOR fell in the first nine-months of 2016 thanks to a higher number of natural catastrophes and a challenging macroeconomic environment.
SCOR’s net income for the nine-month period ending September 30 was €438 million, down 11 percent from €492 million for the same period in 2015.
The group also enjoyed steady growth, however. Its gross written premiums were €10.2 billion for the nine-month period, up 2.2 percent at current exchange rates from the same period in 2015.
The group’s property/casualty combined ratio for this period was 93 percent, up 2.2 percentage points year-on-year.
Denis Kessler, chairman & CEO of SCOR, said: "Considering the extremely low interest rate environment, SCOR has delivered strong results since the beginning of 2016, in terms of profitability, solvency and cash flow generation.
“In the third quarter of 2016, the first quarter in which our plan "Vision in Action" has been implemented, the profitability and solvency targets have both been achieved.
“During the quarter, and following the upgrades to AA- in 2015 by Standard & Poor's and Fitch, the upgrade of SCOR's financial strength rating to Aa3 by Moody's underscored the relevance of the Group's strategy and business model.
“SCOR is well positioned to meet the needs of its clients throughout the world, and actively implementing its new strategic plan and is preparing the year-end renewals."
