27 July 2016 Insurance

SCOR reports net income fall in first half 2016 results

SCOR reported an increase in GWP in its financial results for the first half of 2016 but suffered a significant fall in its net income.

The company said that its gross written premiums (GWP) increased by 3.7 percent to €6.7 billion for the period ending June 30 2016, compared to €6.5 billion for the same period in 2015.

SCOR attributes a lot of this increase to SCOR Global Life, with gross written premiums reaching €3.9 billion over the semester.

However SCOR's net income for this period decreased by 15.9 percent to €275 million from €327 million.

The profitability of SCOR's underwriting decreased slightly, with the property and casualty combined ratio increasing by 2.9 points to 93.9 percent for this period.

In a statement the company said that it did not foresee any negative impact on its strategy from the recent Brexit vote. It said: "SCOR is a reinsurer with a global reach and a strategy based on the diversification of both its assets and activities. SCOR considers the financial risk to be very limited, with strict IFRS congruency between its assets and its underwriting commitments. The Group’s only UK-based real estate is in a prime location and is occupied solely by SCOR.

"SCOR expects the operational risks to be minimal as the Group’s platform is global and multi-centred, and will continue to efficiently serve clients worldwide, including in the United Kingdom. The Group also foresees minimal business risks as Brexit will put pressure on crossborder direct business, which is marginal for SCOR."

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