SCOR posts solid results; growth in both P/C and life
SCOR enjoyed a return to profit in both the third quarter of this year and the first nine months of 2018 while growth was also solid in all parts of the business.
The French reinsurer made a profit of €342 million in the first nine months of the year and a profit of €80 million in the third quarter alone; this compares with a profit of €25 million in the first nine months of 2017 and a loss of €267 million in the third quarter of 2017.
The company’s P/C operations posted a combined ratio of 93.6 percent in the first nine months of the year, compared with 107.5 percent in the same period a year earlier. For the third quarter alone, its combined ratio was 98 percent, a big improvement on the 136.7 percent it posted in Q3 2017.
The reinsurer’s gross written premiums reached €11.3 billion in the first nine months of 2018, up 7.4 percent at constant FX compared to the same period in 2017. It said this was driven by the expanded and deepened franchise of the group’s two divisions: life and P&C business, which enjoyed growth of 9.2 percent and 5 percent respectively at constant FX.
The company said the results demonstrate the relevance of its strategy and the resilience of its business model, with sustained premium growth in the group’s targeted geographical areas and business lines, good technical results in both Life and P&C reinsurance, and in both Treaty and Specialty.
Denis Kessler, chairman & chief executive of SCOR, said: “SCOR records a very solid performance in the first nine months of 2018. Excluding the impact of the US tax reform, the Group has exceeded the targets set out in the plan “Vision in Action”, despite the numerous natural catastrophes that took place across various regions in the third quarter.
“This performance bears witness to the relevance of our strategy, which is based on a controlled risk appetite, a disciplined underwriting policy and an effective capital shield. The Group is in very good shape and well on track to meet the targets of 'Vision in Action'.”
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