SCOR profits leap in Q2

French reinsurer SCOR posted a 35 percent rise in Q2 profits, benefiting from the low-loss environment.

The reinsurers’ profits rose to €256 million in the first half of 2014, compared with €189 million in the first half of 2013.

SCOR’s gross written premiums (GWP) increased to €5.4 billion, compared with €5.0 billion in the same period of the prior year.

The reinsurer said that the rise in GWP was the result of a significant increase of €421 million for SCOR Global Life, primarily driven by the acquisition of Generali US in October 2013, and by a new longevity deal, a large transaction of value of in-force monetisation and an increase for SCOR Global P&C of €22 million.

SCOR’s net earned premiums hit €4.78 billion, a 7.1 percent rise from €4.46 billion in the first half of 2013.

Denis Kessler, chairman and chief executive officer of SCOR, said: “Year after year, SCOR strengthens its position and footprint as a Tier 1 reinsurer, developing and providing high quality products and services and helping its clients to manage their risks in a challenging financial and regulatory environment. Almost a year after its launch, the ‘Optimal Dynamics’ plan is firmly on track in terms of strategic initiatives. Financial performance is also strong, with the two ‘Optimal Dynamics’ targets of profitability and solvency being achieved.”