SCOR’s Kessler highlights record €15.2 billion GWPs
In a year marked by high levels of natural catastrophe, reinsurer SCOR still managed to deliver “robust growth” in its 2018 annual results.
The company reported gross written premiums of €15.2 billion in 2018, up 3.2 percent from €14.7 billion the previous year. The rise in GWPs for the fourth quarter 2018 was up 7 percent from the same three months a year earlier from €3.6 billion in Q4 2017 to €3.9 billion in Q4 2018.
SCOR said the 2018 year end results showed that growth in GWPs was well balanced between the life division, up 7.3 percent from 2017 and the P&C division up 6.7 percent.
Group net income rose 12.6 percent to €322 million in 2018, up from €286 million in 2017.
SCOR Global P&C division delivered “record strong growth” despite a high number of natural catastrophes, including several major ones with GWPs of €6.1 billion, up 2.5 from €6 billion in 2017.
The P&C division’s combined ratio of 99.4 percent in 2018 was an improvement from 103.7 percent in 2017. However, it could have been even better as the company said the measure was hit by a high frequency and severity of natural catastrophes including typhoons Jebi (€167 million) and Trami (€31 million), and in the US, hurricanes Michael (€125 million) and Florence (€60 million), as well as the Camp Wildfire (€110 million) and Woolsey Wildfire (€34 million) in California.
Denis Kessler, chairman and chief executive officer of SCOR, said: "In 2018 - a year once again marked by a high level of natural catastrophes - SCOR continues to grow: the group delivers robust growth and solid recurring profitability, and provides a strong solvency position For the first time the group has recorded total gross premiums of more than €15 billion.
“Alongside a robust solvency ratio, we completed a €200 million share buyback program and awarded shares to all our employees worldwide, while avoiding any dilution for our shareholders. Our shareholder return remains attractive, with a proposed strong dividend of €1.75 for 2018. With our financial rating reaffirmed by all four rating agencies, we are now actively preparing the group's next strategic plan, which will be presented at the beginning of September. As an independent tier 1 global reinsurer, SCOR will continue to create value and to be the master of its own destiny."
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