Paris-based insurer SCOR reported net income for the first six months of the year increased 24 percent despite investment and insurance market challenges.
SCOR reported net income rose EUR44 million (U.S. $65 million at the current exchange rate) to EUR225 million ($331 million). The results were on gross written premium of EUR2.75 billion ($4.04 billion) an increase of EUR624 million ($918 million) from a year ago.
Gross written premium on the company's property-casualty business increased 58 percent, or EUR545 million ($801 million), to EUR1.49 billion ($2.19 billion).
According to the company the results showed "strong profitability" in the face of "a difficult investment environment" and "slightly above average natural catastrophe claims" amounting to EUR90 million ($132 million). The claims resulted in a 98.7 combined ratio, an improvement of 0.1 point.
"In less than one year we successfully completed the creation of a 'new SCOR' by combining Converium and SCOR in a very efficient manner," Denis Kessler, chairman and chief executive officer, said in a statement.
SCOR acquired Switzerland-based reinsurer Converium in 2007. It has since changed its name to SCOR Holding (Switzerland) Ltd.
"SCOR's strong first-half 2008 results confirm our profitability track record, supported by the solid business performance of our 'twin-engines,' life and non-life. The group presents a robust balance sheet despite the challenging financial market environment, which clearly demonstrates our strong enterprise risk management policy," Mr. Kessler said.
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