SCOR improves combined ratio and profits in Q1
French reinsurer SCOR has improved its combined ratio and increased profits in the first three months of 2018.
SCOR Global P&C improved the combined ratio in the first quarter of 2018 to 91.8 percent from 94.5 percent in the same period a year ago.
The better combined ratio was driven by “a very robust net attritional and commission ratio, resulting from low man-made activity”, of 80.3 percent, 1 point below the 86.7 percent of the first quarter of 2017 once normalized for the 5.4 percent impact of Ogden net of reserve releases, according to a statement.
Natural catastrophe losses of 4.1 percent were mainly due to the European windstorm Friederike and an earthquake in Papua New Guinea. An expense ratio of 7.4 percent reflects the increasing weight of insurance business and the extended perimeter of retrocession, the company said.
At the same time, SCOR’s P&C business shrank gross written premiums by 5 percent year on year to €1.48 billion in the first quarter of 2018.
Overall, the group grew gross written premiums at 0.9 percent year on year in the first quarter of 2018 to €3.77 billion. Net income increased 18.6 percent year on year to €166 million.
"SCOR is off to a strong start for 2018: successful P&C renewals, the continued expansion of the Life business in key markets, notably Asia-Pacific, and a well-received debt issuance,” said CEO Denis Kessler. “The Group holds firmly to its 'Vision in Action' plan and is on track to deliver on its targets.”
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