Scor posts increasing net result at 418 million EUR

Scor reports a net profit up by 26.7% at 418 million EUR (552 million USD) in 2012. Gross premiums amounted to 9.514 billion EUR (12.6 billion USD), that is an increase of 25.2% over one year. In non-life insurance, Scor Global P & C posts a 16.8% growth of its gross premiums at 4.65 billion EUR (6.1 billion USD). Mild catastrophic events helped to contain the combined ratio at 94.1%.

Supported by the integration of Transamerica Re’s operations, the life turnover amounted to 4.864 billion EUR, 6.429 billion USD (+34.4% compared to 2011). In this class of business, the underwriting margin was of 7.7%. The group has recently acquired the life reinsurance portfolio of the Spanish BBVA Seguros’s for 630 million EUR (832 million USD), a move that will earn it 120 million EUR (158.6 million USD) of premiums in 2013.

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