Presenting strong results for the first half of 2016, the reinsurer’s global reach puts it in a good position to face challenges to come
Following strong interim results, Scor today says it will not be heavily impacted by the UK referendum. The firm says it “does not foresee any negative impact on its strategy. As a Europe-headquartered reinsurer with a global reach, whose strategy is based on the diversification of both its assets and activities, its global entity structure ensures that the Group will navigate any uncertainties that Brexit may present.”
According to Scor’s half year results, with a net income of $302m Scor’s financial leverage stands at 31.8% as at 30 June 2016. In addition to this, gross written premiums reached $7.4bn at the end of the first six months of 2016, up 5.9% at constant exchange rates compared to 2015 (+3.7% at current exchange rates).
Scor chairman and chief executive Denis Kessler (pictured) said: “In the first half of 2016, Scor has proved its capacity to absorb shocks thanks to its high level of diversification. Despite numerous natural catastrophe events and the political uncertainty following the UK referendum, Scor continues to post strong results and keeps on expanding its footprint in the first half of 2016, with both the Life and P&C divisions delivering strong technical profitability.”
He added: ”The Group is currently preparing to unveil its new strategic plan at SCOR’s next Investor Day on 7 September.”