Its non-life combined ratio was 98.8% due to “above average” natural catastrophe activity
Scor has recorded net income year-to-date of EUR124m, up 63% compared to the first three months of 2007 on a published basis.
On a pro forma basis, the increase would have been 46%.
It non-life combined ratio was 98.8% despite above-average natural catastrophe activity over the quarter. Life business records strong operating margin of 7.9%.
Gross written premiums were up at EUR1,353m, up 30% compared to the first three months of 2007 on a published basis.
The reinsurer said it had a solid April 2008 P&C renewals in the Asia-Pacific region, successfully aggregating the ex-Converium lines whilst maintaining strict underwriting discipline and optimising the risk profile of the Group.
In the first quarter Scor also agreed to settle Converium’s class action for EUR74m (pre tax and before D&O recoveries), with no expected net impact on current period earnings but only on goodwill.
Q1 also saw the transactional recovery of the guarantee from Groupama pertaining to the EUR240m SOREMA acquisition, whose net negative impact on the first quarter 2008 accounts of EUR7m is compensated by future investment returns.
Denis Kessler, chairman and chief executive officer of SCOR, comments: “The first three months of 2008 have confirmed the strength of the business platform created by SCOR.
“Even in a quarter of high natural catastrophe activity and financial market turmoil, SCOR can rely on its twin business engines of Life and Non-Life and its cautious investment practices.
“The agreements to resolve the pending litigation matters, especially the class action litigation in the United States, allow the Group to fully focus on integration, synergy creation and delivery in line with the strategic ‘Dynamic Lift’ plan”.