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Scor Third-Quarter Profit Increases 70% on Transamerica Business

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Nov. 10 (Bloomberg) -- Scor SE, France’s largest reinsurer, said third-quarter profit rose 70 percent, helped by the mortality-risk business gained through the acquisition of Transamerica Re.

Net income climbed to 188 million euros ($254 million) from 111 million euros a year earlier, the Paris-based company said today in a statement. Gross written premiums rose 15 percent to 2.01 billion euros in the period.

“The finalization of the Transamerica Re mortality portfolio acquisition in the third quarter, which gives the group a new dimension in the life-reinsurance market, has helped Scor to accelerate toward the implementation of its strategic plan.”

Scor, which completed the $912.5 million acquisition of Transamerica from Aegon NV in August, said in September it expects annual sales of 10 billion euros in 2013.

To contact the reporter on this story: Stephen Taylor in Paris at staylor8@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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