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Scor Second-Quarter Net Falls 15% on Equities Markdowns

Scor SE, France’s largest reinsurer, reported a 15 percent drop in second-quarter profit as declining global markets hurt its equities investments. Revenue rose 33 percent, helped by last year’s acquisition of Transamerica Re.

Net income fell to 102 million euros ($125 million) from 120 million euros a year earlier, Scor said in a presentation on its website today. That compares with the 108 million-euro average estimate of 11 analysts surveyed by Bloomberg.

“The results remain solid,” said Benoit Valleaux, a Paris-based analyst at Natixis SA who recommends buying the shares. “The businesses are developing well.”

The shares rose 2.8 percent to 19.80 euros as of 9:48 a.m. in Paris, giving Scor a market value of 3.8 billion euros. The stock is up 9.5 percent this year compared with the 7.6 percent gain of the 26-member Bloomberg Europe 500 Insurance Index.

Scor’s revenue rose to 2.31 billion euros in the second quarter, compared with 1.74 billion euros a year earlier, the Paris-based reinsurer said. Scor said in September that it expects annual sales of 10 billion euros in 2013 after completing last August the $912.5 million purchase of the mortality risk business of Aegon NV’s Transamerica unit.

“We manage to combine revenue growth and high profitability,” Chief Executive Officer Denis Kessler said on a call with reporters. Second-quarter earnings show “regularity” and include about 20 million euros of markdowns on Scor’s equities investments, he said.

Scor had total invested assets of 13.2 billion euros at the end of June, 80 percent of which are in bond-related holdings and 5 percent in equities, according to its website. “We have no need to sell these equities at any time” and markdowns on equities holdings may reverse if markets improve, Kessler said.

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