Scor Second-Quarter Profit Increased 26% on Higher Premiums

Updated on

Scor SE, France’s largest reinsurer, said second-quarter profit rose 26 percent as the stronger dollar helped push up premium growth.

Net income climbed to 152 million euros ($168 million) from 121 million euros a year earlier, the Paris-based company said on Wednesday. That beat the 133.6 million-euro average estimate of five analysts surveyed by Bloomberg.

Scor, which expanded in the U.S. in 2013 with the purchase of Assicurazioni Generali SpA’s life-insurance unit, is targeting 7 percent annual revenue growth through 2016, excluding foreign-exchange effects.

The company said returns on invested assets rose to 3.4 percent from 3.1 percent a year earlier, due to “active portfolio management.” Gross written premiums increased 22 percent to 3.37 billion euros.

“Scor continues to deploy its strategy based on the diversification of risks and deepening of the franchise,” Chief Executive Officer Denis Kessler said.

The shares climbed as much as 2.4 percent in Paris trading and rose 1 percent to 34.6 euros at 2:30 p.m., valuing the firm at 6.7 billion euros.

Return on equity increased to 10.3 percent from 9.8 percent a year earlier.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE