Scor Sees Larger Fourth-Quarter Gain From Generali AssetsFabio Benedetti-Valentini
Scor SE, France’s largest reinsurer, forecast its acquisition of Assicurazioni Generali SpA’s U.S. life-reinsurance unit will add about 50 million euros ($68 million) more in the fourth quarter than previously estimated.
“It means that the group gets richer,” Chief Executive Officer Denis Kessler said on a conference call today, when forecasting a gain of at least 150 million euros. He declined to comment on the dividend payment for 2013. The Paris-based reinsurer had previously estimated the purchase of Generali U.S. Holdings Inc. would add at least 100 million euros.
Scor in June agreed to buy Generali’s unit for 579 million euros to become the biggest U.S. life insurer. It completed the transaction last month. The firm said today third-quarter profit rose 0.9 percent to 113 million euros from a year ago.
Scor rose as much as 2.3 percent and was up 1.8 percent at 26.09 euros by 10:27 a.m. in Paris, giving the company a market value of about 5 billion euros. The shares have risen 28 percent this year compared with a 23 percent gain of the 30-member Bloomberg Europe 500 Insurance Index.