SCOR recorded a 6.2% net income growth in 1H 2017
The Paris based reinsurer SCOR has reported a net income of EUR 292 million for 1H 2017, up 6.2% y-o-y. "Excluding the impacts of the change in the Ogden rate and of reserve releases, the net income would be EUR 350 million in H1 2017", SCOR representatives said.
Gross written premiums increased 11.7% y-o-y to EUR 7.52 billion, driven by strong performance from both the P&C and Life business lines, the French reinsurer underlined in a statement. "This growth comes from both Life (+11.9% to EUR 4.40 billion) across all product lines, particularly in the Americas and Asia-Pacific, and from P&C (+11.4% to EUR 3.12 billion), leveraging on successful January, April and June renewals".
The company's net combined ratio in P&C improved to 93.5% from 93.8% in the first half of last year, while the Group cost ratio decreased by 0.2 pts to 4.9% of premiums in H1 2017 vs. 5.1% in H1 2016.
According to the SCOR statement, profitability in the first half of the year was driven by low natural catastrophe losses and "roughly flat net attrition losses and commissions net of Ogden".
"Catastrophe events totalled 2.1 pts of net combined ratio on a year-to-date basis including storm & fire in South Africa (EUR 15 million), tropical cyclone Debbie (EUR 20 million) and an earthquake in Australia (EUR 9 million) as the main events".
For Ogden, "the attrition loss and commission ratio was 84.7% for H1 2017, similar to the first half of last year (79.9%) when excluding the impact of the change in the Ogden rate (4.3 pts.), which was fully taken into account in Q1 2017".
Author: Vlad BOLDIJAR
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