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24 May 2013
French reinsurer Scor Re has recorded strong results for the first nine months of the year, with net income of €318 million ($393 million), up from €228 million ($282 million) in the previous corresponding period.
The Paris-based company increased its property and casualty gross written premium (GWP) to €3.5 million ($4.3 million) – up 18% from €2.9 million ($3.6 million) – thanks mainly to “strong renewals”.
The net combined ratio was 93.7%, compared with 106.6% in the previous corresponding period, as natural catastrophe losses came in on budget.
The life division also recorded strong results, with GWP rising 9% to €3.7 million ($4.6 million) from €3.4 million ($4.2 million).
“A very strict and consistent enterprise risk management policy will continue to support the group’s strong growth ability, providing highly efficient protection against the main risks faced in a financial and economic environment that remains particularly uncertain,” Chairman and CEO Denis Kessler said.
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