French reinsurer Scor made a net profit of €292 million ($429.6 million) in the half-year to June 30, up 6.2% on the corresponding period last year, due partly to a lower catastrophe bill.

Scor also started a two-year share buyback program of up to €200 million ($294.3 million).

“By launching this share buyback program, the group reaffirms its confidence in the strength of its underlying fundamentals, excellent ratings and optimal debt leverage,” CEO and Chairman Denis Kessler said.

Natural catastrophe net losses declined to €58 million ($85.34 million) in the first half from €171 million ($251.6 million), despite impacts from Cyclone Debbie and storms in South Africa, according to Scor’s interim report.

Overall gross written premium (GWP) grew 11.7% to €7.5 billion ($11 billion), and net earned premium increased 11.1% to €6.8 billion ($10 billion).

Property and casualty (P&C) GWP increased 11.4% to €3.12 billion ($4.6 billion) and the combined operating ratio improved to 93.5% from 93.8%.

The Asia-Pacific region’s share of P&C GWP increased to €558 million ($820.9 million) from €514 million ($756.1 million).