French reinsurer Scor has recorded a half-year profit of €275 million ($404.38 million), down 15.9% on the corresponding period last year.

Gross written premium totalled €6.73 billion ($9.93 billion) for the half, up 3.7%, while the property and casualty combined operating ratio deteriorated to 93.8% from 90.9%.

Investment income fell 5.47% to €345 million ($506.95 million).

Chairman and CEO Denis Kessler says the results meet targets and show Scor’s ability to weather the storm of Brexit and numerous natural catastrophes. “Scor has proved its capacity to absorb shock thanks to its high level of diversification,” he said.