French reinsurance group Scor recorded net income of €418 million ($534 million) in the year to December, up 26.7% on lower natural catastrophe exposures and solid investment returns.

Gross written premium (GWP) grew 25.2% to €9.51 billion ($12.16 billion), driven by new business for the life division, which increased GWP by 34.4% to €4.86 billion ($6.22 billion).

The world’s fifth-largest reinsurer also improved its combined ratio to 94.1%.

“Scor achieved solid performances in 2012 despite an economic and financial environment that remains challenging and natural catastrophe costs that are still elevated,” Chairman and CEO Denis Kessler said.

More than 60% of the Paris reinsurer’s business is now in the Asia-Pacific region and the Americas.

Scor Global Investments recorded an ongoing return on invested assets of 3.5% before equity impairments, while shareholder equity stands at €4.81 billion ($6.15 billion).