SCOR net income at 189 million euros for first half of 2013

SCOR has reported gross written premiums of 4.98 billion euros for the first half of the year, which it says was driven by “very healthy” property and casualty renewals and business growth in Asia and Latin America.

Its net income stands at 189 million euros, compared to 206 million euros in the first half 2012.

For its Global P&C business, gross written premiums grew 5.5% to about 2.4 billion euros. That segment had a net combined ratio of 94.3% for the first six months.

It also reported a net natural catastrophe loss ratio of 6.9 points in the first half 2013. For the second quarter 2013 alone, that ratio stands at 12.2%, including 80 million euros linked to floods in Europe, 42 million euros for floods in the Alberta, and 6 million euros relating to tornadoes in Oklahoma.

“Although the underwriting of renewed and new business in June and July demonstrates an overall slight deterioration in expected underwriting ratios (of around one point on average compared to 2012), the average underwriting ratio expected for all portfolios underwritten over the first half is improving by around one point compared to 2012, while the return on risk-adjusted capital remains higher than the target rate, despite the impact of low interest rates,” its statement said.

“SCOR’s positive results in the first half 2013 and its ability to absorb major natural catastrophes demonstrate, once again, the relevance and robustness of its business model based on four strategic pillars, namely a strong and diversified franchise, a mid-level risk appetite combined with a very comprehensive and solid Enterprise Risk Management policy, high diversification between Life and Non-Life business and an effective capital shield policy,” Denis Kessler, SCOR’s chairman and CEO noted.

SCOR also said it expects premium income to cross the 10 billion-euro threshold in 2013.