March 5, 2015 by Canadian Underwriter
French reinsurer SCOR SE released Thursday its financial results for 2014, reporting a 2.7% increase in gross written premiums in global property & casualty, a 2.5-point drop in its combined ratio and a 6.7% decline in net income.
The combined ratio, in p&c, for Paris-based SCOR dropped 2.5 points, from 93.9% in 2013 to 91.4% last year.
In global p&c, SCOR’s gross written premiums were up 2.7% (or 1.8% at current exchange rates), from 4.848 billion euros in 2014 to 4.935 billion euros in 2014. In the fourth quarter of 2014, the combined ratio was 91.1%, down 2.2 points from 93.3% in the same period in 2013.
The euro was trading at just under $1.38 Wednesday.
SCOR’s products include treaty p&c reinsurance in property damage, motor and third-party liability, among others. It also offers specialty lines such as agriculture, aviation, credit and surety, engineering and marine and energy.
It also offers life reinsurance.
SCOR’s total gross written premiums were 11.316 billion euros last year, up 10.4% from 10.253 billion euros in 2013.
That increase was “driven” in part by SCOR’s acquisition – finalized in October of 2013 – of Generali U.S. Holdings Inc. At the time, SCOR changed the name of the operating company from Generali USA Life Reassurance to SCOR Global Life USA Reinsurance Company.
Gross written premiums in life were 6.381 billion euros in 2014, up 18.1% from 5.405 billion euros in 2013.
In the fourth quarter of 2014, SCOR reported gross written premiums, in p&c, of 1.256 billion euros, up 4.6% from 1.201 billion euros in 2013.
Net investment income for SCOR was 576 million euros in 2014, up 13.2% from 509 million euros in 2013. Q4 investment income increased 22%, from 127 million in 2013 to 155 million in the most recent quarter.
Net income was 512 million euros in 2014, down 6.7% from 549 million euros in 2013. Q4 net income dropped 45.3%, from 247 million euros in 2013 to 135 million euros in the latest quarter.
“Having invested in new underwriting and risk modelling tools, the SCOR group has prepared for the new prudential regime, Solvency II, which will come into force on 1 January 2016,” stated Denis Kessler, SCOR’s chairman and chief executive officer, in a press release. “It is confident in its ability to meet the challenges of a difficult financial environment, a heightened competitive situation and a demanding new prudential regime.”