SCOR reports net income of 418 million euros for 2012

SCOR Global has reported gross written premiums of €9.51 billion for 2012, an increase of 25.2%.

The company reported a net income of €418 million for the year, up by 26.7% on a published basis. At print time, €1 was equal to $1.34.

For the company’s global P&C business, gross written premiums increased by 16.8% to €4.65 billion, which SCOR attributes to “very good July 2011 and January, April and July 2012 renewals.”

SCOR Global P&C’s net combined ratio for the year was 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,” Denis Kessler, SCOR’s chairman and CEO commented in a statement on the earnings.

“The Group continues to grow, particularly with further very strong increases during the P&C renewals and the successful integration of the Transamerica Re business, and now conducts around 60% of its activities in Asia-Pacific and the Americas,” Kessler noted.