SCOR profits on acquisitions
SCOR has booked net profits of EUR299mn for the year-to-date, up 93 percent on the prior-year period, along with top line growth boosted by the acquisitions of Converium and Revios.
Including the impact of the acquisitions, gross written premiums for the first nine months of 2007 hit EUR3.38bn, a rise of 62 percent on the prior-year period.
Excluding the acquisitions, gross written premiums were up 8 percent at constant exchange rates, with net income of EUR190mn – up 23 percent on the same period of 2006.
The company has generated a non-life combined ratio of 96.4 percent and a life operating margin of 7.2 percent in the year-to-date, compared to 97.1 percent and 7.4 percent in the first nine months of 2006.
SCOR’s chairman and CEO Denis Kessler described the performance as “very satisfactory”, as he spoke of “successful integration efforts”.
“Today SCOR is clearly recognised as a top-tier reinsurer. We are confident that the 2008 renewals will confirm the ambitions that we have set ourselves,” he continued.
With the Converium deal sealed on 8 August, the Swiss acquisition contributed EUR40mn up to the end of September to third quarter net profits of EUR118mn.
SCOR’s shareholder funds have increased from EUR2.25bn at the start of the year, to EUR3.65bn at the end of September.