Scor CFO adds voice to Neal...
July 29, 2010
FRENCH reinsurer Scor saw its net profit decline by 15.2% in the first half, to €156m, as a result of the impact of natural catastrophes in the first quarter. However, the group showed strong earnings recovery in the second quarter, with net profit up 32% year-on-year, to €120m. Indeed, Scor’s combined ratio improved dramatically to 97% in the second quarter from 108.6% in the first quarter, which was hit by catastrophes such as the Chile and Haiti earthquakes and winter storm Xynthia. Overall, the first-half combined ratio came to 102.8%, up from 97.5% a year ago, with a 7.5-point increase in natural catastrophe losses, but a 1.5-point reduction in attritional loss ratio. For the full-year, the company maintains its projection of a non-life net combined ratio below 100%, “excluding exceptional events.” In terms of turnover, gross written premiums remained practically unchanged compared to the first...