SCOR, the Paris-based property-casualty and life reinsurer, reported a 42 percent rise in first-half income today.
The company said it had first-half income of $131 million compared with $93 million a year ago, and its combined ratio improved to 98.2 compared with 99.7 last year.
Chairman Denis Kessler said the results proved that solvency and profitability have been fully restored. “The return to a controlled business expansion has been confirmed by the renewals and the increase in premium income,” he said.
Mr. Kessler said the emphasis with the SCOR Group is now on the deepening and widening of risk management in all areas.
The company faced solvency concerns following its severe losses in the United States in the aftermath of the Sept. 11, 2001 terrorist attacks.
The company reported premium increases of 25 percent, 23 percent and 21 percent for the January, April and July renewal periods respectively.
Total written premiums rose 16 percent in the period driven mostly by property-casualty and liability reinsurance.
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