Scor’s gross written premiums stood at €4.08bn for the third quarter of 2020, a 1.1% increase compared to €4.04bn for the same quarter of the previous year
Scor announces third quarter and nine month results for 2020. (Credit: Pixabay/StartupStockPhotos.)
French reinsurance company Scor has reported a net income of €109m for the third quarter of 2020, a 5.2% decrease compared to €115m for the same period of 2019.
The company has reported gross written premiums of €4.08bn for the third quarter of 2020, a 1.1% increase compared to €4.04bn for the same quarter of the last year.
For the first nine months of 2020, the French insurer has reported a net income of €1335m, a 66.3% decrease compared to €401m for the corresponding period of 2019.
Scor reported gross written premiums of €12.28bn for the first nine months of 2020, a 1.9% increase compared to €12.05bn for the prior-year period.
The Group shareholders’ equity stands at €6.2bn at 30 September 2020, down by €125m compared with 31 December 2019 mainly due to the weakening of the USD.
SCOR chairman and CEO Denis Kessler said: “SCOR continues to demonstrate the relevance of its strategy and the resilience of its business model in the first nine months of 2020.
“The Group continues to expand its franchise and delivers positive results despite major shocks the industry has had to face since the beginning of the year, which include the Covid-19 pandemic as well as a series of natural catastrophes and very large scale man-made events.
Scor’s global property and casualty division results
The insurer’s global property and casualty (P&C) division reported gross written premiums stood of €1.84bn for the third quarter of 2020, a 1.5% increase compared to €1.8bn for the same period of 2019.
The P&C division’s gross written premiums stood at €5.4bn for the first nine months of 2020, a 1.9% increase compared to €5.3bn for the corresponding period of 2019.
Kessler added: “The Group continues to enjoy a very strong capital position, which has been recently recognised by all four major rating agencies – A.M. Best, Fitch, Moody’s and Standard & Poor’s – confirming SCOR’s AA- financial strength credit rating.
“Leveraging its optimal solvency position and its Tier 1 franchise, the Group enters the renewal season in a very strong position to reap the benefits of the hardening pricing environment and the improvement of terms and conditions in the P&C market.”