FRENCH reinsurer Scor has reported net income of €330m ($434m) for 2011, down from €418m in 2010, on gross written premiums of €7.60bn, up from €6.68bn the previous year. Non-life GWP grew 8.8% year on year to €3.98bn, while life GWP was up 19.3% year on year to €3.62bn. The life growth was helped by the acquisition of Transamerica Re’s mortality business, which contributed €677m.
The combined ratio rose to 104.5% from 98.7%, while investment income declined to €624m from €690m. Natural catastrophes added 18.5pp to the combined ratio. The pre-tax cost of the Thailand floods was put at €138m. There was a €70m reserve release, with aviation, credit & surety and facultative casualty in particular showing strong positive development.
The return on equity for the year was 7.7%, down from 10.2% in 2010. The dividend was maintained at €1.10 a share.