Scor profit holds up well

Mar 08, 2012 by Adrian Hönig in  Baden-Baden Meeting

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.

S&P lowers rating on Swiss Re Dutch life op

Jun 01, 2012

RATING AGENCY Standard & Poor’s has revised its assessment of Netherlands-based life business of Algemene Levensherverzekering Maatschappij NV (ALHM), part of Swiss Re’s Admin Re operation, following the announcement by Swiss Re that it would be selling its US life operation REALIC to Prudential UK’s Jackson National Life. The operation is now rated ‘A-’, down from ‘AA-’, on the grounds that S&P now considers the business to be non-strategic to Swiss Re.

Solvency II prompts Hannover Re legal status change move

Mar 14, 2012

Hannover Re will change its legal status from a German joint stock company Aktiengesellschaft (AG) to a Societas Europaea (SE), a European joint stock company.

Mainstreaming disaster risk awareness is first step to sustainable future

Mar 26, 2012

Regular inclusion of climate and disaster risk on the G20 agenda would be a key first step in developing a sustainable pathway to 2050, an industry representative told a major scientific conference, as he warned of the need to end divided thinking on the issue.