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.

Japan could offer Iranian oil cover

May 24, 2012

THE Japanese government is considering asking parliament to pass a law that would permit the government to offer insurance cover on Iranian oil imports, Japanese officials said today.

Beazley looks to France in 2012

May 10, 2012

IRELAND-domiciled Lloyd’s and specialty lines insurer Beazley has reported a 9% year on year increase in premiums for the first quarter to $465m, with a 2% average increase in rates. It also said that there was no adverse development for its estimated losses as a result of last year’s floods in Thailand.

Munich Re project to encourage actuaries in China

May 23, 2012

Munich Re has launched a bold programme to address the chronic shortage of actuaries in the rapidly expanding Chinese life insurance market, offering paid internships for 35 youngsters interesting in a career in the field.