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.

Allianz lines up Groupama unit bid

Mar 09, 2012

Allianz, the world’s largest insurer, is preparing an offer for French insurer Gan Eurocourtage. Mutual insurer Groupama is having to dispose of its subsidiary to cope with burdens arising from the financial crisis.

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.

Worldwide Reinsurance Awards 2012 launch today

Apr 04, 2012

Today we fire the starting pistol for the 2012 Worldwide Reinsurance Awards – the longest-established and most prestigious celebration of excellence in the industry.