SCOR, which ranked fifth in A.M. Best’s latest top 50 global reinsurers list, has more reasons to celebrate.
Announcing its “very solid performance” for the nine months ending September 30, the major reinsurance firm said it reached a net income of €342 million over the period. Its return on equity was at 7.6%; gross written premium, €11.3 billion; and estimated solvency ratio, 222%.
“The first nine months of 2018 fully demonstrate the relevance of SCOR’s strategy and the resilience of its business model, with sustained premium growth in the group’s targeted geographical areas and business lines; excellent technical results in both life and P&C reinsurance, and in both treaty and specialty; a continuing improvement in the investment income yield; a stable cost ratio that bears witness to the efficiency of the group’s operations; and a high solvency ratio marginally above the optimal range,” reported SCOR.
The optimal range of 185-220% is part of the reinsurer’s 2016-2019 “Vision in Action” plan.
Meanwhile chair and chief executive Denis Kessler believes SCOR is “in very good shape and well on track” to meet its Vision in Action targets. He said the group’s strategy is based on a controlled risk appetite, a disciplined underwriting policy, and an effective capital shield.
