French reinsurer Scor has reported group net income of €175m for Q1 2015, up 30% year on year, on gross written premiums (GWP) of €3.12bn, up 17% year on year at current exchange rates, but only by 5.1% at constant rates.
Scor Global P&C recorded GWP up 16.3% (5.2% at constant rates) to €1.40bn, while at Scor Global Life there was a 17.7% increase in GWP (5.0% at constant rates) to €1.73bn.
The reinsurer said that the non-life division delivered technical profitability in Q1, although the combined ratio worsened slightly year on year, rising to 89.1%, from 88.9%.
The technical margin for Scor Global Life was 7.2%, for the quarter, a fraction down on the 7.3% reported in Q1 2014.
Shareholders’ equity was up 12% on the quarter to €6.42bn, from €5.73bn at the end of 2014. Book value per share rose to €34.35, from €30.60 at the turn of the year. There was a €414m positive foreign exchange impact.
Scor chief executive Denis Kessler said that “the very high quality results recorded by Scor in the first quarter of 2015 confirm the relevance of the strategic orientations chosen”.
Meanwhile, Scor Global Life published its Market Consistent Embedded Value (MCEV) numbers for 2014. Total MCEV earnings were €321m, with MCEV reaching €4.7bn by the end of the year. The Value of new business (VNB) was €325m, down from €340m in 2013. The New Business Margin (NBM) was 4.3%, down from 5.4% in 2013. Scor Global Life returned €326m to the group. About €160m of this consisted of cash distributions from capital optimisation following the acquisition of Generali USA.