Scor numbers boosted by Transamerica Re purchase
FRENCH reinsurer Scor has reported net income of €318m ($403m) for the first nine months of the year, up 39.5% from the €228m booked in the same period in 2011. Gross written premiums were up 33.1% to €7.24bn, while earnings per share were up 38.2% year on year. Much of the increase was down to Scor’s acquisition of life reinsurer Transamerica Re from Aegon in August 2011, which boosted the life book by 43% year on year. The proforma rise in GWP was 12.6%, while the proforma rise in net income was 13.6%. In non-life there was an 18% rise in GWP to €3.52bn. The combined ratio for the first nine months was 93.7%. Investment income for the period declined by 16.4% on a proforma basis to €411m.