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French reinsurer Scor posts 22 pct net profit rise
May 6, 2014 / 6:57 AM / 3 years ago

French reinsurer Scor posts 22 pct net profit rise

PARIS, May 6 (Reuters) - French reinsurer Scor posted a 22 percent rise in first-quarter net profit on Tuesday, helped by “solid growth” at its Global Life insurance division.

Net income was 135 million euros ($187 million), Scor said in a statement. Gross written premiums rose 15 percent at constant exchange rates to 2.67 billion euros, Scor added.

“Scor is firmly on track to achieve the profitability and solvency targets” set in its “Optimal Dynamics” plan, Chief Executive Denis Kessler said in the statement.

Scor has said it is targeting annual sales growth, excluding acquisitions, of 7 percent through mid-2016, thanks in part to its purchase of rival Generali’s U.S. assets. ($1 = 0.7205 Euros) (Reporting by James Regan; Editing by Blaise Robinson)

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