(Adds details on outlook, results)
PARIS, May 15 (Reuters) - French reinsurer Scor said stable pricing, low payouts and a strong Asia performance helped it overcome Europe’s economic woes to lift first-quarter profit.
The company said it had appointed Deputy Chief Financial Officer Mark Kociancic as its new CFO, replacing Paolo De Martin who will take a sabbatical and return in an unspecified role in 2014.
Scor has been offsetting ultra-low interest rates across the world by shifting more cash into corporate bonds, real estate and other alternative investments. It bought assets in Spain and a controlling stake in property group MRM in the first quarter.
First-quarter net profit rose 6.7 percent, to 111 million euros ($144.06 million), while insurance revenues were up 2.6 percent.
Scor is preparing a new strategic plan for the 2013-2016 period, the company said, without giving more details. It described the current economic environment as “highly uncertain”.
The company said its insurance revenues would be above 10 billion euros ($12.98 billion) in 2013.
$1 = 0.7705 euros Reporting by Lionel Laurent; Editing by David Cowell