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UPDATE 1-Scor Q1 profit up 7 pct, eyes new strategy
May 15, 2013 / 5:56 AM / 4 years ago

UPDATE 1-Scor Q1 profit up 7 pct, eyes new strategy

(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

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