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Scor says 1st-half net profit rose 77 percent after Converium acquisition

Scor says 1st-half net profit rose 77 percent after Converium acquisition

French reinsurer Scor SE said Wednesday that first-half net profit rose 77 percent after the company bought Swiss rival Converium Holding AG for 3.4 billion Swiss francs (US$2.8 billion; euro2.07 billion).
Net income rose to euro181 million in the six months through June 30, from euro102 million (US$139.1 million) in the same period a year earlier, the company said in a statement. Net earned premiums rose 59 percent to euro1.9 billion (US$2.6 billion).
"The Scor group has seen a sharp increase in its business during the first half of 2007, due to the successful integration of Revios and the strong mobilization of the underwriting teams in both life and non-life reinsurance," said Chairman and Chief Executive Denis Kessler.
Scor agreed to buy German reinsurer Revios for euro605 million (US$775 million) from Globale Re in July of last year.
Scor said earlier this month that life insurance sales more than doubled to euro1.2 billion (US$1.6 billion), while non-life reinsurance gained 12 percent to euro943 million (US$1.3 billion).
Reinsurers sell backup coverage to other insurers, spreading risk so the system can handle huge losses from major disasters.
Scor shares fell 1.7 percent to 28.45 Swiss francs (US$23.69; euro17.37) in Zurich.


Updated : 2021-05-18 09:08 GMT+08:00