Bloomberg News

Scor Reports First-Quarter Profit After Premiums Increase

May 03, 2012

Scor SE (SCR), France’s largest reinsurer, returned to profit in the first quarter after an increase in premiums at its life and property-and-casualty businesses.

Net income was 104 million euros ($137 million), after a loss of 80 million euros in the year-earlier period, the Paris- based reinsurer said in a statement today. That missed the 125 million-euro average estimate of seven analysts surveyed by Bloomberg.

The global-life unit’s embedded value, a measure of profitability, rose 50 percent to 3.3 billion euros in 2011, partly because of the acquisition of Transamerica Re from Aegon NV, Scor said. The company completed the purchase of Transamerica assets in August.

Scor fell as much as 2.1 percent in Paris trading and was down 0.7 percent at 20.28 euros as of 10.25 a.m. local time.

To contact the reporter responsible for this story: Fabio Benedetti-Valentini at fabiobv@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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