SCOR Reports Lower 1st Half Earnings

September 1, 2000

French reinsurer SCOR announced first half results which were somewhat lower than anticipated. Net earnings dropped from 1999’s €70 million ($62.3 million) to €36 million ($32 million) for the period.

“The first half of the year 2000 has proven to be even more difficult for the [reinsurance] industry than anticipated, as well as for SCOR,” Jacques Blondeau, SCOR’s president, told the French financial newspaper Les Echos.

Blondeau didn’t see much chance for improvement before 2001, but noted that SCOR’s gross premiums had increased 6.7 percent during the 1st half to €1.54 billion ($1.37 billion), and there were signs that rates were firming generally.

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