SCOR Posts Strong 3Q Premium Gains, Up 45%

November 19, 2001

SCOR Group, France’s largest reinsurer, posted impressive 45 percent premium income gains for the third quarter to € 3.477 ($3.1 billion). The figures include premiums attributable to the recently acquired SCOR LIFE RE, and Sorema

which were consolidated with SCOR’s income figures in July. On a comparable basis for the same period last year SCOR’s premium income rose by around 25 percent.

The announcement made the following comments on premium income:
— Property & Casualty reinsurance registered strong growth, especially following first-time consolidation of Sorema’s premium income in the third quarter, reporting a total premium income of €1.364 billion {$1.214 billion}, representing 39% of the Group total;
— Life and Accident & health reinsurance continued to expand, with € 1.119 billion {$ 996 million} representing 32% of the group total;
— Specialty reinsurance, which represents 28% of total Group premiums advanced sharply to € 994 million {$ 885 million).

SCOR confirmed that the general upward trend in premiums, observed during the first half of the year, was continuing, and even accelerating. It noted that “Despite the consequences of the tragic events of September 11, 2001, for which the initial cost estimate for the Group remains unchanged (USD 150 to 200 million), the increase of a EUR 344 million {$306 million} in shareholders’ equity following the acquisition of Sorema will enable SCOR to maintain its underwriting capacity for the year 2002 and to take full advantage of sharply improved market conditions.”|”scor, posts, strong, 3q, premium, gains,, up, 45%

Topics Trends Pricing Trends Reinsurance

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