France’s SCOR Group announced 2004 premium income of 2.528 billion euros ($3.26 billion) at current exchange rates. Figured on the basis of constant exchange rates the total was 2.578 billion euros ($3.32 billion). Following extensive restructuring, the reinsurer’s premium income decreased by more than 30 percent, in line with forecasts.
SCOR noted the following highlights:
— Gross written premiums in Life & Accident Reinsurance down 17 percent.
— Gross written premiums in Non-Life Reinsurance down 41 percent.
— Continued geographic rebalancing of business: 54 percent in Europe, 25 percent in North America; 9 percent in Asia Pacific; 12 percent in the rest of the world.
— The quota-share between SCOR and IRP has not been renewed in 2005.
“This decline in premium income is notably due to the reduction indicated in lines written in the Large Corporate Risks sector, itself a function of rigorous business selection and SCOR’s rating in 2004,” said the announcement. “The contraction in Life & Accident Reinsurance premium income is mainly due to the fact that there was an exceptional transaction in the first quarter of 2003.”
SCOR also noted that in the non-life reinsurance sector (Property treaties, Large Corporate Accounts and Credit & Surety), premium income reached 1.321 billion euros ($1.7 billion). The company said the 41 percent decline was mainly due to “rigorous business selection and the impact of the rating in 2004.”
In life and accident reinsurance (individual and group life, long-term care, finance, accidents, disability and unemployment), premium income was 1.207 billion euros $1.55 billion).
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