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SCOR Q1 net income drops YOY, stays on track to hit strategic plan targets

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SCOR Q1 net income drops YOY, stays on track to hit strategic plan targets

SCORSE reported unaudited consolidated net income group share of €170million for the first quarter, compared to €175 million a year ago.

EPS for the first quarter amounted to 92 cents, down from 95cents in the year-ago period.

Gross written premiums rose year over year to €3.28 billionfrom €3.12 billion.

Including the cancellation of its participation in a Lloyd'sof London syndicate and less activity on its aviation book, 's gross writtenpremiums for the quarter dropped on a yearly basis to €1.38 billion from €1.40billion. Over the same period, SCOR Global Life SE's gross written premiums rose to€1.91 billion from €1.73 billion.

SCOR Global Investments posted a net return on investedassets of 3.3% in the first quarter, down from 3.5% in the year-ago period. Thenet investment income dropped to €176 million from €180 million.

Annualized ROE year over year dropped in the quarter to11.2% from 12.1%.

The net combined ratio in its P&C business stood at89.7%, compared to 89.1% in the first quarter of 2015, while the technicalmargin in its life business dropped to 7.1% in the first quarter, compared to7.2% a year ago.

SCOR's solvency ratio stood at an estimated 202% at the endof March, which is within the optimal range defined in the company's strategicplan. The company said it is on track to achieve thetargets set out in its strategic plan.

A new strategic plan will be unveiled in September, thegroup noted.