First quarter net income up 21% for SCOR

SCOR has reported  a net income of 135 million euros for the first three months of 2014, up 21.6% over the prior year quarter’s result of 111 million euros.

Gross written premiums for the first quarter totaled 2.669 billion euros, which SCOR said was driven by strong renewals in its global property and casualty business. On Tuesday, one euro was worth $1.52.

Gross premiums written for P&C increased by 3.6% year over year for 1.2 billion euros. SCOR Global Life’s gross written premiums increased by 26% for 1.467 billion euros, largely because of the acquisition of Generali U.S., which was finalized last October.

SCOR Global P&C’s net combined ratio improved to 88.9% in Q1, versus 90.4% in the first quarter of 2013.

“The results recorded by SCOR over the first quarter in terms of growth, profitability and solvency once again demonstrate the pertinence and strength of its strategic decisions,” Denis Kessler, chairman and CEO of SCOR, said in a press release Tuesday.

“In the first quarter, the Group records significant progress in a number of areas, including solid growth in SCOR Global Life, strong January and April P&C renewals and the reinforcement of our platforms in the U.S. and the London market.”