French reinsurer Scor has recorded a 16% increase in gross premiums to 2.5bn euros, thanks to a 43% rise in property and casualty (P&C) gross written premiums (GWP).
The announcement comes at a time when it is in negotiations with Gerling to acquire the Group's Life and certain of its Non-Life reinsurance activities.
The P&C sector grew year-on-year and now represents 46% of Group income. Scor said that P&C enjoyed growth in all classes, with property showing a 60% increase year-on-year.
Specialities income also rose by 4%, at constant exchange rates, which concealed mixed results. GWP were up by 47% in large corporate accounts, mainly due to price increases. Scor predicted this growth would continue into next year.
However, in line with the group's strategy to reduce activity in the sector, non-traditional reinsurance declined by 19%.
Life and Accident premiums fell by 4% due to the group's decision to halt underwriting health business in the USA, and to postpone some major contracts renewals. As a result the sector now accounts for 5% less of group activity.
Chairman Jacques Blondeau said: "Growth figures confirm that our results are in line with our stated objectives, and are even surpassed in the property business. The dynamic steering of our strategy is speeding up our return to a very good level of technical profitability."
