SCOR reported a net loss of ¤278m (£171m) for last year, but said earnings from property and casualty reinsurance increased by 54%.
Its premium income from P&C increased to ¤1.931bn (£1.187bn). But the rise was not enough to pull France's biggest reinsurer into profit.
The overall loss compared to a profit of ¤59m (£36.3m) for 2000, adjusted for changes in accounting rules.
The group's combined ratio was 124% at the end of 2001, compared to 121% at the end of 2000.
Excluding the impact of World Trade Centre losses and discontinued business, the ratio would have been 116%, the company reported.
The combined ratio shows claims and costs as a percentage of premium income.
Despite the loss, chief executive Jacques Blondeau gave an upbeat forecast and said the group would benefit from a long-term hardening of market conditions.
"The year 2001 was a bleak one for the entire industry," he said.
"SCOR, however, significantly boosted its standing as a key international player in the reinsurance market."
