Paris-based Scor, the world's eighth-largest reinsurer, has announced that its profit rose to EUR 31m (£21.8m) in the first quarter of the year.
Gross net income was EUR 31m (£21.8m) in the first quarter of 2003, up from EUR 7m (£4.9m) during the same period in 2002. The French reinsurer claimed its improved results were thanks to efforts to make its portfolio less vulnerable.
However Scor's gross written premiums were lower during the first quarter of 2003 compared to a year earlier. The reinsurer generated EUR 1.2 billion (£845m) in the first quarter of the 2003, down from EUR 1.4 billion (£986m) in 2002.
Its property & casualty premiums for the quarter totalled EUR 504m (£355m), a rise of 27% from 2002. The segment also posted a net combined ratio of 107%, a 1.2% improvement on the same quarter in 2002.
Chairman and chief executive Denis Kessler said: "Scor group is committed to implementing its 'Back on Track' plan aimed at restoring profitability and bolstering solvency. These figures are early evidence of recovery."
