Paris-based SCOR reported net income of EUR 418 million ($545 million), representing an increase of 26.7 percent over the 2011 result, which was EUR 330 million ($430 million).
The company said that favorable renewals at January, April and July last year, fueled a 16.8 percent jump in property/casualty reinsurance premiums, which rose to EUR 4.7 billion ($6.1 billion).
Life premiums jumped almost twice as much—34.4 percent to EUR 4.9 million ($6.3 billion).
In a statement, Denis Kessler, SCOR’s Chair & CEO, noted that the results were achieved “despite an economic and financial environment that remains challenging, and natural catastrophe costs that are still elevated.”
“The Group continues to grow, particularly with further very strong increases during the P/C renewals and the successful integration of the Transamerica Re [life] business, and now conducts around 60 percent of its activities in Asia-Pacific and the Americas.”
SCOR’s recorded a 2012 combined ratio of 94.1 for its global P/C business, which included 7.6 points from natural catastrophes. The company reported EUR 137 million of losses ($179 million) from Superstorm Sandy.