Scor grew its P&C top line by around 3.9 percent at constant currency rates to EUR1.48bn in the first quarter fuelled by increased US treaty business.

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The weakening dollar meant revenues were down 5 percent year-on-year, but Scor said it remained on track to hit its 2018 growth target of 3-8 percent.

The reinsurer added that at the 1 April renewals it had upped its premiums by around 13.5 percent at constant FX rates to EUR505mn, with risk-adjusted pricing rising 2.9 percent while maintaining terms and conditions.

The growth mainly stemmed from more treaty business, particularly in India and the US, as well as agriculture, US cat and credit and surety specialty treaties.

The P&C unit’s combined ratio improved by 2.7 points to 91.8 percent, compared to the same period for 2017,

Natural catastrophe losses accounted for 4.1 percent  of that and it included an expense ratio of 7.4 percent, the latter of which the French carrier attributed to the “increasing weight of insurance business and the extended perimeter of retrocession.” 

Catastrophe claims were primarily attributed to losses from Windstorm Friederike, which killed 11 people as it swept across Central Europe at the beginning of the year, and an earthquake in Papua New Guinea. 

At a group level, Scor posted net income of EUR166mn in Q1, an 18.1 percent increase on the prior year result, while annualised return on equity (RoE) came in at 11.2 percent.

However, the company noted that while it had taken no charge in the period from changes to US tax legislation passed in December, it expected to book the cost in the second quarter “at the lower end” of the estimate that it gave in its full year results, which predicted a charge of up to $350mn .

Scor chairman and CEO Denis Kessler said: “Scor is off to a strong start for 2018: successful P&C renewals, the continued expansion of the life business in key markets, notably Asia-Pacific, and a well-received debt issuance.”

“The group holds firmly to its ‘Vision in Action’ plan and is on track to deliver on its targets.”