SCOR SE (SZCRF.PK), a French tier 1 reinsurance company, on Friday reported a turnaround to profit for the first quarter with higher gross written premium. However, the company reported a decline in insurance revenue.
For the three-month period, the Paris-headquartered firm posted a net income of 311 million euros, compared with a net loss of 35 million in the previous year.
Gross written premium increased to 4.744 billion euros from previous year's 4.715 billion euros.
Insurance revenue for the quarter declined 4.2 percent at constant exchange rates to 3.926 billion euros.
Thierry Leger, CEO of SCOR, said: "The Q1 results are very satisfactory. All business units - P&C, L&H and Investments - have generated positive results, and the Group's Economic Value has increased significantly."
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