SCOR 3Q Net Income Rises; Credits Defensive Portfolio 

SCOR reported third quarter net income of €94 million ($139.9 million at current exchange rate), a 147 percent increase over  net income of €38 million ($56.6 million) for the period last year.

 The French reinsurer said it is benefiting from an investment portfolio mainly oriented toward government bonds and investment grade corporate bonds.

Gross written premiums for the company climbed to €1.62 billion ($2.4 billion) in the quarter from 2008 third-quarter gross written premiums of €1.57 billion ($2.3 billion). But non-life gross written premiums dipped to €831 million ($1.2 billion) from €884 million ($1.3 billion) a year ago.

The third-quarter non-life combined ratio improved to 97.3 from 100.8 in the 2008 third quarter.

Investment income in the quarter climbed to €176 million ($262 million) compared to 2008 third-quarter investment income of €97 million ($144.4 million).

For the first nine months, SCOR reported net income of €278 million ($413.9 million), down slightly from 2008 nine-month net income of €280 million ($416.9 million). The company said steady growth in its business units and a “cautious asset management strategy” drove its results.

Gross written premiums for the first nine months of 2009 were €4.9 billion ($7.3 billion) compared to €4.3 billion ($6.4 billion) in 2008. Non-life gross written premiums for this period were €2.5 billion ($3.7 billion), up from €2.4 billion ($3.6 billion) a year ago.

The non-life combined ratio for the first nine months of 2009 improved to 97.4 from 99.2 a year ago, which the company said was in line with its performance target.

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