SCOR's net profit increased by 75% to EUR131m in 2005. The company's operating profit increased by 22% to EUR242m.
Despite the positive profit results, the French reinsurer's combined ratio deteriorated to 106.5% from 101.8% as a result of losses from Alternative Risk Transfer subsidiary Commercial Risk Partners and the hurricanes.
The three major hurricanes — Rita, Wilma and Katrina — cost SCOR a total of EUR130m.
Denis Kessler, SCOR chairman and chief executive, said: “These results really confirm the pertinence of the strategic choices made three years ago, notably the decision to follow a prudent and diverse underwriting policy centred on the markets and lines of business which the group knows well."
