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French reinsurer SCOR's first-half net profit rises

French reinsurer SCOR's first-half net profit rises
FILE PHOTO: The logo of reinsurance company Scor is seen at its Paris headquarters, in Paris, France, February 24, 2016. REUTERS/Charles Platiau -
Charles Platiau(Reuters)
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PARIS (Reuters) – French reinsurer SCOR <SCOR.PA> said its net profit for the first half rose 9.2% from the same period a year ago, helping the company meet financial targets it set three years ago.

SCOR’s net profit in the first half rose to 286 million euros ( £255 million ), while net profit in the second quarter rose 62% to 155 million euros. The company had to book a 62 million euro charge in 2018 related to tax cuts in the U.S.

SCOR said it had met its profitability target set in its strategic plan three year ago, “despite significant industry, regulatory and geopolitical headwinds over the period.

The reinsurer, which has been the subject of bid attention, said it would release a new strategic plan in early September.

(Reporting by Inti Landauro; Editing by Sudip Kar-Gupta)

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