French reinsurer Scor recorded gross written premium of €13.83 billion ($18.95 billion) last year, up 3% on 2015.

However, net income of €603 million ($826 million) was down 6.1%, and the property and casualty (P&C) combined operating ratio deteriorated to 93.1% from 91.1%.

Chairman and CEO Denis Kessler says the “strong set of results” is in line with targets.

“Scor has also enhanced its franchise, notably with the expansion of its life footprint in Asia and the gain of additional market shares on the P&C side in the US,” he said.

“In the meantime, the group is pursuing innovative initiatives and developing new tools to improve its underwriting and management.”