April 26, 2019 / 6:36 AM / 3 months ago

Reinsurer SCOR's Q1 net profits fell 21 percent

PARIS, April 26 (Reuters) - French reinsurer SCOR, whose CEO faces a vote on his demotion during a shareholders meeting on Friday, said its net profit in the first quarter fell 21 percent as a result of the impact of 2018 typhoons in Japan.

SCOR booked a net profit of 131 million euros ($145.89 million) in the first quarter of this year, down from 166 million in the same period last year.

The company’s gross written premiums rose 5.7 percent to 3.99 billion euros. Overall, SCOR’s annualized return on equity fell 2.2 percentage points to 9 percent, the company said.

SCOR’s CEO Denis Kessler will face later on Friday a vote sponsored by activist fund CIAM to oust him from the board during the company’s annual shareholders meeting.

The vote comes after months of tension over French co-operative insurer Covea’s failed 8.2 billion euro takeover bid for SCOR last year, which was opposed by Kessler and earned him criticism from French activist fund CIAM.

$1 = 0.8979 euros Reporting by Inti Landauro; Editing by Sudip Kar-Gupta

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