Shares in Scor rose in early trading Friday after the French reinsurer posted first-quarter results which analysts said beat expectations.
At 0724 GMT, shares traded 9.4% higher at EUR25.68.
The company’s net income was as much as 88% higher than consensus, with the biggest driver being its life and health segment, Citi analyst James Shuck said in a note.
Scor’s first-quarter net profit came in at 311 million euros ($339.5 million), while gross written premiums totaled EUR4.74 billion. Insurance revenue was EUR3.93 billion in the quarter, the company said.
According to Jefferies analysts, the results read remarkably well. While much of the significant beat to consensus is explained by experience variances in the life segment, the property and casualty result is also ahead and appears to be relatively high quality, they said in a note.