Scor reduced its allocation to cash and short-term investments by 9 percentage points during 2014, as it successfully battled the low yield environment by investing more in bonds.
Liquid assets represented just 5% of its invested assets portfolio of €16.2bn ($17.9bn) at the year end, compared with 14% a year earlier. The proportion of fixed income investments rose from 76% to 81%. The company also has €8.6bn in funds withheld by cedants and manages €674m on behalf of third parties.
Scor reported a return on invested assets of 2.9% during the year, compared with 2.6% in 2013, and expects to make between 2.7% and 2.9% in 2015.
François de Varenne, CEO of Scor Global Investments said the firm had "positioned our fixed income portfolio differently in order to benefit more quickly from decoupling of economic cycles and monetary policies between the US and the UK on one side, and the eurozone on the other side."
Around 56% of Scor's assets are in US dollar and sterling instruments, while 33% are in euros. The duration of the dollar portfolio is 4.2 years, compared to 3.6 years for the euro portfolio.
"We believe there is currently greater relative value in the US credit markets," de Varenne said.
Scor made a net profit of €512m in 2014, a rise of 40% on 2013 due to a €183m exceptional gain booked on its purchase of Generali's US assets. Without this it would have fallen 6.7% from €549m in 2013.