Invested assets at Scor Global Investments (SGI) generated a healthy contribution of €149m ($167m) in the first quarter of this year.
The return on invested assets was 3.5% for the quarter, with the net rate of return on investments at 2.9% taking account of funds withheld by cedants.
The French reinsurer added, "The active management policy employed by SGI has enabled the group to record capital gains of €73m in Q1 2015, mainly from the equity portfolio."
SGI said it was continuing its policy of "progressively rebalancing its portfolio while selectively increasing the duration of the fixed income portfolio," in line with its strategic plan.
The duration of the fixed-income portfolio stood at 4.1 years (excluding cash) at 31 March 2015, compared with 4.0 years at 31 December 2014 and 3.8 years at 31 March 2014.
Cash and short-term investments represented 5% of invested assets at 31 March 2015 (excluding funds withheld by cedants), stable compared with 31 December 2014.
The average rating of the fixed-income portfolio has also remained stable, at AA-.
SGI expects cash flow on the fixed-income portfolio over the next 24 months to be €5.3bn (including cash and short-term investments), and said this would facilitate "dynamic management of the reinvestment policy."
Invested assets (excluding funds withheld by cedants) totalled at €18bn at 31 March 2015 (see table).
The split was 82% fixed income (of which less than 1% are short-term investments), 4% cash, 4% real estate, 3% loans, 3% equities and 3% other investments.
Total investments, including €9bn of funds withheld, stood at €27.1bn at the end of the first quarter, compared with €24.9bn at 31 December 2014.
See also IAR, 13 August 2014, Scor faces up to the Solvency II asset test
