(Reuters) – The French reinsurance company Scor, whose CEO held a vote on his closure during a shareholder meeting on Friday, said that the first quarter net sales fell 21% due to the impact of 2018 typhoons in Japan. 19659002] Scor posted a net profit of EUR 131 million ($ 145.89 million) in the first quarter of this year, from EUR 166 million in the same period last year.
The company's gross premium increased by 5.7% to EUR 3.99 billion. Overall, Scor's annual return on equity fell by 2.2 percentage points to 9 per cent, the company says.
Meanwhile, the activist fund CIAM failed in its bid to abolish Scor CEO Denis Kessler from the board. Scor shareholders rejected a request from CIAM to remove Kessler, although his wage agreement was only approved by a narrow majority.
About 54% of the shareholders who were present at the company's annual meeting approved Kessler's pay package for 201
Mr. Kessler received a € 6.5 million salary package ($ 201.2 million) for 2018.
CIAM's attempt to exercise Mr. Kessler came after months of excitement over the French cooperative insurance company Covea Mutual Insurance Group Co. failed with a takeover bid of EUR 8.2 billion last year, which opposed Kessler and had received him criticism from CIAM.