SCOR S.E. has reported net income of €315 million ($394.2 million) for 2008, down 22% compared with 2007.

Net income was affected by equity impairments and above-average claims, SCOR said.

The French reinsurer said that investment income dropped to €467 million ($584.4 million) in 2008 from €833 million ($1.04 billion) in 2007. SCOR said that it had asset impairments and write-downs of €260 million ($325.4 million). It said investment volatility was expected to continue in 2009.

The Paris-based company said for nonlife business its combined ratio was 98.6%, compared with 99.3% a year previously.

Nonlife gross written premiums increased 33% in 2008 to €3.1 billion.

“We believe that the current financial and economic crisis is reshaping the competitive landscape in a dramatic way, and may offer new growth opportunities to the most competitive players,” said Denis Kessler, chairman and chief executive officer of SCOR, in a statement. “At SCOR, the policy for 2009 is to maintain our prudent strategic focus and take advantage of the anti-cyclical nature of the reinsurance industry.”