SCOR posts first quarter 2024 outcomes

SCOR reported a web revenue of €196 million (€176 million adjusted) for Q1 2024, pushed by a strong return on invested property and strong efficiency in P&C.

In P&C re/insurance coverage, the mixed ratio of 87.1% in Q1 2024 benefited from a low pure disaster claims ratio of seven.2%. The attritional loss and fee ratio of 78.8% mirrored passable underlying efficiency and continued reserving self-discipline.

In L&H reinsurance, the insurance coverage service consequence was €72 million, impacted by an adversarial expertise variance of €-71 million resulting from unfavorable claims expertise within the US mortality enterprise and claims reporting results. Onerous contracts had a constructive affect on the quarter, by €20 million.

In investments, SCOR benefited from elevated reinvestment charges in Q1 2024, recording a robust common revenue yield of three.5%, up 0.7 factors from Q1 2023.

The efficient tax fee for Q1 2024 was 24.1%, under the 30% assumption anticipated over the length of the Ahead 2026 plan.

The annualized return on fairness (ROE) reached 17.3% (15.5% adjusted), and the group financial worth grew by 4.1% at fixed economics.

SCOR’s solvency ratio was estimated at 215% on the finish of Q1 2024, within the higher a part of the optimum vary of 185%-220%, in comparison with 209% at year-end 2023. This was supported by sturdy working capital era from the P&C enterprise.

Thierry Léger, chief government officer of SCOR, acknowledged that for the primary quarter of the Ahead 2026 strategic plan, SCOR reported a robust web revenue.

“In P&C, we’re reaping the advantages of very enticing market circumstances with a mixed ratio of 87.1% and we stay decided on constructing reserve buffers,” Léger mentioned. “In L&H, we’re impacted by an adversarial expertise variance, primarily pushed by US mortality and claims reporting results. In investments, SCOR advantages from elevated common revenue yield and reinvestment charges. General, we’re beginning the 12 months with a excessive ROE of 17.3% and an improved solvency ratio of 215% supported by sturdy working capital era pushed by P&C January renewals.”

What are your ideas on this story? Please be at liberty to share your feedback under.