SCOR makes huge turnaround in Q1 financials

SCOR makes huge turnaround in Q1 financials | Insurance Business America

Insurance News

SCOR makes huge turnaround in Q1 financials

All business units enjoyed positive results

Insurance News

By
Terry Gangcuangco

Global reinsurer SCOR has bounced back from the group net loss it suffered in the first quarter of 2022.

According to the company’s latest earnings report, SCOR posted €311 million in group net income for the first three months of 2023 – a major turnaround from last year’s €35 million net loss.

“This excellent performance is driven by the group’s business units (property and casualty, life and health, and investments), all of which are reporting a strong profitability level,” SCOR said.

Gross written premium in the period grew from €4.72 billion in Q1 2022 to €4.74 billion this time around. Insurance revenue fell by 2%, while insurance service result surged by 671% to €478 million.

Of the group’s insurance service result, €207 million came from SCOR P&C; €272 million from L&H.

“The Q1 results are very satisfactory,” SCOR chief executive Thierry Léger said. “All business units – P&C, L&H, and investments – have generated positive results, and the group’s economic value has increased significantly.

“In parallel, our finance teams have successfully managed the transition to the new IFRS 17 framework: we would like to thank them for this achievement.

“I am now looking to the future: the current market is very supportive, and all the teams are mobilized to take advantage of this favorable environment.”

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