SCOR results for full year take a beating

Metric

Q4 2022

Q4 2021

FY2022

FY2021

Gross written premium (GWP)

€4.9 billion

€4.6 billion

€19.7 billion

€17.6 billion

Net income / (loss)

€208 million

€118 million

€(301 million)

€456 million

Of the GWP in the full year ended December 31, 2022, €10 billion came from property & casualty (P&C) and €9.7 billion from life & health (L&H).

Meanwhile, explaining the group net loss for 2022, SCOR noted: “It reflects the combined impact of [natural catastrophe] claims and drought claims in Brazil (€-204 million) and the non-recognition of DTAs (€-164 million total annual amount), while the impact of the P&C reserve increase is broadly offset by the release of L&H excess margins in Q3 2022.

“This net loss is reduced compared to Q3 2022 thanks to the group’s strong performance and net income of €208 million in Q4 2022.”

Commenting on the numbers, Kessler said a sustainable return to profitability is imperative.

He added: “A new, highly experienced chief executive officer, Mr Thierry Léger, will join the group on May 1, 2023. He will present the broad outlines of his strategic plan at the annual general meeting on May 25, 2023, and will implement it without delay and with great determination after presenting it to the investors in September 2023.

“This will enable the group to take full advantage of its global underwriting platform and technical expertise to seize the opportunities available in the L&H and P&C reinsurance markets, building on its status as a Tier 1 reinsurer. The board of directors is confident in the group’s ability to return to growth, restore profitability, and reinforce its solvency.”

Meanwhile, despite the 2022 accounting loss, SCOR is proposing a dividend of €1.40 per share for the fiscal year.