SCOR Achieves Major Turnaround in First Quarter Financials | Insurance Business America
All business areas reported positive results
insurance news
By Terry Gangcuangco
Global reinsurer SCOR has recovered from the consolidated net loss it suffered in the first quarter of 2022.
According to the company’s latest earnings report, SCOR reported a consolidated net profit of 311 million euros in the first three months of 2023 – a significant turnaround from the net loss of 35 million euros last year.
“This excellent performance is due to the Group’s businesses (property-casualty, life and health, and investments), all of which demonstrate high levels of profitability,” said SCOR.
Gross written premium rose in this period from EUR 4.72 billion in the first quarter of 2022 to EUR 4.74 billion this time. Insurance revenues fell by 2%, while the result from insurance services increased by 671% to 478 million euros.
Of the Group’s insurance services result, €207 million came from SCOR P&C; 272 million euros from L&H.
“The first quarter results are very satisfactory,” said SCOR CEO Thierry Léger. “All businesses – P&C, L&H and Investments – have delivered positive results and the economic value of the group 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 success.”
“Now I look to the future: the current market is very supportive and all teams are mobilized to take advantage of this favorable environment.”
What are your thoughts on SCOR’s financial results? Share your thoughts in the comments below.
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