The net result of Score fell sharply in the first quarter of 2024. At the end of March 2024, it amounted to 196 million euros instead of 311 million euros a year earlier, i.e. a decrease of 36.8%. It is also below analysts’ estimates, which expected a net result of 209 million euros.
Insurance income borne by P&C
“For the first quarter of the Forward 2026 strategic plan, Scor registers a solid net profit of DKK 196 million.defended this Friday Thierry Legergeneral manager of Scor, just before he took office the general assembly mixed score. IN damages and liability (P&C), we continue to benefit from very attractive market conditions with a combined ratio of 87.1% and we remain committed to our prudent provisioning approach. »
THAT net combined ratio however slightly worse in the claims and liability branch: it stood at 85.2% a year earlier. Highly featured by the reinsurance company general increase of 6% in its insurance incomewhich amounted to 4.11 billion euros, however, continues to be largely driven by the performance of activities damages and liability. They benefited from a low natural disaster loss ratio of 7.2%, according to the group, and insurance income of €1.84 billion.
Within life and health, the result fell by 73%
But this is the result of the insurance activities life and health sector (L&H) which weighs heavily on the results of these first three months of the year. It amounts to 72 million euros in the first quarter of 2024, registering a decrease of more than 73% compared to the first quarter of 2023, when it stood at 272 million euros. “In L&H, we were affected by a negative experience gap, mainly linked to mortality in the US, and by an effect related to the pace of claims reporting,” explains Thierry Léger.
Improvement of the solvency ratio
“In terms of investment, Scor benefits from high current returns and reinvestment,” emphasizes the director general. These show a current yield of 3.5% in the first quarter of 2024. “Overall, we start the year with a high RoE of 17.3% and a solvency ratio rising to 215% by the end of March 2024, supported by the good momentum recorded under the January renewal treaties.” concluded Thierry Léger. This estimated solvency ratio is at the top of the optimal range defined in Scor’s new strategic plan, Forward 2026between 185% and 220%.
THAT written gross premiums reached 4.95 billion euros, an increase of 4.4% over a year. The casualty and liability division increased by 6.7% in the period to 2.43 billion euros. Those of the life and health activities registered an increase of 2.3% over a year in its gross written premiums to reach 2.53 billion euros.
