SCOR Group reported a net loss of €177 mn for Q3 2024, adjusted by removing the mark-to-market impact of its share option. The results reflected a negative insurance service result (ISR) in Life and Health (L&H) reinsurance, though strong performances from Property & Casualty (P&C) and investments provided a partial offset.
CEO Thierry Léger expressed optimism about future prospects, highlighting the completion of the 2024 L&H assumption review. He noted that the review aligned closely with previous estimates and outlined the company’s progress on its three-step L&H strategy. The CEO remains confident in attractive P&C insurance market conditions for 2025.
SCOR robusts P&C performance, favorable reinvestment rates in investments, and a solid Group solvency ratio of 203%, reflecting strong management actions and balance sheet resilience.
P&C reinsurance achieved a combined ratio of 88.3% in Q3 2024, which includes a 13.2% natural catastrophe claims ratio amid several significant events. Over the first nine months of 2024, the natural catastrophe ratio remained within budget at 10.1%. The underlying attritional loss and commission ratio of 76.5% highlighted strong performance and disciplined reserving.
For L&H reinsurance, the insurance service result was €-210 mn, impacted by the assumption review (€-163 mn) and a one-time true-up adjustment for arbitration cases (€-128 mn).
Excluding these one-offs, the L&H insurance service result reached €81 mn.
Investment performance remained strong, with a regular income yield of 3.5%, benefiting from high reinvestment rates.
The Group’s annualized Return on Equity (ROE) was -10.2% (-10.3% adjusted) for Q3 2024, with an economic value decline of 7% over the first nine months, influenced by the L&H review. The overall net loss for the first nine months totaled €-229 mn (€-224 mn adjusted), resulting in an annualized ROE of -6.7% (-6.6% adjusted).
SCOR’s solvency ratio at the end of Q3 2024 stood at 203%, within its target range, compared to 209% at year-end 2023. The Group continued accruing a portion of its annual dividend, maintaining alignment with its dividend policy.
Group Economic Value under IFRS 17 decreased to €8.4 bn, affected by the €-1.1 bn post-tax impact of the L&H review. As a result, meeting the 9% annual growth target in economic value for FY 2024 appears unlikely.
