SCOR generated EUR147 million net income in Q3 2023, contributing to a strong 9 month performance with a net income of EUR 650 million. SCOR SE’s Board of Directors under the chairmanship of Fabrice Brégier, to approve the Group’s financial statements for the 9 months of 2023.
The results over nine months confirm SCOR’s focus on delivering its targets. On the P&C side, we are below our Cat budget over the first nine months of 2023, but continued attention is required on the attritional loss ratio.
Thierry Léger, Chief Executive Officer of SCOR
“Our objective as we prepare the 1.1 renewals is to continue to take advantage of the hard market with new business generation at very attractive margins. In L&H and Investments, we deliver stable and positive results. With a EUR 602 million 9 month result, I see us well placed to deliver on our Forward 2026 plan”, Thierry Léger says.
- Insurance revenue of EUR 4,235 million in Q3 2023, up +10.2% compared to Q3 2022
- P&C combined ratio of 90.2% in Q3 2023 (-57.8 pts compared to Q3 2022)
- L&H insurance service result of EUR 113 million in Q3 2023, compared to EUR 47 million in Q3 2022
- Investments regular income yield of 3.4% in Q3 2023 (+0.8 pts compared to Q3 2022)
- P&C new business CSM of EUR 169 million and L&H new business CSM of EUR 89 million in Q3 2023
- Group net income of EUR 147 million QTD (EUR 135 million assuming a constant valuation of the option on own shares), implying an annualized Return on Equity of 13.7% (12.5% adjusted). For the first nine months of 2023, the net income stands at EUR 650 million (EUR 602 million adjusted), implying an annualized Return on Equity of 20.2% (18.8% adjusted)
- Group Economic Value under IFRS 17 of EUR 9.2 billion as of 30 September 2023, up +5.3% (+7.1% at constant economics) compared with 31 December 2022, implying an Economic Value per share of EUR 51 (vs. EUR 50 as of 31 December 2022)
- Estimated Group solvency ratio of 206% as of 30 September 2023
SCOR records positive results in Q3 2023, a quarter historically marked by a strong claims activity:
- In P&C (re)insurance, the combined ratio of 90.2% in Q3 2023 is driven by natural catastrophe losses above budget (including claims related to the Hawaii fires) and large man-made claims. Over the first nine months of 2023, the natural catastrophe ratio is below the budget. Overall, in Q3 2023, while the attritional loss ratio is satisfactory, the level of man-made claims is too high. SCOR continues its efforts to improve the core performance of its P&C business.
- In L&H reinsurance, the business pursues its profitable growth and generates a consistent insurance service result of EUR 113 million in Q3 2023.
- In Investments, SCOR benefits from high reinvestment rates and reports a noticeable increase in the regular income yield, which reaches 3.4% in Q3 2023 (vs. 3.1% in Q2 2023).
Over the first nine months of 2023, and assuming a constant valuation of the option on own shares, SCOR delivers a strong performance with a net income of EUR 602 million, implying an annualized Return on Equity of 18.8%, and grows its Economic Value by 7.1%
