SCOR has reported Group net income of EUR 311 million in Q1 2023, compared with a net loss of EUR 35 million a year earlier, although insurance revenue declined 4% to EUR 3.9 billion.
Gross written premiums fell by 0.7% year-on-year to EUR 4.7 billion, driven by a decline in P&C GWP of 3.1%, partially offset by growth in L&H premiums of 1.6%.
During the quarter, the reinsurance industry continues to be driven by three favorable developments that have emerged and accelerated.
On the asset side of the balance sheet, SCOR expects that the rise in interest rates and consequently in reinvestment rates will significantly increase the financial contribution of investments to reinsurer results in general.
In L&H reinsurance, SCOR explains that the excess mortality linked to the Covid-19 pandemic has been greatly reduced.
Within SCOR P&C, insurance revenue increased 5.4% at constant exchange rates, with a combined ratio of 85.2%, which includes a nat cat ratio of 9.9%, in line with the 10% budget announced on April 12th, 2023. New business CSM amounts to EUR 588 million.
Within SCOR L&H, insurance revenue fell 11% at constant exchange rates, while the insurance service result stands at EUR 272 million and new business CSM stands at EUR 192 million in Q1 2023.
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