12th November 2023

SCOR generated E147m net income in Q3 2023, contributing to a strong nine-month performance with a net income of E650m

Highlights are:
-Insurance revenue of E4,235m in Q3 2023, up +10.2%1 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 E113m in Q3 2023, compared to E47m 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 E169m and L&H new business CSM3 of E89m in Q3 2023
-Group net income of E147mQTD(E135m 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 E650m(E602m adjusted), implying an annualised Return on Equity of 20.2%(18.8% adjusted)
-Group Economic Value under IFRS 17 of E9.2bn as of 30th September 2023, up +5.3%(+7.1%6 at constant economics) compared with 31st December 2022, implying an Economic Value per share of E51(vs. E50 as of 31 December 2022)
Estimated Group solvency ratio of 206% as of 30th September 2023
SCOR SE’s Board of Directors met on 9th November 2023 under the chairmanship of Fabrice Brégier, to approve the Group’s financial statements for the first nine months of 2023.
Thierry Léger, ceo of SCOR, comments: “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. 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 E602m nine-month result, I see us well placed to deliver on our Forward 2026 plan.”

SCOR Trends(374 articles)