SCOR bullish on hard market but loss ratio needs work
SCOR has hailed progress on delivering its new targets and said it wanted to take advantage of the hard market in its nine-month results – but it admitted attention is required on its attritional loss ratio.
The French reinsurer posted a €147 million net income in Q3 2023, contributing to a nine-month performance with a net income of €650 million.
Its insurance revenue of €4.2 billion in Q3 2023, up 10.2% compared to Q3 2022. Its P&C combined ratio was 90.2% in Q3 2023 (-57.8 pts compared to Q3 2022).
Its L&H insurance service result was €113 million in Q3 2023, compared to €47 million in Q3 2022.
Thierry Léger, CEO of SCOR, said: "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 €602 million nine-month result, I see us well placed to deliver on our Forward 2026 plan."
In P&C re/insurance, it said the combined ratio of 90.2% in Q3 2023 was 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, it said 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.
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