SCOR forced to delay new strategy as Russian hostilities create ‘wide-ranging’ uncertainties
Global reinsurance giant SCOR was forced to delay its planned investor day festivities on concern that the Russian invasion of Ukraine has reshuffled the deck.
"The potential macro-economic consequences, from energy prices and inflation to interest rates and economic growth, are wide-ranging," management said.
Management had been planning to review performance and outlook with investors at a March 29 investor day, but is now hoping for an end-July date to be named later.
"Overall, SCOR’s exposure to Russia and Ukraine is limited," management said without details. "The direct consequences of these events are expected to be limited, and will not impact the Group’s fundamentals."
SCOR will strictly comply with all applicable sanctions, management offered.
SCOR last crafted a corporate strategy, its so-called "Quantum Leap," to run from mid-2019 through end-2021. "Quantum Leap" was SCOR's seventh such strategy, including headline calls for 4-7% annual premium growth during the period. Global P&C was to hit a 4-8% growth pace.
"The Group is fully mobilized to pursue the execution of its strategic plan “Quantum Leap”, and to write the next chapters of SCOR’s story," SCOR said.
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