SCOR logs $191.45m in Q1'24 driven by robust P&C segment

Business segments had mixed results during the period.

SCOR reported a $191.45m (€176m) adjusted net income in the first quarter of 2024 (Q1'24) which was due to “a strong return on invested assets and a P&C [Property and Casualty] performance in line with expectations.”

The P&C business unit’s insurance revenue grew 2.6% to $1.99b (€1.837b) in Q1 versus a year ago.

“In P&C (re)insurance, the combined ratio of 87.1% in Q1'24 benefits from a low natural catastrophe claims ratio of 7.2%. The attritional loss and commission ratio of 78.8% reflects a satisfactory underlying performance allowing for a continued reserving discipline,” the firm noted.

As of the end of March, SCOR also logged total invested assets at $24.98b (€22.96b). Total investment income stood at $209.99m (€193m) in Q1'24, with a return on invested assets of 3.4% (vs. 3.7% in Q4 2023) and a regular income yield of 3.5% (vs. 3.7% in Q4 2023).

ALSO READ: Swiss Re posts $1.1b net income in Q1’24

“SCOR’s asset mix is optimised, with 79% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+ and a duration of 3.0 years,” it noted.

The company said reinvestment rate stood at 4.7% as of 31 March, increasing from 4.5% at 31 December 2023.

SCOR said its invested assets portfolio remains highly liquid and financial cash flows of $11.21b (€10.3b) are expected over the next 24 months, enabling it to continue to benefit from elevated reinvestment rates.

Insurance revenue from the Life and Health (L&H) unit also grew 6.6% to $2.47b (€2.276b) in Q1, the company said. However, insurance service results fell 73.6% to $78.34m (€72m) due to volatility in US mortality claims and claims reporting effects, partly offset by a positive contribution from onerous contracts.

SCOR said it continues to build its L&H Contractual Service Margin (CSM) through new business generation mostly from protection across all regions and with no large transactions booked in Q1.

($1.00 = €0.92)

Follow the link s for more news on

Financial Statements

insurance

Also Read

APAC reinsurers poised for growth on the back of sustained demand

Double-digit premium growth lifts AIA to record value of new business in Q3

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit