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Yahoo
09-05-2025
- Business
- Yahoo
SCOR registers profit of €200m in Q1 2025
SCOR logged net income of €200m for the first quarter of 2025 (Q1 2025), a 1.7% increase from €196m reported in the same period the previous year. The company attributed the growth to contributions from all business segments. Its earnings per share saw a marginal rise to €1.12 for the quarter, up from €1.10 in Q1 2024. The French reinsurer's operating results also improved, with a 10.6% increase to €317m in Q1 2025 from €287m a year earlier. Overall insurance revenue decreased by 1.2%, reaching €4bn in Q1 2025 from €4.1bn in the prior year's quarter. The property and casualty (P&C) insurance segment contributed €1.8bn to total revenues, up by 1.2% at current exchange rates, while the life and health (L&H) segment added €2.2bn, a 3.1% decline. The company's gross written premiums (GWP) for the quarter dipped to €4.9bn. Within this figure, P&C GWP accounted for €2.5bn, and L&H GWP made up €2.4bn. The P&C segment's combined ratio was reported at 85% for Q1 2025, largely attributed to a low rate of attritional losses. Natural catastrophe claims, influenced by the LA wildfires, represented a ratio of 12.5%. SCOR CEO Thierry Léger said: 'I am satisfied with the first quarter results. All business activities contribute to a strong consolidated Group net income. The P&C performance continues to be excellent with a combined ratio of 85%, after absorbing elevated Nat Cat events during the quarter and allowing for an additional level of prudence building. 'L&H improves its insurance service results with a neutral experience variance. In Investments, SCOR benefits from an elevated return on invested assets. Overall, we are starting the year with a high ROE [return on investment] of 18.7% and an improved solvency ratio of 212%, supported by positive net operating capital generation.' Last month, French authorities commenced an investigation into the actions of SCOR's former chairman regarding Covéa group's acquisition of PartnerRe. Denis Kessler, who had been at the helm of SCOR for more than 20 years, died in 2023. SCOR has denied any direct or indirect involvement and responsibility in the matter. "SCOR registers profit of €200m in Q1 2025 " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Upturn
07-05-2025
- Business
- Business Upturn
First quarter 2025 results: EUR 200 million net income in Q1 2025
By GlobeNewswire Published on May 7, 2025, 10:21 IST Press release 07 May 2025 – N° 10 First quarter 2025 results EUR 200 million net income in Q1 2025 Group net income of EUR 200 million in Q1 2025 driven by all business activities (EUR 195 million adjusted 1 ) P&C combined ratio of 85.0%, despite LA wildfires and buffer building L&H insurance service result 2 of EUR 118 million Investments regular income yield of 3.5% of EUR 200 million in Q1 2025 driven by all business activities (EUR 195 million adjusted ) IFRS 17 Group Economic Value 3 of EUR 9.0 billion as of 31 March 2025, up +6.8% at constant economics 3, 4 . The Economic Value per share stands at EUR 51 (vs. EUR 48 as of 31 December 2024) of EUR 9.0 billion as of 31 March 2025, up +6.8% at constant economics . The (vs. EUR 48 as of 31 December 2024) Estimated Group solvency ratio of 212% 5 as of 31 March 2025, up 2 points from FY 2024 of 212% as of 31 March 2025, up 2 points from FY 2024 Annualized Return on Equity of 18.7% (18.3% adjusted1) in Q1 2025 SCOR SE's Board of Directors met on 6 May 2025, under the chair of Fabrice Brégier, to approve the Group's Q1 2025 financial statements. Thierry Léger, Chief Executive Officer of SCOR, comments: 'I am satisfied with the first quarter results. All business activities contribute to a strong consolidated Group net income. The P&C performance continues to be excellent with a combined ratio of 85%, after absorbing elevated Nat Cat events during the quarter and allowing for an additional level of prudence building. L&H improves its insurance service results with a neutral experience variance. In Investments, SCOR benefits from an elevated return on invested assets. Overall, we are starting the year with a high ROE of 18.7% and an improved solvency ratio of 212%, supported by positive net operating capital generation.' Group performance and context SCOR records EUR 200 million net income (EUR 195 million adjusted1) in Q1 2025, supported by all business activities: In P&C, the combined ratio of 85.0% in Q1 2025 is primarily driven by a low attritional loss and commission ratio of 74.7% reflecting an excellent underlying performance and allowing for buffer building. The natural catastrophe claims ratio stands at 12.5% mainly driven by losses related to the LA wildfires. In L&H, the insurance service result 2 stands at EUR 118 million in Q1 2025, driven by a level of CSM amortization and risk adjustment release in line with expectations, and a neutral experience variance. stands at EUR 118 million in Q1 2025, driven by a level of CSM amortization and risk adjustment release in line with expectations, and a neutral experience variance. In Investments, SCOR benefits from an elevated regular income yield of 3.5% in Q1 2025 along with continued attractive reinvestment rates. The effective tax rate stands at 29.7% for Q1 2025. The annualized Return on Equity stands at 18.7% (18.3% adjusted1) in Q1 2025 and the Group Economic Value increases by 6.8% at constant economics3,4. SCOR's Solvency ratio is estimated at 212% at the end of Q1 2025, up 2 points versus FY 2024, from positive net operating capital generation. April P&C reinsurance treaty renewals During the April 2025 renewals, SCOR continues to grow strategically in its preferred lines, maintaining its underwriting discipline in a softening market context. EGPI increases by +1.5% on the business up for renewal in April, with significant growth of the Alternative Solutions book (EGPI +33.0%) while Specialty Lines increase by +3.8%, driven by Marine. Exposure to US Casualty is further reduced. As a reminder, premiums renewed in April represent c. 12% of total P&C reinsurance premiums. In a more competitive environment for the April renewals, net technical profitability on the renewed business is expected to deteriorate by 1 point. On a year-to-date basis, the net technical profitability is expected to deteriorate by less than 0.5 point. SCOR is successfully weathering a softening market thanks to its strategy of growing in a profitable and diversified way. For the upcoming renewals in 2025, SCOR expects pricing to be competitive on loss-free programs. Nevertheless, the overall profitability of SCOR's business mix should remain very attractive. On-going excellent P&C underlying performance In Q1 2025, P&C insurance revenue stands at EUR 1,858 million, down -0.7% at constant exchange rates (up +1.2% at current exchange rates) compared to Q1 2024. Strong growth in the Reinsurance segment from preferred lines is mostly offset by reduced business in US Casualty reinsurance and in SCOR Business Solutions. New business CSM in Q1 2025 stands at EUR 710 million, up +9.0% at current exchange rates, supported by growth stemming from business renewed in January. P&C (re)insurance key figures: In EUR million (at current exchange rates) Q1 2025 Q1 2024 Variation P&C insurance revenue 1,858 1,837 1.2% P&C insurance service result 205 181 13.3% Combined ratio 85.0% 87.1% -2.1pts P&C new business CSM 710 651 9.0% The P&C combined ratio stands at 85.0% in Q1 2025, compared to 87.1% in Q1 2024. It includes: A Nat Cat ratio of 12.5%, mainly impacted by the losses related to the LA wildfires (10.8 pts). An attritional loss and commission ratio of 74.7%, reflecting a very satisfactory underlying performance and continued buffer building. A discount effect of -9.3%, reflecting the higher locked-in rates relating to a large share of US claims including the LA wildfire losses. An attributable expense ratio of 7.8%. The P&C insurance service result of EUR 205 million is driven by a CSM amortization of EUR 255 million, a risk adjustment release of EUR 40 million, a negative experience variance of EUR -95 million, and an onerous contract impact of EUR 6 million. The negative experience variance reflects mainly higher-than-expected Nat Cat experience, lower-than-expected insurance revenue and buffer building. Delivering a L&H insurance service result of EUR 118 million In Q1 2025, L&H insurance revenue stands at EUR 2,205 million, down -5.8% at constant exchange rates (-3.1% at current exchange rates) compared to Q1 2024. L&H New Business CSM6 generation of EUR 76 million in Q1 reflects the updated L&H new business strategy and the implementation of higher return thresholds. The L&H insurance service result2 amounts to EUR 118 million in Q1 2025. It includes: A CSM amortization of EUR 86 million. A Risk Adjustment release of EUR 32 million. An experience variance of EUR 2 million, including a neutral experience variance in the US. A negative impact of onerous contracts of EUR -6 million. L&H reinsurance key figures: In EUR million (at current exchange rates) Q1 2025 Q1 2024 Variation L&H insurance revenue 2,205 2,276 -3.1% L&H insurance service result2 118 72 64.9% L&H new business CSM7 76 112 -32.5% Investments delivering a return on invested assets of 3.8% As of 31 March 2025, total invested assets amount to EUR 24.3 billion. SCOR's asset mix is optimized, 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 3.9 years. Investments key figures: In EUR million (at current exchange rates) Q1 2025 Q1 2024 Variation Total invested assets 24,330 22,962 6.0% Regular income yield(*) 3.5% 3.5% 0.0pt Return on invested assets(*),(**) 3.8% 3.4% 0.4pts (*) Annualized; (**) Fair value through income on invested assets excludes EUR 7 million in Q1 2025 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR. Total investment income on invested assets stands at EUR 2267 million in Q1 2025. The return on invested assets stands at 3.8%7 (vs. 3.3% in Q4 2024) and the regular income yield at 3.5% (vs. 3.6% in Q4 2024). The reinvestment rate stands at 4.3%8 as of 31 March 2025, compared to 4.5% as of 31 December 2024. The invested assets portfolio remains highly liquid and financial cash flows of EUR 9.0 billion are expected over the next 24 months9, enabling SCOR to benefit from elevated reinvestment rates. * * * APPENDIX 1 – SCOR Group Q1 2025 key financial details In EUR million (at current exchange rates) Q1 2025 Q1 2024 Variation Insurance revenue 4,063 4,113 -1.2% Gross written premiums1 4,908 4,953 -0.9% Insurance Service Result2 324 253 +27.9% Management expenses -301 -294 -2.4% Annualized ROE3 18.7% 17.3% +1.4pts Annualized ROE excluding the mark to market impact of the option on own shares 18.3% 15.5% +2.8pts Net income3,4 200 196 +1.7% Net income4 excluding the mark to market impact of the option on own shares 195 176 +10.5% Economic value5,6 9,035 9,639 -6.3% Shareholders' equity 4,582 4,958 -7.6% Contractual Service Margin (CSM)6 4,453 4,681 -4.9% 1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Including revenues on financial contracts reported under IFRS 9; 3: Taking into account the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax; 4: Consolidated net income, Group share; 5. Defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM); 6: Net of tax. A notional tax rate of 25% is applied to the CSM. 2 – P&L key figures Q1 2025 In EUR million (at current exchange rates) Q1 2025 Q1 2024 Variation Insurance revenue 4,063 4,113 -1.2% 1,858 1,837 +1.2% 2,205 2,276 -3.1% Gross written premiums1 4,908 4,953 -0.9% P&C gross written premiums 2,509 2,427 +3.4% L&H gross written premiums 2,399 2,526 -5.0% Investment income on invested assets 226 193 +17.3% Operating results 317 287 +10.6% Net income2,3 200 196 +1.7% Net income2 excluding the mark to market impact of the option on own shares 195 176 +10.5% Earnings per share3 (EUR) 1.12 1.10 +1.8% Earnings per share (EUR) excluding the mark to market impact of the option on own shares 1.09 0.98 +10.7% Operating cash flow 150 151 -0.7% 1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Consolidated net income, Group share; 3: Taking into account the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax. 3 – P&L key ratios Q1 2025 Q1 2025 Q1 2024 Variation Return on invested assets1,2 3.8% 3.4% +0.4pts P&C combined ratio3 85.0% 87.1% -2.1pts Annualized ROE4 18.7% 17.3% +1.4pts Annualized ROE excluding the mark to market impact of the option on own shares 18.3% 15.5% +2.8pts Economic Value growth5 6.8% 4.1% +2.7pts 1: Annualized; 2: In Q1 2025, fair value through income on invested assets excludes EUR 7 million pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR; 3: The combined ratio is the sum of the total claims, the total variables commissions, and the P&C attributable management expenses, divided by the net insurance revenue for P&C business; 4: Taking into account the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax; 5: Not annualized. Growth at constant economic assumptions and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.8 per share (EUR 322 million in total) for the fiscal year 2024, paid on 6 May 2025. Economic Value defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax. A notional tax rate of 25% is applied to the CSM. 4 – Balance sheet key figures as of 31 March 2025 In EUR million (at current exchange rates) As of 31 March 2025 As of 31 December 2024 Variation Total invested assets1 24,330 24,155 +0.7% Shareholders' equity 4,582 4,524 +1.3% Book value per share (EUR) 25.63 25.22 +1.6% Economic Value2 9,035 8,615 +4.9% Economic Value per share (EUR)3 50.53 48.03 +5.2% Financial leverage ratio4 23.6% 24.5% -0.9pts Total liquidity5 2,210 2,466 -10.4% 1: Excluding third-party net insurance business investments; 2: The Economic Value (defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax) includes minority interests; 3: The Economic Value per share excludes minority interests; 4: The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17; 5: Including cash and cash equivalents and short-term investments. * * * SCOR, a leading global reinsurer As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying 'The Art & Science of Risk', SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society. The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide. For more information, visit: Media Relations Alexandre Garcia [email protected] Investor RelationsThomas Fossard [email protected] Follow us on LinkedIn All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at General Numbers presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, this press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal. This press release does not constitute an offer to sell, or a solicitation of an offer to buy SCOR securities in any jurisdiction. Forward-looking statements This press release includes forward-looking statements, assumptions, and information about SCOR's financial condition, results, business, strategy, plans and objectives, including in relation to SCOR's current or future projects. These statements are sometimes identified by the use of the future tense or conditional mode, or terms such as 'estimate', 'believe', 'anticipate', 'expect', 'have the objective', 'intend to', 'plan', 'result in', 'should', and other similar expressions. It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future. No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR. In particular, it should be noted that the full impact of economic, financial and geopolitical risks on SCOR's business and results cannot be accurately assessed. Therefore, any assessments, any assumptions and, more generally, any figures presented in this press release will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive. Information regarding risks and uncertainties that may affect SCOR's business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number n°D.25-0124 with the French Autorité des marchés financiers (AMF) posted on SCOR's website and on the website of the AMF In addition, such forward-looking statements, assumptions and information are not 'profit forecasts' within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980. SCOR has no intention and does not undertake to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise. Financial information The Group's financial information contained in this press release is prepared on the basis of IFRS and interpretations issued and approved by the European Union. Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified. The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results of Q1 2025. The financial results for the first quarter 2025 included in this press release have not been audited by SCOR's statutory auditors. Unless otherwise specified, all figures are presented in Euros. Any figures or financial results for a period subsequent to March 31, 2025 should not be taken as a forecast of the expected financials for these periods 1 Adjusted by excluding the mark to market impact of the option on own shares. 2 Includes revenues on financial contracts reported under IFRS 9. 3 Defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM. 4 Growth at constant economic assumptions as of 31 December 2024, excluding the mark to market impact of the option on own shares. 5 Solvency ratio estimated after taking into account the accrual for the first three months based on the dividend paid for the fiscal year 2024 (EUR 1.8 per share). 6 Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 7 Excluding the mark to market impact of the option on own shares. Q1 2025 impact of EUR 7 million before tax. 8 Reinvestment rate is based on Q1 2025 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & spreads as of 31/03/2025. 9 As of 31 March 2025. Including current cash balances and future coupons and redemptions. Attachment Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Reuters
05-03-2025
- Business
- Reuters
French insurer SCOR narrowly avoids yearly loss helped by P&C business
Summary Companies Strong Q4 profit keeps annual result in the black Annual profit at 4 million euros vs 812 million euros in 2023 Sees no growth in US for life & health business Proposes dividend of 1.80 euro/share March 5 (Reuters) - Reinsurance company SCOR ( opens new tab narrowly avoided a yearly loss in 2024 thanks to a strong beat in its fourth quarter net profit driven by its property and casualty (P&C) business and a low tax rate reflecting a release of some tax provisions. It posted quarterly net income of 233 million euros ($249 million) on Wednesday, well above analysts' average estimate of 195 million euros. That brought the annual profit to 4 million euros, while the market had expected a loss. The French group's P&C insurance revenue held steady at close to 2 billion euros in the fourth quarter, despite losses related to Hurricane Milton in the U.S., pushing annual turnover from those activities to 7.64 billion euros, slightly higher than in 2023. Performance in the life and health insurance business also improved in the quarter, but ended the year with a significant loss as new deals in the protection and longevity segments could not offset a negative impact from a review of assumptions on the U.S., Canada, South Korea and Israel markets. Based on the review, SCOR does not expect the life and health business to grow in the U.S. and has no plans for expansion there, CEO Thierry Léger told journalists. "We have a lot of U.S. mortality business already on our balance sheet. The business has been performing poorly over 2024," Léger said. The company predicted the impact of California wildfires that ravaged U.S. West Coast in January would be around 140 million euros, in line with its budget set out for natural catastrophes. Reinsurance companies like SCOR provide insurance to other insurers, enabling them to protect themselves from losses at events such as natural disasters or large-scale claims. SCOR also said it would propose an annual dividend of 1.80 euro per share, matching analysts' expectations. "SCOR saw a strong end to 2024 ... after a fairly tumultuous year," analysts said in a note to investors. The company's shares were flat as of 0938 GMT in volatile trading ranging from a drop of 3.5% to a rise of 1.1%. ($1 = 0.9348 euros)
Yahoo
05-03-2025
- Business
- Yahoo
Fourth quarter 2024 results: EUR 233 million net income in Q4 2024 Proposed regular dividend of EUR 1.8 per share
Press release05 March 2025 - N° 03 Fourth quarter 2024 results EUR 233 million net income in Q4 2024 Proposed regular dividend of EUR 1.8 per share Group net income of EUR 233 million in Q4 2024 driven by all business activities (EUR 235 million adjusted1) P&C combined ratio of 83.1% in Q4 2024 including a low Nat Cat ratio and allowing for ongoing reserving discipline L&H insurance service result2 of EUR 119 million in Q4 2024 Investments regular income yield of 3.6% in Q4 2024 Economic Value per share of EUR 48 (vs. EUR 51 as of 31 December 2023) IFRS 17 Group Economic Value3 of EUR 8.6 billion as of 31 December 2024, down -6.3% at constant economics3,4. Adjusted for one-offs5, Economic Value growth of +9.8% at constant economics3,4 Estimated Group solvency ratio of 210%6 as of 31 December 2024, in the upper part of the optimal range of 185%-220%, fully absorbing the impact of the 2024 L&H assumption review Proposed regular dividend of EUR 1.8 per share for 2024 Annualized Return on Equity of 22.8% (23.0% adjusted1) in Q4 2024. For the full year 2024, Return on Equity stands at 0.1% (0.2% adjusted1); adjusted for one-offs5, the annualized Return on Equity would stand at 14.9% for the full year 2024 SCOR SE's Board of Directors met on 4 March 2025, under the chair of Fabrice Brégier, to approve the Group's Q4 2024 financial statements. Thierry Léger, Chief Executive Officer of SCOR, comments: 'I am satisfied with the fourth quarter results. All business activities contribute to a strong consolidated Group net income. On a full year basis, P&C performance is excellent: the Nat Cat ratio is below the 10% budget, and the underlying performance enables us to build significant prudence two years ahead of plan. Investments performance is strong over the year, taking advantage of the current market conditions. In L&H, we took decisive actions to restore profitability. With a solvency ratio of 210% at year-end remaining in the upper part of the optimal range, SCOR demonstrates resilience as well as enhanced underlying capital generation, leading to a proposed dividend of EUR 1.8 per share. In the prevailing market environment, I'm fully confident that SCOR will continue to grow profitably in diversifying lines of business by leveraging its Tier 1 franchise. We are committed to delivering our Forward 2026 ambitions.' Group performance and context SCOR records EUR 233 million net income (EUR 235 million adjusted1) in Q4 2024, supported by all business activities: In P&C, the combined ratio of 83.1% in Q4 2024 is primarily driven by a low natural catastrophe ratio of 6.4%. Over the full year 2024, the natural catastrophe ratio of 9.4% is better than the 10% budget. The attritional loss and commission ratio stands at 75.9% in Q4 2024, reflecting a very satisfactory underlying performance allowing for continued reserving discipline. The completion of the annual P&C year-end reserve review confirms all lines are at best estimate and our reserve resilience has increased. In L&H, the insurance service result2 stands at EUR 119 million in Q4 2024, driven by a good level of CSM amortization and risk adjustment release, partially offset by a negative experience variance from the US. In Investments, SCOR benefits from high reinvestment rates and an elevated regular income yield of 3.6% in Q4 2024. The effective tax rate stands at 8% for Q4 2024, mainly reflecting the release of Q2 and Q3 tax provisions related to deferred tax assets. The annualized Return on Equity stands at 22.8% (23.0% adjusted1) in Q4 2024. Over the full year 2024, SCOR delivers a net income of EUR 4 million (EUR 11 million adjusted1), implying an annualized Return on Equity of 0.1% (0.2% adjusted1), impacted by the outcome of the 2024 L&H assumption review accounting for EUR -0.7 billion (pre-tax) in insurance service result and EUR -0.9 billion (pre-tax) in contractual service margin (CSM). The Group Economic Value decreases by 6.3% at constant economics3,4 (+9.8% adjusted for one-offs5). SCOR's Solvency ratio stands at 210% at year-end 2024, in the upper part of the optimal range of 185%-220%, fully absorbing the one-off impact of the L&H assumption review, and demonstrating the Group's balance sheet resilience. Proposed regular dividend of EUR 1.8 per share SCOR proposes a regular dividend of EUR 1.8 per share for the fiscal year 2024, stable compared to the fiscal year 2023. This dividend will be submitted for shareholders' approval at the 2025 Annual General Meeting, to be held on 29 April 2025. The Board proposes to set the ex-dividend date at 2 May 2025, and the payment date at 6 May 2025. On-going very strong P&C underlying performance In Q4 2024, P&C insurance revenue stands at EUR 1,929 million, up +0.4% at constant exchange rates (down -0.5% at current exchange rates) compared to Q4 2023, driven by the effect of a large commutation. Excluding this effect, the insurance revenue would grow by +1.7%. New business CSM in Q4 2024 stands at EUR -43 million, impacted by limited renewals in Q4 and an early recognition of the cost of some retrocession contracts renewed at 1 January 2025. P&C (re)insurance key figures: In EUR million (at current exchange rates) Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation P&C insurance revenue 1,929 1,940 -0.5% 7,639 7,496 1.9% P&C insurance service result 238 353 -32.6% 779 897 -13.1% Combined ratio 83.1% 75.6% 7.5pts 86.3% 85.0% 1.3pts P&C new business CSM -43 -76 43.8% 1,024 952 7.6% The P&C combined ratio stands at 83.1% in Q4 2024, compared to 75.6% in Q4 2023. It includes: A Nat Cat ratio of 6.4%, mainly impacted by the losses related to Hurricane Milton (4.7 pts). An attritional loss and commission ratio of 75.9%, reflecting a very satisfactory underlying performance and continued reserving discipline. A discount effect of -9.5%, impacted by the year-end reserves review. An attributable expense ratio of 9.7%, impacted by an expense accounting true-up. The P&C insurance service result of EUR 238 million is driven by a CSM amortization of EUR 252 million, a risk adjustment release of EUR 45 million, a negative experience variance of EUR -38 million and an impact of onerous contract of EUR -21 million. The negative experience variance reflects the prudence building and a low level of retrocession recoveries. The impact of the California wildfires is estimated at circa EUR140m, pre-tax and net of retrocessions, which is in line with the Nat Cat budget level of Q1 2025. Improved L&H insurance service result in Q4 2024 In Q4 2024, L&H insurance revenue amounts to EUR 2,055 million, up +8.4% at constant exchange rates (+8.6% at current exchange rates) compared to Q4 2023. L&H New Business CSM7 generation of EUR 113 million in Q4 is driven by Protection and new deals in Longevity. The L&H insurance service result2 amounts to EUR 119 million in Q4 2024. It includes: A CSM amortization of EUR 117 million, including a EUR 16 million exceptional release. Excluding this, the annualized CSM amortization rate is 6.9%8. A Risk Adjustment release of EUR 36 million. An experience variance of EUR -49 million, driven by negative deviations in the US. A positive impact of onerous contracts of EUR 12 million reflecting changes in risk adjustment. Offsetting one-off impacts from the 2024 L&H reviews amounting to EUR 1 million. L&H reinsurance key figures: In EUR million(at current exchange rates) Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation L&H insurance revenue 2,055 1,892 8.6% 8,487 8,426 0.7% L&H insurance service result2 119 64 87.5% -348 589 -159.1% L&H new business CSM7 113 90 25.4% 485 466 4.1% Investments delivering strong results with a regular income yield of 3.6% in Q4 2024 As of 31 December 2024, total invested assets amount to EUR 24.2 billion. SCOR's asset mix is optimized, with 78% 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 3.8 years (3.0 at year-end 2023) following the implementation of the new ALM strategy. Investments key figures: In EUR million (at current exchange rates) Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation Total invested assets 24,155 22,914 5.4% 24,155 22,914 5.4% Regular income yield* 3.6% 3.7% -0.1pts 3.5% 3.2% 0.3pts Return on invested assets*, ** 3.3% 3.7% -0.4pts 3.5% 3.2% 0.3pts (*) Annualized. (**) Fair value through income on invested assets excludes EUR -3 million in Q4 2024 and EUR -9 million in FY 2024 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR. Total investment income on invested assets stands at EUR 1959 million in Q4 2024. The return on invested assets stands at 3.3%9 (vs. 3.7% in Q4 2023) and the regular income yield at 3.6% (vs. 3.7% in Q4 2023). The reinvestment rate stands at 4.5%10 as of 31 December 2024, compared to 4.1% as of 30 September 2024. The invested assets portfolio remains highly liquid and financial cash flows of EUR 9.5 billion are expected over the next 24 months11, enabling SCOR to benefit from elevated reinvestment rates. * * * APPENDIX 1 – SCOR Group Q4 2024 key financial details In EUR million (at current exchange rates) Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation Insurance revenue 3,984 3,832 4.0% 16,126 15,922 1.3% Gross written premiums1 5,049 4,927 2.5% 20,064 19,371 3.6% Insurance Service Result2 357 417 -14.3% 432 1,486 -70.9% Management expenses -347 -329 -5.2% -1,250 -1,164 -7.4% Annualized ROE3 22.8% 15.0% 7.8pts 0.1% 18.1% -18.0pts Annualized ROE excluding the mark to market impact of the option on own shares 23.0% 16.6% 6.4pts 0.2% 17.5% -17.2pts Net income3,4 233 162 43.2% 4 812 -99.5% Net income4 excluding the mark to market impact of the option on own shares 235 179 31.4% 11 780 -98.6% Economic value5,6 8,615 9,213 -6.5% 8,615 9,213 -6.5% Shareholders' equity 4,524 4,723 -4.2% 4,524 4,723 -4.2% Contractual Service Margin (CSM)6 4,091 4,490 -8.9% 4,091 4,490 -8.9% 1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Including revenues on financial contracts reported under IFRS 9; 3: Taking into account the mark to market impact of the option on own shares. Q4 2024 impact of EUR-3 million before tax, FY 2024 impact of EUR -9 million before tax. 4: Consolidated net income, Group share; 5. Defined as the sum of the shareholder's equity and the Contractual Service Margin (CSM); 6: Net of tax. A notional tax rate of 25% is applied to the CSM. 2 - P&L key figures Q4 2024 In EUR million (at current exchange rates) Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation Insurance revenue 3,984 3,832 4.0% 16,126 15,922 +1.3% P&C insurance revenue 1,929 1,940 -0.5% 7,639 7,496 +1.9% L&H insurance revenue 2,055 1,892 8.6% 8,487 8,426 +0.7% Gross written premiums1 5,049 4,927 2.5% 20,064 19,371 +3.6% P&C gross written premiums 2,508 2,362 6.2% 9,869 9,452 +4.4% L&H gross written premiums 2,541 2,565 -0.9% 10,195 9,919 +2.8% Investment income on invested assets 195 206 -5.3% 800 711 +12.5% Operating results 291 350 -17.0% 298 1,366 -78.2% Net income2,3 233 162 43.2% 4 812 -99.5% Net income2 excluding the mark to market impact of the option on own shares 235 179 31.4% 11 780 -98.6% Earnings per share3 (EUR) 1.30 0.91 42.9% 0.02 4.54 -99.6% Earnings per share (EUR) excluding the mark to market impact of the option on own shares 1.31 1.00 31.0% 0.06 4.35 -98.6% Operating cash flow 197 588 -66.5% 903 1,480 -39.0% 1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Consolidated net income, Group share; 3: Taking into account the mark to market impact of the option on own shares. Q4 2024 impact of EUR -3 million before tax, FY 2024 impact of EUR -9 million before tax. 3 - P&L key ratios Q4 2024 Q4 2024 Q4 2023 Variation FY 2024 FY 2023 Variation Return on invested assets 1,2 3.3% 3.7% -0.4pts 3.5% 3.2% +0.3pts P&C combined ratio 3 83.1% 75.6% +7.5pts 86.3% 85.0% +1.3pts Annualized ROE4 22.8% 15.0% +7.8pts 0.1% 18.1% -18.0pts Annualized ROE excluding the mark to market impact of the option on own shares 23.0% 16.6% +6.4pts 0.2% 17.5% -17.2pts Economic Value growth5 n.a. n.a. n.a. -6.3% 8.6% -14.9pts 1: Annualized; 2: In Q4 2024 and FY 2024, fair value through income on invested assets excludes respectively EUR -3 million and EUR -9 million pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR; 3: The combined ratio is the sum of the total claims, the total variables commissions, and the P&C attributable management expenses, divided by the net insurance revenue for P&C business; 4: Taking into account the mark to market impact of the option on own shares. Q4 2024 impact of EUR -3 million before tax, FY 2024 impact of EUR -9 million before tax; 5: Not annualized. Growth at constant economic assumptions and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.8 per share (EUR 324 million in total) for the fiscal year 2023, paid in 2024. Economic Value defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax. A notional tax rate of 25% is applied to the CSM. 4 - Balance sheet key figures as of 31 December 2024 In EUR million (at current exchange rates) As of31 December 2024 As of31 December 2023 Variation Total invested assets1 24,155 22,914 +5.4% Shareholders' equity 4,524 4,723 -4.2% Book value per share (EUR) 25.22 26.16 -3.6% Economic Value2 8,615 9,213 -6.5% Economic Value per share (EUR)3 48.03 51.18 -6.2% Financial leverage ratio4 24.5% 21.2% +3.3pts Total liquidity5 2,466 2,234 +10.4% 1: Excluding third-party net insurance business investments; 2: The Economic Value (defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax) includes minority interests; 3: The Economic Value per share excludes minority interests; 4: The leverage ratio is calculated as the percentage of subordinated debt compared to the sum of Economic Value and subordinated debt in IFRS 17; 5: Including cash and cash equivalents and short-term investments. * * * SCOR, a leading global reinsurer As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying 'The Art & Science of Risk', SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society. The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide. For more information, visit: Media Relations Alexandre Garciamedia@ Investor RelationsThomas FossardInvestorRelations@ Follow us on LinkedIn All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at Numbers presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, this press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal. Forward-looking statements This press release includes forward-looking statements, assumptions, and information about SCOR's financial condition, results, business, strategy, plans and objectives, including in relation to SCOR's current or future projects. These statements are sometimes identified by the use of the future tense or conditional mode, or terms such as 'estimate', 'believe', 'anticipate', 'expect', 'have the objective', 'intend to', 'plan', 'result in', 'should' and other similar expressions. It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future. No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR. In particular, it should be noted that the full impact of the economical and geopolitical risks on SCOR's business and results cannot be accurately assessed. Therefore, any assessments, any assumptions and, more generally, any figures presented in this press release will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive. Information regarding risks and uncertainties that may affect SCOR's business is set forth in the 2023 Universal Registration Document filed on March 20, 2024, under number D.24-0142 with the French Autorité des marchés financiers (AMF) posted on SCOR's website In addition, such forward-looking statements, assumptions and information are not 'profit forecasts' within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980. SCOR has no intention and does not undertake to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise. Financial information The Group's financial information contained in this press release is prepared on the basis of IFRS and interpretations issued and approved by the European Union. Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified. The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results for the full year 2024 (see pages 25-61). The financial results for the full year 2024 included in this press release have been audited by SCOR's statutory auditors. Unless otherwise specified, all figures are presented in Euros. Any figures or financial results for a period subsequent to December 31, 2024 should not be taken as a forecast of the expected financials for these periods. The solvency ratio is not audited by SCOR's statutory auditors. The Group solvency final results are to be filed to supervisory authorities by April 2025 and may differ from the estimates expressed or implied in this press release 1 Adjusted by excluding the mark to market impact of the option on own shares. 2 Includes revenues on financial contracts reported under IFRS 9. 3 Defined as the sum of the shareholders' equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM. 4 Growth at constant economic assumptions as of 31 December 2023, excluding the mark to market impact of the option on own shares. 5 Excluding the mark to market impact of the option on own shares, and the impacts of the 2024 L&H assumption review and the Q3 true-up on identified arbitration positions. 6 Solvency ratio estimated after taking into account the proposed dividend of EUR 1.8 per share for the fiscal year 2024. 7 Includes the CSM on new treaties and change in CSM on existing treaties due to new business (i.e. new business on existing contracts). 8 Applied to the closing CSM (before amortization) at the half year or the full year. 9 Excluding the mark to market impact of the option on own shares. Q4 2024 impact of EUR -3 million before tax. 10 Reinvestment rate is based on Q4 2024 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions. Yield curves & spreads as of 31/12/2024. 11 As of 31 December 2024. Including current cash balances and future coupons and 202503_SCOR_Press+Release_03_Q4+2024_EN+Wiztrust
