AM Best: negative outlook for the SCOR group

AM Best has confirmed the "A+" (superior) financial strength and "aa-" long-term credit ratings of the SCOR group and its main operating subsidiaries.

The rating reflects the French reinsurer's strong balance sheet, favorable business profile and very good enterprise risk management.

However, AM Best is revising the outlook for these ratings downward from stable to negative. This decision comes as a result of the pressure on SCOR's operating performance following heavy losses in its life and non-life portfolios.

During the first half of 2022, the company posted a net loss of 239 million EUR (250.687 million USD), which was mostly due to the impact of natural catastrophes and the Covid-19 pandemic.