SCOR's half-year results affected by the pandemic, the Russian-Ukrainian war and the drought in Brazil

SCORIn the first half of 2022, the SCOR group has recorded a 14.7% increase in its turnover in original currency, going from 8.441 billion EUR (10.05 billion USD) on 30 June 2021 to 9.686 billion EUR (10.05 billion USD) a year later.

SCOR P&C has achieved a 28.1% growth in written premiums to reach 4.827 billion EUR (5.06 billion USD). The non-life combined ratio, which was heavily impacted by natural disaster claims, dropped 10.5 points to 107.7%.

During the period under review, the turnover of the SCOR L&H entity (life and health) stands at 4.859 billion EUR (5.1 billion USD), up by 4% over a year.

The French reinsurer has posted a net loss of 239 million EUR (250.687 million USD) as at 30 June 2022, compared to a net profit of 380 million EUR (452.36 million USD) in the first half of 2021. The net result is impacted by :

  • the drought episodes that affected corn and soybean crops in the southern regions of Brazil. This was the worst drought the country had witnessed in 91 years, resulting in economic losses amounting to 9.2 billion USD with a negative impact of 193 million EUR (202.438 million USD) on SCOR's technical result,
  • the materialization of latent claims related to sexual violence dating back to the 1980s in the United States,
  • the establishment of a provision of 85 million EUR (89.15 million USD) for the Russian-Ukrainian conflict,
  • the Covid-19 claims experience which amounted to 254 million EUR (266.421 million USD).

The company's shareholders' equity is at 5.581 billion EUR (5.85 billion USD). The 240% solvency ratio exceeds the range set by the Quantum Leap strategic plan (185-220%).

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