SCOR: quarterly results impacted by the Russian-Ukrainian war, natural disasters and Covid-19

In the first quarter of 2022, the SCOR [4] group recorded a 14.3% increase in its premium income set at 4.715 billion EUR ( 5.25 billion USD).

SCOR Global P&C posted a 24.9% growth of its written premiums reaching 2.316 billion EUR (2.579 billion USD). This improvement comes after the good renewals of 2022. At 103.7%, the non-life combined ratio was impacted by natural disasters claims.

The SCOR L&H entity achieved a 5.6% increase in its premium income set at 2.399 billion EUR (2.671 billion USD). The life activity, affected by the Covid-19 claims, showed a net technical margin of 1.4%, slightly decreasing compared to Q1 2021 (1.6%).

During the first three months of 2022, the French reinsurer posted a net loss of 80 million EUR (89.08 million USD) compared to a net profit of 45 million EUR (52.8 million USD) one year earlier. This loss is mainly due to the constitution of a provision of 85 million EUR (94.65 million USD) for the Russian-Ukrainian conflict.

The company's equity reached 6.064 billion EUR (6.75 billion USD). The solvency ratio of 240% at the end of March 2022 is higher than the one posted on 31 December 2021 and the one set by the Quantum Leap strategic plan (185-220%).

The 200 million EUR (222.716 million USD) share buyback program, launched in October 2021, was finalized on 3 March 2022.