SCOR: 2024 quarterly results

SCOR has published its financial results for the first quarter of 2024.

Under the new IFRS 17 standards, insurance revenue amounted to 4.113 billion EUR (4.5 billion USD), up by 4.8% on the 3.926 billion EUR (4.3 billion USD) recorded on 31 March 2023.

Measured in accordance with IFRS 17, the French Group's economic value stood at 9.639 billion EUR (10.4 billion USD). Economic value is defined as the sum of shareholders' equity and the Contractual Service Margin (CSM), which respectively amounted to 4.958 billion EUR (5.4 billion USD) and 4.681 billion EUR (5 billion USD).

Gross written premiums increased by 4.4% to 4.953 billion EUR (5.3 billion USD).

Net income was down 36.8% over one year, to 196 million EUR (211.5 million USD).

Estimated at 215% in the first quarter of 2024, the solvency ratio is within the optimum range of 185%-220%.

During the reporting period, the non-life (P&C) segment posted insurance revenue growth of 2.6% to 1.837 billion EUR (2 billion USD). P&C turnover was up by 6.7% year-on-year to 2.427 billion EUR (2.6 billion USD). The non-life combined ratio dropped by 1.9 points to 87.1%.

Life & Health (L&H) closed the first quarter of the current financial year with insurance revenue of 2.276 billion EUR (2.5 billion USD), against 2.135 billion EUR (2.3 billion USD) a year earlier. As for premium volume, it reached 2.526 billion EUR (2.7 billion USD), representing a 2.3% increase compared to the end of March of the previous year.