SCOR: Q1 2023 results under the new IFRS17 standard

SCOR has published its quarterly results in accordance with the new IFRS17 accounting standard.

As at 31 March 2023, the French group has recorded a slight 0.6% increase in its turnover to 4.744 billion EUR (5.2 billion USD).

SCOR P&C has posted 2.275 billion EUR (2.5 billion USD) in written premiums, down by 1.8% compared to the same period of 2022. The non-life combined ratio has improved by 12.6 points to reach 85.2%.

The life and health entity (L&H) has closed the first quarter of the current financial year with a 2.9% increase in written premiums which amounted to 2.469 billion EUR (2.7 billion USD).

After having suffered a net loss of 35 million EUR (38.9 million USD) in the first quarter of 2022, the French reinsurer was back in profit as at 31 March 2023. On that date, the net result stood at 311 million EUR (338.2 million USD).

The group's economic value, measured according to the IFRS17 standard, attained 9.784 billion EUR (10.6 billion USD). This amount is broken down into 4.966 billion EUR (5.4 billion USD) of equity and 4.818 billion EUR (5.2 billion USD) of contractual service margin CSM (margin on contractual services net of taxes).

The 219% solvency ratio is within the optimal range (185%-220%).