French reinsurer SCOR has reported a mixed ratio of 83.1% for its world property and casualty (P&C) enterprise within the fourth quarter of 2024, which features a pure disaster ratio of 6.4%, primarily impacted by Hurricane Milton losses, whereas its P&C mixed ratio for full-year 2024 climbed 1.3 proportion factors to 86.3%.
For the total yr, SCOR’s P&C nat cat ratio of 9.4% is best than the ten% finances.
On the 2025 California wildfires, which is able to have an effect on the French reinsurer’s Q1’25 P&C consequence, the corporate has estimated that losses will sit round €140 million, pre-tax and web of retrocessions, which is according to SCOR’s nat cat finances stage for the opening quarter of this yr.
SCOR immediately reported one other strong set of outcomes, together with delivering a bunch web earnings of €233 million for This autumn’24, which represents a 43.2% improve from the prior yr’s €162 million.
The reinsurer’s This autumn 2024 efficiency helped offset the online loss it reported within the earlier quarter, nevertheless, web earnings for the total yr remains to be down by 99.5% on 2023’s determine to €4 million.
Inside SCOR’s P&C re/insurance coverage enterprise, insurance coverage income decreased 0.5% to €1.9 billion within the fourth quarter, however climbed 1.9% to €7.6 billion within the full yr.
The P&C insurance coverage service consequence declined 32.6% to €238 million in This autumn’24 and declined by 13.1% to €779 million in full-year 2024.
SCOR attributes the This autumn’24 insurance coverage service consequence to a CSM amortization of €252 million, together with a danger adjustment launch of €45 million, a adverse expertise variance of €-38 million and an influence of onerous contract of €-21 million.
In the meantime, for full yr 2024, SCOR generated a bunch insurance coverage income of €16.1 billion, representing a 1.3% improve from 2023, whereas gross written premiums (GWP) elevated 3.6% yr on yr to €20.1 billion, which included a €9.9 billion contribution from P&C.
Thierry Léger, Chief Government Officer of SCOR, commented: “I’m happy with the fourth quarter outcomes. All enterprise actions contribute to a robust consolidated Group web earnings. On a full yr foundation, P&C efficiency is great: the Nat Cat ratio is under the ten% finances, and the underlying efficiency permits us to construct important prudence two years forward of plan. Investments efficiency is powerful over the yr, taking benefit of the present market circumstances.
“In L&H, we took decisive actions to revive profitability. With a solvency ratio of 210% at year-end remaining within the higher a part of the optimum vary, SCOR demonstrates resilience in addition to enhanced underlying capital era, resulting in a proposed dividend of EUR 1.8 per share.
“Within the prevailing market atmosphere, I’m absolutely assured that SCOR will proceed to develop profitably in diversifying strains of enterprise by leveraging its Tier 1 franchise. We’re dedicated to delivering our Ahead 2026 ambitions.”
