Reinsurer SCOR has disclosed its financial results for the fourth quarter of 2023, with the firm showcasing a solid performance amid challenging market conditions.
The group reported a net income of €162 million for Q4 2023, with an adjustment for the mark-to-market impact of the option on own shares leading to a slightly higher figure of €179 million. Throughout 2023, SCOR achieved a net income of €812 million, with an adjusted figure of €780 million.
As of December 31, 2023, SCOR’s Group Economic Value under IFRS 17 stood at €9.2 billion, marking a 3.0% increase from the previous year. This growth, adjusted for constant economics, reaches 8.6%.
The Economic Value per share also rose to €51, up from €50 at the end of 2022. The estimated Group solvency ratio was robust at 209%, and the company has proposed a regular dividend of €1.8 per share for 2023.
The company also highlighted its annualized Return on Equity (RoE) for Q4 2023 at 15.0%, with a full-year RoE of 18.1%, or 17.5% when adjusted. Insurance revenue saw a 3.0% increase in Q4 2023, reaching €3,832 million, while the property and casualty (P&C) combined ratio improved significantly to 75.6%.
The life and health (L&H) insurance service result rebounded to €64 million in Q4 2023 from a previous loss. Furthermore, the regular income yield from investments rose to 3.7% in the same period.
The SCOR SE board of directors, chaired by Fabrice Brégier, convened on March 5, 2024.
“In 2023, SCOR delivers record results, achieving its solvency target and exceeding its value creation target,” he said.
Brégier also introduced the Forward 2026 strategic plan, indicating a positive outlook for the P&C market.
Thierry Léger, chief executive officer of SCOR, also reflected on the company’s performance, highlighting the strong growth in economic value and a stable Solvency ratio. He noted the strength of SCOR’s balance sheet and the successful implementation of a prudent reserving strategy, validated by an independent external review.
“Looking ahead, our objective is to continue to grow in selected lines of business, as we did at the 1.1.2024 renewals. Building on this solid base and on SCOR’s strong client relationships globally, we are hitting the ground running for the Forward 2026 plan, with a firm commitment to profitable growth,” Léger said.
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