SCOR numbers for full year take a beating

Huge loss examined

SCOR numbers for full year take a beating

Insurance News

By Terry Gangcuangco

“The group’s annual results are very disappointing despite a solid performance in the fourth quarter.”

That was how SCOR chair Denis Kessler summed up the global reinsurer’s 2022 financials, which feature the following figures at current exchange rates:


Q4 2022

Q4 2021



Gross written premium (GWP)

€4.9 billion

€4.6 billion

€19.7 billion

€17.6 billion

Net income / (loss)

€208 million

€118 million

€(301 million)

€456 million


Of the GWP in the full year ended December 31, 2022, €10 billion came from property & casualty (P&C) and €9.7 billion from life & health (L&H).

Meanwhile, explaining the group net loss for 2022, SCOR noted: “It reflects the combined impact of [natural catastrophe] claims and drought claims in Brazil (€-204 million) and the non-recognition of DTAs (€-164 million total annual amount), while the impact of the P&C reserve increase is broadly offset by the release of L&H excess margins in Q3 2022.

“This net loss is reduced compared to Q3 2022 thanks to the group’s strong performance and net income of €208 million in Q4 2022.”

Commenting on the numbers, Kessler said a sustainable return to profitability is imperative.

He added: “A new, highly experienced chief executive officer, Mr Thierry Léger, will join the group on May 1, 2023. He will present the broad outlines of his strategic plan at the annual general meeting on May 25, 2023, and will implement it without delay and with great determination after presenting it to the investors in September 2023.

“This will enable the group to take full advantage of its global underwriting platform and technical expertise to seize the opportunities available in the L&H and P&C reinsurance markets, building on its status as a Tier 1 reinsurer. The board of directors is confident in the group’s ability to return to growth, restore profitability, and reinforce its solvency.”

Meanwhile, despite the 2022 accounting loss, SCOR is proposing a dividend of €1.40 per share for the fiscal year.

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