Global reinsurer SCOR has bounced back from the group net loss it suffered in the first quarter of 2022.
According to the company’s latest earnings report, SCOR posted €311 million in group net income for the first three months of 2023 – a major turnaround from last year’s €35 million net loss.
“This excellent performance is driven by the group’s business units (property and casualty, life and health, and investments), all of which are reporting a strong profitability level,” SCOR said.
Gross written premium in the period grew from €4.72 billion in Q1 2022 to €4.74 billion this time around. Insurance revenue fell by 2%, while insurance service result surged by 671% to €478 million.
Of the group’s insurance service result, €207 million came from SCOR P&C; €272 million from L&H.
“The Q1 results are very satisfactory,” SCOR chief executive Thierry Léger said. “All business units – P&C, L&H, and investments – have generated positive results, and the group’s economic value has increased significantly.
“In parallel, our finance teams have successfully managed the transition to the new IFRS 17 framework: we would like to thank them for this achievement.
“I am now looking to the future: the current market is very supportive, and all the teams are mobilized to take advantage of this favorable environment.”
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