SCOR generated €147m net income in Q3 2023, contributing to a “strong nine-month performance” with a net income of €650m.

Thierry Leger

The French reinsurer reported its third quarter results, announcing a positive three months for a quarter historically marked by a strong claims activity.

Over the first nine months of 2023, SCOR delivered “a strong performance” with net income of €602m, for annualised return on equity of 18.8%.

Key takeaways:

  • P&C reinsurance Q3 combined ratio of 90.2% driven by natural catastrophe losses above budget, including claims from Hawaii fires and large man-made claims
  • Over the first nine months of 2023, the nat cat ratio is below budget. Overall “satisfactory” Q3 attritional loss ratio but man-made claims “too high”
  • SCOR said it continues  efforts to improve the core performance of its P&C business
  • In life and health reinsurance, SCOR pursues profitable growth, and generated a consistent insurance service result of €113 million in Q3
  • In Investments, SCOR benefitted from high reinvestment rates and reported “a noticeable increase” in regular income yield, of 3.4% in Q3. 

“The results over nine months confirm SCOR’s focus on delivering its targets,” said Thierry Léger, group CEO of SCOR (pictured).

”On the P&C side, we are below our Cat budget over the first nine months of 2023, but continued attention is required on the attritional loss ratio.

“Our objective as we prepare the 1.1 renewals is to continue to take advantage of the hard market with new business generation at very attractive margins. In L&H and Investments, we deliver stable and positive results. With a EUR 602 million9 nine-month result, I see us well placed to deliver on our Forward 2026 plan,” he added.