28th July 2021

SCOR net income E380m in first half-gross premiums up 9.1%

Highlights are:
-In H1 2021, SCOR records a strong growth with gross premiums up 9.1%, strong profitability with a net income of E380m and a very strong solvency position of 245%.
-The underlying performance of the business continues to be strong, reflecting the successful recent P&C renewals in 2020 and 2021, on the back of a disciplined (re)insurance market environment, with attractive growth prospects.
-In H1 2021, the consequences of the Covid-19 pandemic continue to be proactively managed. The impact of COVID-19 on the Life side stands at E268 million, of which E222m comes from the US mortality portfolio. In P&C, the impact stands at E109m in H1 2021, stemming mainly from Property Business Interruption lines.
Denis Kessler, non-executive chairman of SCOR, comments “The agreement reached with Covéa marks an important milestone for the Group. It enables SCOR to rebuild a working relationship with this leading insurer. It unlocks the value of SCOR’s Life reinsurance portfolio, while giving the Group additional degrees of freedom to manage its capital and pursue its development. All the conditions are in place to pursue profitable and solvent growth.”
Laurent Rousseau, ceo, added “In the first six months of 2021, SCOR once again demonstrates the strength of its business model and the relevance of its strategy. The Group continues to expand its franchise, in both Life and P&C, and delivers a robust underlying performance despite natural catastrophes, the on-going COVID-19 pandemic and the low-yield environment. SCOR is very well positioned to capture profitable growth opportunities, in particular in the P&C (re)insurance market where pricing and terms & conditions are increasingly attractive.”

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