SCOR has reported internet earnings of €233m for the fourth quarter of 2024 (This autumn 2024), a 43.2% improve from €162m in the identical quarter of the earlier 12 months.
This development has been supported throughout all enterprise actions.
Insurance coverage income for This autumn stood at €3.9bn, up 4% from €3.8bn within the corresponding quarter of 2023.
The life and well being (L&H) insurance coverage phase contributed €2bn, an 8.6% rise, whereas the property and casualty (P&C) phase’s income was €1.9bn, a 0.5% fall, as a result of “impact of a giant commutation”.
P&C gross written premium for the quarter reached €2.5bn, a 6.2% improve, whereas L&H gross written premium registered a 0.9% drop to €2.5bn.
Earnings per share noticed an improve of 42.9%, rising to €1.30 for the quarter from €0.91 in This autumn 2023.
Nevertheless, working outcomes have been down by 17% to €291m in This autumn 2024, from €350m the prior 12 months.
Over the total 12 months of 2024 (FY24), SCOR’s internet earnings dropped to €4m, a 99.5% lower from €812m in 2023.
The corporate highlighted the affect of the 2024 L&H assumption overview, which accounted for a pre-tax deduction of €700m within the insurance coverage service consequence and an additional €900m within the contractual service margin (CSM).
Annual insurance coverage income grew by 1.3% to €16.1bn from €15.9bn in 2023.
The L&H phase contributed €8.4bn, whereas P&C accounted for €7.6bn.
P&C gross written premium for the 12 months was €9.8bn, up by 4.4%, and L&H gross written premium reached €10.1bn, a 2.8% improve.
Earnings per share have been down by 99.5% to €0.02, from €4.54 in 2023.
Working outcomes additionally noticed a decline of 78.2% to €298m, down from €1.3bn in 2023.
SCOR tasks a €140m hit from the California wildfires, “pre-tax and internet of retrocessions”, aligning with the pure disaster price range stage of Q1 2025.
The corporate has proposed an everyday dividend of €1.8 per share for 2024, which will probably be introduced for shareholder approval on the annual common assembly on 29 April 2025.
SCOR CEO Thierry Léger mentioned: “I’m happy with the fourth quarter outcomes. All enterprise actions contribute to a powerful consolidated Group internet earnings. On a full 12 months foundation, P&C efficiency is great: the Nat Cat ratio is beneath the ten% price range, and the underlying efficiency allows us to construct vital prudence two years forward of plan. Investments efficiency is powerful over the 12 months, taking benefit of the present market circumstances.”
Léger added: “Within the prevailing market atmosphere, I’m absolutely assured that SCOR will proceed to develop profitably in diversifying traces of enterprise by leveraging its Tier 1 franchise. We’re dedicated to delivering our Ahead 2026 ambitions.”
