Scor reports net income of 196 million euros for the first three months of 2024, down 36.8% year-on-year, for an annualized return on equity (RoE) of 17.3%, down 12.4 points.

On an adjusted basis, i.e. excluding the impact of the change in fair value of the option on Scor's own shares since the end of 2023, the reinsurer posted net income of 176 million euros and an annualized RoE of 15.5%.

The Group's combined ratio rose to 87.1% in P&C (re)insurance, while earnings from insurance activities fell sharply to 72 million euros in L&H, but the current rate of return on investments improved to 3.5%.

The solvency ratio is estimated at 215% at the end of the first quarter of 2024, at the top end of the optimal range of 185-220%, compared with 209% at the end of 2023, boosted by good generation of operating capital in P&C (re)insurance.

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