Scor SE continues its strong growth in the specialty insurance segment, and chairman Fabrice Brégier said during the company’s latest set of results that the group intends to “fully benefit from the most supportive property/casualty market environment of the past two decades.”
Despite the continued healthy market for insurers, total gross written premiums for the Paris-based group were down 1.5% for the year to 19.4 billion euros. Property/casualty gross written premiums were down 5.6% to 9.5 billion euros. The group generated underlying new business of 77 million euros in fourth-quarter 2023, mainly from specialty insurance.
The benefit of the healthy underwriting environment delivered a combined ratio of 85% in 2023 against 114.9% in 2022. The fourth-quarter property/casualty combined ratio was 75.6%, a massive 22.8 points lower.
The group reported an operating result for the year of 1.37 billion euros against a loss of 1.57 billion euros in 2022. Net profit was 812 million euros against a loss of 1.2 billion euros in 2022.
Mr. Brégier said: “In 2023, Scor delivers record results, achieving its solvency target and exceeding its value creation target. With the launch of its new strategic plan Forward 2026, Scor intends to fully benefit from the most supportive P&C market environment of the past two decades.”
CEO Thierry Léger added that the group is confident moving forward on the back of healthy year-end renewals and solid reserves base.
“In 2023, Scor delivers a strong performance across all business activities, with an economic value growth of 8.6% and a solvency ratio of 209%. Scor’s balance sheet remains strong in 2023, with an increased confidence level within the best estimate range in P&C reserves. This is confirmed by an external independent review and proves that the prudent reserving strategy we have adopted since the second quarter of 2023 is bearing fruit,” he said.
“Looking ahead, our objective is to continue to grow in selected lines of business, as we did at the 1.1.2024 renewals. Building on this solid base and on Scor’s strong client relationships globally, we are hitting the ground running for the Forward 2026 plan, with a firm commitment to profitable growth,” added Mr. Léger.
