SCOR provides an update on its Q2 2024 and FY 2024 results

Press release15 July 2024 - N° 10SCOR provides an update on its Q2 2024 and FY 2024 resultsFollowing the negative experience variance in the first quarter of 2024, SCOR has decided to accelerate the annual L&H reserving assumptions review, and to include a best estimate view in the Q2 2024 results. Consequently: The Q2 2024 L&H insurance service result (ISR) is expected at c. EUR -0.4 billion, driven notably by updates on reserves, and continued negative experience...

Paris cedex 16, 15/07/2024 (informazione.it - comunicati stampa - servizi)

Press release
15 July 2024 - N° 10

SCOR provides an update on its Q2 2024 and FY 2024 results

Following the negative experience variance in the first quarter of 2024, SCOR has decided to accelerate the annual L&H reserving assumptions review, and to include a best estimate view in the Q2 2024 results. Consequently:

Thierry Léger, Chief Executive Officer of SCOR, comments: “Today's communication is consistent with SCOR's proactive and transparent communication policy. Following the accelerated L&H reserving assumptions review, we have decided to launch the first of a series of determined actions aimed at restoring the profitability of our L&H business in a sustainable way. We will update the Forward 2026 plan to improve the margins and mix of our products with a strong focus on diversification. The new L&H business strategy and the Forward 2026 KPIs will be presented on 12 December 2024. Our P&C and Investment activities continue to deliver a very strong performance. We have full confidence in our L&H franchise and in our ability to produce higher quality and more stable results going forward”.

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General

This press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.

Forward-looking statements

This press release includes forward-looking statements, assumptions, and information about SCOR's financial condition, results, business, strategy, plans and objectives, including in relation to SCOR's current or future projects.

These statements are sometimes identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions.

It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that arise in the future.

No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR.

In particular, it should be noted that the full impact of the inflation and geopolitical risks including but not limited to the Russian invasion and war in Ukraine on SCOR's business and results cannot be accurately assessed.

Therefore, any assessments, any assumptions and, more generally, any figures presented in this press release will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

Information regarding risks and uncertainties that may affect SCOR's business is set forth in the 2023 Universal Registration Document filed on 20 March 2024, under number D.24-0142 with the French Autorité des marchés financiers (AMF) posted on SCOR's website www.scor.com .

In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.

SCOR has no intention and does not undertake to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.

Financial information

The Group's financial information contained in this press release is prepared on the basis of IFRS and interpretations issued and approved by the European Union.

This information has not been reviewed by the statutory auditors of SCOR.

Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.

Unless otherwise specified, all figures are presented in Euros.

This publication is an ad hoc disclosure pursuant to Article 17 of Regulation (EU) No 596/2014 of 16 April 2014.

CSM is booked at locked-in yield curves, with the difference to current yield curves (as of 30 June, 2024) recorded in OCI
Currently estimated at EUR -1.1 billion at locked-in yield curves

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