Q3 2024 Scor SE Earnings Call Transcript
Key Points
- SCOR SE (SCRYY) reported a strong performance in its P&C segment, achieving a combined ratio of 87.4% for the first nine months, reflecting solid underlying performance.
- The company's solvency ratio stands at 203% at the end of Q3, demonstrating the resilience of its balance sheet and effective management actions.
- Investments continue to deliver excellent results with a high-quality fixed income portfolio, achieving a regular income yield of 3.5% for the nine months of 2024.
- SCOR SE (SCRYY) has implemented a three-step plan to restore life and health profitability, with significant progress made and a full strategy to be unveiled at the upcoming Investor Day.
- The company has introduced a third-party capital solution providing solvency relief, enhancing its capital position and supporting future dividend payments.
- SCOR SE (SCRYY) reported a net loss and negative ROE for the quarter and year-to-date, primarily due to the negative impact of the life and health review.
- The life and health segment was negatively impacted by a review, resulting in an insurance service result of minus EUR210 million for the quarter.
- The company faced challenges in offsetting negative results from the life and health review despite strong P&C and investment performance.
- SCOR SE (SCRYY) has been impacted by arbitration adjustments, leading to a one-off adjustment of minus EUR128 million this quarter.
- The annualized return on equity stands at minus 6.6% for the first three quarters of 2024, negatively impacted by the life and health assumption review.
Good morning and welcome to Scor Q3 2024 results conference call. My name is Thomas Fossard, Head of Investor Relation. And today I'm joined on the call by Thierry Leger, Group CEO, and François de Varenne, Deputy CEO and Group CFO as well by other [connect] members. Can I please ask you to consider the disclaimer on page 2 of the presentation. And now I would like to hand over to Thierry Leger, over to you.
Thank you, Thomas. Hello everyone and thanks for joining our call on a busy day for you all. Let me start with my four key messages for today. First, the underlying performance of our businesses, P&C, Life and health and investments is solid. In P&C, we achieved a very strong performance over the last three months and year-to-date. We are executing in a disciplined way on our strategic journey of diversified and profitable growth while continuing to build reserve offers.
In terms of outlook. We expect the P&C reinsurance market to remain attractive
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