Full Year 2024 Scor SE Earnings Call Transcript
Key Points
- SCOR SE (SCRYY) reported a strong underlying performance in its P&C segment, with a full-year combined ratio of 86.3%, better than the Forward 2026 assumption of 87%.
- The company achieved a solvency ratio of 210%, demonstrating resilience and strong capital management, even after absorbing the negative impact from the Life & Health review.
- SCOR SE (SCRYY) successfully issued a EUR500 million RT1 debt, which was well-received by investors, indicating strong market confidence.
- The company reported a Q4 net income of EUR233 million, turning the full-year results positive, with an adjusted net income of EUR728 million excluding the Life & Health review impact.
- SCOR SE (SCRYY) proposed a dividend of EUR1.8 per share, reflecting confidence in its capital position and adherence to its capital management framework.
- The Life & Health segment showed a negative full-year result, impacted by the 2024 assumption review, indicating challenges in this business area.
- The economic value per share decreased to EUR48, down from the previous year, reflecting a decline in group economic value by 6.3% at constant economics.
- The company faced a significant impact from the Los Angeles wildfires, estimated at EUR140 million, which consumed 25% of the annual cat budget.
- SCOR SE (SCRYY) experienced a higher expense ratio in Q4 due to an expense accounting true-up, impacting the overall cost structure.
- The effective tax rate was lower in Q4 due to the reversal of cautious provisions, which may not be sustainable in future quarters.
Good afternoon, ladies and gentlemen, and welcome to the SCOR fourth quarter 2024 results conference call. Today's call is being recorded. (Operator Instructions) At this time, I would like to hand the call over to Mr. Thomas Fossard. Please go ahead, sir.
Good afternoon, everyone, and welcome to SCOR Q4 2024 results conference call. My name is Thomas Fossard, Head of Investor Relations, and I'm joined on the call today by Thierry Leger, Group CEO; and Francois de Varenne, Deputy CEO and Group CFO; as well as by other COMEX member. 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. Thierry, over to you.
Thank you, Thomas. Hello, everyone, and thanks for joining the call today. Let me start with a few key messages. The underlying performance of our businesses has been strong. P&C performance was excellent in the fourth quarter and
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