Results
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The carrier banked a $575mn prior-year reserve charge in fiscal Q4. -
The unit booked rate increases and the reversal of Ukraine and Covid-19 losses.
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The marine carrier reported a ‘benign’ P&I claims environment.
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The CEO said Scor is still on track to hit a full-year 87% combined ratio.
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CFO John Dacey said the carrier had concluded it was not the “best owner” for iptiQ after a strategic review.
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The carrier reported rate increases of 5% across its P&C portfolio.
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P&C re and CorSo reported improved net profits and combined ratios for the quarter.
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The carrier is confident of “clearly exceeding” its group net-income forecast of EUR1.7bn for the year.
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Property and specialty led the carrier’s expansion, with growth in casualty more modest.
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Premium income was down due to lower volume in financial lines and alternative risk transfer.
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After an unexpected charge in Q4 last year, the carrier feels “very comfortable” with its reserving position.
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