SCOR has reported net income of €233m for the fourth quarter of 2024 (Q4 2024), a 43.2% increase from €162m in the same quarter of the previous year.
This growth has been supported across all business activities.
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Insurance revenue for Q4 stood at €3.9bn, up 4% from €3.8bn in the corresponding quarter of 2023.
The life and health (L&H) insurance segment contributed €2bn, an 8.6% rise, while the property and casualty (P&C) segment’s revenue was €1.9bn, a 0.5% fall, due to the “effect of a large commutation”.
P&C gross written premium for the quarter reached €2.5bn, a 6.2% increase, whereas L&H gross written premium registered a 0.9% drop to €2.5bn.
Earnings per share saw an increase of 42.9%, rising to €1.30 for the quarter from €0.91 in Q4 2023.
However, operating results were down by 17% to €291m in Q4 2024, from €350m the prior year.
Over the full year of 2024 (FY24), SCOR’s net income dropped to €4m, a 99.5% decrease from €812m in 2023.
The company highlighted the impact of the 2024 L&H assumption review, which accounted for a pre-tax deduction of €700m in the insurance service result and a further €900m in the contractual service margin (CSM).
Annual insurance revenue grew by 1.3% to €16.1bn from €15.9bn in 2023.
The L&H segment contributed €8.4bn, while P&C accounted for €7.6bn.
P&C gross written premium for the year was €9.8bn, up by 4.4%, and L&H gross written premium reached €10.1bn, a 2.8% increase.
Earnings per share were down by 99.5% to €0.02, from €4.54 in 2023.
Operating results also saw a decline of 78.2% to €298m, down from €1.3bn in 2023.
SCOR projects a €140m hit from the California wildfires, “pre-tax and net of retrocessions”, aligning with the natural catastrophe budget level of Q1 2025.
The company has proposed a regular dividend of €1.8 per share for 2024, which will be presented for shareholder approval at the annual general meeting on 29 April 2025.
SCOR CEO Thierry Léger said: “I am satisfied with the fourth quarter results. All business activities contribute to a strong consolidated Group net income. On a full year basis, P&C performance is excellent: the Nat Cat ratio is below the 10% budget, and the underlying performance enables us to build significant prudence two years ahead of plan. Investments performance is strong over the year, taking advantage of the current market conditions.”
Léger added: “In the prevailing market environment, I am fully confident that SCOR will continue to grow profitably in diversifying lines of business by leveraging its Tier 1 franchise. We are committed to delivering our Forward 2026 ambitions.”
