Successful 1/1 renewals in line with “Vision in Action”
January 2017 P&C Renewal Results.
SCOR Global P&C shows 5.4% premium growth at the January renewals at constant exchange rates, from EUR 3.0 billion to EUR 3.2 billion.
The growth rate and sources of growth are in line with “Vision in Action” targets and assumptions. SCOR’s global and long-term client relationships continue to provide relative renewals stability in Europe and Asia. The largest source of growth over the period is the United States: US clients have responded favorably to SCOR’s ambition to grow the underrepresented US P&C book.
SCOR continued to optimize the book through segmentation and management of the business mix. The Group also received preferential terms and/or private layers on several notable accounts. The underwriting teams and the Alternative Solutions team jointly structured a number of bespoke transactions, the results of which are included in the premiums of each line of business and market.
Gross premiums up for renewal in January 2017 represent around 65% of the total annual premiums of SCOR’s P&C division.
In terms of pricing, proportional business remained relatively stable. Non-proportional business was more resilient than in previous renewals. Consequently, expected technical profitability and risk-adjusted pricing only marginally declined compared to January 2016, by 0.3 and 0.6 percentage points respectively. The relative stability of these two indicators shows the stabilization of prices observed in the main markets.
With these renewals, the division is on track to deliver the targets of “Vision in Action”, which assumes a P&C combined ratio of 95-96% over the plan and annual P&C premium growth of 3% to 8%.
Victor Peignet, CEO of SCOR Global P&C, comments: “We are pleased to deliver well-controlled growth and satisfactory expected profitability in line with “Vision in Action”. We are progressing as planned on our four main strategic development areas: we are finding opportunities in the US in treaties, we are expanding our business with MGAs, we are executing on the Channel Syndicate’s 2017 plan following its approval by Lloyd’s, and SCOR Business Solutions continues to deliver excellent profitability.”
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