First quarter 2024 results

SCOR starts 2024 with a strong first three-months net income of EUR 196 million 

202405_SCOR_Cologne office front


  • Group net income of EUR 196 million in Q1 2024 (EUR 176 million adjusted1)

  • Group Economic Value2 under IFRS 17 of EUR 9.6 billion as of 31 March 2024, up +4.8%3 (+4.1% at constant economics3,4) compared with 31 December 2023, implying an Economic Value per share of EUR 54 (vs. EUR 51 as of 31 December 2023)

  • Estimated Group solvency ratio of 215%5 as of 31 March 2024

  • Annualized Return on Equity of 17.3% (15.5% adjusted1) in Q1 2024

  • Insurance revenue of EUR 4,113 million in Q1 2024 (+6.0%6 compared to Q1 2023)

  • P&C combined ratio of 87.1% in Q1 2024 (+1.9pts compared to Q1 2023)

  • L&H insurance service result7 of EUR 72 million in Q1 2024 (EUR -200 million compared to Q1 2023)

  • Investments regular income yield of 3.5% in Q1 2024 (+0.7pts compared to Q1 2023)


SCOR SE’s Board of Directors met on 16 May 2024, under the chairmanship of Fabrice Brégier, to approve the Group’s Q1 2024 financial statements.

Thierry Léger, Chief Executive Officer of SCOR, comments:

“For the first quarter of the Forward 2026 strategic plan, SCOR publishes a strong net income of EUR 196 million. In P&C, we are reaping the benefits of the very attractive market conditions with a combined ratio of 87.1% and we remain determined on building reserve buffers. In L&H, we are impacted by an adverse experience variance, mainly driven by US mortality and claims reporting effects. In Investments, SCOR benefits from elevated regular income yield and reinvestment rates. Overall, we are starting the year with a high ROE of 17.3% and an improved solvency ratio of 215% supported by strong operating capital generation driven by P&C January renewals.” 


Group performance and context

SCOR records EUR 196 million net income (EUR 176 million adjusted1) in Q1 2024, driven notably by a strong return on invested assets and a P&C performance in line with expectations:

  • In P&C (re)insurance, the combined ratio of 87.1% in Q1 2024 benefits from a low natural catastrophe claims ratio of 7.2%. The attritional loss and commission ratio of 78.8% reflects a satisfactory underlying performance allowing for a continued reserving discipline.
  • In L&H reinsurance, the insurance service result7 stands at EUR 72 million in Q1, impacted by an adverse experience variance of EUR -71 million due to adverse claims experience on the US mortality business and claims reporting effects. Onerous contracts have a positive impact of EUR 20 million this quarter.
  • In Investments, SCOR benefits from still-elevated reinvestment rates in Q1 2024 and records a strong regular income yield of 3.5% (+0.7pts vs. Q1 2023).
  • The effective tax rate stands at 24.1% for Q1 2024, below the 30% assumption expected over the duration of the Forward 2026 plan.

The annualized Return on Equity reaches 17.3% (15.5% adjusted1) and the Group Economic Value grows by 4.1% at constant economics34.

SCOR's solvency ratio is estimated at 215% at the end of Q1 2024, in the upper part of the optimal range of 185%-220%, compared to 209% at year-end 2023, supported by a strong operating capital generation from the P&C business.




*    *



1 Adjusted by excluding the mark to market impact of the option on own shares from year-end 2023.

2 Defined as the sum of the shareholders’ equity and the Contractual Service Margin (CSM), net of tax. 25% notional tax rate applied on CSM.

3 The starting point is adjusted for the future payment of dividend of EUR 1.8 per share (EUR 324 million in total) for the fiscal year 2023, to be paid in 2024.

4 Growth at constant economic assumptions as of 31 December 2023, excluding the mark to market impact of the option on own shares.

5 Solvency ratio estimated after taking into account the accrual for the first three months based on the FY23 proposed dividend (EUR1.8/share).

6 At constant exchange rates.

7 Includes revenues on financial contracts reported under IFRS 9.


Investor Relations
Media Relations
Titre du bloc
202405_SCOR_Press Release_07_Q12024_cover
Subscribe to alerts
Stay up to date with all the latest from SCOR