Thomas
Fossard
Investor Relations
Body
- Group net income of EUR 162 million in Q4 2023 (EUR 179 million excluding the mark to market impact of the option on own shares). For the full year 2023, the net income stands at EUR 812 million (EUR 780 million adjusted1)
- Group Economic Value2 under IFRS 17 of EUR 9.2 billion as of 31 December 2023, up +3.0%3 (+8.6% at constant economics3, 4) compared with 31 December 2022, implying an Economic Value per share of EUR 51 (vs. EUR 50 as of 31 December 2022)
- Estimated Group solvency ratio of 209%5 as of 31 December 2023
- Proposed regular dividend of EUR 1.8 per share for 2023
- Annualized Return on Equity of 15.0% (16.6% adjusted1) in Q4 2023. For the full year 2023, Return on Equity stands at 18.1% (17.5% adjusted1)
- Insurance revenue of EUR 3,832 million in Q4 2023 (+3.0%6 compared to Q4 2022)
- P&C combined ratio of 75.6% in Q4 2023 (-22.8 pts compared to Q4 2022)
- L&H insurance service result7 of EUR 64 million in Q4 2023 (vs. EUR -463 million in Q4 2022)
- Investments regular income yield of 3.7% in Q4 2023 (+0.6 pts compared to Q4 2022)
SCOR SE’s Board of Directors met on 5 March 2024, under the chairmanship of Fabrice Brégier, to approve the Group’s 2023 financial statements.
Fabrice Brégier, Chairman of SCOR’s Board of Directors, comments: “In 2023, SCOR delivers record results, achieving its solvency target and exceeding its value creation target. With the launch of its new strategic plan Forward 2026, SCOR intends to fully benefit from the most supportive P&C market environment of the past two decades. The Group’s financial strength and business outlook have led the Board to propose a regular dividend of EUR 1.8 per share for 2023, subject to shareholders’ approval at the General Meeting. I am confident in SCOR’s ability to pursue its profitable growth and achieve the ambitious targets set out in its Forward 2026 strategic plan.”
Thierry Léger, Chief Executive Officer of SCOR, comments: "In 2023, SCOR delivers a strong performance across all business activities, with an Economic Value growth of 8.6% and a Solvency ratio of 209%. SCOR’s balance sheet remains strong in 2023, with an increased confidence level within the best estimate range in P&C reserves. This is confirmed by an external independent review and proves that the prudent reserving strategy we have adopted since the second quarter of 2023 is bearing fruit. Looking ahead, our objective is to continue to grow in selected lines of business, as we did at the 1.1.2024 renewals. Building on this solid base and on SCOR’s strong client relationships globally, we are hitting the ground running for the Forward 2026 plan, with a firm commitment to profitable growth.”
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Footnotes:
1 Excluding the mark to market impact of the option on own shares.
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 payment of dividend of EUR 1.40 per share (EUR 254 million in total) for the fiscal year 2022, paid in 2023.
4 Growth at constant economic assumptions of interest and exchange rates, excluding the mark to market impact of the option on own shares and the effect of its partial derecognition.
5 Solvency ratio estimated after taking into account the proposed dividend of EUR 1.8 per share for the fiscal year 2023.
6 At constant exchange rates.
7 Includes revenues on financial contracts reported under IFRS 9.
