On November 16, Standard & Poor’s Global Ratings (‘S&P’) lowered the long-term issuer credit and financial strength ratings on SCOR SE and related subsidiaries from ‘AA-’ to ‘A+’.

S&P’s decision is based on SCOR’s performance in terms of profitability. SCOR has gone through a challenging period, marked by a historic pandemic, successive natural catastrophes and very low interest rates. These various factors have weighed heavily on the Group’s profitability, which has nonetheless maintained a high level of solvency.

SCOR is actively implementing a whole series of strong measures to remediate its technical profitability. The environment in the year ahead looks positive, with the hardening of the P&C market, the increase in interest rates and an improved situation in terms of the pandemic. SCOR is actively preparing the January 2023 renewals, fully focused on technical profitability.

S&P has assigned a stable outlook to the Group, reflecting its “belief that management actions will likely return the group to underwriting and overall profitability in 2023 while maintaining its market positions in Life and P&C reinsurance.”