SCOR’s Q1 2022 results will be impacted by the conflict in Ukraine

Body

Since the beginning of the war in Ukraine on 24th February 2022, SCOR has been closely monitoring the unfolding of events, and the resulting potential impact of the conflict and related international sanctions on its activity. 

 

SCOR PO (the subsidiary owned by SCOR in Russia) is directly impacted and has stopped underwriting new business. More generally, this conflict has consequences on business lines such as Political Risks, Credit and Surety, and Aviation. SCOR expects a Q1 2022 charge in the high double-digit EUR million range for potential claims related to the conflict across both treaty reinsurance and specialty insurance. As the conflict continues, this estimate will evolve. 

 

In Q1 2022, the estimated cost of this conflict is combined with a series of natural catastrophes (including floods in Australia, European windstorms and a drought in Brazil) and the continuation of the pandemic in the United States. These developments will have an adverse impact on SCOR P&C’s combined ratio and on SCOR L&H’s technical margin and are expected to result in a quarterly loss.

 

The Q1 2022 results will be published on May 6th, 2022.

 

The Group remains very well capitalized with a solvency ratio which should stand as of March 31st, 2022 at a level significantly above the 226% position reported at the end of Q4 2021. This solvency position reflects the payment of a dividend of EUR 1.80 per share for the fiscal year 2021, which will be submitted to the approval of the shareholders at the 2022 Annual General Meeting to be held on May 18th, 2022, with a payment date on May 24th, 2022.

 

*
*         *

 

This publication is an ad hoc disclosure pursuant to article 17 of the Regulation (EU) n°596/2014 of 16 April 2014 (as amended and completed).
 

Titre du bloc
Read the PDF
Visuel
thumbnail pre-release Q1
CONTACT
OUR EXPERTS
First name
Yves
Last name
Cormier
Job title
Investor Relations
Email
First name
Nathalie
Last name
Mikaeloff
Job title
Media Relations
Email
Subscribe to alerts
Stay up to date with all the latest from SCOR