Global reinsurer SCOR has reported strong property and casualty reinsurance renewals at the middle of the year, citing a goal to optimise value creation and technical returns across its portfolio.
The reinsurer said that “market conditions remain favorable for reinsurers, regarding both pricing and terms and conditions” in the P&C reinsurance market.
The company has now completed a range of portfolio management actions that had been initiated in 2022, which put SCOR in a better position for the 2023 renewals, the reinsurer implied.
“SCOR was able to tackle the June / July renewals with the objective of optimizing value creation and technical returns,” the reinsurer said.
At the mid-year reinsurance renewals, SCOR increased its renewed gross premium volumes by 7%, while its price increases were cited at 9% for the renewed business.
SCOR reported a P&C combined ratio of 88.5%, some 25.6 points better than the prior year.
The company reported insurance revenue of EUR 3.93 billion in Q2 2023, which is up +4.3% compared to Q2 2022.
Group net income reached EUR 192 million for Q2, implying an annualised Return on Equity of 16.9% in Q2 2023. For the first-half net income reached EUR 502 million for the first 6 months of 2023, with an annualised Return on Equity of 23.2%.
Thierry Léger, Chief Executive Officer of SCOR, commented, “The Q2 results are testimony to both the strength of SCOR’s business model and the complementarity of our core activities.
“Our efforts continue to pay off and I am confident in the Group’s ability to take full advantage of the current market conditions.”