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After a first quarter 2024 marked by a negative protection gap, the SCOR group expects losses in the second quarter, due to its life and health (L&H) entity.
The French reinsurer expects a negative result from the L&H insurance activities of 400 million EUR (436 million USD ). Additional negative adjustments of 100 million EUR (109 million USD) are also expected by the end of the year, leading to an L&H result below 500 million EUR (545 million USD) at the end of December.
The group's economic value, defined as the sum of shareholders' equity and contractual service margin (CSM), would be between 8.3 and 8.5 billion euros (9 billion and 9.3 billion USD) at the end of June. Consequently, the economic value's target growth of 9% would not be met in 2024.
According to SCOR, these adjustments have no impact on the company's liquidity situation. The solvency ratio would be above 200%, that is in the optimal range of 185% -220%.
Q2 2024 results will be published on 30 July 2024. A detailed presentation of the L&H business strategy and an updated version of the "Forward 2026" strategic plan will be unveiled on 12 December 2024.
