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Press release
05 March 2025 - N° 03
Fourth quarter 2024 results
EUR 233 million net income in Q4 2024
Proposed regular dividend of EUR 1.8 per share
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- Group net income of EUR 233 million in Q4 2024 driven by all business activities (EUR 235 million adjusted1)
- P&C combined ratio of 83.1% in Q4 2024 including a low Nat Cat ratio and allowing for ongoing reserving discipline
- L&H insurance service result2 of EUR 119 million in Q4 2024
- Investments regular income yield of 3.6% in Q4 2024
- Economic Value per share of EUR 48 (vs. EUR 51 as of 31 December 2023)
- IFRS 17 Group Economic Value3 of EUR 8.6 billion as of 31 December 2024, down -6.3% at constant economics3,4. Adjusted for one-offs5, Economic Value growth of +9.8% at constant economics3,4
- Estimated Group solvency ratio of 210%6 as of 31 December 2024, in the upper part of the optimal range of 185%-220%, fully absorbing the impact of the 2024 L&H assumption review
- Proposed regular dividend of EUR 1.8 per share for 2024
- Annualized Return on Equity of 22.8% (23.0% adjusted1) in Q4 2024. For the full year 2024, Return on Equity stands at 0.1% (0.2% adjusted1); adjusted for one-offs5, the annualized Return on Equity would stand at 14.9% for the full year 2024
SCOR SE's Board of Directors met on 4 March 2025, under the chair of Fabrice Brégier, to approve the Group's Q4 2024 financial statements.
Thierry Léger, Chief Executive Officer of SCOR, comments: "I am satisfied with the fourth quarter results. All business activities contribute to a strong consolidated Group net income. On a full year basis, P&C performance is excellent: the Nat Cat ratio is below the 10% budget, and the underlying performance enables us to build significant prudence two years ahead of plan. Investments performance is strong over the year, taking advantage of the current market conditions. In L&H, we took decisive actions to restore profitability. With a solvency ratio of 210% at year-end remaining in the upper part of the optimal range, SCOR demonstrates resilience as well as enhanced underlying capital generation, leading to a proposed dividend of EUR 1.8 per share. In the prevailing market environment, I'm fully confident that SCOR will continue to grow profitably in diversifying lines of business by leveraging its Tier 1 franchise. We are committed to delivering our Forward 2026 ambitions.”
Group performance and context
SCOR records EUR 233 million net income (EUR 235 million adjusted1) in Q4 2024, supported by all business activities:
- In P&C, the combined ratio of 83.1% in Q4 2024 is primarily driven by a low natural catastrophe ratio of 6.4%. Over the full year 2024, the natural catastrophe ratio of 9.4% is better than the 10% budget. The attritional loss and commission ratio stands at 75.9% in Q4 2024, reflecting a very satisfactory underlying performance allowing for continued reserving discipline. The completion of the annual P&C year-end reserve review confirms all lines are at best estimate and our reserve resilience has increased.
- In L&H, the insurance service result2 stands at EUR 119 million in Q4 2024, driven by a good level of CSM amortization and risk adjustment release, partially offset by a negative experience variance from the US.
- In Investments, SCOR benefits from high reinvestment rates and an elevated regular income yield of 3.6% in Q4 2024.
- The effective tax rate stands at 8% for Q4 2024, mainly reflecting the release of Q2 and Q3 tax provisions related to deferred tax assets.
The annualized Return on Equity stands at 22.8% (23.0% adjusted1) in Q4 2024.
Over the full year 2024, SCOR delivers a net income of EUR 4 million (EUR 11 million adjusted1), implying an annualized Return on Equity of 0.1% (0.2% adjusted1), impacted by the outcome of the 2024 L&H assumption review accounting for EUR -0.7 billion (pre-tax) in insurance service result and EUR
-0.9 billion (pre-tax) in contractual service margin (CSM). The Group Economic Value decreases by 6.3% at constant economics3,4 (+9.8% adjusted for one-offs5).
SCOR's Solvency ratio stands at 210% at year-end 2024, in the upper part of the optimal range of 185%-220%, fully absorbing the one-off impact of the L&H assumption review, and demonstrating the Group's balance sheet resilience.
Proposed regular dividend of EUR 1.8 per share
SCOR proposes a regular dividend of EUR 1.8 per share for the fiscal year 2024, stable compared to the fiscal year 2023.
This dividend will be submitted for shareholders' approval at the 2025 Annual General Meeting, to be held on 29 April 2025. The Board proposes to set the ex-dividend date at 2 May 2025, and the payment date at 6 May 2025.
On-going very strong P&C underlying performance
In Q4 2024, P&C insurance revenue stands at EUR 1,929 million, up +0.4% at constant exchange rates (down -0.5% at current exchange rates) compared to Q4 2023, driven by the effect of a large commutation. Excluding this effect, the insurance revenue would grow by +1.7%.
New business CSM in Q4 2024 stands at EUR -43 million, impacted by limited renewals in Q4 and an early recognition of the cost of some retrocession contracts renewed at 1 January 2025.
P&C (re)insurance key figures:
| In EUR million (at current exchange rates) | Q4 2024 | Q4 2023 | Variation | FY 2024 | FY 2023 | Variation |
| P&C insurance revenue | 1,929 | 1,940 | -0.5% | 7,639 | 7,496 | 1.9% |
| P&C insurance service result | 238 | 353 | -32.6% | 779 | 897 | -13.1% |
| Combined ratio | 83.1% | 75.6% | 7.5pts | 86.3% | 85.0% | 1.3pts |
| P&C new business CSM | -43 | -76 | 43.8% | 1,024 | 952 | 7.6% |
The P&C combined ratio stands at 83.1% in Q4 2024, compared to 75.6% in Q4 2023. It includes:
- A Nat Cat ratio of 6.4%, mainly impacted by the losses related to Hurricane Milton (4.7 pts).
- An attritional loss and commission ratio of 75.9%, reflecting a very satisfactory underlying performance and continued reserving discipline.
- A discount effect of -9.5%, impacted by the year-end reserves review.
- An attributable expense ratio of 9.7%, impacted by an expense accounting true-up.
The P&C insurance service result of EUR 238 million is driven by a CSM amortization of
EUR 252 million, a risk adjustment release of EUR 45 million, a negative experience variance of
EUR -38 million and an impact of onerous contract of EUR -21 million. The negative experience variance reflects the prudence building and a low level of retrocession recoveries.
The impact of the California wildfires is estimated at circa EUR140m, pre-tax and net of retrocessions, which is in line with the Nat Cat budget level of Q1 2025.
Improved L&H insurance service result in Q4 2024
In Q4 2024, L&H insurance revenue amounts to EUR 2,055 million, up +8.4% at constant exchange rates (+8.6% at current exchange rates) compared to Q4 2023. L&H New Business CSM7 generation of EUR 113 million in Q4 is driven by Protection and new deals in Longevity.
The L&H insurance service result2 amounts to EUR 119 million in Q4 2024. It includes:
- A CSM amortization of EUR 117 million, including a EUR 16 million exceptional release. Excluding this, the annualized CSM amortization rate is 6.9%8.
- A Risk Adjustment release of EUR 36 million.
- An experience variance of EUR -49 million, driven by negative deviations in the US.
- A positive impact of onerous contracts of EUR 12 million reflecting changes in risk adjustment.
- Offsetting one-off impacts from the 2024 L&H reviews amounting to EUR 1 million.
L&H reinsurance key figures:
| In EUR million (at current exchange rates) | Q4 2024 | Q4 2023 | Variation | FY 2024 | FY 2023 | Variation |
| L&H insurance revenue | 2,055 | 1,892 | 8.6% | 8,487 | 8,426 | 0.7% |
| L&H insurance service result2 | 119 | 64 | 87.5% | -348 | 589 | -159.1% |
| L&H new business CSM7 | 113 | 90 | 25.4% | 485 | 466 | 4.1% |
Investments delivering strong results with a regular income yield of 3.6% in Q4 2024
As of 31 December 2024, total invested assets amount to EUR 24.2 billion. SCOR's asset mix is optimized, with 78% of the portfolio invested in fixed income. SCOR has a high-quality fixed income portfolio with an average rating of A+, and a duration of 3.8 years (3.0 at year-end 2023) following the implementation of the new ALM strategy.
Investments key figures:
| In EUR million (at current exchange rates) | Q4 2024 | Q4 2023 | Variation | FY 2024 | FY 2023 | Variation |
| Total invested assets | 24,155 | 22,914 | 5.4% | 24,155 | 22,914 | 5.4% |
| Regular income yield* | 3.6% | 3.7% | -0.1pts | 3.5% | 3.2% | 0.3pts |
| Return on invested assets*, ** | 3.3% | 3.7% | -0.4pts | 3.5% | 3.2% | 0.3pts |
(*) Annualized.
(**) Fair value through income on invested assets excludes EUR -3 million in Q4 2024 and EUR -9 million in FY 2024 related to the pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR.
Total investment income on invested assets stands at EUR 1959 million in Q4 2024. The return on invested assets stands at 3.3%9 (vs. 3.7% in Q4 2023) and the regular income yield at 3.6% (vs. 3.7% in Q4 2023).
The reinvestment rate stands at 4.5%10 as of 31 December 2024, compared to 4.1% as of 30 September 2024. The invested assets portfolio remains highly liquid and financial cash flows of EUR 9.5 billion are expected over the next 24 months11, enabling SCOR to benefit from elevated reinvestment rates.
*
* *
APPENDIX
1 - SCOR Group Q4 2024 key financial details
| In EUR million (at current exchange rates) | Q4 2024 | Q4 2023 | Variation | FY 2024 | FY 2023 | Variation |
| Insurance revenue | 3,984 | 3,832 | 4.0% | 16,126 | 15,922 | 1.3% |
| Gross written premiums1 | 5,049 | 4,927 | 2.5% | 20,064 | 19,371 | 3.6% |
| Insurance Service Result2 | 357 | 417 | -14.3% | 432 | 1,486 | -70.9% |
| Management expenses | -347 | -329 | -5.2% | -1,250 | -1,164 | -7.4% |
| Annualized ROE3 | 22.8% | 15.0% | 7.8pts | 0.1% | 18.1% | -18.0pts |
| Annualized ROE excluding the mark to market impact of the option on own shares | 23.0% | 16.6% | 6.4pts | 0.2% | 17.5% | -17.2pts |
| Net income3,4 | 233 | 162 | 43.2% | 4 | 812 | -99.5% |
| Net income4 excluding the mark to market impact of the option on own shares | 235 | 179 | 31.4% | 11 | 780 | -98.6% |
| Economic value5,6 | 8,615 | 9,213 | -6.5% | 8,615 | 9,213 | -6.5% |
| Shareholders' equity | 4,524 | 4,723 | -4.2% | 4,524 | 4,723 | -4.2% |
| Contractual Service Margin (CSM)6 | 4,091 | 4,490 | -8.9% | 4,091 | 4,490 | -8.9% |
1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Including revenues on financial contracts reported under IFRS 9; 3: Taking into account the mark to market impact of the option on own shares. Q4 2024 impact of EUR-3 million before tax, FY 2024 impact of EUR -9 million before tax. 4: Consolidated net income, Group share; 5. Defined as the sum of the shareholder's equity and the Contractual Service Margin (CSM); 6: Net of tax. A notional tax rate of 25% is applied to the CSM.
2 - P&L key figures Q4 2024
| In EUR million (at current exchange rates) | Q4 2024 | Q4 2023 | Variation | FY 2024 | FY 2023 | Variation |
| Insurance revenue | 3,984 | 3,832 | 4.0% | 16,126 | 15,922 | +1.3% |
| 1,929 | 1,940 | -0.5% | 7,639 | 7,496 | +1.9% |
| 2,055 | 1,892 | 8.6% | 8,487 | 8,426 | +0.7% |
| Gross written premiums1 | 5,049 | 4,927 | 2.5% | 20,064 | 19,371 | +3.6% |
| 2,508 | 2,362 | 6.2% | 9,869 | 9,452 | +4.4% |
| 2,541 | 2,565 | -0.9% | 10,195 | 9,919 | +2.8% |
| Investment income on invested assets | 195 | 206 | -5.3% | 800 | 711 | +12.5% |
| Operating results | 291 | 350 | -17.0% | 298 | 1,366 | -78.2% |
| Net income2,3 | 233 | 162 | 43.2% | 4 | 812 | -99.5% |
| Net income2 excluding the mark to market impact of the option on own shares | 235 | 179 | 31.4% | 11 | 780 | -98.6% |
| Earnings per share3 (EUR) | 1.30 | 0.91 | 42.9% | 0.02 | 4.54 | -99.6% |
| Earnings per share (EUR) excluding the mark to market impact of the option on own shares | 1.31 | 1.00 | 31.0% | 0.06 | 4.35 | -98.6% |
| Operating cash flow | 197 | 588 | -66.5% | 903 | 1,480 | -39.0% |
1: GWP is not a metric defined under the IFRS 17 accounting framework (non-GAAP metric); 2: Consolidated net income, Group share; 3: Taking into account the mark to market impact of the option on own shares. Q4 2024 impact of EUR -3 million before tax, FY 2024 impact of EUR -9 million before tax.
3 - P&L key ratios Q4 2024
| Q4 2024 | Q4 2023 | Variation | FY 2024 | FY 2023 | Variation | |
| Return on invested assets 1,2 | 3.3% | 3.7% | -0.4pts | 3.5% | 3.2% | +0.3pts |
| P&C combined ratio 3 | 83.1% | 75.6% | +7.5pts | 86.3% | 85.0% | +1.3pts |
| Annualized ROE4 | 22.8% | 15.0% | +7.8pts | 0.1% | 18.1% | -18.0pts |
| Annualized ROE excluding the mark to market impact of the option on own shares | 23.0% | 16.6% | +6.4pts | 0.2% | 17.5% | -17.2pts |
| Economic Value growth5 | n.a. | n.a. | n.a. | -6.3% | 8.6% | -14.9pts |
1: Annualized; 2: In Q4 2024 and FY 2024, fair value through income on invested assets excludes respectively EUR -3 million and EUR -9 million pre-tax mark to market impact of the fair value of the option on own shares granted to SCOR; 3: The combined ratio is the sum of the total claims, the total variables commissions, and the P&C attributable management expenses, divided by the net insurance revenue for P&C business; 4: Taking into account the mark to market impact of the option on own shares. Q4 2024 impact of EUR -3 million before tax, FY 2024 impact of EUR -9 million before tax; 5: Not annualized. Growth at constant economic assumptions and excluding the mark to market impact of the option on own shares. The starting point is adjusted for the dividend of EUR 1.8 per share (EUR 324 million in total) for the fiscal year 2023, paid in 2024. Economic Valu
