French reinsurer SCOR announced positive results during the April 2023 renewals. "Like the January 2023 renewals, the April 1, 2023 P&C reinsurance renewals are taking place in a favorable market environment for reinsurers, both in terms of pricing and terms and conditions. In this supportive market, SCOR is actively pursuing the deployment of its capital by building on its relationships with its long-term clients".

Gross premiums renewed excluding Agriculture amounted to EUR 724 million, up 17% at constant exchange rates. Including the Agriculture line (for which renewals are still in progress), gross premiums renewed reached EUR 928 million, up 5% at constant exchange rates.



The reinsurer mentioned that by deploying its capital in the most attractive segments, SCOR significantly improves the expected technical profitability of its risk portfolio, with an average rate increase of 7% at the April 1, 2023 renewal. The main rate increases were achieved on non-proportional treaties (+23%), in line with the trends observed during the January 1, 2023 renewals (+24%), with notably average rate on line increases on CAT XL programs of 20% in Japan and 40% in the US and India.

The gross New Business CSM for the contracts renewed on April 1, 2023, excluding Agriculture, is up c. 25% year-on-year, at constant economic assumptions. This increase in net value creation associated with the April 1, 2023 renewals contributes positively to the growth of the Group's Economic Value.

"At the April 1, 2023 renewals, SCOR continues to improve the expected technical profitability and optimize the risk/return profile of its P&C risk portfolio. We are very satisfied: our objectives in terms of technical profitability have been achieved and the volumes written are up. The outlook remains positive for the June and July 2023 renewals", said Jean-Paul Conoscente, CEO of SCOR P&C.