business activities, the company said in its press release on the first quarter results.
In P&C, the combined ratio of 85.0% in 1Q is primarily driven by a low attritional loss and commission ratio of 74.7% reflecting an excellent underlying performance and allowing for buffer building. The natural catastrophe claims ratio stands at 12.5% mainly driven by losses related to the LA wildfires.
In L&H, the insurance service result stands at EUR 118 million in 1Q, driven by a level of CSM amortization and risk adjustment release in line with expectations, and a neutral experience variance.
In Investments, SCOR benefits from an elevated regular income yield of 3.5% in 1Q along with continued attractive reinvestment rates. The effective tax rate stands at 29.7% for 1Q2025.
The annualized Return on Equity stands at 18.7% (18.3% adjusted) in 1Q2025 and the Group Economic Value increases by 6.8% at constant economics. SCOR's Solvency ratio is estimated at 212% at the end of 1Q2025, up 2 points vs FY 2024, from positive net operating capital generation.
“I am satisfied with the first quarter results. All business activities contribute to a strong consolidated Group net income. The P&C performance continues to be excellent with a combined ratio of 85%, after absorbing elevated Nat Cat events during the quarter and allowing for an additional level of prudence building. L&H improves its insurance service results with a neutral experience variance. In Investments, SCOR benefits from an elevated return on invested assets. Overall, we are starting the year with a high ROE of 18.7% and an improved solvency ratio of 212%, supported by positive net operating capital generation”, commented Thierry Léger, Chief Executive Officer of SCOR.
The full report of SCOR can be found here.
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