Group Economic Value under IFRS 17 of EUR 9,784 million as of 31 March 2023, up 9.4%3 (+6.3%3 on a constant interest and exchange rate basis) compared with 31 December 2022, implying an Economic Value per share of EUR 54 (vs. EUR 50 as of 31 December 2022).
Estimated Group solvency ratio of 219%4 as of 31 March 2023, at the upper end of the optimal solvency range.
"SCOR has generated excellent results in Q1 2023. The Group is taking full advantage of the current favorable environment. Our new CEO, Thierry Leger, is in charge of drawing up a new three-year strategic plan under IFRS 17. This plan will define the best ways and means for the Group to consolidate its position as a leading global reinsurer, taking advantage of its Tier 1 global underwriting platform and technical know-how. The Board of Directors is confident in the Group's ability to actively pursue its growth, with the twofold objective of solvency and value creation", said Denis Kessler, Chairman of SCOR.
Thierry Leger, Chief Executive Officer of SCOR, comments: "The Q1 results are very satisfactory. All business units - P&C, L&H and Investments - have generated positive results, and the Group's Economic Value has increased significantly. In parallel, our Finance teams have successfully managed the transition to the new IFRS 17 framework: we would like to thank them for this achievement. I am now looking to the future: the current market is very supportive, and all the teams are mobilized to take advantage of this favorable environment. I look forward to presenting the outline of the new strategic plan at the Annual General Meeting."
Click here to read the SCOR first quarter 2023 results under IFRS 17.
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