"The technical profitability of the portfolio benefited from rate-on-rate compounding effects after last year's price increases. These continued improvements in pricing and terms & conditions are fully in line with the positive outlook set in September 2020 on Investor Day and already observed in January", as the reinsurer informed in a statement.
The bulk of the portfolio renewed on April 1 (64%) is in the Asia-Pacific region, of which Japan and India are the most significant markets (each accounting for approximately 28-29% of total premiums up for renewal):
- In Japan, SCOR grew premiums by 3% to EUR 156 million, benefiting from significant price increases, while partially redeploying its capacity away from frequency-affected layers.
- In India, SCOR achieved significant premium growth of +21% at constant exchange rates, reaching EUR 178 million.
To date, SCOR has renewed approximately 78% of its reinsurance treaty portfolio and is "well on track to achieve its 2021 growth and technical profitability assumptions, as presented in September 2020 on Investor day. These assumptions include a 15% EGPI growth, 11% gross written premium growth at constant exchange rates, and a normalized combined ratio trending downwards towards 95% and below for the 2021 financial year".
In Specialty Insurance, SCOR continues its development while continuing to benefit fully from a rate-on-rate compounding effect on large industrial and commercial single risks, with rate increases of 16% across all lines of business for the Q1 renewals.