French reinsurer SCOR has reported a combined ratio of 83.1% for its global property and casualty (P&C) business in the fourth quarter of 2024, which includes a natural catastrophe ratio of 6.4%, mainly impacted by Hurricane Milton losses, while its P&C combined ratio for full-year 2024 climbed 1.3 percentage points to 86.3%.For the full year, SCOR’s P&C nat cat ratio of 9.4% is better than the 10% budget.On the 2025 California wildfires, which will have an impact on the French reinsurer’s Q1’25 P&C result, the company has estimated that losses will sit around €140 million, pre-tax and net of retrocessions, which is in line with SCOR’s nat cat budget level for the opening quarter of this year.SCOR today reported another solid set of results, including delivering a group net income of €233 million for Q4’24, which represents a 43.2% increase from the prior year’s €162 million.

The reinsurer’s Q4 2024 performance helped offset the net loss it reported in the previous quarter, however, net income for the full year is still down by 99.5% on 2023’s figure to €4 million.Within SCOR’s P&C re/insurance business, insurance revenue decreased 0.5% to €1.9 billion in the fourth quarter, but climbed 1.9% to €7.6 billion in the full year.The P&C insurance service result declined 32.6% to €238 million in Q4’24 and declined by 13.1% to €779 million in full-year 2024.

SCOR attributes the Q4’24 insurance service result to a CSM amortization of €252 million, along with a risk adjustment release of €45 million, a negative experience variance of €-38 million and an impact of onerous contract of €-21 million.Meanwhile, for full year 2024, SCOR generated a group insurance revenue of €16.1 billion, representing a 1.3% increase from 2023, while gross written premiums (GWP) increased 3.6% year on year to €20.1 billion, which included a €9.9 billion contribution from P&C.Thierry Léger, Chief Executive Officer of SCOR, commented: “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.

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